President and Chief Executive Officer - Rob McGibney Senior Vice President and Chief Accounting Officer - Bill Hollinger Senior Vice President and Treasurer - Thad Johnson Senior Vice President, Investor Relations - Jill Peters Operator: Good afternoon. My name is John, and I'll be your conference operator today. I'd like to welcome everyone to the KB Home 2026 Third Quarter Earnings Conference Call. [Operator Instructions] This conference call is being recorded and a replay will be accessible on the KB Home website until October 22, 2026.
And I'll now turn the call over to Jill Peters, Senior Vice President, Investor Relations. Jill Peters: Thank you, John. Good afternoon, everyone, and thank you for joining us today to review our results for the third quarter of fiscal 2026.
On the call are Jeff Mezger, Executive Chairman; Rob McGibney, President and Chief Executive Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer. During this call, items will be discussed that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results, and the company does not undertake any obligation to update them.
Due to various factors, including those detailed in today's press release and in our filings with the Securities and Exchange Commission, actual results could be materially different from those stated or implied in the forward-looking statements. In addition, an explanation and/or reconciliation of the non-GAAP measure of adjusted housing gross profit margin, as well as any other non-GAAP measure referenced during today's call, to its most directly comparable GAAP measure can be found in today's press release and/or on the Investor Relations page of our website at kbhome.com. And finally, please note all figures are based on our quarter ended August 31 and all comparisons are on a year-over-year basis unless otherwise stated.
And with that, here is Jeff Mezger. Jeffrey Mezger: Thank you, Jill. Good afternoon, everyone.
The housing market remains challenging, with conditions having weakened since our last earnings call in June. Affordability is under further pressure due to rising mortgage rates. Inflation remains persistently high, driven in part by fuel prices, which prompted the Federal Reserve to raise interest rates last week.
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