Douglas C. Yearley, Jr. | Chairman and CEO |
Martin P. Connor | CFO |
Spencer Kaufman | UBS |
Michael Rehaut | J.P. Morgan |
Stephen Kim | Evercore ISI |
Rafe Jadrosich | Bank of America Securities |
Alex Barron | Housing Research Center |
Alan Ratner | Zelman Associates |
Michael Dahl | RBC Capital Markets |
Good morning everyone and welcome to the Toll Brothers Second Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. The company is planning to end the call at 9.30 when the market opens.
During the Q&A we do ask that you please limit yourselves to one question and one follow-up.