D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2021 Third Quarter Highlights - comparisons to the
prior year quarter
- Net income per diluted share increased 78% to $3.06
- Net income attributable to D.R. Horton increased 77% to $1.1
billion
- Consolidated revenues increased 35% to $7.3 billion
- Consolidated pre-tax income increased 81% to $1.4 billion
- Consolidated pre-tax profit margin improved 490 basis points to
19.4%
- Homes closed increased 35% in value to $7.0 billion on 21,588
homes closed
- Net sales orders increased 2% in value to $6.4 billion on
17,952 homes sold
- Repurchased 2.6 million shares of common stock for $241.2
million
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported
that net income per common share attributable to D.R. Horton for
its third fiscal quarter ended June 30, 2021 increased 78% to $3.06
per diluted share compared to $1.72 per diluted share in the same
quarter of fiscal 2020. Net income attributable to D.R. Horton in
the third quarter of fiscal 2021 increased 77% to $1.1 billion
compared to $630.7 million in the same quarter of fiscal 2020.
Homebuilding revenue for the third quarter of fiscal 2021 increased
35% to $7.1 billion from $5.2 billion in the same quarter of fiscal
2020. Homes closed in the quarter increased 22% to 21,588 homes
compared to 17,642 homes closed in the same quarter of fiscal
2020.
For the nine months ended June 30, 2021, net income per common
share attributable to D.R. Horton increased 85% to $7.73 per
diluted share compared to $4.17 per diluted share in the same
period of fiscal 2020. Net income attributable to D.R. Horton for
the nine months ended June 30, 2021 increased 84% to $2.8 billion
compared to $1.5 billion in the same period of fiscal 2020.
Homebuilding revenue for the first nine months of fiscal 2021
increased 41% to $19.0 billion from $13.5 billion in the same
period of fiscal 2020. Homes closed in the first nine months of
fiscal 2021 increased 33% to 60,028 homes compared to 45,140 homes
closed in the same period of fiscal 2020.
Net sales orders for the third quarter ended June 30, 2021
decreased 17% to 17,952 homes and increased 2% in value to $6.4
billion compared to 21,519 homes and $6.3 billion in the same
quarter of the prior year. The Company’s cancellation rate
(cancelled sales orders divided by gross sales orders) for the
third quarter of fiscal 2021 was 17% compared to 22% in the prior
year quarter. Net sales orders for the first nine months of fiscal
2021 increased 20% to 65,429 homes and 33% in value to $21.7
billion compared to 54,732 homes and $16.3 billion in the same
period of fiscal 2020. The Company's sales order backlog of homes
under contract at June 30, 2021 increased 39% to 32,209 homes and
57% in value to $11.0 billion compared to 23,205 homes and $7.0
billion at June 30, 2020.
At June 30, 2021, the Company had 47,300 homes in inventory, of
which 15,400 were unsold. 500 of the Company’s unsold homes at June
30, 2021 were completed. The Company’s homebuilding land and lot
portfolio totaled 517,100 lots at the end of the quarter, of which
24% were owned and 76% were controlled through land and lot
purchase contracts.
The Company's return on equity (ROE) was 29.5% for the trailing
twelve months ended June 30, 2021, and homebuilding return on
inventory (ROI) was 34.9% 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 third quarter with $1.7 billion of
unrestricted homebuilding cash and $2.0 billion of available
capacity on its revolving credit facility for total homebuilding
liquidity of $3.7 billion. Homebuilding debt at June 30, 2021
totaled $2.6 billion. The Company’s homebuilding debt to total
capital ratio at June 30, 2021 was 16.0%. Homebuilding debt to
total capital consists of homebuilding notes payable divided by
stockholders’ equity plus homebuilding notes payable.
Donald R. Horton, Chairman of the Board, said, “The D.R. Horton
team delivered outstanding results in the third fiscal quarter of
2021, highlighted by EPS increasing 78% to $3.06 per diluted share.
Our consolidated pre-tax income increased 81% to $1.4 billion on a
35% increase in revenues to $7.3 billion and a 490 basis point
increase in our pre-tax profit margin to 19.4%. These results
reflect our experienced teams and production capabilities,
industry-leading market share, broad geographic footprint and
diverse product offerings across multiple brands.
“Housing market conditions remain very robust, with homebuyer
demand exceeding our current capacity to deliver homes across all
of our markets. As our top priority is to consistently fulfill our
commitments to our homebuyers, we have slowed our home sales pace
to more closely align to our current production levels, while
building out the infrastructure needed to support a higher level of
home starts. We are also selling homes later in the construction
cycle when we can better ensure the certainty of the home close
date for our homebuyers. After starting 22,600 homes during the
quarter, our homes in inventory at June 30, 2021 increased 44% from
a year ago to 47,300 homes, positioning us to finish fiscal 2021
strong and produce double-digit volume growth in fiscal 2022.
“We remain focused on maximizing returns and improving capital
efficiency in each of our communities while increasing our market
share. Our strong balance sheet, liquidity and low leverage provide
us with significant financial flexibility. 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.”
Guidance
Based on current market conditions and the Company’s results for
the first nine months of fiscal 2021, D.R. Horton is updating its
fiscal 2021 guidance as follows:
- Consolidated revenues of $27.6 billion to $28.1 billion
- Homes closed between 83,000 homes and 84,500 homes
- Outstanding share count at the end of fiscal 2021 approximately
2% lower than at the end of fiscal 2020
The Company plans to also provide guidance for its fourth
quarter of fiscal 2021 on its conference call today.
Forestar
Forestar Group Inc. (NYSE:FOR) (“Forestar”), a majority-owned
subsidiary of D.R. Horton, is a publicly-traded residential lot
development company, which currently operates in 55 markets and 22
states. 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 third quarter ended June 30, 2021, Forestar sold 3,858
lots and generated $312.9 million of revenue compared to 2,023 lots
and $177.9 million of revenue in the prior year quarter. For the
nine months ended June 30, 2021, Forestar sold 11,013 lots and
generated $907.1 million of revenue compared to 6,396 lots and
$584.3 million of revenue in the prior year nine month period.
Forestar’s pre-tax income in the third quarter of fiscal 2021
increased 105% to $21.1 million with a pre-tax profit margin of
6.7% compared to $10.3 million of pre-tax income and a 5.8% pre-tax
profit margin in the same quarter of fiscal 2020. For the nine
months ended June 30, 2021, Forestar’s pre-tax income increased 91%
to $87.9 million with a pre-tax profit margin of 9.7% compared to
$46.1 million of pre-tax income and a 7.9% pre-tax profit margin in
the same period of fiscal 2020. The results for both the three and
nine months ended June 30, 2021 include an $18.1 million pre-tax
loss on extinguishment of debt related to the redemption of
Forestar’s 8.0% senior notes due 2024 in May 2021.
Financial Services
For the third quarter ended June 30, 2021, financial services
revenues increased 20% to $188.7 million compared to $156.6
million. Financial services pre-tax income increased 2% to $70.3
million with a pre-tax profit margin of 37.3% compared to $68.8
million of pre-tax income and a 43.9% pre-tax profit margin in the
prior year quarter. For the nine months ended June 30, 2021,
financial services revenues increased 65% to $601.1 million
compared to $364.0 million. Financial services pre-tax income
increased 111% to $262.1 million with a pre-tax profit margin of
43.6% compared to $124.0 million of pre-tax income and a 34.1%
pre-tax profit margin in the prior year nine month period.
Multi-Family Rental Operations
At June 30, 2021, the Company’s multi-family rental operations
had eleven projects under active construction and four projects
that were substantially complete and in the lease-up phase. These
15 projects represent 4,540 multi-family units. There were no
multi-family rental properties sold during the quarter or nine
months ended June 30, 2021. At June 30, 2021, the consolidated
balance sheet included $458.3 million of assets related to
multi-family rental operations, which included $436.3 million of
rental properties recorded as inventory. These operations are
reported in Other in the Company’s segment information following
the consolidated financials.
Single-Family Rental Operations
During fiscal 2020, the Company began constructing and leasing
homes as income-producing single-family rental communities. After a
rental community is constructed and achieves a stabilized level of
leased occupancy, the Company generally markets the community for a
bulk sale of homes. During the third quarter of fiscal 2021, the
Company completed its second single-family rental property sale for
$23.1 million in revenues and $11.4 million of gross profit. At
June 30, 2021, the Company’s homebuilding inventory included $303.1
million of assets related to 44 single-family rental communities.
At June 30, 2021, the Company’s single-family rental platform
included 2,340 homes and finished lots, of which 680 homes were
completed. These operations are reported in Homebuilding in the
Company’s segment information following the consolidated
financials.
Rental Operations Reporting
During the third quarter of fiscal 2021, the Company changed the
presentation of its single- and multi-family rental operations in
its consolidated financial statements. Bulk sales of rental
properties are now presented as revenues and cost of sales, rental
assets previously recorded as property and equipment have been
reclassified to inventory, and related cash flows for the single-
and multi-family rental operations are now included in operating
activities. Prior to the third quarter of fiscal 2021, bulk sales
of rental properties were presented on a net basis as a gain on
sale of assets, and the majority of the cash flow activities were
included in investing activities. This change in presentation was
implemented as a result of the Company’s change in strategic focus
during the third quarter of fiscal 2021, which included increased
levels of activity in the current quarter and plans for future
investment in the Company’s single- and multi-family rental
operations. This presentation was effected on a prospective basis
beginning in the third quarter of fiscal 2021.
Dividends
During the third quarter of fiscal 2021, the Company paid cash
dividends of $72.1 million, for a total of $217.7 million of
dividends paid during the nine months ended June 30, 2021.
Subsequent to quarter-end, the Company declared a quarterly cash
dividend of $0.20 per common share that is payable on August 17,
2021 to stockholders of record on August 10, 2021.
Share Repurchases
The Company repurchased 2.6 million shares of common stock for
$241.2 million during the third quarter of fiscal 2021, for a total
of 8.1 million shares of common stock for $661.4 million during the
nine months ended June 30, 2021. The Company’s remaining stock
repurchase authorization at June 30, 2021 was $758.8 million.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, July
22) at 8:30 a.m. Eastern Time. The dial-in number is 877-407-8033,
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 96 markets
in 30 states across the United States and closed 80,276 homes in
the twelve-month period ended June 30, 2021. The Company is engaged
in the construction and sale of high-quality homes through its
diverse brand portfolio that includes D.R. Horton, Emerald Homes,
Express Homes and Freedom Homes with sales prices ranging from
$150,000 to over $1,000,000. D.R. Horton also provides mortgage
financing, title services and insurance agency services for
homebuyers through its mortgage, title and insurance
subsidiaries.
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 as our top priority is to consistently fulfill our commitments
to our homebuyers, we have slowed our home sales pace to more
closely align to our current production levels, while building out
the infrastructure needed to support a higher level of home starts;
we are also selling homes later in the construction cycle when we
can better ensure the certainty of the home close date for our
homebuyers; and that after starting 22,600 homes during the
quarter, our homes in inventory at June 30, 2021 increased 44% from
a year ago to 47,300 homes, positioning us to finish fiscal 2021
strong and produce double-digit volume growth in fiscal 2022. The
forward-looking statements also include that we remain focused on
maximizing returns and improving capital efficiency in each of our
communities while increasing our market share; our strong balance
sheet, liquidity and low leverage provide us with significant
financial flexibility; 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; and 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 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 cyclical
nature of the homebuilding and lot development industries and
changes in economic, real estate and 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 and lot inventory; our ability to effect our growth
strategies, acquisitions or investments successfully; the impact of
an inflationary, deflationary or higher interest rate environment;
home warranty and construction defect claims; the effects of health
and safety incidents; supply shortages and other risks of acquiring
land, building materials and skilled labor; 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 homebuilding, lot
development and financial services industries; 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; 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 its most recent quarterly report on Form 10-Q,
both of which are filed with the Securities and Exchange
Commission.
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
June 30, 2021
September 30,
2020
(In millions)
ASSETS
Cash and cash equivalents
$
1,942.7
$
3,018.5
Restricted cash
26.4
21.6
Total cash, cash equivalents and
restricted cash
1,969.1
3,040.1
Inventories:
Construction in progress and finished
homes
7,744.1
5,984.1
Residential land and lots — developed,
under development, held for development and held for sale
7,545.3
6,253.3
Rental properties
722.3
—
Total inventory
16,011.7
12,237.4
Mortgage loans held for sale
1,644.1
1,529.0
Deferred income taxes, net of valuation
allowance of $7.3 million and $7.5 million at June 30, 2021 and
September 30, 2020, respectively
147.1
144.9
Property and equipment, net
367.0
683.7
Other assets
1,491.0
1,113.7
Goodwill
163.5
163.5
Total assets
$
21,793.5
$
18,912.3
LIABILITIES
Accounts payable
$
1,250.9
$
900.5
Accrued expenses and other liabilities
2,001.3
1,607.0
Notes payable
4,416.3
4,283.3
Total liabilities
7,668.5
6,790.8
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized, 396,959,567 shares issued and
358,124,810 shares outstanding at June 30, 2021 and 394,741,349
shares issued and 363,999,982 shares outstanding at September 30,
2020
4.0
3.9
Additional paid-in capital
3,246.0
3,240.9
Retained earnings
12,376.9
9,757.8
Treasury stock, 38,834,757 shares and
30,741,367 shares at
June 30, 2021 and September 30, 2020,
respectively, at cost
(1,824.0)
(1,162.6)
Stockholders’ equity
13,802.9
11,840.0
Noncontrolling interests
322.1
281.5
Total equity
14,125.0
12,121.5
Total liabilities and equity
$
21,793.5
$
18,912.3
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2021
2020
2021
2020
(In millions, except per share
data)
Revenues
$
7,284.6
$
5,390.0
$
19,664.9
$
13,910.8
Cost of sales
5,212.6
4,084.7
14,196.0
10,619.7
Selling, general and administrative
expense
655.7
527.5
1,863.2
1,450.1
Gain on sale of assets
—
—
(14.0)
(59.5)
Loss on extinguishment of debt
18.1
—
18.1
—
Other (income) expense
(17.4)
(4.6)
(28.2)
(26.4)
Income before income taxes
1,415.6
782.4
3,629.8
1,926.9
Income tax expense
299.1
149.5
784.1
377.6
Net income
1,116.5
632.9
2,845.7
1,549.3
Net income attributable to noncontrolling
interests
1.0
2.2
8.9
4.6
Net income attributable to D.R. Horton,
Inc.
$
1,115.5
$
630.7
$
2,836.8
$
1,544.7
Basic net income per common share
attributable to D.R. Horton, Inc.
$
3.10
$
1.73
$
7.83
$
4.22
Weighted average number of common
shares
359.7
363.8
362.2
366.0
Diluted net income per common share
attributable to D.R. Horton, Inc.
$
3.06
$
1.72
$
7.73
$
4.17
Adjusted weighted average number of common
shares
364.0
367.7
367.1
370.4
Other Consolidated Financial Data
Interest charged to cost of sales
$
35.4
$
32.8
$
102.8
$
87.7
Depreciation and amortization
$
17.4
$
18.6
$
56.7
$
57.4
Interest incurred
$
37.7
$
38.0
$
116.0
$
113.3
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Nine Months Ended
June 30,
2021
2020
(In millions)
OPERATING ACTIVITIES
Net income
$
2,845.7
$
1,549.3
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization
56.7
57.4
Amortization of discounts and fees
6.9
7.8
Stock-based compensation expense
69.7
59.2
Equity in earnings of unconsolidated
entities
(1.0)
(0.6)
Deferred income taxes
(2.1)
1.0
Inventory and land option charges
17.6
17.8
Gain on sale of assets
(14.0)
(59.5)
Loss on extinguishment of debt
18.1
—
Changes in operating assets and
liabilities:
Increase in construction in progress and
finished homes
(1,739.7)
(602.3)
Increase in residential land and lots –
developed, under development, held for development and held for
sale
(1,349.8)
(361.9)
Increase in rental properties
(196.0)
—
Increase in other assets
(367.2)
(62.2)
Net increase in mortgage loans held for
sale
(115.1)
(430.7)
Increase in accounts payable, accrued
expenses and other liabilities
735.7
413.6
Net cash (used in) provided by operating
activities
(34.5)
588.9
INVESTING ACTIVITIES
Expenditures for property and
equipment
(46.0)
(66.8)
Proceeds from sale of assets
37.6
129.8
Expenditures related to rental
properties
(173.9)
(153.6)
Return of investment in unconsolidated
entities
2.2
2.4
Net principal increase of other mortgage
loans and real estate owned
(2.4)
(3.7)
Payments related to business
acquisitions
(24.4)
(8.5)
Net cash used in investing activities
(206.9)
(100.4)
FINANCING ACTIVITIES
Proceeds from notes payable
914.1
2,346.3
Repayment of notes payable
(792.8)
(1,679.5)
(Payments) advances on mortgage repurchase
facility, net
(39.0)
284.0
Proceeds from stock associated with
certain employee benefit plans
15.5
15.0
Cash paid for shares withheld for
taxes
(78.5)
(38.2)
Cash dividends paid
(217.7)
(192.3)
Repurchases of common stock
(661.4)
(360.4)
Distributions to noncontrolling interests,
net
(0.1)
(0.7)
Net proceeds from issuance of Forestar
common stock
32.6
—
Other financing activities
(2.3)
(4.0)
Net cash (used in) provided by financing
activities
(829.6)
370.2
Net (decrease) increase in cash, cash
equivalents and restricted cash
(1,071.0)
858.7
Cash, cash equivalents and
restricted cash at beginning of period
3,040.1
1,514.0
Cash, cash equivalents and restricted cash
at end of period
$
1,969.1
$
2,372.7
June 30, 2021
Homebuilding
Forestar (1)
Financial Services
Other
Eliminations and Other
Adjustments (2)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
1,673.8
$
116.0
$
101.1
$
51.8
$
—
$
1,942.7
Restricted cash
11.5
—
14.6
0.3
—
26.4
Inventories:
Construction in progress and finished
homes
7,837.8
—
—
—
(93.7)
7,744.1
Residential land and lots
5,729.3
1,861.4
—
—
(45.4)
7,545.3
Rental properties
303.1
—
—
436.3
(17.1)
722.3
13,870.2
1,861.4
—
436.3
(156.2)
16,011.7
Mortgage loans held for sale
—
—
1,644.1
—
—
1,644.1
Deferred income taxes, net
152.5
—
—
—
(5.4)
147.1
Property and equipment, net
280.3
2.2
3.4
81.1
—
367.0
Other assets
1,381.5
35.4
122.6
62.7
(111.2)
1,491.0
Goodwill
134.3
—
—
—
29.2
163.5
$
17,504.1
$
2,015.0
$
1,885.8
$
632.2
$
(243.6)
$
21,793.5
Liabilities
Accounts payable
$
1,171.1
$
45.6
$
—
$
34.2
$
—
$
1,250.9
Accrued expenses and other liabilities
1,773.5
294.9
90.7
14.2
(172.0)
2,001.3
Notes payable
2,620.0
704.1
1,093.6
—
(1.4)
4,416.3
$
5,564.6
$
1,044.6
$
1,184.3
$
48.4
$
(173.4)
$
7,668.5
___________________________
(1)
Amounts are presented on
Forestar’s historical cost basis.
(2)
Amounts primarily represent the
elimination of intercompany transactions and, to a lesser extent,
purchase accounting adjustments related to the Forestar
acquisition.
September 30, 2020
Homebuilding
Forestar (1)
Financial Services
Other
Eliminations and Other
Adjustments (2)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,551.1
$
394.3
$
55.6
$
17.5
$
—
$
3,018.5
Restricted cash
9.5
—
11.9
0.2
—
21.6
Inventories:
Construction in progress and finished
homes
6,037.5
—
—
—
(53.4)
5,984.1
Residential land and lots
4,977.5
1,309.7
—
—
(33.9)
6,253.3
11,015.0
1,309.7
—
—
(87.3)
12,237.4
Mortgage loans held for sale
—
—
1,529.0
—
—
1,529.0
Deferred income taxes, net
142.3
—
—
—
2.6
144.9
Property and equipment, net
372.8
1.1
3.9
308.9
(3.0)
683.7
Other assets
996.4
34.8
125.8
52.8
(96.1)
1,113.7
Goodwill
134.3
—
—
—
29.2
163.5
$
15,221.4
$
1,739.9
$
1,726.2
$
379.4
$
(154.6)
$
18,912.3
Liabilities
Accounts payable
$
859.3
$
29.2
$
—
$
12.0
$
—
$
900.5
Accrued expenses and other liabilities
1,438.3
197.8
86.8
12.2
(128.1)
1,607.0
Notes payable
2,514.4
641.1
1,132.6
—
(4.8)
4,283.3
$
4,812.0
$
868.1
$
1,219.4
$
24.2
$
(132.9)
$
6,790.8
___________________________
(1)
Amounts are presented on
Forestar’s historical cost basis.
(2)
Amounts primarily represent the
elimination of intercompany transactions and, to a lesser extent,
purchase accounting adjustments related to the Forestar
acquisition.
Three Months Ended June 30,
2021
Homebuilding
Forestar (1)
Financial Services
Other
Eliminations and Other
Adjustments (2)
Consolidated
(In millions)
Revenues
Home sales
$
7,040.1
$
—
$
—
$
—
$
—
$
7,040.1
Land/lot sales and other
30.2
312.9
—
15.9
(303.2)
55.8
Financial services
—
—
188.7
—
—
188.7
7,070.3
312.9
188.7
15.9
(303.2)
7,284.6
Cost of sales
Home sales (3)
5,219.2
—
—
—
(40.0)
5,179.2
Land/lot sales and other
14.4
256.4
—
—
(243.0)
27.8
Inventory and land option charges
4.9
0.7
—
—
—
5.6
5,238.5
257.1
—
—
(283.0)
5,212.6
Selling, general and administrative
expense
502.0
16.9
127.0
9.6
0.2
655.7
Loss on extinguishment of debt
—
18.1
—
—
—
18.1
Other (income) expense
(7.1)
(0.3)
(8.6)
(1.4)
—
(17.4)
Income before income taxes
$
1,336.9
$
21.1
$
70.3
$
7.7
$
(20.4)
$
1,415.6
Nine Months Ended June 30,
2021
Homebuilding
Forestar (1)
Financial Services
Other
Eliminations and Other
Adjustments (2)
Consolidated
(In millions)
Revenues
Home sales
$
18,909.2
$
—
$
—
$
—
$
—
$
18,909.2
Land/lot sales and other
67.4
907.1
—
45.9
(865.8)
154.6
Financial services
—
—
601.1
—
—
601.1
18,976.6
907.1
601.1
45.9
(865.8)
19,664.9
Cost of sales
Home sales (3)
14,196.3
—
—
—
(103.3)
14,093.0
Land/lot sales and other
40.9
752.2
—
—
(707.7)
85.4
Inventory and land option charges
16.0
1.6
—
—
—
17.6
14,253.2
753.8
—
—
(811.0)
14,196.0
Selling, general and administrative
expense
1,422.7
48.7
360.4
30.9
0.5
1,863.2
Gain on sale of assets
(13.1)
—
—
(0.9)
—
(14.0)
Loss on extinguishment of debt
—
18.1
—
—
—
18.1
Other (income) expense
(10.4)
(1.4)
(21.4)
5.8
(0.8)
(28.2)
Income before income taxes
$
3,324.2
$
87.9
$
262.1
$
10.1
$
(54.5)
$
3,629.8
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
276.1
$
(340.6)
$
96.2
$
(58.2)
$
(8.0)
$
(34.5)
_____________
(1)
Results are presented on Forestar’s
historical cost basis.
(2)
Amounts primarily represent the
elimination of intercompany transactions and, to a lesser extent,
purchase accounting adjustments related to the Forestar
acquisition.
(3)
Amount in the Eliminations and Other
Adjustments 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.
Three Months Ended June 30,
2020
Homebuilding
Forestar (1)
Financial Services
Other
Eliminations and Other
Adjustments (2)
Consolidated
(In millions)
Revenues
Home sales
$
5,207.6
$
—
$
—
$
—
$
—
$
5,207.6
Land/lot sales and other
14.5
177.9
—
8.9
(175.5)
25.8
Financial services
—
—
156.6
—
—
156.6
5,222.1
177.9
156.6
8.9
(175.5)
5,390.0
Cost of sales
Home sales (3)
4,082.3
—
—
—
(16.8)
4,065.5
Land/lot sales and other
10.2
157.0
—
—
(153.0)
14.2
Inventory and land option charges
4.9
0.1
—
—
—
5.0
4,097.4
157.1
—
—
(169.8)
4,084.7
Selling, general and administrative
expense
415.1
11.2
93.9
7.1
0.2
527.5
Other (income) expense
(0.2)
(0.7)
(6.1)
2.4
—
(4.6)
Income (loss) before income taxes
$
709.8
$
10.3
$
68.8
$
(0.6)
$
(5.9)
$
782.4
Nine Months Ended June 30,
2020
Homebuilding
Forestar (1)
Financial Services
Other
Eliminations and Other
Adjustments (2)
Consolidated
(In millions)
Revenues
Home sales
$
13,434.2
$
—
$
—
$
—
$
—
$
13,434.2
Land/lot sales and other
49.7
584.3
—
27.2
(548.6)
112.6
Financial services
—
—
364.0
—
—
364.0
13,483.9
584.3
364.0
27.2
(548.6)
13,910.8
Cost of sales
Home sales (3)
10,569.2
—
—
—
(34.4)
10,534.8
Land/lot sales and other
34.9
509.8
—
—
(477.6)
67.1
Inventory and land option charges
17.3
0.5
—
—
—
17.8
10,621.4
510.3
—
—
(512.0)
10,619.7
Selling, general and administrative
expense
1,135.3
32.8
257.7
23.9
0.4
1,450.1
Gain on sale of assets
—
(0.1)
—
(59.4)
—
(59.5)
Other (income) expense
(9.7)
(4.8)
(17.7)
5.8
—
(26.4)
Income before income taxes
$
1,736.9
$
46.1
$
124.0
$
56.9
$
(37.0)
$
1,926.9
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
1,157.0
$
(205.7)
$
(347.7)
$
2.1
$
(16.8)
$
588.9
_____________
(1)
Results are presented on Forestar’s
historical cost basis.
(2)
Amounts primarily represent the
elimination of intercompany transactions and, to a lesser extent,
purchase accounting adjustments related to the Forestar
acquisition.
(3)
Amount in the Eliminations and Other
Adjustments 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.
NET SALES ORDERS
Three Months Ended June
30,
Nine Months Ended June
30,
2021
2020
2021
2020
Homes
Value
Homes
Value
Homes
Value
Homes
Value
East
2,158
$
766.3
2,803
$
837.8
8,079
$
2,702.3
7,393
$
2,188.3
Midwest
789
327.2
1,374
483.8
3,814
1,494.8
3,514
1,245.5
Southeast
5,843
1,956.6
6,991
1,920.0
22,323
6,992.7
17,381
4,746.7
South Central
5,897
1,826.8
6,644
1,693.5
21,161
6,039.7
16,558
4,226.7
Southwest
830
315.8
1,017
285.4
3,050
1,042.8
2,626
752.8
West
2,435
1,256.2
2,690
1,116.8
7,002
3,441.6
7,260
3,147.9
17,952
$
6,448.9
21,519
$
6,337.3
65,429
$
21,713.9
54,732
$
16,307.9
HOMES CLOSED
Three Months Ended June
30,
Nine Months Ended June
30,
2021
2020
2021
2020
Homes
Value
Homes
Value
Homes
Value
Homes
Value
East
3,077
$
1,032.6
2,500
$
735.2
8,338
$
2,698.4
6,281
$
1,835.1
Midwest
1,371
514.2
1,053
372.7
3,755
1,394.1
2,743
963.6
Southeast
7,456
2,276.4
5,921
1,627.8
20,748
6,095.9
14,983
4,092.5
South Central
6,222
1,705.1
5,397
1,375.6
17,598
4,681.4
13,344
3,390.8
Southwest
946
291.0
750
213.8
2,526
766.3
2,093
609.5
West
2,516
1,220.8
2,021
882.5
7,063
3,273.1
5,696
2,542.7
21,588
$
7,040.1
17,642
$
5,207.6
60,028
$
18,909.2
45,140
$
13,434.2
SALES ORDER BACKLOG
As of June 30,
2021
2020
Homes
Value
Homes
Value
East
3,324
$
1,141.2
3,028
$
929.3
Midwest
2,075
832.3
1,834
646.6
Southeast
9,831
3,275.3
6,675
1,873.7
South Central
11,601
3,467.0
7,380
1,920.0
Southwest
2,529
872.7
1,348
384.8
West
2,849
1,433.7
2,940
1,259.4
32,209
$
11,022.2
23,205
$
7,013.8
LAND AND LOT POSITION
As of June 30, 2021
As of September 30,
2020
Land/Lots Owned
Lots Controlled Through Land
and Lot Purchase Contracts (1)
Total Land/Lots Owned and
Controlled
Land/Lots Owned
Lots Controlled Through Land
and Lot Purchase Contracts (1)
Total Land/Lots Owned and
Controlled
East
12,800
78,100
90,900
11,300
50,500
61,800
Midwest
8,400
29,600
38,000
8,000
17,800
25,800
Southeast
25,600
139,700
165,300
28,700
95,700
124,400
South Central
47,200
93,300
140,500
40,100
65,200
105,300
Southwest
7,000
16,100
23,100
7,200
7,600
14,800
West
22,900
36,400
59,300
17,300
27,500
44,800
123,900
393,200
517,100
112,600
264,300
376,900
24 %
76 %
100 %
30 %
70 %
100 %
_____________
(1)
Lots controlled at June 30, 2021
included approximately 39,400 lots owned or controlled by Forestar,
21,500 of which our homebuilding divisions have under contract to
purchase and 17,900 of which our homebuilding divisions have a
right of first offer to purchase. Lots controlled at September 30,
2020 included approximately 30,400 lots owned or controlled by
Forestar, 14,000 of which our homebuilding divisions had under
contract to purchase and 16,400 of which our homebuilding divisions
had a right of first offer to purchase.
HOMES IN INVENTORY (1)
June 30, 2021
September 30, 2020
East
5,600
4,900
Midwest
3,700
2,600
Southeast
14,600
11,500
South Central
15,500
12,600
Southwest
3,000
1,800
West
4,900
4,600
47,300
38,000
_____________
(1)
Homes in inventory exclude 1,300
and 600 homes related to our single-family rental operations at
June 30, 2021 and September 30, 2020, respectively, and also
exclude approximately 1,800 model homes at both dates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210722005270/en/
D.R. Horton, Inc. Jessica Hansen, 817-390-8200 Vice President of
Investor Relations InvestorRelations@drhorton.com
D R Horton (NYSE:DHI)
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