FRP Holdings, Inc. (NASDAQ:FRPH) Q4 2023 Earnings Call Transcript

Unidentified Analyst: Got you. Well, thank you explanations, it’s very helpful. Appreciate it.

John Baker: Yes, absolutely, Bill. And just to follow up on that real quick for the last 10 years. aggregates, valuations on an EBITDA basis have been historically high. And so two years ago, if we — we could have looked at it and said, Vulcan’s trading at 20x, let’s sell these things. And obviously, we would have forgone a really incredible growth in our royalty stream. So we’re long on the aggregates industry. It’s in our blood. We’ll — unless something very seriously changes, we’re going to continue to use that cash flow stream, Bill, to fuel development.

Operator: It appears that we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks.

John Baker: Before we go, I just want to congratulate David deVilliers, Jr. on his election to the Board of Directors yesterday as its Vice Chairman. David has given his professional life to this company. He is the backbone of what this company has become and it’s a well-deserved honor. So I just want to congratulate him. And I want to thank you all. We appreciate your continued investment and interest in the company, and I really appreciate all the questions you had. So thank you, and that concludes this call.

Operator: This does conclude today’s program. Thank you for your participation, you may disconnect at any time.