Star Equity Holdings, Inc.

Ladies and gentlemen, and welcome to STAR Equity Holdings second quarter 2024 results conference call. Please be advised that the discussions on today's call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Please refer to Star Equity's most recent 10-K, 10-Q, and other filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events, or otherwise. Please also note that on this call, management will reference non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per share, which are all financial measures not recognized under US GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued this morning. If you did not receive a copy of the earnings release and would like one after the call, please contact Star Equity at 203-489-9500 or its Investor Relations Representative, Lina Kati, at the Equity Group at 212-836-9611. Also, this call is being broadcast live over the Internet and may be accessed at Star Equity's website via www.starequity.com. Shortly after the call, a replay will also be available on the company's website. If you require operator assistance, please press star then zero. It is now my pleasure to introduce Rick Coleman, Chief Executive Officer of Star Equity.

Thank you, Drew. Good morning, everyone.

We appreciate you joining us today for our second quarter 2024 results conference call. On the call today with me are our Executive Chairman, Jeff Everwine, and our Chief Financial Officer, Dave Noble. I'll start today by providing an overview of our recent business developments and financial highlights. Then Dave will provide additional details on our consolidated financial results. Jeff will then discuss our InserveCo investment announced yesterday morning. Before turning to second quarter highlights, I want to comment on a couple of recent transactions. On May 17th, we closed the acquisition of Timber Technologies. I'm pleased to report that the integration of that business into our building solutions division and the acquisition of its associated real estate assets are substantially complete. Although Timber Technologies, like Edge Builder and KBS, is a wood-based construction company, its distribution channels and end products vary in important ways. As a result, we believe its revenue streams are less prone to interest rate fluctuations and the general market softness we're experiencing in the rest of the segment. It also generates healthy cash flow and substantially improves our overall profitability. We continue to believe this was a valuable and accretive acquisition for our shareholders, both in the near and long terms. Additionally, in July, we closed two sale leaseback transactions for our South Paris, Maine, and Big Lake, Minnesota facilities, totaling approximately $7.2 million in net proceeds. Simultaneously, we entered into long-term lease agreements to continue to operate those facilities. Importantly, these financings should have no impact on operations at either business. The closing of these sale leasebacks aligns with Star's commitment to strategic capital allocation and the prioritization of EBITDA-generating assets. We seek to make high-grade additions to our asset portfolio and optimize the cost of capital with the goal of growing net asset value per share over the long term. Accordingly, we announced this morning a $1 million share buyback program to capitalize on what we believe is a dislocation in the market value of our common stock. Moving on to the financial and operating highlights for the second quarter of 2024. Our second quarter revenue increased 51.6% over the second quarter of 2023, while gross margin declined by 14.9%, primarily due to a one-time purchase price adjustment related to the timber technologies acquisition. The revenue increase was driven by the inclusion of timber technologies revenue beginning May 17th and the inclusion of a full quarter of revenue from our Q4 2023 acquisition of Big Lake Lumber. The decline in building solution performance on an organic basis reflects the continued customer impact of credit tightening on project funding and timing. While our sales pipeline remains strong, The conversion of these opportunities to signed backlog has been slower than historical norms. However, I want to emphasize that generally we're not seeing large project cancellations, only delays and timeline extensions. We believe our reputation as a reliable and high-quality partner in the markets we serve gives us a unique and sustainable position which we will continue to leverage as the construction sector regains strength. Furthermore, we continue to focus on all elements of our growth strategy, including building solutions division expansion, acquisitions that would mark our entry into new industries, and exploring new opportunities at our investments division. As exemplified by our acquisition and integration of timber technologies, identifying, evaluating, and completing accretive acquisitions remains an important pillar of our holding company strategy for delivering long-term growth and shareholder value. Now I'll turn the call over to Dave Noble, our CFO, to provide additional second quarter consolidated financial highlights. Dave, please go ahead.