PulteGroup, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pulte Group Inc. Q1, 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. Thank you. I would now like to turn the call over to James Zimmer, Vice President of Investor Relations. Please go ahead.

Thank you, Calvin, and good morning. I want to welcome everyone to today's call to review Pulte Group's operating and financial results for our first quarter ended March 31, 2026. Joining me on today's call are Ryan Marshall, President and CEO, Jim Osowski, Executive Vice President and CFO, and David Carrier, Senior Vice President of Finance. In advance of this call, A copy of our Q1 earnings release and this morning's webcast presentation have been posted to our corporate website at PulteGroup.com. We'll also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments made today. The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying presentation. These risk factors and other key information are detailed in RCC filings, including our annual and quarterly reports. Now let me turn the call over to Ryan. Ryan? Thanks, Jim, and good morning.

At last week's quarterly operations review meeting, I made the following statement to the senior leaders of Pulte Group's home building and financial services operations. In a quarter that grew increasingly more complicated, you delivered exceptional results, both operationally and financially. I offer the same thoughts to open this call. In a period that saw every aspect of our consumers' lives impacted by domestic and global events, our disciplined focus and proven business platform allowed us to deliver another quarter of strong business performance. Financially, our $3.3 billion in home sale revenues, 24.4% gross margins, and lower share count all contributed to driving earnings of $1.79 per share. Supported by the ongoing strength of our operations, we positioned the company for future growth by investing $1.3 billion in land acquisition and development, while returning $360 million to shareholders through share repurchases and dividends. After having allocated $1.7 billion to these activities, We ended the quarter with $1.8 billion of cash and a net debt to capital ratio of effectively zero. Operationally, we were successful in growing our community count, which was an important driver of our 3% increase in net new orders. And as shown in this morning's release, our results benefited from 18% order growth in Florida as our diversified business platform and exceptional land positions continue to deliver strong results. As pleased as I am with the growth in orders, I'm even more encouraged with the fact that many of these homes are build-to-order homes. In the first quarter, build-to-order homes accounted for 43% of net new orders, up from 40% in Q1 of last year. On our last earnings call, we outlined our plans to shift our business back toward our historic mix of 60% build-to-order and 40% spec. This quarter was just the first step in a process that will take several quarters to complete, but I am encouraged by such early success. And finally, I would highlight the progress we continue to make on lowering our spec inventory, particularly our finished inventory. Reflecting actions taken by our field teams, we ended the quarter with an average of 1.4 finished specs per community, which is inside our target range of 1 to 1.5 finished backs per community. This level of spec inventory allows us to effectively serve those homebuyers needing quick move-in homes while supporting our strategic shift back to selling more built-to-order homes. Overall, I would say that the first quarter developed as a typical spring selling season with orders increasing sequentially as we move through the months. It is difficult to determine what impact global events may have had, but appreciate consumers were facing higher rates and costs in March. Through the first few weeks of April, demand conditions have remained on track with typical seasonal trends. Still, in the quarter, we experienced strong buyer traffic to our communities and sold more than 8,000 homes, which says consumers remain actively engaged in home buying. And once again, Our diversified business platform allowed us to capture the strongest segments of the business, namely the move up and active adult buyers. Economic reports talk to the K-shaped economy and how lower and middle income families are struggling much more than those in upper incomes. Housing demand over the past two years has been consistent with these dynamics. We saw this play out again in our first quarter results with both relative demand strength in our move up and active adult businesses. and option and lot premium spend that continues to average over $100,000 per home. However, on the lower leg of the K, first-time buyers continue to struggle with the challenges of stretched affordability and fear of job loss. Our ability to offer low fixed-rate mortgages and other incentives is certainly helping solve the affordability riddle for some. But this comes at a price as incentives in the quarter reach 10.9% of gross sales price. Even at this level, I think we have done an excellent job of balancing the need to sell homes, particularly finished spec homes, and turn our inventory, while maintaining higher margins in support of delivering strong returns on invested capital. A critical support to this balance has been our ongoing willingness to adjust our start space in alignment with core demand. We again demonstrated such discipline as we started approximately 6,500 homes against orders of 8,000 homes in the quarter. This approach helps us to clear excess inventory and allow our communities to more easily sell from a position of strength while still providing sufficient production to achieve expected closing volumes for the full year. While there is uncertainty about how events will develop over the next few quarters, I remain optimistic about long-term housing demand and confident about the strength of our business model. I could draft a long list of our strengths, but would highlight the following three key points. We control approximately 230,000 lots, including 35,000 owned and finished lots, so we have a land pipeline that we believe can meet current sales and accelerate as buyer demand improves going forward. We have a strong market presence across the major markets and an unmatched ability to serve all buyer groups. We are benefiting currently from having 60% of our business among more affluent Pulte and Dell web buyers, but we fully appreciate the importance of maintaining the presence of our Centex brand among first-time buyers. And finally, we have a culture that is committed to delivering superior build quality and buyer experience and to raising that bar every day. Thank you. And let me turn the call over to Jim Osowski for a review of our first quarter results. Jim.