Forestar Group Inc. (NYSE:FOR) Q1 2024 Results Conference Call January 23, 2024 5:00 PM ET

Company Participants

Katie Smith - Director of Finance and Investor Relations

Andy Oxley - President and CEO

Jim Allen - Chief Financial Officer

Mark Walker - Chief Operating Officer

Conference Call Participants

Truman Patterson - Wolfe Research

Carl Reichardt - BTIG

Asher Sohnen - Citigroup

Doug Wardlaw - JPMorgan

Operator

Good afternoon. And welcome to Forestar's First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal participation [Operator Instructions]. Please note, this conference is being recorded.

I will now turn the conference over to Katie Smith, Director of Finance and Investor Relations for Forestar.

Katie Smith

Thank you, John. Good afternoon. And welcome to the call to discuss Forestar's first quarter results. Thank you for joining us. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although, Forestar believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to Forestar on the date of the conference call and we do not undertake any obligation to update or revise any forward-looking statements publicly. Additional information about factors that could lead to material changes in performance is contained in Forestar's annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are or will be filed with the Securities and Exchange Commission. Our earnings release is on our Web site at investor.forestar.com, and we plan to file our 10-Q tomorrow. After this call, we will post an updated investor presentation to our Investor Relations site under Events and Presentations for your reference.

Now I will turn the call over to Andy Oxley, our President and CEO.

Andy Oxley

Thanks, Katie. Good afternoon, everyone. I'm joined on the call today by Jim Allen, our Chief Financial Officer; and Mark Walker, our Chief Operating Officer. Before we discuss this quarter's results, I would like to take a moment to introduce myself since this is my first quarterly public conference call. I joined Forestar at the beginning of the calendar year transitioning from my prior tenure at D.R. Horton. While there, I served in numerous roles, the most recent being Senior Vice President of Business Development. In addition to being actively involved in D.R. Horton's relationships in Strategic Land Banking and Development, I oversaw opening new markets and M&A activity, including being involved in the D.R. Horton investment in Forestar. I'm excited to have joined the Forestar team and the opportunity to serve in my new role as CEO. I have the utmost respect and appreciation for what Dan Bartok, the company's previous CEO and the Forestar team accomplished with Dan at the helm. We thank him for his many contributions to Forestar during his six years of service. Forestar's strong balance sheet, healthy pretax margins and robust land portfolio positions us well for future growth. With over 25 years of experience in land acquisition, development and homebuilding, I'm confident we will continue to expand Forestar's platform and operations to further strengthen our position as a leading lot developer. We remain focused on investing for future growth, turning our inventory, maximizing returns and consolidating market share in the highly fragmented lot development industry.