Five Point(US:FPH)2024-07-19 20:17Revenue Performance - Revenues increased by $29.8 million, or 139.8%, to $51.2 million for the three months ended June 30, 2024, compared to $21.3 million for the same period in 2023[91] - Total revenues for the reportable segments reached $383.966 million, with a significant contribution from the Great Park segment[92] - Total revenues for the three months ended June 30, 2024, were $51,192 thousand, an increase of 139.5% from $21,349 thousand in the prior year[198] - Management fee revenues under the A&R DMA were $50.2 million for Q2 2024, up from $20.7 million in Q2 2023, representing a year-over-year increase of 142%[140] - Total reportable segment revenues for Q2 2024 were $192.8 million, a decrease of 50% from $384.0 million in Q2 2023[153] - Land sales revenues decreased to $139.4 million for the three months ended June 30, 2024, from $360.6 million for the same period in 2023, primarily due to fewer homesites sold[210] - Land sales and related party land sales revenues decreased to $232.1 million for the six months ended June 30, 2024, from $369.2 million for the same period in 2023, reflecting a decrease of 37.1%[211] Cost and Expense Management - Cost of management services rose by $1.6 million, or 16.9%, to $11.3 million for the three months ended June 30, 2024, primarily due to increased intangible asset amortization expense[91] - Selling, general, and administrative expenses decreased by $0.5 million, or 4.1%, to $12.2 million for the three months ended June 30, 2024, mainly due to reduced selling and marketing expenses[91] - Total costs and expenses amounted to $221.194 million, reflecting an increase in management services costs[92] - Total costs and expenses for the three months ended June 30, 2024, were $25,379 thousand, an increase of 4.9% from $24,190 thousand in the prior year[198] - Total costs and expenses for the three months ended June 30, 2024, were $167.28 million, compared to $184.24 million for the same period in 2023, indicating a reduction of approximately 9.2%[210] - Cost of land sales for the three months ended June 30, 2024, was $29.0 million, compared to $165.7 million for the same period in 2023, reflecting a significant decrease[210] - Management services costs and expenses rose by $3.2 million, or 26.3%, to $15.2 million for the six months ended June 30, 2024, from $12.0 million for the same period in 2023[211] Profitability and Earnings - The segment profit before income tax provision was $166.244 million, indicating strong operational performance[92] - Consolidated net income for Q2 2024 was $38.2 million, down from $50.6 million in Q2 2023[164] - Net income attributable to the company for the three months ended June 30, 2024, was $14,722 thousand, a decrease of 37.5% compared to $23,571 thousand for the same period in 2023[198] - The net income of the Great Park Venture was $98.1 million for the six months ended June 30, 2024, compared to $170.9 million for the same period in 2023, a decrease of 42.5%[212] Assets and Liabilities - As of June 30, 2024, the San Francisco Venture had total combined assets of $1.39 billion, primarily comprised of $1.39 billion in inventories[137] - The San Francisco Venture's total combined liabilities as of June 30, 2024, were $65.7 million, including $60.7 million in related party liabilities[137] - The Company reported liabilities of $173.4 million under the tax receivable agreement (TRA) as of June 30, 2024[117] - The company had outstanding performance bonds of $299.0 million as of June 30, 2024, predominantly related to the Valencia community[214] - As of June 30, 2024, the company had consolidated net indebtedness of $524.1 million, with none bearing interest based on floating rates[218] Cash Flow and Liquidity - Cash and cash equivalents increased to $217.4 million as of June 30, 2024, compared to $193.2 million on June 30, 2023, marking a growth of 12.5%[150] - The total cash, cash equivalents, and restricted cash amounted to $218.4 million as of June 30, 2024, compared to $194.2 million a year earlier[150] - Cash and cash equivalents totaled $217.4 million, with an additional $125.0 million available under the revolving credit facility, resulting in total liquidity of $342.4 million[164] - Net cash used in operating activities was $49.7 million for the six months ended June 30, 2024, compared to $37.9 million net cash provided in the same period of 2023[183] - The company expects to meet its cash requirements for at least the next 12 months with available cash, distributions from unconsolidated entities, and proceeds from land sales[214] Shareholder Information - The company had 79,233,544 Class B common shares outstanding, which will convert to Class A common shares at a specified ratio[95] - Basic earnings per share for Class A common shares was $0.21 for the three months ended June 30, 2024, compared to $0.34 in the same period last year, reflecting a decline of 38.2%[198] Market and Operational Outlook - The company anticipates additional inventory will become available for sale in the second half of 2024, expecting strong demand in housing markets[164] - The company anticipates significant investments in horizontal development at Valencia over the next 12 months[214] - There were no material changes in risk factors from the previous annual report, indicating stability in the company's operational environment[96]