Good afternoon, everyone and welcome to Green Brick Partners’ Earnings Call for the Fourth Quarter Ended December 31, 2017. Following today’s remarks, we will hold a question-and-answer session. As a reminder, this call is being recorded and will be available for playback. Details for accessing this replay will be made available at the end of the call. A slideshow supporting today’s presentation is available on Green Brick Partners’ website at www.greenbrickpartners.com. Go to the Investors Presentations tab and click on Presentations and Webcast. The company reminds you that during this conference call, it will make various forward-looking statements within the meaning of the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that some forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the business of Green Brick Partners are based on current expectations and are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Please read the cautionary statement regarding forward-looking statements contained in the company’s press release, which was released on Monday, November 6th, and the risk factors described in the company’s most recent Annual and Quarterly filings with the Securities and Exchange Commission. Green Brick Partners undertakes no duty to update any forward-looking statements that are made during the course of this call. Today, the company will be referring to adjusted EPS and adjusted homebuilding gross margin, which are non-GAAP financial measures. The reconciliation of adjusted EPS to net income attributable to Green Brick and adjusted homebuilding gross margin to homebuilding gross margin are contained in the earnings release that Green Brick issued yesterday. I would now like to turn the conference call over to Green Brick’s CEO, Jim Brickman. Please go ahead, sir.

Hi, everybody. Thank you for joining our call. With me is Rick Costello, our CFO and Jed Dolson, our President of the Texas region. As the operator mentioned, a presentation that accompanies this earnings call can be found on our webpage at greenbrickpartners.com. At the top of our webpage, click on Investors & Governance, then click on the option that says Reporting and then scroll down the page until you see the fourth quarter investor call presentation. I will give everyone a second to do this. Our pre-tax income of $17.2 million was another record quarter for Green Brick and represents an increase from Q4 2016 of 26%. Our full year 2017 pre-tax income of 53.9 million was up 38% year-over-year. Please flip to Slide 4, since the great recession the housing market has been undersupplied every year to such an extent that the cumulative housing surplus has been completely eliminated. Demand remained strong. The paradigm shift is understanding that the challenge for homebuilders now is to build new homes that buyers want in locations they can afford. Now let's move to Slide 5, two of the best markets in our core markets are Dallas and Atlanta. During the last year Dallas rose to become top ranked as the largest job growth market in the nation, surpassing New York City. Not only are both Dallas and Atlanta getting significant numbers of new jobs, but both markets also boasts two of the highest job growth rates nationally. We talked about the robust level of corporate relocation activity in our past calls. Fortunately, this activity continues. On Slide 6 you can see the Dallas continues to be the number one new housing market in the nation adding over 33,000 starts. Atlanta is the third-largest market and our Challenger Homes operates in Colorado…

Thanks Jim. Hi everyone. Thanks for joining us today to review our fourth quarter 2017 and full year financial results. First, as shown on Slide 15 our significant growth in revenues and earnings has been accomplished despite keeping one of the lowest if not the lowest net capital -- debt to capital ratios of any public builder. Our net debt to capital ratio where net debt is debt minus cash was approximately 16% as of December 31st. This compares to an average 40% for public builder peers. Now let's move on to Slide 16, where I'm going to start with the highlights and then move into the details. For Q4 of '17 versus Q4 of '16 and for year-over-year comparisons, here's some operational metrics. Net new orders increased by 35% for the quarter and 21% for the year. Home deliveries increased by 6% for the quarter and 17% for the year. Home sales revenues increased by 14% for the quarter and 19% for the year. Year-over-year homes under construction are up 30% with homes started up 29%. The dollar value of units and backlog increased by 40% year-over-year, and most importantly our pretax income was up 26% for the quarter and 38% for the year. Now for more details, for the fourth quarter the number of net new home owners was to 265, an increase of 35% compared to fourth quarter '16. For full year 2017 versus '16 our net new home owners have grown by 21% from 800 to 1,063. Green Brick delivered 292 townhomes for the fourth quarter, 6% more than for the fourth quarter of 2016. For the entire year, Green Brick delivered 990 homes, a 17% increase over 2016. Home sales revenues were $133.5 million for the quarter, up 14% over the fourth quarter of 2016.…

Thanks, Rick. I'm very proud of the entire Green Brick team that has really worked hard to produce a great quarter and year. We have a number of land deals that we have recently closed or under contract that we've been working on for a very long time that should fuel our growth in 2018 and beyond. To fund our growth, we are pleased that JPMorgan recently joined our unsecured credit facility with a $30 million commitment which increases the facility to a 160 million. Our secured and unsecured credit facilities now total 235 million. Going into 2008, we are coming out of a quarter that saw 35% increase in new home owners that has helped push our backlog up 40% higher than in the end of 2016. With 30% more homes under construction at year-end 2017 versus '16 we are looking forward to a wonderful start to 2018. Thank you for your help and support. I'll now turn the call back to the operator for questions.

I'd like to thank everybody for joining us today. Obviously, we're available offline. We look forward to a great 2018. Thank you.

This concludes today's conference call. You may now disconnect.