10-Q Filing

FORESTAR GROUP INC. CIK: 1406587 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001406587-24-000008`
Period End Date	20231231
Filing Date	20240124
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	for-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 24 Cash Flow Statement 54 Stockholders Equity 18

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Cash and Cash Equivalents, at Carrying Value	`CashAndCashEquivalentsAtCarryingValue`	$616.00M	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value	`CashAndCashEquivalentsAtCarryingValue`	$458.90M	USD	Point-in-time
Real estate	`InventoryRealEstateLandAndLandDevelopmentCosts`	$1.79B	USD	Point-in-time
Real estate	`InventoryRealEstateLandAndLandDevelopmentCosts`	$2.01B	USD	Point-in-time
Investment in unconsolidated ventures	`EquityMethodInvestments`	$500.00K	USD	Point-in-time
Investment in unconsolidated ventures	`EquityMethodInvestments`	$500.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.80M	USD	Point-in-time
Other assets	`OtherAssets`	$58.00M	USD	Point-in-time
Other assets	`OtherAssets`	$58.80M	USD	Point-in-time
Total assets	`Assets`	$2.53B	USD	Point-in-time
Total assets	`Assets`	$2.47B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$65.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$68.40M	USD	Point-in-time
Accrued development costs	`AccruedDevelopmentCosts`	$99.90M	USD	Point-in-time
Accrued development costs	`AccruedDevelopmentCosts`	$104.10M	USD	Point-in-time
Earnest money on sales contracts	`ContractWithCustomerLiability`	$121.40M	USD	Point-in-time
Earnest money on sales contracts	`ContractWithCustomerLiability`	$140.90M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$50.70M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$50.20M	USD	Point-in-time
Accrued Liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$61.20M	USD	Point-in-time
Accrued Liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$63.40M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$705.30M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$695.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.10B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.12B	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 49,909,713 and 49,903,713 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively	`CommonStockValue`	$49.90M	USD	Point-in-time
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 49,909,713 and 49,903,713 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively	`CommonStockValue`	$49.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$644.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$644.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$713.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$674.80M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$1.41B	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$1.37B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.00M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.37B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.22B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.20B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.47B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.53B	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$216.70M	USD	1 Quarter
Revenues	`Revenues`	$305.90M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$233.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$169.20M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$28.00M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$22.90M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	$1.60M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$1.70M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$6.30M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.90M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$51.20M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.10M	USD	1 Quarter
Net income	`ProfitLoss`	$20.80M	USD	1 Quarter
Net income	`ProfitLoss`	$38.20M	USD	1 Quarter
Basic net income per common share	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Basic net income per common share	`EarningsPerShareBasic`	$0.76	USD	1 Quarter
Weighted average number of common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	49.89M	shares	1 Quarter
Weighted average number of common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	50.07M	shares	1 Quarter
Diluted net income per common share	`EarningsPerShareDiluted`	$0.76	USD	1 Quarter
Diluted net income per common share	`EarningsPerShareDiluted`	$0.42	USD	1 Quarter
Adjusted weighted average number of common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.90M	shares	1 Quarter
Adjusted weighted average number of common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.46M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Net income	`ProfitLoss`	$20.80M	USD	1 Quarter
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Net income	`ProfitLoss`	$38.20M	USD	1 Quarter
Common Stock, Shares, Issued	`CommonStockSharesIssued`	49.91M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	49.90M	shares	Point-in-time
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$700.00K	USD	1 Quarter
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	49.91M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	49.90M	shares	Point-in-time
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$800.00K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$500.00K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$2.20M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$600.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$900.00K	USD	1 Quarter
Impairments and land option charges	`ProductionRelatedImpairmentsOrCharges`	$200.00K	USD	1 Quarter
Impairments and land option charges	`ProductionRelatedImpairmentsOrCharges`	$2.40M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	$1.60M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Increase in real estate	`IncreaseDecreaseInInventories`	$209.80M	USD	1 Quarter
Increase in real estate	`IncreaseDecreaseInInventories`	$49.90M	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$900.00K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.80M	USD	1 Quarter
Decrease in accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.60M	USD	1 Quarter
Decrease in accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-900.00K	USD	1 Quarter
Decrease in accrued development costs	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.20M	USD	1 Quarter
Decrease in accrued development costs	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-24.30M	USD	1 Quarter
Increase in earnest money deposits on sales contracts	`IncreaseDecreaseInContractWithCustomerLiability`	$19.50M	USD	1 Quarter
Increase in earnest money deposits on sales contracts	`IncreaseDecreaseInContractWithCustomerLiability`	$10.50M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-156.70M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-49.80M	USD	1 Quarter
Expenditures for property, equipment, software and other	`PaymentsToAcquirePropertyPlantAndEquipment`	$200.00K	USD	1 Quarter
Expenditures for property, equipment, software and other	`PaymentsToAcquirePropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSalesOfAssetsInvestingActivities`	$1.60M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSalesOfAssetsInvestingActivities`	-	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.50M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-200.00K	USD	1 Quarter
Cash paid for shares withheld for taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$100.00K	USD	1 Quarter
Cash paid for shares withheld for taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$200.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-100.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-200.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-48.40M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-157.10M	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$216.40M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$616.00M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$458.90M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$264.80M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$216.40M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$616.00M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$458.90M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$264.80M	USD	Point-in-time
Notes Issued	`NotesIssued1`	$9.90M	USD	1 Quarter
Notes Issued	`NotesIssued1`	-	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.37B	USD	Point-in-time
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.22B	USD	Point-in-time
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.20B	USD	Point-in-time
Net income	`ProfitLoss`	$20.80M	USD	1 Quarter
Net income	`ProfitLoss`	$38.20M	USD	1 Quarter
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$200.00K	USD	1 Quarter
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$100.00K	USD	1 Quarter
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$600.00K	USD	1 Quarter
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$900.00K	USD	1 Quarter
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.37B	USD	Point-in-time
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.22B	USD	Point-in-time
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.20B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	49.91M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	49.90M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.