Max Webb | Chairman of the Board, President, Chief Executive Officer |
John Perri | Chief Financial Officer, Secretary |
Andrew Shapiro | Lawndale Capital Management |
David Anderson | Anbec Partners |
Greg Venit | Morgan Stanley |
Michael Melby | Gate City Capital Management |
Good morning and welcome to PICO Holdings 2017 earnings conference call. All participants will be in listen-only mode. [Operator Instructions].
As a reminder, today's call is being recorded. I would now like to turn the conference over to John Perri, PICO's Chief Financial Officer.