D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2024 Third Quarter Highlights - comparisons to the
prior year quarter
- Earnings per diluted share increased 5% to $4.10 on net income
of $1.4 billion
- Consolidated pre-tax income increased 1% to $1.8 billion, with
a pre-tax profit margin of 18.1%
- Consolidated revenues increased 2% to $10.0 billion
- Homes closed increased 5% to 24,155 homes and 6% in value to
$9.2 billion
- Net sales orders increased 1% to 23,001 homes and were flat in
value at $8.7 billion
- Rental operations pre-tax income of $64.2 million on $413.7
million of revenues from sales of 790 single-family rental homes
and 610 multi-family rental units
- Repurchased 3.0 million shares of common stock for $441.4
million and paid cash dividends of $98.5 million
- New share repurchase authorization of $4.0 billion
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, 2024 increased 5% to $4.10
per diluted share compared to $3.90 per diluted share in the same
quarter of fiscal 2023. Net income attributable to D.R. Horton in
the third quarter of fiscal 2024 increased 1% to $1.35 billion
compared to $1.34 billion in the same quarter of fiscal 2023. For
the nine months ended June 30, 2024, net income per common share
attributable to D.R. Horton increased 11% to $10.43 per diluted
share compared to $9.39 per diluted share in the same period of
fiscal 2023. Net income attributable to D.R. Horton for the nine
months ended June 30, 2024 increased 7% to $3.5 billion compared to
$3.2 billion in the same period of fiscal 2023.
Consolidated revenues in the third quarter of fiscal 2024
increased 2% to $10.0 billion compared to $9.7 billion in the same
quarter of fiscal 2023. For the nine months ended June 30, 2024,
consolidated revenues increased 7% to $26.8 billion compared to
$25.0 billion in the same period of fiscal 2023.
The Company's return on equity (ROE) was 21.5% for the trailing
twelve months ended June 30, 2024, and homebuilding return on
inventory (ROI) was 29.5% 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.
During the nine months ended June 30, 2024, net cash provided by
operations was $228.2 million. The Company's consolidated cash
balance at June 30, 2024 was $3.0 billion and available capacity on
its credit facilities was $2.8 billion, for total liquidity of $5.8
billion. Debt at June 30, 2024 totaled $5.7 billion, with $500
million of senior notes maturing in the next twelve months. The
Company's debt to total capital ratio at June 30, 2024 was 18.8%.
Debt to total capital ratio consists of notes payable divided by
stockholders' equity plus notes payable.
David Auld, Executive Chairman, said, “The D.R. Horton team
delivered strong results in our third fiscal quarter of 2024,
highlighted by earnings of $4.10 per diluted share, up 5% from the
same quarter last year. Consolidated pre-tax income was $1.8
billion on revenues of $10.0 billion, with a pre-tax profit margin
of 18.1%. Although inflation and mortgage interest rates remain
elevated, the supply of both new and existing homes at affordable
price points is still limited, and demographics supporting housing
demand continue to be favorable.
“We are well-positioned with our affordable product offerings
and flexible lot supply, and we are focused on maximizing returns
in each of our communities. We expect to generate increasing levels
of consolidated operating cash flows, and our strong liquidity and
low leverage provide us with significant financial flexibility. We
are maintaining our disciplined approach to capital allocation to
enhance the long-term value of our company, including consistent
and increasing capital returns to our shareholders through share
repurchases and dividends. Based on our strong financial position
and expectation for increased cash flows, our Board of Directors
recently approved a new share repurchase authorization totaling
$4.0 billion.
“We continue to mourn the recent passing of our Founder, Don
Horton. Don built an incredible legacy with our company platform
based upon helping as many Americans as possible achieve the dream
of homeownership, and we are privileged to continue to build upon
his life’s work. On behalf of Don’s family and all of us at D.R.
Horton, we thank everyone who reached out to offer their
condolences and share memories or attended Don’s memorial service.
We greatly appreciate your kindness and tributes to a remarkable
man.”
Homebuilding Operations
Homebuilding revenue for the third quarter of fiscal 2024
increased 6% to $9.2 billion compared to $8.7 billion in the same
quarter of fiscal 2023. Homes closed in the quarter increased 5% to
24,155 homes compared to 22,985 homes closed in the same quarter of
fiscal 2023. Homebuilding revenue for the first nine months of
fiscal 2024 increased 9% to $25.0 billion compared to $22.9 billion
in the same period of fiscal 2023. Homes closed in the first nine
months of fiscal 2024 increased 10% to 66,043 homes compared to
59,989 homes closed in the same period of fiscal 2023.
Homebuilding pre-tax income in the third quarter of fiscal 2024
increased 7% to $1.6 billion with a pre-tax profit margin of 17.0%
compared to $1.5 billion of pre-tax income and a 16.8% pre-tax
profit margin in the same quarter of fiscal 2023. Homebuilding
pre-tax income for the first nine months of fiscal 2024 increased
11% to $4.0 billion with a pre-tax profit margin of 16.1% compared
to $3.6 billion of pre-tax income and a 15.8% pre-tax profit margin
in the same period of fiscal 2023.
During the nine months ended June 30, 2024, net cash provided by
homebuilding operations was $971.9 million.
Net sales orders for the third quarter ended June 30, 2024
increased 1% to 23,001 homes compared to 22,879 homes in the prior
year quarter, and sales order value of $8.7 billion was flat with
the same quarter of fiscal 2023. The Company’s cancellation rate
(cancelled sales orders divided by gross sales orders) for the
third quarter of fiscal 2024 was 18%, unchanged from the prior year
quarter. Net sales orders for the first nine months of fiscal 2024
increased 14% to 67,526 homes and 15% in value to $25.6 billion
compared to 59,403 homes and $22.3 billion in the same period of
fiscal 2023. The Company's sales order backlog of homes under
contract at June 30, 2024 decreased 12% to 16,792 homes and 12% in
value to $6.6 billion compared to 19,186 homes and $7.4 billion at
June 30, 2023.
At June 30, 2024, the Company had 42,600 homes in inventory, of
which 26,200 were unsold. 8,800 of the Company’s unsold homes at
June 30, 2024 were completed, of which 990 had been completed for
greater than six months. The Company’s homebuilding land and lot
portfolio totaled 630,200 lots at the end of the quarter, of which
24% were owned and 76% were controlled through land and lot
purchase contracts. Of the Company’s homes closed during the three
and nine months ended June 30, 2024, 64% and 63%, respectively,
were on lots developed by Forestar or third parties.
Rental Operations
The Company's rental operations generated $64.2 million of
pre-tax income on revenues of $413.7 million in the third quarter
of fiscal 2024 compared to $162.1 million of pre-tax income on
revenues of $667.1 million in the same quarter of fiscal 2023. For
the nine months ended June 30, 2024, rental operations pre-tax
income was $128.8 million on revenues of $980.2 million compared to
pre-tax income of $307.0 million on revenues of $1.2 billion in the
prior year period.
During the third quarter of fiscal 2024, the Company sold 790
single-family rental homes for $258.5 million compared to 1,754
homes sold for $589.6 million in the prior year quarter. During the
nine months ended June 30, 2024, the Company sold 2,278
single-family rental homes for $675.9 million compared to 3,169
homes sold for $1.0 billion in the prior year period. At June 30,
2024, the consolidated balance sheet included $1.1 billion of
single-family rental property inventory consisting of 4,540 homes,
of which 4,020 were completed, and 1,900 lots, of which 775 were
finished.
During the third quarter of fiscal 2024, the Company sold 610
multi-family rental units for $155.2 million compared to 230 units
sold for $77.5 million in the prior year quarter. During the nine
months ended June 30, 2024, the Company sold 1,334 multi-family
rental units for $304.3 million compared to 530 units sold for
$177.0 million in the prior year period. At June 30, 2024, the
consolidated balance sheet included $2.0 billion of multi-family
rental property inventory consisting of 11,380 units, of which
7,810 units were under active construction and 3,570 units were
completed.
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, 2024, Forestar sold 3,255
lots and generated $318.4 million of revenue compared to 3,812 lots
and $368.9 million of revenue in the prior year quarter. For the
nine months ended June 30, 2024, Forestar sold 9,694 lots and
generated $958.0 million of revenue compared to 9,054 lots and
$887.1 million of revenue in the prior year period. Forestar’s
pre-tax income in the third quarter of fiscal 2024 was $51.6
million with a pre-tax profit margin of 16.2% compared to $62.4
million of pre-tax income and a 16.9% pre-tax profit margin in the
same quarter of fiscal 2023. For the nine months ended June 30,
2024, Forestar’s pre-tax income was $161.6 million with a pre-tax
profit margin of 16.9% compared to $126.2 million of pre-tax income
and a 14.2% pre-tax profit margin in the same period of fiscal
2023.
Financial Services
For the third quarter ended June 30, 2024, financial services
revenues were $242.3 million compared to $228.5 million in the same
quarter of fiscal 2023. Financial services pre-tax income for the
quarter was $91.3 million with a pre-tax profit margin of 37.7%
compared to $94.1 million of pre-tax income and a 41.2% pre-tax
profit margin in the prior year quarter. For the nine months ended
June 30, 2024, financial services revenues were $660.5 million
compared to $582.0 million in the same period of fiscal 2023.
Financial services pre-tax income was $235.3 million with a pre-tax
profit margin of 35.6% compared to $197.9 million of pre-tax income
and a 34.0% pre-tax profit margin in the prior year period.
Dividends
During the third quarter of fiscal 2024, the Company paid cash
dividends of $98.5 million, for a total of $297.5 million of
dividends paid during the nine months ended June 30, 2024.
Subsequent to quarter end, the Company declared a quarterly cash
dividend of $0.30 per common share that is payable on August 8,
2024 to stockholders of record on August 1, 2024.
Share Repurchases
The Company repurchased 3.0 million shares of common stock for
$441.4 million during the third quarter of fiscal 2024, for a total
of 9.0 million shares repurchased for $1.2 billion during the nine
months ended June 30, 2024. The Company’s number of common shares
outstanding at June 30, 2024 was 327.4 million, down 3% from 338.2
million shares outstanding at June 30, 2023. The Company’s
remaining stock repurchase authorization at June 30, 2024 was
$459.7 million. In July 2024, the Company’s Board of Directors
authorized the repurchase of up to $4.0 billion of the Company’s
common stock, replacing the previous authorization. The
authorization has no expiration date.
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 2024 guidance as follows:
- Consolidated revenues of approximately $36.8 billion to $37.2
billion
- Homes closed by homebuilding operations of 90,000 homes to
90,500 homes
- Share repurchases of approximately $1.8 billion
The Company reiterates its fiscal 2024 guidance for cash flow
provided by homebuilding operations of approximately $3.0
billion.
The Company plans to also provide guidance for its fourth
quarter of fiscal 2024 on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, July
18) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062
(reference entry code 956414), 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 1,100,000 homes in its over 45-year history. D.R.
Horton has operations in 121 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,
2024, D.R. Horton closed 88,971 homes in its homebuilding
operations, in addition to 5,284 single-family rental homes and
2,916 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 affordable product offerings
and flexible lot supply, and we are focused on maximizing returns
in each of our communities; we expect to generate increasing levels
of consolidated operating cash flows, and our strong liquidity and
low leverage provide us with significant financial flexibility; we
are maintaining our disciplined capital allocation to enhance the
long-term value of our company, including consistent and increasing
capital returns to our shareholders through share repurchases and
dividends; and based on our strong financial position and
expectation for increased cash flows, our Board of Directors
recently approved a new share repurchase authorization totaling
$4.0 billion. 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, rental and lot development industries and changes
in economic, real estate or other conditions; adverse developments
affecting the capital markets and financial institutions, which
could limit our ability to access capital and increase our cost of
capital and impact our liquidity and capital resources; 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, investments or other strategic
initiatives 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 and obtaining regulatory approvals; the effects of public
health issues such as a major epidemic or pandemic 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 information
technology failures, data security breaches, and the failure to
satisfy privacy and data protection laws and regulations; 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; and
actions by activist stockholders. 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, 2024
September 30,
2023
(In millions)
ASSETS
Cash and cash equivalents
$
2,992.3
$
3,873.6
Restricted cash
27.7
26.5
Total cash, cash equivalents and
restricted cash
3,020.0
3,900.1
Inventories:
Construction in progress and finished
homes
9,880.5
9,001.4
Residential land and lots — developed,
under development, held for development and held for sale
12,585.0
10,680.6
Rental properties
3,070.6
2,691.3
Total inventory
25,536.1
22,373.3
Mortgage loans held for sale
2,578.8
2,519.9
Deferred income taxes, net of valuation
allowance of $14.7 million and $14.8 million at June 30, 2024 and
September 30, 2023, respectively
156.6
187.2
Property and equipment, net
520.9
445.4
Other assets
3,175.5
2,993.0
Goodwill
163.5
163.5
Total assets
$
35,151.4
$
32,582.4
LIABILITIES
Accounts payable
$
1,412.7
$
1,246.2
Accrued expenses and other liabilities
2,897.0
3,103.8
Notes payable
5,691.0
5,094.5
Total liabilities
10,000.7
9,444.5
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized, 402,771,463 shares issued and
327,373,437 shares outstanding at June 30, 2024 and 401,202,253
shares issued and 334,848,565 shares outstanding at September 30,
2023
4.0
4.0
Additional paid-in capital
3,458.9
3,432.2
Retained earnings
26,765.3
23,589.8
Treasury stock, 75,398,026 shares and
66,353,688 shares at June 30, 2024 and September 30, 2023,
respectively, at cost
(5,571.7
)
(4,329.8
)
Stockholders’ equity
24,656.5
22,696.2
Noncontrolling interests
494.2
441.7
Total equity
25,150.7
23,137.9
Total liabilities and equity
$
35,151.4
$
32,582.4
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2024
2023
2024
2023
(In millions, except per share
data)
Revenues
$
9,965.7
$
9,725.6
$
26,798.8
$
24,956.4
Cost of sales
7,323.7
7,141.8
19,817.7
18,429.3
Selling, general and administrative
expense
923.6
852.1
2,639.2
2,362.6
Other (income) expense
(80.6
)
(52.2
)
(233.1
)
(131.9
)
Income before income taxes
1,799.0
1,783.9
4,575.0
4,296.4
Income tax expense
432.2
432.2
1,068.8
1,026.7
Net income
1,366.8
1,351.7
3,506.2
3,269.7
Net income attributable to noncontrolling
interests
13.2
16.6
33.2
33.7
Net income attributable to D.R. Horton,
Inc.
$
1,353.6
$
1,335.1
$
3,473.0
$
3,236.0
Basic net income per common share
attributable to D.R. Horton, Inc.
$
4.12
$
3.93
$
10.50
$
9.46
Weighted average number of common
shares
328.4
339.9
330.9
342.1
Diluted net income per common share
attributable to D.R. Horton, Inc.
$
4.10
$
3.90
$
10.43
$
9.39
Adjusted weighted average number of common
shares
330.1
342.3
333.0
344.7
Other Consolidated Financial Data
Interest charged to cost of sales
$
35.3
$
41.3
$
96.1
$
103.8
Depreciation and amortization.
$
22.4
$
23.7
$
63.5
$
70.2
Interest incurred
$
54.5
$
57.4
$
147.6
$
154.2
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Nine Months Ended
June 30,
2024
2023
(In millions)
OPERATING ACTIVITIES
Net income
$
3,506.2
$
3,269.7
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
63.5
70.2
Stock-based compensation expense
92.7
80.6
Deferred income taxes
29.9
19.3
Inventory and land option charges
34.4
62.2
Changes in operating assets and
liabilities:
(Increase) decrease in construction in
progress and finished homes
(863.0
)
576.2
Increase in residential land and lots –
developed, under development, held for development and held for
sale
(2,012.1
)
(915.0
)
Increase in rental properties
(375.7
)
(777.3
)
(Increase) decrease in other assets
(154.4
)
242.1
Increase in mortgage loans held for
sale
(58.9
)
(28.4
)
Decrease in accounts payable, accrued
expenses and other liabilities
(34.4
)
(338.5
)
Net cash provided by operating
activities
228.2
2,261.1
INVESTING ACTIVITIES
Expenditures for property and
equipment
(133.3
)
(108.3
)
Proceeds from sale of assets
14.9
—
Payments related to business acquisitions,
net of cash acquired
(37.9
)
(202.0
)
Other investing activities
(4.8
)
1.8
Net cash used in investing activities
(161.1
)
(308.5
)
FINANCING ACTIVITIES
Proceeds from notes payable
1,270.0
575.0
Repayment of notes payable
(640.4
)
(675.4
)
Borrowings on mortgage repurchase
facilities, net
21.8
67.3
Proceeds from stock associated with
certain employee benefit plans
12.2
18.7
Cash paid for shares withheld for
taxes
(82.9
)
(55.9
)
Cash dividends paid
(297.5
)
(256.9
)
Repurchases of common stock
(1,230.3
)
(759.6
)
Net proceeds from issuance of Forestar
common stock
19.7
—
Net other financing activities
(19.8
)
(30.7
)
Net cash used in financing activities
(947.2
)
(1,117.5
)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(880.1
)
835.1
Cash, cash equivalents and restricted cash
at beginning of period
3,900.1
2,572.9
Cash, cash equivalents and restricted cash
at end of period
$
3,020.0
$
3,408.0
SUPPLEMENTAL DISCLOSURES OF NON-CASH
ACTIVITIES:
Notes payable issued for inventory
$
43.4
$
54.5
Reduction of notes payable upon
deconsolidation of variable interest entity
$
(127.8
)
$
—
Stock issued under employee incentive
plans
$
173.2
$
110.8
Repurchases of common stock not
settled
$
1.5
$
—
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
June 30, 2024
Homebuilding
Rental
Forestar
Financial
Services
Eliminations
and Other (1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,174.3
$
119.1
$
359.2
$
305.7
$
34.0
$
2,992.3
Restricted cash
6.3
2.2
—
19.2
—
27.7
Inventories:
Construction in progress and finished
homes
10,002.2
—
—
—
(121.7
)
9,880.5
Residential land and lots
10,502.0
—
2,238.7
—
(155.7
)
12,585.0
Rental properties
—
3,070.3
—
—
0.3
3,070.6
20,504.2
3,070.3
2,238.7
—
(277.1
)
25,536.1
Mortgage loans held for sale
—
—
—
2,578.8
—
2,578.8
Deferred income taxes, net
200.7
(19.9
)
—
—
(24.2
)
156.6
Property and equipment, net
490.9
1.5
6.5
3.8
18.2
520.9
Other assets
2,732.2
71.7
70.6
184.9
116.1
3,175.5
Goodwill
134.3
—
—
—
29.2
163.5
$
26,242.9
$
3,244.9
$
2,675.0
$
3,092.4
$
(103.8
)
$
35,151.4
Liabilities
Accounts payable
$
1,134.6
$
314.6
$
70.9
$
0.1
$
(107.5
)
$
1,412.7
Accrued expenses and other liabilities
2,487.8
66.7
385.1
244.1
(286.7
)
2,897.0
Notes payable
2,257.8
1,035.7
706.1
1,691.4
—
5,691.0
$
5,880.2
$
1,417.0
$
1,162.1
$
1,935.6
$
(394.2
)
$
10,000.7
September 30, 2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,920.2
$
136.1
$
616.0
$
189.1
$
12.2
$
3,873.6
Restricted cash
6.5
3.3
—
16.7
—
26.5
Inventories:
Construction in progress and finished
homes
9,134.3
—
—
—
(132.9
)
9,001.4
Residential land and lots
9,021.5
—
1,790.3
—
(131.2
)
10,680.6
Rental properties
—
2,708.4
—
—
(17.1
)
2,691.3
18,155.8
2,708.4
1,790.3
—
(281.2
)
22,373.3
Mortgage loans held for sale
—
—
—
2,519.9
—
2,519.9
Deferred income taxes, net
229.8
(19.9
)
—
—
(22.7
)
187.2
Property and equipment, net
415.0
2.4
5.9
4.1
18.0
445.4
Other assets
2,838.5
29.8
58.5
250.3
(184.1
)
2,993.0
Goodwill
134.3
—
—
—
29.2
163.5
$
24,700.1
$
2,860.1
$
2,470.7
$
2,980.1
$
(428.6
)
$
32,582.4
Liabilities
Accounts payable
$
1,033.7
$
698.6
$
68.4
$
0.1
$
(554.6
)
$
1,246.2
Accrued expenses and other liabilities
2,585.5
43.2
337.4
280.4
(142.7
)
3,103.8
Notes payable
2,329.9
400.0
695.0
1,669.6
—
5,094.5
$
5,949.1
$
1,141.8
$
1,100.8
$
1,950.1
$
(697.3
)
$
9,444.5
_________________
(1)
Amounts include the balances of the
Company’s other businesses and the elimination of intercompany
transactions.
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Three Months Ended June 30,
2024
Homebuilding
Rental
Forestar
Financial
Services
Eliminations
and Other (1)
Consolidated
(In millions)
Revenues
Home sales
$
9,231.2
$
—
$
—
$
—
$
—
$
9,231.2
Land/lot sales and other
10.3
—
318.4
—
(250.2
)
78.5
Rental property sales
—
413.7
—
—
—
413.7
Financial services
—
—
—
242.3
—
242.3
9,241.5
413.7
318.4
242.3
(250.2
)
9,965.7
Cost of sales
Home sales (2)
7,017.3
—
—
—
(72.5
)
6,944.8
Land/lot sales and other
5.6
—
246.2
—
(201.1
)
50.7
Rental property sales
—
319.3
—
—
(5.9
)
313.4
Inventory and land option charges
12.6
1.5
0.7
—
—
14.8
7,035.5
320.8
246.9
—
(279.5
)
7,323.7
Selling, general and administrative
expense
656.5
55.0
29.3
178.0
4.8
923.6
Other (income) expense
(22.7
)
(26.3
)
(9.4
)
(27.0
)
4.8
(80.6
)
Income before income taxes
$
1,572.2
$
64.2
$
51.6
$
91.3
$
19.7
$
1,799.0
Nine Months Ended June 30,
2024
Homebuilding
Rental
Forestar
Financial
Services
Eliminations
and Other (1)
Consolidated
(In millions)
Revenues
Home sales
$
24,974.2
$
—
$
—
$
—
$
—
$
24,974.2
Land/lot sales and other
37.6
—
958.0
—
(811.7
)
183.9
Rental property sales
—
980.2
—
—
—
980.2
Financial services
—
—
—
660.5
—
660.5
25,011.8
980.2
958.0
660.5
(811.7
)
26,798.8
Cost of sales
Home sales (2)
19,130.8
—
—
—
(195.0
)
18,935.8
Land/lot sales and other
23.0
—
729.6
—
(657.8
)
94.8
Rental property sales
—
763.4
—
—
(10.7
)
752.7
Inventory and land option charges
31.2
2.2
1.0
—
—
34.4
19,185.0
765.6
730.6
—
(863.5
)
19,817.7
Selling, general and administrative
expense
1,874.1
163.8
86.5
500.6
14.2
2,639.2
Other (income) expense
(73.2
)
(78.0
)
(20.7
)
(75.4
)
14.2
(233.1
)
Income before income taxes
$
4,025.9
$
128.8
$
161.6
$
235.3
$
23.4
$
4,575.0
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
971.9
$
(656.8
)
$
(277.6
)
$
156.9
$
33.8
$
228.2
_____________________
(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,
2023
Homebuilding
Rental
Forestar
Financial
Services
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
667.1
368.9
228.5
(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
458.9
283.9
—
(311.7
)
7,141.8
Selling, general and administrative
expense
584.9
80.0
26.4
154.7
6.1
852.1
Other (income) expense
(26.4
)
(33.9
)
(3.8
)
(20.3
)
32.2
(52.2
)
Income before income taxes
$
1,464.4
$
162.1
$
62.4
$
94.1
$
0.9
$
1,783.9
Nine Months Ended June 30,
2023
Homebuilding
Rental
Forestar
Financial
Services
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
1,218.6
887.1
582.0
(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
2.3
23.6
—
(11.1
)
62.2
17,717.1
801.5
698.7
—
(788.0
)
18,429.3
Selling, general and administrative
expense
1,657.5
181.0
71.3
435.7
17.1
2,362.6
Other (income) expense
(54.1
)
(70.9
)
(9.1
)
(51.6
)
53.8
(131.9
)
Income before income taxes
$
3,626.7
$
307.0
$
126.2
$
197.9
$
38.6
$
4,296.4
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
2,133.1
$
(78.1
)
$
136.1
$
13.9
$
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
SALES, CLOSINGS AND
BACKLOG
HOMEBUILDING SEGMENT
(Dollars in millions)
NET SALES ORDERS
Three Months Ended June
30,
Nine Months Ended June
30,
2024
2023
2024
2023
Homes
Value
Homes
Value
Homes
Value
Homes
Value
Northwest
1,458
$
729.5
1,208
$
647.2
4,254
$
2,158.4
3,491
$
1,831.0
Southwest
2,488
1,215.3
2,815
1,345.6
7,719
3,762.5
6,064
2,879.8
South Central
5,880
1,917.8
6,078
2,029.6
17,733
5,759.6
15,905
5,145.2
Southeast
6,089
2,165.1
6,021
2,182.9
17,875
6,360.1
16,617
5,972.9
East
4,546
1,614.6
4,547
1,615.0
12,825
4,574.9
11,342
4,031.3
North
2,540
1,073.4
2,210
899.7
7,120
2,952.9
5,984
2,413.0
23,001
$
8,715.7
22,879
$
8,720.0
67,526
$
25,568.4
59,403
$
22,273.2
HOMES CLOSED
Three Months Ended June
30,
Nine Months Ended June
30,
2024
2023
2024
2023
Homes
Value
Homes
Value
Homes
Value
Homes
Value
Northwest
1,427
$
720.7
1,209
$
653.6
4,037
$
2,034.3
3,471
$
1,864.4
Southwest
2,673
1,313.7
2,316
1,120.1
7,556
3,647.8
5,896
2,828.2
South Central
6,104
2,009.0
6,477
2,169.7
17,323
5,631.4
16,893
5,609.9
Southeast
6,669
2,415.9
6,616
2,384.0
18,281
6,591.3
17,654
6,483.1
East
4,748
1,709.0
4,102
1,464.2
12,389
4,418.1
10,469
3,814.0
North
2,534
1,062.9
2,265
911.5
6,457
2,651.3
5,606
2,262.4
24,155
$
9,231.2
22,985
$
8,703.1
66,043
$
24,974.2
59,989
$
22,862.0
SALES ORDER BACKLOG
As of June 30,
2024
2023
Homes
Value
Homes
Value
Northwest
764
$
402.2
744
$
393.7
Southwest
1,570
795.9
1,928
956.5
South Central
4,037
1,354.8
4,807
1,617.6
Southeast
4,410
1,642.4
6,001
2,308.0
East
3,817
1,409.2
3,959
1,432.2
North
2,194
949.5
1,747
739.7
16,792
$
6,554.0
19,186
$
7,447.7
D.R. HORTON, INC. AND
SUBSIDIARIES
LAND AND LOT POSITION AND
HOMES IN INVENTORY
HOMEBUILDING SEGMENT
LAND AND LOT POSITION
June 30, 2024
September 30, 2023
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
13,100
19,300
32,400
14,100
20,300
34,400
Southwest
22,600
27,000
49,600
22,600
30,500
53,100
South Central
38,100
108,400
146,500
36,700
69,500
106,200
Southeast
28,600
139,000
167,600
24,700
132,900
157,600
East
31,900
128,900
160,800
27,700
118,400
146,100
North
16,600
56,700
73,300
15,300
55,700
71,000
150,900
479,300
630,200
141,100
427,300
568,400
24%
76%
100%
25%
75%
100%
_____________
(1)
Lots controlled at June 30, 2024 included
approximately 36,200 lots owned or controlled by Forestar, 19,500
of which our homebuilding divisions had under contract to purchase
and 16,700 of which our homebuilding divisions had a right of first
offer to purchase. Lots controlled at September 30, 2023 included
approximately 31,400 lots owned or controlled by Forestar, 14,400
of which our homebuilding divisions had under contract to purchase
and 17,000 of which our homebuilding divisions had a right of first
offer to purchase.
HOMES IN INVENTORY (1)
June 30, 2024
September 30, 2023
Northwest
2,500
2,800
Southwest
4,500
4,700
South Central
10,700
10,800
Southeast
11,500
12,100
East
8,300
7,100
North
5,100
4,500
42,600
42,000
_____________
(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/20240718346572/en/
D.R. Horton, Inc. Jessica Hansen, 817-390-8200 Senior Vice
President - Communications InvestorRelations@drhorton.com
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