$DHI
HORTON D R INC /DE/

2014 Q3 Form 10-Q Financial Statement

#000088218414000070 Filed on July 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $2.472B $2.147B $1.693B
YoY Change 32.93% 26.83% 47.2%
Cost Of Revenue $1.950B $1.726B $1.295B
YoY Change 34.79% 33.2% 41.13%
Gross Profit $522.7M $421.5M $397.4M
YoY Change 26.44% 6.06% 71.22%
Gross Profit Margin 21.14% 19.63% 23.48%
Selling, General & Admin $278.5M $255.7M $198.8M
YoY Change 27.69% 28.62% 25.9%
% of Gross Profit 53.28% 60.66% 50.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.80M $9.900M $5.900M
YoY Change 76.12% 67.8% 28.26%
% of Gross Profit 2.26% 2.35% 1.48%
Operating Expenses $274.6M $252.6M $195.0M
YoY Change 28.62% 29.54% 25.56%
Operating Profit $248.1M $168.9M $202.4M
YoY Change 24.11% -16.55% 163.54%
Interest Expense $2.700M $0.00 $0.00
YoY Change -3.57% -100.0%
% of Operating Profit 1.09% 0.0% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $250.8M $171.8M $205.1M
YoY Change 23.67% -16.24% 184.07%
Income Tax $84.50M $58.70M $59.10M
% Of Pretax Income 33.69% 34.17% 28.82%
Net Earnings $166.3M $113.1M $146.0M
YoY Change 19.21% -22.53% -81.47%
Net Earnings / Revenue 6.73% 5.27% 8.62%
Basic Earnings Per Share $0.46 $0.32 $0.45
Diluted Earnings Per Share $0.45 $0.32 $0.42
COMMON SHARES
Basic Shares Outstanding 364.5M shares 349.7M shares 322.6M shares
Diluted Shares Outstanding 367.8M shares 365.6M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $662.0M $575.0M $638.0M
YoY Change -32.24% -9.87% -29.5%
Cash & Equivalents $661.8M $617.3M $638.0M
Short-Term Investments
Other Short-Term Assets $55.00M $44.00M $31.00M
YoY Change 12.24% 41.94% 34.78%
Inventory $7.701B $7.376B $5.912B
Prepaid Expenses
Receivables $39.00M $30.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.457B $8.025B $6.581B
YoY Change 16.7% 21.94% 37.02%
LONG-TERM ASSETS
Property, Plant & Equipment $193.7M $133.0M $96.00M
YoY Change 76.89% 38.54% 43.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $575.0M $603.0M $707.0M
YoY Change -13.4% -14.71% -6.73%
Total Long-Term Assets $1.728B $1.692B $1.706B
YoY Change 7.39% -0.84% -7.98%
TOTAL ASSETS
Total Short-Term Assets $8.457B $8.025B $6.581B
Total Long-Term Assets $1.728B $1.692B $1.706B
Total Assets $10.19B $9.717B $8.287B
YoY Change 15.01% 17.25% 24.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $525.0M $422.0M $357.0M
YoY Change 31.25% 18.21% 56.58%
Accrued Expenses $817.0M $831.0M $720.0M
YoY Change -0.24% 15.42% 1.98%
Deferred Revenue
YoY Change
Short-Term Debt $359.0M $303.0M $220.0M
YoY Change 50.21% 37.73% 49.66%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.714B $1.571B $1.362B
YoY Change 15.19% 15.35% 23.37%
LONG-TERM LIABILITIES
Long-Term Debt $3.307B $3.142B $2.864B
YoY Change 1.13% 9.71% 46.95%
Other Long-Term Liabilities $45.00M $33.00M $154.0M
YoY Change 21.62% -78.57% 36.28%
Total Long-Term Liabilities $3.352B $3.175B $3.018B
YoY Change 1.36% 5.2% 46.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.714B $1.571B $1.362B
Total Long-Term Liabilities $3.352B $3.175B $3.018B
Total Liabilities $5.066B $4.747B $4.380B
YoY Change 5.65% 8.38% 38.36%
SHAREHOLDERS EQUITY
Retained Earnings $2.631B $2.487B $2.006B
YoY Change 22.6% 23.97% 21.21%
Common Stock $2.617B $2.611B $2.031B
YoY Change 27.97% 28.57% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $134.3M $134.3M $134.3M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 7.200M shares 7.200M shares 7.200M shares
Shareholders Equity $5.116B $4.966B $3.905B
YoY Change
Total Liabilities & Shareholders Equity $10.19B $9.717B $8.287B
YoY Change 15.01% 17.25% 24.49%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $166.3M $113.1M $146.0M
YoY Change 19.21% -22.53% -81.47%
Depreciation, Depletion And Amortization $11.80M $9.900M $5.900M
YoY Change 76.12% 67.8% 28.26%
Cash From Operating Activities -$87.70M -$307.9M -$296.0M
YoY Change -7.49% 4.02% 212.9%
INVESTING ACTIVITIES
Capital Expenditures -$50.30M -$17.10M -$15.30M
YoY Change 189.08% 11.76% -16.39%
Acquisitions
YoY Change
Other Investing Activities -$14.10M -$129.6M -$13.70M
YoY Change 31.78% 845.99% -208.73%
Cash From Investing Activities -$64.40M -$146.7M -$29.00M
YoY Change 129.18% 405.86% 408.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 196.6M 78.50M -187.5M
YoY Change -53.35% -141.87% -157.62%
NET CHANGE
Cash From Operating Activities -87.70M -307.9M -296.0M
Cash From Investing Activities -64.40M -146.7M -29.00M
Cash From Financing Activities 196.6M 78.50M -187.5M
Net Change In Cash 44.50M -376.1M -512.5M
YoY Change -85.09% -26.61% -327.68%
FREE CASH FLOW
Cash From Operating Activities -$87.70M -$307.9M -$296.0M
Capital Expenditures -$50.30M -$17.10M -$15.30M
Free Cash Flow -$37.40M -$290.8M -$280.7M
YoY Change -51.68% 3.6% 267.89%

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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
49900000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40600000 USD
CY2013Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.1
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.1
CY2013Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2013Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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>
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
43100000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
27900000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
892000000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
686300000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
325400000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
0 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
1400000 USD
us-gaap Profit Loss
ProfitLoss
323200000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
146000000 USD
us-gaap Profit Loss
ProfitLoss
367300000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
113100000 USD
CY2013Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
119600000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
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CY2012Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
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CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
137100000 USD
CY2014Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
193500000 USD
CY2013Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
103800000 USD
CY2014Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
34200000 USD
CY2013Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
28600000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
86500000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
81100000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
342100000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
273900000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2487000000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2145600000 USD
CY2013Q2 us-gaap Revenues
Revenues
1692800000 USD
us-gaap Revenues
Revenues
4399400000 USD
us-gaap Revenues
Revenues
5552500000 USD
CY2014Q2 us-gaap Revenues
Revenues
2147000000 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
CY2014Q2 us-gaap Special Assessment Bond Noncurrent
SpecialAssessmentBondNoncurrent
829400000 USD
us-gaap Stock Issued1
StockIssued1
3900000 USD
us-gaap Stock Issued1
StockIssued1
5500000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
13100000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
17600000 USD
CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000 USD
CY2014Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
100000000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
4966200000 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
4058500000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4969900000 USD
CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4061400000 USD
CY2013Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2013Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
9300000 USD
us-gaap Use Of Estimates
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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;">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
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
366200000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
367800000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
321800000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
322600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
332400000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
349700000 shares
CY2014Q2 dhi Business Acquisition Numberof Homes Closed
BusinessAcquisitionNumberofHomesClosed
254
CY2014Q2 dhi Capitalized Interest Costs Written Off With Inventory Impairments
CapitalizedInterestCostsWrittenOffWithInventoryImpairments
1100000 USD
CY2013Q2 dhi Capitalized Interest Costs Written Off With Inventory Impairments
CapitalizedInterestCostsWrittenOffWithInventoryImpairments
0 USD
dhi Capitalized Interest Costs Written Off With Inventory Impairments
CapitalizedInterestCostsWrittenOffWithInventoryImpairments
1100000 USD
dhi Capitalized Interest Costs Written Off With Inventory Impairments
CapitalizedInterestCostsWrittenOffWithInventoryImpairments
0 USD
CY2013Q3 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
617600000 USD
CY2014Q2 dhi Deferred Tax Assets Net Of Deferred Tax Liabilities
DeferredTaxAssetsNetOfDeferredTaxLiabilities
616300000 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 Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000882184
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
364472463 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
HORTON D R INC /DE/

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