Jessica L. Hansen | D.R. Horton, Inc. |
David V. Auld | D.R. Horton, Inc. |
Michael J. Murray | D.R. Horton, Inc. |
Bill W. Wheat | D.R. Horton, Inc. |
John Lovallo | Bank of America Merrill Lynch |
Stephen East | Wells Fargo Securities LLC |
Alan Ratner | Zelman & Associates |
Carl E. Reichardt | BTIG LLC |
Michael Jason Rehaut | JPMorgan Securities LLC |
Soham Bhonsle | Susquehanna Financial Group LLLP |
Kenneth R. Zener | KeyBanc Capital Markets, Inc. |
Jay McCanless | Wedbush Securities, Inc. |
Stephen Kim | Evercore Group LLC |
Nishu Sood | Deutsche Bank Securities, Inc. |
Good morning and welcome to the D.R. Horton, America's Builder, the largest builder in the United States, second quarter 2018 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.
As a reminder, this conference is being recorded.