10/29/2024 | Press release | Distributed by Public on 10/29/2024 09:46
September 30, | ||||
2024 | 2023 | |||
(In millions) | ||||
ASSETS | ||||
Cash and cash equivalents | $ | 4,516.4 | $ | 3,873.6 |
Restricted cash | 27.6 | 26.5 | ||
Total cash, cash equivalents and restricted cash | 4,544.0 | 3,900.1 | ||
Inventories: | ||||
Construction in progress and finished homes | 8,875.8 | 9,001.4 | ||
Residential land and lots - developed, under development, held for development and held for sale |
13,121.4 | 10,680.6 | ||
Rental properties | 2,906.0 | 2,691.3 | ||
Total inventory | 24,903.2 | 22,373.3 | ||
Mortgage loans held for sale | 2,477.5 | 2,519.9 | ||
Deferred income taxes, net of valuation allowance of $14.9 million
and $14.8 million at September 30, 2024 and 2023, respectively
|
167.5 | 187.2 | ||
Property and equipment, net | 531.0 | 445.4 | ||
Other assets | 3,317.6 | 2,993.0 | ||
Goodwill | 163.5 | 163.5 | ||
Total assets | $ | 36,104.3 | $ | 32,582.4 |
LIABILITIES | ||||
Accounts payable | $ | 1,345.5 | $ | 1,246.2 |
Accrued expenses and other liabilities | 3,016.7 | 3,103.8 | ||
Notes payable | 5,917.7 | 5,094.5 | ||
Total liabilities | 10,279.9 | 9,444.5 | ||
EQUITY | ||||
Common stock, $.01 par value, 1,000,000,000 shares authorized,
402,848,342 shares issued and 324,027,360 shares outstanding at September 30, 2024 and
401,202,253 shares issued and 334,848,565 shares outstanding at September 30, 2023
|
4.0 | 4.0 | ||
Additional paid-in capital | 3,490.7 | 3,432.2 | ||
Retained earnings | 27,951.0 | 23,589.8 | ||
Treasury stock, 78,820,982 shares and 66,353,688 shares
at September 30, 2024 and 2023, respectively, at cost
|
(6,132.9) | (4,329.8) | ||
Stockholders' equity | 25,312.8 | 22,696.2 | ||
Noncontrolling interests | 511.6 | 441.7 | ||
Total equity | 25,824.4 | 23,137.9 | ||
Total liabilities and equity | $ | 36,104.3 | $ | 32,582.4 |
Three Months Ended September 30, |
Year Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
(In millions, except per share data) | ||||||||
Revenues | $ | 10,002.6 | $ | 10,504.0 | $ | 36,801.4 | $ | 35,460.4 |
Cost of sales | 7,448.3 | 7,680.7 | 27,266.0 | 26,110.0 | ||||
Selling, general and administrative expense | 960.2 | 886.2 | 3,599.5 | 3,248.8 | ||||
Other (income) expense | (115.6) | (81.2) | (348.8) | (213.1) | ||||
Income before income taxes | 1,709.7 | 2,018.3 | 6,284.7 | 6,314.7 | ||||
Income tax expense | 409.9 | 492.7 | 1,478.7 | 1,519.5 | ||||
Net income | 1,299.8 | 1,525.6 | 4,806.0 | 4,795.2 | ||||
Net income attributable to noncontrolling interests | 16.4 | 15.9 | 49.6 | 49.5 | ||||
Net income attributable to D.R. Horton, Inc. | $ | 1,283.4 | $ | 1,509.7 | $ | 4,756.4 | $ | 4,745.7 |
Basic net income per common share attributable to D.R. Horton, Inc. | $ | 3.95 | $ | 4.49 | $ | 14.44 | $ | 13.93 |
Weighted average number of common shares | 325.2 | 336.6 | 329.5 | 340.7 | ||||
Diluted net income per common share attributable to D.R. Horton, Inc. | $ | 3.92 | $ | 4.45 | $ | 14.34 | $ | 13.82 |
Adjusted weighted average number of common shares | 327.3 | 339.3 | 331.6 | 343.3 | ||||
Other Consolidated Financial Data: | ||||||||
Interest charged to cost of sales | $ | 38.9 | $ | 50.7 | $ | 135.0 | $ | 154.5 |
Depreciation and amortization | $ | 23.6 | $ | 21.4 | $ | 87.1 | $ | 91.6 |
Interest incurred | $ | 56.1 | $ | 49.3 | $ | 203.7 | $ | 203.5 |
Year Ended September 30, | ||||
2024 | 2023 | |||
(In millions) | ||||
OPERATING ACTIVITIES | ||||
Net income | $ | 4,806.0 | $ | 4,795.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 87.1 | 91.6 | ||
Stock-based compensation expense | 118.1 | 111.2 | ||
Deferred income taxes | 19.0 | (45.9) | ||
Inventory and land option charges | 78.8 | 80.3 | ||
Changes in operating assets and liabilities: | ||||
Decrease in construction in progress and finished homes | 141.3 | 861.8 | ||
Increase in residential land and lots - developed, under development, held for development and held for sale |
(2,576.5) | (1,226.4) | ||
Increase in rental properties | (214.6) | (151.8) | ||
(Increase) decrease in other assets | (331.4) | 23.8 | ||
Decrease (increase) in mortgage loans held for sale | 42.4 | (133.9) | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 19.6 | (101.8) | ||
Net cash provided by operating activities | 2,189.8 | 4,304.1 | ||
INVESTING ACTIVITIES | ||||
Expenditures for property and equipment | (165.3) | (148.6) | ||
Proceeds from sale of assets | 19.4 | 52.0 | ||
Payments related to business acquisitions, net of cash acquired | (40.4) | (212.9) | ||
Other investing activities | (4.3) | (0.7) | ||
Net cash used in investing activities | (190.6) | (310.2) | ||
FINANCING ACTIVITIES | ||||
Proceeds from notes payable | 2,086.3 | 711.0 | ||
Repayment of notes payable | (1,055.8) | (1,823.9) | ||
(Repayment) borrowings on mortgage repurchase facilities, net | (135.8) | 51.3 | ||
Proceeds from stock associated with certain employee benefit plans | 20.6 | 25.5 | ||
Cash paid for shares withheld for taxes | (83.9) | (56.1) | ||
Cash dividends paid | (395.2) | (341.2) | ||
Repurchases of common stock | (1,787.5) | (1,178.5) | ||
Net proceeds from issuance of Forestar common stock | 19.7 | - | ||
Net other financing activities | (23.7) | (54.8) | ||
Net cash used in financing activities | (1,355.3) | (2,666.7) | ||
Net increase in cash, cash equivalents and restricted cash | 643.9 | 1,327.2 | ||
Cash, cash equivalents and restricted cash at beginning of year | 3,900.1 | 2,572.9 | ||
Cash, cash equivalents and restricted cash at end of year | $ | 4,544.0 | $ | 3,900.1 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Income taxes paid, net | $ | 1,669.7 | $ | 1,442.0 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES: | ||||
Notes payable issued for inventory | $ | 43.4 | $ | 54.5 |
Reduction of notes payable upon deconsolidation of variable interest entity | $ | (127.8) | $ | - |
Stock issued under employee incentive plans | $ | 174.3 | $ | 111.4 |
September 30, 2024 | ||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||
(In millions) | ||||||||||||
Assets | ||||||||||||
Cash and cash equivalents
|
$ | 3,623.0 | $ | 157.6 | $ | 481.2 | $ | 242.3 | $ | 12.3 | $ | 4,516.4 |
Restricted cash
|
4.8 | 2.2 | - | 20.6 | - | 27.6 | ||||||
Inventories:
|
||||||||||||
Construction in progress and finished homes | 8,986.1 | - | - | - | (110.3) | 8,875.8 | ||||||
Residential land and lots | 11,044.9 | - | 2,266.2 | - | (189.7) | 13,121.4 | ||||||
Rental properties | - | 2,902.4 | - | - | 3.6 | 2,906.0 | ||||||
20,031.0 | 2,902.4 | 2,266.2 | - | (296.4) | 24,903.2 | |||||||
Mortgage loans held for sale
|
- | - | - | 2,477.5 | - | 2,477.5 | ||||||
Deferred income taxes, net
|
211.6 | (14.7) | - | - | (29.4) | 167.5 | ||||||
Property and equipment, net
|
500.2 | 1.1 | 7.1 | 4.0 | 18.6 | 531.0 | ||||||
Other assets
|
2,976.5 | 74.5 | 85.6 | 212.3 | (31.3) | 3,317.6 | ||||||
Goodwill
|
134.3 | - | - | - | 29.2 | 163.5 | ||||||
$ | 27,481.4 | $ | 3,123.1 | $ | 2,840.1 | $ | 2,956.7 | $ | (297.0) | $ | 36,104.3 | |
Liabilities | ||||||||||||
Accounts payable
|
$ | 1,046.1 | $ | 474.2 | $ | 85.9 | $ | 0.8 | $ | (261.5) | $ | 1,345.5 |
Accrued expenses and other liabilities
|
2,552.0 | 67.8 | 452.8 | 234.6 | (290.5) | 3,016.7 | ||||||
Notes payable
|
2,926.8 | 750.7 | 706.4 | 1,533.8 | - | 5,917.7 | ||||||
$ | 6,524.9 | $ | 1,292.7 | $ | 1,245.1 | $ | 1,769.2 | $ | (552.0) | $ | 10,279.9 |
September 30, 2023 | ||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||
(In millions) | ||||||||||||
Assets | ||||||||||||
Cash and cash equivalents
|
$ | 2,920.2 | $ | 136.1 | $ | 616.0 | $ | 189.1 | $ | 12.2 | $ | 3,873.6 |
Restricted cash
|
6.5 | 3.3 | - | 16.7 | - | 26.5 | ||||||
Inventories:
|
||||||||||||
Construction in progress and finished homes | 9,134.3 | - | - | - | (132.9) | 9,001.4 | ||||||
Residential land and lots | 9,021.5 | - | 1,790.3 | - | (131.2) | 10,680.6 | ||||||
Rental properties | - | 2,708.4 | - | - | (17.1) | 2,691.3 | ||||||
18,155.8 | 2,708.4 | 1,790.3 | - | (281.2) | 22,373.3 | |||||||
Mortgage loans held for sale
|
- | - | - | 2,519.9 | - | 2,519.9 | ||||||
Deferred income taxes, net
|
229.8 | (19.9) | - | - | (22.7) | 187.2 | ||||||
Property and equipment, net
|
415.0 | 2.4 | 5.9 | 4.1 | 18.0 | 445.4 | ||||||
Other assets
|
2,838.5 | 29.8 | 58.5 | 250.3 | (184.1) | 2,993.0 | ||||||
Goodwill
|
134.3 | - | - | - | 29.2 | 163.5 | ||||||
$ | 24,700.1 | $ | 2,860.1 | $ | 2,470.7 | $ | 2,980.1 | $ | (428.6) | $ | 32,582.4 | |
Liabilities | ||||||||||||
Accounts payable
|
$ | 1,033.7 | $ | 698.6 | $ | 68.4 | $ | 0.1 | $ | (554.6) | $ | 1,246.2 |
Accrued expenses and other liabilities
|
2,585.5 | 43.2 | 337.4 | 280.4 | (142.7) | 3,103.8 | ||||||
Notes payable
|
2,329.9 | 400.0 | 695.0 | 1,669.6 | - | 5,094.5 | ||||||
$ | 5,949.1 | $ | 1,141.8 | $ | 1,100.8 | $ | 1,950.1 | $ | (697.3) | $ | 9,444.5 |
Three Months Ended September 30, 2024 | ||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||
(In millions) | ||||||||||||
Revenues | ||||||||||||
Home sales
|
$ | 8,929.4 | $ | - | $ | - | $ | - | $ | - | $ | 8,929.4 |
Land/lot sales and other
|
20.7 | - | 551.4 | - | (425.7) | 146.4 | ||||||
Rental property sales | - | 704.8 | - | - | - | 704.8 | ||||||
Financial services
|
- | - | - | 222.0 | - | 222.0 | ||||||
8,950.1 | 704.8 | 551.4 | 222.0 | (425.7) | 10,002.6 | |||||||
Cost of sales | ||||||||||||
Home sales (2) | 6,821.2 | - | - | - | (67.9) | 6,753.3 | ||||||
Land/lot sales and other
|
17.1 | - | 416.3 | - | (332.0) | 101.4 | ||||||
Rental property sales | - | 552.5 | - | - | (3.3) | 549.2 | ||||||
Inventory and land option charges
|
37.7 | 3.6 | 3.1 | - | - | 44.4 | ||||||
6,876.0 | 556.1 | 419.4 | - | (403.2) | 7,448.3 | |||||||
Selling, general and administrative expense
|
679.3 | 72.4 | 32.0 | 171.7 | 4.8 | 960.2 | ||||||
Other (income) expense | (34.4) | (23.6) | (8.5) | (25.6) | (23.5) | (115.6) | ||||||
Income before income taxes | $ | 1,429.2 | $ | 99.9 | $ | 108.5 | $ | 75.9 | $ | (3.8) | $ | 1,709.7 |
Year Ended September 30, 2024 | ||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||
(In millions) | ||||||||||||
Revenues | ||||||||||||
Home sales
|
$ | 33,903.6 | $ | - | $ | - | $ | - | $ | - | $ | 33,903.6 |
Land/lot sales and other
|
58.2 | - | 1,509.4 | - | (1,237.4) | 330.2 | ||||||
Rental property sales | - | 1,685.1 | - | - | - | 1,685.1 | ||||||
Financial services
|
- | - | - | 882.5 | - | 882.5 | ||||||
33,961.8 | 1,685.1 | 1,509.4 | 882.5 | (1,237.4) | 36,801.4 | |||||||
Cost of sales | ||||||||||||
Home sales (2) | 25,952.1 | - | - | - | (262.9) | 25,689.2 | ||||||
Land/lot sales and other
|
40.0 | - | 1,145.9 | - | (989.8) | 196.1 | ||||||
Rental property sales | - | 1,315.9 | - | - | (14.0) | 1,301.9 | ||||||
Inventory and land option charges
|
68.9 | 5.8 | 4.1 | - | - | 78.8 | ||||||
26,061.0 | 1,321.7 | 1,150.0 | - | (1,266.7) | 27,266.0 | |||||||
Selling, general and administrative expense
|
2,553.3 | 236.2 | 118.5 | 672.4 | 19.1 | 3,599.5 | ||||||
Other (income) expense | (107.6) | (101.5) | (29.2) | (101.1) | (9.4) | (348.8) | ||||||
Income before income taxes | $ | 5,455.1 | $ | 228.7 | $ | 270.1 | $ | 311.2 | $ | 19.6 | $ | 6,284.7 |
Summary Cash Flow Information | ||||||||||||
Cash provided by (used in) operating activities | $ | 2,239.0 | $ | (231.0) | $ | (158.6) | $ | 281.6 | $ | 58.8 | $ | 2,189.8 |
Three Months Ended September 30, 2023 | ||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | 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 Services | Eliminations and Other (1) | 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 |
NET SALES ORDERS | ||||||||||||
Three Months Ended September 30, | Year Ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||
Northwest | 1,137 | $ | 592.4 | 1,131 | $ | 594.1 | 5,391 | $ | 2,750.8 | 4,622 | $ | 2,425.1 |
Southwest | 2,223 | 1,093.1 | 2,406 | 1,143.3 | 9,942 | 4,855.6 | 8,470 | 4,023.1 | ||||
South Central | 4,816 | 1,525.8 | 4,811 | 1,590.7 | 22,549 | 7,285.5 | 20,716 | 6,735.9 | ||||
Southeast | 5,107 | 1,755.2 | 5,066 | 1,839.1 | 22,982 | 8,115.2 | 21,683 | 7,812.0 | ||||
East | 3,600 | 1,256.0 | 3,671 | 1,330.1 | 16,425 | 5,830.8 | 15,013 | 5,361.4 | ||||
North | 2,152 | 923.2 | 1,854 | 757.4 | 9,272 | 3,876.1 | 7,838 | 3,170.4 | ||||
19,035 | $ | 7,145.7 | 18,939 | $ | 7,254.7 | 86,561 | $ | 32,714.0 | 78,342 | $ | 29,527.9 |
HOMES CLOSED | ||||||||||||
Three Months Ended September 30, | Year Ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||
Northwest | 1,366 | $ | 710.3 | 1,328 | $ | 709.7 | 5,403 | $ | 2,744.6 | 4,799 | $ | 2,574.1 |
Southwest | 2,579 | 1,265.4 | 2,927 | 1,418.5 | 10,135 | 4,913.3 | 8,823 | 4,246.7 | ||||
South Central | 6,144 | 2,008.2 | 6,030 | 1,988.2 | 23,467 | 7,639.6 | 22,923 | 7,598.1 | ||||
Southeast | 6,422 | 2,262.1 | 6,251 | 2,273.4 | 24,703 | 8,853.4 | 23,905 | 8,756.5 | ||||
East | 4,673 | 1,652.9 | 4,249 | 1,509.9 | 17,062 | 6,070.9 | 14,718 | 5,323.9 | ||||
North | 2,463 | 1,030.5 | 2,143 | 879.3 | 8,920 | 3,681.8 | 7,749 | 3,141.7 | ||||
23,647 | $ | 8,929.4 | 22,928 | $ | 8,779.0 | 89,690 | $ | 33,903.6 | 82,917 | $ | 31,641.0 |
SALES ORDER BACKLOG | ||||||
As of September 30, | ||||||
2024 | 2023 | |||||
Homes | Value | Homes | Value | |||
Northwest | 535 | $ | 284.2 | 547 | $ | 278.1 |
Southwest | 1,214 | 623.6 | 1,407 | 681.3 | ||
South Central | 2,709 | 872.4 | 3,588 | 1,220.1 | ||
Southeast | 3,095 | 1,135.5 | 4,816 | 1,873.7 | ||
East | 2,744 | 1,012.3 | 3,381 | 1,252.4 | ||
North | 1,883 | 842.3 | 1,458 | 617.7 | ||
12,180 | $ | 4,770.3 | 15,197 | $ | 5,923.3 |
LAND AND LOT POSITION | |||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||
Land/Lots Owned |
Lots Controlled Through Land and Lot Purchase Contracts (1) |
Total Land/Lots Owned and Controlled |
Land/Lots Owned |
Lots Controlled Through Land and Lot Purchase Contracts (1) |
Total Land/Lots Owned and Controlled |
||||||
Northwest | 13,000 | 18,600 | 31,600 | 14,100 | 20,300 | 34,400 | |||||
Southwest | 22,200 | 29,200 | 51,400 | 22,600 | 30,500 | 53,100 | |||||
South Central | 39,000 | 109,600 | 148,600 | 36,700 | 69,500 | 106,200 | |||||
Southeast | 29,500 | 134,300 | 163,800 | 24,700 | 132,900 | 157,600 | |||||
East | 32,500 | 129,300 | 161,800 | 27,700 | 118,400 | 146,100 | |||||
North | 16,300 | 59,400 | 75,700 | 15,300 | 55,700 | 71,000 | |||||
152,500 | 480,400 | 632,900 | 141,100 | 427,300 | 568,400 | ||||||
24 | % | 76 | % | 100 | % | 25 | % | 75 | % | 100 | % |
HOMES IN INVENTORY (1)
|
||
September 30, | ||
2024 | 2023 | |
Northwest | 2,100 | 2,800 |
Southwest | 4,200 | 4,700 |
South Central | 9,000 | 10,800 |
Southeast | 9,700 | 12,100 |
East | 7,500 | 7,100 |
North | 4,900 | 4,500 |
37,400 | 42,000 |