$DHI
HORTON D R INC /DE/

2012 Q3 Form 10-Q Financial Statement

#000088218412000031 Filed on July 27, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $1.336B $1.150B $999.2M
YoY Change 21.66% 15.09% -28.94%
Cost Of Revenue $1.066B $917.9M $824.1M
YoY Change 16.65% 11.38% -29.65%
Gross Profit $269.9M $232.1M $175.1M
YoY Change 46.53% 32.55% -25.36%
Gross Profit Margin 20.2% 20.18% 17.52%
Selling, General & Admin $171.2M $157.9M $133.0M
YoY Change 18.89% 18.72% -19.25%
% of Gross Profit 63.43% 68.03% 75.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.400M $4.600M $5.000M
YoY Change -12.0% -8.0% 16.28%
% of Gross Profit 1.63% 1.98% 2.86%
Operating Expenses $167.1M $155.3M $131.8M
YoY Change 16.93% 17.83% -18.99%
Operating Profit $102.8M $76.80M $43.30M
YoY Change 148.91% 77.37% -39.78%
Interest Expense -$3.500M -$6.900M -$7.900M
YoY Change -52.05% -12.66% -54.34%
% of Operating Profit -3.4% -8.98% -18.24%
Other Income/Expense, Net
YoY Change
Pretax Income $99.20M $72.20M $28.90M
YoY Change 193.49% 149.83% -37.58%
Income Tax -$900.0K -$715.6M $200.0K
% Of Pretax Income -0.91% -991.14% 0.69%
Net Earnings $100.1M $787.8M $28.70M
YoY Change 180.39% 2644.95% -43.17%
Net Earnings / Revenue 7.49% 68.5% 2.87%
Basic Earnings Per Share $0.31 $2.47 $0.09
Diluted Earnings Per Share $0.30 $2.22 $0.09
COMMON SHARES
Basic Shares Outstanding 319.3M shares 318.8M shares 318.7M shares
Diluted Shares Outstanding 360.0M shares 319.0M shares

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.048B $905.0M $841.0M
YoY Change 42.97% 7.61% -39.63%
Cash & Equivalents $1.087B $904.9M $841.0M
Short-Term Investments
Other Short-Term Assets $29.00M $23.00M $18.00M
YoY Change 16.0% 27.78% -18.18%
Inventory $4.165B $3.862B $3.501B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.256B $4.803B $4.374B
YoY Change 24.55% 9.81% -12.75%
LONG-TERM ASSETS
Property, Plant & Equipment $73.80M $67.00M $59.00M
YoY Change 28.13% 13.56% -3.28%
Goodwill $38.90M
YoY Change 144.65%
Intangibles
YoY Change
Long-Term Investments $298.0M $284.0M $297.0M
YoY Change 0.0% -4.38% -0.34%
Other Assets $759.0M $758.0M $50.00M
YoY Change 1448.98% 1416.0% -15.25%
Total Long-Term Assets $1.992B $1.854B $1.131B
YoY Change 75.0% 63.93% -5.59%
TOTAL ASSETS
Total Short-Term Assets $5.256B $4.803B $4.374B
Total Long-Term Assets $1.992B $1.854B $1.131B
Total Assets $7.248B $6.657B $5.505B
YoY Change 35.27% 20.93% -11.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $267.0M $228.0M $218.0M
YoY Change 32.84% 4.59% -15.18%
Accrued Expenses $741.0M $706.0M $674.0M
YoY Change 7.86% 4.75% -9.04%
Deferred Revenue
YoY Change
Short-Term Debt $188.0M $147.0M $116.0M
YoY Change 60.68% 26.72% -24.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.218B $1.104B $1.032B
YoY Change 18.48% 6.98% -16.03%
LONG-TERM LIABILITIES
Long-Term Debt $2.305B $1.949B $1.764B
YoY Change 45.15% 10.49% -20.36%
Other Long-Term Liabilities $132.0M $113.0M $114.0M
YoY Change 10.0% -0.88% -12.98%
Total Long-Term Liabilities $2.437B $2.062B $1.878B
YoY Change 42.68% 9.8% -19.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.218B $1.104B $1.032B
Total Long-Term Liabilities $2.437B $2.062B $1.878B
Total Liabilities $3.654B $3.165B $2.913B
YoY Change 33.59% 8.66% -18.72%
SHAREHOLDERS EQUITY
Retained Earnings $1.743B $1.655B
YoY Change 108.85%
Common Stock $1.983B $1.968B
YoY Change 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $134.3M $134.3M
YoY Change 0.0%
Treasury Stock Shares 7.200M shares 7.200M shares
Shareholders Equity $3.592B $3.489B $2.592B
YoY Change
Total Liabilities & Shareholders Equity $7.248B $6.657B $5.505B
YoY Change 35.27% 20.93% -11.37%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $100.1M $787.8M $28.70M
YoY Change 180.39% 2644.95% -43.17%
Depreciation, Depletion And Amortization $4.400M $4.600M $5.000M
YoY Change -12.0% -8.0% 16.28%
Cash From Operating Activities -$118.2M -$94.60M -$54.20M
YoY Change -231.04% 74.54% -134.02%
INVESTING ACTIVITIES
Capital Expenditures -$9.800M -$18.30M -$4.600M
YoY Change 180.0% 297.83% -41.77%
Acquisitions
YoY Change
Other Investing Activities -$121.9M $12.60M -$12.20M
YoY Change 9276.92% -203.28% -88.79%
Cash From Investing Activities -$131.7M -$5.700M -$16.80M
YoY Change 2643.75% -66.07% -85.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 393.9M 325.4M -169.1M
YoY Change -303.25% -292.43% -41.63%
NET CHANGE
Cash From Operating Activities -118.2M -94.60M -54.20M
Cash From Investing Activities -131.7M -5.700M -16.80M
Cash From Financing Activities 393.9M 325.4M -169.1M
Net Change In Cash 144.0M 225.1M -240.1M
YoY Change -232.84% -193.75% -2.83%
FREE CASH FLOW
Cash From Operating Activities -$118.2M -$94.60M -$54.20M
Capital Expenditures -$9.800M -$18.30M -$4.600M
Free Cash Flow -$108.4M -$76.30M -$49.60M
YoY Change -215.69% 53.83% -129.67%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENT ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2011, the FASB issued ASU 2011-11, &#8220;Disclosures about Offsetting Assets and Liabilities,&#8221; which requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The guidance is effective for the Company beginning October&#160;1, 2013 and is to be applied retrospectively. The adoption of this guidance, which is related to disclosure only, is not expected to have a material impact on the Company&#8217;s consolidated financial position, results of operations or cash flows.</font></div></div>
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CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
834600000 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1655000000 USD
us-gaap Revenues
Revenues
2538500000 USD
CY2012Q2 us-gaap Revenues
Revenues
1150000000 USD
CY2011Q2 us-gaap Revenues
Revenues
999200000 USD
us-gaap Revenues
Revenues
3017800000 USD
CY2012Q2 us-gaap Senior Notes
SeniorNotes
1943500000 USD
CY2011Q3 us-gaap Senior Notes
SeniorNotes
1582400000 USD
CY2012Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeUpperBound
3300000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
9900000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
14300000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000 USD
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
100000000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
2620600000 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
3488700000 USD
CY2011Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2623500000 USD
CY2012Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3491600000 USD
CY2011Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2011Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates.</font></div></div>
CY2012Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-716700000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
319300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
357700000 shares
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
319000000 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
360000000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
318700000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
318800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
319000000 shares
CY2012Q2 dhi Cash Collateral On Letters Of Credit
CashCollateralOnLettersOfCredit
39600000 USD
CY2011Q3 dhi Cash Collateral On Letters Of Credit
CashCollateralOnLettersOfCredit
47500000 USD
CY2012Q2 dhi Change In Value Of Net Sales Orders
ChangeInValueOfNetSalesOrders
0.32
CY2012Q2 dhi Change In Value Of Sales Order Backlog
ChangeInValueOfSalesOrderBacklog
0.40
dhi Commitment Of Hedged Loans To Third Party Purchasers
CommitmentOfHedgedLoansToThirdPartyPurchasers
P3D
CY2012Q2 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
795100000 USD
CY2011Q3 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
848500000 USD
CY2012Q2 dhi Deposits On Land Option Contracts
DepositsOnLandOptionContracts
18100000 USD
CY2011Q3 dhi Deposits On Land Option Contracts
DepositsOnLandOptionContracts
13200000 USD
dhi Homebuilding Percentage Of Consolidated Revenues
HomebuildingPercentageOfConsolidatedRevenues
0.98
CY2011Q2 dhi Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
28900000 USD
CY2012Q2 dhi Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
72200000 USD
dhi Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
-21800000 USD
dhi Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
143700000 USD
dhi Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
206400000 USD
dhi Increase Decrease In Residential Land And Lots Developed Under Development And Held For Development
IncreaseDecreaseInResidentialLandAndLotsDevelopedUnderDevelopmentAndHeldForDevelopment
207700000 USD
dhi Increase Decrease In Residential Land And Lots Developed Under Development And Held For Development
IncreaseDecreaseInResidentialLandAndLotsDevelopedUnderDevelopmentAndHeldForDevelopment
-34700000 USD
dhi Inventory Impairments And Land Option Cost Write Offs
InventoryImpairmentsAndLandOptionCostWriteOffs
4700000 USD
dhi Inventory Impairments And Land Option Cost Write Offs
InventoryImpairmentsAndLandOptionCostWriteOffs
32600000 USD
CY2011Q3 dhi Mortgage Loss Reserves
MortgageLossReserves
33000000 USD
CY2012Q2 dhi Mortgage Loss Reserves
MortgageLossReserves
31600000 USD
dhi Net Pre Tax Incomeloss Over Cumulative Period Of Time
NetPreTaxIncomelossOverCumulativePeriodOfTime
26100000 USD
CY2012Q2 dhi Number Of Homes Closed
NumberOfHomesClosed
4957 Home
dhi Number Of Homes Closed
NumberOfHomesClosed
13315 Home
CY2012Q2 dhi Number Of Homes In Backlog
NumberOfHomesInBacklog
7311 Home
CY2011Q3 dhi Other Mortgage Loans
OtherMortgageLoans
42800000 USD
CY2012Q2 dhi Other Mortgage Loans
OtherMortgageLoans
37600000 USD
CY2011Q3 dhi Other Mortgage Loans And Real Estate Owned
OtherMortgageLoansAndRealEstateOwned
43700000 USD
CY2012Q2 dhi Other Mortgage Loans And Real Estate Owned
OtherMortgageLoansAndRealEstateOwned
38700000 USD
CY2011Q3 dhi Real Estate Owned
RealEstateOwned
900000 USD
CY2012Q2 dhi Real Estate Owned
RealEstateOwned
1100000 USD
CY2012Q2 dhi Reinsurance Loss Reserves
ReinsuranceLossReserves
1900000 USD
CY2011Q3 dhi Reinsurance Loss Reserves
ReinsuranceLossReserves
900000 USD
CY2012Q2 dhi Surety Bonds
SuretyBonds
534500000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000882184
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
319295759 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
HORTON D R INC /DE/

Files In Submission

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0000882184-12-000031-index.html Edgar Link pending
0000882184-12-000031.txt Edgar Link pending
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