1. Q1 Q2 Q3 Q4
SHUFFLE MASTER, INC.
Q3 2011 earnings call
www.shufflemaster.com / NASDAQ: SHFL

2. ceo opening remarks 4
Q3 financials 5
coo update 19
ceo closing remarks 20

3. forward-looking statement
During this presentation and the Q&A session, various remarks that are not
purely historical constitute forward-looking statements for purposes of the
“safe harbor” provisions under the Private Securities Litigation Reform Act of
1995. Our beliefs, expectations, forecasts, objectives, plans, prospects and
strategies for the company, including without limitation those concerning
expected operating results, revenues and earnings are not guarantees of future
performance and are subject to risks and uncertainties that could cause actual
results to differ materially from results expressed or implied by the forward-
looking statements. Additional information on risk factors that could
potentially affect the Company’s financial results may be found in documents
filed by the Company with the SEC, including the Company’s current reports on
Form 8-K, quarterly reports on Form 10-Q and its latest annual report on Form
10-K and are based on information available to us on the date hereof. We do
not intend, and assume no obligation, to update any forward-looking
statements. Readers are cautioned not to place undue reliance on forward-
looking statements, which speak only as of the date hereof. We will also be
discussing certain financial measures such as adjusted EBITDA, which
represents a non-GAAP financial measure.
This presentation includes reclassifications for discontinued operations and
segment realignment.
3

4. ceo opening remarks
♦ SHFL is building momentum
• record net income of $9.1M
• record Adjusted EBITDA of $19.5M
• continuing to grow recurring revenue
• R&D investment is paying off
o EGM ship share at all-time high
o EGMs are a sustainable, long-term business
♦ Q3 performance driven by new products in existing
markets
♦ SHFL does not rely on the North American slot
replacement cycle for growth
♦ different dynamics involved in SHFL’s upgrade initiatives
♦ e-Tables are in an investment phase
♦ SHFL’s fundamentals are strong
4

5. third quarter 2011 update
Q3 2011 Q3 2010 y-o-y
actual actual increase
(in millions, except per share and % amounts)
total revenue $58.3 $51.5 13%
recurring revenue $26.6 $24.0 11%
gross margin 62.1% 61.4% 70 bps
capex $5.2 $5.5 -5%
adjusted ebitda $19.5 $15.5 26%
earnings per share $0.17 $0.11 55%
net debt $38.6 $63.9 -40%
5

6. revenue & eps
$60 $0.18
(in millions, except per share amounts)
$0.16
$55
$0.14
$50 $0.12
$0.10
$45
$0.08
$40 $0.06
$0.04
$35
$0.02
$30 $0.00
Q1' 10 Q2' 10 Q3' 10 Q4' 10 Q1' 11 Q2' 11 Q3' 11
revenue $40 $51 $52 $59 $44 $60 $58
gaap eps $0.07 $0.15 $0.11 $0.10 $0.09 $0.14 $0.17
revenue gaap eps
6

7. recurring revenue
$27.0 70%
(in millions)
$26.0 60%
$25.0 50%
$24.0 40%
$23.0 30%
$22.0 20%
$21.0 10%
$20.0 0%
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
recurring revenue recurring revenue as a percentage of total revenue
7

8. geographic distribution of revenue
europe
canada ytd q3 ‘11: 4%
ytd q3 ‘11: 4%
asia
ytd q3 ‘11: 7%
united states
ytd q3 ‘11: 48%
australia/nz
ytd q3 ‘11: 35%
other americas
ytd q3 ‘11: 2%
8

9. total quarterly revenue
$70
(in millions)
$59.9
$60 $58.6 $58.3
$51.5
$50.8
$50 $18.0 21%
$43.8
$40.3 EGM
$40
$6.8 ETS
$30 $11.0 PTG
$20
Utility
$10 $22.6
$0
Q1' 10 Q2' 10 Q3' 10 Q4' 10 Q1' 11 Q2' 11 Q3' 11
9

10. electronic gaming machines
$25 revenue 1,200 units
(in millions)
1,000
$20
800
$15
600
$10
400
$5
200
$0 ‐
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
total egm revenue sold units during quarter
10

11. utility 9,000
shuffler units
$25
revenue
(in millions) 8,000
7,000
6,000
$20 5,000
4,000
3,000
2,000
$15
1,000
-
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
lease installed base
$10 800
700
600
500
$5
400
300
200
$0 100
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
leases sales
sold units during quarter
11

12. proprietary table games
$12
revenue 5,600
units
(in millions)
5,400
5,200
5,000
$10
4,800
4,600
4,400
$8
4,200
4,000
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
$6 lease installed base
60
50
$4
40
30
$2
20
10
$0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
leases sales
sold units during quarter
12

13. electronic table games
3,000
units
revenue
$14 (in millions)
2,500
2,000
$12
1,500
$10 1,000
500
$8 0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
lease installed base
500
$6
450
400
350
$4
300
250
200
$2
150
100
50
$0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
leases sales sold seats during quarter
13

14. gross margin
75%
70%
65%
lease & sales 60%
55%
50%
45%
40%
35%
30%
25%
Q1' 10 Q2' 10 Q3' 10 Q4' 10 Q1' 11 Q2' 11 Q3' 11
All Products Leases Sales
90%
80%
by product segment
70%
60%
50%
40%
30%
20%
Q1’ 10 Q2’ 10 Q3’ 10 Q4’ 10 Q1’ 11 Q2’ 11 Q3’ 11
All Products Utility PTG ETS EGM
14

15. adjusted ebitda and free cash flow - trend
$25 $20
(in millions)
$20 $15
$15 $10
$10 $5
$5 $0
$0 ($5)
Q1' 10 Q2' 10 Q3' 10 Q4' 10 Q1' 11* Q2' 11 Q3' 11
adjusted ebitda $12.7 $18.0 $15.5 $16.0 $13.5 $19.0 $19.5
free cash flow $4.9 $4.6 $7.7 $11.3 ($3.5)* $15.4 $14.0
adjusted ebitda free cash flow
* Includes payments to acquire intellectual property assets of approximately $6.5 million
15

16. adjusted ebitda and free cash flow
reconciliation of income from continuing operations to adjusted ebitda:
three months ended nine months ended
july 31, july 31,
2011 2010 2011 2010
(in millions)
net income $ 9.1 $ 5.8 $ 21.9 $ 17.4
other expense - 0.5 2.1 1.1
share-based compensation 0.7 1.5 2.2 3.3
income tax provision 3.6 2.1 7.9 6.8
depreciation and amortization 6.1 5.6 17.9 17.6
adjusted ebitda $ 19.5 $ 15.5 $ 52.0 $ 46.2
less cash paid for:
products leases and held for sale $ (4.3) $ (3.6) $ (11.6) $ (16.7)
purchases of property and equipment (0.7) (1.8) (2.7) (4.3)
purchases of intangible property (0.1) - (6.3) (2.3)
acquisition of business - - (6.5) -
income taxes (0.4) (2.4) 0.9 (5.8)
free cash flow $ 14.0 $ 7.7 $ 25.8 $ 17.1
16

17. inventory trend
$70
(in millions)
$60
$50
$40
$30
$20
$10
$0
Q1' 10 Q2' 10 Q3' 10 Q4' 10 Q1' 11 Q2' 11 Q3' 11
raw materials work-in-progress finished goods Revenue
17

18. capital expenditures
$18
(in millions)
$16
$14
$12
$10
$8
$6
$4
$2
$0
1Q' 10 2Q' 10 3Q' 10 4Q' 10 1Q' 11* 2Q' 11 3Q' 11
leased capex intangibles / ip puchased other capex
* Includes payments to acquire intellectual property assets
18

19. coo update
♦ operating highlights
♦ EGMs firing on all cylinders
♦ MD2CR upgrade initiative underway
• 180 MD2CRs installed to date
• target previous-generation MDs
o 7,000 sold units and 2,000 leased units
• creates new recurring revenue
• helps protect lease base
• expand shuffler footprint
♦ enhancements to progressives
• wireless
• cross-property
♦ i-Table
• 60 units installed on four continents
• new content
• back-of-house connectivity
♦ product diversity
• creates a natural hedge for our businesses
19

20. ceo closing remarks
♦ next chapter of growth:
♦ thoughtful investments in existing and emerging businesses
• rightsize ETS business
o new leadership
o improving current offerings
o leverage IP
o focused rollout of i-Table
• Latin America and Asia expansion
• i-Gaming
o licensing deals in the pipeline
o server-based platform and play-for-fun apps
o content and infrastructure for expanded i-Gaming
♦ operational improvements and efficiencies
• optimizing supply chain
♦ maintain focus on leasing
• grow shuffler lease base
o upgrade initiatives
o increased sales coverage
o new marketing campaign
o new shuffler model concepts
20

21. slot
machines
what we& A
Q do
e-Tables
specialty
games
i-Gaming
shufflers
follow us:
21

22. notes
22