United Homes Group, Inc

Good morning, ladies and gentlemen, and welcome to the United Homes Group third quarter 2023 earnings conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 10, 2023. I would now like to turn the conference over to Alan Hutto. Please go ahead.

Good morning and welcome to the United Homes Group third quarter of 2023 earnings call. Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the federal securities laws. United Homes Group cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. These risks and uncertainties include but are not limited to the risk factors described by United Homes Group and its filings with the Securities and Exchange Commission. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable security laws. Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures can be accessed through the company's website and in its SEC balance. Hosting the call today are United Homes Group's Chief Executive Officer, Michael Geary, President Jack Maschenko, Chief Operating Officer, Shelton Twan, and Chief Financial Officer, Keith Feldman. With that, I'd like to turn the call over to Jack.

Thanks, Alan. Good morning, everyone. Michael has graciously handed over conference call ratings to me, but he is here to participate in the Q&A and more than happy to answer any questions you may have. I've been with United Homes Group for almost four months now and really have enjoyed getting to know everyone in the organization and setting the company on a course towards fulfilling the vision that we've had for the company since initially working with Michael and the team as their investment banker over two and a half years ago. Our goal is to expand our highly profitable returns-focused business model across the Southeast through organic growth and accretive acquisitions, private builders. The company has a track record of success building homes at affordable price points in both South Carolina and Georgia. We believe this success can be replicated in a number of other markets. Michael has proven to be a great operator during his decade-long career in home building and has established a strong reputation within the industry in the region. We believe the combination of his hands-on industry experience and local market knowledge, my capital markets background, and extensive networks of industry contacts across the housing ecosystem gives United Homes Group a distinct advantage in our efforts to grow the home building operations. To that end, we've closed two deals since our last earnings call, Herring Homes in Raleigh, North Carolina, and Rosewood Communities in the upstate region of South Carolina. The Herring acquisition marks our first initial foray into the attractive Raleigh-Durham market, while Rosewood solidifies our already strong presence in Greenville and Clemson markets. In both instances, we're retaining the acquired company's leadership and employees, and believe we've given them a platform to achieve greater success than was possible in smaller independent builders. We continue to look for and identify acquisition targets that meet our underwriting criteria and appear to be a good fit for our organization. We hope to announce and close additional deals in the near future. Driving our ambitions to expand are a number of positive macro factors that build wealth for the home building industry. There continues to be a significant lack of existing home supply, thanks in large part to the lock-in effect caused by higher mortgage rates. Homeowners are reluctant to put their homes on the market and lose favorable financing terms associated with their existing loans. This is a result of a significant market share for home builders as respective buyers seek alternatives to the existing home market. This is especially true at the more affordable price points where inventory shortfalls are most pronounced. Given the delta between the average mortgage rate for existing homeowners and today's prevailing rates, we believe this lock-in effect will persist for some time. Supplementing the favorable supply dynamics is a healthy and resilient domestic economy. GDP growth in the third quarter of 2020 is estimated to be roughly 4.9%. and employers continue to add jobs in a healthy club. We're also starting to see signs of moderating inflation, which has compelled the Federal Reserve to suspend and potentially end current rate hikes. Economic gains continue to be made in our existing and target markets throughout the southeast. Job and population gains have been a steady driver of household formation, giving home builders a nice tailwind for future growth. Given the favorable business climate and relative affordability associated with our region, we expect these gains to continue. Finally, our ability to buy down mortgage rates for our buyers is a competitive advantage versus both the existing for sale market and against smaller private competitors. With a strong fundamental backdrop, a proven and scalable operating model, and a seasoned leadership team, United Homes Group is one position to achieve its long-term goal of becoming a significant player in the key home building market throughout the Southeast. Michael's team have done a great job setting the foundation for what we want to accomplish. I look forward to working alongside them to take our company to greater heights. With that, I'd like to turn the call over to Shelton, who will provide more detail on our operational performance for the quarter. Shelton?