Five Point Holdings, LLC (NYSE:FPH) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET
Company Participants
Dan Hedigan - Chief Executive Officer
Leo Kij - Interim Chief Financial Officer
Mike Alvarado - Chief Legal Officer
Stuart Miller - Executive Chairman
Conference Call Participants
Alan Ratner - Zelman & Associates
Ryan Dobratz - Third Avenue Management
John Moran - Robotti & Company
Operator
Greetings and welcome to the Five Point Holdings LLC Second 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. 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 included 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.
And now, I would like to turn the call over to Mr. Dan Hedigan, Chief Executive Officer. Please go ahead.
Dan Hedigan
Good afternoon, everyone and thank you for joining our call. I am joining remotely today as I have COVID and I am still under the restrictions to isolate. So I am calling in from my home office and we have Leo Kij, our Interim Chief Financial Officer and Mike Alvarado, our Chief Legal Officer, at our offices in Irvine; and Stuart Miller, our Executive Chairman, is also joining us from Colorado.
I am very pleased to update you today on the progress of the company through the second quarter of 2022. We will also update you on our team’s focus during the quarter and on the steps we have taken towards implementing our strategies. Then Leo will give an overview of the company’s financial performance and condition. We will then open the lines for questions to our management team.
Let me begin by saying that our second quarter has been a pivotal quarter for Five Point as we have focused our attention on positioning and building for our future. Although we have not actually closed land sales this quarter and we recorded an overall $11 million loss, we are positioned with near-term residential land closings that will be profitable and will fortify our already strong balance sheet. We have right-sized our operating platform with our do more with less overhead strategy and we are executing a carefully crafted commercial property strategy that will begin to produce results as well.