Raymond Jones | Zillow Group, Inc. |
Spencer M. Rascoff | Zillow Group, Inc. |
Kathleen Philips | Zillow Group, Inc. |
Hayden Blair | Stephens, Inc. |
Michael Graham | Canaccord Genuity, Inc. |
Ronald V. Josey | JMP Securities LLC |
Kerry Rice | Needham & Co. LLC |
Jonathan P. Lanterman | Morgan Stanley & Co. LLC |
Mark Mahaney | RBC Capital Markets LLC |
Greg Vlahakis | Deutsche Bank Securities, Inc. |
Jason Helfstein | Oppenheimer & Co., Inc. |
Heath Terry | Goldman Sachs & Co. LLC |
Brad Erickson | KeyBanc Capital Markets, Inc. |
Good afternoon and welcome to the Zillow Group Fourth Quarter and Full Year 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session and instructions will be given at that time.
As a reminder, this call is being recorded. I would now like to turn the conference over to Mr.