Five Point Holdings, LLC (NYSE:FPH) Q1 2022 Results Conference Call May 12, 2022 5:00 PM ET

Company Participants

Dan Hedigan - CEO

Leo Kij - Interim CFO

Conference Call Participants

Alan Ratner - Zelman & Associates

Ken Hansen - Stifel

Operator

Greetings, and welcome to the Five Point Holding LLC First Quarter 2022 Conference Call. As a reminder, this call is being recorded. Today’s conference may include for statements regarding Five Point 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 our most recent annual report included in Form 10-K filed with the SEC. Please note that Five Point assumes no obligation to update any forward-looking statements.

Now, I'd like to turn the call over to Dan Hedigan, Chief Executive Officer. Please go ahead, sir.

Dan Hedigan

Thank you. Good afternoon, everyone, and thank you for joining our call. I'm joined here today by Leo Kij, our Interim Chief Financial Officer; Mike Alvarado, our Chief Legal Officer; Greg McWilliams, our Chief Policy Officer; And Stuart Miller, our Executive Chairman. I'm very pleased to update you today on the progress of the company for the first quarter of 2022.

I'll also review some of the changes that have taken place during the quarter and update you on steps we've taken toward implementing our strategy going forward. Then 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.

Let me start by saying that, while rising interest rates and inflation have dominated business news cycle, and have put an affect to the broader equity and debt markets, California land and housing markets have not lost their strength.

The general shortage of housing supply remains a dominant theme. On demand remains strong, driven by higher wages and record low unemployment in spite of higher interest rates. Against that backdrop, the first quarter represented a pivotal shift in evolution of the company, reported a $36.8 million loss for the quarter. We have met at several major that will better position Five Point for the future.