Five Point Holdings, LLC (NYSE:FPH) Q2 2024 Earnings Call Transcript July 18, 2024 5:00 PM ET

Company Participants

Dan Hedigan - CEO
Mike Alvarado - COO and Chief Legal Officer
Kim Tobler - CFO

Conference Call Participants

Alan Ratner - Zelman & Associates
Matt Jackson - Mycor Capital
Kyle Chung - Private Investor

Operator

Greetings, and welcome to the Five Point Holdings Second Quarter 2024 Conference Call. As a reminder, this call is being recorded.

Today's call may include forward-looking statements regarding Five Point’s business, financial condition, operations, cash flow, strategy, and prospect. Forward-looking statements represent Five Point’s estimates on dates 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 factor 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, Paul. Good afternoon, and thank you for joining our call. Just a little announcement for you. I am recovering from a cold, so my voice is going to sound a little bit different. And hopefully it doesn't flare up in the middle of the call. But I just want to let you all know that. I have with me today Kim Tobler, our Chief Financial Officer; Mike Alvarado, our Chief Operating Officer and Chief Legal Officer; and Leo Kij, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman, is joining us remotely. On today's call, I'll update you on our Q2 results, on our team's focus during the quarter, and the steps we're taking to implement our strategic priorities. Next, I've asked Mike Alvarado to overview Five Point’s experience managing and participating in our joint venture at the Great Park, given the meaningful improvement and execution of the venture over the past two years. We believe this experience represents a proxy for potential opportunities to grow as we look towards the future in our existing master plan communities and beyond. Last, Kim will give an overview of the company's financial performance and condition with some limited guidance for the third quarter in the full year. We'll then open the line for questions to our management team. So let's begin.