FOR - Earnings call transcript Q3 2022

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Operator

Good afternoon. And welcome to Forestar’s Third Quarter 2022 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your question-and-comments after the presentation. [Operator Instructions] I will now turn the call over to Katie Smith, Director of Finance and Investor Relations for Forestar.

Katie Smith

Thank you, John. everyone. afternoon, Good the to discuss third Forestar’s And call results. quarter welcome to joining for you us. Thank

started forward-looking XXXX. Before by call we today’s get includes Securities Reform the Litigation statements Act of Private defined as

based to call Although any date Forestar obligation no that undertake based or All outcomes Forestar actual on upon and of any not forward-looking different. assumptions, not any materially statements such are the assurance be believes will we forward-looking revise there do on update publicly. statements information is conference reasonable this are to available statements

the changes Additional website performance investor is report call, This Investor After that information to week. at its and release on later are the about could updated Securities issues we this XX-K Relations file with your both under Form earnings contained & on lead most an plan annual presentation and XX-Q post investor.forestar.com to Presentations to afternoon’s for Forestar’s Exchange XX-Q, Events material quarterly reference. report which Form and this site Commission. our in we recent and is will of on filed our

I our CEO. Dan turn the Bartok, Now call to will over

Dan Bartok

Thank good and afternoon, everyone. you, Katie,

Katie, call team deliveries to to increased to by or our I X% the year to to In addition million million while Revenues over year-over-year income XXX% share. third XX% points X,XXX. XXX% net our Jim million, $XX.X basis XX.X%. increasing pretax a on Chief $XXX.X by diluted to income Pretax the margin lot XXXX $X.XX from and profit quarter prior pleased to expanded strong joined today Financial be delivered Officer. am $XX.X Forestar Allen, by The highlighted by per decreased decreased

related increased materials. below shortages municipality the our certain to of extent, This for headwinds delays, primarily was quarter to deliveries lot the to and lesser development Our a process. in due expectations, fell

soon accounting consecutive on of demand However, supported finished by remained seventh quarter, hand strong Customers for XX% continue own completion. the finished the Forestar’s less purchase our quarter portfolio. lots after lots for than lots during to

Forestar percentage closings lots Horton to to continue Horton’s D.R. as a sold year-over-year. D.R. were grow of

to other XXX% compared prior increased lot to than customers D.R. our quarter. Additionally, sold year the Horton

continued improvement our teams, our As pretax year-over-year focus profit both demand in and and achieve significant of margin we result a sequentially.

Our profitability into efficiency on and returns our focus increasing shareholders. capital higher is for translating

for and Forestar ninth equity ago the ended rose rates period market quickly consecutive Interest in trailing same and was improvement. accordingly. June very months year XX, XXX-basis-point achieved XXXX. June a return adjusting improvement our from quarter ROE XX.X% XX the a This housing the on a of is

we deteriorate will Although, we lots new the continue did not starts see third during to quarter, moderate. expect finished demand for home

our closing updated quarter end Jim? results We and will third now in remarks call detail I and discuss the with will more guidance.

Jim Allen

to X,XXX Forestar’s third $XXX.X $XX,XXX. prior you, to revenues compared Thank share, or XX% increased income diluted lots, the net quarter. per quarter million in sold XXX% $X.XX In price year-over-year the to decreased an decreased million Lots sales diluted Dan. share to $X.XX per third million. of X% $XX.X quarter, Consolidated average year with or $XX.X

Our geographic lot and average was higher sales price than mix of quarter lot the deliveries. this due to size second quarter the

due We continue to price expect fluctuate will to our average quarter-to-quarter factors. sales those

lots We to sourced, source sold projects make XXXX. in are Forestar the Forestar, quarter of compared the lots to by pleased that from were we more delivering XX% quarter progress continue third in of XX%

customers increase XXXX. the quarter to were other Horton, customers to sold XXX% sold Additionally, quarter. third of D.R. was their XX to controlling other than first third this lot quarter the compared interest a quarter We projects. in that XXX% other were Horton X% lot the D.R. from customers from development than which quarter sold Forestar’s the prior D.R. since lots XX% lots up of Horton, during to acquired year fiscal is XXX sold of deliveries in

about excited are of customers Dan? the target achieved expanding lots over to the our have to we progress intermediate approximately We other base in selling significant XX% and our continue term. customer

Dan Bartok

XXX% income million pretax for Our with of profit third the margin quarter pretax to increased $XX.X XX.X%. a

The of X% I was extinguishment an my notes. in quarter to said loss opening senior on million the prior As improvement of X,XXX year included of compared related this the to basis $XX.X the remarks, over an company’s pretax points redemption year quarter. debt prior

$XX.X for quarter basis increased that XXX our profit XX% improved our million Excluding third income points. margin charge, and pretax pretax

points was year primarily basis a sales quarter. expanded to quarter the as margins compared the ago. by XXX to on increased compared XX.X% XX%, profit X.X% sourced in from a percentage gross projects year Our expense development in due third revenues prior this quarter of Forestar. to X.X%, to improvement was margin SG&A The lot

manage higher our this expected efficiently While will percentage full fiscal a SG&A for while Katie? We focused single-digit to lot remain teams. this than was quarter, our we at on business our SG&A in fewer year. investing due continue deliveries we mid believe managing the to

Katie Smith

for inventory annual months. and includes return within of return underwriting development pretax projects criteria the on the investment initial XX Forestar’s new a XX% cash minimum

$XXX $XXX million, land and investments During Fiscal development. for $XX which was was and totaled third investments billion. in approximately land development quarter development in of the land land land million for $X.X our million and year-to-date, land totaled

subject land We to continuing and now four-year fiscal target lots. projects a continue in very a of inventory land conditions $X.XXX to new we at development billion owned remain investing to in portfolio be to within owned are invest We and focused market three-year to developing pace. our projects approximately selective land discipline plan during and on and XXXX when land

XX,XXX lots were XX,XXX seven majority lot portfolio consecutive for to have position controlled owned At had lots, Finished hand. XXth XXXX. finished we less of quarter of owned The than June Forestar’s was prior XX,XXX through lots of at under Forestar’s and our quarters. lots accounted owned were for on contract lots which put X,XXX purchase end, contracts. were lots XX%

capital consistent intensely At are on our with from our Forestar, phases a finished June by to managing up ago. market year our XXth, XX% a that ensure development focus delivering sourced in we’re of owned XX% and focused returns. efficiency demand were matches lots lots on at pace We

sold higher to quarter As of lots projects were percentage Jim in sourced Forestar’s from will up more year XX% deliver That the a trend ago. said, by projects XX% sourced continue Forestar, to from lots. start as

Of also Horton, to representing visibility revenue. owned future revenues. our XX% lots, billion to $X.X contract are into D.R. have sell of We XX,XXX under good future approximately

D.R. on executed lots Jim? a based Purchase to our owned subject offer Sale agreements. right and Additionally, XX% of are to of first Horton

Jim Allen

million strong Forestar and unrestricted a $XXX end, approximately remains on quarter ample sheet liquidity, maintaining liquidity we of had focused million with and including At $XXX balance modest million cash of $XXX leverage. net on until of senior revolving our XXXX no and facility. quarter note XX.X%. with ratio capacity available end Total credit debt our million was maturities June at $XXX at was debt-to-capital XXth

Forestar’s conditions, competitive administrative advantages. capital developers and more project key by makes is traditional while encumbered one structure costs. to it which level Most of adding difficult our financing, are changing market complexity react land to

stockholders $XX.XX, effectively our XX% up was Dan? attractive financing year Our and strong corporate us positions end, value equity and opportunistic level from per opportunities ago. economic $X.XX a At changing when quarter conditions liquidity enable be operate us billion increased to through to book themselves. to present and share

Dan Bartok

We rising shortages rates, municipality delays inflation, expect of environment materials. due the interest to certain challenging persistent remain continued will and

navigate teams solvers they our exceptionally to and problem However, well. relentless are continue this environment

We can we will proactive control. in be continue to the areas

continue starts remarks, my in expect opening said will home we I to new As moderate.

We also expect period experience lot a reduced of to brief deliveries.

updating midpoint are range pretax guidance press As XX% for profit to of our we prior XX.XX% expect outlined the in the with to We for our consistent now XX.X%. fiscal year, of be XXXX. our release, approximately margin our

approximately guidance XX,XXX revenue, We to deliver XX,XXX of this expect year, $X.XXX deliveries, generating billion to $X.X billion to revenue. of roughly generating prior between compared our lot lots of XX,XXX

Finally, we expect be effective still to XXXX tax approximately rate in fiscal our XX.X%.

homebuilders the time, of the demand fragmented persist finished market in some on that experienced long-term cycles. seasoned management We navigating national may in has focus balance self sheet strong with finished and shift developers footprint, instead market towards remain share of development of the market lot to their will Although, our positive for team ability that outlook buying and this third-party lots to believe to continue we gain developing, industry. uncertainty lots for transition our

value deliver extremely our John, this we further time, well-positioned will now to questions. to is shareholders. for Forestar at the line open

Operator

And Instructions] the Wells question [Operator you. Raghavan Thank Fargo. Deepa coming from with first is

Your live. line is

Deepa Raghavan

some about to question. future would those see you Dan, Thanks Good able markets be the land about impact off, you can expect are perhaps, evening, know, change you as to where Hi. looking some fall Also, changes? talk the to most? you housing of taking bring slowdown for your mix, my everyone. of

Dan Bartok

fall pinpoint the release I off are from I think, really so morning I point, know at of one that pick single-family point, paying Obviously starts down permits we’ve the in Well, this any much And demand, is the it XX% don’t housing at about this starts, or -- somewhat seen housing year-over-year. starts anticipated. are on this market. can’t --

and being attempting conditions just We’re continue adapt cautious to as change. to market

is there’s changing before -- own point almost today that this our contract about lots two-thirds As that of were the strategy, XXXX. far land our at put nothing strategy, under as I we --

current and lot our diversified think the as appropriately our and land I very feel relates position. land to actually current about and we’re good really permits market-by-markets. feel I about we So it good basis in positions. that And our

Deepa Raghavan

Okay.

you curious, share the [inaudible]? high starts would take planning housing do level appreciate of next be starts would housing opportunity you what for you didn’t year. business cycle, but You in forecast a for your just have the at I brought a housing to starts, level, down up have

Dan Bartok

report looking earlier Wells Well, at the actually, I Fargo was today.

estimate the I year don’t is got down single-family’s information think, group. think rapidly. your report from starts. from that I again, to X.X% X% next market But in was I now, your about got know pretty our and right So some data, how of I changing for But that at your -- think I -- old least we is

across starts weeks Board. last the over to kind builders start the Just several we’ve seen moderate of

Deepa Raghavan

fair. delays. That’s I think, one right. you’ve prepared My and your moderating question, housing demand, to squeeze mentioned also if released can commentary also in. All municipal your Anyway last mentioned,

attribute curious much pull housing in in close back wise, XK you pull to market last question? to and back out attribute the delays municipal you the how Thanks. and would much of to would that, volume Just that’s how

Dan Bartok

Okay.

see finishing they in were For being may we quarter, we our basically as bring is prior lots, really what the to for this demand purchased, future did those lots. -- were going of not the impact still be

we pretty the staying all of had steady year-over-year, lot are prior our still at didn’t much builders change talking it finished we number. the So a And quarter. other lots, calls our funny or finished several really I’ve sold calls, until we and they that discussions delays. lot and not really inventory municipality on were have as last It’s experienced past been had, about this quarter-over-quarter

came as platted in So didn’t the lot. from it getting just somewhat ground of have municipalities, those was getting ability right plats just lots the to a delays certifications -- to finished, the that paperwork the the the run transact we and us. surprise that final recorded, really that But sell

Deepa Raghavan

Thanks Okay. Good much. very luck.

Dan Bartok

Thank you. Yeah.

Operator

question next Patterson is Wolfe Research. Truman The coming Okay. with from

Your is line live.

Truman Patterson

time Good and I Thanks a I hard for questions Deepa. taking everyone. hearing was do my afternoon, Hey. having apologize,

on land competition apologize. it based land the generally whether your are you attempting many back the there just to questions, a bidding you So hoping of pause on a count, actually land soften prices are market. like on lay can of all Are metros, kind But and on sequentially. to in I’m option double parcels activity terms kind you’re the up builders renegotiate give of bit a I hearing looks bit I have standpoint, lot from land -- the starting see during so pulled whether quarter any us you if certain

Dan Bartok

Okay.

lots. past and about actually, stayed over in ago our we controlled our you if year, started acquisition a at and year-over-year slowing really inventory land First, steady owned pretty look we of lot really back year our the kind

As doing, we’re about contracts. markets what other builders builders dropping and clearly far as hearing

coming in into where land that the that are instances that know firsthand and some land into has builders, letting yet. don’t prices back seeing contracts they’re just that tied translated I -- We’re was up reduced the market. they’re by those go

was it’ll realize the I they overstated. to probably to value encountered -- landowners before the little for that think longer a that is track maybe take

Although, we landowners the -- later of get of wasn’t some the sometime year do we anticipate realistic up about mean, kind seeing the it this tightened little maybe there a expect really in that other land became terms, to I that some closing more pricing some that the of terms was for was for a through buyers. diligence as it and of as far much as prices while norm entitled short periods on as land and

that I that again, marketplace that soften, seen we but So that yet. I the in expect will don’t know have

Truman Patterson

Okay.

for Thanks rates here. bit that. Okay. a cooled and with higher homebuyer moving clearly And then, has demand

land capture do develop slowdown you even market the of You the advantage bit your talking and liquidate but competitive grow bank XX I share, all shore think, coming, you who the up over starts mentioned it, over go take financial your single-family perhaps, a about land of refinancing maybe or portion what months, trying a you the current cash, to incremental But I’m down little a -- just owned is the earlier. call just even were advantage of strategy out bank? understand and we’ll being bit really do and peers,

Dan Bartok

Well, If opportunities of our we advantage we we the lot But pricing prices, don’t liquidity balance buy years good come in good of -- year the those to we looking able need up attractive reasons couple to keep is we’re same we that reasonable become to see take going maybe to land I opportunities. those progresses. more land to locations, opportunities. that expect with out of that’s and to a ago for the of a as did a Again, be in go portfolio. be of strong terms sheet more reasonable will feel at want constantly one build

day-to-day, quickly a places as a out can. I starts around, moderation inventory that best turns the just as at kind some we’re we at to the potentially looking trying every on can monitoring the closely changes subdivision, adjusting can. everybody’s but lots that demand we subdivisions little have, Maybe staging underlying our completed make fashion had the really being. up looking we partially sales, of spec think many there But not from it’s in adapting some so we we’re with when expect are of but we necessarily or can as some lots, again, each and we lot quickly as watching in reduced and grown in So, react deliveries time loaded bit experimenting a we sure starts, it’s and maybe where finished as builders for as and

Truman Patterson

me, I’m what is your the really which But final just before bank like, deals, optioned you have hoping look just can of given Okay. to clearly land? think years. or for And attractive of might, a then basis, us controlled some conditions optioned land from aside market that one need through, a of step pretty third land would the like appreciation past help you couple

Dan Bartok

on are? basis Again, looking one, and positions the What that land returns, long can like if in making I -- how and lot really cash quickly. activity about again, we a that just deploying, we’re make return trying our you think at, that in it’s focused project-by-project What what sales too we’re those we think, we’ll on aren’t other the that be to are do on looks relatively land we It’s sure own sure markets. area?

deal-by-deal know So done is widespread a going I -- for question, that on to submarket-by-submarket there’s answer but because a be basis. and don’t really it basis your any it’s

Truman Patterson

Got Okay. you.

bit the land amount a declines it’s level market, that thinking land it, of you’re more like price when any you or that of market. the have So in anything in through about than the rather

Dan Bartok

pretty literally of mean, days, up. of opportunities lots spend parts to able to of granular. Again, we they Yeah. now, we come But right take as it’s be I our darn hope the we at inventory project-by-project local understanding -- development as and land through development make project lots on, every a looking decisions and inventory putting or day purchases. future slowing into going or and/or advantage

Truman Patterson

for Thanks in luck taking quarter. and Okay. Perfect. the good questions my upcoming

Dan Bartok

Great. Thanks, Truman.

Operator

next Up we line Downey Max BTIG. have with is Okay. your Max, live.

Max Downey

questions. guys. for Hey, taking my Thanks

materials particular right there side, are material So on are the causing delays any that now?

Dan Bartok

are one just widespread. the another. of electricity is utility just transformers kind power to be to can’t one prominent, done, we’re say probably seems with of company. location that most not It get be But common can versus It’s them get electricity. waiting the them, two the most I’d actually, is subdivisions we that lots There’s getting on having from to probably hot that’s problem but companies

it’s, itself, long to seems The second and it’s concrete pipe in best there’s two that and in there’s pipe I distance. necessarily material most the pipe the of is, then the we pretty is the determine actually there shortage of reinforced that we’re locally. and is can here, our locations national again, is shipped reinforcing pipe think that over And isn’t made a a China scope made experiencing be That’s is send that at wire areas a in lot as to shortage that. it the biggest us probably pipe made of that’s is projects, and but close It goes delays.

Max Downey

question And you. my discussed and you a assets. interest for Thank you your seen or operators any of is, thoughts quarter interest up last some updated That’s this general? down build-for-rent you do in an it. on really helpful. either the second demand Have the change space Got then quarter guys have or from

Dan Bartok

the point, to seeing strong. be we’re this demand still At

we and of have think might pricing think, cap we appearance maybe pricing back a they can gone a least little bit land. what the look little interest pay as at has up to because additional rates and develop up be expect We as might -- sell gone rates parcels, into I for they softer, be the

We space. looking the at are continually

was transaction visibility unique to sold transaction. a we in It’d for at in which continue was subdivisions. that some look to particular to way parcels the a yeah, as but, that the have demand build-for-rent will that brought market more it a viable And that probably our lots We happening. structured, be little space

Max Downey

so much, Awesome. guys. Thanks

Dan Bartok

Thanks.

Operator

with [Operator live. your next Instructions] Citigroup. is Pettinari line Anthony Up we Anthony, have

Asher Sohnen

on you is home Thanks if have any? to I book just want or your volumes, Asher Anthony. would know, what thinking see to scenario, the my about sales impairments you home Sohnen This for of to price questions. start materialized potential kind Hi. for taking before could client

Dan Bartok

increase When what One their over of lot a of That’s prices, up. run prices think a have I a think, home and that factors historical about up. their been able there’s have hard material home I costs have driven always couple been question. to builders margins I a rate is, may run have think

So going there’s I the be if downward, some to -- price adjusting think think there’s a to there’s two themselves. lot going I before gets be it room prices to

haven’t on pricing. -- And a under any we of and lot contract far, portfolio So seen was up our think put pushback lot XXXX. our we’ve I before again, tied

-- So our about we on project-by-project again And that really it if -- at a will on prices have fallen bases. feel be just a good land really it substantially. we see basis, looked will

give I prices. before would pricing room and it a think incentives there’s lot for impact bit for builders to adjust quite

Asher Sohnen

Thanks. That’s helpful.

been it? in your maybe the get XQ Is could volumes you’re we seeing a next in XXXX but strong XQ rate question think about good was, as just being year in the that year-over-year imply we not maybe in XXXX delivered fiscal yet, have you’re a going guide kind how some you’re in so XQ. decline of the the some Another is and or to year delays of pretty to reacceleration I run XQ about directionally, for had it following should full seems think fourth obviously, quarter,

Dan Bartok

guidance really good look don’t is we’re the again, bit to what really Yeah. I’m -- We going for little don’t it’s -- know That’s future -- reason. a like. I given not not unclear.

rate if on which to We’re going growth us. the retain achieved changed have hadn’t really that positioned the we market to could be

and unfold. smarter still in I rises. think see are every we fed rate get to as further sales interest talking so -- this the week what we how results all come about going is Obviously,

do the really but we I point. expect, for anything been operating have to wouldn’t what know we just and to this run don’t be look retain QX to forward at really that we’re So positioned which at rates able

Asher Sohnen

Okay. really Thanks. over. turn it helpful. That’s I’ll

Operator

Mike we JPMorgan. next Up Okay. have Rehaut with

Your line live. is

Mike Rehaut

afternoon, everyone. Good Thanks.

of Just reduced curious from delays fiscal terms on builders versus should XXXX, of about that two cited, being the think that the for the lots, in how walking delivery guidance municipal away different lot reasons you option we nearly X,XXX contracts?

Dan Bartok

Yeah.

that [ph] adjust contracts every this little second there, contracts, the first. and the in got option fill We see ahead game at stage in sell any of prices. default. to If I is us. of one and to to lots away terms walking bit is have from don’t them those those builders those contracts. at don’t in rather contracts think contracts we compliance still we have I What of really I required one for of least the would room are anything, takes contracts of a builders with those the have change before have

is kind in it a finger So, of some honest with of just the be you. to wind,

were off. So changing of expecting sign know we’re plats I municipalities and demand is from it’s -- -- really clearly in ability if was significant approved. not what I handicap be anything and versus to lot delays it get it would through to to don’t delays and was change seeing a of in it to delays, -- really the happen certifications what the mean, but don’t those some say, and went less, there in one on people I pretty getting the months understaffing are the we’re continued lot the get again see or other. municipality. know plats the how widespread just us, final those vacation I it to or recorded summer for the

probably a it even think I blend pretty the two. between is

Mike Rehaut

Okay.

main other to walking from takedowns contract, not out it’s So the delays, delays, fair just pushed that a the away in market other or Is necessarily reduced more but slower aside option words, but and XX-XX, takedowns. municipal from reason say? the maybe roughly

Dan Bartok

right. That’s Yeah.

had won’t process the I think like in lot past. are that they builders adjusting they the the I be their accelerating in takedowns, of expect been starts and those

Mike Rehaut

Right.

Okay.

a gross to, and SG&A for the quarter trying it significant well the more require $XX on then maybe triangulate the you But the and looking Jim. at Is should about kind keep of margins, the to of of $XX extrapolate of fourth SG&A that to this X.X% of it this flow of the gross did for question last, XX.XX% XX might quarters? margin, for million quarter the you’re couple through. like, and as when side, margin you seems of expect million, a at if kind pretax the SG&A that or would be type on posted cut and you just $XX right percentage any Next, each million run dollar we it off rates way that think type that, that you last SG&A

Jim Allen

No.

right. delivery really think we We We But just the way the quarter was is did sourced having also Forestar -- communities with thinking in kind lots, quarter. was QX. banking. margin to helped higher no in a again, I revert a and what our it in some and a I just the strong -- we lot you’re gross mean, expect higher we’re little back more margins the about of this that margin mix. third of had had had to mix which

won’t so look SG&A leverage run our think that to to I lower originally expected fourth terms of probably we have volume, QX similar, probably, probably dollars, very more similar the in -- but quarter and operating on we So rate margins have.

Mike Rehaut

on persist, cuts were to or be that it that just Would you’re you’ve next of a basis a that out yet But to if million infrastructure next you’re kind plus extent the type and guidance deleveraging? to over for guess year. extrapolating the more of like looks continue several $XXX to minus and like try order run not to the you you hit less bit $X expecting quarter I of Right. the want rate, just put with the in of understanding off SG&A as okay going what giving or any to that little or and half. in back create and we maintain -- years, should a built

Jim Allen

Yeah.

think what -- I overreact. to don’t for now, we do we want right is

platform. We have built a great

-- of at probably and team for our pretty adjust expect is that headcount, overreact a the hold fabulous with can time to many the that transaction notice, in we what have. half were the will start don’t time we first now, years want we dismantling and we look flat. but You ago, for four At flat down quarter-over-quarter and if since you we obviously, actually least later the to road, the do Horton

we team So intend intact. to that keep

Mike Rehaut

should be little the to else deterioration, a Right. market One further here period, difficult you’re municipal a forecasting and everything now delivery little know be you plus lower? the a a you quarter. level last or deliveries But that I a could number expect that equal, reduced fourth one, rate quarter, higher in I the quarters this the said delays and minus know be a depending if kind with if further the be could, brief of outside stabilizes lot at earlier answer. it’s repetitive, of to I or next little it market on slowing or few is might this of or call in conservatism, X,XXX a

Jim Allen

are months We future as We the severe nine that, accelerate Again, something back is will to I to be. now that these that be as as still today, think going they been six that that’s real recently. to deliveries in positioned months we continue. wouldn’t don’t or need but they from will think we’re it lot adapt municipal I But delays think, expect run our rate. that

at come that still seeing fruition. to expect stage, again, that demand And the for we’re So we will this the lots.

now, think it’s don’t going Our to I But, again, anticipation really that long. is soften. be will right it that

right size going costs project-by-project basis. their builders building expect to try to starts And kind to I a are down, think as the of reaccelerate. inventory their we come on

week-to-week month-to-month we’re can. we a but -- still and basis -- to on to So and as adjusting monitoring be continue

Mike Rehaut

Right. much. Thanks Appreciate so it.

Jim Allen

Thank you.

Operator

Okay.

I’d have the Bartok floor further in remarks. queue. Dan closing questions like We for no to turn back to

Dan Bartok

today. I in to you. focus hard your John. fourth We look speaking And team again appreciate time call forward thank work. everyone results. on our with you, the for to share you to everyone’s quarter and Thank November the Thank Forestar you on

Operator

you, Thank today’s does gentlemen. conclude and ladies This event.

You wonderful time a your may Thank you disconnect and participation. at this for day. have

Forestar (FOR) 20 Jul 222022 Q3 Earnings call transcript