D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2023 Third Quarter Highlights - comparisons to the
prior year quarter
- Net income attributable to D.R. Horton of $1.3 billion or $3.90
per diluted share
- Consolidated pre-tax income of $1.8 billion, with a pre-tax
profit margin of 18.3%
- Consolidated revenues increased 11% to $9.7 billion
- Homes closed increased 8% to 22,985 homes and 4% in value to
$8.7 billion
- Net sales orders increased 37% to 22,879 homes and 26% in value
to $8.7 billion
- Rental operations pre-tax income of $162.1 million on $667.1
million of revenues from sales of 1,754 single-family rental homes
and 230 multi-family rental units
- Repurchased 3.1 million shares of common stock for $342.9
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, 2023 decreased 16% to $3.90
per diluted share compared to $4.67 per diluted share in the same
quarter of fiscal 2022. Net income attributable to D.R. Horton in
the third quarter of fiscal 2023 decreased 19% to $1.3 billion
compared to $1.6 billion in the same quarter of fiscal 2022.
Homebuilding revenue for the third quarter of fiscal 2023 increased
5% to $8.7 billion compared to $8.3 billion in the same quarter of
fiscal 2022. Homes closed in the quarter increased 8% to 22,985
homes compared to 21,308 homes closed in the same quarter of fiscal
2022.
For the nine months ended June 30, 2023, net income per common
share attributable to D.R. Horton decreased 21% to $9.39 per
diluted share compared to $11.85 per diluted share in the same
period of fiscal 2022. Net income attributable to D.R. Horton for
the nine months ended June 30, 2023 decreased 23% to $3.2 billion
compared to $4.2 billion in the same period of fiscal 2022.
Homebuilding revenue for the first nine months of fiscal 2023
increased 2% to $22.9 billion compared to $22.5 billion in the same
period of fiscal 2022. Homes closed in the first nine months of
fiscal 2023 increased 1% to 59,989 homes compared to 59,532 homes
closed in the same period of fiscal 2022.
Net sales orders for the third quarter ended June 30, 2023
increased 37% to 22,879 homes and 26% in value to $8.7 billion
compared to 16,693 homes and $6.9 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 2023 was 18% compared to 24% in the prior year quarter. Net
sales orders for the first nine months of fiscal 2023 decreased 5%
to 59,403 homes and 11% in value to $22.3 billion compared to
62,555 homes and $24.9 billion in the same period of fiscal 2022.
The Company's sales order backlog of homes under contract at June
30, 2023 decreased 34% to 19,186 homes and 38% in value to $7.4
billion compared to 29,244 homes and $11.9 billion at June 30,
2022.
At June 30, 2023, the Company had 43,800 homes in inventory, of
which 25,000 were unsold. 5,700 of the Company’s unsold homes at
June 30, 2023 were completed. The Company’s homebuilding land and
lot portfolio totaled 555,100 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 24.3% for the trailing
twelve months ended June 30, 2023, and homebuilding return on
inventory (ROI) was 31.8% 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 generated $2.3 billion of cash flow from operations
during the nine months ended June 30, 2023, and ended the third
quarter with $2.6 billion of unrestricted homebuilding cash and
$2.0 billion of available capacity on its revolving credit facility
for total homebuilding liquidity of $4.6 billion. Homebuilding debt
at June 30, 2023 totaled $2.7 billion, which includes $400 million
of senior notes due August 2023 that were redeemed early in July
2023. The Company’s homebuilding debt to total capital ratio at
June 30, 2023 was 11.1%. 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, “The D.R. Horton
team delivered strong results in the third fiscal quarter of 2023,
highlighted by EPS of $3.90 per diluted share. Our consolidated
pre-tax income was $1.8 billion on an 11% increase in revenues to
$9.7 billion, with a pre-tax profit margin of 18.3%. Despite
continued higher mortgage rates and inflationary pressures, our net
sales orders increased 37% from the prior year quarter, as 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 with our experienced operators, diverse
product offerings and flexible lot supply and are focused on
supplying more homes to meet market demand and maximizing 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.”
Guidance
Based on current market conditions and the Company’s results for
the first nine months of the year, D.R. Horton is updating its
fiscal 2023 guidance as follows:
- Consolidated revenues in a range from $34.7 billion to $35.1
billion
- Homes closed between 82,800 and 83,300 homes
- Rental homes/units closed between 6,500 and 7,000
homes/units
- Cash provided by operations greater than $3.0 billion,
primarily generated by homebuilding operations.
The Company plans to also provide guidance for its fourth
quarter of fiscal 2023 on its conference call today.
Rental Operations
The Company's rental operations generated $162.1 million of
pre-tax income on revenues of $667.1 million in the third quarter
of fiscal 2023 compared to $42.6 million of pre-tax income on
revenues of $109.7 million in the same quarter of fiscal 2022. For
the nine months ended June 30, 2023, rental operations pre-tax
income was $307.0 million on revenues of $1.2 billion compared to
pre-tax income of $215.1 million on revenues of $489.1 million in
the prior year period.
During the third quarter of fiscal 2023, the Company sold 1,754
single-family rental homes for $589.6 million compared to 84 homes
sold for $39.5 million in the prior year quarter. During the nine
months ended June 30, 2023, the Company sold 3,169 single-family
rental homes for $1.0 billion compared to 678 homes sold for $292.7
million in the prior year period. At June 30, 2023, the
consolidated balance sheet included $1.9 billion of single-family
rental property inventory consisting of 7,570 homes, of which 6,270
were completed, and 3,650 lots, of which 1,440 were finished.
During the third quarter of fiscal 2023, the Company sold 230
multi-family rental units for $77.5 million compared to 298 units
sold for $69.3 million in the prior year quarter. During the nine
months ended June 30, 2023, the Company sold 530 multi-family
rental units for $177.0 million compared to 775 units sold for
$195.5 million in the prior year period. At June 30, 2023, the
consolidated balance sheet included $1.4 billion of multi-family
rental property inventory consisting of 8,800 units, of which 6,920
units were under active construction and 1,880 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.
Forestar
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 third quarter ended June 30, 2023, Forestar sold 3,812
lots and generated $368.9 million of revenue compared to 3,473 lots
and $308.5 million of revenue in the prior year quarter. For the
nine months ended June 30, 2023, Forestar sold 9,054 lots and
generated $887.1 million of revenue compared to 13,777 lots and
$1.1 billion of revenue in the prior year period. Forestar’s
pre-tax income in the third quarter of fiscal 2023 was $62.4
million with a pre-tax profit margin of 16.9% compared to $52.7
million of pre-tax income and a 17.1% pre-tax profit margin in the
same quarter of fiscal 2022. For the nine months ended June 30,
2023, Forestar’s pre-tax income was $126.2 million with a pre-tax
profit margin of 14.2% compared to $169.4 million of pre-tax income
and a 14.9% pre-tax profit margin in the same period of fiscal
2022.
Financial Services
For the third quarter ended June 30, 2023, financial services
revenues were $228.5 million compared to $254.3 million in the same
quarter of fiscal 2022. Financial services pre-tax income for the
quarter was $94.1 million with a pre-tax profit margin of 41.2%
compared to $128.3 million of pre-tax income and a 50.5% pre-tax
profit margin in the prior year quarter. For the nine months ended
June 30, 2023, financial services revenues were $582.0 million
compared to $660.8 million in the same period of fiscal 2022.
Financial services pre-tax income was $197.9 million with a pre-tax
profit margin of 34.0% compared to $288.2 million of pre-tax income
and a 43.6% pre-tax profit margin in the prior year period.
Dividends
During the third quarter of fiscal 2023, the Company paid cash
dividends of $85.2 million for a total of $256.9 million of
dividends paid during the nine months ended June 30, 2023.
Subsequent to quarter end, the Company declared a quarterly cash
dividend of $0.25 per common share that is payable on August 14,
2023 to stockholders of record on August 7, 2023.
Share Repurchases
The Company repurchased 3.1 million shares of common stock for
$342.9 million during the third quarter of fiscal 2023, for a total
of 7.7 million shares repurchased for $764.2 million during the
nine months ended June 30, 2023. The Company’s remaining stock
repurchase authorization at June 30, 2023 was $657.1 million.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, July
20) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062
(reference entry code 945128), 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 and has
closed more than 1,000,000 homes in its 45-year history. D.R.
Horton has operations in 113 markets in 33 states across the United
States and 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. The Company
also constructs and sells both single-family and multi-family
rental properties. During the twelve-month period ended June 30,
2023, D.R. Horton closed 83,201 homes in its homebuilding
operations, in addition to 3,265 single-family rental homes and 530
multi-family rental units in its rental operations. D.R. Horton
also provides mortgage financing, title services and insurance
agency services for its homebuyers 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 with our experienced operators, diverse
product offerings and flexible lot supply and are focused on
supplying more homes to meet market demand and maximizing 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)
June 30, 2023
September 30,
2022
(In millions)
ASSETS
Cash and cash equivalents
$
3,379.1
$
2,540.5
Restricted cash
28.9
32.4
Total cash, cash equivalents and
restricted cash
3,408.0
2,572.9
Inventories:
Construction in progress and finished
homes
9,352.8
9,798.2
Residential land and lots — developed,
under development,
held for development and held for sale
10,311.5
9,313.3
Rental properties
3,319.2
2,544.2
Total inventory
22,983.5
21,655.7
Mortgage loans held for sale
2,414.4
2,386.0
Deferred income taxes, net of valuation
allowance of $17.8 million
and $17.9 million at June 30, 2023 and
September 30, 2022, respectively
121.8
141.1
Property and equipment, net
425.3
471.6
Other assets
2,806.6
2,960.3
Goodwill
163.5
163.5
Total assets
$
32,323.1
$
30,351.1
LIABILITIES
Accounts payable
$
1,369.5
$
1,360.3
Accrued expenses and other liabilities
2,766.0
3,138.3
Notes payable
6,105.3
6,066.9
Total liabilities
10,240.8
10,565.5
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized,
401,104,823 shares issued and 338,222,953
shares outstanding at June 30, 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
3,394.7
3,349.5
Retained earnings
22,164.4
19,185.3
Treasury stock, 62,881,870 shares and
55,219,914 shares at
June 30, 2023 and September 30, 2022,
respectively, at cost
(3,906.7
)
(3,142.5
)
Stockholders’ equity
21,656.4
19,396.3
Noncontrolling interests
425.9
389.3
Total equity
22,082.3
19,785.6
Total liabilities and equity
$
32,323.1
$
30,351.1
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2023
2022
2023
2022
(In millions, except per share
data)
Revenues
$
9,725.6
$
8,788.1
$
24,956.4
$
23,840.6
Cost of sales
7,141.8
5,879.3
18,429.3
16,214.9
Selling, general and administrative
expense
852.1
740.6
2,362.6
2,101.6
Other (income) expense
(52.2
)
(15.1
)
(131.9
)
(39.8
)
Income before income taxes
1,783.9
2,183.3
4,296.4
5,563.9
Income tax expense
432.2
524.0
1,026.7
1,316.5
Net income
1,351.7
1,659.3
3,269.7
4,247.4
Net income attributable to noncontrolling
interests
16.6
11.5
33.7
21.7
Net income attributable to D.R. Horton,
Inc.
$
1,335.1
$
1,647.8
$
3,236.0
$
4,225.7
Basic net income per common share
attributable to D.R. Horton, Inc.
$
3.93
$
4.70
$
9.46
$
11.96
Weighted average number of common
shares
339.9
350.8
342.1
353.3
Diluted net income per common share
attributable to D.R. Horton, Inc.
$
3.90
$
4.67
$
9.39
$
11.85
Adjusted weighted average number of common
shares
342.3
353.1
344.7
356.5
Other Consolidated Financial Data
Interest charged to cost of sales
$
41.3
$
35.4
$
103.8
$
103.4
Depreciation and amortization
$
23.7
$
20.9
$
70.2
$
60.2
Interest incurred
$
57.4
$
40.0
$
154.2
$
113.6
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Nine Months Ended
June 30,
2023
2022
(In millions)
OPERATING ACTIVITIES
Net income
$
3,269.7
$
4,247.4
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization
70.2
60.2
Stock-based compensation expense
80.6
79.4
Deferred income taxes
19.3
14.3
Inventory and land option charges
62.2
30.6
Changes in operating assets and
liabilities:
Decrease (increase) in construction in
progress and finished homes
576.2
(3,063.9
)
Increase in residential land and lots
–
developed, under development, held for
development and held for sale
(915.0
)
(1,005.1
)
Increase in rental properties
(777.3
)
(1,129.6
)
Decrease (increase) in other assets
242.1
(777.3
)
Increase in mortgage loans held for
sale
(28.4
)
(55.2
)
(Decrease) increase in accounts payable,
accrued expenses and other liabilities
(338.5
)
1,036.4
Net cash provided by (used in) operating
activities
2,261.1
(562.8
)
INVESTING ACTIVITIES
Expenditures for property and
equipment
(108.3
)
(108.0
)
Payments related to business acquisitions,
net of cash acquired
(202.0
)
(271.5
)
Other investing activities
1.8
6.6
Net cash used in investing activities
(308.5
)
(372.9
)
FINANCING ACTIVITIES
Proceeds from notes payable
575.0
2,625.0
Repayment of notes payable
(675.4
)
(2,051.2
)
Borrowings (payments) on mortgage
repurchase facility, net
67.3
(88.9
)
Proceeds from stock associated with
certain employee benefit plans
18.7
26.9
Cash paid for shares withheld for
taxes
(55.9
)
(61.8
)
Cash dividends paid
(256.9
)
(238.4
)
Repurchases of common stock
(759.6
)
(859.7
)
Net proceeds from issuance of Forestar
common stock
—
1.7
Net other financing activities
(30.7
)
29.2
Net cash used in financing activities
(1,117.5
)
(617.2
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
835.1
(1,552.9
)
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
$
3,408.0
$
1,684.3
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
June 30, 2023
Homebuilding
Forestar
Financial
Services
Rental
Eliminations
and Other (1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,550.0
$
401.0
$
253.0
$
133.4
$
41.7
$
3,379.1
Restricted cash
9.9
—
15.4
3.6
—
28.9
Inventories:
Construction in progress and finished
homes
9,492.8
—
—
—
(140.0
)
9,352.8
Residential land and lots
8,485.5
1,909.1
—
—
(83.1
)
10,311.5
Rental properties
—
—
—
3,341.9
(22.7
)
3,319.2
17,978.3
1,909.1
—
3,341.9
(245.8
)
22,983.5
Mortgage loans held for sale
—
—
2,414.4
—
—
2,414.4
Deferred income taxes, net
125.6
—
—
(7.1
)
3.3
121.8
Property and equipment, net
393.3
5.7
3.9
2.5
19.9
425.3
Other assets
2,648.8
59.7
196.8
40.3
(139.0
)
2,806.6
Goodwill
134.3
—
—
—
29.2
163.5
$
23,840.2
$
2,375.5
$
2,883.5
$
3,514.6
$
(290.7
)
$
32,323.1
Liabilities
Accounts payable
$
1,133.8
$
68.6
$
—
$
703.4
$
(536.3
)
$
1,369.5
Accrued expenses and other liabilities
2,381.2
303.1
190.1
34.5
(142.9
)
2,766.0
Notes payable
2,712.5
707.2
1,685.6
1,000.0
—
6,105.3
$
6,227.5
$
1,078.9
$
1,875.7
$
1,737.9
$
(679.2
)
$
10,240.8
September 30, 2022
Homebuilding
Forestar
Financial
Services
Rental
Eliminations
and Other (1)
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 June 30,
2023
Homebuilding
Forestar
Financial
Services
Rental
Eliminations
and Other (1)
Consolidated
(In millions)
Revenues
Home sales
$
8,703.1
$
—
$
—
$
—
$
—
$
8,703.1
Land/lot sales and other
30.5
368.9
—
—
(272.5
)
126.9
Rental property sales
—
—
—
667.1
—
667.1
Financial services
—
—
228.5
—
—
228.5
8,733.6
368.9
228.5
667.1
(272.5
)
9,725.6
Cost of sales
Home sales (2)
6,675.6
—
—
—
(69.6
)
6,606.0
Land/lot sales and other
26.1
283.0
—
—
(238.2
)
70.9
Rental property sales
—
—
—
458.0
(3.9
)
454.1
Inventory and land option charges
9.0
0.9
—
0.9
—
10.8
6,710.7
283.9
—
458.9
(311.7
)
7,141.8
Selling, general and administrative
expense
584.9
26.4
154.7
80.0
6.1
852.1
Other (income) expense
(26.4
)
(3.8
)
(20.3
)
(33.9
)
32.2
(52.2
)
Income before income taxes
$
1,464.4
$
62.4
$
94.1
$
162.1
$
0.9
$
1,783.9
Nine Months Ended June 30,
2023
Homebuilding
Forestar
Financial
Services
Rental
Eliminations
and Other (1)
Consolidated
(In millions)
Revenues
Home sales
$
22,862.0
$
—
$
—
$
—
$
—
$
22,862.0
Land/lot sales and other
85.2
887.1
—
—
(678.5
)
293.8
Rental property sales
—
—
—
1,218.6
—
1,218.6
Financial services
—
—
582.0
—
—
582.0
22,947.2
887.1
582.0
1,218.6
(678.5
)
24,956.4
Cost of sales
Home sales (2)
17,625.3
—
—
—
(180.4
)
17,444.9
Land/lot sales and other
44.4
675.1
—
—
(590.1
)
129.4
Rental property sales
—
—
—
799.2
(6.4
)
792.8
Inventory and land option charges
47.4
23.6
—
2.3
(11.1
)
62.2
17,717.1
698.7
—
801.5
(788.0
)
18,429.3
Selling, general and administrative
expense
1,657.5
71.3
435.7
181.0
17.1
2,362.6
Other (income) expense
(54.1
)
(9.1
)
(51.6
)
(70.9
)
53.8
(131.9
)
Income before income taxes
$
3,626.7
$
126.2
$
197.9
$
307.0
$
38.6
$
4,296.4
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
2,133.1
$
136.1
$
13.9
$
(78.1
)
$
56.1
$
2,261.1
_____________________
(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 June 30,
2022
Homebuilding
Forestar
Financial
Services
Rental
Eliminations
and Other (1)
Consolidated
(In millions)
Revenues
Home sales
$
8,336.4
$
—
$
—
$
—
$
—
$
8,336.4
Land/lot sales and other
11.4
308.5
—
—
(232.2
)
87.7
Rental property sales
—
—
—
109.7
—
109.7
Financial services
—
—
254.3
—
—
254.3
8,347.8
308.5
254.3
109.7
(232.2
)
8,788.1
Cost of sales
Home sales (2)
5,826.8
—
—
—
(52.5
)
5,774.3
Land/lot sales and other
7.3
233.6
—
—
(197.4
)
43.5
Rental property sales
—
—
—
50.9
—
50.9
Inventory and land option charges
9.5
1.0
—
0.1
—
10.6
5,843.6
234.6
—
51.0
(249.9
)
5,879.3
Selling, general and administrative
expense
553.2
24.1
137.3
22.8
3.2
740.6
Other (income) expense
(3.7
)
(2.9
)
(11.3
)
(6.7
)
9.5
(15.1
)
Income before income taxes
$
1,954.7
$
52.7
$
128.3
$
42.6
$
5.0
$
2,183.3
Nine Months Ended June 30,
2022
Homebuilding
Forestar
Financial
Services
Rental
Eliminations
and Other (1)
Consolidated
(In millions)
Revenues
Home sales
$
22,492.0
$
—
$
—
$
—
$
—
$
22,492.0
Land/lot sales and other
42.0
1,137.7
—
—
(981.0
)
198.7
Rental property sales
—
—
—
489.1
—
489.1
Financial services
—
—
660.8
—
—
660.8
22,534.0
1,137.7
660.8
489.1
(981.0
)
23,840.6
Cost of sales
Home sales (2)
15,996.0
—
—
—
(133.9
)
15,862.1
Land/lot sales and other
27.7
895.9
—
—
(822.1
)
101.5
Rental property sales
—
—
—
225.8
(5.1
)
220.7
Inventory and land option charges
23.2
7.0
—
0.4
—
30.6
16,046.9
902.9
—
226.2
(961.1
)
16,214.9
Selling, general and administrative
expense
1,558.1
69.9
400.6
64.2
8.8
2,101.6
Other (income) expense
(11.6
)
(4.5
)
(28.0
)
(16.4
)
20.7
(39.8
)
Income before income taxes
$
4,940.6
$
169.4
$
288.2
$
215.1
$
(49.4
)
$
5,563.9
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
124.5
$
(10.2
)
$
150.1
$
(826.4
)
$
(0.8
)
$
(562.8
)
_____________________
(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 June
30,
Nine Months Ended June
30,
2023
2022
2023
2022
Homes
Value
Homes
Value
Homes
Value
Homes
Value
Northwest
1,208
$
647.2
886
$
532.8
3,491
$
1,831.0
3,456
$
1,958.0
Southwest
2,815
1,345.6
1,967
1,038.1
6,064
2,879.8
6,863
3,625.1
South Central
6,078
2,029.6
5,176
1,888.3
15,905
5,145.2
18,366
6,346.3
Southeast
6,021
2,182.9
3,979
1,612.7
16,617
5,972.9
17,222
6,538.5
East
4,547
1,615.0
3,274
1,265.8
11,342
4,031.3
11,019
4,133.8
North
2,210
899.7
1,411
603.0
5,984
2,413.0
5,629
2,344.8
22,879
$
8,720.0
16,693
$
6,940.7
59,403
$
22,273.2
62,555
$
24,946.5
HOMES CLOSED
Three Months Ended June
30,
Nine Months Ended June
30,
2023
2022
2023
2022
Homes
Value
Homes
Value
Homes
Value
Homes
Value
Northwest
1,209
$
653.6
1,194
$
673.9
3,471
$
1,864.4
3,365
$
1,859.3
Southwest
2,316
1,120.1
2,539
1,288.9
5,896
2,828.2
6,804
3,335.4
South Central
6,477
2,169.7
6,117
2,077.3
16,893
5,609.9
17,164
5,606.0
Southeast
6,616
2,384.0
5,740
2,111.7
17,654
6,483.1
16,568
5,868.2
East
4,102
1,464.2
3,782
1,385.4
10,469
3,814.0
10,379
3,677.0
North
2,265
911.5
1,936
799.2
5,606
2,262.4
5,252
2,146.1
22,985
$
8,703.1
21,308
$
8,336.4
59,989
$
22,862.0
59,532
$
22,492.0
SALES ORDER BACKLOG
As of June 30,
2023
2022
Homes
Value
Homes
Value
Northwest
744
$
393.7
1,045
$
596.4
Southwest
1,928
956.5
3,497
1,785.6
South Central
4,807
1,617.6
9,935
3,565.7
Southeast
6,001
2,308.0
7,973
3,204.9
East
3,959
1,432.2
4,857
1,926.2
North
1,747
739.7
1,937
838.8
19,186
$
7,447.7
29,244
$
11,917.6
D.R. HORTON, INC. AND
SUBSIDIARIES
LAND AND LOT POSITION AND
HOMES IN INVENTORY
HOMEBUILDING SEGMENT
LAND AND LOT POSITION
June 30, 2023
September 30, 2022
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
Northwest
14,100
23,000
37,100
11,100
32,200
43,300
Southwest
22,400
30,300
52,700
22,100
36,500
58,600
South Central
37,200
62,200
99,400
37,800
66,500
104,300
Southeast
23,400
132,000
155,400
24,700
138,600
163,300
East
25,500
115,700
141,200
22,700
105,700
128,400
North
14,900
54,400
69,300
12,700
62,600
75,300
137,500
417,600
555,100
131,100
442,100
573,200
25
%
75
%
100
%
23
%
77
%
100
%
_____________
(1)
Lots controlled at June 30, 2023 included
approximately 30,500 lots owned or controlled by Forestar, 13,600
of which our homebuilding divisions had under contract to purchase
and 16,900 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)
June 30, 2023
September 30, 2022
Northwest
2,900
2,900
Southwest
5,000
4,900
South Central
11,700
12,400
Southeast
12,400
14,200
East
7,400
6,800
North
4,400
5,200
43,800
46,400
_____________
(1)
Homes in inventory exclude model homes and
homes related to our rental operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230720742216/en/
D.R. Horton, Inc. Jessica Hansen, 817-390-8200 Vice President of
Investor Relations InvestorRelations@drhorton.com
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