$DHI
HORTON D R INC /DE/

2017 Q1 Form 10-Q Financial Statement

#000088218417000073 Filed on April 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $3.251B $2.768B
YoY Change 17.46% 15.43%
Cost Of Revenue $2.550B $2.163B
YoY Change 17.87% 14.34%
Gross Profit $701.4M $604.6M
YoY Change 16.01% 19.49%
Gross Profit Margin 21.57% 21.84%
Selling, General & Admin $355.2M $309.2M
YoY Change 14.88% 9.22%
% of Gross Profit 50.64% 51.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.90M $14.00M
YoY Change -7.86% 6.87%
% of Gross Profit 1.84% 2.32%
Operating Expenses $355.2M $297.7M
YoY Change 19.31% 6.86%
Operating Profit $346.2M $306.9M
YoY Change 12.81% 34.96%
Interest Expense $3.400M -$400.0K
YoY Change -950.0% -114.81%
% of Operating Profit 0.98% -0.13%
Other Income/Expense, Net $7.700M
YoY Change
Pretax Income $353.9M $300.5M
YoY Change 17.77% 30.6%
Income Tax $124.7M $105.4M
% Of Pretax Income 35.24% 35.07%
Net Earnings $229.2M $195.1M
YoY Change 17.48% 31.91%
Net Earnings / Revenue 7.05% 7.05%
Basic Earnings Per Share $0.61 $0.53
Diluted Earnings Per Share $0.60 $0.52
COMMON SHARES
Basic Shares Outstanding 374.4M shares 370.2M shares
Diluted Shares Outstanding 378.9M shares 373.7M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $993.0M $1.224B
YoY Change -18.87% 75.36%
Cash & Equivalents $993.2M $1.224B
Short-Term Investments
Other Short-Term Assets $20.00M $26.00M
YoY Change -23.08% -50.0%
Inventory $9.038B $8.217B
Prepaid Expenses
Receivables $32.00M $25.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.08B $9.492B
YoY Change 6.23% 6.29%
LONG-TERM ASSETS
Property, Plant & Equipment $248.1M $150.0M
YoY Change 65.4% -22.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $463.0M $538.0M
YoY Change -13.94% -3.58%
Total Long-Term Assets $1.838B $1.808B
YoY Change 1.65% 1.41%
TOTAL ASSETS
Total Short-Term Assets $10.08B $9.492B
Total Long-Term Assets $1.838B $1.808B
Total Assets $11.92B $11.30B
YoY Change 5.49% 5.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $581.0M $542.0M
YoY Change 7.2% 8.62%
Accrued Expenses $846.0M $800.0M
YoY Change 5.75% 0.25%
Deferred Revenue
YoY Change
Short-Term Debt $419.0M $495.0M
YoY Change -15.35% 24.37%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.863B $1.852B
YoY Change 0.59% 8.81%
LONG-TERM LIABILITIES
Long-Term Debt $2.803B $3.167B
YoY Change -11.49% -10.74%
Other Long-Term Liabilities $35.00M $32.00M
YoY Change 9.38% -25.58%
Total Long-Term Liabilities $2.838B $3.199B
YoY Change -11.28% -10.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.863B $1.852B
Total Long-Term Liabilities $2.838B $3.199B
Total Liabilities $4.701B $5.051B
YoY Change -6.93% -4.55%
SHAREHOLDERS EQUITY
Retained Earnings $4.419B $3.583B
YoY Change 23.31% 24.63%
Common Stock $2.935B $2.799B
YoY Change 4.85% 4.65%
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 $7.220B $6.248B
YoY Change
Total Liabilities & Shareholders Equity $11.92B $11.30B
YoY Change 5.49% 5.48%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $229.2M $195.1M
YoY Change 17.48% 31.91%
Depreciation, Depletion And Amortization $12.90M $14.00M
YoY Change -7.86% 6.87%
Cash From Operating Activities -$107.5M $28.40M
YoY Change -478.52% -171.36%
INVESTING ACTIVITIES
Capital Expenditures -$35.30M -$20.30M
YoY Change 73.89% 59.84%
Acquisitions
YoY Change
Other Investing Activities -$6.800M $35.80M
YoY Change -118.99% -1425.93%
Cash From Investing Activities -$42.10M $15.50M
YoY Change -371.61% -200.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.500M -88.50M
YoY Change -91.53% -141.76%
NET CHANGE
Cash From Operating Activities -107.5M 28.40M
Cash From Investing Activities -42.10M 15.50M
Cash From Financing Activities -7.500M -88.50M
Net Change In Cash -157.1M -44.60M
YoY Change 252.24% -128.46%
FREE CASH FLOW
Cash From Operating Activities -$107.5M $28.40M
Capital Expenditures -$35.30M -$20.30M
Free Cash Flow -$72.20M $48.70M
YoY Change -248.25% -279.7%

Facts In Submission

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us-gaap Stock Issued1
StockIssued1
19700000 USD
us-gaap Stock Issued1
StockIssued1
31700000 USD
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
6792500000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
7219600000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6793000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7220100000 USD
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
373700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
373600000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378100000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
370200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
369700000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
373800000 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-align:left;text-indent:16px;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:32px;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;">In addition to its core homebuilding and financial services operations, the Company owns subsidiaries that engage in other business activities. These other business activities include insurance-related operations, the construction and operation of rental real estate properties, investments in non-residential real estate including ranch land and improvements and the operation of oil and gas related assets. During the fourth quarter of fiscal 2016, the Company reclassified the assets, liabilities and operating results of these subsidiaries from the Homebuilding sections of its balance sheet and statement of operations to the Financial Services and Other sections.&#160;The statement of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> reflects the reclassification of </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of general and administrative expenses and </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of other income from the Homebuilding section to the Financial Services and Other section. These reclassifications had no effect on the Company&#8217;s consolidated financial position or results of operations. As other prior period financial information is presented in future filings, the Company will make similar reclassifications within the consolidated financial statements.</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>

Files In Submission

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0000882184-17-000073-index-headers.html Edgar Link pending
0000882184-17-000073-index.html Edgar Link pending
0000882184-17-000073.txt Edgar Link pending
0000882184-17-000073-xbrl.zip Edgar Link pending
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