Accel Entertainment, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Excel Entertainment Q3 2020 earnings call. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star then one on your telephone keypad. If you require further assistance, please press the pound key. Thank you. At this time, I would like to hand the call over to your speaker today, Andy Rubin. Sorry. Matthew Ellis, SVP of Corporate Strategy. You may begin, sir.

Welcome to Xcel Entertainment's third quarter 2020 earnings call. Participating on the call today are Andy Rubenstein, Xcel's Chief Executive Officer, and Brian Carroll, Xcel's Chief Financial Officer. Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under events and presentations within the investor relations section of our website. Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and the current health concerns. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of these and other risk factors, investors should review the forward-looking statement section of the earnings press release available on our website, as well as other risk factor disclosures in our filings with the SEC. During the call, we may discuss certain non-GAAP financial measures. For reconciliations of the non-GAAP measures, as well as other information regarding these measures, please refer to our earnings release and other materials in the investor relations section of our website. I will now turn the call over to Mr. Andy Rubenstein.

Thank you, Matt. Good morning, everyone. Thank you for joining us for Accel's third quarter 2020 earnings call. As everyone is aware, after a three-and-a-half-month shutdown, video gaming relaunched on July 1st. The Excel team rose to the challenge and worked with our location partners to reopen as many locations as possible. As a result of these efforts, I'm pleased to report this quarter was the highest revenue and adjusted EBITDA quarter in Excel's history. Later in the call, I will provide an update with respect to pandemic developments, but I would first like to review some other highlights from the quarter. In July, we redeemed the PACE public warrants, and in August, we completed an exchange offer of all remaining warrants. As a result, less than 0.03% of the warrants remain outstanding today. This redemption and exchange offer simplified our capital structure and reduced the potential dilutive impact of the warrants. In early September, we entered into an exclusive agreement with DraftKings to promote their content and programming across all our marketing channels, including our in-locations digital display screens. This first of its kind collaboration further differentiates our offering and deepens our player relationships. This partnership will help us retain and extend agreements with existing locations, attract new organic and competitor locations, and most importantly, drive additional players to our locations. While we are still evaluating the benefits of this partnership, initial results have been positive. Finally, in late September, we completed an underwritten public offering of 9.1 million shares. The offering raised approximately $90 million, which we expect to deploy in the next nine months. Our M&A pipeline remains active, and we aim to continue executing on our growth strategy. For the third quarter, we recorded $136 million in revenue and $23 million in adjusted EBITDA. Our balance sheet remains strong with net debt of approximately $140 million and total liquidity of $274 million. Excel is extremely well positioned to capitalize on any opportunities that may arise in the coming months. With that, I'm going to turn it over to Brian Carroll, our CFO, to walk you through the third quarter results in more detail.