$FOR
Forestar Group Inc.

2018 Q1 Form 10-Q Financial Statement

#000140658718000004 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $22.60M $22.31M
YoY Change 1.32% -40.71%
Cost Of Revenue $16.10M $50.60M
YoY Change -68.18% 166.32%
Gross Profit $6.500M -$28.33M
YoY Change -122.94% -252.49%
Gross Profit Margin 28.76% -127.02%
Selling, General & Admin $5.400M $4.700M
YoY Change 14.89% -27.69%
% of Gross Profit 83.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.296M $1.485M
YoY Change -12.73% -68.97%
% of Gross Profit 19.94%
Operating Expenses $5.400M $9.700M
YoY Change -44.33% -47.85%
Operating Profit $3.601M $36.24M
YoY Change -90.06% 166.63%
Interest Expense $2.100M $2.235M
YoY Change -6.04% -70.74%
% of Operating Profit 58.32% 6.17%
Other Income/Expense, Net
YoY Change
Pretax Income $4.700M $41.04M
YoY Change -88.55% 584.88%
Income Tax $100.0K $16.21M
% Of Pretax Income 2.13% 39.5%
Net Earnings $4.500M $25.21M
YoY Change -82.15% -675.98%
Net Earnings / Revenue 19.91% 113.0%
Basic Earnings Per Share $0.11 $0.60
Diluted Earnings Per Share $0.11 $0.59
COMMON SHARES
Basic Shares Outstanding 41.94M shares 42.10M shares
Diluted Shares Outstanding 41.97M shares 42.41M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $436.4M $337.4M
YoY Change 29.34% 136.61%
Cash & Equivalents $436.4M $337.4M
Short-Term Investments
Other Short-Term Assets $6.000M $2.400M
YoY Change 150.0% -33.33%
Inventory $0.00
Prepaid Expenses
Receivables $1.400M $9.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $443.8M $348.9M
YoY Change 27.2% 33.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.828M $2.621M
YoY Change -30.26% -74.29%
Goodwill $0.00
YoY Change -100.0%
Intangibles $448.0K
YoY Change
Long-Term Investments $17.28M $79.26M
YoY Change -78.19% 0.32%
Other Assets $42.70M $30.20M
YoY Change 41.39%
Total Long-Term Assets $337.3M $414.7M
YoY Change -18.66% -39.65%
TOTAL ASSETS
Total Short-Term Assets $443.8M $348.9M
Total Long-Term Assets $337.3M $414.7M
Total Assets $781.1M $763.6M
YoY Change 2.29% -19.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $5.600M
YoY Change -62.5% -34.88%
Accrued Expenses $17.90M $10.40M
YoY Change 72.12% -63.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.40M $33.90M
YoY Change 36.87% -31.24%
LONG-TERM LIABILITIES
Long-Term Debt $109.8M $111.8M
YoY Change -1.79% -70.01%
Other Long-Term Liabilities $14.90M $30.60M
YoY Change -51.31% 20.0%
Total Long-Term Liabilities $124.7M $142.4M
YoY Change -12.43% -64.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.40M $33.90M
Total Long-Term Liabilities $124.7M $142.4M
Total Liabilities $171.1M $176.3M
YoY Change -2.94% -60.62%
SHAREHOLDERS EQUITY
Retained Earnings $60.83M $37.81M
YoY Change 60.9% -174.98%
Common Stock $548.0M $594.7M
YoY Change -7.86% -0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $46.72M
YoY Change -3.36%
Treasury Stock Shares 3.005M shares
Shareholders Equity $608.8M $585.8M
YoY Change
Total Liabilities & Shareholders Equity $781.1M $763.6M
YoY Change 2.29% -19.46%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $4.500M $25.21M
YoY Change -82.15% -675.98%
Depreciation, Depletion And Amortization $1.296M $1.485M
YoY Change -12.73% -68.97%
Cash From Operating Activities -$114.0M -$2.379M
YoY Change 4691.89% -147.49%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.400M
YoY Change -100.0% -38.46%
Acquisitions
YoY Change
Other Investing Activities $228.7M $77.10M
YoY Change 196.63% 39.17%
Cash From Investing Activities $228.7M $74.69M
YoY Change 206.21% 45.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$89.00K -$676.0K
YoY Change -86.83% -93.41%
NET CHANGE
Cash From Operating Activities -$114.0M -$2.379M
Cash From Investing Activities $228.7M $74.69M
Cash From Financing Activities -$89.00K -$676.0K
Net Change In Cash $114.6M $71.63M
YoY Change 60.01% 55.04%
FREE CASH FLOW
Cash From Operating Activities -$114.0M -$2.379M
Capital Expenditures $0.00 -$2.400M
Free Cash Flow -$114.0M $21.00K
YoY Change -542952.38% -99.76%

Facts In Submission

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CY2018Q1 us-gaap Long Term Debt
LongTermDebt
109825000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
1420000 USD
CY2018Q1 us-gaap Minority Interest
MinorityInterest
1166000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-676000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-89000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
74689000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
228706000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2379000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-113999000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
25205000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
4534000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
40000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
46000 USD
CY2018Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
14 Project
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2018Q1 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
13600 Lot
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
36235000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3601000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5942000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
12166000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
2968000 USD
CY2018Q1 us-gaap Other Assets
OtherAssets
2924000 USD
CY2017Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
5082000 USD
CY2018Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1888000 USD
CY2017Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
38616000 USD
CY2018Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
536000 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
13934000 USD
CY2018Q1 us-gaap Other Liabilities
OtherLiabilities
14907000 USD
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-945000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1588000 USD
CY2017Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
676000 USD
CY2018Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1652000 USD
CY2017Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1553000 USD
CY2018Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
24000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
980000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2017Q1 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
13740000 USD
CY2018Q1 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
149052000 USD
CY2017Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1915000 USD
CY2018Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2017Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
2400000 USD
CY2018Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
0 USD
CY2017Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
17000 USD
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
36000 USD
CY2018Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
130487000 USD
CY2017Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3118000 USD
CY2018Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
5962000 USD
CY2018Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
228555000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
25245000 USD
CY2017Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2018Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
300000 USD
CY2017Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1511000 USD
CY2018Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
187000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
304000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
207000 USD
CY2017Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
77510000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
4580000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2003000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1828000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
40017000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
40013000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
56296000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
60830000 USD
CY2017Q1 us-gaap Sales Of Real Estate
SalesOfRealEstate
20752000 USD
CY2018Q1 us-gaap Sales Of Real Estate
SalesOfRealEstate
22575000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
22305000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
22599000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
843000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
94000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
604212000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
608840000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
605632000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
610006000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
441000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42406000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41966000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42097000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41939000 shares
CY2018Q1 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Change in Fiscal Year</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the Merger, we changed our fiscal year-end from December 31 to September 30, effective January 1, 2018. This change aligns our fiscal year-end reporting calendar with D.R. Horton.</font></div></div>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items have been reclassified from other operating expenses to cost of real estate sales and other in the prior year financial statements to conform to classifications used in the current year. These reclassifications had no effect on our consolidated operating results or balance sheet.</font></div></div>

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