$DHI
HORTON D R INC /DE/

2014 Q1 Form 10-Q Financial Statement

#000088218414000057 Filed on April 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $1.735B $1.432B
YoY Change 21.19% 48.94%
Cost Of Revenue $1.320B $1.109B
YoY Change 18.98% 43.84%
Gross Profit $415.2M $322.2M
YoY Change 28.86% 69.58%
Gross Profit Margin 23.93% 22.51%
Selling, General & Admin $218.1M $182.9M
YoY Change 19.25% 24.34%
% of Gross Profit 52.53% 56.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.900M $5.300M
YoY Change 67.92% 10.42%
% of Gross Profit 2.14% 1.64%
Operating Expenses $215.3M $179.7M
YoY Change 19.81% 24.88%
Operating Profit $199.9M $142.5M
YoY Change 40.28% 209.11%
Interest Expense $0.00 $3.000M
YoY Change -100.0% -52.38%
% of Operating Profit 0.0% 2.11%
Other Income/Expense, Net
YoY Change
Pretax Income $201.9M $142.1M
YoY Change 42.08% 235.93%
Income Tax $70.90M $31.10M
% Of Pretax Income 35.12% 21.89%
Net Earnings $131.0M $111.0M
YoY Change 18.02% 173.4%
Net Earnings / Revenue 7.55% 7.75%
Basic Earnings Per Share $0.40 $0.35
Diluted Earnings Per Share $0.38 $0.32
COMMON SHARES
Basic Shares Outstanding 324.3M shares 321.7M shares
Diluted Shares Outstanding 366.3M shares 365.4M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $951.0M $1.151B
YoY Change -17.38% 69.26%
Cash & Equivalents $993.4M $1.151B
Short-Term Investments
Other Short-Term Assets $46.00M $34.00M
YoY Change 35.29% 78.95%
Inventory $6.784B $5.324B
Prepaid Expenses
Receivables $24.00M
Other Receivables $0.00
Total Short-Term Assets $7.805B $6.509B
YoY Change 19.91% 49.67%
LONG-TERM ASSETS
Property, Plant & Equipment $123.0M $87.00M
YoY Change 41.38% 64.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $650.0M $735.0M
YoY Change -11.56% 1692.68%
Total Long-Term Assets $1.568B $1.724B
YoY Change -9.03% 51.72%
TOTAL ASSETS
Total Short-Term Assets $7.805B $6.509B
Total Long-Term Assets $1.568B $1.724B
Total Assets $9.373B $8.233B
YoY Change 13.85% 50.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $339.0M $309.0M
YoY Change 9.71% 51.47%
Accrued Expenses $768.0M $727.0M
YoY Change 5.64% 4.15%
Deferred Revenue
YoY Change
Short-Term Debt $224.0M $246.0M
YoY Change -8.94% 50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.351B $1.331B
YoY Change 1.5% 22.11%
LONG-TERM LIABILITIES
Long-Term Debt $3.638B $3.027B
YoY Change 20.19% 90.02%
Other Long-Term Liabilities $34.00M $131.0M
YoY Change -74.05% 32.32%
Total Long-Term Liabilities $3.672B $3.158B
YoY Change 16.28% 86.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.351B $1.331B
Total Long-Term Liabilities $3.672B $3.158B
Total Liabilities $5.023B $4.489B
YoY Change 11.91% 61.18%
SHAREHOLDERS EQUITY
Retained Earnings $2.388B $1.860B
YoY Change 28.36%
Common Stock $2.091B $2.015B
YoY Change 3.75%
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 $4.346B $3.741B
YoY Change
Total Liabilities & Shareholders Equity $9.373B $8.233B
YoY Change 13.85% 50.09%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $131.0M $111.0M
YoY Change 18.02% 173.4%
Depreciation, Depletion And Amortization $8.900M $5.300M
YoY Change 67.92% 10.42%
Cash From Operating Activities -$258.3M -$183.8M
YoY Change 40.53% 136.55%
INVESTING ACTIVITIES
Capital Expenditures -$14.50M -$11.30M
YoY Change 28.32% 264.52%
Acquisitions
YoY Change
Other Investing Activities $800.0K $97.10M
YoY Change -99.18% -97200.0%
Cash From Investing Activities -$13.70M $85.80M
YoY Change -115.97% -2781.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 404.4M 681.6M
YoY Change -40.67% 2915.93%
NET CHANGE
Cash From Operating Activities -258.3M -183.8M
Cash From Investing Activities -13.70M 85.80M
Cash From Financing Activities 404.4M 681.6M
Net Change In Cash 132.4M 583.6M
YoY Change -77.31% -1101.03%
FREE CASH FLOW
Cash From Operating Activities -$258.3M -$183.8M
Capital Expenditures -$14.50M -$11.30M
Free Cash Flow -$243.8M -$172.5M
YoY Change 41.33% 131.23%

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<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;">Reclassifications</font></div><div style="line-height:120%;text-align:left;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;">See Note </font><font style="font-family:inherit;font-size:10pt;">N</font><font style="font-family:inherit;font-size:10pt;"> for a discussion of the revisions to the condensed consolidating statements of cash flows.</font></div></div>
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ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
111000000 USD
us-gaap Profit Loss
ProfitLoss
254100000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
131000000 USD
us-gaap Profit Loss
ProfitLoss
177300000 USD
CY2013Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
103800000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
183700000 USD
CY2012Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
91300000 USD
CY2012Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
82300000 USD
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
137100000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
161100000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
26900000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
52500000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
52200000 USD
CY2013Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
27600000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
163600000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
170400000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2387600000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2145600000 USD
CY2014Q1 us-gaap Revenues
Revenues
1735000000 USD
CY2013Q1 us-gaap Revenues
Revenues
1431600000 USD
us-gaap Revenues
Revenues
3405600000 USD
us-gaap Revenues
Revenues
2706500000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3795333 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.86
CY2014Q1 us-gaap Special Assessment Bond Noncurrent
SpecialAssessmentBondNoncurrent
748300000 USD
us-gaap Stock Issued1
StockIssued1
3900000 USD
us-gaap Stock Issued1
StockIssued1
5500000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
10800000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
7600000 USD
CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000 USD
CY2014Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
100000000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
4346300000 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
4058500000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4349600000 USD
CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4061400000 USD
CY2013Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2014Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2013Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2014Q1 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>
CY2013Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-18700000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
366300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
364700000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365400000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
321700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
323700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
321400000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
324300000 shares
CY2014Q1 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
601100000 USD
CY2013Q3 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
617600000 USD
CY2014Q1 dhi Stock Option Grant Recipients
StockOptionGrantRecipients
500
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000882184
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
325270612 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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0000882184-14-000057.txt Edgar Link pending
0000882184-14-000057-xbrl.zip Edgar Link pending
a331201410q.htm Edgar Link pending
a3312014exhibit121.htm Edgar Link pending
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