And we're going to go ahead and get started. Thank you all for coming to the Southwest IDEAS Conference hosted by Three Part Advisors. Next session will be Landsea Homes, traded on the Nasdaq using the symbol LSEA. Presenting on the company's behalf is John Ho, who's the CEO, and Chris Porter, their CFO. Excuse me. With that, I'll hand it over to John. Thank you. Great. Thank you and thank you, everyone, for taking the time spent with us today. This presentation is up on our website, but I'll hit some of the highlights in this presentation, and then I'll hand it over to Chris to highlight some of the things in the quarter. If you don't know our story, I'll give you guys a little bit of background of us. I started the company in 2013 in California. We started our home building operations in California in 2014. We've since last year moved our headquarters from Southern California to here in Dallas, Texas. We're actually just located not too far from here in Uptown. We are a growth-oriented home builder. This is our 11-year anniversary. We're focused on the entry level and move-up price points. We have a concentration in Florida, Texas, Colorado, Arizona, and California, where we started. We've grown significantly in the last 11 years. We've completed six private home builder acquisitions: Pinnacle West and Garrett Walker Homes in Phoenix, Vintage Estate Homes, Hanover Family Builders in Orlando, and then we bought the assets of Richfield Homes in Colorado, and then most recently, we acquired Antares Homes, which was a Fort Worth builder here in DFW. We build a differentiated product. It's called High Performance Homes. Did you pay cash or did you buy with stock? How did you acquire it? We acquired the enterprise, and we paid cash. Yeah. We build a differentiated product. It's called High Performance Homes. It's built on four pillars: home automation, sustainability, energy efficiency, and healthy lifestyle. We believe it is a most holistic approach to the new home. Like I mentioned, we're a young company. Our product is not a legacy product that's been developed 20, 30 years ago. This is things that we've designed and built. They're very efficient, and they're really targeted for today's home buyer in that entry-level segment, which is a millennial home buyer. And I'll talk a little bit about that in more detail. Some of the operating highlights here: last 12 months, over 2,300 orders, 83 actively selling communities, over 2,500 deliveries, and an average selling price point of $518,000. We've done $1.4 billion in revenue in the last 12 months at a 21% adjusted gross sales margin. So you can see here from our roots in California where we started to now where we are much more diversified by coastal business across some of these key growth markets. Just a little bit about our history in our 11 years. Obviously, I shared we started in California. That was all organic throughout 2017, 2018. In 2018, we really made this pivot to want to focus on what we believe was going to be and what is today the largest cohort of buyers, which is the first-time entry-level home buyer. We entered the Phoenix market positioned to do that. We also diversified our footprint in California, moving into the San Bernardino County and also the San Francisco East Bay. Our average selling price today in California is about $800,000, $880,000, which is high. But in California and the markets that we build in, that's probably positioned as an entry-level first-time home buyer. And the other markets that we are in today, Phoenix and Texas, and Austin, Dallas, Orlando, we're in that mid-$400,000 price point. We took the company public in January of 2021 through a SPAC. That was very instrumental for us to raise capital. We raised about $120 million of gross proceeds. That's the capital that we used to expand into Texas and Florida. It's also important for us to go public. We were able to obtain a $500 million unsecured credit facility at that time. And then we retired all our project-specific construction loans. It allowed us much better control of our cash, much more flexibility as well. And then earlier this year, we issued our first inaugural high-yield bonds, five-year no-call two high-yield bonds. That, again, eight and seven eighths. 8.875 Yeah. So we put that. We believe that that really puts us on the right trajectory, puts really matching long-term capital with longer-term assets, but just also gets us out of the, I would say, concern where we have with being 100% reliant on banks and reliant on regional banks to kind of make commitments into our revolving credit facility. Some of the key highlights of the company: I believe we have very attractive land positions in high-growth markets. We have 11,000 lots that we own and control. It's balanced between the five markets that I mentioned. We're focused on that entry-level and first-time move-up homes. We have an expertise in executing integrating acquisitions. We've made six acquisitions to date. We have a differentiated platform that I talked about in our High Performance Homes. Despite being a young company, and I'll share you a slide, our team is really made up of veteran home building professionals. President and COO started 35 years ago at KB Home, and then Ryland, Taylor Morrison. Chris has been in real estate, private and public, his whole career. Each of our division presidents that run each of our five divisions all come from large-volume production-oriented home builders. We've had a strong historical financial performance and solid balance sheet. We've grown the company significantly, but we've continued to position the company in the balance sheet really strong for continued growth in the future. Chris will talk about these highlights in his section, but I'll talk about some of our business priorities right now. We've really benefited from, since we started the company in 2013 to now, just this great tailwind of demand and housing. Really, a lack of supply in a lot of the markets, underbuilding a lot of the markets that we operate. You think, despite having approaching 7% 30-year fixed mortgage rates, they've put a damper on demand, or at least reduced pricing. We really haven't seen that in pricing across our markets. We've continued to have good sales momentum in 2024. And in this remainder of 2024, we're really trying to build a good, strong backlog going into the 2025 spring selling season. The business is growing in scale, obviously. We're driving higher returns, improving our cycle times, particularly post-COVID, with improved supply chain and access to materials, and then reducing our costs through this larger scale. We fully integrated these six acquisitions, including this last one we made in Dallas, Fort Worth. We believe in one brand, one culture, one platform. We rebrand the company to Landsea Homes immediately, and then we bring on the accounting systems from each acquisition onto our ERP right away, and then in terms of our growth going forward, a lot of our growth is going to come from the markets that we're already in. It's going to be driving new community openings and continue to capitalize on home buyer demand tailwinds. You can see here, I probably spoke to this already, the diversification of our business from California to Arizona, Colorado, Austin, and Florida, and you can see here our price points. I mentioned $880,000 in California, while everywhere else in the country is $440,000. We are smaller than our peers. We are growing fast, but we've really been intentional in terms of where we choose to invest our capital. This isn't a legacy company. We don't have legacy assets. We're investing in markets that we think have a lot of scale and have a lot of long-term growth potential. So that's why we choose to invest in these markets and continue to want to grow in our market share in these markets. We believe that at the end of the day, home building is still real estate. And being large in your particular markets gives you a lot of advantages. It gives you access to land, opportunities, allows you to recruit the best talent, and allows you to negotiate the best prices with your trades and subcontractors because a lot of those trades, a lot of those subcontractors are all local and small businesses. This is just another look at our diversified revenue base. You can see here it's now more evenly split. Colorado is still small. That will grow. But the overall Colorado and Denver market will only be about 5%-10% of our whole business. But you're going to see a more diversified distribution of our home deliveries and revenue over time will be hopefully a quarter-quarter out of each of these markets. This just kind of shows you the home orders, deliveries, and backlog sequentially from each quarter. And you see we're just going to continue to grow in volume. We're on target to be about 3,000 deliveries this year, but we can easily see that growing to 4,000 or 5,000 units in the next year or two, just staying in the markets that we're in. I mentioned we've had a proven acquisition playbook. It's allowed us to penetrate these markets a lot quicker than if we could do it organically. Our whole business in California has been through organic growth. Two years ago, we entered the Florida market. We are now the third largest builder in Central Florida. And then obviously this year, we just entered the Dallas-Fort Worth market. And we expect our Dallas-Fort Worth market and business to probably double in size in the next two years. High Performance Homes as a key differentiator. I mentioned the four pillars. First, home automation. We have a partnership with Apple. So all of our homes come standard with Apple Media and the Apple HomeKit to be able to use with certain features in the home. We believe in building sustainably. You'll see that a lot of our homes are designed very modern, very efficient. It allows us to reduce the wasted materials on our sites, allows us to reduce the purchasing of raw materials, and we save money there. We use that money to invest in the other pillars of our house: energy efficiency by installing energy-efficient appliances, by increasing the R-Factor insulation in our homes, and then also invest in a healthy lifestyle. In COVID, we installed these whole home purification systems in our homes, and they've been really well received. So as a standard spec in all of our homes across the country now, they all have this whole home air purification system built into the HVAC. Differentiated approach. This has been more important than ever. Even pre-COVID, we had a virtual sales team. This is now something that we do seven days a week throughout the country. People have a centralized place that they can talk to a salesperson that will direct them to a community. Our buyers today are doing all the research and all the work online and making all the key decisions even before they step in the sales center. The sales center is still important because this is probably going to be the largest purchase in any family, in any household. So going there is a lot more confirmatory of the decisions and choices that they made. So this is a better tool for us, a more efficient tool for us. And I would say some of our virtual assets are second to none. And it's a very powerful sales resource for us. These are the acquisitions that we made. These are the legacy names. And as I mentioned, we've changed them all to Landsea Homes in the divisions. Part of the investment in these companies is we get the land that comes with these companies. In a lot of these cases, we couldn't buy that land at the prices that they have them under control or owned. In addition, we're buying the talent, the people that have the knowledge, the experience, and the relationships in the local markets. After we enter these markets with these acquisitions, it's really important for us to then grow organically from there. That's the best way for us to grow. And then over time, the purchase accounting from these acquisitions also essentially wind down too. So the trend in a lot of these markets is enter these markets through these acquisitions, rebrand the company, and then start growing that business organically and grow it to a scale so it can be a top 10 home builder in terms of volume in each of those local markets that we compete in. And here's a slide of the management team. I mentioned our, other than Chris and myself, our COO. Our general counsel joined us when we moved our headquarters here. She used to be the general counsel at Texas Capital Bank. We like that she has that local knowledge and presence here, and then also, if you look at each of our division presidents, they come from working at very large, high-volume, publicly traded production home building companies. We have a diversified board, majority independent board, independent chairman, as well as board members that have different experience in finance, legal, and strategy, and then with that, with our limited time, I'm going to hand over to Chris to kind of go over the quarterly financial highlights. Thank you, John. So for the third quarter, we just reported, we had total revenues of $338 million. And that was broken into home sales revenue, which is our core business of $326 million, or a 26% increase year- over- year. And then the rest was land sales. So periodically, we will just do bulk land sales to move certain property out to other builders and reuse that capital. Home sales gross profit margin was 17.1%. And that was down year- over- year, primarily incentive-driven. So at this time, most of the industry is buying or offering mortgage rate incentives, fixed-rate mortgage rate incentives to buyers to increase our demand. So it's usually a 30-year fixed-rate mortgage that we're offering. And then we had a 22.8% adjusted home sales gross margin. That just excludes the purchase price accounting that John was talking about, inventory impairments, and interest that gets capitalized in. Our Selling, General, and Administrative expense was 13.9% of home sales revenue, which is our measure in the industry of how we look at SG&A. The G&A expense on a year-over-year basis was down, even though we took on an acquisition. As we get scale, we'll continue to leverage our G&A. Sales is just a function of sales and marketing is just a function of the home sale. So as we continue to grow that, that will also grow. Net income of $11 million or $0.30 per share on a year-over-year basis. And then we did 691 homes in backlog with a $540,000 average selling price. Adjusted net income, again, which just excludes purchase price accounting, was $15.9 million. The other key stats that you'll see on here, we had an ending active community count of 83 communities throughout the country, and that was a 30% or 38% increase over the 60 that we reported in third quarter of 2023, and then on an absorption rate, which is basically just how many homes we're selling per community per month, we're at 2.5 times or 2.5 homes per community, and we look to be right in that three level plus or minus for our business. On a balance sheet standpoint, we ended with $36 million in cash, $1.4 billion in real estate inventories, $1.7 billion in total assets. We had a debt-to-total capital ratio of 52%, which is 100 basis points improvement from June 30th of 2024. Our targeted leverage ratio is around the mid-40s on a debt-to-total capital ratio. We will increase that slightly for an acquisition, which is what we did in the second quarter when we acquired Antares out of Fort Worth. It's about 9%. So we have a fixed and floating. So our average carrying cost is about 9%. And we have a mix between fixed and floating now that's out there. As John mentioned, we did our first inaugural high-yield bond in April. Good rate. We were really pleased with the rate. Net debt-to-total capital 49%. And then total liquidity of $263 million. And that's going to include both cash, cash equivalents plus our availability under our revolving credit facility. So in April, when we did our bond, we also redid our revolving credit facility and changed out a lot of the regional banks with national banks, Bank of America led it, U.S. Bank, and many banks in there. So it's a very strong bank group that we were very pleased we were able to get in there. And then $18.27 book value per share, which is a 5.7% increase over this time last year. Just from a historical standpoint, we won't spend a lot of time on here. As a growth company, you can see that our total revenue continued to grow through 2022 as the industry continued to have the effects of the increased mortgage rates through 2023. You saw that change a little bit. And then we definitely increased it again in 2024. On a regional summary, I won't spend a ton of time on these so I can leave time for some questions. But our California market is made up of Northern California, Southern California. It's where our company started. We had 1,600 lots owned and controlled in California. We delivered 594 last 12 months. We've got about 10 communities that are actively selling on an average right now with an average selling price of $896,000 for the last 12 months. In Arizona, moving to our second market, we're primarily in and around the Phoenix area, 2,800, almost 2,900 lots owned and controlled there. We have 152 units in backlog. And we did 750 deliveries in the last 12 months. And you can see that our average selling price then drops from California down to $466 in Arizona. And that's more reflective of just being outside of California, building the same type of markets, but just outside of California. Florida, our next largest market, we have 3,400 lots that are owned and controlled there. We delivered just under 900 homes last year at a, excuse me. And our backlog is sitting right at $200 million, a $535,000 average selling price. But the last 12-month average selling price is very similar to Phoenix at $455,000. And then Texas, our newest market, is really split between our DFW market as well as Austin. Austin, we grew organically, bought about 1,100 lots just South of Austin and Kyle, Texas, and then have expanded and moved into Round Rock, Liberty Hill, and Manor. And then our DFW acquisition was April. And you can tell they're primarily Fort Worth and Southwest in Fort Worth, and then moving over to Forney and a little bit out east on Van Alstyne. But it gives us a big area to grow up north in the DFW area. So in total, we have just under 3,600 lots owned and controlled there with 21 communities that we're delivering homes. We've got a $424,000 average selling price. So you can see kind of that low to mid-400s is really outside of California where our target market remains. And then finally, Colorado, smallest market, one that we bought just some assets in Colorado and grew there just one year ago. We have 368 lots in three communities that we're delivering. Again, $493,000 average selling price just north of Denver primarily. And we delivered 92 homes in the last 12 months there. So that's the primary piece of our presentation. I'd like to stop opening it up for questions. The appendix is just really more GAAP and non-GAAP reconciliations on there. So I'll stop there and see if there's any questions that we can answer. Yes. What inspired the move to move headquarters from Southern California to Fort Worth? Was it cost or was it power? I'll let you address that. Yeah. When I started the company in 2013, I used to work for JLL. I used to be a commercial real estate broker, and I did a survey and I looked at where are all the headquarters of the top 20 home builders in the United States. 11 of them were in Southern California. So I lived in LA at the time, so I moved the office down to Orange County, and that's where I could recruit the best talent. If you look at it where it is today, there is one home builder that's left in California, and that's KB Home, and they'll probably be there forever because the Chairman CEO, Jeff Mezger, lives in Bel-Air. They've either been consolidated like Ryland Homes or Standard Pacific or William Lyon. There's just a lot of them have gone, and a lot of it is also and for many, many reasons. I think the primary one is probably not that California doesn't have land. It has a lot of land. But the availability of land to build homes on it is very undersupplied. And there's not a lot of growth there. So 30 years ago probably would have been the right place to start a home building company. But today, you look at where all the home builders are based and where the opportunity is for future, it's probably Texas and Florida. And that's where actually all the publicly traded home builders are now based. So for us, as we think about the next 10, 20, 30 years of our business, we want to be in the markets. Not that you have to be headquartered there, but we want to be in the markets that we think is going to have the most future. For us, it was pretty easy to come to Dallas. We have two board members that are here. They had a lot of influence on us. It's in the middle of the country. Trying to run a national business that's bi-coastal, you can get to everywhere within three hours. It's efficient from a cost perspective. There's a lot of future growth. Frankly, this has been a great, I would say, it's a great place because it's really welcome. It's very welcoming of real estate and home builders in particular. There's a lot of capital here. There's a lot of banks here that are very supportive of real estate and home building. From all those things, it just makes a lot of reason, a lot of good reason for us to be here and for us to be here into the future. Where do you see a competitive advantage given your size being a smaller player in the big firm and kind of what's the strategy planned to move? Yeah. So I touched upon a little bit about it. Obviously, when I started the company in California, it's very competitive. It's dominated by some very large home builders, very well capitalized, and very highly competitive land. So we've certainly been in markets that have a lot of competition. How we found ourselves to be able to compete is, one, at the end of the day, it's real estate, right? And you got to be really good at investing and making good land acquisitions. So we're very good at finding good land opportunities. It's very important. It's the largest part of the cost of your home. We're also very good in terms of our ability to build the right product, the right, I would say, market positioning. We've done very well both in master plan communities and also in individual communities where we buy finished lots through our High Performance Homes. And then you think about it in terms of we've been really fortunate and blessed in this last decade. It's this undersupply of housing and the market and this demand for housing from this millennial cohort. So obviously, leading with operational excellence, we are in a time of consolidation in our sector. So why we've had these opportunities to roll up these privates is that the largers are going to get larger and the privates are going to sell at some point because of the access to capital. So we've been very intentional in terms of not only growing the business, but growing the business quickly and growing it in the right markets. So it's got to be a combination of both operational excellence, product differentiation, and scale and speed, I would say. So those things combined, I think, will really position the company to be one of the top 10 home builders in the country. Is BTR, is that the build-to-rent, how does that impact your business? I see quite a bit of a trend that way, and I would love to just get your thoughts on how that plays, what you guys are doing, if it impacts you and what you'll be doing in the future, not really. It's a viewpoint for you. Yeah. No, BTR, the question is, how does BTR impact us? BTR, it's great because it really, it's another opportunity, right? It's become this institution, it's always around, right? The rental homes has always been around. It's just not been institutionalized. Now it is being institutionalized. So it's another buyer in the market. They will come to us and ask us to build homes for them. Now, the trade-off is always, well, they don't want to pay retail for it. They want to pay a wholesale price on it because they want to buy in bulk. Well, we look at our land, our ability to build homes, all the things that we do as pretty, I would say, very competitive, right? And we want to get the best competitive price. So we're happy to have BTR people come to us and ask to buy homes if you're willing to pay market price. So it's always a, well, what price do you want to pay? If you don't want to pay the price that we can sell in the market for retail, we'll just sell it retail. We've looked at doing it holistically and taking an entire community and making BTR as an example. And some home builders, some of our larger peers are trying that out, but it's very sensitive. People learned this last kind of couple of quarters. It's very sensitive to interest rates. So with the change in interest rates, all of a sudden, they don't pencil, those deals don't pencil anymore. So for us, in our current size and where we are now, we're very focused on doing one thing right now is really being the best for sale home builder that we can. As we grow and scale and when interest rates come back down, I'm sure there'll be opportunity for BTRs as well. Because it does fill a segment in the market. There is now this, I would say, segment between an apartment and your first home now that is this leasing single-family home. Are you guys planning on focusing on these four states you're currently in or if an opportunity arises in another state trendy area that has home builder in that area? Yeah. It's a great question. I mean, we've been very intentional in terms of the markets that we want to be in. When we went public, we said, "We're going to Texas and Florida," and we're in Texas and Florida, and we even moved our headquarters here. We just need to scale up in these markets right now that we're in where we can double the volume of the business because there's so much market share for us to grow in these markets by building high-performance homes, by leveraging the platform, the companies that we acquire. However, we are opportunistic. We've made one acquisition every year, and usually that's in a new market, so for sure, we're very interested in continuing to be in the south and the Southeast and the Mid-Atlantic. I think there's opportunities for us there, but it's not in our plan, but we'll be opportunistic. There are a lot of private builders now out there for sale. People are bringing them to us. We get a lot of looks. There's a lot of consolidation in our industry. So there will be opportunity for us to maybe expand into new markets. But right now, we can grow in just our current markets. Yes. My question is really beyond, I think, Landsea. But just the general homeownership concept, not counting real estate, not counting interest rates, is being crossed out of a lot of people's ability via taxes, insurance, home repairs. All of this stuff is just escalated to the point that a lot of these people can no longer afford the homes that they're already in. I don't know how long you've been here in Dallas, but our insurance rates have gone through the roof at the same time. Yeah. Well, coming from California, we look at sort of your monthly payment, right, as a percentage of your monthly income, right? In California, in the markets that we were building, it's probably been around 40%. So if you actually look at Texas, if you look at Dallas as ranked across the country, it's probably in the top 10 in terms of affordability. So in comparison, there's a big reason why we think their future is here is that you're going to continue to see immigration from other markets, places that have higher taxes, higher cost of living. I think that's why we're bullish on markets like Florida and Texas. Arizona has seen a lot of it over the past decade because it's just been California's backyard. And then now you see with the spending in terms of building Intel's expansion and TSMC and all the jobs that are being created there, the migration there continues to increase. So I think you're going to see immigration to kind of offset that. And then I do think, as I was mentioning earlier, I do think homeownership continues to go down a little bit. It's not huge. I think people still, at the end of the day, if you ask them if they can afford it, they want to buy a home. They don't want to rent forever. But there's also this interesting phenomenon that we're seeing is that, yes, affordability is more challenged than it's ever been. But how are they addressing it? There is this incredible transfer of wealth that's going on in this country between the boomers and this next generation. That transfer of wealth is happening not when they pass, it's happening now to help them with the down payment of the home. So we get a lot of home buyers that come into our homes, and they're getting these gifts to help them with the down payment. So that is happening across all our markets right now as well. So it is an interesting dynamic that is for sure changing the trends and how traditional people have bought that home. And a lot of people talk about, well, when I bought my home in the 1990s or whenever, it was a 16% interest rate, right? And interest rates here seem historically low. Well, I think where they don't calculate or take into consideration is that, well, the price of the home is so much higher now than it was back then. And the debt-to-income ratio is so much higher than it was in here. So you got to find ways to help solve for that. Part of it is gifts from the family and the parents. Another way for us to do it is by building product that's higher in density, smaller product. And we're doing that. You wouldn't think in Texas you build an attached product, but in order to solve affordability in Austin, we build a duplex in Austin that we can sell for under $400,000. So you've addressed affordability in different kinds of ways. Thank you. Thank you. Thank you.