Five Point (FPH) Q4 2023 earnings summary

Executive summary

• Q4 2023 consolidated revenue was $118.8M and net income $58.7M; FY revenue was $211.7M and net income $113.7M.

• Year-end cash and cash equivalents were $353.8M, with total liquidity of $478.8M.

Financial highlights

• Q4 revenue of $118.8M vs. $17.0M in Q4 2022; net income was $58.7M vs. $22.5M.

• FY revenue of $211.7M vs. $42.7M in 2022; FY net income was $113.7M vs. a $34.8M net loss.

• Net income attributable to the Company was $29.8M for Q4 and $55.4M for FY 2023.

• FY 2023 EPS was $0.80 basic and $0.76 diluted; Q4 EPS was $0.43 basic and $0.39 diluted.

Outlook and guidance

• Management expects the ongoing housing supply shortage to help sustain land demand; future results remain subject to housing sales, inflation, interest rates and local market conditions.

• Management plans to monitor market conditions and interest rates while prioritizing revenue generation, right-sizing SG&A and managing capital spend.