Arne Sorenson | President, CEO and Director |
Kathleen Oberg | EVP and CFO |
Laura Paugh | SVP, IR |
Betsy Dahm | Senior Director, IR Relations |
David Katz | Jefferies |
Shaun Kelley | Bank of America Merrill Lynch |
Jared Shojaian | Wolfe Research |
Joe Greff | JP Morgan |
David Beckel | Bernstein |
Smedes Rose | Citi |
Anthony Powell | Barclays Capital |
Bill Crow | Raymond James |
Patrick Scholes | SunTrust Robinson Humphrey |
Robin Farley | UBS |
Thomas Allen | Morgan Stanley |
Michael Bellisario | Robert W. Baird |
Kevin Kopelman | Cowen and Company |
Wes Golladay | RBC Capital Markets |
Vince Ciepiel | Cleveland Research |
Good afternoon, and welcome to Marriott International's First Quarter 2019 Earnings Conference Call. At this time, all participants have been placed in the listen-only mode. After today's prepared remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Arne Sorenson, President and Chief Executive Officer. Please go ahead, sir.