– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
ARLINGTON, Texas--(BUSINESS WIRE)--D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2022 Second Quarter Highlights - comparisons to the prior year quarter
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported that net income per common share attributable to D.R. Horton for its second fiscal quarter ended March 31, 2022 increased 59% to $4.03 per diluted share compared to $2.53 per diluted share in the same quarter of fiscal 2021. Net income attributable to D.R. Horton in the second quarter of fiscal 2022 increased 55% to $1.4 billion compared to $929.5 million in the same quarter of fiscal 2021. Homebuilding revenue for the second quarter of fiscal 2022 increased 21% to $7.5 billion from $6.2 billion in the same quarter of fiscal 2021. Homes closed in the quarter increased 1% to 19,828 homes compared to 19,701 homes closed in the same quarter of fiscal 2021.
For the six months ended March 31, 2022, net income per common share attributable to D.R. Horton increased 54% to $7.20 per diluted share compared to $4.67 per diluted share in the same period of fiscal 2021. Net income attributable to D.R. Horton for the six months ended March 31, 2022 increased 50% to $2.6 billion compared to $1.7 billion in the same period of fiscal 2021. Homebuilding revenue for the first six months of fiscal 2022 increased 19% to $14.2 billion from $11.9 billion in the same period of fiscal 2021. Homes closed in the first six months of fiscal 2022 decreased 1% to 38,224 homes compared to 38,440 homes closed in the same period of fiscal 2021.
Net sales orders for the second quarter ended March 31, 2022 decreased 10% to 24,340 homes and increased 10% in value to $9.7 billion compared to 27,059 homes and $8.8 billion in the same quarter of the prior year. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2022 was 16% compared to 15% in the prior year quarter. Net sales orders for the first six months of fiscal 2022 decreased 3% to 45,862 homes and increased 18% in value to $18.0 billion compared to 47,477 homes and $15.3 billion in the same period of fiscal 2021. The Company's sales order backlog of homes under contract at March 31, 2022 decreased 6% to 33,859 homes and increased 15% in value to $13.3 billion compared to 35,845 homes and $11.6 billion at March 31, 2021.
At March 31, 2022, the Company had 59,800 homes in inventory, of which 26,000 were unsold. 600 of the Company’s unsold homes at March 31, 2022 were completed. The Company’s homebuilding land and lot portfolio totaled 574,000 lots at the end of the quarter, of which 23% were owned and 77% were controlled through land and lot purchase contracts.
The Company's return on equity (ROE) was 34.0% for the trailing twelve months ended March 31, 2022, and homebuilding return on inventory (ROI) was 40.3% for the same period. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders' equity, where average stockholders' equity is the sum of ending stockholders' equity balances of the trailing five quarters divided by five. Homebuilding ROI is calculated as homebuilding pre-tax income for the trailing twelve months divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.
The Company ended the second quarter with $1.2 billion of unrestricted homebuilding cash and $2.0 billion of available capacity on its revolving credit facility for total homebuilding liquidity of $3.2 billion. Homebuilding debt at March 31, 2022 totaled $3.3 billion, which includes $350 million of senior notes that mature in September 2022. The Company’s homebuilding debt to total capital ratio at March 31, 2022 was 16.4%. 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 outstanding results in the second fiscal quarter of 2022, highlighted by EPS increasing 59% to $4.03 per diluted share. Our consolidated pre-tax income increased 60% to $1.9 billion on a 24% increase in revenues to $8.0 billion and a 520 basis point increase in our pre-tax profit margin to 23.5%.
“Housing market conditions remain strong despite the rise in mortgage rates, as we continue to experience homebuyer demand that exceeds our pace of supply. We are still selling homes later in the construction cycle to better ensure the certainty of the home close date for our homebuyers, and we are continuing to work to stabilize and then reduce our construction cycle times to historical norms. With 33,900 homes in backlog, 59,800 homes in inventory, a robust lot supply and strong trade and supplier relationships, we are well-positioned to grow our consolidated revenues by more than 25% in fiscal 2022.
“Our market position reflects our experienced teams and production capabilities, industry-leading market share, broad geographic footprint and diverse product offerings across multiple brands. 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.”
Based on current market conditions and the Company’s results for the first half of fiscal 2022, D.R. Horton is updating its fiscal 2022 guidance to the following:
The Company plans to also provide guidance for its third quarter of fiscal 2022 on its conference call today.
Forestar Group Inc. (NYSE:FOR) (“Forestar”) is a publicly traded residential lot development company that is a majority-owned subsidiary of D.R. Horton. Forestar’s results of operations for the periods presented are fully consolidated in the Company’s financial statements with the percentage not owned by the Company reported as noncontrolling interests.
For the second quarter ended March 31, 2022, Forestar sold 5,788 lots and generated $421.6 million of revenue compared to 3,588 lots and $287.1 million of revenue in the prior year quarter. For the six months ended March 31, 2022, Forestar sold 10,304 lots and generated $829.2 million of revenue compared to 7,155 lots and $594.2 million of revenue in the prior year six month period. Forestar’s pre-tax income in the second quarter of fiscal 2022 increased 68% to $63.2 million with a pre-tax profit margin of 15.0% compared to $37.6 million of pre-tax income and a 13.1% pre-tax profit margin in the same quarter of fiscal 2021. For the six months ended March 31, 2022, Forestar’s pre-tax income increased 75% to $116.7 million with a pre-tax profit margin of 14.1% compared to $66.8 million of pre-tax income and a 11.2% pre-tax profit margin in the same period of fiscal 2021.
Financial Services
For the second quarter ended March 31, 2022, financial services revenues decreased 1% to $222.1 million compared to $225.1 million in the same quarter of fiscal 2021. Financial services pre-tax income decreased 14% to $92.8 million with a pre-tax profit margin of 41.8% compared to $107.7 million of pre-tax income and a 47.8% pre-tax profit margin in the prior year quarter. For the six months ended March 31, 2022, financial services revenues decreased 1% to $406.4 million compared to $412.3 million. Financial services pre-tax income decreased 17% to $159.9 million with a pre-tax profit margin of 39.3% compared to $191.8 million of pre-tax income and a 46.5% pre-tax profit margin in the prior year six month period.
Rental Operations
The Company's rental operations generated $102.5 million of pre-tax income on revenues of $222.9 million in the second quarter of fiscal 2022 compared to a pre-tax loss of $6.4 million and no revenues in the same quarter of fiscal 2021.
During the second quarter of fiscal 2022, the Company sold one multi-family rental property (126 total units) for $50.0 million. There were no sales of multi-family rental properties during the prior year quarter. During the six months ended March 31, 2022, the Company sold two multi-family rental properties (477 total units) for $126.2 million. At March 31, 2022, the consolidated balance sheet included $597.4 million of inventory related to 17 multi-family rental properties. These properties represent 5,130 multi-family units, including 4,830 units under active construction and 300 completed units.
During the second quarter of fiscal 2022, the Company sold three single-family rental properties (368 total homes) for $172.9 million. There were no sales of single-family rental properties during the prior year quarter. During the six months ended March 31, 2022, the Company sold five single-family rental properties (594 total homes) for $253.2 million. At March 31, 2022, the consolidated balance sheet included $902.7 million of inventory related to 98 single-family rental communities. These communities include 6,350 homes and finished lots, of which 1,300 homes were completed, and 4,000 lots that were unimproved or under development.
The Company's multi-family and single-family rental sales and inventories are reported in its rental segment and are not included in the homes closed, revenues or inventories of its homebuilding segment.
Reclassifications
During the fourth quarter of fiscal 2021, the Company combined its single-family rental operations and its multi-family rental operations into a new rental reporting segment and realigned the aggregation of its homebuilding operating segments into six new geographic reporting regions. Segment information reported in prior year periods has been reclassified to conform to the fiscal 2022 presentation.
During the second quarter of fiscal 2022, the Company paid cash dividends of $79.1 million, for a total of $159.2 million of dividends paid during the six months ended March 31, 2022. Subsequent to quarter end, the Company declared a quarterly cash dividend of $0.225 per common share that is payable on May 18, 2022 to stockholders of record on May 9, 2022.
Share Repurchases
The Company repurchased 3.1 million shares of common stock for $266.0 million during the second quarter of fiscal 2022, totaling 5.8 million shares of common stock for $544.2 million during the six months ended March 31, 2022. The Company’s remaining stock repurchase authorization at March 31, 2022 was $2.0 million. In April 2022, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock, replacing the prior authorization. The new authorization has no expiration date.
Conference Call and Webcast Details
The Company will host a conference call today (Tuesday, April 26) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 538177), 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 104 markets in 32 states across the United States and closed 81,749 homes in the twelve-month period ended March 31, 2022. 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. Through its mortgage, title and insurance subsidiaries, D.R. Horton provides mortgage financing, title services and insurance agency services for its homebuyers. The Company also constructs and sells both single-family and multi-family rental properties and is the majority-owner of Forestar Group Inc., a publicly traded national residential lot development company.
Forward-Looking Statements
Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that housing market conditions remain strong despite the rise in mortgage rates, as we continue to experience homebuyer demand that exceeds our pace of supply; we are still selling homes later in the construction cycle to better ensure the certainty of the home close date for our homebuyers, and we are continuing to work to stabilize and then reduce our construction cycle times to historical norms; and with 33,900 homes in backlog, 59,800 homes in inventory, a robust lot supply and strong trade and supplier relationships, we are well-positioned to grow our consolidated revenues by more than 25% 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 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, which is filed with the Securities and Exchange Commission.
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
March 31,
|
|
September 30,
|
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
1,663.9 |
|
|
$ |
3,210.4 |
|
Restricted cash |
|
25.2 |
|
|
|
26.8 |
|
Total cash, cash equivalents and restricted cash |
|
1,689.1 |
|
|
|
3,237.2 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
9,876.6 |
|
|
|
7,739.2 |
|
Residential land and lots — developed, under development,
|
|
8,492.5 |
|
|
|
7,918.1 |
|
Rental properties |
|
1,477.4 |
|
|
|
821.8 |
|
Total inventory |
|
19,846.5 |
|
|
|
16,479.1 |
|
Mortgage loans held for sale |
|
2,242.8 |
|
|
|
2,027.3 |
|
Deferred income taxes, net of valuation allowance of $4.0 million and $4.2 million
|
|
131.7 |
|
|
|
155.3 |
|
Property and equipment, net |
|
434.0 |
|
|
|
392.9 |
|
Other assets |
|
2,177.7 |
|
|
|
1,560.6 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
26,685.3 |
|
|
$ |
24,015.9 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,378.6 |
|
|
$ |
1,177.0 |
|
Accrued expenses and other liabilities |
|
2,618.9 |
|
|
|
2,210.3 |
|
Notes payable |
|
5,570.0 |
|
|
|
5,412.4 |
|
Total liabilities |
|
9,567.5 |
|
|
|
8,799.7 |
|
EQUITY |
|
|
|
||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 398,939,929
|
|
4.0 |
|
|
|
4.0 |
|
Additional paid-in capital |
|
3,288.7 |
|
|
|
3,274.8 |
|
Retained earnings |
|
16,063.0 |
|
|
|
13,644.3 |
|
Treasury stock, 46,984,494 shares and 41,174,257 shares at
|
|
(2,580.8 |
) |
|
|
(2,036.6 |
) |
Stockholders’ equity |
|
16,774.9 |
|
|
|
14,886.5 |
|
Noncontrolling interests |
|
342.9 |
|
|
|
329.7 |
|
Total equity |
|
17,117.8 |
|
|
|
15,216.2 |
|
Total liabilities and equity |
$ |
26,685.3 |
|
|
$ |
24,015.9 |
|
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
7,999.0 |
|
|
$ |
6,446.9 |
|
|
$ |
15,052.4 |
|
|
$ |
12,380.3 |
|
Cost of sales |
|
5,429.9 |
|
|
|
4,650.9 |
|
|
|
10,335.6 |
|
|
|
8,983.5 |
|
Selling, general and administrative expense |
|
695.1 |
|
|
|
621.5 |
|
|
|
1,361.0 |
|
|
|
1,207.4 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
Other (income) expense |
|
(9.3 |
) |
|
|
(5.4 |
) |
|
|
(24.8 |
) |
|
|
(10.8 |
) |
Income before income taxes |
|
1,883.3 |
|
|
|
1,179.9 |
|
|
|
3,380.6 |
|
|
|
2,214.2 |
|
Income tax expense |
|
441.0 |
|
|
|
246.0 |
|
|
|
792.5 |
|
|
|
485.1 |
|
Net income |
|
1,442.3 |
|
|
|
933.9 |
|
|
|
2,588.1 |
|
|
|
1,729.1 |
|
Net income attributable to noncontrolling interests |
|
6.0 |
|
|
|
4.4 |
|
|
|
10.2 |
|
|
|
7.8 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
1,436.3 |
|
|
$ |
929.5 |
|
|
$ |
2,577.9 |
|
|
$ |
1,721.3 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to D.R. Horton, Inc. |
$ |
4.07 |
|
|
$ |
2.57 |
|
|
$ |
7.27 |
|
|
$ |
4.74 |
|
Weighted average number of common shares |
|
353.1 |
|
|
|
362.3 |
|
|
|
354.6 |
|
|
|
363.4 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. |
$ |
4.03 |
|
|
$ |
2.53 |
|
|
$ |
7.20 |
|
|
$ |
4.67 |
|
Adjusted weighted average number of common shares |
|
356.3 |
|
|
|
367.2 |
|
|
|
358.2 |
|
|
|
368.6 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
34.7 |
|
|
$ |
34.4 |
|
|
$ |
68.0 |
|
|
$ |
67.4 |
|
Depreciation and amortization |
$ |
19.9 |
|
|
$ |
21.2 |
|
|
$ |
39.3 |
|
|
$ |
44.1 |
|
Interest incurred |
$ |
36.7 |
|
|
$ |
37.9 |
|
|
$ |
73.6 |
|
|
$ |
78.3 |
|
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
Six Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
2,588.1 |
|
|
$ |
1,729.1 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
39.3 |
|
|
|
44.1 |
|
Stock-based compensation expense |
|
54.6 |
|
|
|
47.1 |
|
Deferred income taxes |
|
23.6 |
|
|
|
2.6 |
|
Inventory and land option charges |
|
20.0 |
|
|
|
12.1 |
|
Gain on sale of assets |
|
— |
|
|
|
(14.0 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Increase in construction in progress and finished homes |
|
(2,137.4 |
) |
|
|
(1,295.8 |
) |
Increase in residential land and lots –
|
|
(528.4 |
) |
|
|
(975.2 |
) |
Increase in rental properties |
|
(655.9 |
) |
|
|
— |
|
Increase in other assets |
|
(616.7 |
) |
|
|
(296.2 |
) |
Increase in mortgage loans held for sale |
|
(215.5 |
) |
|
|
(226.8 |
) |
Increase in accounts payable, accrued expenses and other liabilities |
|
593.7 |
|
|
|
818.1 |
|
Net cash used in operating activities |
|
(834.6 |
) |
|
|
(154.9 |
) |
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(72.5 |
) |
|
|
(30.5 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
31.8 |
|
Expenditures related to rental properties |
|
— |
|
|
|
(173.9 |
) |
Payments related to business acquisitions |
|
— |
|
|
|
(24.2 |
) |
Other investing activities |
|
3.8 |
|
|
|
0.7 |
|
Net cash used in investing activities |
|
(68.7 |
) |
|
|
(196.1 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
750.0 |
|
|
|
494.1 |
|
Repayment of notes payable |
|
(750.8 |
) |
|
|
(400.1 |
) |
Advances on mortgage repurchase facility, net |
|
84.3 |
|
|
|
70.9 |
|
Proceeds from stock associated with certain employee benefit plans |
|
22.2 |
|
|
|
5.6 |
|
Cash paid for shares withheld for taxes |
|
(61.7 |
) |
|
|
(82.9 |
) |
Cash dividends paid |
|
(159.2 |
) |
|
|
(145.6 |
) |
Repurchases of common stock |
|
(569.8 |
) |
|
|
(420.2 |
) |
Net proceeds from issuance of Forestar common stock |
|
1.7 |
|
|
|
23.3 |
|
Net other financing activities |
|
38.5 |
|
|
|
(2.3 |
) |
Net cash used in financing activities |
|
(644.8 |
) |
|
|
(457.2 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(1,548.1 |
) |
|
|
(808.2 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
3,237.2 |
|
|
|
3,040.1 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
1,689.1 |
|
|
$ |
2,231.9 |
|
D.R. HORTON, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
|
|
March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
|
$ |
1,167.9 |
|
$ |
233.7 |
|
$ |
102.1 |
|
$ |
141.1 |
|
$ |
19.1 |
|
|
$ |
1,663.9 |
|||||
Restricted cash |
|
|
14.9 |
|
|
— |
|
|
9.5 |
|
|
0.8 |
|
|
— |
|
|
|
25.2 |
|||||
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction in progress and finished homes |
|
|
10,047.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
(170.9 |
) |
|
|
9,876.6 |
|||||
Residential land and lots |
|
|
6,598.4 |
|
|
1,960.5 |
|
|
— |
|
|
— |
|
|
(66.4 |
) |
|
|
8,492.5 |
|||||
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
1,500.1 |
|
|
(22.7 |
) |
|
|
1,477.4 |
|||||
|
|
|
16,645.9 |
|
|
1,960.5 |
|
|
— |
|
|
1,500.1 |
|
|
(260.0 |
) |
|
|
19,846.5 |
|||||
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,242.8 |
|
|
— |
|
|
— |
|
|
|
2,242.8 |
|||||
Deferred income taxes, net |
|
|
134.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3.2 |
) |
|
|
131.7 |
|||||
Property and equipment, net |
|
|
332.9 |
|
|
5.0 |
|
|
3.9 |
|
|
1.0 |
|
|
91.2 |
|
|
|
434.0 |
|||||
Other assets |
|
|
1,920.1 |
|
|
32.4 |
|
|
310.1 |
|
|
14.3 |
|
|
(99.2 |
) |
|
|
2,177.7 |
|||||
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|||||
|
|
$ |
20,350.9 |
|
$ |
2,231.6 |
|
$ |
2,668.4 |
|
$ |
1,657.3 |
|
$ |
(222.9 |
) |
|
$ |
26,685.3 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable |
|
$ |
1,220.8 |
|
$ |
55.6 |
|
$ |
— |
|
$ |
184.6 |
|
$ |
(82.4 |
) |
|
$ |
1,378.6 |
|||||
Accrued expenses and other liabilities |
|
|
2,085.5 |
|
|
363.3 |
|
|
319.5 |
|
|
9.6 |
|
|
(159.0 |
) |
|
|
2,618.9 |
|||||
Notes payable |
|
|
3,286.3 |
|
|
705.3 |
|
|
1,578.9 |
|
|
— |
|
|
(0.5 |
) |
|
|
5,570.0 |
|||||
|
|
$ |
6,592.6 |
|
$ |
1,124.2 |
|
$ |
1,898.4 |
|
$ |
194.2 |
|
$ |
(241.9 |
) |
|
$ |
9,567.5 |
|||||
|
|
September 30, 2021 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
|
$ |
2,950.1 |
|
$ |
153.6 |
|
$ |
79.0 |
|
$ |
16.8 |
|
$ |
10.9 |
|
|
$ |
3,210.4 |
|||||
Restricted cash |
|
|
8.4 |
|
|
— |
|
|
18.0 |
|
|
0.4 |
|
|
— |
|
|
|
26.8 |
|||||
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction in progress and finished homes |
|
|
7,848.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
(108.8 |
) |
|
|
7,739.2 |
|||||
Residential land and lots |
|
|
6,059.8 |
|
|
1,905.2 |
|
|
— |
|
|
— |
|
|
(46.9 |
) |
|
|
7,918.1 |
|||||
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
840.9 |
|
|
(19.1 |
) |
|
|
821.8 |
|||||
|
|
|
13,907.8 |
|
|
1,905.2 |
|
|
— |
|
|
840.9 |
|
|
(174.8 |
) |
|
|
16,479.1 |
|||||
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,027.3 |
|
|
— |
|
|
— |
|
|
|
2,027.3 |
|||||
Deferred income taxes, net |
|
|
159.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3.9 |
) |
|
|
155.3 |
|||||
Property and equipment, net |
|
|
303.3 |
|
|
2.9 |
|
|
3.5 |
|
|
0.6 |
|
|
82.6 |
|
|
|
392.9 |
|||||
Other assets |
|
|
1,468.7 |
|
|
40.0 |
|
|
107.6 |
|
|
6.3 |
|
|
(62.0 |
) |
|
|
1,560.6 |
|||||
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|||||
|
|
$ |
18,931.8 |
|
$ |
2,101.7 |
|
$ |
2,235.4 |
|
$ |
865.0 |
|
$ |
(118.0 |
) |
|
$ |
24,015.9 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable |
|
$ |
1,073.7 |
|
$ |
47.4 |
|
$ |
— |
|
$ |
55.9 |
|
$ |
— |
|
|
$ |
1,177.0 |
|||||
Accrued expenses and other liabilities |
|
|
1,941.3 |
|
|
333.9 |
|
|
88.6 |
|
|
15.0 |
|
|
(168.5 |
) |
|
|
2,210.3 |
|||||
Notes payable |
|
|
3,214.0 |
|
|
704.5 |
|
|
1,494.6 |
|
|
— |
|
|
(0.7 |
) |
|
|
5,412.4 |
|||||
|
|
$ |
6,229.0 |
|
$ |
1,085.8 |
|
$ |
1,583.2 |
|
$ |
70.9 |
|
$ |
(169.2 |
) |
|
$ |
8,799.7 |
|||||
| _______________ | |
(1) |
Amounts are presented on Forestar’s historical cost basis. |
(2) |
Amounts include the balances of the Company's other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. |
D.R. HORTON, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
7,499.2 |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,499.2 |
|
|
Land/lot sales and other |
|
|
7.6 |
|
|
|
421.6 |
|
|
— |
|
|
|
— |
|
|
|
(374.4 |
) |
|
|
54.8 |
|
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
222.9 |
|
|
|
— |
|
|
|
222.9 |
|
|
Financial services |
|
|
— |
|
|
|
— |
|
|
222.1 |
|
|
|
— |
|
|
|
— |
|
|
|
222.1 |
|
|
|
|
|
7,506.8 |
|
|
|
421.6 |
|
|
222.1 |
|
|
|
222.9 |
|
|
|
(374.4 |
) |
|
|
7,999.0 |
|
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
5,335.2 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(43.7 |
) |
|
|
5,291.5 |
|
|
Land/lot sales and other |
|
|
3.3 |
|
|
|
328.7 |
|
|
— |
|
|
|
— |
|
|
|
(307.0 |
) |
|
|
25.0 |
|
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
102.5 |
|
|
|
(4.3 |
) |
|
|
98.2 |
|
|
Inventory and land option charges |
|
|
9.8 |
|
|
|
5.4 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15.2 |
|
|
|
|
|
5,348.3 |
|
|
|
334.1 |
|
|
— |
|
|
|
102.5 |
|
|
|
(355.0 |
) |
|
|
5,429.9 |
|
|
Selling, general and administrative expense |
|
|
507.3 |
|
|
|
24.3 |
|
|
138.0 |
|
|
|
22.8 |
|
|
|
2.7 |
|
|
|
695.1 |
|
|
Other (income) expense |
|
|
(1.6 |
) |
|
|
— |
|
|
(8.7 |
) |
|
|
(4.9 |
) |
|
|
5.9 |
|
|
|
(9.3 |
) |
|
Income before income taxes |
|
$ |
1,652.8 |
|
|
$ |
63.2 |
|
$ |
92.8 |
|
|
$ |
102.5 |
|
|
$ |
(28.0 |
) |
|
$ |
1,883.3 |
|
|
|
|
Six Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,155.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,155.6 |
|
Land/lot sales and other |
|
|
30.5 |
|
|
|
829.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(748.7 |
) |
|
|
111.0 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
379.4 |
|
|
|
— |
|
|
|
379.4 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
|
14,186.1 |
|
|
|
829.2 |
|
|
|
406.4 |
|
|
|
379.4 |
|
|
|
(748.7 |
) |
|
|
15,052.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
10,169.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(81.3 |
) |
|
|
10,087.8 |
|
Land/lot sales and other |
|
|
20.4 |
|
|
|
662.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(624.8 |
) |
|
|
57.9 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175.0 |
|
|
|
(5.1 |
) |
|
|
169.9 |
|
Inventory and land option charges |
|
|
13.7 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
20.0 |
|
|
|
|
10,203.2 |
|
|
|
668.3 |
|
|
|
— |
|
|
|
175.3 |
|
|
|
(711.2 |
) |
|
|
10,335.6 |
|
Selling, general and administrative expense |
|
|
1,004.9 |
|
|
|
45.8 |
|
|
|
263.2 |
|
|
|
41.4 |
|
|
|
5.7 |
|
|
|
1,361.0 |
|
Other (income) expense |
|
|
(7.9 |
) |
|
|
(1.6 |
) |
|
|
(16.7 |
) |
|
|
(9.8 |
) |
|
|
11.2 |
|
|
|
(24.8 |
) |
Income before income taxes |
|
$ |
2,985.9 |
|
|
$ |
116.7 |
|
|
$ |
159.9 |
|
|
$ |
172.5 |
|
|
$ |
(54.4 |
) |
|
$ |
3,380.6 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash (used in) provided by operating activities |
|
$ |
(416.2 |
) |
|
$ |
76.6 |
|
|
$ |
(63.0 |
) |
|
$ |
(409.1 |
) |
|
$ |
(22.9 |
) |
|
$ |
(834.6 |
) |
| _______________ | |
(1) |
Results are presented on Forestar’s historical cost basis. |
(2) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
(3) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
D.R. HORTON, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2021 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
6,170.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,170.4 |
|
Land/lot sales and other |
|
|
15.4 |
|
|
|
287.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(251.1 |
) |
|
|
51.4 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
225.1 |
|
|
|
— |
|
|
|
— |
|
|
|
225.1 |
|
|
|
|
6,185.8 |
|
|
|
287.1 |
|
|
|
225.1 |
|
|
|
— |
|
|
|
(251.1 |
) |
|
|
6,446.9 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
4,652.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35.6 |
) |
|
|
4,616.4 |
|
Land/lot sales and other |
|
|
12.7 |
|
|
|
233.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(215.2 |
) |
|
|
30.7 |
|
Inventory and land option charges |
|
|
3.2 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.8 |
|
|
|
|
4,667.9 |
|
|
|
233.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(250.8 |
) |
|
|
4,650.9 |
|
Selling, general and administrative expense |
|
|
467.6 |
|
|
|
16.3 |
|
|
|
123.7 |
|
|
|
11.6 |
|
|
|
2.3 |
|
|
|
621.5 |
|
Other (income) expense |
|
|
(1.8 |
) |
|
|
(0.6 |
) |
|
|
(6.3 |
) |
|
|
(5.2 |
) |
|
|
8.5 |
|
|
|
(5.4 |
) |
Income before income taxes |
|
$ |
1,052.1 |
|
|
$ |
37.6 |
|
|
$ |
107.7 |
|
|
$ |
(6.4 |
) |
|
$ |
(11.1 |
) |
|
$ |
1,179.9 |
|
|
|
Six Months Ended March 31, 2021 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
11,869.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,869.1 |
|
Land/lot sales and other |
|
|
33.3 |
|
|
|
594.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(528.6 |
) |
|
|
98.9 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31.8 |
|
|
|
(31.8 |
) |
|
|
— |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
412.3 |
|
|
|
— |
|
|
|
— |
|
|
|
412.3 |
|
|
|
|
11,902.4 |
|
|
|
594.2 |
|
|
|
412.3 |
|
|
|
31.8 |
|
|
|
(560.4 |
) |
|
|
12,380.3 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
8,977.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(63.3 |
) |
|
|
8,913.8 |
|
Land/lot sales and other |
|
|
26.3 |
|
|
|
495.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(464.5 |
) |
|
|
57.6 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.8 |
|
|
|
(17.8 |
) |
|
|
— |
|
Inventory and land option charges |
|
|
11.2 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.1 |
|
|
|
|
9,014.6 |
|
|
|
496.7 |
|
|
|
— |
|
|
|
17.8 |
|
|
|
(545.6 |
) |
|
|
8,983.5 |
|
Selling, general and administrative expense |
|
|
917.0 |
|
|
|
31.8 |
|
|
|
233.3 |
|
|
|
20.9 |
|
|
|
4.4 |
|
|
|
1,207.4 |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
|
|
(14.0 |
) |
Other (income) expense |
|
|
(3.9 |
) |
|
|
(1.1 |
) |
|
|
(12.8 |
) |
|
|
(9.1 |
) |
|
|
16.1 |
|
|
|
(10.8 |
) |
Income before income taxes |
|
$ |
1,974.7 |
|
|
$ |
66.8 |
|
|
$ |
191.8 |
|
|
$ |
2.2 |
|
|
$ |
(21.3 |
) |
|
$ |
2,214.2 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
190.5 |
|
|
$ |
(249.5 |
) |
|
$ |
(32.3 |
) |
|
$ |
(216.7 |
) |
|
$ |
153.1 |
|
|
$ |
(154.9 |
) |
| _______________ | |
(1) |
Results are presented on Forestar’s historical cost basis. |
(2) |
Amounts include the results of the Company's other businesses, reconciling amounts between segment and consolidated balances and the elimination of intercompany transactions. |
(3) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
D.R. HORTON, INC. AND SUBSIDIARIES SALES, CLOSINGS AND BACKLOG HOMEBUILDING SEGMENT (Dollars in millions) |
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,342 |
|
$ |
768.1 |
|
1,475 |
|
$ |
716.3 |
|
2,570 |
|
$ |
1,425.3 |
|
2,472 |
|
$ |
1,187.1 |
Southwest |
|
2,595 |
|
|
1,403.2 |
|
2,966 |
|
|
1,246.6 |
|
4,896 |
|
|
2,587.0 |
|
5,194 |
|
|
2,153.3 |
South Central |
|
7,328 |
|
|
2,511.9 |
|
7,698 |
|
|
2,180.5 |
|
13,190 |
|
|
4,458.0 |
|
13,870 |
|
|
3,856.3 |
Southeast |
|
6,849 |
|
|
2,640.9 |
|
8,642 |
|
|
2,635.8 |
|
13,243 |
|
|
4,925.7 |
|
14,572 |
|
|
4,363.2 |
East |
|
3,765 |
|
|
1,413.1 |
|
4,397 |
|
|
1,367.4 |
|
7,745 |
|
|
2,868.0 |
|
8,075 |
|
|
2,486.2 |
North |
|
2,461 |
|
|
1,012.2 |
|
1,881 |
|
|
702.4 |
|
4,218 |
|
|
1,741.8 |
|
3,294 |
|
|
1,218.9 |
|
|
24,340 |
|
$ |
9,749.4 |
|
27,059 |
|
$ |
8,849.0 |
|
45,862 |
|
$ |
18,005.8 |
|
47,477 |
|
$ |
15,265.0 |
HOMES CLOSED |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,146 |
|
$ |
636.5 |
|
1,161 |
|
$ |
548.5 |
|
2,171 |
|
$ |
1,185.4 |
|
2,368 |
|
$ |
1,095.7 |
Southwest |
|
2,321 |
|
|
1,135.0 |
|
2,260 |
|
|
909.4 |
|
4,265 |
|
|
2,046.5 |
|
4,402 |
|
|
1,738.4 |
South Central |
|
5,610 |
|
|
1,836.4 |
|
5,210 |
|
|
1,383.5 |
|
11,047 |
|
|
3,528.8 |
|
10,431 |
|
|
2,746.0 |
Southeast |
|
5,504 |
|
|
1,946.3 |
|
5,967 |
|
|
1,710.7 |
|
10,828 |
|
|
3,756.5 |
|
11,225 |
|
|
3,174.9 |
East |
|
3,469 |
|
|
1,216.8 |
|
3,590 |
|
|
1,070.7 |
|
6,597 |
|
|
2,291.5 |
|
7,087 |
|
|
2,073.8 |
North |
|
1,778 |
|
|
728.2 |
|
1,513 |
|
|
547.6 |
|
3,316 |
|
|
1,346.9 |
|
2,927 |
|
|
1,040.3 |
|
|
19,828 |
|
$ |
7,499.2 |
|
19,701 |
|
$ |
6,170.4 |
|
38,224 |
|
$ |
14,155.6 |
|
38,440 |
|
$ |
11,869.1 |
SALES ORDER BACKLOG |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
As of March 31, |
||||||||
|
|
2022 |
|
2021 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
1,353 |
|
$ |
737.6 |
|
1,648 |
|
$ |
784.5 |
Southwest |
|
4,069 |
|
|
2,036.4 |
|
4,534 |
|
|
1,756.3 |
South Central |
|
10,876 |
|
|
3,754.6 |
|
10,777 |
|
|
3,046.9 |
Southeast |
|
9,734 |
|
|
3,703.9 |
|
10,269 |
|
|
3,156.9 |
East |
|
5,365 |
|
|
2,045.9 |
|
5,845 |
|
|
1,838.9 |
North |
|
2,462 |
|
|
1,034.9 |
|
2,772 |
|
|
1,029.9 |
|
|
33,859 |
|
$ |
13,313.3 |
|
35,845 |
|
$ |
11,613.4 |
D.R. HORTON, INC. AND SUBSIDIARIES LAND AND LOT POSITION AND HOMES IN INVENTORY HOMEBUILDING SEGMENT |
|||||||||||||||||
|
As of March 31, 2022 |
|
As of September 30, 2021 |
||||||||||||||
|
Land/Lots
|
|
Lots Controlled
Land and Lot
|
|
Total
|
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
||||||
Northwest |
10,500 |
|
|
32,200 |
|
|
42,700 |
|
|
9,000 |
|
|
31,400 |
|
|
40,400 |
|
Southwest |
22,300 |
|
|
38,000 |
|
|
60,300 |
|
|
22,800 |
|
|
34,300 |
|
|
57,100 |
|
South Central |
41,400 |
|
|
68,600 |
|
|
110,000 |
|
|
42,800 |
|
|
79,000 |
|
|
121,800 |
|
Southeast |
26,200 |
|
|
131,900 |
|
|
158,100 |
|
|
26,700 |
|
|
125,500 |
|
|
152,200 |
|
East |
20,200 |
|
|
107,000 |
|
|
127,200 |
|
|
17,300 |
|
|
83,100 |
|
|
100,400 |
|
North |
10,600 |
|
|
65,100 |
|
|
75,700 |
|
|
9,200 |
|
|
49,200 |
|
|
58,400 |
|
|
131,200 |
|
|
442,800 |
|
|
574,000 |
|
|
127,800 |
|
|
402,500 |
|
|
530,300 |
|
|
23 |
% |
|
77 |
% |
|
100 |
% |
|
24 |
% |
|
76 |
% |
|
100 |
% |
| _______________ | |
(1) |
Lots controlled at March 31, 2022 included approximately 36,700 lots owned or controlled by Forestar, 19,100 of which our homebuilding divisions have under contract to purchase and 17,600 of which our homebuilding divisions have a right of first offer to purchase. Lots controlled at September 30, 2021 included approximately 39,200 lots owned or controlled by Forestar, 21,000 of which our homebuilding divisions had under contract to purchase and 18,200 of which our homebuilding divisions had a right of first offer to purchase. |
HOMES IN INVENTORY (1) |
||||
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
Northwest |
|
3,100 |
|
2,600 |
Southwest |
|
7,200 |
|
5,500 |
South Central |
|
17,500 |
|
14,000 |
Southeast |
|
17,100 |
|
13,600 |
East |
|
9,200 |
|
7,300 |
North |
|
5,700 |
|
4,800 |
|
|
59,800 |
|
47,800 |
| _______________ | |
(1) |
Homes in inventory exclude 4,200 and 1,900 homes related to our single-family rental operations at March 31, 2022 and September 30, 2021, respectively, and also exclude approximately 1,800 model homes at both dates. |
АРЛИНГТОН, Техас -(BUSINESS WIRE)-D.R. Horton, Inc. (NYSE:DHI):
Основные показатели второго квартала 2022 финансового года - сравнение с кварталом предыдущего года
D.R. Horton, Inc. (NYSE:DHI), американский застройщик, сегодня сообщила, что чистая прибыль на одну обыкновенную акцию, приходящаяся на D.R. Horton, за второй финансовый квартал, закончившийся 31 марта 2022 года, увеличилась на 59% до 4,03 доллара на разводненную акцию по сравнению с 2,53 доллара на разводненную акцию в том же квартале 2021 финансового года. Чистая прибыль, приходящаяся на D.R. Horton во втором квартале 2022 финансового года, увеличилась на 55% до 1,4 миллиарда долларов по сравнению с 929,5 миллионами долларов в том же квартале 2021 финансового года. Выручка от строительства жилья во втором квартале 2022 финансового года увеличилась на 21% до 7,5 млрд долларов с 6,2 млрд долларов в том же квартале 2021 финансового года. Количество домов, закрытых в этом квартале, увеличилось на 1% до 19 828 домов по сравнению с 19 701 домом, закрытым в том же квартале 2021 финансового года.
За шесть месяцев, закончившихся 31 марта 2022 года, чистая прибыль на одну обыкновенную акцию, приходящаяся на D.R. Horton, увеличилась на 54% до 7,20 доллара на разводненную акцию по сравнению с 4,67 доллара на разводненную акцию за аналогичный период 2021 финансового года. Чистая прибыль, приходящаяся на D.R. Horton за шесть месяцев, закончившихся 31 марта 2022 года, увеличилась на 50% до 2,6 миллиарда долларов по сравнению с 1,7 миллиарда долларов за аналогичный период 2021 финансового года. Доходы от жилищного строительства за первые шесть месяцев 2022 финансового года выросли на 19% до 14,2 миллиарда долларов с 11,9 миллиарда долларов за аналогичный период 2021 финансового года. Количество домов, закрытых за первые шесть месяцев 2022 финансового года, сократилось на 1% до 38 224 домов по сравнению с 38 440 домами, закрытыми за тот же период 2021 финансового года.
Чистые заказы на продажу за второй квартал, закончившийся 31 марта 2022 года, сократились на 10% до 24 340 домов и увеличились на 10% в стоимости до 9,7 миллиарда долларов по сравнению с 27 059 домами и 8,8 миллиарда долларов в том же квартале предыдущего года. Коэффициент отмены заказов Компании (отмененные заказы на продажу, разделенные на валовые заказы на продажу) во втором квартале 2022 финансового года составил 16% по сравнению с 15% в предыдущем квартале. Чистые заказы на продажу за первые шесть месяцев 2022 финансового года сократились на 3% до 45 862 домов и увеличились на 18% в стоимости до 18,0 млрд долларов по сравнению с 47 477 домами и 15,3 млрд долларов за аналогичный период 2021 финансового года. Объем невыполненных заказов Компании на продажу домов по контракту на 31 марта 2022 года сократился на 6% до 33 859 домов и увеличился на 15% в стоимости до 13,3 миллиарда долларов по сравнению с 35 845 домами и 11,6 миллиарда долларов на 31 марта 2021 года.
По состоянию на 31 марта 2022 года на складе Компании находилось 59 800 домов, из которых 26 000 были непроданы. 600 из непроданных домов Компании по состоянию на 31 марта 2022 года были достроены. Портфель земельных участков и участков для жилищного строительства Компании на конец квартала составил 574 000 участков, из которых 23% находились в собственности, а 77% контролировались через договоры купли-продажи земли и участков.
Рентабельность собственного капитала (ROE) Компании составила 34,0% за последние двенадцать месяцев, закончившихся 31 марта 2022 года, а рентабельность инвестиций в жилищное строительство (ROI) за тот же период составила 40,3%. Рентабельность инвестиций рассчитывается как чистая прибыль, относящаяся к D.R. Horton за последние двенадцать месяцев, деленная на средний собственный капитал акционеров, где средний собственный капитал акционеров представляет собой сумму остатков собственного капитала акционеров на конец последних пяти кварталов, деленную на пять. Рентабельность инвестиций в жилищное строительство рассчитывается как доход от строительства жилья до налогообложения за последние двенадцать месяцев, деленный на средние запасы, где средние запасы представляют собой сумму остатков на конец периода строительства жилья за последние пять кварталов, деленную на пять.
Компания завершила второй квартал с $ 1,2 млрд неограниченных денежных средств на строительство жилья и $ 2,0 млрд свободных мощностей по возобновляемой кредитной линии для общей ликвидности жилищного строительства в размере $ 3,2 млрд. Долг жилищного строительства на 31 марта 2022 года составил 3,3 миллиарда долларов, включая облигации на сумму 350 миллионов долларов со сроком погашения в сентябре 2022 года. Отношение долга Компании по строительству жилья к общему капиталу на 31 марта 2022 года составляло 16,4%. Отношение долга по жилищному строительству к общему капиталу состоит из векселей по жилищному строительству, подлежащих оплате, деленных на собственный капитал акционеров плюс векселя по жилищному строительству, подлежащие оплате.
Дональд Р. Хортон, председатель правления, сказал: “Команда D.R. Horton добилась выдающихся результатов во втором финансовом квартале 2022 года, о чем свидетельствует увеличение прибыли на акцию на 59% до 4,03 доллара на разводненную акцию. Наш консолидированный доход до налогообложения увеличился на 60% до 1,9 миллиарда долларов при увеличении выручки на 24% до 8,0 миллиарда долларов и увеличении маржи прибыли до налогообложения на 520 базисных пунктов до 23,5%.
“Условия на рынке жилья остаются стабильными, несмотря на рост ставок по ипотечным кредитам, поскольку мы продолжаем испытывать спрос со стороны покупателей жилья, который превышает наши темпы предложения. Мы по-прежнему продаем дома на более поздних стадиях строительного цикла, чтобы лучше гарантировать нашим покупателям уверенность в дате закрытия дома, и мы продолжаем работать над стабилизацией, а затем сокращением сроков нашего строительного цикла до исторических норм. Имея в наличии 33 900 домов, 59 800 домов на складе, надежное предложение участков и прочные торговые отношения с поставщиками, мы имеем все возможности для увеличения наших консолидированных доходов более чем на 25% в 2022 финансовом году.
“Наше положение на рынке отражает наши опытные команды и производственные возможности, лидирующую в отрасли долю рынка, широкую географию присутствия и разнообразные предложения продуктов от нескольких брендов. Мы по-прежнему сосредоточены на максимизации прибыли и повышении эффективности использования капитала в каждом из наших сообществ, одновременно увеличивая нашу долю на рынке. Наш сильный баланс, ликвидность и низкое кредитное плечо обеспечивают нам значительную финансовую гибкость. Мы планируем сохранить наш дисциплинированный подход к инвестированию капитала для повышения долгосрочной стоимости нашей компании, включая возврат капитала нашим акционерам как через дивиденды, так и через выкуп акций на постоянной основе”.
Основываясь на текущих рыночных условиях и результатах Компании за первую половину 2022 финансового года, D.R. Horton обновляет свои рекомендации на 2022 финансовый год следующим образом:
Компания планирует также предоставить рекомендации на третий квартал 2022 финансового года в ходе сегодняшней телефонной конференции.
Forestar Group Inc. (NYSE:FOR) (“Forestar”) - публично торгуемая компания по застройке жилых участков, которая является мажоритарной дочерней компанией D.R. Horton. Результаты деятельности Forestar за представленные периоды полностью консолидированы в финансовой отчетности Компании, при этом доля, не принадлежащая Компании, отражается как неконтролирующие доли участия.
За второй квартал, закончившийся 31 марта 2022 года, Forestar продала 5788 лотов и получила доход в размере 421,6 миллиона долларов по сравнению с 3588 лотами и 287,1 миллионами долларов дохода в предыдущем квартале. За шесть месяцев, закончившихся 31 марта 2022 года, Forestar продала 10 304 лота и получила доход в размере 829,2 миллиона долларов по сравнению с 7155 лотами и 594,2 миллионами долларов дохода за шесть месяцев предыдущего года. Доход Forestar до налогообложения во втором квартале 2022 финансового года увеличился на 68% до 63,2 млн долларов США при прибыли до налогообложения в размере 15,0% по сравнению с доходом до налогообложения в размере 37,6 млн долларов США и прибылью до налогообложения в размере 13,1% в том же квартале 2021 финансового года. За шесть месяцев, закончившихся 31 марта 2022 года, доход Forestar до налогообложения увеличился на 75% до 116,7 млн долларов США с прибылью до налогообложения в размере 14,1% по сравнению с доходом до налогообложения в размере 66,8 млн долларов США и прибылью до налогообложения в размере 11,2% за тот же период 2021 финансового года.
Финансовые услуги
За второй квартал, закончившийся 31 марта 2022 года, доходы от финансовых услуг снизились на 1% до 222,1 млн долларов по сравнению с 225,1 млн долларов в том же квартале 2021 финансового года. Доход от финансовых услуг до налогообложения снизился на 14% до 92,8 млн долларов США с рентабельностью до налогообложения в 41,8% по сравнению с доходом до налогообложения в размере 107,7 млн долларов США и рентабельностью до налогообложения в 47,8% в предыдущем квартале. За шесть месяцев, закончившихся 31 марта 2022 года, доходы от финансовых услуг снизились на 1% до 406,4 млн долларов по сравнению с 412,3 млн долларов. Доход от финансовых услуг до налогообложения снизился на 17% до 159,9 млн долларов США с рентабельностью до налогообложения в 39,3% по сравнению с доходом до налогообложения в размере 191,8 млн долларов США и рентабельностью до налогообложения в 46,5% за шесть месяцев предыдущего года.
Операции по Аренде
Операции Компании по аренде принесли доход до налогообложения в размере $102,5 млн при выручке в размере $222,9 млн во втором квартале 2022 финансового года по сравнению с убытком до налогообложения в размере $6,4 млн и отсутствием доходов в том же квартале 2021 финансового года.
Во втором квартале 2022 финансового года Компания продала одну многоквартирную арендуемую недвижимость (всего 126 единиц) за 50,0 миллионов долларов. В предыдущем квартале не было продаж многоквартирной арендуемой недвижимости. За шесть месяцев, закончившихся 31 марта 2022 года, Компания продала две многоквартирные арендуемые объекты недвижимости (всего 477 единиц) за 126,2 миллиона долларов. По состоянию на 31 марта 2022 года консолидированный баланс включал запасы на сумму 597,4 миллиона долларов, относящиеся к 17 многоквартирным объектам, сдаваемым в аренду. Эти объекты представляют собой 5130 многоквартирных домов, в том числе 4830 единиц в стадии активного строительства и 300 завершенных единиц.
Во втором квартале 2022 финансового года Компания продала три объекта недвижимости для сдачи в аренду на одну семью (всего 368 домов) за 172,9 миллиона долларов. В предыдущем квартале не было продаж арендуемой недвижимости для одной семьи. За шесть месяцев, закончившихся 31 марта 2022 года, Компания продала пять объектов недвижимости для сдачи в аренду на одну семью (всего 594 дома) за 253,2 миллиона долларов. По состоянию на 31 марта 2022 года консолидированный баланс включал товарно-материальные запасы на сумму 902,7 миллиона долларов, относящиеся к 98 арендуемым домам для одной семьи. Эти сообщества включают в себя 6350 домов и готовых участков, из которых 1300 домов были завершены, и 4000 участков, которые не были улучшены или находятся в стадии разработки.
Продажи и запасы многоквартирных и односемейных домов Компании отражаются в ее сегменте аренды и не включаются в закрытые дома, доходы или запасы ее сегмента жилищного строительства.
Реклассификации
В четвертом квартале 2021 финансового года Компания объединила свои операции по аренде жилья для одной семьи и многосемейные операции по аренде в новый сегмент отчетности по аренде и перестроила объединение своих операционных сегментов жилищного строительства в шесть новых географических регионов отчетности. Сегментная информация, представленная в отчетных периодах предыдущих лет, была реклассифицирована в соответствии с представлением на 2022 финансовый год.
Во втором квартале 2022 финансового года Компания выплатила дивиденды наличными в размере 79,1 миллиона долларов, в общей сложности 159,2 миллиона долларов дивидендов, выплаченных за шесть месяцев, закончившихся 31 марта 2022 года. По итогам квартала Компания объявила ежеквартальные денежные дивиденды в размере 0,225 доллара США на одну обыкновенную акцию, которые будут выплачены 18 мая 2022 года акционерам record 9 мая 2022 года.
Выкуп Акций
Компания выкупила 3,1 млн обыкновенных акций за 266,0 млн долларов США во втором квартале 2022 финансового года, в общей сложности 5,8 млн обыкновенных акций за 544,2 млн долларов США за шесть месяцев, закончившихся 31 марта 2022 года. Оставшаяся сумма разрешения на выкуп акций Компании по состоянию на 31 марта 2022 года составила 2,0 миллиона долларов. В апреле 2022 года наш Совет директоров санкционировал выкуп наших обыкновенных акций на сумму до 1,0 миллиарда долларов, заменив предыдущее разрешение. У нового разрешения нет срока действия.
Подробности конференц-связи и веб-трансляции
Компания проведет селекторное совещание сегодня (вторник, 26 апреля) в 8:30 утра по восточному времени. Набираемый номер - 888-506-0062 (справочный код 538177), и звонок также будет транслироваться через Интернет с веб-сайта компании по адресу investor.drhorton.com .
О компании D.R. Horton, Inc.
D.R. Horton, Inc., America's Builder, является крупнейшим производителем жилья по объему в Соединенных Штатах с 2002 года. Основанная в 1978 году в Форт-Уэрте, штат Техас, D.R. Horton работает на 104 рынках в 32 штатах по всей территории Соединенных Штатов и закрыла 81 749 домов за двенадцатимесячный период, закончившийся 31 марта 2022 года. Компания занимается строительством и продажей высококачественных домов через свой разнообразный портфель брендов, который включает в себя D.R. Horton, Emerald Homes, Express Homes и Freedom Homes с продажными ценами от 150 000 до более чем 1 000 000 долларов. Через свои дочерние компании по ипотеке, титулу и страхованию D.R. Horton предоставляет своим покупателям жилья ипотечное финансирование, титульные услуги и услуги страховых агентств. Компания также строит и продает как односемейную, так и многоквартирную арендуемую недвижимость и является мажоритарным владельцем Forestar Group Inc., публичной национальной компании по застройке жилых участков.
Прогнозные заявления
Части этого документа могут представлять собой “заявления прогнозного характера”, как это определено Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Хотя D.R. Horton считает, что любые подобные заявления основаны на разумных предположениях, нет никакой гарантии, что фактические результаты не будут существенно отличаться. Все прогнозные заявления основаны на информации, доступной D.R. Horton на дату выпуска этого выпуска. D.R. Horton не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом. Прогнозные заявления в этом выпуске включают в себя то, что условия на рынке жилья остаются стабильными, несмотря на рост ставок по ипотечным кредитам, поскольку мы продолжаем испытывать спрос со стороны покупателей жилья, который превышает наши темпы предложения; мы по-прежнему продаем дома на более поздних стадиях строительного цикла, чтобы лучше гарантировать уверенность в дате закрытия дома для наших покупателей жилья, и мы продолжаем работать над стабилизацией, а затем сокращением сроков нашего строительного цикла до исторических норм; и с учетом незавершенного строительства 33 900 домов, наличия 59 800 домов на складе, надежного предложения участков и прочных торговых отношений с поставщиками у нас есть все возможности для увеличения наших консолидированных доходов более чем на 25% в 2022 финансовом году. Прогнозные заявления также включают в себя то, что мы по-прежнему сосредоточены на максимизации прибыли и повышении эффективности использования капитала в каждом из наших сообществ при одновременном увеличении нашей доли рынка; наш сильный баланс, ликвидность и низкий уровень левереджа обеспечивают нам значительную финансовую гибкость; мы планируем сохранить наш дисциплинированный подход к инвестированию капитала для повышения долгосрочногодолгосрочная стоимость нашей компании, включая возврат капитала нашим акционерам как через дивиденды, так и через выкуп акций на постоянной основе; и все комментарии в разделе Руководства.
Факторов, которые могут вызвать фактические результаты могут существенно отличаться от будущих результатов, выраженных прогнозные заявления включают, но не ограничиваются следующим: циклический характер домостроительства, много развития и аренды жилья отраслей и изменения в экономической, недвижимости или других условий; сужение кредита и публичных рынков капитала, что может ограничить наши возможности для привлечения капитала и увеличить наши затраты капитала; снижение доступности ипотечного финансирования государственных учреждений, изменения в финансирование государственных программ, уменьшение нам возможность продавать ипотечные кредиты на привлекательных условиях или увеличение ипотечных процентных ставок; риски, связанные с нашей землей, много и прокатом инвентаря; нам возможность для осуществления нашей стратегии роста, приобретения или инвестиции успешно; влияние инфляционный, дефляционный или более высоких процентных ставок; нехваткой и другие риски приобретения земельного участка, строительных материалов и квалифицированной рабочей силы; воздействие на состояние здоровья населения, таких как крупные эпидемии или пандемии, в том числе о влиянии COVID-19 на экономику и наши предприятия; влияние погодных условий и природных катаклизмов на наш бизнес и финансовые результаты; дома гарантийное и строительство дефект требований; последствия для здоровья и безопасности; снижение доступности исполнения обязательств; увеличение расходов на владение домом; влияние государственного регулирования и экологическим вопросам на нашем жилищного строительства и землеустройства операций; влияние государственного регулирования на финансовых услугах операций; конкурентные условия в тех отраслях, в которых мы работаем; наша способность обслуживать долг и соблюдать относящиеся задолженности заветы, запреты и ограничения; влияния негативной информации; последствия потери ключевых сотрудников; действия активиста акционеров; информационные технологии сбои, нарушения защиты данных и нашей способностью, чтобы удовлетворить конфиденциальность и защита данных законов и нормативных актов. Дополнительная информация о проблемах, которые могут привести к существенным изменениям в производительности, содержится в годовом отчете D.R. Horton по форме 10-K, который подается в Комиссию по ценным бумагам и биржам.
D.R. Horton, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
March 31,
|
|
September 30,
|
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
1,663.9 |
|
|
$ |
3,210.4 |
|
Restricted cash |
|
25.2 |
|
|
|
26.8 |
|
Total cash, cash equivalents and restricted cash |
|
1,689.1 |
|
|
|
3,237.2 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
9,876.6 |
|
|
|
7,739.2 |
|
Residential land and lots — developed, under development,
|
|
8,492.5 |
|
|
|
7,918.1 |
|
Rental properties |
|
1,477.4 |
|
|
|
821.8 |
|
Total inventory |
|
19,846.5 |
|
|
|
16,479.1 |
|
Mortgage loans held for sale |
|
2,242.8 |
|
|
|
2,027.3 |
|
Deferred income taxes, net of valuation allowance of $4.0 million and $4.2 million
|
|
131.7 |
|
|
|
155.3 |
|
Property and equipment, net |
|
434.0 |
|
|
|
392.9 |
|
Other assets |
|
2,177.7 |
|
|
|
1,560.6 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
26,685.3 |
|
|
$ |
24,015.9 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,378.6 |
|
|
$ |
1,177.0 |
|
Accrued expenses and other liabilities |
|
2,618.9 |
|
|
|
2,210.3 |
|
Notes payable |
|
5,570.0 |
|
|
|
5,412.4 |
|
Total liabilities |
|
9,567.5 |
|
|
|
8,799.7 |
|
EQUITY |
|
|
|
||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 398,939,929
|
|
4.0 |
|
|
|
4.0 |
|
Additional paid-in capital |
|
3,288.7 |
|
|
|
3,274.8 |
|
Retained earnings |
|
16,063.0 |
|
|
|
13,644.3 |
|
Treasury stock, 46,984,494 shares and 41,174,257 shares at
|
|
(2,580.8 |
) |
|
|
(2,036.6 |
) |
Stockholders’ equity |
|
16,774.9 |
|
|
|
14,886.5 |
|
Noncontrolling interests |
|
342.9 |
|
|
|
329.7 |
|
Total equity |
|
17,117.8 |
|
|
|
15,216.2 |
|
Total liabilities and equity |
$ |
26,685.3 |
|
|
$ |
24,015.9 |
|
D.R. Horton, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
7,999.0 |
|
|
$ |
6,446.9 |
|
|
$ |
15,052.4 |
|
|
$ |
12,380.3 |
|
Cost of sales |
|
5,429.9 |
|
|
|
4,650.9 |
|
|
|
10,335.6 |
|
|
|
8,983.5 |
|
Selling, general and administrative expense |
|
695.1 |
|
|
|
621.5 |
|
|
|
1,361.0 |
|
|
|
1,207.4 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
Other (income) expense |
|
(9.3 |
) |
|
|
(5.4 |
) |
|
|
(24.8 |
) |
|
|
(10.8 |
) |
Income before income taxes |
|
1,883.3 |
|
|
|
1,179.9 |
|
|
|
3,380.6 |
|
|
|
2,214.2 |
|
Income tax expense |
|
441.0 |
|
|
|
246.0 |
|
|
|
792.5 |
|
|
|
485.1 |
|
Net income |
|
1,442.3 |
|
|
|
933.9 |
|
|
|
2,588.1 |
|
|
|
1,729.1 |
|
Net income attributable to noncontrolling interests |
|
6.0 |
|
|
|
4.4 |
|
|
|
10.2 |
|
|
|
7.8 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
1,436.3 |
|
|
$ |
929.5 |
|
|
$ |
2,577.9 |
|
|
$ |
1,721.3 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to D.R. Horton, Inc. |
$ |
4.07 |
|
|
$ |
2.57 |
|
|
$ |
7.27 |
|
|
$ |
4.74 |
|
Weighted average number of common shares |
|
353.1 |
|
|
|
362.3 |
|
|
|
354.6 |
|
|
|
363.4 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. |
$ |
4.03 |
|
|
$ |
2.53 |
|
|
$ |
7.20 |
|
|
$ |
4.67 |
|
Adjusted weighted average number of common shares |
|
356.3 |
|
|
|
367.2 |
|
|
|
358.2 |
|
|
|
368.6 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
34.7 |
|
|
$ |
34.4 |
|
|
$ |
68.0 |
|
|
$ |
67.4 |
|
Depreciation and amortization |
$ |
19.9 |
|
|
$ |
21.2 |
|
|
$ |
39.3 |
|
|
$ |
44.1 |
|
Interest incurred |
$ |
36.7 |
|
|
$ |
37.9 |
|
|
$ |
73.6 |
|
|
$ |
78.3 |
|
D.R. Horton, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
Six Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
2,588.1 |
|
|
$ |
1,729.1 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
39.3 |
|
|
|
44.1 |
|
Stock-based compensation expense |
|
54.6 |
|
|
|
47.1 |
|
Deferred income taxes |
|
23.6 |
|
|
|
2.6 |
|
Inventory and land option charges |
|
20.0 |
|
|
|
12.1 |
|
Gain on sale of assets |
|
— |
|
|
|
(14.0 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Increase in construction in progress and finished homes |
|
(2,137.4 |
) |
|
|
(1,295.8 |
) |
Increase in residential land and lots –
|
|
(528.4 |
) |
|
|
(975.2 |
) |
Increase in rental properties |
|
(655.9 |
) |
|
|
— |
|
Increase in other assets |
|
(616.7 |
) |
|
|
(296.2 |
) |
Increase in mortgage loans held for sale |
|
(215.5 |
) |
|
|
(226.8 |
) |
Increase in accounts payable, accrued expenses and other liabilities |
|
593.7 |
|
|
|
818.1 |
|
Net cash used in operating activities |
|
(834.6 |
) |
|
|
(154.9 |
) |
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(72.5 |
) |
|
|
(30.5 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
31.8 |
|
Expenditures related to rental properties |
|
— |
|
|
|
(173.9 |
) |
Payments related to business acquisitions |
|
— |
|
|
|
(24.2 |
) |
Other investing activities |
|
3.8 |
|
|
|
0.7 |
|
Net cash used in investing activities |
|
(68.7 |
) |
|
|
(196.1 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
750.0 |
|
|
|
494.1 |
|
Repayment of notes payable |
|
(750.8 |
) |
|
|
(400.1 |
) |
Advances on mortgage repurchase facility, net |
|
84.3 |
|
|
|
70.9 |
|
Proceeds from stock associated with certain employee benefit plans |
|
22.2 |
|
|
|
5.6 |
|
Cash paid for shares withheld for taxes |
|
(61.7 |
) |
|
|
(82.9 |
) |
Cash dividends paid |
|
(159.2 |
) |
|
|
(145.6 |
) |
Repurchases of common stock |
|
(569.8 |
) |
|
|
(420.2 |
) |
Net proceeds from issuance of Forestar common stock |
|
1.7 |
|
|
|
23.3 |
|
Net other financing activities |
|
38.5 |
|
|
|
(2.3 |
) |
Net cash used in financing activities |
|
(644.8 |
) |
|
|
(457.2 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(1,548.1 |
) |
|
|
(808.2 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
3,237.2 |
|
|
|
3,040.1 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
1,689.1 |
|
|
$ |
2,231.9 |
|
D.R. Horton, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
|
|
March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
|
$ |
1,167.9 |
|
$ |
233.7 |
|
$ |
102.1 |
|
$ |
141.1 |
|
$ |
19.1 |
|
|
$ |
1,663.9 |
|||||
Restricted cash |
|
|
14.9 |
|
|
— |
|
|
9.5 |
|
|
0.8 |
|
|
— |
|
|
|
25.2 |
|||||
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction in progress and finished homes |
|
|
10,047.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
(170.9 |
) |
|
|
9,876.6 |
|||||
Residential land and lots |
|
|
6,598.4 |
|
|
1,960.5 |
|
|
— |
|
|
— |
|
|
(66.4 |
) |
|
|
8,492.5 |
|||||
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
1,500.1 |
|
|
(22.7 |
) |
|
|
1,477.4 |
|||||
|
|
|
16,645.9 |
|
|
1,960.5 |
|
|
— |
|
|
1,500.1 |
|
|
(260.0 |
) |
|
|
19,846.5 |
|||||
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,242.8 |
|
|
— |
|
|
— |
|
|
|
2,242.8 |
|||||
Deferred income taxes, net |
|
|
134.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3.2 |
) |
|
|
131.7 |
|||||
Property and equipment, net |
|
|
332.9 |
|
|
5.0 |
|
|
3.9 |
|
|
1.0 |
|
|
91.2 |
|
|
|
434.0 |
|||||
Other assets |
|
|
1,920.1 |
|
|
32.4 |
|
|
310.1 |
|
|
14.3 |
|
|
(99.2 |
) |
|
|
2,177.7 |
|||||
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|||||
|
|
$ |
20,350.9 |
|
$ |
2,231.6 |
|
$ |
2,668.4 |
|
$ |
1,657.3 |
|
$ |
(222.9 |
) |
|
$ |
26,685.3 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable |
|
$ |
1,220.8 |
|
$ |
55.6 |
|
$ |
— |
|
$ |
184.6 |
|
$ |
(82.4 |
) |
|
$ |
1,378.6 |
|||||
Accrued expenses and other liabilities |
|
|
2,085.5 |
|
|
363.3 |
|
|
319.5 |
|
|
9.6 |
|
|
(159.0 |
) |
|
|
2,618.9 |
|||||
Notes payable |
|
|
3,286.3 |
|
|
705.3 |
|
|
1,578.9 |
|
|
— |
|
|
(0.5 |
) |
|
|
5,570.0 |
|||||
|
|
$ |
6,592.6 |
|
$ |
1,124.2 |
|
$ |
1,898.4 |
|
$ |
194.2 |
|
$ |
(241.9 |
) |
|
$ |
9,567.5 |
|||||
|
|
September 30, 2021 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
|
$ |
2,950.1 |
|
$ |
153.6 |
|
$ |
79.0 |
|
$ |
16.8 |
|
$ |
10.9 |
|
|
$ |
3,210.4 |
|||||
Restricted cash |
|
|
8.4 |
|
|
— |
|
|
18.0 |
|
|
0.4 |
|
|
— |
|
|
|
26.8 |
|||||
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction in progress and finished homes |
|
|
7,848.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
(108.8 |
) |
|
|
7,739.2 |
|||||
Residential land and lots |
|
|
6,059.8 |
|
|
1,905.2 |
|
|
— |
|
|
— |
|
|
(46.9 |
) |
|
|
7,918.1 |
|||||
Rental properties |
|
|
— |
|
|
— |
|
|
— |
|
|
840.9 |
|
|
(19.1 |
) |
|
|
821.8 |
|||||
|
|
|
13,907.8 |
|
|
1,905.2 |
|
|
— |
|
|
840.9 |
|
|
(174.8 |
) |
|
|
16,479.1 |
|||||
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
2,027.3 |
|
|
— |
|
|
— |
|
|
|
2,027.3 |
|||||
Deferred income taxes, net |
|
|
159.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3.9 |
) |
|
|
155.3 |
|||||
Property and equipment, net |
|
|
303.3 |
|
|
2.9 |
|
|
3.5 |
|
|
0.6 |
|
|
82.6 |
|
|
|
392.9 |
|||||
Other assets |
|
|
1,468.7 |
|
|
40.0 |
|
|
107.6 |
|
|
6.3 |
|
|
(62.0 |
) |
|
|
1,560.6 |
|||||
Goodwill |
|
|
134.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|||||
|
|
$ |
18,931.8 |
|
$ |
2,101.7 |
|
$ |
2,235.4 |
|
$ |
865.0 |
|
$ |
(118.0 |
) |
|
$ |
24,015.9 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable |
|
$ |
1,073.7 |
|
$ |
47.4 |
|
$ |
— |
|
$ |
55.9 |
|
$ |
— |
|
|
$ |
1,177.0 |
|||||
Accrued expenses and other liabilities |
|
|
1,941.3 |
|
|
333.9 |
|
|
88.6 |
|
|
15.0 |
|
|
(168.5 |
) |
|
|
2,210.3 |
|||||
Notes payable |
|
|
3,214.0 |
|
|
704.5 |
|
|
1,494.6 |
|
|
— |
|
|
(0.7 |
) |
|
|
5,412.4 |
|||||
|
|
$ |
6,229.0 |
|
$ |
1,085.8 |
|
$ |
1,583.2 |
|
$ |
70.9 |
|
$ |
(169.2 |
) |
|
$ |
8,799.7 |
|||||
| _______________ | |
(1) |
Amounts are presented on Forestar’s historical cost basis. |
(2) |
Amounts include the balances of the Company's other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. |
D.R. Horton, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
7,499.2 |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,499.2 |
|
|
Land/lot sales and other |
|
|
7.6 |
|
|
|
421.6 |
|
|
— |
|
|
|
— |
|
|
|
(374.4 |
) |
|
|
54.8 |
|
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
222.9 |
|
|
|
— |
|
|
|
222.9 |
|
|
Financial services |
|
|
— |
|
|
|
— |
|
|
222.1 |
|
|
|
— |
|
|
|
— |
|
|
|
222.1 |
|
|
|
|
|
7,506.8 |
|
|
|
421.6 |
|
|
222.1 |
|
|
|
222.9 |
|
|
|
(374.4 |
) |
|
|
7,999.0 |
|
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
5,335.2 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(43.7 |
) |
|
|
5,291.5 |
|
|
Land/lot sales and other |
|
|
3.3 |
|
|
|
328.7 |
|
|
— |
|
|
|
— |
|
|
|
(307.0 |
) |
|
|
25.0 |
|
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
102.5 |
|
|
|
(4.3 |
) |
|
|
98.2 |
|
|
Inventory and land option charges |
|
|
9.8 |
|
|
|
5.4 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15.2 |
|
|
|
|
|
5,348.3 |
|
|
|
334.1 |
|
|
— |
|
|
|
102.5 |
|
|
|
(355.0 |
) |
|
|
5,429.9 |
|
|
Selling, general and administrative expense |
|
|
507.3 |
|
|
|
24.3 |
|
|
138.0 |
|
|
|
22.8 |
|
|
|
2.7 |
|
|
|
695.1 |
|
|
Other (income) expense |
|
|
(1.6 |
) |
|
|
— |
|
|
(8.7 |
) |
|
|
(4.9 |
) |
|
|
5.9 |
|
|
|
(9.3 |
) |
|
Income before income taxes |
|
$ |
1,652.8 |
|
|
$ |
63.2 |
|
$ |
92.8 |
|
|
$ |
102.5 |
|
|
$ |
(28.0 |
) |
|
$ |
1,883.3 |
|
|
|
|
Six Months Ended March 31, 2022 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,155.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,155.6 |
|
Land/lot sales and other |
|
|
30.5 |
|
|
|
829.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(748.7 |
) |
|
|
111.0 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
379.4 |
|
|
|
— |
|
|
|
379.4 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
— |
|
|
|
— |
|
|
|
406.4 |
|
|
|
|
14,186.1 |
|
|
|
829.2 |
|
|
|
406.4 |
|
|
|
379.4 |
|
|
|
(748.7 |
) |
|
|
15,052.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
10,169.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(81.3 |
) |
|
|
10,087.8 |
|
Land/lot sales and other |
|
|
20.4 |
|
|
|
662.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(624.8 |
) |
|
|
57.9 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175.0 |
|
|
|
(5.1 |
) |
|
|
169.9 |
|
Inventory and land option charges |
|
|
13.7 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
20.0 |
|
|
|
|
10,203.2 |
|
|
|
668.3 |
|
|
|
— |
|
|
|
175.3 |
|
|
|
(711.2 |
) |
|
|
10,335.6 |
|
Selling, general and administrative expense |
|
|
1,004.9 |
|
|
|
45.8 |
|
|
|
263.2 |
|
|
|
41.4 |
|
|
|
5.7 |
|
|
|
1,361.0 |
|
Other (income) expense |
|
|
(7.9 |
) |
|
|
(1.6 |
) |
|
|
(16.7 |
) |
|
|
(9.8 |
) |
|
|
11.2 |
|
|
|
(24.8 |
) |
Income before income taxes |
|
$ |
2,985.9 |
|
|
$ |
116.7 |
|
|
$ |
159.9 |
|
|
$ |
172.5 |
|
|
$ |
(54.4 |
) |
|
$ |
3,380.6 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash (used in) provided by operating activities |
|
$ |
(416.2 |
) |
|
$ |
76.6 |
|
|
$ |
(63.0 |
) |
|
$ |
(409.1 |
) |
|
$ |
(22.9 |
) |
|
$ |
(834.6 |
) |
| _______________ | |
(1) |
Results are presented on Forestar’s historical cost basis. |
(2) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
(3) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
D.R. Horton, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2021 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
6,170.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,170.4 |
|
Land/lot sales and other |
|
|
15.4 |
|
|
|
287.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(251.1 |
) |
|
|
51.4 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
225.1 |
|
|
|
— |
|
|
|
— |
|
|
|
225.1 |
|
|
|
|
6,185.8 |
|
|
|
287.1 |
|
|
|
225.1 |
|
|
|
— |
|
|
|
(251.1 |
) |
|
|
6,446.9 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
4,652.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35.6 |
) |
|
|
4,616.4 |
|
Land/lot sales and other |
|
|
12.7 |
|
|
|
233.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(215.2 |
) |
|
|
30.7 |
|
Inventory and land option charges |
|
|
3.2 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.8 |
|
|
|
|
4,667.9 |
|
|
|
233.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(250.8 |
) |
|
|
4,650.9 |
|
Selling, general and administrative expense |
|
|
467.6 |
|
|
|
16.3 |
|
|
|
123.7 |
|
|
|
11.6 |
|
|
|
2.3 |
|
|
|
621.5 |
|
Other (income) expense |
|
|
(1.8 |
) |
|
|
(0.6 |
) |
|
|
(6.3 |
) |
|
|
(5.2 |
) |
|
|
8.5 |
|
|
|
(5.4 |
) |
Income before income taxes |
|
$ |
1,052.1 |
|
|
$ |
37.6 |
|
|
$ |
107.7 |
|
|
$ |
(6.4 |
) |
|
$ |
(11.1 |
) |
|
$ |
1,179.9 |
|
|
|
Six Months Ended March 31, 2021 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Forestar (1) |
|
Financial
|
|
Rental |
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
11,869.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,869.1 |
|
Land/lot sales and other |
|
|
33.3 |
|
|
|
594.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(528.6 |
) |
|
|
98.9 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31.8 |
|
|
|
(31.8 |
) |
|
|
— |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
412.3 |
|
|
|
— |
|
|
|
— |
|
|
|
412.3 |
|
|
|
|
11,902.4 |
|
|
|
594.2 |
|
|
|
412.3 |
|
|
|
31.8 |
|
|
|
(560.4 |
) |
|
|
12,380.3 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (3) |
|
|
8,977.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(63.3 |
) |
|
|
8,913.8 |
|
Land/lot sales and other |
|
|
26.3 |
|
|
|
495.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(464.5 |
) |
|
|
57.6 |
|
Rental property sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.8 |
|
|
|
(17.8 |
) |
|
|
— |
|
Inventory and land option charges |
|
|
11.2 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.1 |
|
|
|
|
9,014.6 |
|
|
|
496.7 |
|
|
|
— |
|
|
|
17.8 |
|
|
|
(545.6 |
) |
|
|
8,983.5 |
|
Selling, general and administrative expense |
|
|
917.0 |
|
|
|
31.8 |
|
|
|
233.3 |
|
|
|
20.9 |
|
|
|
4.4 |
|
|
|
1,207.4 |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
|
|
(14.0 |
) |
Other (income) expense |
|
|
(3.9 |
) |
|
|
(1.1 |
) |
|
|
(12.8 |
) |
|
|
(9.1 |
) |
|
|
16.1 |
|
|
|
(10.8 |
) |
Income before income taxes |
|
$ |
1,974.7 |
|
|
$ |
66.8 |
|
|
$ |
191.8 |
|
|
$ |
2.2 |
|
|
$ |
(21.3 |
) |
|
$ |
2,214.2 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
190.5 |
|
|
$ |
(249.5 |
) |
|
$ |
(32.3 |
) |
|
$ |
(216.7 |
) |
|
$ |
153.1 |
|
|
$ |
(154.9 |
) |
| _______________ | |
(1) |
Results are presented on Forestar’s historical cost basis. |
(2) |
Amounts include the results of the Company's other businesses, reconciling amounts between segment and consolidated balances and the elimination of intercompany transactions. |
(3) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
D.R. Horton, INC. AND SUBSIDIARIES SALES, CLOSINGS AND BACKLOG HOMEBUILDING SEGMENT (Dollars in millions) |
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,342 |
|
$ |
768.1 |
|
1,475 |
|
$ |
716.3 |
|
2,570 |
|
$ |
1,425.3 |
|
2,472 |
|
$ |
1,187.1 |
Southwest |
|
2,595 |
|
|
1,403.2 |
|
2,966 |
|
|
1,246.6 |
|
4,896 |
|
|
2,587.0 |
|
5,194 |
|
|
2,153.3 |
South Central |
|
7,328 |
|
|
2,511.9 |
|
7,698 |
|
|
2,180.5 |
|
13,190 |
|
|
4,458.0 |
|
13,870 |
|
|
3,856.3 |
Southeast |
|
6,849 |
|
|
2,640.9 |
|
8,642 |
|
|
2,635.8 |
|
13,243 |
|
|
4,925.7 |
|
14,572 |
|
|
4,363.2 |
East |
|
3,765 |
|
|
1,413.1 |
|
4,397 |
|
|
1,367.4 |
|
7,745 |
|
|
2,868.0 |
|
8,075 |
|
|
2,486.2 |
North |
|
2,461 |
|
|
1,012.2 |
|
1,881 |
|
|
702.4 |
|
4,218 |
|
|
1,741.8 |
|
3,294 |
|
|
1,218.9 |
|
|
24,340 |
|
$ |
9,749.4 |
|
27,059 |
|
$ |
8,849.0 |
|
45,862 |
|
$ |
18,005.8 |
|
47,477 |
|
$ |
15,265.0 |
HOMES CLOSED |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,146 |
|
$ |
636.5 |
|
1,161 |
|
$ |
548.5 |
|
2,171 |
|
$ |
1,185.4 |
|
2,368 |
|
$ |
1,095.7 |
Southwest |
|
2,321 |
|
|
1,135.0 |
|
2,260 |
|
|
909.4 |
|
4,265 |
|
|
2,046.5 |
|
4,402 |
|
|
1,738.4 |
South Central |
|
5,610 |
|
|
1,836.4 |
|
5,210 |
|
|
1,383.5 |
|
11,047 |
|
|
3,528.8 |
|
10,431 |
|
|
2,746.0 |
Southeast |
|
5,504 |
|
|
1,946.3 |
|
5,967 |
|
|
1,710.7 |
|
10,828 |
|
|
3,756.5 |
|
11,225 |
|
|
3,174.9 |
East |
|
3,469 |
|
|
1,216.8 |
|
3,590 |
|
|
1,070.7 |
|
6,597 |
|
|
2,291.5 |
|
7,087 |
|
|
2,073.8 |
North |
|
1,778 |
|
|
728.2 |
|
1,513 |
|
|
547.6 |
|
3,316 |
|
|
1,346.9 |
|
2,927 |
|
|
1,040.3 |
|
|
19,828 |
|
$ |
7,499.2 |
|
19,701 |
|
$ |
6,170.4 |
|
38,224 |
|
$ |
14,155.6 |
|
38,440 |
|
$ |
11,869.1 |
SALES ORDER BACKLOG |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
As of March 31, |
||||||||
|
|
2022 |
|
2021 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
1,353 |
|
$ |
737.6 |
|
1,648 |
|
$ |
784.5 |
Southwest |
|
4,069 |
|
|
2,036.4 |
|
4,534 |
|
|
1,756.3 |
South Central |
|
10,876 |
|
|
3,754.6 |
|
10,777 |
|
|
3,046.9 |
Southeast |
|
9,734 |
|
|
3,703.9 |
|
10,269 |
|
|
3,156.9 |
East |
|
5,365 |
|
|
2,045.9 |
|
5,845 |
|
|
1,838.9 |
North |
|
2,462 |
|
|
1,034.9 |
|
2,772 |
|
|
1,029.9 |
|
|
33,859 |
|
$ |
13,313.3 |
|
35,845 |
|
$ |
11,613.4 |
D.R. Horton, INC. AND SUBSIDIARIES LAND AND LOT POSITION AND HOMES IN INVENTORY HOMEBUILDING SEGMENT |
|||||||||||||||||
|
As of March 31, 2022 |
|
As of September 30, 2021 |
||||||||||||||
|
Land/Lots
|
|
Lots Controlled
Land and Lot
|
|
Total
|
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
||||||
Northwest |
10,500 |
|
|
32,200 |
|
|
42,700 |
|
|
9,000 |
|
|
31,400 |
|
|
40,400 |
|
Southwest |
22,300 |
|
|
38,000 |
|
|
60,300 |
|
|
22,800 |
|
|
34,300 |
|
|
57,100 |
|
South Central |
41,400 |
|
|
68,600 |
|
|
110,000 |
|
|
42,800 |
|
|
79,000 |
|
|
121,800 |
|
Southeast |
26,200 |
|
|
131,900 |
|
|
158,100 |
|
|
26,700 |
|
|
125,500 |
|
|
152,200 |
|
East |
20,200 |
|
|
107,000 |
|
|
127,200 |
|
|
17,300 |
|
|
83,100 |
|
|
100,400 |
|
North |
10,600 |
|
|
65,100 |
|
|
75,700 |
|
|
9,200 |
|
|
49,200 |
|
|
58,400 |
|
|
131,200 |
|
|
442,800 |
|
|
574,000 |
|
|
127,800 |
|
|
402,500 |
|
|
530,300 |
|
|
23 |
% |
|
77 |
% |
|
100 |
% |
|
24 |
% |
|
76 |
% |
|
100 |
% |
| _______________ | |
(1) |
Lots controlled at March 31, 2022 included approximately 36,700 lots owned or controlled by Forestar, 19,100 of which our homebuilding divisions have under contract to purchase and 17,600 of which our homebuilding divisions have a right of first offer to purchase. Lots controlled at September 30, 2021 included approximately 39,200 lots owned or controlled by Forestar, 21,000 of which our homebuilding divisions had under contract to purchase and 18,200 of which our homebuilding divisions had a right of first offer to purchase. |
HOMES IN INVENTORY (1) |
||||
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
Northwest |
|
3,100 |
|
2,600 |
Southwest |
|
7,200 |
|
5,500 |
South Central |
|
17,500 |
|
14,000 |
Southeast |
|
17,100 |
|
13,600 |
East |
|
9,200 |
|
7,300 |
North |
|
5,700 |
|
4,800 |
|
|
59,800 |
|
47,800 |
| _______________ | |
(1) |
Homes in inventory exclude 4,200 and 1,900 homes related to our single-family rental operations at March 31, 2022 and September 30, 2021, respectively, and also exclude approximately 1,800 model homes at both dates. |
