Forestar Group Inc (FOR) 2026 Q2 法說會逐字稿

Good morning, and welcome to Forestar's second-quarter 2026 earnings conference call. (Operator Instructions)

早安，歡迎參加 Forestar 2026 會計年度第二季財報電話會議。（接線員指示）

I will now turn the call over to Chris Hibbetts, Vice President of Finance and Investor Relations for Forestar.

現在我將把電話交給 Forestar 財務與投資人關係副總裁 Chris Hibbetts。

Thank you, Paul. Good morning, and welcome to our call to discuss Forestar's second-quarter results. Before we get started, I want to remind everyone that today's call includes forward-looking statements as defined by the Private Security 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 this conference call, and we do not undertake any obligation to update or revise any forward-looking statements publicly.

謝謝你，Paul。各位早安，歡迎參加我們的電話會議，一同討論 Forestar 第二季的業績表現。在開始之前，我想提醒各位，今天的電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。儘管 Forestar 認為任何此類陳述係基於合理假設，但無法保證實際結果不會出現重大差異。所有前瞻性陳述均以本次電話會議當日 Forestar 可得之資訊為基礎，我們不承擔公開更新或修訂任何前瞻性陳述的義務。

Additional information about factors that could lead to material changes in performance is contained, and Forestar's annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission. Our earnings release is on our website at investor.forestar.com, and we plan to file our 10-Q later this week. After this call, we will post an updated investor presentation to our investor relations site under events and presentations, for your reference.

有關可能導致業績出現重大變動之因素的更多資訊，載於 Forestar 的 Form 10-K 年度報告及其最近一期 Form 10-Q 季度報告，兩者均已向美國證券交易委員會提交。我們的財報新聞稿已發布於 investor.forestar.com；我們計畫於本週稍晚提交 10-Q。於本次電話會議結束後，我們將在投資人關係網站的「活動與簡報」欄位上傳更新後的投資人簡報，供各位參考。

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

現在，我將把電話交給我們的總裁兼執行長 Andy Oxley。

Thanks, Chris. Good morning, everyone. I'm also joined on the call today by Jim Allen, our Chief Financial Officer; and Mark Walker, our Chief Operating Officer. The Forestar team achieved solid second-quarter results, generating revenues of $374.3 million, a 7% increase from the prior-year quarter on 2,938 lots sold. Our pre-tax income increased 8% from the prior-year quarter to $43.9 million. Our book value per share increased 10% from a year ago to $35.66, and our contracted backlog remains strong with visibility towards $2.2 billion of future revenue.

謝謝，Chris。各位早安。今天與我一同參與電話會議的還有我們的財務長 Jim Allen，以及營運長 Mark Walker。Forestar 團隊在第二季取得穩健成果，於售出 2,938 個地塊的情況下，營收達 3.743 億美元，較去年同期成長 7%。稅前利益較去年同期成長 8% 至 4,390 萬美元。每股帳面價值較一年前成長 10% 至 35.66 美元；已簽約的積壓訂單（contracted backlog）仍然強勁，對未來營收的能見度達約 22 億美元。

Persistent affordability constraints and cautious consumer sediment continue to impact the pace of new home sales. In response, we are managing our inventory investments with discipline and flexibility, which allowed us to end the quarter with more than $1 billion of liquidity.

持續的可負擔性限制以及謹慎的消費者情緒，仍在影響新屋銷售的節奏。為此，我們以紀律與彈性管理存貨投資，使我們在本季末擁有超過 10 億美元的流動性。

We remain focused on turning our inventory, maximizing returns, and consolidating market share in the highly fragmented lot development industry. Our unique combination of financial strength, operating expertise, and a diverse national footprint enables us to consistently provide essential finished lots to home builders and navigate current market conditions effectively.

我們仍專注於加速存貨周轉、最大化報酬，並在高度分散的地塊開發產業中整合市占率。我們結合財務實力、營運專業與多元的全國布局，得以持續向房屋建商提供不可或缺的完工地塊，並有效因應當前市場環境。

We will now discuss our second-quarter financial results in more detail.

接下來我們將更詳細地說明第二季的財務結果。

Jim?

Jim？

Thank you, Andy. In the second quarter, net income attributable to Forestar increased 2% to $32.1 million, or $0.63 per diluted share, compared to $31.6 million, or $0.62 per diluted share in the prior-year quarter. Our pre-tax income increased 8% to $43.9 million compared to $40.7 million in the second quarter of last year, and our pre-tax profit margin this quarter was 11.7% compared to 11.6% in the prior-year quarter.

謝謝你，Andy。第二季，歸屬於 Forestar 的淨利成長 2% 至 3,210 萬美元，或稀釋後每股 0.63 美元；相較去年同期為 3,160 萬美元，或稀釋後每股 0.62 美元。稅前利益成長 8% 至 4,390 萬美元，去年第二季為 4,070 萬美元；本季稅前利潤率為 11.7%，去年同期為 11.6%。

Revenues for the second quarter increased 7% to $374.3 million, compared to $351 million in the prior-year quarter. The current quarter includes $42.9 million in tract sales and other revenue, which was primarily from sales of residential and commercial tracts, and to a lesser extent, our second sale of a multifamily site.

第二季營收成長 7% 至 3.743 億美元，去年同期為 3.51 億美元。本季包含 4,290 萬美元的地塊（tract）銷售及其他收入，主要來自住宅與商業地塊的出售，另有一小部分來自我們第二次出售一處多戶住宅用地。

Mark?

Mark？

We sold 2,938 lots in the quarter, with an average sale price of $112,800. We expect continued quarterly fluctuations in our average sales price based on the geographic and lot aspects of our deliveries. Our gross profit margin for the quarter was 21.4%, compared to 22.6% for the same quarter last year.

本季我們售出 2,938 個地塊，平均售價為 112,800 美元。由於交付地塊的地理分布與地塊特性不同，我們預期平均售價將持續出現季度波動。本季毛利率為 21.4%，去年同期為 22.6%。

The current quarter margin includes $6.3 million of land option charges related to deposits and pre-acquisition cost write-offs, compared to $900,000 in the prior-year quarter. Excluding the effect of the net change in write-offs, our current quarter gross margin would have been approximately 22.9%.

本季毛利率包含 630 萬美元的土地選擇權費用，與訂金及收購前成本沖銷相關；去年同期為 90 萬美元。若排除沖銷淨變動的影響，本季毛利率約為 22.9%。

Chris?

Chris？

In the second quarter, SG&A expense declined 1% to $37.9 million, or 10.1% as a percentage of revenues, compared to $38.4 million, or 10.9% in the prior year quarter. Our headcount decreased 8% from a year ago as we remain focused on efficiently managing SG&A, while maintaining our strong operational teams across our national footprint to support future growth. We expect our headcount to remain relatively flat for the remainder of the year.

第二季，SG&A（銷售、一般及行政）費用下降 1% 至 3,790 萬美元，占營收比重為 10.1%；去年同期為 3,840 萬美元，占營收比重為 10.9%。在我們持續專注於有效管理 SG&A 的同時，仍維持遍布全國的強大營運團隊以支持未來成長；我們的人員編制較一年前下降 8%。我們預期今年剩餘期間人員編制將大致持平。

Jim?

Jim？

D.R. Horton is our largest and most important customer. 14% of the homes D.R. Horton started in the past 12 months were on a Forestar-developed lot. With a mutually stated goal of 1/3 of the homes D.R. Horton sells to be on a lot developed by Forestar, we have significant opportunity to grow our market share within D.R. Horton.

D.R. Horton 是我們最大且最重要的客戶。在過去 12 個月中，D.R. Horton 開工的住宅有 14% 位於 Forestar 開發的地塊上。基於雙方共同表達的目標——D.R. Horton 銷售的住宅中有三分之一位於 Forestar 開發的地塊上——我們在 D.R. Horton 內部提升市占率方面仍有顯著成長機會。

We also continue to expand our relationships with other home builders. 17% of our second-quarter deliveries, or 488 lots, were sold to other customers. We sold lots to 12 other home builders this quarter, including three new customers.

我們也持續擴大與其他房屋建商的合作關係。第二季交付量中有 17%（即 488 個地塊）售予其他客戶。本季我們向另外 12 家房屋建商出售地塊，其中包含 3 家新客戶。

Mark?

Mark？

Our lot position at March 31 was 94,400 lots, of which 63,500, or 67%, was owned, and 30,900, or 33%, were controlled through purchase contracts. 9,300 of our own lots were finished at quarter end, and the majority are under contract to sell. Persistent with our focus on capital efficiency, we target owning a three to four-year supply of land and lots and managed development phases to deliver finished lots at the pace that matches demand.

截至 3 月 31 日，我們的地塊部位為 94,400 個，其中 63,500 個（67%）為自有，30,900 個（33%）透過購買合約控制。季末我們自有地塊中有 9,300 個已完工，且多數已簽約出售。秉持資本效率的重點，我們以持有 3 至 4 年的土地與地塊供給為目標，並管理開發分期，以符合需求的節奏交付完工地塊。

At quarter end, $24,100, or 38% of our own lots, were under contract to sell. $209 million of hard earnest money deposits secure these contracts, which are expected to generate approximately $2.2 billion of future revenue.

季末，我們自有地塊中有 24,100 個（38%）已簽約出售。這些合約由 2.09 億美元的不可退還誠意金（hard earnest money）訂金作為保障，預計可帶來約 22 億美元的未來營收。

Our contracted backlog is a strong indicator of our ability to continue gaining market share in the highly fragmented lot development industry. Another 29% of our own lots are subject to a right of first offer to D.R. Horton based on executed purchase and sale agreements.

我們的已簽約積壓訂單，是我們在高度分散的地塊開發產業中持續提升市占率能力的強力指標。此外，我們自有地塊中另有 29% 依據已簽署的買賣協議，受 D.R. Horton 的優先要約權（right of first offer）約束。

Chris?

Chris？

Forestar's underwriting criteria for new development projects remains unchanged at a minimum 15% pre-tax return on average inventory and a return of our initial cash investment within 36 months. During the second quarter, we invested approximately $279 million in land and land development. Roughly 80% of our investment was for land development and 20% was for land acquisition.

Forestar 對新開發專案的承作（underwriting）標準維持不變：平均存貨稅前報酬率至少 15%，且在 36 個月內收回初始現金投資。第二季，我們在土地與土地開發方面投資約 2.79 億美元；其中約 80% 用於土地開發，20% 用於土地收購。

Although we have moderated our land acquisition investment over the last year, our team remains disciplined, flexible, and opportunistic when pursuing new land acquisition opportunities. Our current land and lot position will allow us to return to strong volume growth in future periods, and we still expect to invest approximately $1.4 billion in land acquisition and development in fiscal 2026, subject to market conditions.

儘管過去一年我們已放緩土地收購投資，我們的團隊在尋求新的土地收購機會時仍保持紀律、彈性並把握時機。我們目前的土地與地塊部位，將使我們在未來期間回到強勁的量能成長；同時，在市場狀況允許下，我們仍預期於 2026 會計年度在土地收購與開發方面投資約 14 億美元。

Jim?

Jim？

We have significant liquidity and are using modest leverage to keep our balance sheet strong and support our growth objectives. We ended the quarter with more than $1 billion of liquidity, including an unrestricted cash balance of $362 million, and $672 million of available capacity on our undrawn revolving credit facility.

我們擁有充足的流動性，並採用適度槓桿以維持資產負債表穩健並支持我們的成長目標。本季末我們的流動性超過10億美元，其中包括3.62億美元的不受限制現金餘額，以及我們未動用循環信用額度中6.72億美元的可用額度。

During the quarter, we increased the capacity of our senior unsecured revolving credit facility by $50 million. In addition, we collected $130.9 million of reimbursements related to infrastructure costs in utility and improvement districts. Total debt at March 31 was $793.5 million, with no senior note maturities in the next 12 months, and our net debt to capital ratio was 19.2%.

本季期間，我們將高級無擔保循環信用額度的額度提高了5,000萬美元。此外，我們就公用事業與改善區的基礎設施成本相關項目收取了1.309億美元的補償款。截至3月31日，總負債為7.935億美元，未來12個月內沒有高級票據到期，我們的淨負債對資本比率為19.2%。

We ended the quarter with $1.8 billion of stockholders' equity, and our book value per share increased 10% from a year ago to $35.66. Forestar's capital structure is one of our biggest competitive advantages, and it sets us apart from other land developers. Project-level land acquisition and development loans are less available and have become more expensive in recent years, impacting most of our competitors.

本季末我們的股東權益為18億美元，每股帳面價值較一年前增加10%至35.66美元。Forestar 的資本結構是我們最大的競爭優勢之一，使我們有別於其他土地開發商。近年來，專案層級的土地收購與開發貸款更難取得且成本更高，影響了我們大多數競爭對手。

Other developers generally use project-level development loans, which are typically more restrictive at floating rates and create administrative complexity, especially in a volatile rate environment. Our capital structure provides us with operational flexibility, while our strong liquidity positions us to take advantage of attractive opportunities as they arise.

其他開發商通常使用專案層級的開發貸款，這類貸款多為浮動利率且限制較多，並會帶來行政管理上的複雜性，尤其是在利率波動的環境下。我們的資本結構為我們提供營運彈性，而充裕的流動性也使我們能在出現具吸引力的機會時加以把握。

Andy, I will hand it back to you for closing remarks.

Andy，我把時間交還給你做結語。

Thanks, Jim. The Forestar team remained focused on execution in the second quarter, delivering higher revenues and profits and a stronger balance sheet. As outlined in our press release, we are updating our fiscal 2026 lot delivery guidance to 14,000 to 14,500 lots, while maintaining our revenue guidance of $1.6 billion to $1.7 billion. Our teams have a proven track record of adjusting quickly to changing market conditions. We are closely monitoring each of our markets as we strive to balance pace and price to maximize returns for each project.

謝謝，Jim。Forestar 團隊在第二季持續專注於執行，帶來更高的營收與獲利，以及更強健的資產負債表。如我們新聞稿所述，我們將2026會計年度交付地塊指引更新為14,000至14,500個地塊，同時維持營收指引為16億至17億美元。我們的團隊在因應市場條件變化方面有經驗證的快速調整紀錄。我們正密切監控各個市場，力求在速度與價格之間取得平衡，以最大化每個專案的報酬。

Our national footprint and more than 200 active projects represent a strategic advantage, providing flexibility to allocate capital based on local market conditions. While home affordability constraints and cautious homebuyers are expected to remain near-term headwinds for home demand, we are confident in the long-term demand for finished lots and our ability to gain market share in the highly fragmented lot development industry.

我們的全國布局與超過200個在建專案構成策略優勢，使我們能依據各地市場狀況彈性配置資本。雖然住房可負擔性限制與購屋者審慎態度預期仍將在短期內對住宅需求形成阻力，但我們對成品地塊的長期需求，以及在高度分散的地塊開發產業中提升市占率的能力，仍充滿信心。

Consistent execution of our strategic and operational plans, combined with a constrained supply of finished lots across much of our diverse national footprint, positions us well for further success. With a clear strategy, a strong team, and solid operational and financial foundation, we are optimistic about Forestar's future.

我們持續一致地執行策略與營運計畫，再加上我們多元的全國布局中多數地區成品地塊供給受限，使我們具備進一步成功的良好條件。憑藉清晰的策略、強大的團隊，以及穩固的營運與財務基礎，我們對 Forestar 的未來持樂觀態度。

Paul, at this time, we will open the line for questions.

Paul，現在我們將開放提問。

Thank you. At this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。現在我們將進行問答環節。（接線員指示）

And the first question today will be from Ryan Gilbert, BTIG. Ryan, your line is live.

今天的第一個問題來自 BTIG 的 Ryan Gilbert。Ryan，請發問。

Thanks. Hi. Good morning, guys. I was hoping you could talk a little bit more about your goals for market share in the context of the reduction that we've seen in controlled lots, I guess, this quarter but then also the last couple of quarters as well.

謝謝。嗨，各位早安。我想請你們多談一點，在我們看到受控地塊（controlled lots）本季以及過去幾季都有所下降的背景下，你們對市占率的目標是如何思考的？

Good morning. So what we've encountered is, with a lot of lots in the home builders' portfolio that they gradually work through in Q4 and Q1, now accelerating starts and sales in Q2, we anticipate going back to a more robust lot closing pattern in the second half of fiscal 2026.

早安。我們目前遇到的情況是，建商投資組合中有不少地塊在第四季與第一季逐步消化，而在第二季加速開工與銷售；因此我們預期在2026會計年度下半年，地塊交割將回到更強勁的節奏。

Okay, got it. And then I was hoping you could expand a bit on the land option charges that you incurred in the quarter. Was that concentrated in a single community or a handful of communities? Was it more widespread? I guess, what's the how are you thinking about that line going forward?

好的，了解。接著我想請你們再多說明一下本季認列的土地選擇權費用（land option charges）。這是集中在單一社區或少數幾個社區，還是更廣泛地發生？你們未來對這個科目的看法是什麼？

Yeah, it was in a handful of communities, but the team remains focused and disciplined on our approach to land acquisition. So if a project falls outside our underwriting standards, the team works to bring that project back in line, or we just simply move on from the project. So as we evaluate these month to month, quarter to quarter, the team tries to work them back into the queue, but our pipeline remains very robust, so we don't have to go through and purchase assets that don't meet our standards.

是的，主要是在少數幾個社區，但團隊在土地收購策略上仍保持專注與紀律。因此，如果某個專案不符合我們的承銷標準，團隊會努力讓該專案回到符合標準的狀態，否則我們就直接放棄該專案。當我們逐月、逐季評估時，團隊會嘗試把它們調整後重新排入隊列；但我們的案源管線仍非常強勁，因此不需要去購買不符合我們標準的資產。

Okay, got it. Last one for me, just on given the cash position and where the stock is trading, what's your appetite, or how are you thinking about share repurchases here?

好的，了解。我最後一個問題是，考量你們的現金部位以及股價目前的交易水準，你們對股票回購的意願如何？或你們是怎麼思考回購的？

Well, we still continue to believe that our best use of cash is investing for future growth of the business. However, maintaining strong liquidity gives us flexibility to respond to further changes in market conditions, as well as the ability to take advantage of opportunities as they arise.

我們仍然相信，現金的最佳用途是投資於業務未來成長。不過，維持強勁的流動性也讓我們能更有彈性地因應市場狀況的進一步變化，並在機會出現時加以把握。

Okay. Thanks very much.

好的。非常感謝。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

The next question is coming from Trevor Allenson, Wolfe Research. Trevor, your line is live.

下一個問題來自 Wolfe Research 的 Trevor Allenson。Trevor，請發問。

Hi, good morning. Thank you for taking my questions. First question is on demand trends you've seen from other builders other than D.R. Horton. I believe your sales to those builders were down close to 50% year-over-year, and if I recall correctly, last quarter, they were up. So can you talk about more generally the trends there? Is that just a comp issue due to sales to a lot banker? Any color on demand from those other customers would be helpful.

嗨，早安。謝謝讓我提問。第一個問題是關於你們從 D.R. Horton 以外其他建商看到的需求趨勢。我記得你們對那些建商的銷售年減接近50%，而如果我沒記錯，上季是成長的。你能否更概括地談談那邊的趨勢？這是否只是因為去年有賣給地塊銀行商（lot banker）而造成的比較基期因素？任何關於其他客戶需求的補充說明都很有幫助。

Yeah, we're still seeing and hearing strong demand from other customer base. So that remains strong. I think Andy's point earlier; the industry just continues to work down inventory levels. So I really think it's just based off the cadence on when those communities are coming online.

是的，我們仍然看到並聽到其他客戶群的需求強勁，因此那部分依然穩健。我想 Andy 先前提到的重點是，整個產業仍在持續去化庫存水位。所以我認為這主要取決於那些社區何時上線的節奏。

And to your point, last year we did have 362 lots that were sold to a lot banker, so that influenced the number from last year.

另外，正如你所提，去年我們確實有362個地塊賣給地塊銀行商，因此影響了去年的數字。

Okay, got you. Makes sense. Then the next question on fuel prices, obviously moving higher across the country, just to remind us, what portion of development costs fuel account for. Are you able to pass those along to your customers or any concerns about gross margins as we get into the back half of this year into early next year from higher fuel costs?

好的，了解。合理。下一個問題是關於燃料價格，顯然全國都在走高。請提醒我們，燃料在開發成本中大約占多少比例？你們能把這些成本轉嫁給客戶嗎？或是隨著燃料成本上升，進入今年下半年到明年初，對毛利率是否有任何疑慮？

Yeah, as of today, we're not seeing cost increases due to fuel charges, but we're closely monitoring it. Contractor availability continues to free up, which is contributing to cost and time improvements.

以目前來看，我們尚未看到因燃料附加費而導致的成本上升，但我們正在密切監控。承包商的供給持續改善，這也有助於成本與工期的改善。

Okay. Got it. Thank you for all the color, and good luck moving forward.

好的，了解。謝謝你們提供的所有補充資訊，也祝後續進展順利。

Thank you.

謝謝。

Thank you. And there were no other questions at this time. I would now like to hand the call back to Andy Oxley for any closing remarks.

謝謝。目前沒有其他問題。我現在把電話交回給 Andy Oxley，請他做結語。

Thank you, Paul, and thank you to everyone on the Forestar team for your focus and hard work. Stay disciplined, flexible, and opportunistic as we continue to consolidate market share. We appreciate everyone's time on the call today and look forward to speaking with you again to share our third-quarter results on Tuesday, July 21, 2026.

謝謝你，Paul，也謝謝 Forestar 團隊每一位同仁的專注與辛勤付出。在我們持續整合市占率的過程中，請保持紀律、彈性並把握機會。感謝各位今天撥冗參與電話會議，我們期待在2026年7月21日（星期二）再次與各位通話，分享我們第三季的業績結果。

Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛線。感謝您的參與。