Operator

Hello, and welcome to the Annual Meeting of Stockholders of KB Home. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Jeff Mezger. Mr. Mezger, the floor is yours.

Jeffrey Mezger
Executive Chairman

Good morning, and welcome to KB Home's 2026 Annual Meeting of Stockholders. I'm Jeff Mezger, Executive Chairman of the KB Home Board of Directors, and it is my pleasure to call the meeting to order. The meeting will be conducted under the posted rules of conduct so that we can have an orderly proceeding.

I will start by identifying the other members of the Board of Directors who are participating in the meeting. Jose Barra, Principal of Proinco Strategic Advisors LLC; Art Collins, Founder and Managing Partner of theGROUP; Dorene Dominguez, Chairwoman and Chief Executive Officer of the Vanir Group of Companies; Kevin Eltife, Founder and Owner of Eltife Properties; Dr. Stuart Gabriel, Director of the Ziman Center for Real Estate at UCLA and Distinguished Professor of Finance and Arden Realty Chair at the UCLA Anderson School of Management; Dr. Tom Gilligan, Emeritus Director and Senior Fellow at the Hoover Institution at Stanford University; Cheryl Henry, Former President, Chief Executive Officer and Chairwoman of Ruth's Hospitality Group; Jody Kozlak, Founder and CEO of Kozlak Capital Partners; and Rob McGibney, President and CEO of KB Home.

I will also recognize and thank James Weaver, CEO and Chairman of CW Interest, who is stepping down from the Board today after 9 years of exemplary service to KB Home. We will now proceed with the official business of the meeting and for that