Tri Pointe Homes, Inc.

Greetings and welcome to the TriPoint Homes Third Quarter 2025 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, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce David Lee, General Counsel at TriPoint Homes. You may proceed.

Good morning and welcome to TriPoint Homes earnings conference call. Earlier this morning, the company released its financial results for the third quarter of 2025. Documents detailing these results, including a slide deck, are available at www.tripointhomes.com through the investors link and under the events and presentations tab. Before the call begins, I would like to remind everyone that certain statements made on this call, which are not historical facts, including statements concerning future financial and operating performance, are forward-looking statements that involve risks and uncertainties. The discussion of risks and uncertainties and other factors that could cause actual results to differ materially are detailed in the company's SEC filings. Except as required by law, the company undertakes no duty to update these forward-looking statements Additionally, reconciliations of non-GAAP financial measures discussed on this call, the most comparable GAAP measures can be accessed through TriPoint's website and in its SEC filings. Hosting the call today are Doug Bauer, the company's chief executive officer, Glenn Keeler, the company's chief financial officer, Tom Mitchell, the company's president and chief operating officer, and Linda Mamet, the company's executive vice president and chief marketing officer. With that, I will now turn the call over to Doug.

Good morning, and thank you for joining us today as we review TriPoint's results for the third quarter of 2025. I want to begin by recognizing our entire TriPoint team. Their dedication and focus allowed us to deliver strong results in a period that continues to present challenges to the housing industry. In the third quarter, we exceeded the high end of our delivery guidance, closing 1,217 homes at an average sales price of $672,000, generating $817 million in home sales revenue. Our adjusted home building gross margin, excluding $8 million of inventory-related charges, was 21.6%, while adjusted Net income was 62 million or 71 cents per diluted share. We remain focused on creating long-term shareholder value. During the quarter, we spent $51 million repurchasing 1.5 million shares, bringing our year-to-date total spend to $226 million, representing a total of 7 million shares. This activity has reduced our share count by 7% year-to-date and by 47% since we initiated the program in 2016, underscoring our disciplined approach to enhancing shareholder returns. Additionally, we also strengthened our liquidity by increasing our term loan by $200 million, with optionality to extend the maturity into 2029. We believe this incremental leverage is prudent, supporting capital efficiency, funding for our community account growth, and continued flexibility to return capital to our shareholders. We ended the quarter with $1.6 billion in total liquidity, including $792 million in cash, and a debt to capital ratio of 25.1%. and a net debt to net capital ratio of 8.7%. Market conditions remain soft throughout the third quarter. Homebuyer interest remains somewhat muted, with lower confidence driven by slow job growth and broader economic uncertainty. However, we continue to see underlying demand home ownership among needs-based buyers. We anticipate that home shoppers are preparing to reengage when conditions stabilize, leading to more normalized absorptions. Our management team has successfully navigated multiple housing cycles, and we remain focused on near-term execution while staying aligned with our long-term growth strategy. In the short term, we are prioritizing inventory management discipline cost control, and the sale of move-in ready homes while steadily increasing the mix of to-be-built homes over time. For long-term success, we continue to invest in both our core and expansion markets with a goal of scaling our operations, consistently growing community account, and increasing book value per share to drive sustained shareholder returns. We are encouraged by the progress of our new market expansions in Utah, Florida, and Coastal Carolinas. Development activity is well underway, and strong local leadership teams are in place. While initial contributions will be modest, we expect these divisions to generate meaningful growth beginning in 2027 and beyond as they gain scale. During the quarter, we are pleased to open our first two communities in Utah a key milestone for that region. A cornerstone of our strategy is to invest in well-located, core land positions, close to employment centers, high-performing schools, and key amenities. We currently own or control over 32,000 lots, positioning us well for community-count growth in the years ahead. We expect to end 2025 with approximately 155 communities And we anticipate growing our ending community count by 10 to 15% by the end of 2026. The majority of this growth will be driven by expansion in our central and east regions. This disciplined growth strategy enhances our operating scale, increases geographic diversification, and positions TriPoint for sustainable, profitable growth as demand improves and our expansion divisions mature. At TriPoint, our product is primarily targeted to premium move-up buyers with financial strength, seeking better locations, larger homes, curated finishes, and elevated lifestyles. This segment has demonstrated resilience even amid shifting market conditions, supported by strong income profiles, down credit, and larger down payments. And our backlog reflects this strength. Homebuyers financing through TriPoint Connect, our affiliated mortgage company, have an average household income of $220,000, FICO score of 752, 78% loan-to-value ratio, an average debt-to-income level of 41%, consistent with recent quarters. These strong characteristics have reinforced the financial stability and quality of our customer base and the durability of our future deliveries. As consumer confidence improves, we expect pent-up demand to grow the pool of move-up buyers attracted to our premium communities and design-driven offerings that align with their lifestyle aspirations. Our premium brand, community locations, and innovative product design continue to differentiate TriPoint in the marketplace. We have the financial strength and operational discipline to invest through the cycle while returning capital to shareholders. Together, these strengths, along with an experienced management team, positions TriPoint to drive long-term performance and value creation. With that, I'll turn the call over to Glenn to provide additional detail on our financial results. Glenn?