Five Point Holdings, LLC (NYSE:FPH) Q3 2022 Results Conference Call October 27, 2022 5:00 PM ET

Company Participants

Dan Hedigan - Chief Executive Officer

Leo Kij - Interim Chief Financial Officer

Mike Alvarado - Chief Legal Officer

Kim Tobler - Vice President Treasurer and Tax

Stuart Miller - Executive Chairman

Conference Call Participants

Dominick D'Angelo - O'Keefe Stevens Advisory

Alan Ratner - Zelman & Associates

Operator

Greetings and welcome to the Five Point Holdings LLC Third Quarter 2022 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 to the actual future results. Such 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 included those described in today's press release and Five Point's SEC filings, including those in the Risk Factors section. 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.

And now, I would like to turn the call over to Mr. Dan Hedigan, Chief Executive Officer. Please go ahead.

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 third quarter of 2022. I will also update you on our team's focus during the quarter and on the steps we have taken towards implementing our strategies. Next, Leo will give an overview of the Company's financial performance and condition. We'll then open the line for questions to our management team.

Let me begin by saying that our third quarter results reflect the hard work and determination of our strong team as they focus on managing through what is becoming a very difficult market cycle. While the third quarter was a tough quarter for our primary residential land sale business, given the changing market conditions, our team executed efficiently and effectively by focusing on limiting our cash spend and managing costs and in the quarter the net loss of $9.5 million.