Five Point Holdings, LLC (NYSE:FPH) Q2 2023 Earnings Conference Call July 20, 2023 5:00 PM ET

Company Participants

Dan Hedigan - Chief Executive Officer

Leo Kij - Interim Chief Financial Officer

Conference Call Participants

Alan Ratner - Zelman & Associates

Terrance Balkaran - Diameter Capital

Arun Seshadri - BNP Paribas

Operator

Greetings, and welcome to the Five Point Holdings, LLC Second Quarter 2023 Conference Call. As a reminder, this call is being recorded.

Today's conference may include forward-looking statements regarding Five Point's business, financial condition, operations, cash flow, strategy, and prospects. Forward-looking statements represent Five Point's estimates on the date of this conference call and are not intended to give any assurance as to actual of future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

Many factors could affect future results and may cause Five Point's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in today's press release and Five Point's SEC filings, including those in the Risk Factors section of Five Point's most annual -- I'm sorry, most recent annual report on Form 10-K filed with the SEC. Please note that the Five Point assumes no obligation to update any forward-looking statements.

Now, I would like to turn the call over to Dan Hedigan, Chief Executive Officer.

Dan Hedigan

Thank you. Good afternoon, everyone, and thank you for joining our call.

I have with me today Leo Kij, our Interim Chief Financial Officer; Mike Alvarado, our Chief Legal Officer; and Kim Tobler, our Vice President, Treasurer and Tax. Stuart Miller, our Executive Chairman, is joining us remotely.

I'm pleased to update you today on the progress of the company through the second quarter of 2023. I will also update you on our team's focus during the quarter and the steps we are taking to implement our strategic priorities in 2023. Next, Leo will give an overview of the company's financial performance and conditions. We'll then open the line for questions to our management team.

Let me begin by telling you we have made considerable progress since I last spoke to you in advancing our business, and to that end, we have continued focusing on controlling our business and executing on our three main priorities: generating revenue and other positive cash events; manage and rightsizing our SG&A; and managing and limiting our capital spend and matching those expenditures as much as possible to revenue events. As a result, we ended the quarter with consolidated net income of $50.6 million as compared to a net loss of $9.7 million for the first quarter.