D.R. Horton, Inc., America’s Builder, Reports Fourth Quarter and Fiscal 2023 Earnings and Increases Quarterly Dividend to $0.30 Per Share
- None.
- None.
Fiscal 2023 Fourth Quarter Highlights - comparisons to the prior year quarter
-
Net income of
$1.5 billion $4.45 -
Consolidated pre-tax income of
$2.0 billion 19.2% -
Consolidated revenues increased
9% to$10.5 billion -
Home sales revenues of
$8.8 billion -
Net sales orders increased
39% to 18,939 homes and34% in value to$7.3 billion
Fiscal 2023 Highlights - comparisons to the prior year
-
Net income of
$4.7 billion $13.82 -
Consolidated pre-tax income of
$6.3 billion 17.8% -
Consolidated revenues increased
6% to$35.5 billion -
Home sales revenues of
$31.6 billion -
Rental operations pre-tax income of
$524.2 million $2.6 billion -
Cash provided by operations totaled
$4.3 billion -
Debt to total capital of
18.3% -
Book value per common share increased
20% to$67.78 -
Repurchased
$1.2 billion 3% -
Return on equity was
22.7% and homebuilding return on inventory was29.7%
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported net income of
Consolidated revenues in the fourth quarter of fiscal 2023 increased
Net cash provided by operations was
The Company's return on equity (ROE) was
Donald R. Horton, Chairman of the Board, said, “The D.R. Horton team finished the year strong, highlighted by fourth quarter consolidated pre-tax income of
"Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased
Homebuilding Operations
Homebuilding revenue for the fourth quarter of fiscal 2023 decreased
Homebuilding pre-tax income in the fourth quarter of fiscal 2023 was
Net sales orders for the fourth quarter ended September 30, 2023 increased
At September 30, 2023, the Company had 42,000 homes in inventory, of which 27,000 were unsold. 7,000 of the Company’s unsold homes at September 30, 2023 were completed. The Company's homebuilding land and lot portfolio totaled 568,400 lots at the end of the year, of which
Rental Operations
The Company's rental operations generated
During the fourth quarter of fiscal 2023, the Company sold 3,006 single-family rental homes for
During the fourth quarter of fiscal 2023, the Company sold 1,582 multi-family rental units for
The Company's rental operating results are reported separately and are not included in the homes closed, revenues or inventories of its homebuilding segment.
Forestar
Forestar Group Inc. (NYSE:FOR) (“Forestar”) is a publicly traded residential lot development company that is a majority-owned subsidiary of D.R. Horton. Forestar’s results of operations for the periods presented are fully consolidated in the Company’s financial statements with the percentage not owned by the Company reported as noncontrolling interests.
For the fourth quarter ended September 30, 2023, Forestar sold 4,986 lots and generated
Forestar’s pre-tax income in the fourth quarter of fiscal 2023 was
Financial Services
For the fourth quarter ended September 30, 2023, financial services revenues were
Dividends
During the fourth quarter of fiscal 2023, the Company paid cash dividends of
Share Repurchases
The Company repurchased 3.5 million shares of common stock for
Guidance
Based on current market conditions, D.R. Horton is providing initial guidance for fiscal 2024 including:
-
Consolidated revenues of approximately
$36.0 billion $37.0 billion - Homes closed by homebuilding operations of 86,000 homes to 89,000 homes
-
Income tax rate in the range of
24.0% to24.5% -
Cash flow provided by homebuilding operations of approximately
$3.0 billion -
Share repurchases of approximately
$1.5 billion
Conference Call and Webcast Details
The Company will host a conference call today (Tuesday, November 7) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 235357), 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
Forward-Looking Statements
Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that we are well-positioned to meet changing market conditions with our affordable product offerings and flexible lot supply and are focused on turning our inventory to maximize returns and capital efficiency in each of our communities and that our strong balance sheet, liquidity and low leverage provide us with significant financial flexibility, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis. The forward-looking statements also include all commentary in the Guidance section.
Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: the cyclical nature of the homebuilding, 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) |
|||||||
|
September 30, |
||||||
|
2023 |
|
2022 |
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
3,873.6 |
|
|
$ |
2,540.5 |
|
Restricted cash |
|
26.5 |
|
|
|
32.4 |
|
Total cash, cash equivalents and restricted cash |
|
3,900.1 |
|
|
|
2,572.9 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
9,001.4 |
|
|
|
9,798.2 |
|
Residential land and lots — developed, under development, held for development and held for sale |
|
10,680.6 |
|
|
|
9,313.3 |
|
Rental properties |
|
2,691.3 |
|
|
|
2,544.2 |
|
Total inventory |
|
22,373.3 |
|
|
|
21,655.7 |
|
Mortgage loans held for sale |
|
2,519.9 |
|
|
|
2,386.0 |
|
Deferred income taxes, net of valuation allowance of
and |
|
187.2 |
|
|
|
141.1 |
|
Property and equipment, net |
|
445.4 |
|
|
|
471.6 |
|
Other assets |
|
2,993.0 |
|
|
|
2,960.3 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
32,582.4 |
|
|
$ |
30,351.1 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,246.2 |
|
|
$ |
1,360.3 |
|
Accrued expenses and other liabilities |
|
3,103.8 |
|
|
|
3,138.3 |
|
Notes payable |
|
5,094.5 |
|
|
|
6,066.9 |
|
Total liabilities |
|
9,444.5 |
|
|
|
10,565.5 |
|
EQUITY |
|
|
|
||||
Common stock, 401,202,253 shares issued and 334,848,565 shares outstanding at September 30, 2023 and 399,172,937 shares issued and 343,953,023 shares outstanding at September 30, 2022 |
|
4.0 |
|
|
|
4.0 |
|
Additional paid-in capital |
|
3,432.2 |
|
|
|
3,349.5 |
|
Retained earnings |
|
23,589.8 |
|
|
|
19,185.3 |
|
Treasury stock, 66,353,688 shares and 55,219,914 shares at September 30, 2023 and 2022, respectively, at cost |
|
(4,329.8 |
) |
|
|
(3,142.5 |
) |
Stockholders’ equity |
|
22,696.2 |
|
|
|
19,396.3 |
|
Noncontrolling interests |
|
441.7 |
|
|
|
389.3 |
|
Total equity |
|
23,137.9 |
|
|
|
19,785.6 |
|
Total liabilities and equity |
$ |
32,582.4 |
|
|
$ |
30,351.1 |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
10,504.0 |
|
|
$ |
9,639.4 |
|
|
$ |
35,460.4 |
|
|
$ |
33,480.0 |
|
Cost of sales |
|
7,680.7 |
|
|
|
6,760.9 |
|
|
|
26,110.0 |
|
|
|
22,975.9 |
|
Selling, general and administrative expense |
|
886.2 |
|
|
|
832.0 |
|
|
|
3,248.8 |
|
|
|
2,933.7 |
|
Other (income) expense |
|
(81.2 |
) |
|
|
(19.4 |
) |
|
|
(213.1 |
) |
|
|
(59.3 |
) |
Income before income taxes |
|
2,018.3 |
|
|
|
2,065.9 |
|
|
|
6,314.7 |
|
|
|
7,629.7 |
|
Income tax expense |
|
492.7 |
|
|
|
417.6 |
|
|
|
1,519.5 |
|
|
|
1,734.1 |
|
Net income |
|
1,525.6 |
|
|
|
1,648.3 |
|
|
|
4,795.2 |
|
|
|
5,895.6 |
|
Net income attributable to noncontrolling interests |
|
15.9 |
|
|
|
16.4 |
|
|
|
49.5 |
|
|
|
38.1 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
1,509.7 |
|
|
$ |
1,631.9 |
|
|
$ |
4,745.7 |
|
|
$ |
5,857.5 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to D.R. Horton, Inc. |
$ |
4.49 |
|
|
$ |
4.70 |
|
|
$ |
13.93 |
|
|
$ |
16.65 |
|
Weighted average number of common shares |
|
336.6 |
|
|
|
346.9 |
|
|
|
340.7 |
|
|
|
351.7 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. |
$ |
4.45 |
|
|
$ |
4.67 |
|
|
$ |
13.82 |
|
|
$ |
16.51 |
|
Adjusted weighted average number of common shares |
|
339.3 |
|
|
|
349.7 |
|
|
|
343.3 |
|
|
|
354.8 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data: |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
50.7 |
|
|
$ |
39.4 |
|
|
$ |
154.5 |
|
|
$ |
142.8 |
|
Depreciation and amortization |
$ |
21.4 |
|
|
$ |
21.2 |
|
|
$ |
91.6 |
|
|
$ |
81.4 |
|
Interest incurred |
$ |
49.3 |
|
|
$ |
48.9 |
|
|
$ |
203.5 |
|
|
$ |
162.5 |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(UNAUDITED) |
|||||||
|
Year Ended September 30, |
||||||
|
2023 |
|
2022 |
||||
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
4,795.2 |
|
|
$ |
5,895.6 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
91.6 |
|
|
|
81.4 |
|
Stock-based compensation expense |
|
111.2 |
|
|
|
105.1 |
|
Deferred income taxes |
|
(45.9 |
) |
|
|
29.1 |
|
Inventory and land option charges |
|
80.3 |
|
|
|
70.4 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Decrease (increase) in construction in progress and finished homes |
|
861.8 |
|
|
|
(2,059.0 |
) |
Increase in residential land and lots – developed, under development, held for development and held for sale |
|
(1,226.4 |
) |
|
|
(1,402.8 |
) |
Increase in rental properties |
|
(151.8 |
) |
|
|
(1,723.2 |
) |
Decrease (increase) in other assets |
|
23.8 |
|
|
|
(1,111.5 |
) |
Increase in mortgage loans held for sale |
|
(133.9 |
) |
|
|
(358.8 |
) |
(Decrease) increase in accounts payable, accrued expenses and other liabilities |
|
(101.8 |
) |
|
|
1,035.5 |
|
Net cash provided by operating activities |
|
4,304.1 |
|
|
|
561.8 |
|
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(148.6 |
) |
|
|
(148.2 |
) |
Proceeds from sale of assets |
|
52.0 |
|
|
|
— |
|
Payments related to business acquisitions, net of cash acquired |
|
(212.9 |
) |
|
|
(271.5 |
) |
Other investing activities |
|
(0.7 |
) |
|
|
4.8 |
|
Net cash used in investing activities |
|
(310.2 |
) |
|
|
(414.9 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
711.0 |
|
|
|
4,250.0 |
|
Repayment of notes payable |
|
(1,823.9 |
) |
|
|
(3,801.2 |
) |
Borrowings on mortgage repurchase facility, net |
|
51.3 |
|
|
|
123.7 |
|
Proceeds from stock associated with certain employee benefit plans |
|
25.5 |
|
|
|
33.2 |
|
Cash paid for shares withheld for taxes |
|
(56.1 |
) |
|
|
(62.0 |
) |
Cash dividends paid |
|
(341.2 |
) |
|
|
(316.5 |
) |
Repurchases of common stock |
|
(1,178.5 |
) |
|
|
(1,131.5 |
) |
Net proceeds from issuance of Forestar common stock |
|
— |
|
|
|
1.7 |
|
Net other financing activities |
|
(54.8 |
) |
|
|
91.4 |
|
Net cash used in financing activities |
|
(2,666.7 |
) |
|
|
(811.2 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
1,327.2 |
|
|
|
(664.3 |
) |
Cash, cash equivalents and restricted cash at beginning of year |
|
2,572.9 |
|
|
|
3,237.2 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
3,900.1 |
|
|
$ |
2,572.9 |
|
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT INFORMATION |
|||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||
|
September 30, 2023 |
||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
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 |
|
September 30, 2022 |
||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
2,040.7 |
|
$ |
109.9 |
|
|
$ |
264.8 |
|
$ |
103.3 |
|
$ |
21.8 |
|
|
$ |
2,540.5 |
Restricted cash |
|
11.3 |
|
|
1.4 |
|
|
|
— |
|
|
19.7 |
|
|
— |
|
|
|
32.4 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
9,951.5 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(153.3 |
) |
|
|
9,798.2 |
Residential land and lots |
|
7,372.9 |
|
|
— |
|
|
|
2,022.4 |
|
|
— |
|
|
(82.0 |
) |
|
|
9,313.3 |
Rental properties |
|
— |
|
|
2,572.1 |
|
|
|
— |
|
|
— |
|
|
(27.9 |
) |
|
|
2,544.2 |
|
|
17,324.4 |
|
|
2,572.1 |
|
|
|
2,022.4 |
|
|
— |
|
|
(263.2 |
) |
|
|
21,655.7 |
Mortgage loans held for sale |
|
— |
|
|
— |
|
|
|
— |
|
|
2,386.0 |
|
|
— |
|
|
|
2,386.0 |
Deferred income taxes, net |
|
146.3 |
|
|
(7.1 |
) |
|
|
— |
|
|
— |
|
|
1.9 |
|
|
|
141.1 |
Property and equipment, net |
|
361.8 |
|
|
2.0 |
|
|
|
5.7 |
|
|
4.3 |
|
|
97.8 |
|
|
|
471.6 |
Other assets |
|
2,266.5 |
|
|
18.4 |
|
|
|
50.1 |
|
|
492.5 |
|
|
132.8 |
|
|
|
2,960.3 |
Goodwill |
|
134.3 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|
$ |
22,285.3 |
|
$ |
2,696.7 |
|
|
$ |
2,343.0 |
|
$ |
3,005.8 |
|
$ |
20.3 |
|
|
$ |
30,351.1 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
$ |
1,149.1 |
|
$ |
233.6 |
|
|
$ |
72.2 |
|
$ |
0.2 |
|
$ |
(94.8 |
) |
|
$ |
1,360.3 |
Accrued expenses and other liabilities |
|
2,365.7 |
|
|
25.0 |
|
|
|
365.4 |
|
|
596.2 |
|
|
(214.0 |
) |
|
|
3,138.3 |
Notes payable |
|
2,942.6 |
|
|
800.0 |
|
|
|
706.0 |
|
|
1,618.3 |
|
|
— |
|
|
|
6,066.9 |
|
$ |
6,457.4 |
|
$ |
1,058.6 |
|
|
$ |
1,143.6 |
|
$ |
2,214.7 |
|
$ |
(308.8 |
) |
|
$ |
10,565.5 |
| ________________________________ | |||||||||||||||||||
(1) Amounts include the balances of the Company's other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. |
|||||||||||||||||||
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
SEGMENT INFORMATION |
|||||||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||||||
|
Three Months Ended September 30, 2023 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
8,779.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,779.0 |
|
Land/lot sales and other |
|
17.1 |
|
|
|
— |
|
|
|
549.7 |
|
|
|
— |
|
|
|
(448.2 |
) |
|
|
118.6 |
|
Rental property sales |
|
— |
|
|
|
1,386.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,386.9 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219.5 |
|
|
|
— |
|
|
|
219.5 |
|
|
|
8,796.1 |
|
|
|
1,386.9 |
|
|
|
549.7 |
|
|
|
219.5 |
|
|
|
(448.2 |
) |
|
|
10,504.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
6,576.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(68.1 |
) |
|
|
6,507.9 |
|
Land/lot sales and other |
|
9.5 |
|
|
|
— |
|
|
|
433.7 |
|
|
|
— |
|
|
|
(369.8 |
) |
|
|
73.4 |
|
Rental property sales |
|
— |
|
|
|
1,087.6 |
|
|
|
— |
|
|
|
— |
|
|
|
(6.3 |
) |
|
|
1,081.3 |
|
Inventory and land option charges |
|
13.3 |
|
|
|
4.4 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
18.1 |
|
|
|
6,598.8 |
|
|
|
1,092.0 |
|
|
|
434.1 |
|
|
|
— |
|
|
|
(444.2 |
) |
|
|
7,680.7 |
|
Selling, general and administrative expense |
|
582.3 |
|
|
|
109.2 |
|
|
|
26.4 |
|
|
|
159.2 |
|
|
|
9.1 |
|
|
|
886.2 |
|
Other (income) expense |
|
(24.7 |
) |
|
|
(31.5 |
) |
|
|
(6.2 |
) |
|
|
(25.1 |
) |
|
|
6.3 |
|
|
|
(81.2 |
) |
Income before income taxes |
$ |
1,639.7 |
|
|
$ |
217.2 |
|
|
$ |
95.4 |
|
|
$ |
85.4 |
|
|
$ |
(19.4 |
) |
|
$ |
2,018.3 |
|
|
Year Ended September 30, 2023 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
31,641.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31,641.0 |
|
Land/lot sales and other |
|
102.2 |
|
|
|
— |
|
|
|
1,436.9 |
|
|
|
— |
|
|
|
(1,126.7 |
) |
|
|
412.4 |
|
Rental property sales |
|
— |
|
|
|
2,605.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,605.5 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
801.5 |
|
|
|
— |
|
|
|
801.5 |
|
|
|
31,743.2 |
|
|
|
2,605.5 |
|
|
|
1,436.9 |
|
|
|
801.5 |
|
|
|
(1,126.7 |
) |
|
|
35,460.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
24,201.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(248.5 |
) |
|
|
23,952.8 |
|
Land/lot sales and other |
|
53.8 |
|
|
|
— |
|
|
|
1,108.9 |
|
|
|
— |
|
|
|
(959.9 |
) |
|
|
202.8 |
|
Rental property sales |
|
— |
|
|
|
1,886.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(12.7 |
) |
|
|
1,874.1 |
|
Inventory and land option charges |
|
60.7 |
|
|
|
6.7 |
|
|
|
24.0 |
|
|
|
— |
|
|
|
(11.1 |
) |
|
|
80.3 |
|
|
|
24,315.8 |
|
|
|
1,893.5 |
|
|
|
1,132.9 |
|
|
|
— |
|
|
|
(1,232.2 |
) |
|
|
26,110.0 |
|
Selling, general and administrative expense |
|
2,239.9 |
|
|
|
290.2 |
|
|
|
97.7 |
|
|
|
594.9 |
|
|
|
26.1 |
|
|
|
3,248.8 |
|
Other (income) expense |
|
(78.8 |
) |
|
|
(102.4 |
) |
|
|
(15.3 |
) |
|
|
(76.7 |
) |
|
|
60.1 |
|
|
|
(213.1 |
) |
Income before income taxes |
$ |
5,266.3 |
|
|
$ |
524.2 |
|
|
$ |
221.6 |
|
|
$ |
283.3 |
|
|
$ |
19.3 |
|
|
$ |
6,314.7 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by operating activities |
$ |
3,078.4 |
|
|
$ |
739.2 |
|
|
$ |
364.1 |
|
|
$ |
13.2 |
|
|
$ |
109.2 |
|
|
$ |
4,304.1 |
|
| ________________ | |||
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
||
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
||
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
SEGMENT INFORMATION |
|||||||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||||||
|
Three Months Ended September 30, 2022 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
9,369.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,369.7 |
|
Land/lot sales and other |
|
19.5 |
|
|
|
— |
|
|
|
381.4 |
|
|
|
— |
|
|
|
(286.5 |
) |
|
|
114.4 |
|
Rental property sales |
|
— |
|
|
|
21.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.1 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
134.2 |
|
|
|
— |
|
|
|
134.2 |
|
|
|
9,389.2 |
|
|
|
21.1 |
|
|
|
381.4 |
|
|
|
134.2 |
|
|
|
(286.5 |
) |
|
|
9,639.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
6,719.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(64.1 |
) |
|
|
6,655.5 |
|
Land/lot sales and other |
|
11.5 |
|
|
|
— |
|
|
|
286.7 |
|
|
|
— |
|
|
|
(250.2 |
) |
|
|
48.0 |
|
Rental property sales |
|
— |
|
|
|
17.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.6 |
|
Inventory and land option charges |
|
34.0 |
|
|
|
0.3 |
|
|
|
5.5 |
|
|
|
— |
|
|
|
— |
|
|
|
39.8 |
|
|
|
6,765.1 |
|
|
|
17.9 |
|
|
|
292.2 |
|
|
|
— |
|
|
|
(314.3 |
) |
|
|
6,760.9 |
|
Selling, general and administrative expense |
|
628.5 |
|
|
|
27.0 |
|
|
|
23.7 |
|
|
|
147.0 |
|
|
|
5.8 |
|
|
|
832.0 |
|
Other (income) expense |
|
(4.7 |
) |
|
|
(10.7 |
) |
|
|
(0.9 |
) |
|
|
(15.2 |
) |
|
|
12.1 |
|
|
|
(19.4 |
) |
Income (loss) before income taxes |
$ |
2,000.3 |
|
|
$ |
(13.1 |
) |
|
$ |
66.4 |
|
|
$ |
2.4 |
|
|
$ |
9.9 |
|
|
$ |
2,065.9 |
|
|
Year Ended September 30, 2022 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
31,861.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31,861.7 |
|
Land/lot sales and other |
|
61.4 |
|
|
|
— |
|
|
|
1,519.1 |
|
|
|
— |
|
|
|
(1,267.4 |
) |
|
|
313.1 |
|
Rental property sales |
|
— |
|
|
|
510.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
510.2 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
795.0 |
|
|
|
— |
|
|
|
795.0 |
|
|
|
31,923.1 |
|
|
|
510.2 |
|
|
|
1,519.1 |
|
|
|
795.0 |
|
|
|
(1,267.4 |
) |
|
|
33,480.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
22,715.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(197.9 |
) |
|
|
22,517.7 |
|
Land/lot sales and other |
|
39.1 |
|
|
|
— |
|
|
|
1,182.7 |
|
|
|
— |
|
|
|
(1,072.3 |
) |
|
|
149.5 |
|
Rental property sales |
|
— |
|
|
|
243.4 |
|
|
|
— |
|
|
|
— |
|
|
|
(5.1 |
) |
|
|
238.3 |
|
Inventory and land option charges |
|
57.2 |
|
|
|
0.8 |
|
|
|
12.4 |
|
|
|
— |
|
|
|
— |
|
|
|
70.4 |
|
|
|
22,811.9 |
|
|
|
244.2 |
|
|
|
1,195.1 |
|
|
|
— |
|
|
|
(1,275.3 |
) |
|
|
22,975.9 |
|
Selling, general and administrative expense |
|
2,186.7 |
|
|
|
91.1 |
|
|
|
93.6 |
|
|
|
547.6 |
|
|
|
14.7 |
|
|
|
2,933.7 |
|
Other (income) expense |
|
(16.4 |
) |
|
|
(27.1 |
) |
|
|
(5.4 |
) |
|
|
(43.2 |
) |
|
|
32.8 |
|
|
|
(59.3 |
) |
Income before income taxes |
$ |
6,940.9 |
|
|
$ |
202.0 |
|
|
$ |
235.8 |
|
|
$ |
290.6 |
|
|
$ |
(39.6 |
) |
|
$ |
7,629.7 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
$ |
1,916.7 |
|
|
$ |
(1,391.0 |
) |
|
$ |
108.7 |
|
|
$ |
(10.5 |
) |
|
$ |
(62.1 |
) |
|
$ |
561.8 |
|
| _____________________ | |||
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
||
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
||
D.R. HORTON, INC. AND SUBSIDIARIES |
||||||||||||||||||||
SALES, CLOSINGS AND BACKLOG |
||||||||||||||||||||
HOMEBUILDING SEGMENT |
||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,131 |
|
$ |
594.1 |
|
1,053 |
|
$ |
608.5 |
|
4,622 |
|
$ |
2,425.1 |
|
4,509 |
|
$ |
2,566.5 |
Southwest |
|
2,406 |
|
|
1,143.3 |
|
1,248 |
|
|
610.4 |
|
8,470 |
|
|
4,023.1 |
|
8,111 |
|
|
4,235.5 |
South Central |
|
4,811 |
|
|
1,590.7 |
|
3,051 |
|
|
1,063.5 |
|
20,716 |
|
|
6,735.9 |
|
21,417 |
|
|
7,409.8 |
Southeast |
|
5,066 |
|
|
1,839.1 |
|
4,427 |
|
|
1,655.2 |
|
21,683 |
|
|
7,812.0 |
|
21,649 |
|
|
8,193.6 |
East |
|
3,671 |
|
|
1,330.1 |
|
2,460 |
|
|
925.9 |
|
15,013 |
|
|
5,361.4 |
|
13,479 |
|
|
5,059.7 |
North |
|
1,854 |
|
|
757.4 |
|
1,343 |
|
|
563.7 |
|
7,838 |
|
|
3,170.4 |
|
6,972 |
|
|
2,908.5 |
|
|
18,939 |
|
$ |
7,254.7 |
|
13,582 |
|
$ |
5,427.2 |
|
78,342 |
|
$ |
29,527.9 |
|
76,137 |
|
$ |
30,373.6 |
HOMES CLOSED |
||||||||||||||||||||
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,328 |
|
$ |
709.7 |
|
1,374 |
|
$ |
777.8 |
|
4,799 |
|
$ |
2,574.1 |
|
4,739 |
|
$ |
2,637.1 |
Southwest |
|
2,927 |
|
|
1,418.5 |
|
2,985 |
|
|
1,491.0 |
|
8,823 |
|
|
4,246.7 |
|
9,789 |
|
|
4,826.4 |
South Central |
|
6,030 |
|
|
1,988.2 |
|
7,294 |
|
|
2,577.5 |
|
22,923 |
|
|
7,598.1 |
|
24,458 |
|
|
8,183.5 |
Southeast |
|
6,251 |
|
|
2,273.4 |
|
5,417 |
|
|
2,072.7 |
|
23,905 |
|
|
8,756.5 |
|
21,985 |
|
|
7,941.0 |
East |
|
4,249 |
|
|
1,509.9 |
|
4,231 |
|
|
1,637.3 |
|
14,718 |
|
|
5,323.9 |
|
14,610 |
|
|
5,314.2 |
North |
|
2,143 |
|
|
879.3 |
|
1,911 |
|
|
813.4 |
|
7,749 |
|
|
3,141.7 |
|
7,163 |
|
|
2,959.5 |
|
|
22,928 |
|
$ |
8,779.0 |
|
23,212 |
|
$ |
9,369.7 |
|
82,917 |
|
$ |
31,641.0 |
|
82,744 |
|
$ |
31,861.7 |
SALES ORDER BACKLOG |
||||||||||
|
|
As of September 30, |
||||||||
|
|
2023 |
|
2022 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
547 |
|
$ |
278.1 |
|
724 |
|
$ |
427.1 |
Southwest |
|
1,407 |
|
|
681.3 |
|
1,760 |
|
|
905.0 |
South Central |
|
3,588 |
|
|
1,220.1 |
|
5,692 |
|
|
2,051.7 |
Southeast |
|
4,816 |
|
|
1,873.7 |
|
6,983 |
|
|
2,787.3 |
East |
|
3,381 |
|
|
1,252.4 |
|
3,086 |
|
|
1,214.8 |
North |
|
1,458 |
|
|
617.7 |
|
1,369 |
|
|
589.1 |
|
|
15,197 |
|
$ |
5,923.3 |
|
19,614 |
|
$ |
7,975.0 |
D.R. HORTON, INC. AND SUBSIDIARIES |
|||||||||||
LAND AND LOT POSITION AND HOMES IN INVENTORY |
|||||||||||
HOMEBUILDING SEGMENT |
|||||||||||
LAND AND LOT POSITION |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
September 30, 2022 |
||||||||
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
Northwest |
14,100 |
|
20,300 |
|
34,400 |
|
11,100 |
|
32,200 |
|
43,300 |
Southwest |
22,600 |
|
30,500 |
|
53,100 |
|
22,100 |
|
36,500 |
|
58,600 |
South Central |
36,700 |
|
69,500 |
|
106,200 |
|
37,800 |
|
66,500 |
|
104,300 |
Southeast |
24,700 |
|
132,900 |
|
157,600 |
|
24,700 |
|
138,600 |
|
163,300 |
East |
27,700 |
|
118,400 |
|
146,100 |
|
22,700 |
|
105,700 |
|
128,400 |
North |
15,300 |
|
55,700 |
|
71,000 |
|
12,700 |
|
62,600 |
|
75,300 |
|
141,100 |
|
427,300 |
|
568,400 |
|
131,100 |
|
442,100 |
|
573,200 |
|
|
|
|
|
|
|
|
|
|
|
|
| _________________ | |||
(1) |
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. Lots controlled at September 30, 2022 included approximately 36,700 lots owned or controlled by Forestar, 17,800 of which our homebuilding divisions had under contract to purchase and 18,900 of which our homebuilding divisions had a right of first offer to purchase. |
||
HOMES IN INVENTORY (1) |
||||
|
|
|
|
|
|
|
September 30, |
||
|
|
2023 |
|
2022 |
Northwest |
|
2,800 |
|
2,900 |
Southwest |
|
4,700 |
|
4,900 |
South Central |
|
10,800 |
|
12,400 |
Southeast |
|
12,100 |
|
14,200 |
East |
|
7,100 |
|
6,800 |
North |
|
4,500 |
|
5,200 |
|
|
42,000 |
|
46,400 |
_________________ |
|||
(1) |
Homes in inventory exclude model homes and homes related to our rental operations. | ||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107927997/en/
D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Senior Vice President - Communications
InvestorRelations@drhorton.com
Source: D.R. Horton, Inc.
FAQ
What is D.R. Horton, Inc.'s stock ticker symbol?
What were the net income and diluted earnings per share for the fourth fiscal quarter ended September 30, 2023?
What was the debt to total capital ratio at September 30, 2023?
