Forestar Group Inc. Q1 FY25 10-Q Filed

TL;DR

**Forestar Group Inc. 10-Q filed for Q1 FY25, detailing Q4 2024 financials.**

AI Summary

Forestar Group Inc. filed its 10-Q for the period ending December 31, 2024. The filing covers the first quarter of their fiscal year 2025. Key financial data points such as common stock, additional paid-in capital, retained earnings, and noncontrolling interest as of September 30, 2024, and for the period October 1, 2024, to December 31, 2024, are detailed.

Why It Matters

This filing provides investors with the latest financial performance and position of Forestar Group Inc., crucial for understanding its real estate development activities and overall financial health.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 2024-12-31 — Period End Date (Indicates the end of the reporting quarter for the 10-Q filing.)
• 2024-09-30 — Prior Balance Sheet Date (Provides a comparison point for financial position changes.)
• 2023-12-31 — Prior Year Quarter End (Allows for year-over-year performance comparison.)

Key Players & Entities

• Forestar Group Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of reporting period
• 2025-01-23 (date) — Filing date
• 2024-09-30 (date) — Prior period balance sheet date
• 2023-12-31 (date) — Prior year comparative period end date

FAQ

Key Financial Figures

• $1.00 — ich Registered Common Stock, par value $1.00 per share FOR New York Stock Exchange

Filing Documents

• for-20241231.htm (10-Q) — 558KB
• a12312024exhibit311.htm (EX-31.1) — 10KB
• a12312024exhibit312.htm (EX-31.2) — 10KB
• a12312024exhibit321.htm (EX-32.1) — 3KB
• a12312024exhibit322.htm (EX-32.2) — 3KB
• for-20241231_g1.jpg (GRAPHIC) — 19KB
• 0001406587-25-000009.txt ( ) — 3902KB
• for-20241231.xsd (EX-101.SCH) — 27KB
• for-20241231_cal.xml (EX-101.CAL) — 29KB
• for-20241231_def.xml (EX-101.DEF) — 145KB
• for-20241231_lab.xml (EX-101.LAB) — 412KB
• for-20241231_pre.xml (EX-101.PRE) — 278KB
• for-20241231_htm.xml (XML) — 391KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Total Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27 SIGNATURE 28 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FORESTAR GROUP INC. CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2024 September 30, 2024 (In millions, except share data) ASSETS Cash and cash equivalents $ 132.0 $ 481.2 Real estate 2,736.8 2,266.2 Investment in unconsolidated ventures — 0.3 Property and equipment, net 6.8 7.1 Other assets 85.0 85.3 Total assets $ 2,960.6 $ 2,840.1 LIABILITIES Accounts payable $ 78.6 $ 85.9 Accrued development costs 131.4 144.6 Earnest money on sales contracts 206.7 172.3 Deferred tax liability, net 66.6 67.5 Accrued expenses and other liabilities 56.4 68.3 Debt 806.8 706.4 Total liabilities 1,346.5 1,245.0 Commitments and contingencies (Note 11) EQUITY Common stock, par value $ 1.00 per share, 200,000,000 authorized shares, 50,669,946 and 50,653,637 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively 50.7 50.7 Additional paid-in capital 667.7 665.2 Retained earnings 894.7 878.2 Stockholders' equity 1,613.1 1,594.1 Noncontrolling interests 1.0 1.0 Total equity 1,614.1 1,595.1 Total liabilities and equity $ 2,960.6 $ 2,840.1 See accompanying notes to consolidated financial statements. 3 Table of Contents FORESTAR GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2024 2023 (In millions, except per share amounts) Revenues $ 250.4 $ 305.9 Cost of sales 195.4 233.0 Selling, general and administrative expense 36.0 28.0 Equity in earnings of unconsolidated ventures ( 0.6 ) — Interest and other income ( 2.3 ) ( 6.3 ) Income before income taxes 21.9 51.2 Income tax expense 5.4 13.0 Net income $ 16.5 $ 38.2 Basic net income per common share $ 0.32 $ 0.76 Weighted average number of common shares 50.8 50.1 Diluted net income per common share $ 0.32 $ 0.76 Adjusted weighted average number of common shares 51.1 50.5 See accompanying notes to consolidated financial statements. 4 Table of Contents FORESTAR GROUP IN

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and include the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in consolidation. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Net income attributable to noncontrolling interests is zero for both periods presented in the Company's statements of operations. The transactions included in net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, the Company's net income equates to comprehensive income. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2024, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements, and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2024. In October 2017, Forestar became a majority-owned subsidiary o