Forestar Group Inc.

Good morning and welcome to Four Star's fourth quarter and fiscal 2024 earnings conference call. At this time, all participants are in a listen-only mode and we will open for questions following the presentation. If anyone should require operator assistance during this 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, Vice President of Finance and Investor Relations for Four Star.

Thank you, Jenny. Good morning and welcome to the call to discuss Four Star's fourth quarter and fiscal year 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 and 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 available on our website at investor.fourstar.com, and we plan to file our 10K in the next few weeks. 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 Andy Oxley, our president and CEO.

Thanks, Katie. Good morning, everyone. I'm also joined on the call today by Jim Allen, our chief financial officer, and Mark Walker. our Chief Operating Officer. As always, we appreciate your interest in Four Star and taking the time to discuss our fourth quarter and fiscal year results. The Four Star team finished especially strong, delivering over 5,300 lots in the fourth quarter and more than 15,000 lots for the full fiscal year. Fiscal 2024 diluted earnings per share increased 20% to $4, and pre-tax income increased 22% to $270.1 million. Our return on equity improved 60 basis points to 13.8%, and our book value per share increased 15% from a year ago to $31.47. We improved our profitability and returns in fiscal 2024 despite extended cycle times and investing heavily in building our team and our platform for future growth. Over the last five years, Four Star has invested approximately $6.7 billion in land acquisition and development and delivered over 70,000 finished lots to over 60 local, regional, and national home builders. Over the same time period, our returns on equity have nearly tripled, and our book value per share increased 87%. These results reflect the strength of our business model and the market-leading teams we have built across our national footprint. Thank you to all of the four-star team members for your efforts this year. In fiscal 2025, we will continue to execute our strategic plan by investing for future growth turning our inventory, maximizing returns, and consolidating market share in the highly fragmented lot development industry. Four Star is well positioned, both financially and operationally, to capitalize on builder demand for finished lots. Jim will now discuss our fourth quarter and fiscal 2024 results in more detail.