Jessica Hansen | VP, IR |
David Auld | President and CEO |
Mike Murray | EVP and COO |
Bill Wheat | EVP and CFO |
Carl Reichardt | BTIG |
John Lovallo | Bank of America Merrill Lynch |
Stephen East | Wells Fargo |
Alan Ratner | Zelman & Associates |
Ken Zener | KeyBanc Capital Markets |
Mike Rehaut | JP Morgan |
Stephen Kim | Evercore ISI |
Soham Bhonsle | Susquehanna |
Nishu Sood | Deutsche Bank |
Michael Dahl | Barclays |
Dan Oppenheim | UBS |
Jade Rahmani | KBW |
Buck Horne | Raymond James |
Good morning, and welcome to the First Quarter 2018 Earnings Conference Call of D.R. Horton, America's Builder, the largest builder in the United States. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.