(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
(d) | Exhibits | ||||||||||
99.1 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101). |
D.R. Horton, Inc. | ||||||||||||||
Date: | January 26, 2021 | By: | /S/ BILL W. WHEAT | |||||||||||
Bill W. Wheat | ||||||||||||||
Executive Vice President and | ||||||||||||||
Chief Financial Officer |
December 31, 2020 | September 30, 2020 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 2,454.9 | $ | 3,018.5 | |||||||
Restricted cash | 20.0 | 21.6 | |||||||||
Total cash, cash equivalents and restricted cash | 2,474.9 | 3,040.1 | |||||||||
Inventories: | |||||||||||
Construction in progress and finished homes | 6,598.8 | 5,984.1 | |||||||||
Residential land and lots — developed, under development, held for development and held for sale | 6,977.7 | 6,253.3 | |||||||||
Total inventory | 13,576.5 | 12,237.4 | |||||||||
Mortgage loans held for sale | 1,438.9 | 1,529.0 | |||||||||
Deferred income taxes, net of valuation allowance of $7.5 million at December 31, 2020 and September 30, 2020 | 142.0 | 144.9 | |||||||||
Property and equipment, net | 748.4 | 683.7 | |||||||||
Other assets | 1,236.2 | 1,113.7 | |||||||||
Goodwill | 163.5 | 163.5 | |||||||||
Total assets | $ | 19,780.4 | $ | 18,912.3 | |||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 845.6 | $ | 900.5 | |||||||
Accrued expenses and other liabilities | 1,938.9 | 1,607.0 | |||||||||
Notes payable | 4,225.6 | 4,283.3 | |||||||||
Total liabilities | 7,010.1 | 6,790.8 | |||||||||
EQUITY | |||||||||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 395,389,246 shares issued and 363,647,879 shares outstanding at December 31, 2020 and 394,741,349 shares issued and 363,999,982 shares outstanding at September 30, 2020 | 4.0 | 3.9 | |||||||||
Additional paid-in capital | 3,236.9 | 3,240.9 | |||||||||
Retained earnings | 10,476.7 | 9,757.8 | |||||||||
Treasury stock, 31,741,367 shares and 30,741,367 shares at December 31, 2020 and September 30, 2020, respectively, at cost | (1,232.4) | (1,162.6) | |||||||||
Stockholders’ equity | 12,485.2 | 11,840.0 | |||||||||
Noncontrolling interests | 285.1 | 281.5 | |||||||||
Total equity | 12,770.3 | 12,121.5 | |||||||||
Total liabilities and equity | $ | 19,780.4 | $ | 18,912.3 |
Three Months Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In millions, except per share data) | |||||||||||
Revenues | $ | 5,933.4 | $ | 4,020.7 | |||||||
Cost of sales | 4,332.5 | 3,084.2 | |||||||||
Selling, general and administrative expense | 585.9 | 455.8 | |||||||||
Gain on sale of assets | (14.0) | (31.1) | |||||||||
Other (income) expense | (5.3) | (11.5) | |||||||||
Income before income taxes | 1,034.3 | 523.3 | |||||||||
Income tax expense | 239.1 | 90.8 | |||||||||
Net income | 795.2 | 432.5 | |||||||||
Net income attributable to noncontrolling interests | 3.4 | 1.2 | |||||||||
Net income attributable to D.R. Horton, Inc. | $ | 791.8 | $ | 431.3 | |||||||
Basic net income per common share attributable to D.R. Horton, Inc. | $ | 2.17 | $ | 1.17 | |||||||
Weighted average number of common shares | 364.4 | 368.3 | |||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. | $ | 2.14 | $ | 1.16 | |||||||
Adjusted weighted average number of common shares | 370.0 | 373.4 | |||||||||
Other Consolidated Financial Data | |||||||||||
Interest charged to cost of sales | $ | 33.0 | $ | 25.7 | |||||||
Depreciation and amortization | $ | 20.4 | $ | 19.0 | |||||||
Interest incurred | $ | 40.4 | $ | 37.7 |
Three Months Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 795.2 | $ | 432.5 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 20.4 | 19.0 | |||||||||
Amortization of discounts and fees | 2.5 | 3.1 | |||||||||
Stock-based compensation expense | 21.7 | 16.6 | |||||||||
Equity in earnings of unconsolidated entities | (0.9) | (0.5) | |||||||||
Deferred income taxes | 2.9 | 7.2 | |||||||||
Inventory and land option charges | 8.3 | 3.8 | |||||||||
Gain on sale of assets | (14.0) | (31.1) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Increase in construction in progress and finished homes | (591.2) | (334.8) | |||||||||
Increase in residential land and lots – developed, under development, held for development and held for sale | (716.8) | (373.1) | |||||||||
(Increase) decrease in other assets | (124.9) | 2.0 | |||||||||
Net decrease in mortgage loans held for sale | 90.1 | 46.9 | |||||||||
Increase in accounts payable, accrued expenses and other liabilities | 254.6 | 94.6 | |||||||||
Net cash used in operating activities | (252.1) | (113.8) | |||||||||
INVESTING ACTIVITIES | |||||||||||
Expenditures for property and equipment | (16.3) | (21.6) | |||||||||
Proceeds from sale of assets | 31.8 | 62.8 | |||||||||
Expenditures related to rental properties | (86.2) | (59.6) | |||||||||
Return of investment in unconsolidated entities | 2.1 | 1.9 | |||||||||
Net principal decrease (increase) of other mortgage loans and real estate owned | 0.2 | (0.6) | |||||||||
Payments related to business acquisitions | (23.0) | (0.7) | |||||||||
Net cash used in investing activities | (91.4) | (17.8) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from notes payable | 494.1 | 495.7 | |||||||||
Repayment of notes payable | (400.1) | — | |||||||||
Payments on mortgage repurchase facility, net | (163.5) | (38.6) | |||||||||
Proceeds from stock associated with certain employee benefit plans | 0.9 | 4.1 | |||||||||
Cash paid for shares withheld for taxes | (26.3) | (17.3) | |||||||||
Cash dividends paid | (72.9) | (64.6) | |||||||||
Repurchases of common stock | (53.8) | (163.1) | |||||||||
Distributions to noncontrolling interests, net | (0.1) | (0.4) | |||||||||
Other financing activities | — | (2.3) | |||||||||
Net cash (used in) provided by financing activities | (221.7) | 213.5 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (565.2) | 81.9 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,040.1 | 1,514.0 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,474.9 | $ | 1,595.9 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,129.3 | $ | 237.4 | $ | 65.3 | $ | 22.9 | $ | — | $ | 2,454.9 | ||||||||||||||||||||||||||
Restricted cash | 10.8 | — | 9.0 | 0.2 | — | 20.0 | ||||||||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||||||||||||
Construction in progress and finished homes | 6,665.1 | — | — | — | (66.3) | 6,598.8 | ||||||||||||||||||||||||||||||||
Residential land and lots | 5,473.4 | 1,540.4 | — | — | (36.1) | 6,977.7 | ||||||||||||||||||||||||||||||||
12,138.5 | 1,540.4 | — | — | (102.4) | 13,576.5 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | 1,438.9 | — | — | 1,438.9 | ||||||||||||||||||||||||||||||||
Deferred income taxes, net | 142.6 | — | — | — | (0.6) | 142.0 | ||||||||||||||||||||||||||||||||
Property and equipment, net | 388.3 | 1.9 | 3.7 | 359.1 | (4.6) | 748.4 | ||||||||||||||||||||||||||||||||
Other assets | 1,121.7 | 29.4 | 121.5 | 56.5 | (92.9) | 1,236.2 | ||||||||||||||||||||||||||||||||
Goodwill | 134.3 | — | — | — | 29.2 | 163.5 | ||||||||||||||||||||||||||||||||
$ | 16,065.5 | $ | 1,809.1 | $ | 1,638.4 | $ | 438.7 | $ | (171.3) | $ | 19,780.4 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 786.4 | $ | 42.2 | $ | — | $ | 17.0 | $ | — | $ | 845.6 | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | 1,741.6 | 218.8 | 101.0 | 10.9 | (133.4) | 1,938.9 | ||||||||||||||||||||||||||||||||
Notes payable | 2,606.2 | 654.1 | 969.1 | — | (3.8) | 4,225.6 | ||||||||||||||||||||||||||||||||
$ | 5,134.2 | $ | 915.1 | $ | 1,070.1 | $ | 27.9 | $ | (137.2) | $ | 7,010.1 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,551.1 | $ | 394.3 | $ | 55.6 | $ | 17.5 | $ | — | $ | 3,018.5 | ||||||||||||||||||||||||||
Restricted cash | 9.5 | — | 11.9 | 0.2 | — | 21.6 | ||||||||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||||||||||||
Construction in progress and finished homes | 6,037.5 | — | — | — | (53.4) | 5,984.1 | ||||||||||||||||||||||||||||||||
Residential land and lots | 4,977.5 | 1,309.7 | — | — | (33.9) | 6,253.3 | ||||||||||||||||||||||||||||||||
11,015.0 | 1,309.7 | — | — | (87.3) | 12,237.4 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | 1,529.0 | — | — | 1,529.0 | ||||||||||||||||||||||||||||||||
Deferred income taxes, net | 142.3 | — | — | — | 2.6 | 144.9 | ||||||||||||||||||||||||||||||||
Property and equipment, net | 372.8 | 1.1 | 3.9 | 308.9 | (3.0) | 683.7 | ||||||||||||||||||||||||||||||||
Other assets | 996.4 | 34.8 | 125.8 | 52.8 | (96.1) | 1,113.7 | ||||||||||||||||||||||||||||||||
Goodwill | 134.3 | — | — | — | 29.2 | 163.5 | ||||||||||||||||||||||||||||||||
$ | 15,221.4 | $ | 1,739.9 | $ | 1,726.2 | $ | 379.4 | $ | (154.6) | $ | 18,912.3 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 859.3 | $ | 29.2 | $ | — | $ | 12.0 | $ | — | $ | 900.5 | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | 1,438.3 | 197.8 | 86.8 | 12.2 | (128.1) | 1,607.0 | ||||||||||||||||||||||||||||||||
Notes payable | 2,514.4 | 641.1 | 1,132.6 | — | (4.8) | 4,283.3 | ||||||||||||||||||||||||||||||||
$ | 4,812.0 | $ | 868.1 | $ | 1,219.4 | $ | 24.2 | $ | (132.9) | $ | 6,790.8 |
Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 5,698.7 | $ | — | $ | — | $ | — | $ | — | $ | 5,698.7 | ||||||||||||||||||||||||||
Land/lot sales and other | 19.9 | 307.1 | — | 14.7 | (294.2) | 47.5 | ||||||||||||||||||||||||||||||||
Financial services | — | — | 187.2 | — | — | 187.2 | ||||||||||||||||||||||||||||||||
5,718.6 | 307.1 | 187.2 | 14.7 | (294.2) | 5,933.4 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (3) | 4,325.1 | — | — | — | (27.7) | 4,297.4 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 13.8 | 262.5 | — | — | (249.5) | 26.8 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 7.9 | 0.4 | — | — | — | 8.3 | ||||||||||||||||||||||||||||||||
4,346.8 | 262.9 | — | — | (277.2) | 4,332.5 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 451.2 | 15.5 | 109.5 | 9.6 | 0.1 | 585.9 | ||||||||||||||||||||||||||||||||
Gain on sale of assets | (13.1) | — | — | (0.9) | — | (14.0) | ||||||||||||||||||||||||||||||||
Other (income) expense | (1.5) | (0.5) | (6.4) | 3.8 | (0.7) | (5.3) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 935.2 | $ | 29.2 | $ | 84.1 | $ | 2.2 | $ | (16.4) | $ | 1,034.3 | ||||||||||||||||||||||||||
Summary Cash Flow Information | ||||||||||||||||||||||||||||||||||||||
Cash (used in) provided by operating activities | $ | (269.2) | $ | (158.7) | $ | 173.1 | $ | 1.2 | $ | 1.5 | $ | (252.1) |
Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 3,863.3 | $ | — | $ | — | $ | — | $ | — | $ | 3,863.3 | ||||||||||||||||||||||||||
Land/lot sales and other | 19.7 | 247.2 | — | 8.8 | (221.2) | 54.5 | ||||||||||||||||||||||||||||||||
Financial services | — | — | 102.9 | — | — | 102.9 | ||||||||||||||||||||||||||||||||
3,883.0 | 247.2 | 102.9 | 8.8 | (221.2) | 4,020.7 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (3) | 3,051.6 | — | — | — | (6.7) | 3,044.9 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 13.3 | 216.3 | — | — | (194.1) | 35.5 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 3.5 | 0.3 | — | — | — | 3.8 | ||||||||||||||||||||||||||||||||
3,068.4 | 216.6 | — | — | (200.8) | 3,084.2 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 358.4 | 10.5 | 77.9 | 8.8 | 0.2 | 455.8 | ||||||||||||||||||||||||||||||||
Loss (gain) on sale of assets | — | 0.1 | — | (31.2) | — | (31.1) | ||||||||||||||||||||||||||||||||
Other (income) expense | (5.4) | (2.2) | (5.5) | 1.6 | — | (11.5) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 461.6 | $ | 22.2 | $ | 30.5 | $ | 29.6 | $ | (20.6) | $ | 523.3 | ||||||||||||||||||||||||||
Summary Cash Flow Information | ||||||||||||||||||||||||||||||||||||||
Cash (used in) provided by operating activities | $ | (178.4) | $ | (11.7) | $ | 83.5 | $ | 3.9 | $ | (11.1) | $ | (113.8) |
NET SALES ORDERS | ||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Homes | Value | Homes | Value | |||||||||||||||||||||||
East | 2,634 | $ | 861.6 | 1,841 | $ | 546.8 | ||||||||||||||||||||
Midwest | 1,255 | 475.9 | 714 | 255.4 | ||||||||||||||||||||||
Southeast | 7,007 | 2,082.2 | 4,374 | 1,191.8 | ||||||||||||||||||||||
South Central | 6,690 | 1,806.5 | 3,775 | 964.2 | ||||||||||||||||||||||
Southwest | 902 | 284.6 | 667 | 199.7 | ||||||||||||||||||||||
West | 1,930 | 905.2 | 1,755 | 791.9 | ||||||||||||||||||||||
20,418 | $ | 6,416.0 | 13,126 | $ | 3,949.8 |
HOMES CLOSED | ||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Homes | Value | Homes | Value | |||||||||||||||||||||||
East | 2,592 | $ | 804.6 | 1,798 | $ | 520.4 | ||||||||||||||||||||
Midwest | 1,136 | 411.9 | 813 | 282.2 | ||||||||||||||||||||||
Southeast | 6,296 | 1,776.3 | 4,231 | 1,149.3 | ||||||||||||||||||||||
South Central | 5,669 | 1,473.4 | 3,780 | 958.0 | ||||||||||||||||||||||
Southwest | 773 | 232.2 | 663 | 196.0 | ||||||||||||||||||||||
West | 2,273 | 1,000.3 | 1,674 | 757.4 | ||||||||||||||||||||||
18,739 | $ | 5,698.7 | 12,959 | $ | 3,863.3 |
SALES ORDER BACKLOG | ||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Homes | Value | Homes | Value | |||||||||||||||||||||||
East | 3,625 | $ | 1,194.4 | 1,959 | $ | 602.5 | ||||||||||||||||||||
Midwest | 2,135 | 795.5 | 964 | 337.8 | ||||||||||||||||||||||
Southeast | 8,967 | 2,684.4 | 4,420 | 1,262.0 | ||||||||||||||||||||||
South Central | 9,059 | 2,441.8 | 4,161 | 1,090.2 | ||||||||||||||||||||||
Southwest | 2,134 | 648.6 | 819 | 245.4 | ||||||||||||||||||||||
West | 2,567 | 1,170.1 | 1,457 | 688.7 | ||||||||||||||||||||||
28,487 | $ | 8,934.8 | 13,780 | $ | 4,226.6 |
HOMES IN INVENTORY | ||||||||||||||
December 31, 2020 | September 30, 2020 | |||||||||||||
East | 5,400 | 4,900 | ||||||||||||
Midwest | 3,000 | 2,600 | ||||||||||||
Southeast | 13,200 | 11,500 | ||||||||||||
South Central | 13,500 | 12,600 | ||||||||||||
Southwest | 2,500 | 1,800 | ||||||||||||
West | 4,500 | 4,600 | ||||||||||||
42,100 | 38,000 |
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