United Homes Group, Inc

Good day everyone and welcome to the United Homes Group first quarter 2024 earnings call. At this time all participants are in a listen only mode. Later you will have the opportunity to ask questions during the question and answer session. You may register to ask questions by pressing star and one on your telephone keypad. You may withdraw your question by pressing star two. Please note this call may be recorded and it will be sent in by should you need any assistance. It is now my pleasure to turn the conference over to Erin. Please go ahead.

Good morning and welcome to United Homes Group's first quarter of 2024 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 security 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 in 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 securities 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 filing. Hosting the call today are United Homes Group's President, Jack Masenko, Chief Operating Officer, Shelton Twine, and Chief Financial Officer, Keith Feldman. With that, I'd like to turn the call over to Jack.

Hi, Karen. Good morning, everyone. United Homes Group made progress on a number of fronts in the first quarter. 2024 as we continue to pursue our goal of becoming one of the premier homebuilders in the southeastern United States. With a focus on affordability, a land-light operating strategy, and a strong track record of homebuilding success, United Homes is poised to grow beyond its existing footprint for both strategic M&A and organic growth. We continue to see a favorable homebuilding landscape in our markets thanks to a lack of home inventory in the resale market, continued strong job growth, and household formation. Both companies and families continue to migrate to cities and throughout the southeast, creating a need for new housing, and we plan on capitalizing on this trend for years to come. As we stated in the past, M&A will be a key driver of our expansion into new markets. We feel we have a competitive advantage over our peers given our southeastern roots and our willingness to retain the acquired company's personnel following the transaction. We've already executed a number of acquisitions, the most recent being Creekside Custom Homes, which closed in the first quarter and further expanded our presence in the coastal region of South Carolina. The integration of Creekside and the other acquired builders are progressing nicely, and we are excited to have them as part of our team. We are constantly evaluating possible deals in our markets and hope to add more builders to our platform this year, providing a good fit to our company from a financial and cultural perspective. We ended the first quarter with just over 11,000 lots owned and controlled, giving us a great runway for future growth. We remain committed to securing our land capital in a capital-efficient manner through the use of options agreements and land banking arrangements. We feel that offloading much of the cost associated with land development will allow us to focus on our core competency of building and selling homes. Our landline efforts got a real boost in the first quarter with our entry into a strategic partnership with a large land banking partner. In closing on our initial transaction with that partner, we also then entered into a definitive agreement for a newly created land fund just this week, which Keith will speak to in his commentary later. Overall, I'm pleased with our market positioning at the end of the first quarter and remain excited about the opportunities that lie ahead. We made further progress towards long-term goal of becoming a premier homeowner in the southeastern U.S. while maintaining a focus on new home affordability. We ended the quarter with a sold backlog of 262 homes, which represented a 39% increase over the first quarter of 2023, and which should lead to strong cash flow generation in coming quarters. We also maintained a strong balance sheet with over $28 million in cash and $63 million of undrawn revolver capacity under our credit facility. As a result, I believe United Homes Group is well-positioned to achieve our goals for 2024 and beyond. Now, I'd like to turn the call over to Sheldon, who will provide some more detail on operations this quarter.