Five Point Holdings, LLC (NYSE:FPH) Q1 2023 Earnings Conference Call April 20, 2023 5:00 PM ET

Company Participants

Dan Hedigan - Chief Executive Officer

Leo Kij - Interim Chief Financial Officer

Conference Call Participants

Jesse Lederman - Zelman Associates

Ben Fader-Rattner - Space Summit Capital

Operator

Greetings, and welcome to the Five Point Holdings, LLC First 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 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 recent annual report on Form 10-K filed with the SEC. Please note that 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; Greg McWilliams, our Chief Policy Officer; and Kim Tobler, our Vice President, Treasury 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 first quarter of this year. I will also update you on our team's focus during the quarter, as we work through a complicated real estate market and the steps we are taking to implement our strategic focus in 2023. Next, Leo will give an overview of the company's financial performance and condition. We will then open the line for questions to our management team.

With that said, our financial results for the first quarter of 2023 reflect continued progress and improvement for Five Point in what have been challenging economic conditions. While for the quarter, although we had a consolidated net loss of $9.7 million, we continue to carefully manage cash outflows and our SG&A continue to shrink to $13.8 million which is 18.1% lower than Q1 of 2022.