Forestar Group Inc.

Good afternoon and welcome to Four Star's third quarter 2023 earnings conference call. At this time, all participants are in a 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. Please note this conference is being recorded. I will now turn the call over to Katie Smith, Director of Finance and Investor Relations for Four Star.

Thank you, Paul. Good afternoon and welcome to the call to discuss Four Star's third quarter results. Thank you for joining us. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although Four Star 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 Four Star on the date of this conference call. and we do not undertake any obligation to update or revise any forward-looking statements publicly. Additional information about factors that could lead to material changes in performance is contained in Four Star's annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission. Our earnings release is on our website at investor.fourstar.com, and we plan to file our 10-Q tomorrow. After this call, we will post an updated investor presentation to our investor relations site under events and presentations for your reference. Now I will turn the call over to Dan Bartok, our CEO.

Thanks, Katie. Good afternoon, everyone. As always, we appreciate your interest in Four Star and taking the time to discuss our third quarter results. In addition to Katie, I'm joined on the call today by Jim Allen, our Chief Financial Officer, and Mark Walker, our Chief Operating Officer. Our solid third quarter results were driven by stronger market conditions. Our strategy of continuing to develop lots during the market transition positioned us well to capitalize on the increased demand for finished lots from builders. Our third quarter net income increased 18% from the prior year quarter to $46.8 million, or $0.93 per diluted share. Pre-tax income increased 18% to $62.4 million, and our pre-tax profit margin was 16.9%. Consolidated revenues increased 20% to $368.9 million, while lot deliveries increased 10% to 3,812 lots. We evaluate each project and local market conditions to determine the appropriate pricing and sales pace to maximize returns. We have demonstrated that our unique and flexible business model can quickly pivot based on changing home builder demand and market conditions. None of that can happen without an incredible team. Their dedication, passion, and expertise allow us to continue putting our long-term value creation goals at the center of every decision we make. Thank you to all of our value team members for your efforts. Jim will now discuss our third quarter financial results in more detail.