– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
ARLINGTON, Texas--(BUSINESS WIRE)--D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2023 Second Quarter Highlights
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported that net income per common share attributable to D.R. Horton for its second fiscal quarter ended March 31, 2023 decreased 32% to $2.73 per diluted share compared to $4.03 per diluted share in the same quarter of fiscal 2022. Net income attributable to D.R. Horton in the second quarter of fiscal 2023 decreased 34% to $942.2 million compared to $1.4 billion in the same quarter of fiscal 2022. Homebuilding revenue for the second quarter of fiscal 2023 was $7.5 billion consistent with the same quarter of fiscal 2022. Homes closed in the quarter decreased 1% to 19,664 homes compared to 19,828 homes closed in the same quarter of fiscal 2022.
For the six months ended March 31, 2023, net income per common share attributable to D.R. Horton decreased 24% to $5.50 per diluted share compared to $7.20 per diluted share in the same period of fiscal 2022. Net income attributable to D.R. Horton for the six months ended March 31, 2023 decreased 26% to $1.9 billion compared to $2.6 billion in the same period of fiscal 2022. Homebuilding revenue for the first six months of fiscal 2023 was $14.2 billion consistent with the same period of fiscal 2022. Homes closed in the first six months of fiscal 2023 decreased 3% to 37,004 homes compared to 38,224 homes closed in the same period of fiscal 2022.
Pre-tax profit margin for the second quarter of fiscal 2023 was 15.6% compared to 23.5% in the same quarter of fiscal 2022. The decline in pre-tax profit margin was primarily due to a 730 basis point decrease in the Company's home sales gross margin and a 50 basis point increase in homebuilding SG&A expense as a percentage of revenues. The current quarter includes $14.2 million in inventory and land option charges in our homebuilding segment of which $13.3 million was for earnest money and pre-acquisition cost write-offs related to land purchase contracts that we have terminated or expect to terminate and $0.9 million was inventory impairments.
Net sales orders for the second quarter ended March 31, 2023 decreased 5% to 23,142 homes and 11% in value to $8.6 billion compared to 24,340 homes and $9.7 billion in the same quarter of the prior year. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2023 was 18% compared to 16% in the prior year quarter. Net sales orders for the first six months of fiscal 2023 decreased 20% to 36,524 homes and 25% in value to $13.6 billion compared to 45,862 homes and $18.0 billion in the same period of fiscal 2022. The Company's sales order backlog of homes under contract at March 31, 2023 decreased 43% to 19,237 homes and 44% in value to $7.4 billion compared to 33,859 homes and $13.3 billion at March 31, 2022.
At March 31, 2023, the Company had 43,600 homes in inventory, of which 24,800 were unsold. 6,400 of the Company’s unsold homes at March 31, 2023 were completed. The Company’s homebuilding land and lot portfolio totaled 547,000 lots at the end of the quarter, of which 25% were owned and 75% were controlled through land and lot purchase contracts.
The Company's return on equity (ROE) was 27.2% for the trailing twelve months ended March 31, 2023, and homebuilding return on inventory (ROI) was 35.1% for the same period. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders' equity, where average stockholders' equity is the sum of ending stockholders' equity balances of the trailing five quarters divided by five. Homebuilding ROI is calculated as homebuilding pre-tax income for the trailing twelve months divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.
The Company ended the second quarter with $2.4 billion of unrestricted homebuilding cash and $2.0 billion of available capacity on its revolving credit facility for total homebuilding liquidity of $4.4 billion. Homebuilding debt at March 31, 2023 totaled $2.7 billion, which includes $400 million of senior notes that mature in August 2023. The Company’s homebuilding debt to total capital ratio at March 31, 2023 was 11.5%. Homebuilding debt to total capital ratio consists of homebuilding notes payable divided by stockholders’ equity plus homebuilding notes payable.
Donald R. Horton, Chairman of the Board, said, “We are excited to announce that we recently closed our one millionth home, a first for any homebuilder! We are proud to have been a part of a million families achieving their dreams of homeownership over the past 45 years. Thank you to the countless D.R. Horton employees who have been involved in the journey to achieve this remarkable milestone.
“For the second fiscal quarter of 2023, the D.R. Horton team produced solid results, highlighted by EPS of $2.73 per diluted share. Our consolidated pre-tax income was $1.2 billion on revenues of $8.0 billion, with a pre-tax profit margin of 15.6%.
“The spring selling season is off to an encouraging start with our net sales orders increasing 73% sequentially from the first quarter. Despite higher mortgage rates and inflationary pressures, demand improved during the quarter due to normal seasonal factors, coupled with our use of incentives and pricing adjustments to adapt to changing market conditions. Although higher interest rates and economic uncertainty may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable.
“We are well-positioned to navigate changing market conditions with our experienced operators, diverse product offerings and flexible lot supply and are focused on turning our inventory to maximize returns and capital efficiency in each of our communities. The strength of our balance sheet, liquidity and low leverage provide us with significant financial flexibility, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis.”
Based on current market conditions and the Company’s results for the first half of the year, D.R. Horton is providing fiscal 2023 guidance as follows:
The Company plans to also provide guidance for its third quarter of fiscal 2023 on its conference call today.
Forestar Group Inc. (NYSE:FOR) (“Forestar”) is a publicly traded residential lot development company that is a majority-owned subsidiary of D.R. Horton. Forestar’s results of operations for the periods presented are fully consolidated in the Company’s financial statements with the percentage not owned by the Company reported as noncontrolling interests.
For the second quarter ended March 31, 2023, Forestar sold 2,979 lots and generated $301.5 million of revenue compared to 5,788 lots and $421.6 million of revenue in the prior year quarter. For the six months ended March 31, 2023, Forestar sold 5,242 lots and generated $518.2 million of revenue compared to 10,304 lots and $829.2 million of revenue in the prior year period. Forestar’s pre-tax income in the second quarter of fiscal 2023 was $35.9 million with a pre-tax profit margin of 11.9% compared to $63.2 million of pre-tax income and a 15.0% pre-tax profit margin in the same quarter of fiscal 2022. For the six months ended March 31, 2023, Forestar’s pre-tax income was $63.8 million with a pre-tax profit margin of 12.3% compared to $116.7 million of pre-tax income and a 14.1% pre-tax profit margin in the same period of fiscal 2022.
Financial Services
For the second quarter ended March 31, 2023, financial services revenues were $216.4 million compared to $222.1 million in the same quarter of fiscal 2022. Financial services pre-tax income for the quarter was $85.6 million with a pre-tax profit margin of 39.6% compared to $92.8 million of pre-tax income and a 41.8% pre-tax profit margin in the prior year quarter. For the six months ended March 31, 2023, financial services revenues were $353.4 million compared to $406.4 million in the same period of fiscal 2022. Financial services pre-tax income was $103.8 million with a pre-tax profit margin of 29.4% compared to $159.9 million of pre-tax income and a 39.3% pre-tax profit margin in the prior year period.
Rental Operations
The Company's rental operations generated $34.6 million of pre-tax income on revenues of $224.1 million in the second quarter of fiscal 2023 compared to $102.5 million of pre-tax income on revenues of $222.9 million in the same quarter of fiscal 2022. For the six months ended March 31, 2023, rental operations pre-tax income was $144.9 million on revenues of $551.6 million compared to pre-tax income of $172.5 million on revenues of $379.4 million in the prior year period.
During the second quarter of fiscal 2023, the Company sold 721 single-family rental homes for $224.1 million compared to 368 homes sold for $172.9 million in the prior year quarter. During the six months ended March 31, 2023, the Company sold 1,415 single-family rental homes for $452.1 million compared to 594 homes sold for $253.2 million in the prior year period. At March 31, 2023, the consolidated balance sheet included $2.1 billion of single-family rental property inventory consisting of 8,630 homes, of which 5,980 were completed, and 4,930 lots, of which 930 were finished.
During the second quarter of fiscal 2023, there were no sales of multi-family rental units compared to 126 units sold for $50.0 million in the prior year quarter. During the six months ended March 31, 2023, the Company sold 300 multi-family rental units for $99.5 million compared to 477 units sold for $126.2 million in the prior year period. At March 31, 2023, the consolidated balance sheet included $1.2 billion of multi-family rental property inventory consisting of 7,210 units, of which 6,730 units were under active construction and 480 units were completed.
The Company's rental operating results are reported separately and are not included in the homes closed, revenues or inventories of its homebuilding segment.
During the second quarter of fiscal 2023, the Company paid cash dividends of $85.6 million for a total of $171.7 million of dividends paid during the six months ended March 31, 2023. Subsequent to quarter end, the Company declared a quarterly cash dividend of $0.25 per common share that is payable on May 10, 2023 to stockholders of record on May 3, 2023.
Share Repurchases
The Company repurchased 3.2 million shares of common stock for $303.2 million during the second quarter of fiscal 2023, for a total of 4.5 million shares repurchased for $421.3 million during the six months ended March 31, 2023. The Company’s remaining stock repurchase authorization at March 31, 2023 was $17.0 million. In April 2023, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock, replacing the previous authorization. The new authorization has no expiration date.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, April 20) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 420753), and the call will also be webcast from the Company’s website at investor.drhorton.com.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 110 markets in 33 states across the United States and closed 83,119 homes in its homebuilding and single-family rental operations during the twelve-month period ended March 31, 2023. The Company is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to over $1,000,000. Through its mortgage, title and insurance subsidiaries, D.R. Horton provides mortgage financing, title services and insurance agency services for its homebuyers. The Company also constructs and sells both single-family and multi-family rental properties and is the majority-owner of Forestar Group Inc., a publicly traded national residential lot development company.
Forward-Looking Statements
Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton 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 D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that we are well-positioned to navigate changing market conditions with our experienced operators, diverse product offerings and flexible lot supply and are focused on turning our inventory to maximize returns and capital efficiency in each of our communities; the strength of our balance sheet, liquidity and low leverage provide us with significant financial flexibility; and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis. The forward-looking statements also include all commentary in the guidance section.
Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: the cyclical nature of the homebuilding, lot development and rental housing industries and changes in economic, real estate or other conditions; constriction of the credit and public capital markets, which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risks associated with our land, lot and rental inventory; our ability to effect our growth strategies, acquisitions or investments successfully; the impact of an inflationary, deflationary or higher interest rate environment; supply shortages and other risks of acquiring land, building materials and skilled labor; the effects of public health issues such as a major epidemic or pandemic, including the impact of COVID-19 on the economy and our businesses; the effects of weather conditions and natural disasters on our business and financial results; home warranty and construction defect claims; the effects of health and safety incidents; reductions in the availability of performance bonds; increases in the costs of owning a home; the effects of governmental regulations and environmental matters on our homebuilding and land development operations; the effects of governmental regulations on our financial services operations; competitive conditions within the industries in which we operate; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; the effects of negative publicity; the effects of the loss of key personnel; actions by activist stockholders; and information technology failures, data security breaches and our ability to satisfy privacy and data protection laws and regulations. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K and most recent quarterly report on Form-10-Q, both of which are or will be filed with the Securities and Exchange Commission.
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(UNAUDITED) |
|||||||
|
March 31,
|
|
September 30,
|
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
3,051.1 |
|
|
$ |
2,540.5 |
|
Restricted cash |
|
23.5 |
|
|
|
32.4 |
|
Total cash, cash equivalents and restricted cash |
|
3,074.6 |
|
|
|
2,572.9 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
9,290.6 |
|
|
|
9,798.2 |
|
Residential land and lots — developed, under development, held for development and held for sale |
|
10,049.1 |
|
|
|
9,313.3 |
|
Rental properties |
|
3,232.0 |
|
|
|
2,544.2 |
|
Total inventory |
|
22,571.7 |
|
|
|
21,655.7 |
|
Mortgage loans held for sale |
|
2,124.0 |
|
|
|
2,386.0 |
|
Deferred income taxes, net of valuation allowance of $17.8 million and $17.9 million at March 31, 2023 and September 30, 2022, respectively |
|
112.3 |
|
|
|
141.1 |
|
Property and equipment, net |
|
509.6 |
|
|
|
471.6 |
|
Other assets |
|
2,615.1 |
|
|
|
2,960.3 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
31,170.8 |
|
|
$ |
30,351.1 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,251.3 |
|
|
$ |
1,360.3 |
|
Accrued expenses and other liabilities |
|
2,830.8 |
|
|
|
3,138.3 |
|
Notes payable |
|
5,966.9 |
|
|
|
6,066.9 |
|
Total liabilities |
|
10,049.0 |
|
|
|
10,565.5 |
|
EQUITY |
|
|
|
||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 400,830,778 shares issued and 341,070,276 shares outstanding at March 31, 2023 and 399,172,937 shares issued and 343,953,023 shares outstanding at September 30, 2022 |
|
4.0 |
|
|
|
4.0 |
|
Additional paid-in capital |
|
3,358.0 |
|
|
|
3,349.5 |
|
Retained earnings |
|
20,914.5 |
|
|
|
19,185.3 |
|
Treasury stock, 59,760,502 shares and 55,219,914 shares at March 31, 2023 and September 30, 2022, respectively, at cost |
|
(3,563.8 |
) |
|
|
(3,142.5 |
) |
Stockholders’ equity |
|
20,712.7 |
|
|
|
19,396.3 |
|
Noncontrolling interests |
|
409.1 |
|
|
|
389.3 |
|
Total equity |
|
21,121.8 |
|
|
|
19,785.6 |
|
Total liabilities and equity |
$ |
31,170.8 |
|
|
$ |
30,351.1 |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
7,972.9 |
|
|
$ |
7,999.0 |
|
|
$ |
15,230.6 |
|
|
$ |
15,052.4 |
|
Cost of sales |
|
5,996.2 |
|
|
|
5,429.9 |
|
|
|
11,287.5 |
|
|
|
10,335.6 |
|
Selling, general and administrative expense |
|
773.6 |
|
|
|
695.1 |
|
|
|
1,510.5 |
|
|
|
1,361.0 |
|
Other (income) expense |
|
(42.2 |
) |
|
|
(9.3 |
) |
|
|
(79.9 |
) |
|
|
(24.8 |
) |
Income before income taxes |
|
1,245.3 |
|
|
|
1,883.3 |
|
|
|
2,512.5 |
|
|
|
3,380.6 |
|
Income tax expense |
|
295.7 |
|
|
|
441.0 |
|
|
|
594.6 |
|
|
|
792.5 |
|
Net income |
|
949.6 |
|
|
|
1,442.3 |
|
|
|
1,917.9 |
|
|
|
2,588.1 |
|
Net income attributable to noncontrolling interests |
|
7.4 |
|
|
|
6.0 |
|
|
|
17.0 |
|
|
|
10.2 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
942.2 |
|
|
$ |
1,436.3 |
|
|
$ |
1,900.9 |
|
|
$ |
2,577.9 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to D.R. Horton, Inc. |
$ |
2.75 |
|
|
$ |
4.07 |
|
|
$ |
5.54 |
|
|
$ |
7.27 |
|
Weighted average number of common shares |
|
342.1 |
|
|
|
353.1 |
|
|
|
343.2 |
|
|
|
354.6 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. |
$ |
2.73 |
|
|
$ |
4.03 |
|
|
$ |
5.50 |
|
|
$ |
7.20 |
|
Adjusted weighted average number of common shares |
|
344.9 |
|
|
|
356.3 |
|
|
|
345.9 |
|
|
|
358.2 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
34.0 |
|
|
$ |
34.7 |
|
|
$ |
62.5 |
|
|
$ |
68.0 |
|
Depreciation and amortization |
$ |
26.7 |
|
|
$ |
19.9 |
|
|
$ |
46.5 |
|
|
$ |
39.3 |
|
Interest incurred |
$ |
50.6 |
|
|
$ |
36.7 |
|
|
$ |
96.8 |
|
|
$ |
73.6 |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(UNAUDITED) |
|||||||
|
Six Months Ended
|
||||||
|
2023 |
|
2022 |
||||
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
1,917.9 |
|
|
$ |
2,588.1 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
46.5 |
|
|
|
39.3 |
|
Stock-based compensation expense |
|
51.3 |
|
|
|
54.6 |
|
Deferred income taxes |
|
28.7 |
|
|
|
23.6 |
|
Inventory and land option charges |
|
51.4 |
|
|
|
20.0 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Decrease (increase) in construction in progress and finished homes |
|
537.3 |
|
|
|
(2,137.4 |
) |
Increase in residential land and lots – developed, under development, held for development and held for sale |
|
(668.7 |
) |
|
|
(528.4 |
) |
Increase in rental properties |
|
(689.2 |
) |
|
|
(655.9 |
) |
Decrease (increase) in other assets |
|
339.8 |
|
|
|
(616.7 |
) |
Decrease (increase) in mortgage loans held for sale |
|
262.0 |
|
|
|
(215.5 |
) |
(Decrease) increase in accounts payable, accrued expenses and other liabilities |
|
(403.4 |
) |
|
|
593.7 |
|
Net cash provided by (used in) operating activities |
|
1,473.6 |
|
|
|
(834.6 |
) |
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(79.2 |
) |
|
|
(72.5 |
) |
Payments related to business acquisitions |
|
(103.5 |
) |
|
|
— |
|
Other investing activities |
|
2.1 |
|
|
|
3.8 |
|
Net cash used in investing activities |
|
(180.6 |
) |
|
|
(68.7 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
575.0 |
|
|
|
750.0 |
|
Repayment of notes payable |
|
(650.0 |
) |
|
|
(750.8 |
) |
(Payments) borrowings on mortgage repurchase facility, net |
|
(63.4 |
) |
|
|
84.3 |
|
Proceeds from stock associated with certain employee benefit plans |
|
12.9 |
|
|
|
22.2 |
|
Cash paid for shares withheld for taxes |
|
(55.8 |
) |
|
|
(61.7 |
) |
Cash dividends paid |
|
(171.7 |
) |
|
|
(159.2 |
) |
Repurchases of common stock |
|
(419.8 |
) |
|
|
(569.8 |
) |
Net proceeds from issuance of Forestar common stock |
|
— |
|
|
|
1.7 |
|
Net other financing activities |
|
(18.5 |
) |
|
|
38.5 |
|
Net cash used in financing activities |
|
(791.3 |
) |
|
|
(644.8 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
501.7 |
|
|
|
(1,548.1 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
2,572.9 |
|
|
|
3,237.2 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
3,074.6 |
|
|
$ |
1,689.1 |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
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SEGMENT INFORMATION |
||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||
|
|
March 31, 2023 |
||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||
|
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
2,364.5 |
|
$ |
286.7 |
|
$ |
285.5 |
|
$ |
89.8 |
|
|
$ |
24.6 |
|
|
$ |
3,051.1 |
Restricted cash |
|
|
8.5 |
|
|
— |
|
|
12.6 |
|
|
2.4 |
|
|
|
— |
|
|
|
23.5 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
|
9,437.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(146.4 |
) |
|
|
9,290.6 |
Residential land and lots |
|
|
8,134.1 |
|
|
1,988.0 |
|
|
— |
|
|
— |
|
|
|
(73.0 |
) |
|
|
10,049.1 |
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
3,257.2 |
|
|
|
(25.2 |
) |
|
|
3,232.0 |
|
|
|
17,571.1 |
|
|
1,988.0 |
|
|
— |
|
|
3,257.2 |
|
|
|
(244.6 |
) |
|
|
22,571.7 |
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,124.0 |
|
|
— |
|
|
|
— |
|
|
|
2,124.0 |
Deferred income taxes, net |
|
|
117.4 |
|
|
— |
|
|
— |
|
|
(7.1 |
) |
|
|
2.0 |
|
|
|
112.3 |
Property and equipment, net |
|
|
381.0 |
|
|
5.6 |
|
|
4.0 |
|
|
2.5 |
|
|
|
116.5 |
|
|
|
509.6 |
Other assets |
|
|
2,477.5 |
|
|
56.0 |
|
|
135.1 |
|
|
37.6 |
|
|
|
(91.1 |
) |
|
|
2,615.1 |
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
29.2 |
|
|
|
163.5 |
|
|
$ |
23,054.3 |
|
$ |
2,336.3 |
|
$ |
2,561.2 |
|
$ |
3,382.4 |
|
|
$ |
(163.4 |
) |
|
$ |
31,170.8 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
$ |
1,030.7 |
|
$ |
67.7 |
|
$ |
— |
|
$ |
558.7 |
|
|
$ |
(405.8 |
) |
|
$ |
1,251.3 |
Accrued expenses and other liabilities |
|
|
2,508.7 |
|
|
313.0 |
|
|
123.1 |
|
|
30.2 |
|
|
|
(144.2 |
) |
|
|
2,830.8 |
Notes payable |
|
|
2,680.2 |
|
|
706.8 |
|
|
1,554.9 |
|
|
1,025.0 |
|
|
|
— |
|
|
|
5,966.9 |
|
|
$ |
6,219.6 |
|
$ |
1,087.5 |
|
$ |
1,678.0 |
|
$ |
1,613.9 |
|
|
$ |
(550.0 |
) |
|
$ |
10,049.0 |
|
|
September 30, 2022 |
||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||
|
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
2,040.7 |
|
$ |
264.8 |
|
$ |
103.3 |
|
$ |
109.9 |
|
|
$ |
21.8 |
|
|
$ |
2,540.5 |
Restricted cash |
|
|
11.3 |
|
|
— |
|
|
19.7 |
|
|
1.4 |
|
|
|
— |
|
|
|
32.4 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
|
9,951.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(153.3 |
) |
|
|
9,798.2 |
Residential land and lots |
|
|
7,372.9 |
|
|
2,022.4 |
|
|
— |
|
|
— |
|
|
|
(82.0 |
) |
|
|
9,313.3 |
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
2,572.1 |
|
|
|
(27.9 |
) |
|
|
2,544.2 |
|
|
|
17,324.4 |
|
|
2,022.4 |
|
|
— |
|
|
2,572.1 |
|
|
|
(263.2 |
) |
|
|
21,655.7 |
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,386.0 |
|
|
— |
|
|
|
— |
|
|
|
2,386.0 |
Deferred income taxes, net |
|
|
146.3 |
|
|
— |
|
|
— |
|
|
(7.1 |
) |
|
|
1.9 |
|
|
|
141.1 |
Property and equipment, net |
|
|
361.8 |
|
|
5.7 |
|
|
4.3 |
|
|
2.0 |
|
|
|
97.8 |
|
|
|
471.6 |
Other assets |
|
|
2,266.5 |
|
|
50.1 |
|
|
492.5 |
|
|
18.4 |
|
|
|
132.8 |
|
|
|
2,960.3 |
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
29.2 |
|
|
|
163.5 |
|
|
$ |
22,285.3 |
|
$ |
2,343.0 |
|
$ |
3,005.8 |
|
$ |
2,696.7 |
|
|
$ |
20.3 |
|
|
$ |
30,351.1 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
$ |
1,149.1 |
|
$ |
72.2 |
|
$ |
0.2 |
|
$ |
233.6 |
|
|
$ |
(94.8 |
) |
|
$ |
1,360.3 |
Accrued expenses and other liabilities |
|
|
2,365.7 |
|
|
365.4 |
|
|
596.2 |
|
|
25.0 |
|
|
|
(214.0 |
) |
|
|
3,138.3 |
Notes payable |
|
|
2,942.6 |
|
|
706.0 |
|
|
1,618.3 |
|
|
800.0 |
|
|
|
— |
|
|
|
6,066.9 |
|
|
$ |
6,457.4 |
|
$ |
1,143.6 |
|
$ |
2,214.7 |
|
$ |
1,058.6 |
|
|
$ |
(308.8 |
) |
|
$ |
10,565.5 |
| _______________ | ||
(1) |
Amounts include the balances of the Company's other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||||||
|
Three Months Ended March 31, 2023 |
|||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
7,449.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,449.7 |
|
Land/lot sales and other |
|
|
19.9 |
|
|
|
301.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(238.7 |
) |
|
|
82.7 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
224.1 |
|
|
|
— |
|
|
|
224.1 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
216.4 |
|
|
|
— |
|
|
|
— |
|
|
|
216.4 |
|
|
|
|
7,469.6 |
|
|
|
301.5 |
|
|
|
216.4 |
|
|
|
224.1 |
|
|
|
(238.7 |
) |
|
|
7,972.9 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
5,843.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(61.8 |
) |
|
|
5,781.2 |
|
Land/lot sales and other |
|
|
13.4 |
|
|
|
225.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(204.3 |
) |
|
|
34.4 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
157.6 |
|
|
|
(0.8 |
) |
|
|
156.8 |
|
Inventory and land option charges |
|
|
14.2 |
|
|
|
20.3 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
(11.1 |
) |
|
|
23.8 |
|
|
|
|
5,870.6 |
|
|
|
245.6 |
|
|
|
— |
|
|
|
158.0 |
|
|
|
(278.0 |
) |
|
|
5,996.2 |
|
Selling, general and administrative expense |
|
|
545.6 |
|
|
|
22.0 |
|
|
|
146.9 |
|
|
|
53.5 |
|
|
|
5.6 |
|
|
|
773.6 |
|
Other (income) expense |
|
|
(14.5 |
) |
|
|
(2.0 |
) |
|
|
(16.1 |
) |
|
|
(22.0 |
) |
|
|
12.4 |
|
|
|
(42.2 |
) |
Income before income taxes |
|
$ |
1,067.9 |
|
|
$ |
35.9 |
|
|
$ |
85.6 |
|
|
$ |
34.6 |
|
|
$ |
21.3 |
|
|
$ |
1,245.3 |
|
|
|
Six Months Ended March 31, 2023 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,158.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,158.9 |
|
Land/lot sales and other |
|
|
54.7 |
|
|
|
518.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(406.2 |
) |
|
|
166.7 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
551.6 |
|
|
|
— |
|
|
|
551.6 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
353.4 |
|
|
|
— |
|
|
|
— |
|
|
|
353.4 |
|
|
|
|
14,213.6 |
|
|
|
518.2 |
|
|
|
353.4 |
|
|
|
551.6 |
|
|
|
(406.2 |
) |
|
|
15,230.6 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
10,949.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(110.9 |
) |
|
|
10,838.8 |
|
Land/lot sales and other |
|
|
18.3 |
|
|
|
392.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(352.1 |
) |
|
|
58.3 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
341.4 |
|
|
|
(2.4 |
) |
|
|
339.0 |
|
Inventory and land option charges |
|
|
38.4 |
|
|
|
22.7 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
(11.1 |
) |
|
|
51.4 |
|
|
|
|
11,006.4 |
|
|
|
414.8 |
|
|
|
— |
|
|
|
342.8 |
|
|
|
(476.5 |
) |
|
|
11,287.5 |
|
Selling, general and administrative expense |
|
|
1,072.6 |
|
|
|
44.9 |
|
|
|
281.0 |
|
|
|
101.0 |
|
|
|
11.0 |
|
|
|
1,510.5 |
|
Other (income) expense |
|
|
(27.7 |
) |
|
|
(5.3 |
) |
|
|
(31.4 |
) |
|
|
(37.1 |
) |
|
|
21.6 |
|
|
|
(79.9 |
) |
Income before income taxes |
|
$ |
2,162.3 |
|
|
$ |
63.8 |
|
|
$ |
103.8 |
|
|
$ |
144.9 |
|
|
$ |
37.7 |
|
|
$ |
2,512.5 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
1,456.4 |
|
|
$ |
21.3 |
|
|
$ |
232.2 |
|
|
$ |
(263.3 |
) |
|
$ |
27.0 |
|
|
$ |
1,473.6 |
|
| _______________ | ||
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
|
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
7,499.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,499.2 |
|
Land/lot sales and other |
|
|
7.6 |
|
|
|
421.6 |
|
|
— |
|
|
|
— |
|
|
|
(374.4 |
) |
|
|
54.8 |
|
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
222.9 |
|
|
|
— |
|
|
|
222.9 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
222.1 |
|
|
|
— |
|
|
|
— |
|
|
|
222.1 |
|
|
|
|
7,506.8 |
|
|
|
421.6 |
|
|
|
222.1 |
|
|
|
222.9 |
|
|
|
(374.4 |
) |
|
|
7,999.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
5,335.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43.7 |
) |
|
|
5,291.5 |
|
Land/lot sales and other |
|
|
3.3 |
|
|
|
328.7 |
|
|
|
— |
|
|
|
— |
|
|
|
(307.0 |
) |
|
|
25.0 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
102.5 |
|
|
|
(4.3 |
) |
|
|
98.2 |
|
Inventory and land option charges |
|
|
9.8 |
|
|
|
5.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15.2 |
|
|
|
|
5,348.3 |
|
|
|
334.1 |
|
|
|
— |
|
|
|
102.5 |
|
|
|
(355.0 |
) |
|
|
5,429.9 |
|
Selling, general and administrative expense |
|
|
507.3 |
|
|
|
24.3 |
|
|
|
138.0 |
|
|
|
22.8 |
|
|
|
2.7 |
|
|
|
695.1 |
|
Other (income) expense |
|
|
(1.6 |
) |
|
|
— |
|
|
|
(8.7 |
) |
|
|
(4.9 |
) |
|
|
5.9 |
|
|
|
(9.3 |
) |
Income before income taxes |
|
$ |
1,652.8 |
|
|
$ |
63.2 |
|
|
$ |
92.8 |
|
|
$ |
102.5 |
|
|
$ |
(28.0 |
) |
|
$ |
1,883.3 |
|
|
|
Six Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,155.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,155.6 |
|
Land/lot sales and other |
|
|
30.5 |
|
|
|
829.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(748.7 |
) |
|
|
111.0 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
379.4 |
|
|
|
— |
|
|
|
379.4 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
|
14,186.1 |
|
|
|
829.2 |
|
|
|
406.4 |
|
|
|
379.4 |
|
|
|
(748.7 |
) |
|
|
15,052.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
10,169.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(81.3 |
) |
|
|
10,087.8 |
|
Land/lot sales and other |
|
|
20.4 |
|
|
|
662.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(624.8 |
) |
|
|
57.9 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175.0 |
|
|
|
(5.1 |
) |
|
|
169.9 |
|
Inventory and land option charges |
|
|
13.7 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
20.0 |
|
|
|
|
10,203.2 |
|
|
|
668.3 |
|
|
|
— |
|
|
|
175.3 |
|
|
|
(711.2 |
) |
|
|
10,335.6 |
|
Selling, general and administrative expense |
|
|
1,004.9 |
|
|
|
45.8 |
|
|
|
263.2 |
|
|
|
41.4 |
|
|
|
5.7 |
|
|
|
1,361.0 |
|
Other (income) expense |
|
|
(7.9 |
) |
|
|
(1.6 |
) |
|
|
(16.7 |
) |
|
|
(9.8 |
) |
|
|
11.2 |
|
|
|
(24.8 |
) |
Income before income taxes |
|
$ |
2,985.9 |
|
|
$ |
116.7 |
|
|
$ |
159.9 |
|
|
$ |
172.5 |
|
|
$ |
(54.4 |
) |
|
$ |
3,380.6 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash (used in) provided by operating activities |
|
$ |
(416.2 |
) |
|
$ |
76.6 |
|
|
$ |
(63.0 |
) |
|
$ |
(409.1 |
) |
|
$ |
(22.9 |
) |
|
$ |
(834.6 |
) |
| _______________ | ||
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
|
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
||||||||||||||||||||
SALES, CLOSINGS AND BACKLOG |
||||||||||||||||||||
HOMEBUILDING SEGMENT |
||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,379 |
|
$ |
724.1 |
|
1,342 |
|
$ |
768.1 |
|
2,283 |
|
$ |
1,183.9 |
|
2,570 |
|
$ |
1,425.3 |
Southwest |
|
1,995 |
|
|
953.7 |
|
2,595 |
|
|
1,403.2 |
|
3,249 |
|
|
1,534.2 |
|
4,896 |
|
|
2,587.0 |
South Central |
|
6,021 |
|
|
1,941.5 |
|
7,328 |
|
|
2,511.9 |
|
9,827 |
|
|
3,115.6 |
|
13,190 |
|
|
4,458.0 |
Southeast |
|
6,679 |
|
|
2,397.5 |
|
6,849 |
|
|
2,640.9 |
|
10,596 |
|
|
3,789.9 |
|
13,243 |
|
|
4,925.7 |
East |
|
4,482 |
|
|
1,570.8 |
|
3,765 |
|
|
1,413.1 |
|
6,795 |
|
|
2,416.4 |
|
7,745 |
|
|
2,868.0 |
North |
|
2,586 |
|
|
1,042.3 |
|
2,461 |
|
|
1,012.2 |
|
3,774 |
|
|
1,513.2 |
|
4,218 |
|
|
1,741.8 |
|
|
23,142 |
|
$ |
8,629.9 |
|
24,340 |
|
$ |
9,749.4 |
|
36,524 |
|
$ |
13,553.2 |
|
45,862 |
|
$ |
18,005.8 |
HOMES CLOSED |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,280 |
|
$ |
690.7 |
|
1,146 |
|
$ |
636.5 |
|
2,262 |
|
$ |
1,210.8 |
|
2,171 |
|
$ |
1,185.4 |
Southwest |
|
1,873 |
|
|
905.5 |
|
2,321 |
|
|
1,135.0 |
|
3,580 |
|
|
1,708.2 |
|
4,265 |
|
|
2,046.5 |
South Central |
|
5,579 |
|
|
1,804.1 |
|
5,610 |
|
|
1,836.4 |
|
10,416 |
|
|
3,440.2 |
|
11,047 |
|
|
3,528.8 |
Southeast |
|
5,751 |
|
|
2,104.6 |
|
5,504 |
|
|
1,946.3 |
|
11,038 |
|
|
4,099.1 |
|
10,828 |
|
|
3,756.5 |
East |
|
3,352 |
|
|
1,206.3 |
|
3,469 |
|
|
1,216.8 |
|
6,367 |
|
|
2,349.7 |
|
6,597 |
|
|
2,291.5 |
North |
|
1,829 |
|
|
738.5 |
|
1,778 |
|
|
728.2 |
|
3,341 |
|
|
1,350.9 |
|
3,316 |
|
|
1,346.9 |
|
|
19,664 |
|
$ |
7,449.7 |
|
19,828 |
|
$ |
7,499.2 |
|
37,004 |
|
$ |
14,158.9 |
|
38,224 |
|
$ |
14,155.6 |
SALES ORDER BACKLOG |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
As of March 31, |
||||||||
|
|
2023 |
|
2022 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
745 |
|
$ |
400.1 |
|
1,353 |
|
$ |
737.6 |
Southwest |
|
1,429 |
|
|
731.0 |
|
4,069 |
|
|
2,036.4 |
South Central |
|
5,206 |
|
|
1,757.7 |
|
10,876 |
|
|
3,754.6 |
Southeast |
|
6,541 |
|
|
2,478.3 |
|
9,734 |
|
|
3,703.9 |
East |
|
3,514 |
|
|
1,281.5 |
|
5,365 |
|
|
2,045.9 |
North |
|
1,802 |
|
|
751.4 |
|
2,462 |
|
|
1,034.9 |
|
|
19,237 |
|
$ |
7,400.0 |
|
33,859 |
|
$ |
13,313.3 |
D.R. HORTON, INC. AND SUBSIDIARIES LAND AND LOT POSITION AND HOMES IN INVENTORY HOMEBUILDING SEGMENT |
|||||||||||
|
March 31, 2023 |
|
September 30, 2022 |
||||||||
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
Northwest |
12,300 |
|
25,300 |
|
37,600 |
|
11,100 |
|
32,200 |
|
43,300 |
Southwest |
22,400 |
|
32,400 |
|
54,800 |
|
22,100 |
|
36,500 |
|
58,600 |
South Central |
39,100 |
|
59,400 |
|
98,500 |
|
37,800 |
|
66,500 |
|
104,300 |
Southeast |
23,500 |
|
128,600 |
|
152,100 |
|
24,700 |
|
138,600 |
|
163,300 |
East |
25,300 |
|
107,300 |
|
132,600 |
|
22,700 |
|
105,700 |
|
128,400 |
North |
13,700 |
|
57,700 |
|
71,400 |
|
12,700 |
|
62,600 |
|
75,300 |
|
136,300 |
|
410,700 |
|
547,000 |
|
131,100 |
|
442,100 |
|
573,200 |
|
25 % |
|
75 % |
|
100 % |
|
23 % |
|
77 % |
|
100 % |
| _______________ | ||
(1) |
Lots controlled at March 31, 2023 included approximately 31,500 lots owned or controlled by Forestar, 14,200 of which our homebuilding divisions had under contract to purchase and 17,300 of which our homebuilding divisions had a right of first offer to purchase. Lots controlled at September 30, 2022 included approximately 36,700 lots owned or controlled by Forestar, 17,800 of which our homebuilding divisions had under contract to purchase and 18,900 of which our homebuilding divisions had a right of first offer to purchase. |
|
HOMES IN INVENTORY (1) |
||||
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
Northwest |
|
2,700 |
|
2,900 |
Southwest |
|
4,800 |
|
4,900 |
South Central |
|
11,300 |
|
12,400 |
Southeast |
|
12,800 |
|
14,200 |
East |
|
7,500 |
|
6,800 |
North |
|
4,500 |
|
5,200 |
|
|
43,600 |
|
46,400 |
| _______________ | ||
(1) |
Homes in inventory exclude model homes and homes related to our single-family rental operations. |
|
АРЛИНГТОН, Техас-(BUSINESS WIRE)-D.R. Horton, Inc. (NYSE:DHI):
Основные моменты второго квартала 2023 финансового года
D.R. Horton, Inc. (NYSE:DHI), американский застройщик, сегодня сообщила, что чистая прибыль на одну обыкновенную акцию, приходящаяся на D.R. Horton, за второй финансовый квартал, закончившийся 31 марта 2023 года, снизилась на 32% до 2,73 доллара на разводненную акцию по сравнению с 4,03 доллара на разводненную акцию в том же квартале 2022 финансового года. Чистая прибыль, приходящаяся на D.R. Horton во втором квартале 2023 финансового года, снизилась на 34% до $942,2 млн по сравнению с $1,4 млрд в том же квартале 2022 финансового года. Выручка от строительства жилья во втором квартале 2023 финансового года составила 7,5 миллиарда долларов, что соответствует аналогичному кварталу 2022 финансового года. Количество домов, закрытых в этом квартале, сократилось на 1% до 19 664 домов по сравнению с 19 828 домами, закрытыми в том же квартале 2022 финансового года.
За шесть месяцев, закончившихся 31 марта 2023 года, чистая прибыль на одну обыкновенную акцию, приходящаяся на D.R. Horton, снизилась на 24% до $5,50 на разводненную акцию по сравнению с $7,20 на разводненную акцию за аналогичный период 2022 финансового года. Чистая прибыль, приходящаяся на D.R. Horton, за шесть месяцев, закончившихся 31 марта 2023 года, снизилась на 26% до $1,9 млрд по сравнению с $2,6 млрд за аналогичный период 2022 финансового года. Выручка от строительства жилья за первые шесть месяцев 2023 финансового года составила 14,2 миллиарда долларов, что соответствует аналогичному периоду 2022 финансового года. Количество домов, закрытых за первые шесть месяцев 2023 финансового года, сократилось на 3% до 37 004 домов по сравнению с 38 224 домами, закрытыми за аналогичный период 2022 финансового года.
Маржа прибыли до налогообложения во втором квартале 2023 финансового года составила 15,6% по сравнению с 23,5% в том же квартале 2022 финансового года. Снижение маржи прибыли до налогообложения произошло главным образом из-за снижения валовой прибыли Компании от продаж жилья на 730 базисных пунктов и увеличения на 50 базисных пунктов расходов на строительство жилья в процентах от выручки. Текущий квартал включает в себя расходы на инвентаризацию и опцион на землю в нашем сегменте жилищного строительства на сумму 14,2 млн долларов, из которых 13,3 млн долларов были потрачены на выплату задатка и списание затрат до приобретения, связанных с контрактами на покупку земли, которые мы расторгли или ожидаем расторгнуть, и 0,9 млн долларов - на обесценение запасов.
Чистые заказы на продажу за второй квартал, закончившийся 31 марта 2023 года, сократились на 5% до 23 142 домов и на 11% в стоимостном выражении до 8,6 миллиарда долларов по сравнению с 24 340 домами и 9,7 миллиарда долларов в том же квартале предыдущего года. Уровень аннулирования заказов компании (отмененные заказы на продажу, разделенные на валовые заказы на продажу) во втором квартале 2023 финансового года составил 18% по сравнению с 16% в предыдущем квартале. Чистые заказы на продажу за первые шесть месяцев 2023 финансового года сократились на 20% до 36 524 домов и на 25% в стоимостном выражении до 13,6 млрд долларов по сравнению с 45 862 домами и 18,0 млрд долларов за аналогичный период 2022 финансового года. Объем невыполненных заказов компании на продажу домов по контракту на 31 марта 2023 года сократился на 43% до 19 237 домов и на 44% в стоимости до 7,4 миллиарда долларов по сравнению с 33 859 домами и 13,3 миллиарда долларов на 31 марта 2022 года.
По состоянию на 31 марта 2023 года на складе Компании находилось 43 600 домов, из которых 24 800 были непроданы. 6 400 из непроданных домов Компании на 31 марта 2023 года были достроены. Портфель земельных участков компании для жилищного строительства на конец квартала насчитывал 547 000 участков, из которых 25% находились в собственности, а 75% контролировались через договоры купли-продажи земли и участков.
Рентабельность собственного капитала (ROE) компании составила 27,2% за последние двенадцать месяцев, закончившихся 31 марта 2023 года, а рентабельность запасов жилья (ROI) за тот же период составила 35,1%. Рентабельность инвестиций рассчитывается как чистая прибыль, приходящаяся на D.R. Horton за последние двенадцать месяцев, деленная на средний собственный капитал акционеров, где средний собственный капитал акционеров представляет собой сумму остатков собственного капитала акционеров на конец последних пяти кварталов, деленную на пять. Рентабельность инвестиций в жилищное строительство рассчитывается как доход от строительства жилья до налогообложения за последние двенадцать месяцев, деленный на средние запасы, где средние запасы - это сумма конечных остатков запасов в жилищном строительстве за последние пять кварталов, деленная на пять.
Компания завершила второй квартал с $2,4 млрд неограниченных денежных средств на строительство жилья и $2,0 млрд свободных мощностей по возобновляемой кредитной линии при общей ликвидности жилищного строительства в размере $4,4 млрд. Долг по жилищному строительству на 31 марта 2023 года составил 2,7 миллиарда долларов, включая облигации на сумму 400 миллионов долларов со сроком погашения в августе 2023 года. Отношение долга компании по строительству жилья к общему капиталу на 31 марта 2023 года составляло 11,5%. Отношение долга по жилищному строительству к общему капиталу состоит из векселей, подлежащих выплате по жилищному строительству, деленных на собственный капитал акционеров плюс векселя, подлежащие выплате по жилищному строительству.
Дональд Р. Хортон, председатель правления, сказал: “Мы рады сообщить, что недавно мы закрыли наш миллионный дом, первый для любого домостроителя! Мы гордимся тем, что за последние 45 лет стали частью миллиона семей, осуществивших свои мечты о домовладении. Спасибо бесчисленным сотрудникам D.R. Horton, которые участвовали в достижении этой замечательной вехи.
“Во втором финансовом квартале 2023 года команда D.R. Horton добилась хороших результатов, о чем свидетельствует прибыль на акцию в размере 2,73 доллара на разводненную акцию. Наш консолидированный доход до налогообложения составил 1,2 миллиарда долларов при выручке в 8,0 миллиарда долларов при рентабельности до налогообложения в 15,6%.
“Весенний сезон продаж начинается обнадеживающе: наши чистые заказы на продажу увеличились на 73% по сравнению с первым кварталом. Несмотря на более высокие ставки по ипотечным кредитам и инфляционное давление, спрос улучшился в течение квартала благодаря обычным сезонным факторам в сочетании с использованием нами стимулов и корректировок цен для адаптации к меняющимся рыночным условиям. Хотя более высокие процентные ставки и экономическая неопределенность могут сохраняться в течение некоторого времени, предложение как новых, так и существующих домов по доступным ценам остается ограниченным, а демографические показатели, поддерживающие спрос на жилье, остаются благоприятными.
“У нас хорошие возможности ориентироваться в меняющихся рыночных условиях благодаря нашим опытным операторам, разнообразным продуктовым предложениям и гибким поставкам партий, и мы сосредоточены на том, чтобы оптимизировать наши запасы для максимальной отдачи и эффективности использования капитала в каждом из наших сообществ. Сильный наш баланс, ликвидность и низкое кредитное плечо обеспечивают нам значительную финансовую гибкость, и мы планируем сохранять наш дисциплинированный подход к инвестированию капитала для повышения долгосрочной стоимости нашей компании, включая возврат капитала нашим акционерам как за счет дивидендов, так и за счет обратного выкупа акций на постоянной основе”.
Основываясь на текущих рыночных условиях и результатах компании за первое полугодие, D.R. Horton предоставляет следующие рекомендации на 2023 финансовый год:
Компания планирует также предоставить рекомендации на третий квартал 2023 финансового года в ходе сегодняшней телефонной конференции.
Forestar Group Inc. (NYSE:FOR) (“Форестар”) - публично торгуемая компания по застройке жилых участков, которая является мажоритарной дочерней компанией D.R. Horton. Результаты деятельности Forestar за представленные периоды полностью консолидированы в финансовой отчетности Компании, при этом процентная доля, не принадлежащая Компании, отражена как неконтролирующие доли участия.
За второй квартал, закончившийся 31 марта 2023 года, Forestar продала 2979 лотов и получила выручку в размере $301,5 млн по сравнению с 5788 лотами и $421,6 млн выручки в предыдущем квартале. За шесть месяцев, закончившихся 31 марта 2023 года, Forestar продала 5 242 лота и получила 518,2 миллиона долларов выручки по сравнению с 10 304 лотами и 829,2 миллионами долларов выручки за аналогичный период предыдущего года. Доход Forestar до налогообложения во втором квартале 2023 финансового года составил $35,9 млн с рентабельностью до налогообложения в размере 11,9% по сравнению с доходом до налогообложения в размере $63,2 млн и рентабельностью до налогообложения в размере 15,0% в том же квартале 2022 финансового года. За шесть месяцев, закончившихся 31 марта 2023 года, доход Forestar до налогообложения составил $63,8 млн с рентабельностью до налогообложения в размере 12,3% по сравнению с доходом до налогообложения в размере $116,7 млн и рентабельностью до налогообложения в размере 14,1% за аналогичный период 2022 финансового года.
Финансовые услуги
За второй квартал, закончившийся 31 марта 2023 года, выручка от финансовых услуг составила $216,4 млн по сравнению с $222,1 млн в том же квартале 2022 финансового года. Доход от финансовых услуг до налогообложения за квартал составил $85,6 млн с рентабельностью до налогообложения 39,6% по сравнению с доходом до налогообложения в размере $92,8 млн и рентабельностью до налогообложения в размере 41,8% в предыдущем квартале. За шесть месяцев, закончившихся 31 марта 2023 года, доходы от финансовых услуг составили $353,4 млн по сравнению с $406,4 млн за аналогичный период 2022 финансового года. Доход от финансовых услуг до налогообложения составил $103,8 млн, а рентабельность до налогообложения составила 29,4% по сравнению с доходом до налогообложения в размере $159,9 млн и рентабельностью до налогообложения в размере 39,3% в предыдущем году.
Операции по аренде
Арендные операции компании принесли доход до налогообложения в размере $34,6 млн при выручке в размере $224,1 млн во втором квартале 2023 финансового года по сравнению с доходом до налогообложения в размере $102,5 млн при выручке в размере $222,9 млн в том же квартале 2022 финансового года. За шесть месяцев, закончившихся 31 марта 2023 года, доход от аренды до налогообложения составил $144,9 млн при выручке в размере $551,6 млн по сравнению с доходом до налогообложения в размере $172,5 млн при выручке в размере $379,4 млн за аналогичный период предыдущего года.
Во втором квартале 2023 финансового года компания продала 721 дом для сдачи в аренду на одну семью за 224,1 миллиона долларов по сравнению с 368 домами, проданными за 172,9 миллиона долларов в предыдущем квартале. За шесть месяцев, закончившихся 31 марта 2023 года, компания продала 1415 домов для сдачи в аренду на одну семью за 452,1 миллиона долларов по сравнению с 594 домами, проданными за 253,2 миллиона долларов в предыдущем году. По состоянию на 31 марта 2023 года консолидированный баланс включал инвентаризацию арендуемой недвижимости на одну семью стоимостью 2,1 миллиарда долларов, состоящую из 8 630 домов, из которых 5980 были достроены, и 4930 участков, из которых 930 были достроены.
Во втором квартале 2023 финансового года продаж многоквартирных жилых домов, сдаваемых в аренду, не было по сравнению со 126 квартирами, проданными за 50,0 млн долларов в предыдущем квартале. За шесть месяцев, закончившихся 31 марта 2023 года, компания продала 300 единиц многоквартирной аренды за 99,5 миллиона долларов по сравнению с 477 единицами, проданными за 126,2 миллиона долларов в предыдущем году. По состоянию на 31 марта 2023 года консолидированный баланс включал в себя запасы многоквартирной арендуемой недвижимости на сумму 1,2 миллиарда долларов, состоящие из 7 210 единиц, из которых 6730 единиц находились в стадии активного строительства и 480 единиц были завершены.
Операционные результаты компании по аренде жилья сообщаются отдельно и не включаются в число закрытых домов, выручку или товарно-материальные запасы ее сегмента жилищного строительства.
Во втором квартале 2023 финансового года Компания выплатила денежные дивиденды в размере 85,6 млн долларов США на общую сумму 171,7 млн долларов дивидендов, выплаченных за шесть месяцев, закончившихся 31 марта 2023 года. По итогам квартала Компания объявила о выплате ежеквартальных денежных дивидендов в размере 0,25 доллара на одну обыкновенную акцию, которые будут выплачены 10 мая 2023 года акционерам record 3 мая 2023 года.
Выкуп акций
Компания выкупила 3,2 миллиона обыкновенных акций за 303,2 миллиона долларов во втором квартале 2023 финансового года, в общей сложности 4,5 миллиона акций было выкуплено за 421,3 миллиона долларов в течение шести месяцев, закончившихся 31 марта 2023 года. Оставшаяся сумма разрешения на обратный выкуп акций компании по состоянию на 31 марта 2023 года составляла 17,0 миллиона долларов. В апреле 2023 года наш Совет директоров санкционировал выкуп наших обыкновенных акций на сумму до 1,0 миллиарда долларов, заменив предыдущее разрешение. У нового разрешения нет срока действия.
Подробности конференц-связи и веб-трансляции
Компания проведет селекторное совещание сегодня (четверг, 20 апреля) в 8:30 утра по восточному времени. Телефонный номер - 888-506-0062 (справочный код для входа 420753), и звонок также будет транслироваться через Интернет с веб-сайта компании по адресу investor.drhorton.com .
О компании D.R. Horton, Inc.
D.R. Horton, Inc., американский застройщик, является крупнейшим производителем жилья по объему продаж в Соединенных Штатах с 2002 года. Основанная в 1978 году в Форт-Уэрте, штат Техас, D.R. Horton работает на 110 рынках в 33 штатах по всей территории Соединенных Штатов и закрыла 83 119 домов в рамках своих операций по строительству жилья и сдаче в аренду на одну семью в течение двенадцатимесячного периода, закончившегося 31 марта 2023 года. Компания занимается строительством и продажей высококачественных домов с помощью своего разнообразного ассортимента продукции, цены продажи которой обычно варьируются от 200 000 до более чем 1 000 000 долларов. Через свои дочерние компании по ипотеке, титулу и страхованию D.R. Horton предоставляет своим покупателям жилья ипотечное финансирование, титульные услуги и услуги страховых агентств. Компания также строит и продает как односемейную, так и многоквартирную арендуемую недвижимость и является мажоритарным владельцем Forestar Group Inc., национальной публичной компании по застройке жилых участков.
Заявления о перспективах
Части этого документа могут представлять собой “заявления прогнозного характера”, как это определено Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Хотя D.R. Horton считает, что любые подобные заявления основаны на разумных предположениях, нет никакой гарантии, что фактические результаты не будут существенно отличаться. Все заявления прогнозного характера основаны на информации, доступной D.R. Horton на дату выпуска этого релиза. D.R. Horton не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом. Заявления о перспективах, содержащиеся в этом релизе, включают в себя то, что у нас хорошие возможности ориентироваться в меняющихся рыночных условиях благодаря нашим опытным операторам, разнообразным предложениям продуктов и гибкому поставке партий, и мы сосредоточены на увеличении наших запасов для максимизации доходности и эффективности использования капитала в каждом из наших сообществ; прочность нашего баланса, ликвидность и низкий заемные средства обеспечивают нам значительную финансовую гибкость; и мы планируем сохранять наш дисциплинированный подход к инвестированию капитала для повышения долгосрочной стоимости нашей компании, включая возврат капитала нашим акционерам как за счет дивидендов, так и за счет обратного выкупа акций на постоянной основе. Заявления о перспективах также включают все комментарии в разделе "Руководство".
Факторов, которые могут вызвать фактические результаты могут существенно отличаться от будущих результатов, выраженных прогнозные заявления включают, но не ограничиваются следующим: циклический характер домостроительства, много развития и аренды жилья отраслей и изменения в экономической, недвижимости или других условий; сужение кредита и публичных рынков капитала, что может ограничить наши возможности для привлечения капитала и увеличить наши затраты капитала; снижение доступности ипотечного финансирования государственных учреждений, изменения в финансирование государственных программ, уменьшение нам возможность продавать ипотечные кредиты на привлекательных условиях или увеличение ипотечных процентных ставок; риски, связанные с нашей землей, много и прокатом инвентаря; нам возможность для осуществления нашей стратегии роста, приобретения или инвестиции успешно; влияние инфляционный, дефляционный или более высоких процентных ставок; нехваткой и другие риски приобретения земельного участка, строительных материалов и квалифицированной рабочей силы; воздействие на состояние здоровья населения, таких как крупные эпидемии или пандемии, в том числе о влиянии COVID-19 на экономику и наши предприятия; влияние погодных условий и природных катаклизмов на наш бизнес и финансовые результаты; дома гарантийное и строительство дефект требований; последствия для здоровья и безопасности; снижение доступности исполнения обязательств; увеличение расходов на владение домом; влияние государственного регулирования и экологическим вопросам на нашем жилищного строительства и землеустройства операций; влияние государственного регулирования на финансовых услугах операций; конкурентные условия в тех отраслях, в которых мы работаем; наша способность обслуживать долг и соблюдать относящиеся задолженности заветы, запреты и ограничения; влияния негативной информации; последствия потери ключевых сотрудников; действия активиста акционеров; информационные технологии сбои, нарушения защиты данных и нашей способностью, чтобы удовлетворить конфиденциальность и защита данных законов и нормативных актов. Дополнительная информация о проблемах, которые могут привести к существенным изменениям в результатах деятельности, содержится в годовом отчете D.R. Horton по форме 10-K и последнем ежеквартальном отчете по форме 10-Q, оба из которых представлены или будут представлены в Комиссию по ценным бумагам и биржам.
D.R. Horton, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(UNAUDITED) |
|||||||
|
March 31,
|
|
September 30,
|
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
3,051.1 |
|
|
$ |
2,540.5 |
|
Restricted cash |
|
23.5 |
|
|
|
32.4 |
|
Total cash, cash equivalents and restricted cash |
|
3,074.6 |
|
|
|
2,572.9 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
9,290.6 |
|
|
|
9,798.2 |
|
Residential land and lots — developed, under development, held for development and held for sale |
|
10,049.1 |
|
|
|
9,313.3 |
|
Rental properties |
|
3,232.0 |
|
|
|
2,544.2 |
|
Total inventory |
|
22,571.7 |
|
|
|
21,655.7 |
|
Mortgage loans held for sale |
|
2,124.0 |
|
|
|
2,386.0 |
|
Deferred income taxes, net of valuation allowance of $17.8 million and $17.9 million at March 31, 2023 and September 30, 2022, respectively |
|
112.3 |
|
|
|
141.1 |
|
Property and equipment, net |
|
509.6 |
|
|
|
471.6 |
|
Other assets |
|
2,615.1 |
|
|
|
2,960.3 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
31,170.8 |
|
|
$ |
30,351.1 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,251.3 |
|
|
$ |
1,360.3 |
|
Accrued expenses and other liabilities |
|
2,830.8 |
|
|
|
3,138.3 |
|
Notes payable |
|
5,966.9 |
|
|
|
6,066.9 |
|
Total liabilities |
|
10,049.0 |
|
|
|
10,565.5 |
|
EQUITY |
|
|
|
||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 400,830,778 shares issued and 341,070,276 shares outstanding at March 31, 2023 and 399,172,937 shares issued and 343,953,023 shares outstanding at September 30, 2022 |
|
4.0 |
|
|
|
4.0 |
|
Additional paid-in capital |
|
3,358.0 |
|
|
|
3,349.5 |
|
Retained earnings |
|
20,914.5 |
|
|
|
19,185.3 |
|
Treasury stock, 59,760,502 shares and 55,219,914 shares at March 31, 2023 and September 30, 2022, respectively, at cost |
|
(3,563.8 |
) |
|
|
(3,142.5 |
) |
Stockholders’ equity |
|
20,712.7 |
|
|
|
19,396.3 |
|
Noncontrolling interests |
|
409.1 |
|
|
|
389.3 |
|
Total equity |
|
21,121.8 |
|
|
|
19,785.6 |
|
Total liabilities and equity |
$ |
31,170.8 |
|
|
$ |
30,351.1 |
|
D.R. Horton, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
7,972.9 |
|
|
$ |
7,999.0 |
|
|
$ |
15,230.6 |
|
|
$ |
15,052.4 |
|
Cost of sales |
|
5,996.2 |
|
|
|
5,429.9 |
|
|
|
11,287.5 |
|
|
|
10,335.6 |
|
Selling, general and administrative expense |
|
773.6 |
|
|
|
695.1 |
|
|
|
1,510.5 |
|
|
|
1,361.0 |
|
Other (income) expense |
|
(42.2 |
) |
|
|
(9.3 |
) |
|
|
(79.9 |
) |
|
|
(24.8 |
) |
Income before income taxes |
|
1,245.3 |
|
|
|
1,883.3 |
|
|
|
2,512.5 |
|
|
|
3,380.6 |
|
Income tax expense |
|
295.7 |
|
|
|
441.0 |
|
|
|
594.6 |
|
|
|
792.5 |
|
Net income |
|
949.6 |
|
|
|
1,442.3 |
|
|
|
1,917.9 |
|
|
|
2,588.1 |
|
Net income attributable to noncontrolling interests |
|
7.4 |
|
|
|
6.0 |
|
|
|
17.0 |
|
|
|
10.2 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
942.2 |
|
|
$ |
1,436.3 |
|
|
$ |
1,900.9 |
|
|
$ |
2,577.9 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to D.R. Horton, Inc. |
$ |
2.75 |
|
|
$ |
4.07 |
|
|
$ |
5.54 |
|
|
$ |
7.27 |
|
Weighted average number of common shares |
|
342.1 |
|
|
|
353.1 |
|
|
|
343.2 |
|
|
|
354.6 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. |
$ |
2.73 |
|
|
$ |
4.03 |
|
|
$ |
5.50 |
|
|
$ |
7.20 |
|
Adjusted weighted average number of common shares |
|
344.9 |
|
|
|
356.3 |
|
|
|
345.9 |
|
|
|
358.2 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
34.0 |
|
|
$ |
34.7 |
|
|
$ |
62.5 |
|
|
$ |
68.0 |
|
Depreciation and amortization |
$ |
26.7 |
|
|
$ |
19.9 |
|
|
$ |
46.5 |
|
|
$ |
39.3 |
|
Interest incurred |
$ |
50.6 |
|
|
$ |
36.7 |
|
|
$ |
96.8 |
|
|
$ |
73.6 |
|
D.R. Horton, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(UNAUDITED) |
|||||||
|
Six Months Ended
|
||||||
|
2023 |
|
2022 |
||||
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
1,917.9 |
|
|
$ |
2,588.1 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
46.5 |
|
|
|
39.3 |
|
Stock-based compensation expense |
|
51.3 |
|
|
|
54.6 |
|
Deferred income taxes |
|
28.7 |
|
|
|
23.6 |
|
Inventory and land option charges |
|
51.4 |
|
|
|
20.0 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Decrease (increase) in construction in progress and finished homes |
|
537.3 |
|
|
|
(2,137.4 |
) |
Increase in residential land and lots – developed, under development, held for development and held for sale |
|
(668.7 |
) |
|
|
(528.4 |
) |
Increase in rental properties |
|
(689.2 |
) |
|
|
(655.9 |
) |
Decrease (increase) in other assets |
|
339.8 |
|
|
|
(616.7 |
) |
Decrease (increase) in mortgage loans held for sale |
|
262.0 |
|
|
|
(215.5 |
) |
(Decrease) increase in accounts payable, accrued expenses and other liabilities |
|
(403.4 |
) |
|
|
593.7 |
|
Net cash provided by (used in) operating activities |
|
1,473.6 |
|
|
|
(834.6 |
) |
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(79.2 |
) |
|
|
(72.5 |
) |
Payments related to business acquisitions |
|
(103.5 |
) |
|
|
— |
|
Other investing activities |
|
2.1 |
|
|
|
3.8 |
|
Net cash used in investing activities |
|
(180.6 |
) |
|
|
(68.7 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
575.0 |
|
|
|
750.0 |
|
Repayment of notes payable |
|
(650.0 |
) |
|
|
(750.8 |
) |
(Payments) borrowings on mortgage repurchase facility, net |
|
(63.4 |
) |
|
|
84.3 |
|
Proceeds from stock associated with certain employee benefit plans |
|
12.9 |
|
|
|
22.2 |
|
Cash paid for shares withheld for taxes |
|
(55.8 |
) |
|
|
(61.7 |
) |
Cash dividends paid |
|
(171.7 |
) |
|
|
(159.2 |
) |
Repurchases of common stock |
|
(419.8 |
) |
|
|
(569.8 |
) |
Net proceeds from issuance of Forestar common stock |
|
— |
|
|
|
1.7 |
|
Net other financing activities |
|
(18.5 |
) |
|
|
38.5 |
|
Net cash used in financing activities |
|
(791.3 |
) |
|
|
(644.8 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
501.7 |
|
|
|
(1,548.1 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
2,572.9 |
|
|
|
3,237.2 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
3,074.6 |
|
|
$ |
1,689.1 |
|
D.R. Horton, INC. AND SUBSIDIARIES |
||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||
|
|
March 31, 2023 |
||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||
|
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
2,364.5 |
|
$ |
286.7 |
|
$ |
285.5 |
|
$ |
89.8 |
|
|
$ |
24.6 |
|
|
$ |
3,051.1 |
Restricted cash |
|
|
8.5 |
|
|
— |
|
|
12.6 |
|
|
2.4 |
|
|
|
— |
|
|
|
23.5 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
|
9,437.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(146.4 |
) |
|
|
9,290.6 |
Residential land and lots |
|
|
8,134.1 |
|
|
1,988.0 |
|
|
— |
|
|
— |
|
|
|
(73.0 |
) |
|
|
10,049.1 |
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
3,257.2 |
|
|
|
(25.2 |
) |
|
|
3,232.0 |
|
|
|
17,571.1 |
|
|
1,988.0 |
|
|
— |
|
|
3,257.2 |
|
|
|
(244.6 |
) |
|
|
22,571.7 |
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,124.0 |
|
|
— |
|
|
|
— |
|
|
|
2,124.0 |
Deferred income taxes, net |
|
|
117.4 |
|
|
— |
|
|
— |
|
|
(7.1 |
) |
|
|
2.0 |
|
|
|
112.3 |
Property and equipment, net |
|
|
381.0 |
|
|
5.6 |
|
|
4.0 |
|
|
2.5 |
|
|
|
116.5 |
|
|
|
509.6 |
Other assets |
|
|
2,477.5 |
|
|
56.0 |
|
|
135.1 |
|
|
37.6 |
|
|
|
(91.1 |
) |
|
|
2,615.1 |
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
29.2 |
|
|
|
163.5 |
|
|
$ |
23,054.3 |
|
$ |
2,336.3 |
|
$ |
2,561.2 |
|
$ |
3,382.4 |
|
|
$ |
(163.4 |
) |
|
$ |
31,170.8 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
$ |
1,030.7 |
|
$ |
67.7 |
|
$ |
— |
|
$ |
558.7 |
|
|
$ |
(405.8 |
) |
|
$ |
1,251.3 |
Accrued expenses and other liabilities |
|
|
2,508.7 |
|
|
313.0 |
|
|
123.1 |
|
|
30.2 |
|
|
|
(144.2 |
) |
|
|
2,830.8 |
Notes payable |
|
|
2,680.2 |
|
|
706.8 |
|
|
1,554.9 |
|
|
1,025.0 |
|
|
|
— |
|
|
|
5,966.9 |
|
|
$ |
6,219.6 |
|
$ |
1,087.5 |
|
$ |
1,678.0 |
|
$ |
1,613.9 |
|
|
$ |
(550.0 |
) |
|
$ |
10,049.0 |
|
|
September 30, 2022 |
||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||
|
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
2,040.7 |
|
$ |
264.8 |
|
$ |
103.3 |
|
$ |
109.9 |
|
|
$ |
21.8 |
|
|
$ |
2,540.5 |
Restricted cash |
|
|
11.3 |
|
|
— |
|
|
19.7 |
|
|
1.4 |
|
|
|
— |
|
|
|
32.4 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
|
9,951.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(153.3 |
) |
|
|
9,798.2 |
Residential land and lots |
|
|
7,372.9 |
|
|
2,022.4 |
|
|
— |
|
|
— |
|
|
|
(82.0 |
) |
|
|
9,313.3 |
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
2,572.1 |
|
|
|
(27.9 |
) |
|
|
2,544.2 |
|
|
|
17,324.4 |
|
|
2,022.4 |
|
|
— |
|
|
2,572.1 |
|
|
|
(263.2 |
) |
|
|
21,655.7 |
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,386.0 |
|
|
— |
|
|
|
— |
|
|
|
2,386.0 |
Deferred income taxes, net |
|
|
146.3 |
|
|
— |
|
|
— |
|
|
(7.1 |
) |
|
|
1.9 |
|
|
|
141.1 |
Property and equipment, net |
|
|
361.8 |
|
|
5.7 |
|
|
4.3 |
|
|
2.0 |
|
|
|
97.8 |
|
|
|
471.6 |
Other assets |
|
|
2,266.5 |
|
|
50.1 |
|
|
492.5 |
|
|
18.4 |
|
|
|
132.8 |
|
|
|
2,960.3 |
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
29.2 |
|
|
|
163.5 |
|
|
$ |
22,285.3 |
|
$ |
2,343.0 |
|
$ |
3,005.8 |
|
$ |
2,696.7 |
|
|
$ |
20.3 |
|
|
$ |
30,351.1 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
$ |
1,149.1 |
|
$ |
72.2 |
|
$ |
0.2 |
|
$ |
233.6 |
|
|
$ |
(94.8 |
) |
|
$ |
1,360.3 |
Accrued expenses and other liabilities |
|
|
2,365.7 |
|
|
365.4 |
|
|
596.2 |
|
|
25.0 |
|
|
|
(214.0 |
) |
|
|
3,138.3 |
Notes payable |
|
|
2,942.6 |
|
|
706.0 |
|
|
1,618.3 |
|
|
800.0 |
|
|
|
— |
|
|
|
6,066.9 |
|
|
$ |
6,457.4 |
|
$ |
1,143.6 |
|
$ |
2,214.7 |
|
$ |
1,058.6 |
|
|
$ |
(308.8 |
) |
|
$ |
10,565.5 |
| _______________ | ||
(1) |
Amounts include the balances of the Company's other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. |
|
D.R. Horton, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||||||
|
Three Months Ended March 31, 2023 |
|||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
7,449.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,449.7 |
|
Land/lot sales and other |
|
|
19.9 |
|
|
|
301.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(238.7 |
) |
|
|
82.7 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
224.1 |
|
|
|
— |
|
|
|
224.1 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
216.4 |
|
|
|
— |
|
|
|
— |
|
|
|
216.4 |
|
|
|
|
7,469.6 |
|
|
|
301.5 |
|
|
|
216.4 |
|
|
|
224.1 |
|
|
|
(238.7 |
) |
|
|
7,972.9 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
5,843.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(61.8 |
) |
|
|
5,781.2 |
|
Land/lot sales and other |
|
|
13.4 |
|
|
|
225.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(204.3 |
) |
|
|
34.4 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
157.6 |
|
|
|
(0.8 |
) |
|
|
156.8 |
|
Inventory and land option charges |
|
|
14.2 |
|
|
|
20.3 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
(11.1 |
) |
|
|
23.8 |
|
|
|
|
5,870.6 |
|
|
|
245.6 |
|
|
|
— |
|
|
|
158.0 |
|
|
|
(278.0 |
) |
|
|
5,996.2 |
|
Selling, general and administrative expense |
|
|
545.6 |
|
|
|
22.0 |
|
|
|
146.9 |
|
|
|
53.5 |
|
|
|
5.6 |
|
|
|
773.6 |
|
Other (income) expense |
|
|
(14.5 |
) |
|
|
(2.0 |
) |
|
|
(16.1 |
) |
|
|
(22.0 |
) |
|
|
12.4 |
|
|
|
(42.2 |
) |
Income before income taxes |
|
$ |
1,067.9 |
|
|
$ |
35.9 |
|
|
$ |
85.6 |
|
|
$ |
34.6 |
|
|
$ |
21.3 |
|
|
$ |
1,245.3 |
|
|
|
Six Months Ended March 31, 2023 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,158.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,158.9 |
|
Land/lot sales and other |
|
|
54.7 |
|
|
|
518.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(406.2 |
) |
|
|
166.7 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
551.6 |
|
|
|
— |
|
|
|
551.6 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
353.4 |
|
|
|
— |
|
|
|
— |
|
|
|
353.4 |
|
|
|
|
14,213.6 |
|
|
|
518.2 |
|
|
|
353.4 |
|
|
|
551.6 |
|
|
|
(406.2 |
) |
|
|
15,230.6 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
10,949.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(110.9 |
) |
|
|
10,838.8 |
|
Land/lot sales and other |
|
|
18.3 |
|
|
|
392.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(352.1 |
) |
|
|
58.3 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
341.4 |
|
|
|
(2.4 |
) |
|
|
339.0 |
|
Inventory and land option charges |
|
|
38.4 |
|
|
|
22.7 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
(11.1 |
) |
|
|
51.4 |
|
|
|
|
11,006.4 |
|
|
|
414.8 |
|
|
|
— |
|
|
|
342.8 |
|
|
|
(476.5 |
) |
|
|
11,287.5 |
|
Selling, general and administrative expense |
|
|
1,072.6 |
|
|
|
44.9 |
|
|
|
281.0 |
|
|
|
101.0 |
|
|
|
11.0 |
|
|
|
1,510.5 |
|
Other (income) expense |
|
|
(27.7 |
) |
|
|
(5.3 |
) |
|
|
(31.4 |
) |
|
|
(37.1 |
) |
|
|
21.6 |
|
|
|
(79.9 |
) |
Income before income taxes |
|
$ |
2,162.3 |
|
|
$ |
63.8 |
|
|
$ |
103.8 |
|
|
$ |
144.9 |
|
|
$ |
37.7 |
|
|
$ |
2,512.5 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
1,456.4 |
|
|
$ |
21.3 |
|
|
$ |
232.2 |
|
|
$ |
(263.3 |
) |
|
$ |
27.0 |
|
|
$ |
1,473.6 |
|
| _______________ | ||
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
|
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
|
D.R. Horton, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
7,499.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,499.2 |
|
Land/lot sales and other |
|
|
7.6 |
|
|
|
421.6 |
|
|
— |
|
|
|
— |
|
|
|
(374.4 |
) |
|
|
54.8 |
|
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
222.9 |
|
|
|
— |
|
|
|
222.9 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
222.1 |
|
|
|
— |
|
|
|
— |
|
|
|
222.1 |
|
|
|
|
7,506.8 |
|
|
|
421.6 |
|
|
|
222.1 |
|
|
|
222.9 |
|
|
|
(374.4 |
) |
|
|
7,999.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
5,335.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43.7 |
) |
|
|
5,291.5 |
|
Land/lot sales and other |
|
|
3.3 |
|
|
|
328.7 |
|
|
|
— |
|
|
|
— |
|
|
|
(307.0 |
) |
|
|
25.0 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
102.5 |
|
|
|
(4.3 |
) |
|
|
98.2 |
|
Inventory and land option charges |
|
|
9.8 |
|
|
|
5.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15.2 |
|
|
|
|
5,348.3 |
|
|
|
334.1 |
|
|
|
— |
|
|
|
102.5 |
|
|
|
(355.0 |
) |
|
|
5,429.9 |
|
Selling, general and administrative expense |
|
|
507.3 |
|
|
|
24.3 |
|
|
|
138.0 |
|
|
|
22.8 |
|
|
|
2.7 |
|
|
|
695.1 |
|
Other (income) expense |
|
|
(1.6 |
) |
|
|
— |
|
|
|
(8.7 |
) |
|
|
(4.9 |
) |
|
|
5.9 |
|
|
|
(9.3 |
) |
Income before income taxes |
|
$ |
1,652.8 |
|
|
$ |
63.2 |
|
|
$ |
92.8 |
|
|
$ |
102.5 |
|
|
$ |
(28.0 |
) |
|
$ |
1,883.3 |
|
|
|
Six Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,155.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,155.6 |
|
Land/lot sales and other |
|
|
30.5 |
|
|
|
829.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(748.7 |
) |
|
|
111.0 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
379.4 |
|
|
|
— |
|
|
|
379.4 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
|
14,186.1 |
|
|
|
829.2 |
|
|
|
406.4 |
|
|
|
379.4 |
|
|
|
(748.7 |
) |
|
|
15,052.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
10,169.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(81.3 |
) |
|
|
10,087.8 |
|
Land/lot sales and other |
|
|
20.4 |
|
|
|
662.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(624.8 |
) |
|
|
57.9 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175.0 |
|
|
|
(5.1 |
) |
|
|
169.9 |
|
Inventory and land option charges |
|
|
13.7 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
20.0 |
|
|
|
|
10,203.2 |
|
|
|
668.3 |
|
|
|
— |
|
|
|
175.3 |
|
|
|
(711.2 |
) |
|
|
10,335.6 |
|
Selling, general and administrative expense |
|
|
1,004.9 |
|
|
|
45.8 |
|
|
|
263.2 |
|
|
|
41.4 |
|
|
|
5.7 |
|
|
|
1,361.0 |
|
Other (income) expense |
|
|
(7.9 |
) |
|
|
(1.6 |
) |
|
|
(16.7 |
) |
|
|
(9.8 |
) |
|
|
11.2 |
|
|
|
(24.8 |
) |
Income before income taxes |
|
$ |
2,985.9 |
|
|
$ |
116.7 |
|
|
$ |
159.9 |
|
|
$ |
172.5 |
|
|
$ |
(54.4 |
) |
|
$ |
3,380.6 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash (used in) provided by operating activities |
|
$ |
(416.2 |
) |
|
$ |
76.6 |
|
|
$ |
(63.0 |
) |
|
$ |
(409.1 |
) |
|
$ |
(22.9 |
) |
|
$ |
(834.6 |
) |
| _______________ | ||
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
|
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
|
D.R. Horton, INC. AND SUBSIDIARIES |
||||||||||||||||||||
SALES, CLOSINGS AND BACKLOG |
||||||||||||||||||||
HOMEBUILDING SEGMENT |
||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,379 |
|
$ |
724.1 |
|
1,342 |
|
$ |
768.1 |
|
2,283 |
|
$ |
1,183.9 |
|
2,570 |
|
$ |
1,425.3 |
Southwest |
|
1,995 |
|
|
953.7 |
|
2,595 |
|
|
1,403.2 |
|
3,249 |
|
|
1,534.2 |
|
4,896 |
|
|
2,587.0 |
South Central |
|
6,021 |
|
|
1,941.5 |
|
7,328 |
|
|
2,511.9 |
|
9,827 |
|
|
3,115.6 |
|
13,190 |
|
|
4,458.0 |
Southeast |
|
6,679 |
|
|
2,397.5 |
|
6,849 |
|
|
2,640.9 |
|
10,596 |
|
|
3,789.9 |
|
13,243 |
|
|
4,925.7 |
East |
|
4,482 |
|
|
1,570.8 |
|
3,765 |
|
|
1,413.1 |
|
6,795 |
|
|
2,416.4 |
|
7,745 |
|
|
2,868.0 |
North |
|
2,586 |
|
|
1,042.3 |
|
2,461 |
|
|
1,012.2 |
|
3,774 |
|
|
1,513.2 |
|
4,218 |
|
|
1,741.8 |
|
|
23,142 |
|
$ |
8,629.9 |
|
24,340 |
|
$ |
9,749.4 |
|
36,524 |
|
$ |
13,553.2 |
|
45,862 |
|
$ |
18,005.8 |
HOMES CLOSED |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,280 |
|
$ |
690.7 |
|
1,146 |
|
$ |
636.5 |
|
2,262 |
|
$ |
1,210.8 |
|
2,171 |
|
$ |
1,185.4 |
Southwest |
|
1,873 |
|
|
905.5 |
|
2,321 |
|
|
1,135.0 |
|
3,580 |
|
|
1,708.2 |
|
4,265 |
|
|
2,046.5 |
South Central |
|
5,579 |
|
|
1,804.1 |
|
5,610 |
|
|
1,836.4 |
|
10,416 |
|
|
3,440.2 |
|
11,047 |
|
|
3,528.8 |
Southeast |
|
5,751 |
|
|
2,104.6 |
|
5,504 |
|
|
1,946.3 |
|
11,038 |
|
|
4,099.1 |
|
10,828 |
|
|
3,756.5 |
East |
|
3,352 |
|
|
1,206.3 |
|
3,469 |
|
|
1,216.8 |
|
6,367 |
|
|
2,349.7 |
|
6,597 |
|
|
2,291.5 |
North |
|
1,829 |
|
|
738.5 |
|
1,778 |
|
|
728.2 |
|
3,341 |
|
|
1,350.9 |
|
3,316 |
|
|
1,346.9 |
|
|
19,664 |
|
$ |
7,449.7 |
|
19,828 |
|
$ |
7,499.2 |
|
37,004 |
|
$ |
14,158.9 |
|
38,224 |
|
$ |
14,155.6 |
SALES ORDER BACKLOG |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
As of March 31, |
||||||||
|
|
2023 |
|
2022 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
745 |
|
$ |
400.1 |
|
1,353 |
|
$ |
737.6 |
Southwest |
|
1,429 |
|
|
731.0 |
|
4,069 |
|
|
2,036.4 |
South Central |
|
5,206 |
|
|
1,757.7 |
|
10,876 |
|
|
3,754.6 |
Southeast |
|
6,541 |
|
|
2,478.3 |
|
9,734 |
|
|
3,703.9 |
East |
|
3,514 |
|
|
1,281.5 |
|
5,365 |
|
|
2,045.9 |
North |
|
1,802 |
|
|
751.4 |
|
2,462 |
|
|
1,034.9 |
|
|
19,237 |
|
$ |
7,400.0 |
|
33,859 |
|
$ |
13,313.3 |
D.R. Horton, INC. AND SUBSIDIARIES LAND AND LOT POSITION AND HOMES IN INVENTORY HOMEBUILDING SEGMENT |
|||||||||||
|
March 31, 2023 |
|
September 30, 2022 |
||||||||
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
Northwest |
12,300 |
|
25,300 |
|
37,600 |
|
11,100 |
|
32,200 |
|
43,300 |
Southwest |
22,400 |
|
32,400 |
|
54,800 |
|
22,100 |
|
36,500 |
|
58,600 |
South Central |
39,100 |
|
59,400 |
|
98,500 |
|
37,800 |
|
66,500 |
|
104,300 |
Southeast |
23,500 |
|
128,600 |
|
152,100 |
|
24,700 |
|
138,600 |
|
163,300 |
East |
25,300 |
|
107,300 |
|
132,600 |
|
22,700 |
|
105,700 |
|
128,400 |
North |
13,700 |
|
57,700 |
|
71,400 |
|
12,700 |
|
62,600 |
|
75,300 |
|
136,300 |
|
410,700 |
|
547,000 |
|
131,100 |
|
442,100 |
|
573,200 |
|
25 % |
|
75 % |
|
100 % |
|
23 % |
|
77 % |
|
100 % |
| _______________ | ||
(1) |
Lots controlled at March 31, 2023 included approximately 31,500 lots owned or controlled by Forestar, 14,200 of which our homebuilding divisions had under contract to purchase and 17,300 of which our homebuilding divisions had a right of first offer to purchase. Lots controlled at September 30, 2022 included approximately 36,700 lots owned or controlled by Forestar, 17,800 of which our homebuilding divisions had under contract to purchase and 18,900 of which our homebuilding divisions had a right of first offer to purchase. |
|
HOMES IN INVENTORY (1) |
||||
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
Northwest |
|
2,700 |
|
2,900 |
Southwest |
|
4,800 |
|
4,900 |
South Central |
|
11,300 |
|
12,400 |
Southeast |
|
12,800 |
|
14,200 |
East |
|
7,500 |
|
6,800 |
North |
|
4,500 |
|
5,200 |
|
|
43,600 |
|
46,400 |
| _______________ | ||
(1) |
Homes in inventory exclude model homes and homes related to our single-family rental operations. |
|
