$DHI
HORTON D R INC /DE/

2015 Q1 Form 10-Q Financial Statement

#000088218415000051 Filed on April 24, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $2.398B $1.735B
YoY Change 38.21% 21.19%
Cost Of Revenue $1.892B $1.320B
YoY Change 43.36% 18.98%
Gross Profit $506.0M $415.2M
YoY Change 21.87% 28.86%
Gross Profit Margin 21.1% 23.93%
Selling, General & Admin $283.1M $218.1M
YoY Change 29.8% 19.25%
% of Gross Profit 55.95% 52.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.10M $8.900M
YoY Change 47.19% 67.92%
% of Gross Profit 2.59% 2.14%
Operating Expenses $278.6M $215.3M
YoY Change 29.4% 19.81%
Operating Profit $227.4M $199.9M
YoY Change 13.76% 40.28%
Interest Expense $2.700M $0.00
YoY Change -100.0%
% of Operating Profit 1.19% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $230.1M $201.9M
YoY Change 13.97% 42.08%
Income Tax $82.20M $70.90M
% Of Pretax Income 35.72% 35.12%
Net Earnings $147.9M $131.0M
YoY Change 12.9% 18.02%
Net Earnings / Revenue 6.17% 7.55%
Basic Earnings Per Share $0.40 $0.40
Diluted Earnings Per Share $0.40 $0.38
COMMON SHARES
Basic Shares Outstanding 365.8M shares 324.3M shares
Diluted Shares Outstanding 369.4M shares 366.3M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $698.0M $951.0M
YoY Change -26.6% -17.38%
Cash & Equivalents $697.7M $993.4M
Short-Term Investments
Other Short-Term Assets $52.00M $46.00M
YoY Change 13.04% 35.29%
Inventory $8.137B $6.784B
Prepaid Expenses
Receivables $43.00M $24.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.930B $7.805B
YoY Change 14.41% 19.91%
LONG-TERM ASSETS
Property, Plant & Equipment $194.0M $123.0M
YoY Change 57.72% 41.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $558.0M $650.0M
YoY Change -14.15% -11.56%
Total Long-Term Assets $1.783B $1.568B
YoY Change 13.73% -9.03%
TOTAL ASSETS
Total Short-Term Assets $8.930B $7.805B
Total Long-Term Assets $1.783B $1.568B
Total Assets $10.71B $9.373B
YoY Change 14.3% 13.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $499.0M $339.0M
YoY Change 47.2% 9.71%
Accrued Expenses $798.0M $768.0M
YoY Change 3.91% 5.64%
Deferred Revenue
YoY Change
Short-Term Debt $398.0M $224.0M
YoY Change 77.68% -8.94%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.702B $1.351B
YoY Change 25.98% 1.5%
LONG-TERM LIABILITIES
Long-Term Debt $3.548B $3.638B
YoY Change -2.47% 20.19%
Other Long-Term Liabilities $43.00M $34.00M
YoY Change 26.47% -74.05%
Total Long-Term Liabilities $3.591B $3.672B
YoY Change -2.21% 16.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.702B $1.351B
Total Long-Term Liabilities $3.591B $3.672B
Total Liabilities $5.292B $5.023B
YoY Change 5.35% 11.91%
SHAREHOLDERS EQUITY
Retained Earnings $2.875B $2.388B
YoY Change 20.42% 28.36%
Common Stock $2.675B $2.091B
YoY Change 27.94% 3.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $134.3M $134.3M
YoY Change 0.0% 0.0%
Treasury Stock Shares 7.200M shares 7.200M shares
Shareholders Equity $5.418B $4.346B
YoY Change
Total Liabilities & Shareholders Equity $10.71B $9.373B
YoY Change 14.3% 13.85%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $147.9M $131.0M
YoY Change 12.9% 18.02%
Depreciation, Depletion And Amortization $13.10M $8.900M
YoY Change 47.19% 67.92%
Cash From Operating Activities -$39.80M -$258.3M
YoY Change -84.59% 40.53%
INVESTING ACTIVITIES
Capital Expenditures -$12.70M -$14.50M
YoY Change -12.41% 28.32%
Acquisitions
YoY Change
Other Investing Activities -$2.700M $800.0K
YoY Change -437.5% -99.18%
Cash From Investing Activities -$15.40M -$13.70M
YoY Change 12.41% -115.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 211.9M 404.4M
YoY Change -47.6% -40.67%
NET CHANGE
Cash From Operating Activities -39.80M -258.3M
Cash From Investing Activities -15.40M -13.70M
Cash From Financing Activities 211.9M 404.4M
Net Change In Cash 156.7M 132.4M
YoY Change 18.35% -77.31%
FREE CASH FLOW
Cash From Operating Activities -$39.80M -$258.3M
Capital Expenditures -$12.70M -$14.50M
Free Cash Flow -$27.10M -$243.8M
YoY Change -88.88% 41.33%

Facts In Submission

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CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2630500000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2875200000 USD
CY2014Q1 us-gaap Revenues
Revenues
1735000000 USD
us-gaap Revenues
Revenues
3405600000 USD
CY2015Q1 us-gaap Revenues
Revenues
2398000000 USD
us-gaap Revenues
Revenues
4700700000 USD
CY2015Q1 us-gaap Special Assessment Bond Noncurrent
SpecialAssessmentBondNoncurrent
945200000 USD
us-gaap Stock Issued1
StockIssued1
5500000 USD
us-gaap Stock Issued1
StockIssued1
8300000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
10800000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
22400000 USD
CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2015Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
5115800000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
5418100000 USD
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5119700000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5421000000 USD
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 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
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
369400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
368800000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
324300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
323700000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
365800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
365400000 shares
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;">Certain reclassifications have been made in the prior year financial statements to conform to classifications used in the current year. Cash balances of the Company's captive insurance subsidiary, which are expected to be used to fund the captive insurance subsidiary's operations and pay future anticipated legal claims, have been correctly presented within homebuilding cash and cash equivalents rather than homebuilding other assets. These balances were </font><font style="font-family:inherit;font-size:10pt;">$42.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$40.9 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, respectively. The statement of cash flows for the </font><font style="font-family:inherit;font-size:10pt;">six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, including the statement of cash flows of the Non-Guarantor Subsidiaries as reflected in Note </font><font style="font-family:inherit;font-size:10pt;">O</font><font style="font-family:inherit;font-size:10pt;">, have been revised to reflect this correction. As other prior period financial information is presented in future filings, the Company will similarly revise its financial statements in such filings.</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;">Cash balances of the Company's captive insurance subsidiary, which were </font><font style="font-family:inherit;font-size:10pt;">$40.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$43.3 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively, are included in homebuilding cash and cash equivalents in the consolidated balance sheets.</font></div></div>
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. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.</font></div></div>

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