Jeffrey O'Keefe | VP, IR |
Ara Hovnanian | President, CEO & Chairman of the Board |
Larry Sorsby | EVP, CFO & Director |
Arjun Chandar | JPMorgan Chase & Co. |
Alex Barrón | Housing Research Center |
James Finnerty | Citigroup |
Good morning, and thank you for joining us today for Hovnanian Enterprises Fiscal 2018 First Quarter Earnings Conference Call. And archive of the webcast will be available after the completion of the call and run for 12 months. This conference is being recorded for a rebroadcast. [Operator Instructions]. Management will make some opening remarks about the first quarter results, and then open up the line for questions.