$DHI
HORTON D R INC /DE/

2013 Q3 Form 10-Q Financial Statement

#000088218413000053 Filed on July 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $1.860B $1.693B $1.150B
YoY Change 39.19% 47.2% 15.09%
Cost Of Revenue $1.447B $1.295B $917.9M
YoY Change 35.66% 41.13% 11.38%
Gross Profit $413.4M $397.4M $232.1M
YoY Change 53.17% 71.22% 32.55%
Gross Profit Margin 22.23% 23.48% 20.18%
Selling, General & Admin $218.1M $198.8M $157.9M
YoY Change 27.39% 25.9% 18.72%
% of Gross Profit 52.76% 50.03% 68.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.700M $5.900M $4.600M
YoY Change 52.27% 28.26% -8.0%
% of Gross Profit 1.62% 1.48% 1.98%
Operating Expenses $213.5M $195.0M $155.3M
YoY Change 27.77% 25.56% 17.83%
Operating Profit $199.9M $202.4M $76.80M
YoY Change 94.46% 163.54% 77.37%
Interest Expense $2.800M $0.00 -$6.900M
YoY Change -180.0% -100.0% -12.66%
% of Operating Profit 1.4% 0.0% -8.98%
Other Income/Expense, Net
YoY Change
Pretax Income $202.8M $205.1M $72.20M
YoY Change 104.44% 184.07% 149.83%
Income Tax $63.30M $59.10M -$715.6M
% Of Pretax Income 31.21% 28.82% -991.14%
Net Earnings $139.5M $146.0M $787.8M
YoY Change 39.36% -81.47% 2644.95%
Net Earnings / Revenue 7.5% 8.62% 68.5%
Basic Earnings Per Share $0.43 $0.45 $2.47
Diluted Earnings Per Share $0.40 $0.42 $2.22
COMMON SHARES
Basic Shares Outstanding 322.8M shares 322.6M shares 318.8M shares
Diluted Shares Outstanding 365.6M shares 360.0M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $977.0M $638.0M $905.0M
YoY Change -6.77% -29.5% 7.61%
Cash & Equivalents $977.4M $638.0M $904.9M
Short-Term Investments
Other Short-Term Assets $49.00M $31.00M $23.00M
YoY Change 68.97% 34.78% 27.78%
Inventory $6.197B $5.912B $3.862B
Prepaid Expenses
Receivables $24.00M
Other Receivables $0.00
Total Short-Term Assets $7.247B $6.581B $4.803B
YoY Change 37.88% 37.02% 9.81%
LONG-TERM ASSETS
Property, Plant & Equipment $109.5M $96.00M $67.00M
YoY Change 48.37% 43.28% 13.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $284.0M
YoY Change -100.0% -4.38%
Other Assets $664.0M $707.0M $758.0M
YoY Change -12.52% -6.73% 1416.0%
Total Long-Term Assets $1.609B $1.706B $1.854B
YoY Change -19.21% -7.98% 63.93%
TOTAL ASSETS
Total Short-Term Assets $7.247B $6.581B $4.803B
Total Long-Term Assets $1.609B $1.706B $1.854B
Total Assets $8.856B $8.287B $6.657B
YoY Change 22.19% 24.49% 20.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0M $357.0M $228.0M
YoY Change 49.81% 56.58% 4.59%
Accrued Expenses $819.0M $720.0M $706.0M
YoY Change 10.53% 1.98% 4.75%
Deferred Revenue
YoY Change
Short-Term Debt $239.0M $220.0M $147.0M
YoY Change 27.13% 49.66% 26.72%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.488B $1.362B $1.104B
YoY Change 22.17% 23.37% 6.98%
LONG-TERM LIABILITIES
Long-Term Debt $3.270B $2.864B $1.949B
YoY Change 41.87% 46.95% 10.49%
Other Long-Term Liabilities $37.00M $154.0M $113.0M
YoY Change -71.97% 36.28% -0.88%
Total Long-Term Liabilities $3.307B $3.018B $2.062B
YoY Change 35.7% 46.36% 9.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.488B $1.362B $1.104B
Total Long-Term Liabilities $3.307B $3.018B $2.062B
Total Liabilities $4.795B $4.380B $3.165B
YoY Change 31.24% 38.36% 8.66%
SHAREHOLDERS EQUITY
Retained Earnings $2.146B $2.006B $1.655B
YoY Change 23.09% 21.21%
Common Stock $2.045B $2.031B $1.968B
YoY Change 3.14% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $134.3M $134.3M $134.3M
YoY Change 0.0% 0.0%
Treasury Stock Shares 7.200M shares 7.200M shares 7.200M shares
Shareholders Equity $4.059B $3.905B $3.489B
YoY Change
Total Liabilities & Shareholders Equity $8.856B $8.287B $6.657B
YoY Change 22.19% 24.49% 20.93%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $139.5M $146.0M $787.8M
YoY Change 39.36% -81.47% 2644.95%
Depreciation, Depletion And Amortization $6.700M $5.900M $4.600M
YoY Change 52.27% 28.26% -8.0%
Cash From Operating Activities -$94.80M -$296.0M -$94.60M
YoY Change -19.8% 212.9% 74.54%
INVESTING ACTIVITIES
Capital Expenditures -$17.40M -$15.30M -$18.30M
YoY Change 77.55% -16.39% 297.83%
Acquisitions
YoY Change
Other Investing Activities -$10.70M -$13.70M $12.60M
YoY Change -91.22% -208.73% -203.28%
Cash From Investing Activities -$28.10M -$29.00M -$5.700M
YoY Change -78.66% 408.77% -66.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 421.4M -187.5M 325.4M
YoY Change 6.98% -157.62% -292.43%
NET CHANGE
Cash From Operating Activities -94.80M -296.0M -94.60M
Cash From Investing Activities -28.10M -29.00M -5.700M
Cash From Financing Activities 421.4M -187.5M 325.4M
Net Change In Cash 298.5M -512.5M 225.1M
YoY Change 107.29% -327.68% -193.75%
FREE CASH FLOW
Cash From Operating Activities -$94.80M -$296.0M -$94.60M
Capital Expenditures -$17.40M -$15.30M -$18.30M
Free Cash Flow -$77.40M -$280.7M -$76.30M
YoY Change -28.6% 267.89% 53.83%

Facts In Submission

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CY2011Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2012Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2013Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2012Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2012Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
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24800000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
81100000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
66500000 USD
CY2013Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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CY2012Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2013Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Revenues
Revenues
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CY2012Q2 us-gaap Revenues
Revenues
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CY2013Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
4399400000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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3676000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.80
CY2013Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
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-2400000 USD
us-gaap Stock Issued1
StockIssued1
3100000 USD
us-gaap Stock Issued1
StockIssued1
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
13100000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000 USD
CY2012Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000 USD
CY2013Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
100000000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3907500000 USD
CY2012Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3594700000 USD
CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2013Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2012Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2013Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2013Q2 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
9300000 USD
CY2013Q2 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>
CY2013Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
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CY2012Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
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CY2013Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
360000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
357700000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365000000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
322600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
321800000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
318800000 shares
CY2012Q3 dhi Cash Collateral On Letters Of Credit
CashCollateralOnLettersOfCredit
47200000 USD
CY2013Q2 dhi Cash Collateral On Letters Of Credit
CashCollateralOnLettersOfCredit
64000000 USD
CY2013Q2 dhi Commitment Of Hedged Loans To Third Party Purchasers
CommitmentOfHedgedLoansToThirdPartyPurchasers
P3D
CY2013Q2 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
660600000 USD
dhi Increase Decrease In Residential Land And Lots Developed Under Development And Held For Development
IncreaseDecreaseInResidentialLandAndLotsDevelopedUnderDevelopmentAndHeldForDevelopment
207700000 USD
CY2012Q3 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
751400000 USD
CY2012Q3 dhi Deposits On Land Option Contracts
DepositsOnLandOptionContracts
32000000 USD
CY2013Q2 dhi Deposits On Land Option Contracts
DepositsOnLandOptionContracts
34100000 USD
CY2012Q3 dhi Future Taxable Income Necessary To Recognize Deferred Tax Asset
FutureTaxableIncomeNecessaryToRecognizeDeferredTaxAsset
1300000000 USD
dhi Increase Decrease In Residential Land And Lots Developed Under Development And Held For Development
IncreaseDecreaseInResidentialLandAndLotsDevelopedUnderDevelopmentAndHeldForDevelopment
1046500000 USD
dhi Inventory Impairments And Land Option Cost Write Offs
InventoryImpairmentsAndLandOptionCostWriteOffs
4700000 USD
CY2013Q2 dhi Other Mortgage Loans And Real Estate Owned
OtherMortgageLoansAndRealEstateOwned
36400000 USD
CY2012Q3 dhi Other Mortgage Loans And Real Estate Owned
OtherMortgageLoansAndRealEstateOwned
39400000 USD
CY2013Q2 dhi Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Unrecorded Tax Benefit And Related Accrued Interest Portion Related To Income Tax Expense
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleUnrecordedTaxBenefitAndRelatedAccruedInterestPortionRelatedToIncomeTaxExpense
-2400000 USD
CY2013Q2 dhi Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Unrecorded Tax Benefits And Related Accrued Interest Portion Related To Deferred Income Taxes
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleUnrecordedTaxBenefitsAndRelatedAccruedInterestPortionRelatedToDeferredIncomeTaxes
-1300000 USD
CY2013Q2 dhi Singnificant Change In Unrecognized Tax Benefits Is Reasonably Possible Accrued Interest On Unrecorded Benefit
SingnificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAccruedInterestOnUnrecordedBenefit
-1300000 USD
CY2013Q1 dhi Stock Option Grant Recipients
StockOptionGrantRecipients
500
CY2013Q2 dhi Surety Bonds
SuretyBonds
671000000 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
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000882184
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
322837818 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
HORTON D R INC /DE/

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