Forestar Group Inc.

greetings and welcome to the four-star group first quarter 2020 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Jessica Hansen, Vice President, Investor Relations for D.R. Horton, the 65% majority owner of Four Star. Jessica, please go ahead.

Thank you, Kevin. We welcome each of you to our call to discuss Four Star's financial results along with the company's expected growth and capital plans. Before we get started, today's call may include comments that constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although 4STAR believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to 4STAR on the date of this conference call, and 4STAR does not undertake any obligation to publicly update or revise any forward-looking statements. Additional information about issues that could lead to material changes in performance is contained in 4STAR's annual report on Form 10-K, which is filed with the Securities and Exchange Commission. This afternoon's earnings release is on 4STAR's website at investor.4star.com, and the 10-Q is planned to be filed early next week. After this call, we will post an updated investor presentation to 4STAR's investor relations site under Events and Presentations for your reference. Now I will turn the call over to Dan Bartok, CEO of 4STAR.

Thank you, Jessica. Good afternoon, everyone. In addition to Jessica, I am pleased to be joined on this call by Colin Dawson, D.R. Horton's Vice President of Corporate Finance and Treasurer, who works closely with Jessica and me on Four Star's finance and investor relations efforts. Our team delivered a solid first quarter and made significant progress towards executing on our plans for fiscal 2020. We will discuss these results in detail, but first I'd like to remind everyone about Four Star's unique business model and how it differentiates our company in the marketplace. Unlike other land developers, we bring a production-oriented, returns-focused manufacturing mindset to the land development process. We are focused on short-duration, fully entitled residential lot development. We develop our projects in a phased manner and typically have a signed lot purchase agreement from a known buyer prior to making any significant new investments. Our approach to land development is lower risk than other public land developers and will produce more consistent cash flow and returns as we achieve scale. Four Star also has a unique and strategic relationship with D.R. Horton, the nation's largest builder. Our relationship with D.R. Horton de-risks the expansion of our operating platform and allows us to have a footprint that is more geographically diverse than most public home builders. ER Horton has an immense appetite for finished lots, and we are leveraging this strategic relationship to deliver top-line revenue growth that is unmatched within the broader home building and land development universe. I'll turn it over to Jessica now to discuss some of our financial highlights.