David Auld | President and CEO |
Bill Wheat | EVP and CFO |
Michael Murray | EVP and COO |
Jessica Hansen | VP of IR |
John Lovallo | Bank of America Merrill Lynch |
Stephen East | Wells Fargo |
Stephen Kim | Evercore ISI |
Carl Reichardt | BTIG |
Alan Ratner | Zelman and Associates |
Eric Bosshard | Cleveland Research Company |
Nishu Sood | Deutsche Bank |
Kenneth Zener | KeyBanc Capital Markets |
Michael Rehaut | JPMorgan |
Susan Maklari | Credit Suisse |
Jade Rahmani | Keefe, Bruyette & Woods |
Greetings, and welcome to the First Quarter 2019 Earnings Conference Call for 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].