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D.R. Horton, Inc., America’s Builder, Reports Fiscal 2023 First Quarter Earnings and Declares Quarterly Dividend of $0.25 Per Share

D.R. Horton, Inc. (NYSE:DHI):

Fiscal 2023 First Quarter Highlights - comparisons to the prior year quarter

  • Net income attributable to D.R. Horton of $958.7 million or $2.76 per diluted share
  • Consolidated pre-tax income of $1.3 billion, with a pre-tax profit margin of 17.5%
  • Consolidated revenues increased 3% to $7.3 billion
  • Home sales revenues increased 1% to $6.7 billion on 17,340 homes closed
  • Rental operations pre-tax income of $110.3 million on $327.5 million of revenues from sales of 694 single-family rental homes and 300 multi-family rental units
  • Repurchased 1.4 million shares of common stock for $118.1 million

D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported that net income per common share attributable to D.R. Horton for its first fiscal quarter ended December 31, 2022 decreased 13% to $2.76 per diluted share compared to $3.17 per diluted share in the same quarter of fiscal 2022. Net income attributable to D.R. Horton in the first quarter of fiscal 2023 decreased 16% to $958.7 million compared to $1.1 billion in the same quarter of fiscal 2022. Homebuilding revenue for the first quarter of fiscal 2023 increased 1% to $6.74 billion from $6.68 billion in the same quarter of fiscal 2022. Homes closed in the quarter decreased 6% to 17,340 homes compared to 18,396 homes closed in the same quarter of fiscal 2022.

Net sales orders for the first quarter ended December 31, 2022 decreased 38% to 13,382 homes and 40% in value to $4.9 billion compared to 21,522 homes and $8.3 billion in the same quarter of the prior year. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the first quarter of fiscal 2023 was 27% compared to 15% in the prior year quarter. The Company's sales order backlog of homes under contract at December 31, 2022 decreased 46% to 15,759 homes and 44% in value to $6.2 billion compared to 29,347 homes and $11.1 billion at December 31, 2021.

At December 31, 2022, the Company had 43,200 homes in inventory, of which 27,800 were unsold. 7,100 of the Company’s unsold homes at December 31, 2022 were completed. The Company’s homebuilding land and lot portfolio totaled 551,000 lots at the end of the quarter, of which 25% were owned and 75% were controlled through land and lot purchase contracts.

The Company's return on equity (ROE) was 31.5% for the trailing twelve months ended December 31, 2022, and homebuilding return on inventory (ROI) was 39.5% for the same period. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders' equity, where average stockholders' equity is the sum of ending stockholders' equity balances of the trailing five quarters divided by five. Homebuilding ROI is calculated as homebuilding pre-tax income for the trailing twelve months divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.

The Company ended the first quarter with $2.0 billion of unrestricted homebuilding cash and $2.0 billion of available capacity on its revolving credit facility for total homebuilding liquidity of $4.0 billion. Homebuilding debt at December 31, 2022 totaled $3.0 billion, which includes $700 million of senior notes that mature during the current fiscal year. The Company’s homebuilding debt to total capital ratio at December 31, 2022 was 12.8%. 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 produced a solid first quarter of fiscal 2023, highlighted by EPS of $2.76 per diluted share. Our consolidated pre-tax income was $1.3 billion on a 3% increase in revenues to $7.3 billion, with a pre-tax profit margin of 17.5%.

“Beginning in June 2022 and continuing through today, we have seen a moderation in housing demand caused by significant increases in mortgage interest rates and general economic uncertainty. While these pressures may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable.

“We are well-positioned to navigate changing market conditions with our experienced operators, diverse product offerings and flexible lot supply and are focused on turning our inventory to maximize returns and capital efficiency in each of our communities. The strength of our balance sheet, liquidity and low leverage provide us with significant financial flexibility, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis.”

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 first quarter ended December 31, 2022, Forestar sold 2,263 lots and generated $216.7 million of revenue compared to 4,516 lots and $407.6 million of revenue in the prior year quarter. Forestar’s pre-tax income in the first quarter of fiscal 2023 decreased 48% to $27.9 million with a pre-tax profit margin of 12.9% compared to $53.5 million of pre-tax income and a 13.1% pre-tax profit margin in the same quarter of fiscal 2022.

Financial Services

For the first quarter ended December 31, 2022, financial services revenues were $137.0 million compared to $184.3 million in the same quarter of fiscal 2022. Financial services pre-tax income for the quarter was $18.2 million with a pre-tax profit margin of 13.3% compared to $67.1 million of pre-tax income and a 36.4% pre-tax profit margin in the prior year quarter.

Rental Operations

The Company's rental operations generated $110.3 million of pre-tax income on revenues of $327.5 million in the first quarter of fiscal 2023 compared to $70.1 million of pre-tax income on revenues of $156.5 million in the same quarter of fiscal 2022.

During the first quarter of fiscal 2023, the Company sold 694 single-family rental homes for $228.0 million compared to 226 homes sold for $80.3 million in the prior year quarter. At December 31, 2022, the consolidated balance sheet included $1.9 billion of single-family rental property inventory consisting of 8,240 homes, of which 4,240 were completed, and 6,120 lots, of which 1,700 were finished.

During the first quarter of fiscal 2023, the Company sold 300 multi-family rental units for $99.5 million compared to 351 units sold for $76.2 million during the prior year quarter. At December 31, 2022, the consolidated balance sheet included $997.9 million of multi-family rental property inventory consisting of 6,340 units, of which 6,110 units were under active construction and 230 units were completed.

The Company's rental operating results are reported separately and are not included in the homes closed, revenues or inventories of its homebuilding segment.

Dividends

During the first quarter of fiscal 2023, the Company paid cash dividends of $86.1 million. Subsequent to quarter end, the Company declared a quarterly cash dividend of $0.25 per common share that is payable on February 14, 2023 to stockholders of record on February 7, 2023.

Share Repurchases

The Company repurchased 1.4 million shares of common stock for $118.1 million during the first quarter of fiscal 2023, and its remaining stock repurchase authorization at December 31, 2022 was $320.2 million.

Conference Call and Webcast Details

The Company will host a conference call today (Tuesday, January 24) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 364701), 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 109 markets in 33 states across the United States and closed 82,930 homes in its homebuilding and single-family rental operations during the twelve-month period ended December 31, 2022. The Company is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to over $1,000,000. 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 beginning in June 2022 and continuing through today, we have seen a moderation in housing demand caused by significant increases in mortgage interest rates and general economic uncertainty and that while these pressures may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable. The forward-looking statements also include that we are well-positioned to navigate changing market conditions with our experienced operators, diverse 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 the strength of our balance sheet, liquidity and low leverage provide us with significant financial flexibility, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis.

Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: the cyclical nature of the homebuilding, lot development and rental housing industries and changes in economic, real estate or other conditions; constriction of the credit and public capital markets, which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risks associated with our land, lot and rental inventory; our ability to effect our growth strategies, acquisitions or investments successfully; the impact of an inflationary, deflationary or higher interest rate environment; supply shortages and other risks of acquiring land, building materials and skilled labor; the effects of public health issues such as a major epidemic or pandemic, including the impact of COVID-19 on the economy and our businesses; the effects of weather conditions and natural disasters on our business and financial results; home warranty and construction defect claims; the effects of health and safety incidents; reductions in the availability of performance bonds; increases in the costs of owning a home; the effects of governmental regulations and environmental matters on our homebuilding and land development operations; the effects of governmental regulations on our financial services operations; competitive conditions within the industries in which we operate; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; the effects of negative publicity; the effects of the loss of key personnel; actions by activist stockholders; and information technology failures, data security breaches and our ability to satisfy privacy and data protection laws and regulations. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K and most recent quarterly report on Form-10-Q, both of which are or will be filed with the Securities and Exchange Commission.

D.R. HORTON, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

December 31,

2022

 

September 30,

2022

 

(In millions)

ASSETS

 

 

 

Cash and cash equivalents

$

2,591.1

 

 

$

2,540.5

 

Restricted cash

 

21.4

 

 

 

32.4

 

Total cash, cash equivalents and restricted cash

 

2,612.5

 

 

 

2,572.9

 

Inventories:

 

 

 

Construction in progress and finished homes

 

9,508.0

 

 

 

9,798.2

 

Residential land and lots — developed, under development,

held for development and held for sale

 

10,037.0

 

 

 

9,313.3

 

Rental properties

 

2,900.3

 

 

 

2,544.2

 

Total inventory

 

22,445.3

 

 

 

21,655.7

 

Mortgage loans held for sale

 

1,782.7

 

 

 

2,386.0

 

Deferred income taxes, net of valuation allowance of $17.9 million

 

 

 

 

 

 

 

at December 31, 2022 and September 30, 2022

137.9

141.1

Property and equipment, net

 

501.7

 

 

 

471.6

 

Other assets

 

2,620.9

 

 

 

2,960.3

 

Goodwill

 

163.5

 

 

 

163.5

 

Total assets

$

30,264.5

 

 

$

30,351.1

 

LIABILITIES

 

 

 

Accounts payable

$

1,205.0

 

 

$

1,360.3

 

Accrued expenses and other liabilities

 

2,816.8

 

 

 

3,138.3

 

Notes payable

 

5,690.3

 

 

 

6,066.9

 

Total liabilities

 

9,712.1

 

 

 

10,565.5

 

EQUITY

 

 

 

Common stock, $.01 par value, 1,000,000,000 shares authorized,

 

 

 

 

 

 

 

399,882,765 shares issued and 343,278,561 shares outstanding at December 31, 2022 and

399,172,937 shares issued and 343,953,023 shares outstanding at September 30, 2022

4.0

4.0

Additional paid-in capital

 

3,352.0

 

 

 

3,349.5

 

Retained earnings

 

20,057.9

 

 

 

19,185.3

 

Treasury stock, 56,604,204 shares and 55,219,914 shares at

December 31, 2022 and September 30, 2022, respectively, at cost

 

(3,260.6

)

 

 

(3,142.5

)

Stockholders’ equity

 

20,153.3

 

 

 

19,396.3

 

Noncontrolling interests

 

399.1

 

 

 

389.3

 

Total equity

 

20,552.4

 

 

 

19,785.6

 

Total liabilities and equity

$

30,264.5

 

 

$

30,351.1

 

D.R. HORTON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

Three Months Ended

December 31,

 

2022

 

2021

 

(In millions, except per share data)

Revenues

$

7,257.8

 

 

$

7,053.4

 

Cost of sales

 

5,291.3

 

 

 

4,905.7

 

Selling, general and administrative expense

 

737.0

 

 

 

665.9

 

Other (income) expense

 

(37.7

)

 

 

(15.5

)

Income before income taxes

 

1,267.2

 

 

 

1,497.3

 

Income tax expense

 

298.9

 

 

 

351.5

 

Net income

 

968.3

 

 

 

1,145.8

 

Net income attributable to noncontrolling interests

 

9.6

 

 

 

4.2

 

Net income attributable to D.R. Horton, Inc.

$

958.7

 

 

$

1,141.6

 

 

 

 

 

Basic net income per common share attributable to D.R. Horton, Inc.

$

2.79

 

 

$

3.21

 

Weighted average number of common shares

 

344.2

 

 

 

356.1

 

 

 

 

 

Diluted net income per common share attributable to D.R. Horton, Inc.

$

2.76

 

 

$

3.17

 

Adjusted weighted average number of common shares

 

346.9

 

 

 

360.1

 

 

 

 

 

Other Consolidated Financial Data

 

 

 

Interest charged to cost of sales

$

28.5

 

 

$

33.3

 

Depreciation and amortization

$

19.8

 

 

$

19.4

 

Interest incurred

$

46.2

 

 

$

36.9

 

D.R. HORTON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

Three Months Ended

December 31,

 

2022

 

2021

 

(In millions)

OPERATING ACTIVITIES

 

 

 

Net income

$

968.3

 

 

$

1,145.8

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

19.8

 

 

 

19.4

 

Stock-based compensation expense

 

22.9

 

 

 

23.7

 

Deferred income taxes

 

3.2

 

 

 

17.7

 

Inventory and land option charges

 

27.5

 

 

 

4.8

 

Changes in operating assets and liabilities:

 

 

 

Decrease (increase) in construction in progress and finished homes

 

320.7

 

 

 

(1,003.7

)

Increase in residential land and lots –

developed, under development, held for development and held for sale

 

(637.5

)

 

 

(340.7

)

Increase in rental properties

 

(357.0

)

 

 

(319.5

)

Decrease (increase) in other assets

 

330.2

 

 

 

(221.8

)

Decrease in mortgage loans held for sale

 

603.3

 

 

 

194.0

 

(Decrease) increase in accounts payable, accrued expenses and other liabilities

 

(472.3

)

 

 

306.2

 

Net cash provided by (used in) operating activities

 

829.1

 

 

 

(174.1

)

INVESTING ACTIVITIES

 

 

 

Expenditures for property and equipment

 

(47.5

)

 

 

(30.9

)

Payments related to business acquisitions, net of cash acquired

 

(97.1

)

 

 

 

Other investing activities

 

1.7

 

 

 

4.4

 

Net cash used in investing activities

 

(142.9

)

 

 

(26.5

)

FINANCING ACTIVITIES

 

 

 

Proceeds from notes payable

 

300.0

 

 

 

 

Repayment of notes payable

 

(300.0

)

 

 

(0.6

)

Payments on mortgage repurchase facility, net

 

(404.4

)

 

 

(234.6

)

Proceeds from stock associated with certain employee benefit plans

 

5.5

 

 

 

17.2

 

Cash paid for shares withheld for taxes

 

(25.7

)

 

 

(33.0

)

Cash dividends paid

 

(86.1

)

 

 

(80.1

)

Repurchases of common stock

 

(118.1

)

 

 

(303.8

)

Net proceeds from issuance of Forestar common stock

 

 

 

 

0.1

 

Net other financing activities

 

(17.8

)

 

 

62.8

 

Net cash used in financing activities

 

(646.6

)

 

 

(572.0

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

39.6

 

 

 

(772.6

)

Cash, cash equivalents and restricted cash at beginning of period

 

2,572.9

 

 

 

3,237.2

 

Cash, cash equivalents and restricted cash at end of period

$

2,612.5

 

 

$

2,464.6

 

D.R. HORTON, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(UNAUDITED)

 

 

 

December 31, 2022

 

 

Homebuilding

 

Forestar

 

Financial Services

 

Rental

 

Eliminations

and Other (1)

 

Consolidated

 

 

(In millions)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,039.4

 

$

216.4

 

$

198.4

 

$

111.4

 

 

$

25.5

 

 

$

2,591.1

Restricted cash

 

 

7.4

 

 

 

 

12.2

 

 

1.8

 

 

 

 

 

 

21.4

Inventories:

 

 

 

 

 

 

 

 

 

 

 

 

Construction in progress and finished homes

 

 

9,657.4

 

 

 

 

 

 

 

 

 

(149.4

)

 

 

9,508.0

Residential land and lots

 

 

8,048.4

 

 

2,067.7

 

 

 

 

 

 

 

(79.1

)

 

 

10,037.0

Rental properties

 

 

 

 

 

 

 

 

2,925.5

 

 

 

(25.2

)

 

 

2,900.3

 

 

 

17,705.8

 

 

2,067.7

 

 

 

 

2,925.5

 

 

 

(253.7

)

 

 

22,445.3

Mortgage loans held for sale

 

 

 

 

 

 

1,782.7

 

 

 

 

 

 

 

 

1,782.7

Deferred income taxes, net

 

 

140.4

 

 

 

 

 

 

(7.1

)

 

 

4.6

 

 

 

137.9

Property and equipment, net

 

 

372.6

 

 

5.6

 

 

4.2

 

 

2.2

 

 

 

117.1

 

 

 

501.7

Other assets

 

 

2,549.4

 

 

51.4

 

 

143.1

 

 

25.6

 

 

 

(148.6

)

 

 

2,620.9

Goodwill

 

 

134.3

 

 

 

 

 

 

 

 

 

29.2

 

 

 

163.5

 

 

$

22,949.3

 

$

2,341.1

 

$

2,140.6

 

$

3,059.4

 

 

$

(225.9

)

 

$

30,264.5

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

994.3

 

$

73.0

 

$

 

$

559.8

 

 

$

(422.1

)

 

$

1,205.0

Accrued expenses and other liabilities

 

 

2,494.8

 

 

341.1

 

 

123.7

 

 

24.5

 

 

 

(167.3

)

 

 

2,816.8

Notes payable

 

 

2,970.0

 

 

706.4

 

 

1,213.9

 

 

800.0

 

 

 

 

 

 

5,690.3

 

 

$

6,459.1

 

$

1,120.5

 

$

1,337.6

 

$

1,384.3

 

 

$

(589.4

)

 

$

9,712.1

 

September 30, 2022

 

 

Homebuilding

 

Forestar

 

Financial Services

 

Rental

 

Eliminations and

Other (1)

 

Consolidated

 

 

(In millions)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,040.7

 

$

264.8

 

$

103.3

 

$

109.9

 

 

$

21.8

 

 

$

2,540.5

Restricted cash

 

 

11.3

 

 

 

 

19.7

 

 

1.4

 

 

 

 

 

 

32.4

Inventories:

 

 

 

 

 

 

 

 

 

 

 

 

Construction in progress and finished homes

 

 

9,951.5

 

 

 

 

 

 

 

 

 

(153.3

)

 

 

9,798.2

Residential land and lots

 

 

7,372.9

 

 

2,022.4

 

 

 

 

 

 

 

(82.0

)

 

 

9,313.3

Rental properties

 

 

 

 

 

 

 

 

2,572.1

 

 

 

(27.9

)

 

 

2,544.2

 

 

 

17,324.4

 

 

2,022.4

 

 

 

 

2,572.1

 

 

 

(263.2

)

 

 

21,655.7

Mortgage loans held for sale

 

 

 

 

 

 

2,386.0

 

 

 

 

 

 

 

 

2,386.0

Deferred income taxes, net

 

 

146.3

 

 

 

 

 

 

(7.1

)

 

 

1.9

 

 

 

141.1

Property and equipment, net

 

 

361.8

 

 

5.7

 

 

4.3

 

 

2.0

 

 

 

97.8

 

 

 

471.6

Other assets

 

 

2,266.5

 

 

50.1

 

 

492.5

 

 

18.4

 

 

 

132.8

 

 

 

2,960.3

Goodwill

 

 

134.3

 

 

 

 

 

 

 

 

 

29.2

 

 

 

163.5

 

 

$

22,285.3

 

$

2,343.0

 

$

3,005.8

 

$

2,696.7

 

 

$

20.3

 

 

$

30,351.1

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,149.1

 

$

72.2

 

$

0.2

 

$

233.6

 

 

$

(94.8

)

 

$

1,360.3

Accrued expenses and other liabilities

 

 

2,365.7

 

 

365.4

 

 

596.2

 

 

25.0

 

 

 

(214.0

)

 

 

3,138.3

Notes payable

 

 

2,942.6

 

 

706.0

 

 

1,618.3

 

 

800.0

 

 

 

 

 

 

6,066.9

 

 

$

6,457.4

 

$

1,143.6

 

$

2,214.7

 

$

1,058.6

 

 

$

(308.8

)

 

$

10,565.5

_________________

(1)

Amounts include the balances of the Company's other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments.

D.R. HORTON, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(UNAUDITED)

 

 

 

Three Months Ended December 31, 2022

 

 

Homebuilding

 

Forestar

 

Financial Services

 

Rental

 

Eliminations

and Other (1)

 

Consolidated

 

 

(In millions)

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Home sales

 

$

6,709.2

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

6,709.2

 

Land/lot sales and other

 

 

34.8

 

 

 

216.7

 

 

 

 

 

 

 

 

 

(167.4

)

 

 

84.1

 

Rental property sales

 

 

 

 

 

 

 

 

 

 

 

327.5

 

 

 

 

 

 

327.5

 

Financial services

 

 

 

 

 

 

 

 

137.0

 

 

 

 

 

 

 

 

 

137.0

 

 

 

 

6,744.0

 

 

 

216.7

 

 

 

137.0

 

 

 

327.5

 

 

 

(167.4

)

 

 

7,257.8

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

Home sales (2)

 

 

5,106.7

 

 

 

 

 

 

 

 

 

 

 

 

(49.0

)

 

 

5,057.7

 

Land/lot sales and other

 

 

4.9

 

 

 

166.8

 

 

 

 

 

 

 

 

 

(147.7

)

 

 

24.0

 

Rental property sales

 

 

 

 

 

 

 

 

 

 

 

183.8

 

 

 

(1.7

)

 

 

182.1

 

Inventory and land option charges

 

 

24.2

 

 

 

2.4

 

 

 

 

 

 

0.9

 

 

 

 

 

 

27.5

 

 

 

 

5,135.8

 

 

 

169.2

 

 

 

 

 

 

184.7

 

 

 

(198.4

)

 

 

5,291.3

 

Selling, general and administrative expense

 

 

527.1

 

 

 

22.9

 

 

 

134.1

 

 

 

47.5

 

 

 

5.4

 

 

 

737.0

 

Other (income) expense

 

 

(13.3

)

 

 

(3.3

)

 

 

(15.3

)

 

 

(15.0

)

 

 

9.2

 

 

 

(37.7

)

Income before income taxes

 

$

1,094.4

 

 

$

27.9

 

 

$

18.2

 

 

$

110.3

 

 

$

16.4

 

 

$

1,267.2

 

Summary Cash Flow Information

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by (used in) operating activities

 

$

313.9

 

 

$

(49.8

)

 

$

493.1

 

 

$

49.4

 

 

$

22.5

 

 

$

829.1

 

 

Three Months Ended December 31, 2021

 

 

Homebuilding

 

Forestar

 

Financial Services

 

Rental

 

Eliminations

and Other (1)

 

Consolidated

 

 

(In millions)

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Home sales

 

$

6,656.4

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

6,656.4

 

Land/lot sales and other

 

 

23.0

 

 

 

407.6

 

 

 

 

 

 

 

 

 

(374.4

)

 

 

56.2

 

Rental property sales

 

 

 

 

 

 

 

 

 

 

 

156.5

 

 

 

 

 

 

156.5

 

Financial services

 

 

 

 

 

 

 

 

184.3

 

 

 

 

 

 

 

 

 

184.3

 

 

 

 

6,679.4

 

 

 

407.6

 

 

 

184.3

 

 

 

156.5

 

 

 

(374.4

)

 

 

7,053.4

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

Home sales (2)

 

 

4,833.9

 

 

 

 

 

 

 

 

 

 

 

 

(37.7

)

 

 

4,796.2

 

Land/lot sales and other

 

 

17.1

 

 

 

333.6

 

 

 

 

 

 

 

 

 

(317.7

)

 

 

33.0

 

Rental property sales

 

 

 

 

 

 

 

 

 

 

 

72.5

 

 

 

(0.8

)

 

 

71.7

 

Inventory and land option charges

 

 

3.9

 

 

 

0.6

 

 

 

 

 

 

0.3

 

 

 

 

 

 

4.8

 

 

 

 

4,854.9

 

 

 

334.2

 

 

 

 

 

 

72.8

 

 

 

(356.2

)

 

 

4,905.7

 

Selling, general and administrative expense

 

 

497.7

 

 

 

21.5

 

 

 

125.3

 

 

 

18.5

 

 

 

2.9

 

 

 

665.9

 

Other (income) expense

 

 

(6.2

)

 

 

(1.6

)

 

 

(8.1

)

 

 

(4.9

)

 

 

5.3

 

 

 

(15.5

)

Income before income taxes

 

$

1,333.0

 

 

$

53.5

 

 

$

67.1

 

 

$

70.1

 

 

$

(26.4

)

 

$

1,497.3

 

Summary Cash Flow Information

 

 

 

 

 

 

 

 

 

 

 

 

Cash (used in) provided by operating activities

 

$

(114.7

)

 

$

5.8

 

 

$

247.5

 

 

$

(255.9

)

 

$

(56.8

)

 

$

(174.1

)

_________________

(1)

Amounts include the results of the Company's other businesses and the elimination of intercompany transactions.

(2)

Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.

D.R. HORTON, INC. AND SUBSIDIARIES

SALES, CLOSINGS AND BACKLOG

HOMEBUILDING SEGMENT

(Dollars in millions)

NET SALES ORDERS

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

2022

 

2021

 

 

Homes

 

Value

 

Homes

 

Value

Northwest

 

904

 

$

459.8

 

1,228

 

$

657.1

Southwest

 

1,254

 

 

580.5

 

2,301

 

 

1,183.8

South Central

 

3,806

 

 

1,174.1

 

5,862

 

 

1,946.2

Southeast

 

3,917

 

 

1,392.5

 

6,394

 

 

2,284.8

East

 

2,313

 

 

845.6

 

3,980

 

 

1,454.9

North

 

1,188

 

 

470.9

 

1,757

 

 

729.6

 

 

13,382

 

$

4,923.4

 

21,522

 

$

8,256.4

HOMES CLOSED

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

2022

 

2021

 

 

Homes

 

Value

 

Homes

 

Value

Northwest

 

982

 

$

520.1

 

1,025

 

$

548.9

Southwest

 

1,707

 

 

802.7

 

1,944

 

 

911.5

South Central

 

4,837

 

 

1,636.2

 

5,437

 

 

1,692.3

Southeast

 

5,287

 

 

1,994.4

 

5,324

 

 

1,810.3

East

 

3,015

 

 

1,143.4

 

3,128

 

 

1,074.7

North

 

1,512

 

 

612.4

 

1,538

 

 

618.7

 

 

17,340

 

$

6,709.2

 

18,396

 

$

6,656.4

SALES ORDER BACKLOG

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

2022

 

2021

 

 

Homes

 

Value

 

Homes

 

Value

Northwest

 

646

 

$

366.8

 

1,157

 

$

605.9

Southwest

 

1,307

 

 

682.8

 

3,795

 

 

1,768.2

South Central

 

4,764

 

 

1,620.2

 

9,158

 

 

3,079.2

Southeast

 

5,613

 

 

2,185.4

 

8,389

 

 

3,009.2

East

 

2,384

 

 

917.0

 

5,069

 

 

1,849.6

North

 

1,045

 

 

447.6

 

1,779

 

 

751.0

 

 

15,759

 

$

6,219.8

 

29,347

 

$

11,063.1

D.R. HORTON, INC. AND SUBSIDIARIES

LAND AND LOT POSITION AND HOMES IN INVENTORY

HOMEBUILDING SEGMENT

 

 

December 31, 2022

 

September 30, 2022

 

Land/Lots

Owned

 

Lots Controlled

Through

Land and Lot

Purchase

Contracts (1)

 

Total

Land/Lots

Owned and

Controlled

 

Land/Lots

Owned

 

Lots Controlled

Through

Land and Lot

Purchase

Contracts (1)

 

Total

Land/Lots

Owned and

Controlled

Northwest

12,400

 

26,200

 

38,600

 

11,100

 

32,200

 

43,300

Southwest

22,000

 

36,100

 

58,100

 

22,100

 

36,500

 

58,600

South Central

39,900

 

60,300

 

100,200

 

37,800

 

66,500

 

104,300

Southeast

24,400

 

130,700

 

155,100

 

24,700

 

138,600

 

163,300

East

23,900

 

103,100

 

127,000

 

22,700

 

105,700

 

128,400

North

13,800

 

58,200

 

72,000

 

12,700

 

62,600

 

75,300

 

136,400

 

414,600

 

551,000

 

131,100

 

442,100

 

573,200

 

25 %

 

75 %

 

100 %

 

23 %

 

77 %

 

100 %

_________________

(1)

Lots controlled at December 31, 2022 included approximately 35,000 lots owned or controlled by Forestar, 17,000 of which our homebuilding divisions had under contract to purchase and 18,000 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)

 

 

 

 

 

 

 

December 31,

2022

 

September 30,

2022

Northwest

 

2,700

 

2,900

Southwest

 

4,500

 

4,900

South Central

 

11,300

 

12,400

Southeast

 

13,400

 

14,200

East

 

6,500

 

6,800

North

 

4,800

 

5,200

 

 

43,200

 

46,400

_________________

(1)

Homes in inventory exclude model homes and homes related to our single-family rental operations.

 

@drhorton reported Q1 FY23 diluted EPS of $2.76/share #earnings $DHI

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