Good afternoon, everyone, and welcome to Green Brick Partners' Earnings Call for the First Quarter ended March 31st, 2020. Following today's remarks, we will hold a question-and-answer session. As a reminder, this call is being recorded and will be available for playback. A slide show supporting today's presentation is available on Green Brick Partners' website at www.greenbrickpartners.com; go to Investors and Governance, then click on the option that says Reporting, and then scroll down the page until you see the First Quarter Investor Call Presentation. The Company reminds you that during this conference call, it will make various forward-looking statements within the meaning of the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including its financial and operational expectations for 2020 and the future. Investors are cautioned that such forward-looking statements with respect to revenues, earnings, performance, strategies, including but not limited to the comments related to the anticipated impact of COVID-19 on our future operations, prospects, and any other aspect of the business of Green Brick Partners are based on current expectations and are subject to risks and uncertainties. Those factors that could cause actual results or outcomes to differ materially from those expected are set forth in our press release, which was released on Monday, May 11th, 2020, and the risk factors described in the Company's most recent annual and quarterly filings with the Securities and Exchange Commission. Green Brick Partners undertakes no duty to update any forward-looking statements that are made during the call. In addition, our comments will include non-GAAP financial metrics. The reconciliation of these metrics and the other information required by Legislation G regarding these metrics can be found in the earnings release that Green Brick issued yesterday and the presentation available on the Company's website. I would now like to turn the conference over to Green Brick's CEO, Jim Brickman. Please go ahead, sir.

Thank you. Hi, everyone. I hope this call finds everybody else safe and healthy. With me is Rick Costello, our CFO, and Jed Dolson, our President of the Texas region. Thanks for joining the call. As the operator mentioned, a presentation that accompanies this earnings call can be found on our website at greenbrickpartners.com; at the top of our web page, click on Investors and Governance, then click on the option that says Reporting, and then scroll down the page until you see the First Quarter Investor Call Presentation. I'll give everyone a second to do this. I'm pleased to report that we closed our first quarter of 2020 with yet another record-breaking quarter including an all-time high basic EPS, a record backlog of $427.3 million, and net new home orders up 42%. Under more typical circumstances and absent COVID-19, this would be a cause for celebration. Seeing much of the country come to a stop in a matter of weeks was something even the most seasoned CEO could not anticipate. We feel more confident now than only weeks ago, but we remain cautious about the potential effects the COVID-19 pandemic will have on Americans, our business, and the economy as a whole. As conditions change, we will continue to evolve our COVID-19 response that was first implemented in the beginning of March to reflect the best interest of our staff, customers, and business. Please flip to Slide 4 of your presentation. We are a diversified builder with eight brands in four major markets. Our diversification includes a wide array of home types and price ranges from homes as low as $200,000. As we continue to evaluate the consequences of this pandemic, we remain positive that our diversification efforts have placed us in a position to continue to weather the storm. While our industry has undoubtedly been impacted, homebuilding has been designated as an essential business in 100% of the markets where we participate, and all of our operations, including mortgage and title services, sales, and construction have remained active. Beginning mid-March, employees with the capacity to work remotely have been doing so, and stringent social distancing guidelines have been implemented for the remainder of our employees. On Slide 5, we have outlined some of our ongoing COVID-19 response. We have revised our land spend strategy to improve our liquidity and better reflect lower net new orders. This has entailed reducing purchases of lots and land, slowing land development spend on existing projects, and halting expansion into new markets like Houston. By effectively idling parts of our business, we believe we can maintain very strong liquidity while positioning our operations to meet buyer demand. I am pleased to report that our sales offices remain fully operational by offering buyers private appointments, implementing private self-guided tours, and for areas with the strongest stay-at-home orders, live virtual tours accessible directly from the customer's home. In an effort to remedy the significant decline in foot traffic, we have expanded our digital marketing efforts. As a result, in March, we saw an increase in digital traffic of 76% over the prior year, and a year-over-year increase of 44% for April. Here are the details for the impacts on sales and cancellations since mid-March. Net sales in April were down 42% from April 2019. With the first 11 days of May, our net sales are already over 80% of sales for all of April with three weeks remaining. In fact, our net sales for May are running 25% higher than in May 2019. For the six-week period ending May 11th, our sales have steadily improved with gross sales and net sales both increasing each week. And our net sales in the week ending yesterday have gone up by 440% since the first week of April 6th, when things were very slow. Our cancellation rate was elevated in March and continued to be high in April, with April's cancellation rate of 31% being almost double the Q1 cancellation rate of 16.5%. But our cancellation rate for the last two weeks is now consistently normal around 17.1% versus our first-quarter average of 16.5%. Our mortgage and title ventures have also continued to operate within the confines of social distancing, which has included moving the majority of meetings to digital platforms and conducting over 95% of our closings as drive-through closings. See the map on Slide 6 where we began our discussion of the markets we participate in and how COVID-19 has impacted our business in these specific locations. Approximately 65% of our building revenues in Q1 were from our Dallas operations, and the latest data indicates that our Dallas communities are located in cities which have been identified as some of the most recession-resistant cities in the country. Indeed, a report from SmartAsset recently named Frisco, Plano, and Denton as three of the four most recession-proof cities in the country with Arlington included in the top 20. Continuing with our Dallas tour, we are seeing some really nice results in our Trophy Signature and CB JENI brands. Interestingly, sales have also increased in our higher brand, second-time move-up Southgate brands, and our first-time move-up Normandy brand. Please roll to Slide 7. Atlanta has not performed as well due to worse conditions economically and delays due to the wettest winter on record. However, we are optimistic with four new lower price point neighborhoods set to open in the next six months. Most of our lots and homes are located in AAA constrained North Atlanta suburbs like Alpharetta and Johns Creek where lot supply, including lots under development, is less than two years. In Vero Beach and the Florida Treasure Coast, our large buyer deposits of nearly 13% of the purchase price have resulted in a very low cancellation rate on our backlog sales. We believe that once our age-targeted Northeastern buyers can resume travel to Florida, sales of our low-density affordable homes will pick up considerably. Lastly, we anticipate the demand to remain consistently strong in Colorado Springs due to a very robust economy with new home demand driven by military installations, low interest rates, and first-time buyers.

Thanks, Jim. Please move to Slide 8. John Burns Real Estate Consulting has published maps of our Atlanta and Dallas metropolitan areas where they have designated grades of submarkets from most desirable as an A market to least desirable as an F market. Based on a variety of subjective factors, such as quality of schools, proximity to jobs, and the existence of infrastructure for quality of life, we have overlaid the locations of our Green Brick communities with green dots. The preponderance of our communities are in submarkets rated as most desirable. In the current market environment, we believe that the superior market positioning of our lot inventory will be key to differentiating our results from our peers. With strong lot positions in some of the most high-demand areas of Dallas and Atlanta, we are hopeful that our team builders will be able to bear the impact of the COVID-19 crisis. This position is further strengthened by the lot supply shortages in both northern suburbs of Dallas and Atlanta, which we believe will be a strategic advantage for us as we expect land development activity to slow in the coming months. Moving on to our community count, we have grown 18% from Q1 of 2019 to 93 active selling communities today. We continue to open more communities geared toward first-time buyers. However, this increase in affordability has not been at the cost of increased risk. Based on our Q1 2020 home closings of our unconsolidated mortgage venture, Green Brick saw an average FICO score of 755, with 85% of our fundings exceeding a FICO score of 700. The creditworthiness of our average buyer profile is a fundamental strength of the A markets where we operate. We believe we will continue to mitigate the risk of our business. Our lot supply is also uniquely positioned to create positive cash flows for Green Brick as we strategically reduce our land spending. As you can see on Slide 9, Green Brick has maintained a consistent percentage of owned lots at or above 70% for the past two years. With more than 45% of this owned lot inventory finished or nearly finished, we are confident in our ability to simultaneously slow our land pipeline down while still maintaining an ample supply of lots for our team builders. This supply of ready lots will translate into strong positive cash flow in future quarters as we close homes. This would not be possible in a land-light business model. We also believe that our land position will permit Green Brick to generate some of the best margins in the industry as we close homes. Slide 10 of our presentation compares our Q1 2020 gross margins with available peer data. Our gross margin reported in Q1 was 23.1%. This was up 230 basis points over Q1 2019 and sequentially was up 150 basis points over Q4 2019. We believe our strong margin experience this quarter is evidence that our conservative land underwriting and prudent planning are a winning strategy that has left the company well prepared to manage pace and price during the remainder of 2020. The next two slides demonstrate the significant improvement Green Brick has made in diversifying our product lines over the past few years. Let's first look at Slide 11. As Jim mentioned earlier, we now offer eight unique brands with the addition of GHO Homes in 2018 and Trophy Signature Homes in 2019. Our robust single-family growth of 99% from Q1 2018 to Q1 2020 is highlighted by GHO's revenue of $22.4 million and Trophy's revenues of $28.0 million in the current quarter. The GHO and Trophy homes sell at lower average sales prices with their more affordable age-targeted product and affordable products, respectively. As a result of this product diversification, our ASP has decreased 6% in the first quarter of 2020 since the first quarter of 2018, all while maintaining higher-than-average industry gross margins and profitability. This improved affordability will be crucial in preserving and hopefully improving our market share under the current economic conditions. Slide 12 visually demonstrates that we have grown our revenues and provided stable earnings by not concentrating on any one homebuyer segment. We now address six distinct consumer segments, which all experienced strong revenue growth and sales volumes in Q1 of 2020. Our 42% year-over-year growth in net new orders demonstrates the health of our markets prior to the COVID-19 pandemic. The growth breaks down as follows: entry-level up 211%, age-targeted up 11%, first-time move-up up 146%, suburban townhome up 8%, second-time move-up down 24%, and our urban living up 46%. Our expectation is for the entry-level segment, those homes with an average sales price under $300,000, to grow in size in terms of community count, sales orders, and closings. In that regard, during the rest of calendar year 2020, Trophy Signature Homes and CB JENI Homes are expected to open a combined seven additional entry-level communities up from the current eight entry-level communities.

Thanks, Jed, and thank you for joining us today to review our 2020 first quarter financial results. Please move to Slide 13 related to our financial highlights. For Q1 of 2020 versus Q1 of 2019 comparisons, here are some key operational metrics. Net new orders increased by 42.3% for the quarter. That's what Jed just went through on how that broke down by our segments. This increase was a function of a 17.5% increase in absorption rate or net orders per community, as well as a 20.5% increase in average selling communities. Home deliveries increased by 21.7%, with residential unit revenues up by 18.3% for the quarter. Year-over-year, homes under construction are up 20%, with homes started on a last 12-month basis up 24%. The dollar value of units in backlog increased by 39% year-over-year and 23% sequentially. As Jed highlighted, homebuilding gross margins were up 230 basis points over Q1 of '19, and adjusted homebuilder gross margin was up 270 basis points quarter-over-quarter and sequentially was up 150 basis points over Q4 of '19. Last and most important, our bottom line Q1 2020 EPS tied our Q4 2019 all-time record EPS of $0.32, which was an increase of 28% over Q1 of '19. Very importantly, please note that in the current quarter, the Company recorded $3.4 million of lot option contract abandonments for reserves for lot deposit impairment for future communities, which had a $0.04 impact on EPS, net of taxes. Without these costs of abandonments/reserves, Q1 EPS would have been $0.36, a new all-time record for the Company by more than 12%, and would have been up 44% over Q1 of 2019. Now please turn to Slide 14. This is a new chart for us. Here we show our year-by-year growth in backlog as measured by adding our Q1 closing volume plus our ending March 31 backlog units and then comparing that total to the prior year's closing volume in units. This calculation shows that our units closed this quarter, plus our units in backlog scheduled to close during the remainder of 2020, represent 82.5% of last year's closing volume. You can further see how that's improved every year at this time as our backlog and first quarter performance have consistently both been in strong uptrends. As a result, we have grown from being in a position back in 2017 of having 60% of our prior year's volume covered at the end of Q1 2017 to a point where we now have 82% of last year's volume on the books or in backlog as of the end of Q1 this year. We believe this measure indicates our low reliance on spec units to meet prior year volumes and shows our Company's strength entering the current market decline. This also indicates that we build and sell in strong markets and that we are executing very well and at the right time. In particular, both CB JENI Homes and Trophy Signature Homes performed exceedingly well during the first quarter, prior to the COVID-19 closures and have been the quickest to see sales order rebounds in the last four weeks. While Slide 14 notes the impact of our strong sales performance on our inventory position, Slide 15 clearly demonstrates that our business is a variable cost business. Over the past three years, our operating leverage as seen in the SG&A percentages has improved, with the percentage of revenue declining from almost 13%, down to 12.2% on a last 12 months basis, as of March 31, 2020, which you can see that the grey line going across the chart. It's fairly flat, but it has trended down to the point we're at a lower 12.2% SG&A leverage. At all revenue levels, however, you can see an immediate adjustment in expenses. In recognition of the future impacts of COVID-19 and understanding the need to continue to run our business as much as possible as a variable cost business, we executed a cost reduction plan commencing in April. As we noted in our 10-Q, this included salary reductions ranging from 32% for our CEO, 30% for the cash compensation for our Board, and decreases of between 5% to 30% for the remainder of our staff. In addition, we implemented an overall staff layoff of 18%. In total, these cost reductions represent $10.4 million on an annualized basis. We intend to continue to adjust compensation and overhead if necessary to maintain the lean organization, which we expect will allow us to drive our profitability and maintain our industry-leading gross margins and operating margins. Now please turn to Slide 16. Here, we have compared our preparedness versus our small and mid-cap peers in terms of critical measures of an organization's ability to thrive in a post-COVID-19 recessionary world. We have provided four measures. Should let you know that you can flip down to Slide 20 in our Appendix, which includes the calculation of equal weighting these measures and why Green Brick is at the top of the chart. We've already discussed how well we have booked 82.5% of unit closings and backlog units through March 31, 2020, compared to last year's closing levels. That is the first data column next to the builder names, and Jed already discussed our very strong gross margins, which are again displayed here. Strong gross margins give Green Brick a very high starting point of profitability against which we believe we can withstand recessionary incentives or slower volumes which may occur when the economy is beginning to recover. Also included is our first quarter interest coverage of 8.5 times EBITDA, which is a function of great earnings combined with conservative lower levels of financial leverage and lower-priced debt. Finally, we include the percentage of owned lots. Let me explain this one. As stated earlier, a supply of more owned and ready lots gives a builder the opportunity to generate tremendous positive cash flow in future quarters when we close the homes. Green Brick is positioned to monetize these ready assets on our balance sheet. This is simply less dynamic a factor for a land-light business model. So put all these measures in relative rankings together and we believe that Green Brick is better positioned than most of its peers and has the ability to excel in a more competitive environment. Finally, look at Slide 17 which you've seen since we pretty much started doing these presentations. While we expect our business model to generate free cash flow in the coming months, we also entered Q2 2020 with significant levels of liquidity. As of March 31, 2020, Green Brick maintained $106 million in cash and cash equivalents and $37 million in additional capacity on our revolving lines of credit. Due to the unprecedented disruptions to the credit and economic markets arising from the COVID-19 pandemic and sales that stalled in late March, we drew the full amount of our unsecured revolving credit facility during the three months ended March 31. We intend to maintain a bit higher than typical cash balance going forward to hedge against the uncertainty in the industry and augment our free cash flows generated from operations. Our net debt to capital ratio, as shown in this chart, remains one of the lowest in the industry as it has always been, which positions Green Brick to continue limiting risk while preserving profitability. I'll now turn the call back over to Jim who will wrap up our part of the call prior to opening things up for Q&A.

Okay. Thanks, Rick. In closing, while there remains uncertainty with the ever-evolving reality of conducting business during the pandemic, we have seen a significant uptick in sales week by week and we believe that the combination of our COVID-19 response measures and our management team of industry veterans that has successfully navigated business cycles will allow us to continue to conduct our business in a manner consistent with the prudent approach that has historically delivered superior risk-adjusted returns. Because of our record backlog, we have visibility into a decent Q2. Our job is to continue to sell as many homes as possible to build up our backlog for the rest of 2020 and into 2021. By the time we get through the challenges of COVID-19, we will have adapted to a lot of changes. What won't have changed, however, are the strategic and disciplined approach and conservative financial leverage, which we require to run our culture and values that we call home. I'll now turn the call back over to the operator.

Your first question comes from the line of Michael Rehaut from JPMorgan. Your line is open.

Hi guys. This is Maggie on for Mike. First, I wanted to ask on your gross margins. Obviously, you reported very strong margins in the first quarter. As you look into 2Q and the rest of the year, I was wondering if you could talk about what you're seeing in terms of incentive levels and also maybe your degree of confidence that you can continue to deliver those strong margins as the year progresses?

I'll start with the first part and Jed can chime in. Looking at the increased sales that we experienced in the first week of May, we achieved those sales with only a moderate increase in incentives, which was less than a percent. It has been surprising due to the very low levels of existing homes in all of our markets. The buyers are very smart, but at this point, we are not seeing significant margin compression. Jed?

Yes, I don't really have anything to add.

Okay, thanks. And then second, I believe in the past you've talked about how you have the option in August to increase your ownership in Challenger Homes to controlling ownership. So I was wondering if you could talk about how the current environment has changed any plans there or how you're thinking about that opportunity.

Yes, first of all, Brian Bahr has been a fantastic partner at Challenger Homes, and Tom Hennessy, his Division President and CEO, has done an incredible job for us as a 49% investor. The agreement with Brian is that he doesn't want to relinquish control of his business to us right now, as we would go from 49% to about 70%. This is primarily because his return on capital is performing as well or better than any business we've ever assessed. Brian wants to maintain ownership, and we are very pleased to continue as a 49% partner with him.

Okay, thank you.

But one thing that they are cautiously looking at, and we said we weren't expanding into other markets is, Challenger is either the second or third depending on quarterly rankings largest builder in the Colorado Springs market that extends north toward Denver. And they are looking at some sites to very cautiously expand into Denver right now.

Got it. Okay, and one more on Trophy quickly. You mentioned that you've decided not to expand into Houston for now. Looking ahead, is that still an opportunity you might consider, and has the current situation affected your thoughts on Trophy's expansion within the Dallas market?

Yes, I'll address Houston. Really, we made the decision internally not to expand into Houston in late February before COVID-19, just because of oil prices and we didn't really announce that internally until mid-March. Our exit was that we made no investment in land lots, etc. So we're monitoring Houston. But we don't expect to be entering Houston anytime soon. And Jed, why don't you talk about where we are with Trophy in Dallas.

Yes, we're still growing Trophy in Dallas. We have great land positions, a lot of those that we've previously signed up. So if they're option deposits that money has already been spent. We're excited to get those opportunities when those lots deliver based on our recent track record. So we feel like we have top land positions, top operator, and a top team underneath that operator. So we're very bullish on Trophy.

Your next question comes from the line of Carl Reichardt from BTIG. Your line is open.

I had a couple for you. First, just to clean up. Rick, can you tell me where the option walkaway charges were like what markets?

They were all in the Dallas market. They were basically communities that we had not started up yet and just felt that the competition was not what we wanted to face without any kind of momentum or more sales presence.

Okay, that makes sense. This relates to my next question. When we examine your community count, which has been increasing quite quickly given the new environment, should we consider that you will try to replace the communities you have closed? Would you aim to keep your number of neighborhoods steady, or do you think you might reduce that number as you look towards the rest of the year? Essentially, how have your plans for community openings changed for the remainder of '20?

Carl, I would describe the situation as very fluid. If you had spoken to me in April, I would have anticipated a significant reduction. However, after reviewing my sales report last night, I realized we may have contracted too much and should adopt a more aggressive approach. Therefore, I believe we are likely to experience slight growth or stability.

Okay, thank you, Jim. And then last, historically as a growing company, growing builder, you've been operating cash flow negative most of the time, modestly negative. I think 2018 was the last time I remember you were OCF positive. Again, sort of given the new environment, given the lots you have on the books, given the importance of liquidity cushion. How are you thinking about cash flow sort of for the rest of the year? Is it right to think about you being positive OCF for the time being for the next few quarters or are we going to see sort of a more of a seasonal trend where you're back-end loaded to positive OCF?

I believe we will see increasing free cash flows throughout 2020, but since we entered the second quarter with a significant backlog, we won't generate much free cash flow in June or July. The increase will occur after that due to the large backlog. Our objective is to offset that backlog with as many new sales as possible, even if it means sacrificing some cash flow for high-margin home sales. Generally, we aren't forecasting a decline in cash flow, but after discussions with all our lenders, we expect it to decrease significantly in the third and fourth quarters. The only exception would be if we were to sell a large number of houses in June and July.

And when he's saying 'go down,' Carl, our cash flow is going to be up and our debt is positioned to go down.

So, Jim, my final question is, as you assess this situation and consider the critical aspect of our model, it's noted that net sales have increased by 75% in May compared to last year, which is quite impressive. Is there a difference in how consumers are engaging and how your inventory is being built in relation to the specifications you have?

Yes, it's been really interesting because, first of all, we've seen our specs really decrease. As we mentioned in our call, we're not unique that we really cut back on our spec building and our many of our peers did the same thing. So, when the buyer comes out to a neighborhood, typically, they're not seeing a lot of spec inventory. And if they want a home, we're directing them into existing homes because these people want a home right now, and we're seeing that. And Jed, do you want to talk about kind of build jobs at Trophy and what they're seeing?

Yes. So, just because of the shortage of spec inventory on the ground, a lot of people are signing up for to-be-builds, but specs are primarily their first choice.

One of the things we have done and will continue to do is increase customer deposits for build jobs, as entry-level buyers typically have the lowest FICO scores and are the most vulnerable when circumstances change. We have raised our lot deposits across the board for Trophy and all our other builders to avoid starting a home and facing cancellations. While our peers have kept their lot deposits very low, we have increased ours, and this has not negatively affected our sales velocity.

Yes, thank you. So I'd actually like to pick up with the May sales trends first of all. Did we hear correctly that sales May-to-date are up 25%, after April was down 42% in both of those comparing to the same month a year ago.

Yes, you're looking at April compared to April from last year and May compared to May from last year. However, if you analyze the performance of the first 11 days in May against May of the previous year, we are up 25%. In April, we experienced a significant decline of 42% compared to last year, so there was a notable halt. The cancellation rate was elevated. Nevertheless, week after week, we have observed increases in both gross and net sales. The last two weeks have been particularly impressive, indicating we might not have enough specifications, and this trend has been evident across various product lines as well.

Given the recent trends, what do you think is driving consumers to purchase homes from you? Is it the low interest rates? Are apartment residents looking to find more space to avoid crowding at home? Or is this related to the desire for social distancing and having a bit more distance from neighbors? Can you provide any qualitative insights on this?

I'm going to start, and Jed can finish and Rick can chime in. But at Trophy, on our entry-level product, we are clearly seeing, and we looked at, I think it was not this week, the week before, we had a very low price point neighborhood that was $200,000, $225,000, wasn't it Jed? It was around $250,000. And the preponderance of those buyers were people leaving B-minus apartments that wanted to get out of an apartment and own a house. We are evaluating really how deep that pond is right now. There are about 500,000 apartment units in Dallas. We're trying to figure out really what that buyer is doing and how many incremental buyers now have really decided that what looks like an attractive lifestyle is no longer nearly as attractive to them and we think we're going to see that continue and we're just monitoring that as closely as we can. Jed, what are your comments on that?

Yes. I believe that about three or four weeks ago, we began to notice a significant surge in renters, both from single-family homes and apartments, which has been boosting our mortgage pipeline. This trend has remained robust. Additionally, in the last couple of weeks, we have sold a notable number of homes priced over $500,000. I think this reflects a mix of the factors you mentioned, as people seem to be seeking a bit more space.

We are evaluating the efficiency of some employees working from home, which I never anticipated we'd do. This assessment is being conducted on an individual basis in our business. Other industries, especially in accounting and legal services, are also adopting similar practices. Having a home office in a designated area is more feasible when living in a detached house, unlike living in a multi-story apartment building. I believe this trend will persist moving forward.

Thank you, Jim. And then one additional question, please. So have you seen any early signs of land and/or lot prices declining? And this question probably was a lot more applicable in April maybe than it is today, but is that something that you anticipate, or is this recent strength basically implying that the housing industry may have already crossed through the COVID Valley?

We are definitely noticing that in any downturn, master-planned large communities tend to perform better than others. Most master-planned communities are owned by very stable owners. While these owners aim to maximize their sales, we aren't observing them offering discounts on lot prices or similar reductions. They have been willing to extend the timeframe for lot purchases, but they have not lowered their prices. In both Dallas and other markets, I have over 40 years of experience in land acquisition. Our builder in Atlanta has a similar background, and Brian Bahr has been buying land in Colorado Springs since 1999. We believe we have a good grasp on the market, and currently, we're not seeing much distress among land sellers.

We're experiencing slightly softer terms on new deals due to the uncertainty. Our sales figures reflect this uncertainty as we question whether we will sell as we did in April or maintain our current sales pace in May. While the terms are a bit softer, prices are not decreasing.

Thank you all.

There are no further questions. This concludes today’s conference call. You may now disconnect.