−Removed: In addition to the risk factors previously identified in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019, we have added the following two risk factors to expand our discussion of risks related to public heath issues and other events that may impact our business.
+Added: In addition to the risk factors previously identified in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, we have updated the following risk factor related to public health issues.
Public health issues such as a major epidemic or pandemic could adversely affect our business or financial results.
and other countries have experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk.
−Removed: In December 2019, a novel coronavirus (COVID-19) emerged in the Wuhan region of China and has subsequently spread worldwide.
−Removed: The World Health Organization has declared COVID-19 a pandemic, resulting in federal, state and local governments and private entities mandating various restrictions requiring closure of non-essential businesses and recommending people to remain at home in all of our operating markets.
−Removed: Although there can be no assurance decisions will not change in the future, in almost all municipalities across the U.S.
−Removed: where a shelter in place order has been issued, residential construction has been deemed an essential business as part of critical infrastructure.
−Removed: We have continued our lot development operations in those markets and have implemented operational protocols to comply with social distancing and other health and safety standards as required by federal, state and local government agencies.
+Added: In December 2019, a novel coronavirus (C-19) emerged in the Wuhan region of China and has subsequently spread worldwide.
+Added: The World Health Organization has declared C-19 a pandemic, resulting in federal, state and local governments and private entities mandating various restrictions requiring closure of non-essential businesses for a period of time.
+Added: In almost all municipalities across the U.S.
+Added: where we operate, residential construction has been deemed an essential business as part of critical infrastructure and we have continued our lot development operations in those markets where allowed in order to supply homebuilders with finished lots for residential construction.
+Added: We have implemented operational protocols to comply with social distancing and other health and safety standards as required by federal, state and local government agencies, taking into consideration guidelines of the Centers for Disease Control and Prevention and other public health authorities.
Our results of operations are affected by economic conditions, including macroeconomic conditions and levels of business confidence and consumer confidence.
−Removed: There is significant uncertainty regarding the extent to which and how long COVID-19 will disrupt the U.S.
−Removed: economy, consumer confidence and the demand for our lots.
−Removed: The extent to which COVID-19 impacts our operational and financial performance will depend on future developments, including the duration and spread of the outbreak and the impact on our customers, trade partners and employees, all of which are highly uncertain and cannot be predicted.
−Removed: If COVID-19 has a significant negative impact on economic conditions over a prolonged period of time, our results of operations and financial condition could be adversely impacted.
−Removed: The homebuilding and lot development industries are cyclical and affected by changes in economic, real estate or other conditions that could adversely affect our business or financial results.
−Removed: The homebuilding and lot development industries are cyclical and are significantly affected by changes in general and local economic and real estate conditions, such as:
−Removed: • employment levels;
−Removed: • consumer confidence and spending;
−Removed: • demand for residential lots;
−Removed: • availability of financing for homebuyers;
−Removed: • interest rates;
−Removed: • demographic trends;
−Removed: Adverse changes in these general and local economic conditions or deterioration in the broader economy would cause a negative impact on our business and financial results and increase the risk for asset impairments and writeoffs.
−Removed: Changes in these economic conditions may affect some of our regions or markets more than others.
−Removed: If adverse conditions affect our larger markets, they could have a proportionately greater impact on us than on some other real estate development companies.
−Removed: In the past, the federal government’s fiscal and trade policies and economic stimulus actions have created uncertainty in the financial markets and caused volatility in interest rates, which impacted business and consumer behavior.
−Removed: Monetary policy actions affecting interest rates or fiscal policy actions and new legislation related to taxation, spending levels or borrowing limits, along with the related political debates, conflicts and compromises associated with such actions, may negatively impact the financial markets and consumer confidence.
−Removed: Such events could hurt the U.S.
−Removed: economy and the real estate market and in turn, could adversely affect the operating results of our businesses.
−Removed: Weather conditions and natural disasters, such as hurricanes, tornadoes, earthquakes, volcanic activity, droughts and floods, heavy or prolonged precipitation or wildfires, can harm our business.
−Removed: These can delay our development work, lot closings, adversely affect the cost or availability of materials or labor or damage real estate under construction.
−Removed: The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas, where we have some of our larger operations and which have experienced recent natural disasters, present increased risks of adverse weather or natural disasters.
−Removed: Deployments of U.S.
−Removed: military personnel to foreign regions, terrorist attacks, other acts of violence or threats to national security and any corresponding response by the United States or others, related domestic or international instability or civil unrest may cause an economic slowdown in the markets where we operate, which could adversely affect our business.
−Removed: If we experience any of the foregoing, homebuilders may be less willing or able to buy our residential lots.
−Removed: In the future, our pricing and product strategies may also be limited by market conditions.
−Removed: We may be unable to change the mix of our product offerings, reduce the costs of the residential lots we develop, or satisfactorily address changing market conditions in other ways without adversely affecting our profits and returns.
−Removed: In addition, cancellations of lot sales contracts may increase if homebuilders do not honor their contracts due to any of the factors discussed above.
+Added: There is significant uncertainty regarding the extent to which and how long C-19 and its related effects will impact the U.S.
+Added: economy, capital markets and the demand for our lots.
+Added: The extent to which C-19 impacts our operational and financial performance will depend on future developments, including the duration and spread of the outbreak and the impact on our customers, trade partners and employees, all of which are highly uncertain and cannot be predicted.
+Added: If C-19 has a significant negative impact on economic conditions over a prolonged period of time, our results of operations and financial condition could be adversely impacted.
Exhibit Description
−Removed: 4.1 Indenture, dated as of February 25, 2020, by and among the Company, the subsidiary guarantors party thereto and U.S.
−Removed: Bank National Association, as trustee (incorpor ated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed with the Commission on February 25, 2020) .
31.1* Certification of Chief Executive Officer pursuant to Exchange Act rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: 31.2* Certification of Principal Financial Officer pursuant to Exchange Act rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
+Added: 31.2* Certification of Chief Financial Officer pursuant to Exchange Act rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1* Certification of Chief Executive Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: 32.2* Certification of Principal Financial Officer pursuant to 18 U.S.C.
+Added: 32.2* Certification of Ch ief Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
10 unchanged sentences
FORESTAR GROUP INC.
−Removed: April 29, 2020 By:
−Removed: Principal Financial Officer
−Removed: April 29, 2020 By:
−Removed: Principal Accounting Officer
+Added: July 29, 2020 By:
+Added: Allen, on behalf of Forestar Group Inc.
+Added: as Executive Vice President and Chief Financial Officer
+Added: (Principal Financial and Principal Accounting Officer)
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.