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. |
Carl E. Reichardt | BTIG LLC |
Stephen East | Wells Fargo Securities LLC |
John Lovallo | Bank of America Merrill Lynch |
Stephen Kim | Evercore ISI |
Eric Bosshard | Cleveland Research Co. LLC |
Alan Ratner | Zelman & Associates |
Susan Maklari | Credit Suisse Securities (NYSE:USA) LLC |
Michael Jason Rehaut | JPMorgan Securities LLC |
Ryan Tomasello | Keefe, Bruyette & Woods, Inc. |
Soham Bhonsle | Susquehanna Financial Group LLLP |
Good morning, and welcome to D.R. Horton, America's Builder, the largest builder in the United States Fourth Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. An interactive question-and-answer session will follow the formal presentation.
As a reminder, this conference is being recorded.