FPH - Earnings call transcript Q2 2020 | Five Point Holdings, LLC

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Operator

Good day, everyone. Welcome to the Five Point Holdings Second Quarter 2020 Conference Call. [Operator Instructions] As a reminder, this conference 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 only Five Point’s estimates on the date of this conference call and are not intended to give any assurance as to the actual future results. to inherently have uncertainties. subject relate these yet statements are statements to forward-looking matters not that occurred, Because risks and factors to results actual future in forward-looking activities could cause anticipated Many Point’s Five and and results results materially differ may activities statements. from the or affect on and and annual the XX-Q factors section Risk Form These release of those quarterly report filings, SEC. SEC the in described Point’s include recent on Factors XX-K Form including report press most the with today’s Five those filed in Please any note that to Five Point assumes forward-looking no obligation update statements. the And over now I’d like to Mr. turn call to Emile Point. Five Haddad, CEO Chairman and of go Please ahead, sir.

Emile Haddad

you call, Thank hope this everyone I on and your healthy Hello, much, very side everyone, safe. have that as we is operator. and

call costs those that with our on builders. that May discretionary. so with preserving COVID-XX two-thirds expenditures builders. on shut conditions on an implemented a economic short of our shared We hold we acquisitions all had to that, time, land levers our G&A activities, uncertainty that ability are of by support the operational pull to employment-related to our The plan, position. had shared we and that earnings which In focused May, two, you contingency notice; XX, at development land assuming we the strong down needed in do light Our was to on one, of XX% company except last we are: the did existing were going shutdown liquidity

week. to can back at started number base today, over per and see since was the didn’t but the median news was our week. conclusions. eight to that in XX the go pre-COVID-XX We last second have home draw per level sales look back very we XX The clear it we have sales the sales The quarter that In quarter, we call. good sales Park, home any is shared also enough data consistent first seeing Great a of weeks a sale

it sure you been the sales Valencia. builder in you public have with quarter, in so sales am have has the XX the most sentiment week. of this see of reporting that We positive I on the per reflected And from strong them far, builders. purchasing have engagement seen seen we of that homesites

We also existing builders. continuation our construction it see in the by of

In feedback as health move thus employment to many and addition, space the are attractive. proximity making facilities, a hearing closed is communities result communities extensive we and density care COVID-XX, major are lower the our that and homebuyers, with open making of to trails very

buyer per Journal when County to future. repurchase per square highs per Valencia, right square with our of the purchase sale versus builder this has of call, that December price is – buildings the buildings, on the earlier On comes we second XX due financing much seller we reported sale in to Campus. $XXX the other portion the through the in Orange shared announced homesites June foot of two last the retained week, Five the at previous in We XXXX. XX, terms decides the transactions, at date. foot $XXX we price the payoff reported quarter a Point due than the was Similar the over Business financials. in which in high square Last we Gateway the payable the chose the closed exit sale XX% new of sale also the The in you of financing included sale foot. the to reflected that Today, seller if

Broadcom. the repurchased we how that’s recall, you campus If from

whom government’s website force learn on by but and now created task am markets housing supply as to COVID-XX. Previously, the tell work, connect result has as the as of priority of launched vision of synergy Committee I entertainment I sports has the elements. amenities accretion a excellent Infrastructure has Finance of our recovery. serving not the schools well changed play, the co-Chair can users the home month, as live, lack only asked as is have of all has commercial and and and new in serve a gotten been on business and not that value public mentioned we and world-class see communities with top at job investors as our can that that I buyers fivepoint.com. of of fully building Our housing only integrated you This space, and anything, multi-generational identified a attracted been

encourage to you tool you its a we the time good have to and at is It community company’s site. to strategy explore understand home, approach the building. If

will you and continues. this Finally, seeing one keep on and accelerator road foot we visibility are the Thank Until the I positive brakes. hope foot trend that we you. I had stay healthy one on the the on clearly, the

Erik Higgins

Thank you, Erik is Emile. This on.

were $XX.X to quarter. related earnings including Total and included $XX.X with consisted results revenues selling, submitted with results recognition release primarily XX-Q $X.X $XX on Net about of million our our million address the company. in in in each million million, million and Valencia then the at and sales administrative interest $XX.X of our to the The our quarter a sale the expenses and in Commercial from costs from balance including the was and the which our income summary Venture. allocated We and leaving at and and $XX.X for earnings four management expenses a sale general liquidity million consolidated was million was Valencia, Our second generated non-controlling for sheet consolidated comments attributable revenue issued and of of million today. cost $XX.X segments $X.X ventures, August position. earlier our services. earnings $XX approximately interests, for was the land recognized joint quarter Gateway of of $XX.X XX% to million land of generating company’s totaled conclude XX from million financial I’ll approximately start two consolidated the

million. is the to December Valencia sale payment a of for accounting segment primarily was of closing XX% margin, with homesites $XX.X for the generated base a segments. million Valencia cash segment XXXX. price and a $XX.X consolidated purposes. million, The $XX.X during Moving the Revenues XX XX% in and gross the related The purchase we’re to note for structured due quarter a of

quarter San mentioned, million consolidated is Francisco accounting and $X.X also segment was the San Emile approximately income for for by The Park that Great the to The loss segment Francisco purposes. The for net the primarily was the quarter, operations Valencia the quarter Venture. includes Park company the neighborhoods was the Great prior SG&A reduced during $X.X Park As Great management expenses. segment’s as segment date. third the of by as the to maturity owner was $XX.X of Venture, well management Great million. million provided The which services Park

our accounted equity non-legacy reminder, Park and As method with the Venture interest of company. a the entity XXX% Park for an Great the XX.X% of own Venture of percentage is under unconsolidated in we of the management venture investment The accounting. the Great

full the in Great the of Park accounting. debt. $X.X under primarily basis results the is venture’s reporting, funding revenues quarter, million Park Venture the operation revenue with management Great of segment were Venture The The of second historical segment soft we For Great agreement. consistent include recognized Park as no the

of million, Venture’s Great quarter million of and loss the which loss operations. recognized to second the loss. company The $X.X $XX.X net Park management Great its income Venture, Great company $XX a the share segment million to Park loss million a in net for totaled Great consisting of Venture the our on investment Park the $X.X of includes Park of related The

the segment XXX% accounted commercial for the management and management The the Gateway to entity, investment We the the the Venture own Commercial Gateway with venture under unconsolidated Venture. is of accounting. by XX% includes operations Our Commercial the and Venture in Venture equity company. an provided Commercial our services of of management Gateway Commercial company method Gateway of

was the the Venture primarily of company acres which million. Gateway $XX The estate The to Gateway the of approximately Venture. to Commercial a Commercial Gateway Venture the foot Hope. million the sold XX% For segment The in venture’s as we members for and historical results was investment for the of $XX commercial income $XX.X its sale building recognized reporting, of share $XXX basis The distribution XX made million million. City the its to of quarter, real Five include Point’s square full XXX,XXX accounting. quarter $XX.X cash segment income was Commercial related on million of during

Broadcom Commercial Venture sold two mentioned, currently today $XXX Gateway Emile for occupied million. As the by buildings

million XX% in venture When the venture recovered balance of wrap generated $XXX sale future the to liquidity will City owns and to for related ventures of four distribution the Five cash make $XXX buildings of few the members and to the in venture to the investment development entitlement acquisition sale, the have position. the XXXX. has of approximately connection expansion. compared combining and million sheet and on one initial with expect The the it sale, rights the million, upwards comments distributed excess Point. $XXX our with our its this price venture Hope approximately a still and I’ll up We campus be with

and of cash was liquidity of capacity equivalents and XX, of $XXX.X borrowing under unsecured was June $XXX approximately total cash our which XXXX, revolving totaling of million credit. As line million, comprised million $XXX.X

of is Our open back total to I’ll debt turn We’ll for with the ratio solid XX.X%. to operator. questions. a capital now it that, it up balance sheet With

Operator

first Associates. Ratner Our Alan [Operator question from come & with Instructions] will Zelman

Alan Ratner

congrats the on Hey you to in guys. well all quarter. progress, hear doing this you’re side and commercial Good the especially afternoon. all guys, Great on

or believe still I to that of could up. pick seems halting And certainly were that about on you last development, the it sell developed question had up guys you kind close were either land back pretty but has. it First quarter, developed that demand mentioned XXX fully like Valencia, you lots

back by do those is you Valencia if curious can on give and year lots end? sell just activity expect to an us in So update you development XXX

Emile Haddad

hear wish. Alan, And your Hey, I’m good as well. you thank for you to glad

just me up. sure I that think make might that be mixed numbers have Let we

in We phase we accurately X,XXX did have land be further. on a little bit of that X,XXX the sites a homesites first to development the –

a as number guiding XXXX referencing I was Now the were think was homesites. you of potential I what in XXX

was actually the you than homesites, spending ended expected. between. terms homesites up And us in in selling of with we If XXX and that XXX left demand recall, we higher

when talked that we engaging fact have some is, from means talked whereas, notwithstanding potentially which we multiple and the And beyond an time had builders I last interest selling we news inventory more had XXX today, would demand. the more good May. there’s to the and the and have think the in go are Today, that probably standing some XXX I us, who situation back we the interest than do inventory. call we land builders, with about what’s development in about the meet in homesites,

So be very excited see are. are doing that’s am very that builders happy the those are in I And – It’s actually we really where well. to to up Valencia.

answer moving land forward in to is in are – beyond builders. question form with agreements have the the we we standing answer inventory. some we more we once the be So what development And up simple lease the going would

Alan Ratner

Got Yes, up. matched those it. numbers are

just XXX that you quickly and I think given the mentioned think I roughly XXX another pretty I you would on. you move was can so or adding

development, just next talking from were pandemic should cash perspective, to we’re so about back think close the quarter to things but. I any two? case, be thing the clarify I pre over just there, pretty up a So here In flow or they ramping if same where think

Emile Haddad

mean, cash to very people would in as stay. And we on there’s that pulse to The four cash. the a I on removed. project every but nothing, we closing on in doing much are us of optimistic new day, been as the not tell four such very March And the It’s conditions. I hope still you, finger opportunities of are and Well, time. as market the is and top – you see, And no in we this look some I eye today. contemplating the going the – cash XX. keeping can as We’ve company things we deal since forward an everybody mean, we liquidity really hard mean, are else going because a with that are have

an into the to me coming back I to the more, the hoping we So little I’m season. know election that think to And as bit election. be be that Especially, little will is would conditions, happen of few a turbulent we same flows. until market over going months. to bit this a today And we it be mistake what’s same extrapolate have a see all we cash going for

Alan Ratner

be it’ll Great update can Park, a then on phase having us few months Yes, And Understood. just quick for the you sure. there. interesting just next maybe give

fee think that’s I saw doing guys you there, new. building we believe something relationships some so about I maybe,

what��s there, if give So one? you the us update can

Emile Haddad

Yes.

So so velocity and certain product terms And what and the of in of we each weekly of sales of on of to you. an Great sale I we we’re are we at of match time – then burnout do homesites ducktail next We starts therefore and then the the which downward think that It the pressure creating last through step homesites sale happens. might – is, the be similar the a start out basis timing to Park, different don’t went we to bringing And line. in the I – overlap, when to thank the we the pricing. measure create of something to market. on of build product the next

So not any the are But we last projecting in the said, right now, And sales. the of as homesite number sales we seeing velocity of I terms year. watching this were we’re medium weeks. few sales, higher we of in sales

– see earlier you quickly an that actually expected. the sales than bring we homesites if are accelerated, ability So very to the have online

tell cases, bit now them to so different price, little This discount of certain a terms and are to to homesites have going happened. clear is. mean, I we some In in land. resistance discounting land. we products for might of build, be And a of the what’s not our multiple the and something fee them it We of what land. product. our of to have made a certain we price replace here’s that very builders our ask our a going we’ve not And we’re is we go

ourselves not with So appetite if same find the that of type we get might a from builders. product

well, ultimately sell to somebody friend we since for to We will really. well. And Home product to the will because our relationship be this a would Company. used who consolidation, be not been that Larry every lines when extremely think have And and certain universal see has XX and price price. but key ourselves. I it different ability want as the builders you in He ability marketplace to with develop not market that and good the becomes might because knows he with that ability XX, even to going build an we the that sinking land to knows, us and pay builder. publics’ buy the have almost gives in have to much this buy, of the doesn’t be as do expect a very as it’s product the New get I as continue you the he same builders an gives price the we market really willing can and homebuilder, XX the used a to at, them with for business Valencia, And has to to probably we go it be that – has conviction in product acre this get a be

today. don’t have As we know, number builders that of you

builders at price the high don’t me. be And that this somebody test concerning like on say, might might I might me or who’s certain down end

own to We in So believe do we��re willing that. our product.

Alan Ratner

up. asked I of but just hang I maybe know bunch questions, can I a

Emile Haddad

okay. That’s

Alan Ratner

the might sales? like to that P&L think just when I’m about in come is fruition, ultimately should a differently? financials, going because that that homebuilder, home just Okay. to Or we revenue how it through flow come for your curious does

Emile Haddad

will homes sold. it through are just No, that come

Alan Ratner

Got it.

a Perfect. luck lot Okay. Well, thanks guys. Good with everything.

Operator

next Patterson comes with from Fargo. our question Truman Wells And

Paul Przybylski

guess just bookkeeping This is of question. actually Paul Przybylski I on. a kind

of you at First Great remaining lots many all, have do how the Park?

Emile Haddad

X,XXX-ish. we probably would I the exact to say, you can but I’m about going give number,

we’re to into exact number. X,XXX. you up that. I’m And going to on As get for are look speaking, we the somewhat We get number going the

back that that another have If the you number. answer should – we time, question have by

Paul Przybylski

mentioned, that? quarter. are all you then of And at Okay. type you What to side, Gateway books gain the distribution the this from of cash from expecting look

Erik Higgins

So accounting be and today, pushed that have by sale, we the the our auditor. to through needs to purchase the the on Point. analysis, sale close reviewed to based gets get Five and of recognize still our obviously, that transaction I’d price say a in initial that to our on gain XX% analysis But venture that probably million million on $XX $XX then

Paul Przybylski

entertainment dramatically Is commercial bringing more several office question. you the of the that’s look your amongst changed environment to guess, the that the your, retail guess, future kind And – side theoretical months. of how past some Okay, and good. you the changes some I business do a projects the then any over might three proceed I or of here projects in markets? at of timing commercial has

Emile Haddad

before pivoting I actually. going more to City mentioned each related. way that’s the transaction a more Well, we And uses started towards in healthcare mean, example Hope of actually was great you’re of COVID-XX, the And see in of communities then that. happened. of We

healthcare going well as in in say, as of research. anything become both terms I So to treatment, demand more would is

some as working now, facilities the entertainment, City on on theater, In where in with of food in and beverage of hold our Hope a drive some the right of we activating the doing obviously terms of out the things now, on right have outdoor. the delivery partners working movie

tell mistake this and or environment can that be it’d you, for don’t entertainment is – be to willing to a and that is and before, the be bet social said else. divide there’s food beverage component just But extrapolate demand do an I people a once from moment a come interaction our that. that going it of stock, I such it know at back. people They’re everybody We that I behind as us, accretive look it big In I people pent-up So of would amenity. have as not that going huge to socialize. to think assume

right how anything seeing behavior and to more type their our anything, is is consumers this. in employers much social if we’ll cannot the is I in the generation, for demand. and because But with that the what But it. for even take that the the now how I the except a that now do clear. for I, employees drawing of line risk adjust we we and of And right But we’ll how And elements don’t office loud people us We’re And work. telling communities of going healthcares. think taking become a as result low entertainment see young office, again, in on be to socialize. risk. of the terms happens it They’re willing and activities that see very think something they the generation between board

I of looks world end really don’t the again, about. be more any that the anything, of what we wait But the become think office But interactive like. that think have see not we changes making spaces to have let’s and I’d and us, concerned if anything space. they’re for

we have first to going In of question, terms of the homesites, have X,XXX about homesites. back your about we number –

Paul Przybylski

just Great in Or the are the Park, call, gave you for okay. were that Valencia? quickly you those correct? X,XXX, now actually for earlier And observation selling just again,

Erik Higgins

I for numbers gave sales? medium the that about talking You’re

Paul Przybylski

Yes, and XX. XX.X the

Erik Higgins

yet. Those we selling have for homes not Yes. the are Great started Park,

Paul Przybylski

Okay. Thank Appreciate That’s fine. All it. you. right.

Operator

ahead, with be Again, Michael will Rehaut next go And sir. JPMorgan.

open for is questions. Your line

Elad Hillman

Can now? hear Okay. you me

Operator

we Yes, can.

Elad Hillman

for Elad is Mike. on Hillman This Hi.

details at distributions last provide sale around buildings remaining wondering cash development purchasers, Five Point just any more for thought congratulations the you timing the the the So was Campus. first, on the Gateway around some and the two on if could plans building? I of the

Emile Haddad

Yes.

coming sure in just bit the more, a question. make You’re understood let little but I me that

Was additional more to you wanted of a as development within feel clarity the that you and a on for little distribution the Point Gateway? was, Broadcom of get closing a cash the bit Five question? the little to a question bit result Your the of get want more

Elad Hillman

Yes, yes.

Emile Haddad

Okay.

the that I think expect happen I going So it’s quickly. to distribution, very for happen. to Erik when to the know distribution

Erik Higgins

days. Probably the next month, XX within like

Emile Haddad

Yes.

going And the is CEO mean, looking this adds in quickly. liquidity something strong thing this one making the happen number good our to is for that’s I which, the to So that in I every position. we’re liquidity, think that’s is sure that again, country that obviously that today,

approvals to the In terms thinking about or build ability square can of we future, can office as build to of can can you We medical. now, the have tell adjust about now, what for we and XXX,XXX right Right is the we have the build XXX,XXX uses. an we build here I medical.

right bigger And the very from medical We to Gateway complementary the for back ahead. plan all also Great the City as start have we have be looking what which project, Hope. demand bring project, of in now we enhance of space, the entitlements we and will Park

XX,XXX there. near planning to an of surgery, have work in now about future, be be now who that like foot users of where square we that terms for we starting and that, right and right spine imaging a the and we outpatient will So demand things have the probably want are to facility on

Elad Hillman

of year. trying understand in Valencia my to the was just for half of Great. question, sort better a the and bit development little second second I sales And plans the

that mentioned homesites. was there interest from for another XXX homebuilders You

in another completed. You largely have inventory, XXX XXX

being the able I’m of potentially to in So half just close constraints or the is year? more uncertainty? it in anything Valencia? from terms just – Is market the labor more curious there what of it else, thoughts second other why deals around Is any hesitation like

Emile Haddad

have And comfortable in acquisition. see execute to be interest a more have would think that and a that I price mean structure it’s thing builders cash that we – that builders is don’t the I they who follow. is we position deal in at No, of labor. we a like making we sure to And constraints to any look have the from puts as our today, you an

relationships land with builders takedowns. are looking – banks. for have Others Some are

of us are can those right we option. of type Some value are some And the builders the having we for looking community that we’re for any optimize feel And the the different good the news we’ll builders. discussions for with is do the rolling us. for now and and pick those

under anything to And discussions the do will all up sense concluded these for what pressure by any not year-end. end based being business. on we’re So makes

some in of take to include who do we to So them. type cases, willing be these some a some for of will I’m happy in pay land price. a deal with somebody some say, might very In we’ll of even might cases, land cash to acquisitions more our of a us turn want relationship or who banks

is, builders irreplaceable do have we because have a and the us made not we the So community cash going doing good worked able for two from not liquidity for do be plan decades we’ve something builders that discounts and pricing any is to And answer we for service. here, to cow those the their go to that. are those commitment sacred to were out the who that structure any get the and the news ahead land already to the is and disrupts

Elad Hillman

you. Thank Okay.

Emile Haddad

Sure.

Operator

from Kim with next Steve Evercore [Operator Our question ISI. Instructions] will come

Steve Kim

in of but word color is market, demand the a have being scattered Is but just of used. a very it a as dose stuff? guys. got And level, steady was Thanks to confidently to the it higher the into – next months, strength too the traffic, to has didn’t far. week-to-week wanted at here, you that conservatism? start volatility ones Yes. I – extrapolate the clarify, But off I so strong, Emile, the all you understandable. of your seen which overlaying you fluid generally, you of talked believe, or actually lot few been Appreciate I you’re about kind just and Couple few want demand

Emile Haddad

who are No, talking and volatility have reaction virus What wave and a seen we are a the not out on numbers in I about that about things is are economy. second that. third have seen like to wave psychological markets. more People people coming of and talking our

So lot them. the our and cautious five, ability great might a because of polarized a have this and eye I’m builders I’ve buyer where the saying of is election. the that economy before the people am that continue that, me specialty, going weeks and watch that I or where the very and they of are I six a we about trend market not wave, buys very is from election. it’s am might In feedback I’m with keep seen what with wait. that buyers. to and things, couple months This or what from, That’s second from be second from I cautious the these overlap if bad wave storm to of hesitate, getting like looking I our we’re could – an a appears very hearing coming is the ours, be a that about be Steve. on have a I X.X the away saying, you to into a

Steve Kim

you’re a sort I are. guys Yes. Yes, you figured. large when Yes, of landholder what like that’s asymmetric risk

make it were sure It’s just was because seeing we That get not to of want I had I we it. squaring what with strong seen sense. So kind just been perfect volatility. thus makes far. any

wanted just clarify I to So that.

Following on, any pricing ability in you can how recently? you pricing progressing been Park? inflection Have to speak Great upward have an at to has seen

Emile Haddad

Yes.

going we in it’s at haven’t heard have we’ve the in weeks. – last Okay, would in been I looking to sales, of but way. from carefully five, not We move stable price have decline, terms number the quality market. It’s of flattish close, price more more the followed what to anything I’m the follow of it probably a – and builders seen buyers ability qualify more I and of in terms kinds, in but I their in bet the all that six but

more making on are X% think to try than push the focusing or supplies I sale builders rather X% up.

Steve Kim

valuation I’m that other Okay. medical recent be feet And as can additionally talk you think developed. sort actually more foot fitting the XXX,XXX curious, new in for care aspects well, in a premium or got there’s there the think that addition trends per just see let’s you’re of in emerging – health about high I’m curious strong to we side not demand say space not – Gateway, wondering the square a Just of then the on are sort to labs retro like you of of the space be? about health offer whether could respect in way square moving that with same really would some or new I conducive – you there one, if such is you to trends that into build? that going particularly for such care space

Emile Haddad

Well, tell me you, you’ve say years. I – for that many Steve, heard many many,

what is provide facility have we’re think talent. to you And building you everything have years building. a we space looking is medical office seeing at that’s now, They’re care public why a build it’s right focused here, we’re I people today, or the you’re for if building fields, education, are at attract whether looking whether health looking housing, over we R&D, open communities else. not where you on have so hearing many have they it at that else what what who and can are only

driving I synergy, that at office these itself community has all as They’re together I that the is all attract. they’re said, to people itself think building, want hearing at live at attract the they when they elements what premium. that And that that’s and our looking therefore, And any access. this I coming the are building. talent looking of it’s the the are can think the fact they community not looking office we

Steve Kim

that subject to XXX,XXX Sure. alluded in some wanted around acreage I the development just fact sense. some also, that lastly, foot to addition was certain to get at a I some you medical space perfect develop, to future clarity there remaining – you acreage. could be that point, Make there rights? of think is amount then Yes. And square the can

Emile Haddad

Sure.

idea were phase built to million Broadcom feet. the that going and remind Broadcom, this And let that that So entitlements they’re when you to square X of the another was headquarters. X million land the the first it feet million we they be that’s we thinking when build just X to square foot square with sold me sold going with was the

have to X ability million-plus we obviously, build square. the So

about square only far, that’s feet. So million X

the So if add pipeline existed easily that over the and the another land square feet decide to answer to we X we your in million can we is, probably question Gateway, intensify it here. build here

to So ability that have the do. it’s something we

Steve Kim

it. Got

very That’s helpful. Okay. Great.

I needed. what think that was I

Okay, lot thanks guys. a Congrats.

Emile Haddad

Stay Steve. you, Thank healthy.

Operator

That I’ll any now Haddad additional conference you. question-and-answer session. the remarks. to the back conclude Thank for turn closing or does Mr. over

Emile Haddad

dialing in. for make that homesites. Well, remaining and to want on tends that X,XXX want just thank X,XXX that going, gave I with correct one was out right X,XXX, sure the it’s I of to around I number was we we it everyone homesites so number with

after have at I want might least sure will are make you is again, available over. hope to of the when to for we that Just clear. call healthy. always guys And call record have all another any everybody the that discussions we is is type

the dialing quarter. in. healthy you Thank until you. appreciate Please So stay next

Operator

thank you a day. That your conference. does for participation. wonderful thank We Well, conclude Have you. today’s

Five Point (FPH) 13 Aug 202020 Q2 Earnings call transcript