KB Home (NYSE:KBH) Q1 2020 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 05:00 pm ET


KB Home (NYSE:KBH) Q1 2020 Earnings Conference Call - Final Transcript


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Good afternoon. My name is Devon, and I will be your conference operator today. I would like to welcome everyone to the KB Home 2020 First Quarter Earnings Conference Call. [Operator Instructions] Following the company's opening remarks, we'll open the lines for questions. [Operator Instructions]

Now, I'd like to turn the call over to Jill Peters, Senior Vice President, Investor Relations. Jill, thank you. You may begin.

Jill S. Peters

Thank you, Devon. Good afternoon, everyone, and thank you for joining us today to review our results for the first quarter of fiscal 2020. On the call are Jeff Mezger, Chairman, President and Chief Executive Officer; Matt Mandino, Executive Vice President and Chief Operating Officer; Jeff Kaminski, Executive Vice President and Chief Financial Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer.

Before we begin, let me note that 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 factors outside of the company's control, including those detailed in today's press release and in 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, a reconciliation of the non-GAAP measures referenced during today's discussion to their most directly comparable GAAP measures can be found in today's press release and/or on the Investor Relations page of our website at kbhome.com.

And with that, I will turn the call over to Jeff Mezger.

Jeffrey T. Mezger

Thank you, Jill. And good afternoon, everyone. We are finding creative ways to adapt to changing conditions as the country deals with the COVID-19 outbreak. While Jeff and I are in the office today, practicing social distancing, the rest of our team is on this call from different locations. These are unprecedented times, and our main priority continues to be the health and well-being of our community of employees, customers and business partners and their families.

While we are reporting excellent first quarter results today that showed strong momentum across our footprint, given current market conditions, we are withdrawing our guidance for this year. Rather than follow our standard approach for these quarterly earnings calls, my remarks today will focus on how we are responding to the COVID-19-related challenges, the actions we are taking to navigate this uncertain environment and the strength of our positioning to manage through it.

We began the process early last week of temporarily closing our sales centers, model homes and design studios to the general public. During this time, we have shifted to appointment-only following appropriate protocols to help ensure the health and safety of our employees and customers. We're also leveraging our virtual sales tools, including home video tours, interactive floor plans and an online design studio to give customers the ability to shop for a new home from