PowerPoint Slides

Exhibit 99.2

Certain statements in this presentation constitute “forward-looking statements.” When used in this presentation and in the prepared

“expects,” “estimates,” “believes,” and similar expressions, and statements which are made in the future tense or refer to future event

or developments, including, without limitation, those related to our third quarter 2011 guidance, including revenue, Guest

Entertainment revenue per room, adjusted operating cash flow, net income (loss), cash flow per room and growth initiatives revenue,

are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and

other factors that could cause the actual results, performance or achievements to be materially different from any future results,

performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the

following: the effects of economic conditions, including general financial conditions; the economic condition of the lodging industry,

which can be particularly affected the financial conditions referenced above, as well as by high gas prices, levels of unemployment,

consumer confidence, acts or threats of terrorism and public health issues; competition from providers of similar services and from

alternative systems for accessing in-room entertainment; competition from HSIA providers; changes in demand for our products and

services; programming availability, timeliness, quality and costs; technological developments by competitors; developmental costs,

difficulties and delays; relationships with customers and property owners; the availability of capital to finance growth; compliance with

credit facility covenants; the impact of governmental regulations; potential effects of litigation; risks of expansion into new markets;

risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and

Exchange Commission. For any of the foregoing reasons, our guidance and our actual financial results may not meet our expectations.

These forward-looking statements speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking

to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our

expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

remarks during our July 27th conference call, as well as in response to the questions during the conference call, the words “intends,”

Revenue, Adjusted Operating Cash Flow and Earnings Per Share

Operating Income Up 35% with 10% Reduction in Operating Expenses

Excluding Swap Interest, LodgeNet Generated Positive Net Income

Diversified Hospitality Revenue Initiatives up 10% (per room)

Average Total Hospitality Revenue Down Less than 1% (per room)

Healthcare Revenue up 130% with Cedars-Sinai Installation

Next-Generation Envision System

Now Installed in Hotels within Four Seasons, Hilton, Hyatt & Starwood

Guests Usage Higher with New System

VOD 2.0 Delivering Greater Guest Engagement and Hollywood Movie Revenue (per room)

Second Quarter Highlights

Delivered On Financial Guidance Across All Metrics

Strategic Initiatives Continuing to Drive Growth

Envision Driving Success

Now Installed in Nine Marquee Hotels including

Four Seasons, Hilton, Hyatt and Starwood Brands

New Starwood Agreement Paves Way for Substantial Envision Upgrade Activity

Strong Accolades from Hoteliers at June HITEC Trade Show

Active Discussions with all Major Customers

Guest Usage of Interactive System Increases with Envision

3X Greater Engagement with On-System Information

Win/Win Value Prop from Evolving Suite of Interactive TV Apps

Hotels Can Increase Revenue and Decrease Costs with Apps

LodgeNet Per-room Cash Flow Poised to Increase 25% with Base Apps

Existing HD Rooms Can Benefit from Apps with Software Upgrade

Envision: “Cloud Connected”

Interactive Television

Successful Introduction and Reception from Hotels

Successful Launch of VOD 2.0

VOD 2.0 –

A Fresh Approach to a Guest Favorite

June

Launch

–

Launched

1.1

Million

Rooms

Tiered Pricing

New On-Screen Look

Marketing Earliest Window

New Promotional Tools

Buy Rates up

15-20%

Revenue Up

5-10%

Browsing Up

20-25%

More Guests into the System

Higher Theatrical Purchase Rates

Immediate Positive Results in Hollywood Movie Purchases:

Positive Theatrical Revenue Impact

Guests

Continuing

Buy

Premium

Titles

(Pre-DVD

Release)

Browsing Split 55/45 Between Newest Movies & Daily Deals

59% Bought Premium (newest) Titles –

74% of Theatrical Movie Revenue

Biggest Revenue Lift in Analog Rooms

Successful Launch of VOD 2.0

Percent of Theatrical Movie Buys

Percent of Theatrical Movie Revenue

59%

25%

16%

Premium

Standard

Daily Deals

74%

20%

Premium

Standard

Daily Deals

Credit

Card

Purchase

Option

(Currently

130,000

rooms)

Entered by Guest Through Interactive TV System

13% of Guests Buy with Credit Card; 23% of MA Purchases

Other Alternative Payment Methods to be Tested in 2H’11

Other Merchandising Enhancements

Overall Hollywood Movie Revenue Up

June +4%

July Outlook +6%

Interactive

Turn-On

(430,000

rooms

now)

TV Turns on to LodgeNet Interactive Menu versus Welcome Channel

Increases Movie Purchases by approximately 5%

Envision System Features this Protocol

LodgeNet Healthcare

Reinforces LodgeNet Healthcare as a Business Focused on Healthcare Industry

Allows Pursuit of Opportunities Within Federal Hospitals and Health Programs

Record Quarterly Income Up 130% from Q2’10

60 Hospitals Installed –

10 currently in backlog

New Subsidiary -

Positioned To Drive Future Growth

$106.6

$113.1

Guest Entertainment Diversified Revenues

Total Revenue Down 5.7%

Qtr/Qtr Revenue Changes:

Healthcare +130%

System Sales & Related +14%

Hotel Services Flat

Growth Initiatives

Generate 47% of Total Revenue

Further Revenue Diversification

Revenue

($ in millions)

Q2 Revenue Per Room Comparison

Hospitality

Revenue

Per

Room

–

Down

Less

than

vs.

‘10

Diversified Revenues

–

Up 9.8% on a Per-Room Basis

System Sales and Related

Driven by Higher HDTV Equipment and Installation Sales

Q2 '11

Q2 '10

Hospitality Revenue

Guest Entertainment

11.56

12.54

(0.98)

-7.8%

Hotel Services

6.98

6.48

0.50

7.7%

System Sales and Related

2.09

1.71

0.38

22.2%

Advertising Services

0.46

0.49

(0.03)

-6.1%

Total Revenue per Room

21.09

21.22

(0.13)

-0.6%

Excluding Guest Entertainment

9.53

8.68

0.85

9.8%

Change

Q2 '11 vs Q2 '10

Growth in Strategic Initiatives Offset 87% of the Decline in Guest Entertainment Per Room

–

up 22% on a Per-Room Basis

High Definition Superior Performance

Rooms

63%

Higher

Revenue

per

Month

vs. Analog Rooms

55% More Guest Entertainment

78% More TV Programming

Installed 12.3K HD Rooms in the Quarter

Average

Investment

$140

Per

Room

Capital

Investment

Per

Room

Down

32%

vs.

Solid Return on Capital Investment

$140

$180

Investment

per

Room

Capital Returned within 18 Months

New 5 Year Contracts Upon Signing / Renewal

HD Systems Now in More Than 285,000 Rooms (18% of Room Base)

Significant Revenue Opportunity as HD Penetration Increases

Guest Entertainment TV Programming

Q2 ‘11 Revenue Per Room Per Month

Trailing Twelve Months

$10

$15

$20

$25

$30

Analog

Rooms

HD Rooms

63% Higher

HD Room Revenue

ppt

Q2 '11

Q2 '10

Guest Entertainment

61.7%

61.9%

-0.2%

Hotel Services

16.7%

13.1%

3.6%

System Sales & Related

30.5%

32.6%

-2.1%

Advertising Services

43.5%

47.3%

-3.8%

Healthcare

53.0%

48.8%

4.2%

Total Gross Margin

43.6%

44.4%

-0.8%

Change

Steady Gross Margins

Strong Gross Margin Performance Across All Service Lines

Hotel

Services

–

Improved

Margin

FTG

Programming

Healthcare –

Strong Margin on Recurring Revenue

Lower Operating Expenses

Disciplined Expense Control

Down 10.3% from Q2 ‘10

Reductions Driven by:

Workforce Reduction in Q1

Lower Professional Services/Legal Fees

Operating Expenses Expected to Continue

Below 2010 Levels

$22.9

$20.6

Operating Expenses ($ in millions)

Profitability Metrics

* Adjusted Operating Cash Flow Definition -

see slide 18

Maintaining High

Operating Margins

Attractive Product Margins

Gross Margin Improvements Offset

Impact of Mix Change

Reduce Fixed Operating Expenses

Adjusted Operating Cash Flow

(Trailing

Twelve

Months,

millions)

$112.9

$115.1

$109.5

$108.3

$106.9

24.2%

24.6%

24.7%

24.5%

Profitability Metrics

Operating Income Up 35%

Maintained High Operating Margins

Lower Depreciation & Amortization

Net Loss Per Share Improved 6%

Approaching Positive Net Income

Q2 Net Income to Common Would Have Been

Positive With Normalized Interest Expense

$(0.17)

$(0.18)

Net Loss Per Common Share

($ in millions)

$8.2

$6.1

Operating Income

($ in millions)

$10

Q2 '10

Q2 '11

-$0.10

-$0.15

-$0.20

Q2 '10

Free Cash Flow Analysis*

*Free Cash Flow Definition see slide 18

** Share Count with Preferred Stock Converted 40.28mm Shares

Quarterly Comparison

($ in millions)

Q2 '11

Q2 '10

W/Converted Share**

Adjusted Operating Cash Flow

26.4

27.9

0.66

Interest Payments

(11.6)

(7.8)

Working Capital (net)

(6.5)

7.0

Pre-Investment Cash Flow

8.3

27.0

0.21

Corporate Assets

(3.0)

(2.4)

HD Upgrades and Minor Extensions

(2.8)

(1.6)

HD New Installations

(0.2)

(0.4)

Total Capital Investment

(6.0)

(4.5)

Free Cash Flow

2.4

22.6

0.06

Free Cash Flow Adjusted for:

Working Capital and Higher Interest Due to Swaps

$19.7

$22.6

0.49

3.72x

3.44x

3.35x

* Debt, Net of Cash

Net Debt* & Leverage Ratio

($ in millions)

Debt Reduced by

$179 Million Since Q2 ‘09

Net Debt at $353.5 Million

Net Debt Leverage Ratio Reduced to 3.35x

Significantly Below Covenant of 4.00x

Decreasing Debt

$500

$400

$300

Q2 '09

Q2 '10

Q2 '11

Q3 2011 Financial Guidance

Reflects:

Guest Entertainment Revenue Per Room -1% to -6% vs. Q3 ’10

Growth Initiatives Revenue Up 2% to 4% vs. Q3 ‘10

* Adjusted Operating Cash Flow Definition -

see slide 18

($ in millions except per-share data)

low

high

Revenue

105

109

AOCF*

Net Income (Loss) Per Common Share

(0.08)

0.02

Q3 '11

Reconciliation of Free Cash Flow

Cash from Operations

Less: Cash Used for Investing Activities, including Growth-Related Capital

Equals: Free Cash Flow

Reconciliation of Operating Income

to Adjusted Operating Cash Flow

Operating Income

Plus: Depreciation and Amortization

Plus: Amortization of Purchase Intangibles

Plus: Restructuring Charges and Integration Expenses

Plus: Share-Based Compensation

Plus: Debt Issuance Costs

Equals: Adjusted Operating Cash Flow