Five Point Holdings LLC (FPH) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Five Point Holdings, LLC Second Quarter 2023 Conference Call. As a reminder, this 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 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.

您好，歡迎參加 Five Point Holdings, LLC 2023 年第二季度電話會議。提醒一下，此通話正在錄音。今天的會議可能包括有關五點的業務、財務狀況、運營、現金流、戰略和前景的前瞻性陳述。前瞻性陳述代表五點公司在本次電話會議之日的估計，並不旨在對未來的實際結果提供任何保證。由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本質上會受到風險和不確定性的影響。

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 Five Point's most annual -- I'm sorry, most recent annual report on Form 10-K filed with the SEC. Please note that the Five Point assumes no obligation to update any forward-looking statements.

許多因素可能影響未來的結果，並可能導致五點的實際活動或結果與前瞻性陳述中預期的活動和結果存在重大差異。這些因素包括今天的新聞稿和 Five Point 向 SEC 提交的文件中描述的因素，包括 Five Point 向 SEC 提交的最新年度報告（對不起，是 10-K 表格）的風險因素部分中的因素。請注意，五點不承擔更新任何前瞻性陳述的義務。

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

現在，我想將電話轉給首席執行官 Dan Hedigan。

Thank you. Good afternoon, everyone, and thank you for joining our call. I have with me today, Leo Kij, our Interim Chief Financial Officer; Mike Alvarado, our Chief Legal Officer; and Kim Tobler, our Vice President, Treasury and Tax. Stuart Miller, our Executive Chairman, is joining us remotely. I'm pleased to update you today, on the progress of the company through the second quarter of 2023. I will also update you on our team's focus during the quarter and the steps we are taking to implement our strategic priorities in 2023. Next, Leo will give an overview of the company's financial performance and conditions. We'll then open the line for questions to our management team. .

謝謝。大家下午好，感謝您加入我們的通話。今天與我在一起的還有我們的臨時首席財務官 Leo Kij；邁克·阿爾瓦拉多 (Mike Alvarado)，我們的首席法務官；以及我們的財務和稅務副總裁 Kim Tobler。我們的執行主席 Stuart Miller 將遠程加入我們。今天，我很高興向您介紹公司到 2023 年第二季度的進展情況。我還將向您介紹我們團隊在本季度的重點工作以及我們為實施 2023 年戰略重點而採取的步驟。接下來， Leo將概述公司的財務業績和狀況。然後，我們將開通向管理團隊提問的熱線。 。

So, let me begin by telling you we have made considerable progress since I last spoke to you in advancing our business, and to that end, we have continued focusing on controlling our business and executing on our three main priorities: generating revenue and other positive cash events, manage and rightsizing our SG&A and managing and limiting our capital spend and matching those expenditures, as much as possible to revenue events. As a result, we ended the quarter with consolidated net income of $50.6 million, as compared to a net loss of $9.7 million for the first quarter.

因此，首先讓我告訴您，自從我上次與您交談以來，我們在推進我們的業務方面取得了相當大的進展，為此，我們繼續專注於控制我們的業務並執行我們的三個主要優先事項：創造收入和其他積極的目標現金事件，管理和調整我們的 SG&A 規模，管理和限制我們的資本支出，並儘可能將這些支出與收入事件相匹配。結果，本季度末我們的綜合淨利潤為 5060 萬美元，而第一季度的淨虧損為 970 萬美元。

Our balance sheet reflects $193.2 million of cash on hand versus $106.6 million at the end of the first quarter, with $0 drawn on our $125 million revolver, giving us liquidity of $318.2 million today versus $231.6 million last quarter, and improving our debt-to-cap ratio to 24.7% versus 25.2% last quarter. We also have no principal debt repayment obligations on our senior notes this year or next. These results reflect the team's efforts and focus on our priorities.

我們的資產負債表反映了手頭現金為1.932 億美元，而第一季度末為1.066 億美元，我們的1.25 億美元左輪手槍提取了0 美元，今天為我們提供了3.182 億美元的流動性，而上季度末為2.316 億美元，並改善了我們的債務比率。資本充足率從上季度的 25.2% 升至 24.7%。今年或明年我們的優先票據也沒有本金債務償還義務。這些結果反映了團隊的努力以及對我們優先事項的關注。

At the beginning of the year, we provided guidance that for the first half of the year, we expect a negative cash flow of $24 million to $56 million. In fact, for the first half of the year, we generated positive cash flow of $61.4 million, fortifying our balance sheet and positioning Five Point for future success. Along with significant improvement in revenue and cash flow, we've been able to hold our SG&A in check with SG&A of $12.7 million this quarter versus $13.8 million last quarter, and $26.5 million for the first 6 months of 2023 versus $29.4 million for the first 6 months of 2022.

今年年初，我們預計上半年的負現金流為 2400 萬美元至 5600 萬美元。事實上，今年上半年，我們產生了 6140 萬美元的正現金流，強化了我們的資產負債表，並為 Five Point 未來的成功奠定了基礎。隨著收入和現金流的顯著改善，我們能夠將本季度的SG&A 控制在1,270 萬美元，而上季度為1,380 萬美元；2023 年前6 個月的SG&A 為2,650 萬美元，而第一季度為2,940 萬美元。 2022 年 6 個月。

With respect to managing our capital spend, for the first 6 months, we spent $46.8 million before recoveries in capitalized interest as compared to our guidance at the beginning of the year of $45 million to $55 million and compared to $63.1 million for the first 6 months of 2022. We are clearly controlling our business. In many ways, our strong financial results are due to a combination of focused management, as well as a constructive economic environment. From an economic perspective, the challenges from interest rate increases and the banking crisis from earlier in the year began to dissipate during the second quarter, and the housing market began to stabilize as homebuyers adjusted to and accepted higher interest rates.

在管理我們的資本支出方面，前 6 個月，我們在資本化利息回收前支出了 4,680 萬美元，而年初我們的指導為 4,500 萬至 5,500 萬美元，而前 6 個月為 6,310 萬美元2022 年。我們正在明確控制我們的業務。在許多方面，我們強勁的財務業績歸功於專注的管理以及建設性的經濟環境。從經濟角度看，年初加息和銀行危機帶來的挑戰在第二季度開始消散，隨著購房者適應並接受更高的利率，房地產市場開始趨於穩定。

Interest rate fluctuations have moderated, and we're seeing more measured rate movements that allow the market to adjust in an orderly fashion. Of particular note, resale home inventory remains very low, increasing interest in and demand for new homes. While affordability continues to be a challenge, housing continues to be in short supply in our California markets, and there is still demand for well-located homes and master planned communities.

利率波動已經放緩，我們看到利率變動更加謹慎，使市場能夠有序調整。特別值得注意的是，轉售房屋庫存仍然很低，這增加了人們對新房的興趣和需求。儘管負擔能力仍然是一個挑戰，但加州市場的住房仍然供不應求，而且對位置優越的房屋和總體規劃社區的需求仍然存在。

On the commercial land side of our business, we're seeing strong interest in our unique commercial land offerings at the Great Park and Valencia. We continue to have low vacancy rates in industrial market in our communities, we expect will continue to drive demand in this preferred asset class. Notwithstanding the adjustments to capital markets have made in the commercial market segment.

在我們業務的商業土地方面，我們看到人們對大公園和瓦倫西亞獨特的商業土地產品產生了濃厚的興趣。我們社區工業市場的空置率仍然較低，我們預計將繼續推動這一首選資產類別的需求。儘管資本市場的調整在商業市場領域做出了調整。

I'll now provide some updates on each of our communities. The open builder neighborhood at the Great Park continue to sell homes with a strong increase in sales in the first half of this year compared to the second half of 2022. During the second quarter, builder in our Great Park community sold 177 homes. Solis Park, which is the primary community with multiple active offerings had its first model complex opened in July 2022, and currently has only 200 homes remaining to sell out of the original 849 homes.

我現在將提供有關我們每個社區的一些最新信息。 Great Park 的開放建築商社區繼續銷售房屋，與 2022 年下半年相比，今年上半年的銷量強勁增長。第二季度，我們 Great Park 社區的建築商售出了 177 套房屋。 Solis Park 是擁有多種活躍產品的主要社區，其第一個樣板綜合體於 2022 年 7 月開業，目前在最初的 849 套住宅中只剩下 200 套待售。

As we discussed last quarter, we're seeing strong homebuilder interest in acquiring homesites at the Great Park. On our prior call, I mentioned that we were actively engaged in the process of selling the remaining 81 home sites and rise community and 770 home sites and our next community District 5-South. That transaction closed in May of this year. The Great Park Venture recognized $357.8 million of revenue. Also in the second quarter, the Great Park Venture received $61 million of CFD proceeds, as reimbursement for public improvements of venture had completed or paid for.

正如我們上季度討論的那樣，我們看到住宅建築商對收購大公園住宅區表現出了濃厚的興趣。在我們之前的電話會議上，我提到我們正在積極參與出售剩餘 81 個住宅用地和 Rise 社區以及 770 個住宅用地和我們的下一個社區 5 區南區的過程。該交易於今年 5 月完成。 Great Park Venture 確認收入為 3.578 億美元。同樣在第二季度，Great Park Venture 收到了 6100 萬美元的 CFD 收益，因為該企業的公共改進的補償已經完成或支付。

With this pace of new home sales, we are continuing to see strong builder interest in acquiring new homesites at the Great Park. During the quarter, we entered escrow for the sale of another 82 homes program, which we anticipate closing by year-end. We're also negotiating the sale of another 104 home sites with the closing anticipated in early 2024. On top of the ongoing residential opportunities at Great Park, we continue to market and sell our commercial land, including the industrial land offerings that we brought to market in August last year, as well as other commercial-oriented uses.

隨著新房銷售的增長，我們繼續看到建築商對收購大公園新住宅的濃厚興趣。本季度，我們對另外 82 套住宅項目的銷售進行了託管，預計該項目將在年底前完成。我們還在談判另外 104 塊住宅用地的出售，預計將於 2024 年初交割。除了 Great Park 現有的住宅機會外，我們還繼續營銷和出售我們的商業用地，包括我們帶到的工業用地。去年八月上市，以及其他商業用途。

Well not the most optimal time to enter the market, our location in the heart of Orange County has supported a strong interest. Our commercial partials are unique, our limited resource and offered to the South Orange County market, something that has not been available for years, large parcels of entitled land with flexible zoning that allows a multiple uses, including industrial, distribution, life sciences, R&D and office, amongst others. To that end, we anticipate closing sales on approximately 40 acres either by the end of this year or early next year. After these residential and commercial sales, the Great Park Venture will have about 295 acres remaining, depending on pace of sales, we'd expect to be through remaining inventory at Great Park in 5 to 8 years.

雖然這不是進入市場的最佳時機，但我們位於奧蘭治縣中心的位置引起了強烈的興趣。我們的商業部分是獨一無二的，我們的資源有限，提供給南奧蘭治縣市場，這是多年來一直沒有的東西，大片有權利的土地具有靈活的分區，允許多種用途，包括工業、分銷、生命科學、研發和辦公室等。為此，我們預計在今年年底或明年初完成約 40 英畝土地的銷售。在這些住宅和商業銷售之後，Great Park Venture 將剩餘約 295 英畝，根據銷售速度，我們預計將在 5 至 8 年內耗盡 Great Park 的剩餘庫存。

In Valencia, new home sales by builders totaled 79 homes during the second quarter. As of mid-July, 1,100 homes from our initial offering of 1,268 homes have been sold with only 168 homes remaining. But, as of now opened the models in 2 of the 8 new neighborhoods in the next area of Venture, which encompasses 598 homes. Like Irvine, builders are again engaged with us in Valencia, and we entered into one new land sale contract during the quarter, anticipate finalizing another, both of which, we anticipate will close during the third quarter. We also anticipate signing a third land subcontract that we believe will close by year-end. We also continue to market a prime 35-acre commercial site in the community, and we expect to have more to report on that, later in the year. While we didn't have land sales in Valencia in the first half of the year. And instead of planning for sales to close in the second half of the year, we're still able to execute on some significant reimbursements and recoveries. You recall that we reported a $17.7 million CFD reimbursement in the first quarter. Additionally, in the second quarter, we collected a $44.5 million recovery from a third-party arising out of prior work that performed at the project.

在巴倫西亞，第二季度建築商銷售的新房總數為 79 套。截至 7 月中旬，我們首次發售的 1,268 套住房中的 1,100 套已售出，僅剩 168 套。但是，截至目前，Venture 下一個區域的 8 個新社區中的 2 個已開放該模型，該區域包含 598 套住宅。與歐文一樣，瓦倫西亞的建築商再次與我們合作，我們在本季度簽訂了一份新的土地銷售合同，預計將敲定另一份合同，我們預計這兩項合同都將在第三季度完成。我們還預計簽署第三份土地分包合同，我們相信該合同將在年底前完成。我們還將繼續在社區內推銷 35 英畝的優質商業用地，預計今年晚些時候會有更多相關報告。雖然今年上半年我們在巴倫西亞沒有土地銷售。我們仍然能夠執行一些重大的報銷和追償，而不是計劃在下半年完成銷售。您還記得我們在第一季度報告了 1770 萬美元的差價合約補償。此外，在第二季度，我們從第三方收回了 4450 萬美元的款項，該款項源自該項目之前開展的工作。

From an accounting perspective, these amounts have been offset against our inventory costs will ultimately increase our gross margin for Valencia sales. As you've heard me state in the past, San Francisco remains a priority for Five Point, and we are progressing our efforts to establish Candlestick as a stand-alone project, separate from, but complementary to the ultimate development of 100-point shipyard site, when it has completed its remediation by the Navy. These efforts include working with the city and county agencies to rebalance the current development entitlements between the 2 areas. I can currently work with the city to update the existing tax increment financing time lines to account for the Navy delays at Hunters point.

從會計角度來看，這些金額已抵消我們的庫存成本，最終將增加我們瓦倫西亞銷售的毛利率。正如您過去聽到我所說的，舊金山仍然是 Five Point 的優先考慮事項，我們正在努力將 Candlestick 建立為一個獨立項目，與 100-point 造船廠的最終開發分開但互補。現場，當海軍完成修復工作後。這些努力包括與市縣機構合作，重新平衡兩個地區之間當前的發展權利。我目前可以與市政府合作更新現有的增稅融資時間表，以解決海軍在獵人點的延誤問題。

We believe that we are building momentum on resolving these issues, which will allow us to unlock the stand-alone development of Candlestick, as the first phase of its larger mixed-use community, located on irreplaceable land along the San Francisco Bay. As we look ahead, we're starting to build confidence and certainty in our expectations for future accomplishments. Although our business is often dependent on government approvals, and a competence can be pushed from 1 quarter to another, we are building visibility in the future quarters and years.

我們相信，我們正在為解決這些問題積蓄動力，這將使我們能夠實現 Candlestick 的獨立開發，作為其位於舊金山灣沿岸不可替代的土地上的大型綜合用途社區的第一階段。展望未來，我們開始對未來成就的期望建立信心和確定性。儘管我們的業務通常依賴於政府批准，並且能力可以從一個季度推到另一個季度，但我們正在未來幾個季度和幾年內建立可見性。

To that end, we expect in the second half of 2023 to be able to produce an additional $50 million to $70 million of net income, and generate additional cash flow as well, ending the year with a cash balance of $250 million to $300 million. By some of these results can be pushed quarter-to-quarter or to next year, we're focus on generating revenue managing SG&A and managing our capital spend. We have positive momentum and remain optimistic about our future. Land development is a long game, and we are just at the beginning of the game at some of our communities, but they are not making any more land, and there will never be an abundance in title land in California.

為此，我們預計在 2023 年下半年能夠額外產生 5000 萬至 7000 萬美元的淨利潤，並產生額外的現金流，年底現金餘額為 2.5 億至 3 億美元。其中一些結果可以按季度或明年推算，我們專注於創造收入、管理銷售、一般費用和管理我們的資本支出。我們擁有積極的勢頭，並對未來保持樂觀。土地開發是一場漫長的遊戲，我們的一些社區才剛剛開始，但他們不會再製造更多的土地，加州的產權土地永遠不會充足。

Our efforts today are ensuring we are well positioned for that long game are recognizing the importance of focus on creating and maintaining shareholder value. Now, let me turn it over to Leo, who will report on the financial results.

我們今天的努力是為了確保我們在這場持久戰中處於有利位置，認識到專注於創造和維護股東價值的重要性。現在，讓我將其交給Leo，他將報告財務業績。

Thanks, Dan. A summary of our financial results was included in the earnings release issued earlier today, in which we reported consolidated net income of $50.6 million for the quarter. We recognized $21.3 million in revenue that was primarily generated by management services provided by our management company. Selling, general and administrative expenses were $12.7 million, which is consistent with the average of $12.9 million that we have reported over the past 4 quarters. Cost of management services was $9.7 million, which includes $8 million for intangible asset amortization expense at our Great Park segment. .

謝謝，丹。今天早些時候發布的收益報告中包含了我們的財務業績摘要，其中我們報告了本季度的合併淨利潤為 5060 萬美元。我們確認了 2130 萬美元的收入，主要由我們的管理公司提供的管理服務產生。銷售、一般和管理費用為 1,270 萬美元，與我們過去 4 個季度報告的平均 1,290 萬美元一致。管理服務成本為 970 萬美元，其中包括 Great Park 部門的無形資產攤銷費用 800 萬美元。 。

Equity and earnings from our unconsolidated entities for the quarter was $52.1 million and primarily results represents our interest in net income generated at the Great Park Venture. Turning to the balance sheet and liquidity. Our net decrease in inventory for the quarter was $5.7 million, this includes a decrease for a nonrecurring $44.5 million recovery from a third party related to certain project development costs at our Valencia segment, and includes an increase for accrued capitalized interest on our senior notes of $12.3 million. Excluding the recovery and capitalized interest, the resulting increase in inventory of $26.5 million was consistent with prior quarter and 13% lower than the prior year increase of $30.6 million.

本季度我們未合併實體的股本和收益為 5210 萬美元，主要業績代表我們對 Great Park Venture 產生的淨收入的興趣。轉向資產負債表和流動性。本季度我們的庫存淨減少為570 萬美元，其中包括從第三方收回的與巴倫西亞部門某些項目開發成本相關的4450 萬美元非經常性回收的減少，以及我們優先票據的應計資本利息的增加。 1230 萬美元。不包括回收和資本化利息，庫存增加 2650 萬美元，與上一季度持平，比上年增加的 3060 萬美元低 13%。

In addition to $700,000 of interest we paid $2.5 million against our San Francisco segment's related party reimbursement obligation during the quarter. Approximately $8.4 million of this reimbursement obligation that was previously expected to be paid in the second quarter has been deferred to 2024. Our related party has a history of receiving maturity date extensions, and we expect additional deferrals during the second half of 2023. Total liquidity was $318.2 million at quarter end and is comprised of $193.2 million of cash and cash equivalents and $125 million of available borrowing capacity under our revolving credit facility. No borrowings or letters of credit were outstanding against the revolver as of June 30.

除了 700,000 美元的利息外，我們在本季度還為舊金山部門的關聯方償還義務支付了 250 萬美元。此前預計在第二季度支付的約 840 萬美元償付義務已推遲至 2024 年。我們的關聯方有接受到期日延期的歷史，我們預計在 2023 年下半年還會有更多延期。 流動性總額截至季度末，我們的貸款總額為3.182 億美元，其中包括1.932 億美元的現金和現金等價物以及我們循環信貸額度下的1.25 億美元的可用借款能力。截至 6 月 30 日，該左輪手槍沒有未償還的借款或信用證。

In addition, no principal payments are currently due on our senior notes nor are in-payments currently due on our payable pursuant to our tax receivable agreement. Our debt to total capitalization ratio was stable at 24.7%, and our net debt to capitalization ratio after taking into account our cash balance was 18.5%. Turning to our statement of operations. The company has 4 reporting segments: Valencia, San Francisco, Great Park and Commercial. Segment results are as follows: the Valencia segment recognized a $4.5 million loss for the quarter. As no sales were closed, most of this loss was comprised of selling, general and administrative expenses of $3.4 million related to employee compensation as well as selling and marketing expenses in support of our active development areas and the pursuit of 2023 land sales.

此外，根據我們的應收稅款協議，我們的優先票據目前尚未到期本金付款，我們的應付賬款目前也沒有到期付款。我們的債務與總資本比率穩定在24.7%，考慮現金餘額後的淨債務與資本比率為18.5%。轉向我們的運營報表。該公司有 4 個報告分部：巴倫西亞分部、舊金山分部、大公園分部和商業分部。部門業績如下：巴倫西亞部門本季度虧損 450 萬美元。由於沒有完成銷售，大部分損失包括與員工薪酬相關的 340 萬美元銷售、一般和管理費用，以及支持我們積極開發領域和追求 2023 年土地銷售的銷售和營銷費用。

The San Francisco segment recognized a loss of $885,000 for the quarter. This loss is comprised of general and administrative costs incurred to support the segment's continued focus on rebalancing the current entitlement between Candlestick and Hunters Point Shipyard sites, as well as working with the city to update the existing tax increment financing time lines.

舊金山部門本季度虧損 885,000 美元。該損失包括為支持該部門繼續專注於重新平衡 Candlestick 和 Hunters Point Shipyard 場地之間的當前權益以及與市政府合作更新現有稅收增量融資時間表而產生的一般和管理成本。

Our Great Park segment reported net income of $179.1 million for the quarter. This was comprised of net income of $168.2 million for the Venture's operations and $10.9 million in net income generated by our management company. The Venture's operations recognized revenue of $360.6 million during the quarter. Most of this revenue is comprised of $357.8 million recognized from the sale of 798 homesites on approximately 84 acres of land adjacent to the Venture's Solis and Rise neighborhoods. The Venture's land sale agreement was comprised of a fixed amount paid at closing and a price participation rate to be paid from future home builder sales.

我們的 Great Park 部門報告本季度淨利潤為 1.791 億美元。其中包括風險投資公司運營產生的 1.682 億美元淨利潤和我們管理公司產生的 1090 萬美元淨利潤。該風險投資公司的業務在本季度確認收入為 3.606 億美元。其中大部分收入來自於出售位於 Venture 的 Solis 和 Rise 社區附近約 84 英畝土地上的 798 個住宅用地而確認的 3.578 億美元。該風險投資公司的土地出售協議包括成交時支付的固定金額和未來房屋建築商銷售中支付的價格參與率。

Accordingly, the revenue recognized consists of $214.7 million paid at closing plus $143 million for recognition of a contract asset representing the Venture's estimate of variable consideration from future price participation payments. The Venture recognizes contract revenue upon satisfaction of contract performance obligations and records contract assets, when there is a timing difference between recognition of revenue in the variable consideration becoming due. After completing the land sale, the Great Park Venture made aggregate distributions of $25.5 million to holders of legacy interest and $218 million to holders of percentage interest.

因此，確認的收入包括交割時支付的 2.147 億美元，加上用於確認合同資產的 1.43 億美元，該合同資產代表了風險投資公司對未來價格參與付款中可變對價的估計。當可變對價中的收入確認到期之間存在時間差異時，合資企業在履行合同履約義務時確認合同收入，並記錄合同資產。完成土地出售後，Great Park Venture 向遺留權益持有人總共分配了 2550 萬美元，向百分比權益持有人分配了 2.18 億美元。

We received $81.8 million for our 37.5% interest. Offsetting these revenues were cost of sales of $165.7 million, SG&A of $1.8 million and related party management fee expense of $27.4 million. Management fee expense is comprised of $3 million of monthly base fee payments and a $24.4 million increase in accrued incentive compensation, mostly resulting from a change in estimate of aggregate payments probable of being made, as the venture makes future distributions. As it relates to the management company, Five Point recognized $20.7 million in management fee revenues during the quarter, $3 million of which was from monthly base fee payments and a $17.7 million increase in its incentive compensation contract asset, most of which is related to changes in estimated incentive compensation payments expected to be received, as future distributions are made from the venture.

我們從 37.5% 的權益中獲得了 8180 萬美元的收益。 1.657 億美元的銷售成本、180 萬美元的銷售成本、180 萬美元的銷售成本和 2740 萬美元的關聯方管理費支出抵消了這些收入。管理費支出包括每月 300 萬美元的基本費用支付和增加的 2440 萬美元的應計激勵薪酬，這主要是由於合資企業未來進行分配時可能支付的總支付額的估計發生變化。由於與管理公司相關，Five Point 在本季度確認了 2070 萬美元的管理費收入，其中 300 萬美元來自每月基本費用支付，其激勵薪酬合同資產增加了 1770 萬美元，其中大部分與變化有關預計將收到的激勵補償金，因為未來的分配是從企業中進行的。

Offsetting these revenues were expenses of $9.7 million comprised of $1.7 million for the cost of providing management services, primarily the project team compensation as well as $8 million of our development management agreement intangible asset amortization expense, resulting from incentive compensation revenue recognized in the quarter. Concurrent with the ventures distributions paid to its holders of legacy and percent interest, we collected $22 million in incentive compensation payments due under our development management agreement. We own 37.5% interest of the Great Park Venture and 100% of the management company. Although the Great Park segment reports the full interest of the Great Park Venture, our investment is reported under equity method of accounting, and therefore, the assets, liabilities, results of operations and cash flows are not consolidated within our financial statements.

抵消這些收入的是970 萬美元的費用，其中170 萬美元用於提供管理服務的成本，主要是項目團隊的薪酬，以及本季度確認的激勵補償收入產生的800 萬美元的開發管理協議無形資產攤銷費用。在向其遺產持有人和百分比利息持有人支付風險分配的同時，我們根據我們的開發管理協議收取了 2200 萬美元的激勵補償金。我們擁有 Great Park Venture 37.5% 的股權和管理公司 100% 的股權。儘管 Great Park 部門報告了 Great Park Venture 的全部權益，但我們的投資是根據權益會計法報告的，因此，資產、負債、經營業績和現金流量並未合併在我們的財務報表中。

The company's equity and earnings from the Great Park Venture after adjusting for a basis difference was $52.3 million for the quarter. The Great Park Venture is a self-funding operation with no debt, and had a cash balance of $140.9 million at the end of the quarter. Lastly, our Commercial segment Venture is a self-funding operation and had a cash balance of $5.1 million at the end of the quarter. Like the Great Park Venture, we only own 75% of the Great Park Commercial Venture. Our investment in the Ventures reported under the equity method of accounting and therefore, the assets, liabilities, cash flows and results of operations of the Venture are not consolidated within our financial statements.

調整基差後，該公司本季度來自 Great Park Venture 的股本和收益為 5230 萬美元。 Great Park Venture 是一家自籌資金業務，沒有債務，截至本季度末現金餘額為 1.409 億美元。最後，我們的商業部門 Venture 是一家自籌資金業務，截至本季度末現金餘額為 510 萬美元。與 Great Park Venture 一樣，我們僅擁有 Great Park Commercial Venture 75% 的股份。我們對風險企業的投資採用權益會計法報告，因此，風險企業的資產、負債、現金流量和經營業績未合併在我們的財務報表中。

With that, I'll turn it over to the operator for questions.

這樣，我會將其轉交給接線員詢問。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Alan Ratner with Zelman & Associates.

我們的第一個問題來自 Alan Ratner 與 Zelman & Associates 的對話。

Congrats on the success in the quarter, and thanks for all the detail and guidance so far. Dan, I'd love to drill in a little bit on pricing power that you might have with homebuilders, right now. Obviously, the land market has really shifted quite a bit, over the last year. It was pretty quiet in the back half of last year, and now it seems like builders have returned pretty aggressively. And, I know it's always a little bit hard to tell just from your reported results, exactly what's going on with lot prices. I look at your lot sale in Great Park this quarter. And on a per acre basis, it looks like the price you guys got was a bit lower than kind of what you've received in prior offerings, but I'm sure there's some mix component to that. And you got the Valencia deals under contract.

祝賀本季度取得的成功，並感謝迄今為止的所有細節和指導。丹，我很想深入探討一下您現在對房屋建築商可能擁有的定價能力。顯然，去年土地市場確實發生了很大變化。去年下半年相當安靜，現在看來建築商已經相當積極地回歸了。而且，我知道僅從報告的結果中很難準確判斷批次價格的情況。我查看了本季度您在 Great Park 的地塊銷售情況。以每英畝為基礎，看起來你們得到的價格比你們之前提供的價格要低一些，但我確信其中有一些混合成分。然後你就得到了瓦倫西亞的合同。

So, any commentary and color you can give on what's going on with lot prices in your communities would be helpful? And also any guidance you can give on specifically the Valencia sales would be great as well?

那麼，您對您所在社區的地塊價格現狀發表的任何評論和看法都會有所幫助嗎？另外，您能提供有關瓦倫西亞銷售的具體指導嗎？

Alan, always good to hear from you. What was your -- I got the first part on lot price. What was your last question about Valencia?

艾倫，很高興收到你的來信。你的是什麼——我得到了關於拍品價格的第一部分。您關於瓦倫西亞的最後一個問題是什麼？

Just if you can -- I know you mentioned you've got, I think, two deals under contract right now. I was just curious, if you can give specifics surrounding that in terms of what we might expect in the back half of the year to flow through.

如果你可以的話——我知道你提到過，我認為你現在有兩筆合同。我只是很好奇，您能否提供有關我們預計下半年會發生什麼的具體細節。

Okay. Well, first of all, just starting on all of our land. Remember that we're using a pop or some type of participation with all of our builders. And as prices go up, obviously, the revenue we receive is also going to be going up. And so, as far as what market we're seeing today, Alan, you're absolutely right, there is a lot of interest in land, which is driving up the price of land. But, I think part of that, we're also trying to work with the builders to really maximize value. It's really trying to work the builders on product. As we've all talked about, there's really a constraint in the market on resale homes. So there is some -- a stronger interest in new homes. We also have to worry about affordability.

好的。好吧，首先，從我們所有的土地開始。請記住，我們正在對所有構建者進行流行或某種類型的參與。顯然，隨著價格上漲，我們收到的收入也會增加。因此，就我們今天看到的市場而言，艾倫，你說得完全正確，人們對土地很感興趣，這推高了土地價格。但是，我認為部分原因是，我們也在努力與建築商合作，以真正實現價值最大化。它確實在努力讓開發者在產品上工作。正如我們都談到的，轉售房屋市場確實存在限制。因此，人們對新房產生了更強烈的興趣。我們還必須擔心負擔能力。

So what we're finding is that being able to work with the builders one-on-one, work with them on product and plotting is allowing us actually to increase our land prices, and it's really kind of unique around product and builders. But on all of our transactions, we are getting participation. And the larger transaction that you referenced, there is a participation component in that if that participation comes through, the per acre land there will be comparable to other land other similar product, other similar land at the Great Park.

所以我們發現，能夠與建築商一對一地合作，在產品和繪圖方面與他們合作，實際上使我們能夠提高土地價格，這對於產品和建築商來說確實是獨一無二的。但在我們所有的交易中，我們都在參與。您提到的較大交易有一個參與部分，如果參與成功，每英畝土地將與大公園其他類似產品、其他類似土地相當。

So that one -- what we've seen in the market and the fact that it actually will be producing revenue over the next couple of years or participation over the next couple of years. We think there's a real good opportunity to see additional revenue from that transaction. And as far as Venture goes and there's a couple of sales we have there. In some respects, we are -- we have some fixed pieces at all of our communities from the standpoint of past development. So, we're working with a couple of builders up there on product that we think is very salable in the current market. And -- but I have other negotiations going on.

所以，我們在市場上看到的以及它實際上將在未來幾年內產生收入或在未來幾年內參與的事實。我們認為這是一個從該交易中獲得額外收入的真正好機會。就風險投資而言，我們在那裡進行了一些銷售。在某些方面，從過去發展的角度來看，我們所有社區都有一些固定的部分。因此，我們正在與幾家建築商合作開發我們認為在當前市場上非常暢銷的產品。而且——但我還有其他談判正在進行。

So, I don't necessarily want to get into how I'm valuing different sites, it kind of hard to negotiate these things in public. But, what we're finding is that the more we can work with builders to come up with a product that addresses the market and the market segments that have demand, it really is helping us generate stronger land revenue.

所以，我不一定想了解我如何評估不同的網站，在公開場合協商這些事情有點困難。但是，我們發現，我們越能與建築商合作，推出滿足市場和有需求的細分市場的產品，這確實有助於我們產生更強勁的土地收入。

Got it. That's really helpful. And I guess, just I want to make sure I'm thinking about it correctly. I think you had previously mentioned that the next phase in Valencia was roughly 600 home sites, I think, 8 communities. So I'm assuming that's kind of the summation of these three deals that you're referencing? Or am I mixing things up?

知道了。這真的很有幫助。我想，我只是想確保我的想法是正確的。我想您之前曾提到過，巴倫西亞的下一階段大約是 600 個住宅區，我想是 8 個社區。所以我假設這就是您所引用的這三筆交易的總和？或者我把事情搞混了？

So the next area that we talked about having the 8 communities, and your memory is very good, it is about 600 homes. That -- those sites were all sold to the builders at the end of 2021. So we've had other land that actually was ready to go. And with all the homes that were sold in the first phase, which was close to 1,200 homes, we hadn't brought those to the market because of segmentation. But now is that is really winding down that first phase is winding down. We're now taking other land that we had prepared already, and we're moving forward with kind of individual transactions that fit well and from a segmentation perspective. And so those 600 homes, those will be coming on the next 6 sets of models will be coming on market over the remainder of the year, but we find that there are segments we can address in other land we already have ready. And those are the two transactions we're talking about.

所以我們談到的下一個區域有8個社區，你的記憶很好，大約有600戶家庭。這些地塊已於 2021 年底全部出售給建築商。因此，我們還有其他土地實際上已準備就緒。第一期售出的所有房屋接近 1,200 套，但由於細分，我們沒有將其推向市場。但現在第一階段正在真正結束。我們現在正在徵用已經準備好的其他土地，並且從細分的角度來看，我們正在推進適合的個別交易。因此，這 600 套住宅將出現在接下來的 6 套模型中，這些模型將在今年剩餘時間內上市，但我們發現我們可以在我們已經準備好的其他土地上解決一些問題。這就是我們正在討論的兩筆交易。

And then, we have some other opportunities on land that actually is ready to go. And we're really spending a lot of time on those because we're really looking at product. I really want to be sure that we're thoughtful about product as we move forward and maintain good segmentation.

然後，我們在土地上還有一些其他機會，實際上已經準備好了。我們確實在這些方面花費了大量時間，因為我們真正關注的是產品。我真的想確保我們在前進並保持良好的細分市場時對產品深思熟慮。

I see. Okay. And if I could just squeeze in one more. The CFD reimbursements or the, I guess, the development reimbursement, that's been a nice, I guess, surprise. I'm not sure if it's a surprise for you, but a surprise for us, about $60 million year-to-date. And I know you referred to them as nonrecurring, but I'm just curious, if as you look out into the future, if you could give us any visibility on the prospect of getting more reimbursement over the next couple of years?

我懂了。好的。如果我能再擠進一顆就好了。 CFD 報銷，或者，我想，開發報銷，我想，這是一個很好的驚喜。我不確定這對你來說是否是一個驚喜，但對我們來說卻是一個驚喜，今年迄今約為 6000 萬美元。我知道您將其稱為非經常性的，但我只是好奇，當您展望未來時，您能否讓我們了解未來幾年獲得更多報銷的前景？

Well, in the context of our CFDs, absolutely. We have -- we talked about Venture as a onetime recovery there. But all of our CFDs, there are for the most part, our public improvements should be heavily funded by CFDs, both at the Great Park and in Valencia. And so, as we complete additional work invest additional capital here in Great Park. It will come back to us through the CFD. And there's -- at the same time in Valencia, as we sell more homes, we're going to have more opportunities to collect under CFD.

嗯，就我們的差價合約而言，絕對如此。我們已經將風險投資視為一次性複蘇。但我們所有的 CFD，在很大程度上，我們的公共改善應該由 CFD 提供大量資金，無論是在大公園還是在巴倫西亞。因此，當我們完成額外的工作時，我們會在大公園投資額外的資金。它將通過差價合約返回給我們。與此同時，在巴倫西亞，隨著我們出售更多房屋，我們將有更多機會通過差價合約收取費用。

Our next question comes from the line of Terence Balchem with Diamond Capital.

我們的下一個問題來自 Terence Balchem 與 Diamond Capital 的對話。

Congrats on a good quarter. So for the -- I guess, for the second half, maybe just piggybacking off the CFD reimbursement, it definitely was a nice surprise. When we think about the cash guide, which I think is implied to be $50 million to $100 million of cash flow generation, over the back half. Is there a way to understand what you expect to be from earnings versus maybe additional CFD reimbursement? And anything else we should be focused on.

祝賀季度表現良好。所以對於 - 我想，對於下半年，也許只是利用差價合約報銷，這絕對是一個不錯的驚喜。當我們考慮現金指南時，我認為這意味著後半段將產生 5000 萬至 1 億美元的現金流。有沒有辦法了解您期望從收益中獲得什麼以及可能獲得額外的差價合約補償？以及我們應該關注的其他任何事情。

So, I think what we're certainly -- there'll be limited CFDs or -- the numbers that we gave you, I think we're talking about a range on net revenue, and then we're also talking about our increasing our cash. But almost all of those are going to be from transactions that we have -- are working on today enter into. We don't have a lot of CFD in those. Now the CFD will kind of keep coming in over time as either work is completed, our homes are completed that allow us to sell additional CFD bonds. But for the most part, what we'll be looking at in the second half of the year, actual transactions that we're working on with various builders.

所以，我認為我們肯定會 - 差價合約或 - 我們給你的數字是有限的，我認為我們正在談論淨收入的範圍，然後我們也在談論我們不斷增加的收入我們的現金。但幾乎所有這些都將來自我們今天正在進行的交易。我們在這些方面沒有太多的差價合約。現在，隨著時間的推移，隨著工作的完成，我們的房屋竣工，差價合約將繼續進入，這使我們能夠出售額外的差價合約債券。但在大多數情況下，我們將在今年下半年關注我們正在與各個建築商進行的實際交易。

Got it. That's helpful. And so for the sales that you're thinking about for the back half. It sounds like you have that land already prepared. Maybe you can help us just think about how we should be viewing CapEx spend for the back half? And then maybe, as demand seems to be coming off of a trough, how you're thinking about it for '24 across different developments?

知道了。這很有幫助。因此，對於您正在考慮的後半段的銷售情況也是如此。聽起來你已經準備好了那塊土地。也許您可以幫助我們思考一下我們應該如何看待下半年的資本支出？也許，隨著需求似乎走出低谷，您如何考慮 24 世紀不同的發展？

Certainly. Well, once again, I'll start with Irvine because I think it's the Great Park. If you've been out here, there is some backbone infrastructure is still being completed, mostly marine way. But for the most part, all of the backbone is in and the Great Park, let's say marine way is probably the biggest section that needs to be completed out there. So from a standpoint of Great Park, almost all the sites we talk to or talk about, most of the backbone infrastructure to get those sites are actually already in. Let's say, there's still some to be completed and those will be reimbursed.

當然。好吧，我再次從爾灣開始，因為我認為它是大公園。如果您去過這裡，就會發現一些骨乾基礎設施仍在建設中，其中大部分是海上方式。但在大多數情況下，所有的骨幹都在大公園內，比方說，海洋之路可能是那裡需要完成的最大部分。因此，從大公園的角度來看，幾乎所有我們談論或談論的站點，獲得這些站點的大部分骨乾基礎設施實際上已經到位。比方說，還有一些需要完成，這些將得到補償。

In Valencia, you're right, we have, from past work, we have a number of areas that were graded and we're just getting the opportunity to bring them to the market, right now. And so for the most part, everything we're looking at this quarter has limited capital requirements. There's a certain amount of work that has to be done whenever we deliver land. But for the most part, all the heavy lifting has been done on those sites.

在巴倫西亞，你是對的，根據過去的工作，我們對許多區域進行了分級，現在我們只是有機會將它們推向市場。因此，在大多數情況下，我們本季度關注的一切都具有有限的資本要求。每當我們交付土地時，都必須完成一定量的工作。但在大多數情況下，所有繁重的工作都是在這些網站上完成的。

As we look into '24, we'll have additional needs to invest capital, but we're also looking at ways, as we talked about, is utilizing the builders working with our builders and having them invest some of that capital. So, as we think about Valencia going forward and say we've got land that is mostly ready. And as we look at our future, we're really looking at working with the builders to have them do a lot of that front-end capital investment kind of tying us and them together for the kind of success of the project. And we think that model will work pretty well because builders have a real need for pipeline. And so, working with them on the capital side will help ensure their pipeline and also get our land completed and developed.

當我們展望 24 世紀時，我們將有額外的投資資本需求，但正如我們所討論的，我們也在尋找利用建築商與我們的建築商合作並讓他們投資一些資本的方法。因此，當我們考慮瓦倫西亞的未來時，我們說我們的土地已經基本準備就緒。當我們展望未來時，我們確實在考慮與建築商合作，讓他們進行大量的前端資本投資，將我們和他們聯繫在一起，以實現項目的成功。我們認為該模型會運行得很好，因為建築商確實需要管道。因此，在資本方面與他們合作將有助於確保他們的管道，也有助於我們的土地完成和開發。

So, in all of these as we talk about those transactions and Valencia or other places, we're always -- these can always move around quarter-to-quarter just because there's always government approvals that are tied to all of these. But right now, we're feeling pretty good about what we're suggesting. But I don't ever want anyone to think that we don't -- we aren't subject to a little bit of the government permitting requirements that everyone in our industry deals with.

因此，在所有這些交易中，當我們談論這些交易和巴倫西亞或其他地方時，我們總是——這些總是可以按季度變化，因為總是有與所有這些相關的政府批准。但現在，我們對我們的建議感覺非常好。但我不想讓任何人認為我們沒有——我們不受我們行業中每個人都要遵守的一點政府許可要求的約束。

Makes sense. Maybe last one for me. And going back to the CFDs. Just -- so the $60 million received year-to-date, can you give us a sense of when you completed the work that those CFDs were attached to? And then, any guidance you can give us on what a reasonable number is for either the first half of '24 or just the full year?

說得通。也許對我來說是最後一張。回到差價合約。只是 - 那麼今年迄今為止收到的 6000 萬美元，您能否讓我們了解一下您何時完成了這些差價合約所涉及的工作？然後，您可以向我們提供有關 24 年上半年或全年合理數字的指導嗎？

Well, first, going back to those, as I think we've been on over kind of the last year, there was a lot of work done by our team with the city of Irvine to kind of -- to allow us to expand on the public improvements that we can get reimbursed or through the CFD. So a lot of those efforts that we put in and that mostly happened last year. But we were seeing those earlier this year, where we were literally catching up for work that we had done. So, I think as we go forward, and you have to understand the difference between Irvine and Valencia that Irvine has got a lot of rooftops. So, we can pretty much get reimbursed as the work is completed.

嗯，首先，回到這些，正如我認為我們去年所做的那樣，我們的團隊與歐文市做了很多工作，以便讓我們能夠擴展我們可以得到報銷或通過差價合約獲得的公共改進。我們付出了很多努力，大部分是在去年發生的。但我們今年早些時候就看到了這些，我們實際上正在趕上我們已經完成的工作。所以，我認為，隨著我們前進，你必須了解爾灣和瓦倫西亞之間的區別，爾灣有很多屋頂。因此，當工作完成後，我們幾乎可以得到補償。

And I would say that for the most part, we're close to caught up there. And as we complete work, we'll be able to still achieve near-term reimbursement. In Valencia, we're actually out ahead. And so as we complete, that's how about completing rooftops and getting buyers in, then we have the ability to issue additional bonds and get reimbursed. I don't actually have a number for next year on reimbursement. So I'm not going to try to guess on that at this moment in time. But for the most part, we're kind of -- we're moving through it as quickly as we can, both from a standpoint of completing work that is subject to reimbursement. And then having the bonding capacity that's needed through the rooftops in place.

我想說的是，在大多數情況下，我們已經接近追趕上了。當我們完成工作時，我們仍然能夠實現短期報銷。在巴倫西亞，我們實際上處於領先地位。因此，當我們完成後，這就是完成屋頂並讓買家進來的方法，然後我們就有能力發行額外的債券並獲得補償。我實際上沒有明年報銷的數字。所以我現在不會嘗試猜測這一點。但在大多數情況下，我們正在盡快完成它，無論是從完成需要報銷的工作的角度來看。然後具備通過屋頂所需的粘合能力。

Our next question comes from the line of Robert Cowen, a Private Investor.

我們的下一個問題來自私人投資者羅伯特·考恩（Robert Cowen）。

My first question is, are you planning on doing any actual development in Great Park, Valencia or San Francisco? Or are you just planning on doing land sales?

我的第一個問題是，您是否計劃在大公園、巴倫西亞或舊金山進行任何實際開發？或者您只是打算進行土地銷售？

Robert, that's actually a very good question. We have the opportunity because of our kind of land positions to look at vertical development in all of those communities. I think, our near-term plan is to stick to the horizontal development, which is kind of where our expertise is. But, as we look at Valencia and San Francisco, we think there's some really unique opportunities probably to partner people with that vertical expertise. And that's -- so that's something we do look at, but it's not near term, but we think long term, there's some real interesting opportunities there.

羅伯特，這實際上是一個非常好的問題。由於我們的土地位置，我們有機會考慮所有這些社區的垂直發展。我認為，我們近期的計劃是堅持橫向發展，這也是我們的專長所在。但是，當我們觀察巴倫西亞和舊金山時，我們認為可能有一些真正獨特的機會與具有垂直專業知識的人合作。這就是我們確實關注的事情，但這不是短期的，但我們認為從長遠來看，那裡有一些真正有趣的機會。

Okay. So you would be thinking about bringing in maybe larger real estate investments, larger real estate companies to maybe invest with you to fund these developments?

好的。那麼您會考慮引入更大的房地產投資、更大的房地產公司來與您一起投資來為這些開發項目提供資金嗎？

Part of it is, once again, if we're going to -- if we were moving into an area, we don't have necessary expertise to do industrial development. So you'd want to work with somebody that has that expertise both to develop and operate it, and we have the land. And so, those are the types of things that we look at as long-term opportunities. But I think that rather than trying to develop all that expertise inside of the company. We think there's a lot of expertise in other places that we could tap into, which would be a good match between their expertise and our land positions.

部分原因是，如果我們要進入一個地區，我們就沒有必要的專業知識來進行工業發展。因此，您希望與擁有專業知識的人合作來開發和運營它，而且我們擁有土地。因此，這些都是我們視為長期機會的類型。但我認為，與其試圖在公司內部發展所有專業知識，不如這樣做。我們認為我們可以利用其他地方的很多專業知識，這將是他們的專業知識與我們的土地地位之間的良好匹配。

Okay. And do you have any time frame for maybe doing some of that actual development?

好的。您是否有時間框架來進行一些實際開發？

Well, again, I think that obviously, the thing that we are most focused on in that type of development would be in the commercial areas. And so right now, some of our bigger commercial opportunities in Valencia are going to be coming in some -- an area called Valencia Commerce Center, which we're in the process of processing the entitlement for that. And then in San Francisco, there will be various opportunities in San Francisco, when we get that community up and running because it is a very -- it's got a lot of mixed use across the entire site. But I think that we're a couple of years out simply because we really need to be in the right land position to do that from respective of actually being in that segment of the market.

好吧，我再次認為，顯然，我們在此類開發中最關注的是商業領域。因此，現在，我們在巴倫西亞的一些更大的商業機會將出現在一個名為巴倫西亞商業中心的地區，我們正在處理該地區的權利。然後在舊金山，當我們建立並運行該社區時，舊金山將會有各種機會，因為它是一個非常 - 它在整個網站上有很多混合用途。但我認為我們還需要幾年的時間，因為我們確實需要處於正確的位置才能從實際進入該市場領域來做到這一點。

Okay. That would make sense. And just my final question is -- the stock price is down almost 80% since its IPO. Have you or the Board of Directors considered possibly selling the company, since the assets of the company appear to be greatly exceed the stock price, the stock valuation?

好的。這是有道理的。我的最後一個問題是——自 IPO 以來，股價已下跌近 80%。由於公司資產似乎大大超過了股價、股票估值，您或董事會是否考慮過出售公司？

Robert, once again, I appreciate that question. I think, how I would comment on that is that the Board is always looking at any type of opportunities that come their way to really enhance shareholder value. And so that -- whereas it's not something that we have on the table. We can -- we will consider all alternatives that may be presented to the Board. But at this point, we kind of -- we know that we want to look at opportunities to enhance shareholder value. And so, something like that came up, we would always look at those alternatives.

羅伯特，我再次感謝這個問題。我認為，我對此的評論是，董事會始終在尋找任何類型的機會，以真正提高股東價值。所以——儘管這不是我們可以討論的事情。我們可以——我們將考慮可能向董事會提出的所有替代方案。但在這一點上，我們知道我們想要尋找提高股東價值的機會。因此，出現類似的情況時，我們總是會考慮這些替代方案。

And our next question comes from the line of Aaron Seshadri with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Aaron Seshadri。

Yes. Just a couple from me. Your cash balance guidance for the rest of the year, exiting 2023. Does that include the Valencia land sale completed or expected to be completed post Q2? And then, also the land parcel sales as well as the -- I guess, the third land sale contract that you expect to close in Q3?

是的。只是我的一對。你們對今年剩餘時間（2023 年結束）的現金餘額指導。這是否包括已完成或預計在第二季度後完成的巴倫西亞土地出售？然後，還有土地銷售以及——我猜，您預計在第三季度完成的第三份土地銷售合同？

Yes, it does. .

是的，它確實。 。

Okay. Got it. And then, as far as capital expenditure for the back half of the year and then capital expenditures for next year, do you have a rough sense for where they could shake out from where you stand right now?

好的。知道了。然後，就下半年的資本支出和明年的資本支出而言，您是否對他們目前的情況有一個大致的了解？

We really think it will be similar to the first half of this year is what we estimate. Once again, we're in a pretty good land position in Valencia from a standpoint of where we're at, and we know that we're in a really good land position from a standpoint of finishing. So, I would say comparable over the same 6-month period.

我們確實認為這將與我們估計的今年上半年類似。再一次，從我們所處的位置來看，我們在瓦倫西亞處於一個非常好的位置，而且我們知道從終點的角度來看，我們處於一個非常好的位置。所以，我想說的是在同一 6 個月期間具有可比性。

Similar. Okay. Got it. And then SG&A, a nice reduction again sequentially. Do you think, there are further opportunities in SG&A reduction? Or should we expect this type of run rate for or, I guess, the next few quarters?

相似的。好的。知道了。然後SG&A，再次連續減少。您認為 SG&A 削減還有進一步的機會嗎？或者我們應該期待這種類型的運行率，或者我猜，接下來的幾個季度？

Well, I will just tell you, we are always going to be very focused on managing our SG&A. But, I do think that we're kind of getting to kind of a run rate. I think, what number you're seeing there is kind of closer runway right, that we think we will look at going forward. But we're going to continue to always look at opportunities to improve on that number. It's something that's -- once again, it's -- I want to talk about the three things that we're trying to focus on, we really are focusing on revenue, manage our SG&A and managing our capital. And really kind of keeping our heads down and running our business. And so, we've got everyone heading in that direction.

好吧，我只想告訴你，我們將始終非常專注於管理我們的 SG&A。但是，我確實認為我們正在達到某種運行率。我認為，你看到的跑道數量是比較近的，我們認為我們會繼續考慮。但我們將繼續尋找改進這一數字的機會。我想談談我們正在努力關注的三件事，我們真正關注的是收入、管理我們的銷售管理費用和管理我們的資本。我們真的要低調地經營我們的業務。因此，我們讓每個人都朝著這個方向前進。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Dan Hedigan for closing remarks.

我們的問答環節已經結束了。現在我將把電話轉回給首席執行官丹·赫迪根 (Dan Hedigan) 致閉幕詞。

Thank you. On behalf of our management team, we thank you for joining us on today's call, and we look forward to speaking with you, next quarter. Thank you, everyone.

謝謝。我們謹代表我們的管理團隊感謝您參加今天的電話會議，我們期待下個季度與您交談。謝謝大家。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。