Operator: Good morning and welcome to D.R. Horton, America's Builder, the largest builder in the United States, Fiscal Year-End and Fourth Quarter 2012 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Mr. Donald J. Tomnitz, President and CEO. Thank you. You may begin.
Donald J. Tomnitz - VC, President and CEO: Thank you, and good morning. Joining me this morning are Bill Wheat, Executive Vice President and CFO; Stacy Dwyer, Executive Vice President and Treasurer; and Mike Murray, now Senior Vice President and Controller. Before we get started, Stacey?
Stacey H. Dwyer - EVP and Treasurer: Some comments made on this call may constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although, D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date of this conference call and D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements.
Additional information about issues that could lead to material changes in performance is contained in D.R. Horton's Annual Report on Form 10-K, and our most recent quarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission.
Donald J. Tomnitz - VC, President and CEO: D.R. Horton's financial results in the fourth quarter and fiscal year 2012 were our strongest performance since 2006 reflecting the improving conditions in our housing markets, and most importantly, the effective repositioning of our Company over the last five years.
For the fourth quarter, pre-tax income was $99.2 million, the highest of the last 22 quarters. Our quarterly net sales orders improved 24% from last year and our average sales price contributed to a 35% increase in the value of net sales orders. Our positive year-over-year sales comparisons continued through October and through the first part of November. Our backlog of sales orders increased 49% compared to last year and our backlog value is up 61%, which puts us in a position for a strong first quarter of fiscal 2013.
Fiscal 2012 was D.R. Horton's most profitable year in the last six years, with $242.9 million of pre-tax income. Essentially all of our operating metrics improved in fiscal 2012 compared to fiscal 2011. Our sales, closings and backlog all increased by double-digit percentages. Our gross margin on home sales revenues increased 160 basis points. Our SG&A as a percentage of homebuilding revenues improved 100 basis points.
In response to our sales growth, we have increased our investments in homes under construction, finished lots, land and land development to position ourselves for future growth. Our increased investments also include the acquisition of the homebuilding assets of Breland Homes during the quarter, the 38th largest homebuilder in the U.S. in 2011 according to Builder Magazine.