Arne M. Sorenson | Marriott International, Inc. |
Kathleen Kelly Oberg | Marriott International, Inc. |
Laura E. Paugh | Marriott International, Inc. |
Smedes Rose | Citigroup Global Markets, Inc. |
Robin M. Farley | UBS Securities LLC |
Dariush P. Ruch-Kamgar | Bank of America Merrill Lynch |
David James Beckel | Sanford C. Bernstein & Co. LLC |
Brandt Montour | JPMorgan Securities LLC |
Patrick Scholes | SunTrust Robinson Humphrey, Inc. |
Jared Shojaian | Wolfe Research LLC |
Stuart J. Gordon | Joh. Berenberg, Gossler & Co. KG (United Kingdom) |
Vince Ciepiel | Cleveland Research Co. LLC |
Stephen Grambling | Goldman Sachs & Co. LLC |
Felicia Hendrix | Barclays Capital, Inc. |
Bill A. Crow | Raymond James & Associates, Inc. |
Wes Golladay | RBC Capital Markets LLC |
Good morning. My name is Brandy and I will be your conference operator today. At this time, I would like to welcome everyone to the Marriott International First Quarter 2018 Earnings Conference Call. All lines have been placed on-mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.