$DHI
HORTON D R INC /DE/

2017 Q3 Form 10-Q Financial Statement

#000088218417000080 Filed on July 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $4.159B $3.776B $3.232B
YoY Change 11.17% 16.85% 9.53%
Cost Of Revenue $3.244B $2.961B $2.515B
YoY Change 11.74% 17.74% 8.38%
Gross Profit $915.5M $815.3M $717.0M
YoY Change 9.21% 13.71% 13.74%
Gross Profit Margin 22.01% 21.59% 22.19%
Selling, General & Admin $416.1M $374.5M $336.8M
YoY Change 8.13% 11.19% 10.86%
% of Gross Profit 45.45% 45.93% 46.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.30M $13.10M $13.80M
YoY Change -27.04% -5.07% -3.5%
% of Gross Profit 1.56% 1.61% 1.92%
Operating Expenses $407.0M $374.5M $330.6M
YoY Change 7.08% 13.28% 10.24%
Operating Profit $508.5M $440.8M $386.4M
YoY Change 10.98% 14.08% 16.91%
Interest Expense -$2.600M $0.00 $300.0K
YoY Change 4.0% -100.0% -90.91%
% of Operating Profit -0.51% 0.0% 0.08%
Other Income/Expense, Net $3.700M
YoY Change
Pretax Income $485.5M $444.5M $378.6M
YoY Change 12.12% 17.41% 13.42%
Income Tax $172.3M $155.5M $128.8M
% Of Pretax Income 35.49% 34.98% 34.02%
Net Earnings $313.2M $289.0M $249.8M
YoY Change 10.44% 15.69% 12.83%
Net Earnings / Revenue 7.53% 7.65% 7.73%
Basic Earnings Per Share $0.84 $0.77 $0.67
Diluted Earnings Per Share $0.82 $0.76 $0.66
COMMON SHARES
Basic Shares Outstanding 374.3M shares 374.8M shares 371.8M shares
Diluted Shares Outstanding 379.4M shares 375.9M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.008B $512.0M $907.0M
YoY Change -22.64% -43.55% 12.53%
Cash & Equivalents $1.008B $512.4M $906.8M
Short-Term Investments
Other Short-Term Assets $31.00M $12.00M $26.00M
YoY Change 3.33% -53.85% -44.68%
Inventory $9.237B $9.554B $8.504B
Prepaid Expenses
Receivables $39.00M $34.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.41B $10.12B $9.471B
YoY Change 7.21% 6.82% 5.19%
LONG-TERM ASSETS
Property, Plant & Equipment $325.0M $282.8M $152.0M
YoY Change 66.33% 86.05% -23.62%
Goodwill $80.00M
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $382.0M $395.0M $517.0M
YoY Change -21.4% -23.6% -7.01%
Total Long-Term Assets $1.775B $1.860B $1.862B
YoY Change -4.02% -0.11% 0.15%
TOTAL ASSETS
Total Short-Term Assets $10.41B $10.12B $9.471B
Total Long-Term Assets $1.775B $1.860B $1.862B
Total Assets $12.18B $11.98B $11.33B
YoY Change 5.41% 5.68% 4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $580.0M $656.0M $609.0M
YoY Change 0.35% 7.72% 21.31%
Accrued Expenses $878.0M $886.0M $839.0M
YoY Change 3.29% 5.6% -0.12%
Deferred Revenue
YoY Change
Short-Term Debt $420.0M $473.0M $504.0M
YoY Change -11.21% -6.15% 12.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.898B $2.051B $1.988B
YoY Change -1.61% 3.17% 8.75%
LONG-TERM LIABILITIES
Long-Term Debt $2.452B $2.453B $2.797B
YoY Change -12.37% -12.3% -17.08%
Other Long-Term Liabilities $87.00M $36.00M $35.00M
YoY Change 123.08% 2.86% 12.9%
Total Long-Term Liabilities $2.539B $2.489B $2.832B
YoY Change -10.5% -12.11% -16.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.898B $2.051B $1.988B
Total Long-Term Liabilities $2.539B $2.489B $2.832B
Total Liabilities $4.437B $4.540B $4.820B
YoY Change -6.9% -5.81% -7.88%
SHAREHOLDERS EQUITY
Retained Earnings $4.946B $4.670B $3.803B
YoY Change 21.91% 22.79% 23.74%
Common Stock $2.996B $2.961B $2.843B
YoY Change 4.4% 4.15% 5.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $194.9M $194.9M $134.3M
YoY Change 45.12% 45.12% 0.0%
Treasury Stock Shares 9.050M shares 9.050M shares 7.200M shares
Shareholders Equity $7.747B $7.436B $6.512B
YoY Change
Total Liabilities & Shareholders Equity $12.18B $11.98B $11.33B
YoY Change 5.41% 5.68% 4.32%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $313.2M $289.0M $249.8M
YoY Change 10.44% 15.69% 12.83%
Depreciation, Depletion And Amortization $14.30M $13.10M $13.80M
YoY Change -27.04% -5.07% -3.5%
Cash From Operating Activities $631.0M -$55.10M $61.70M
YoY Change 19.19% -189.3% -82.74%
INVESTING ACTIVITIES
Capital Expenditures -$53.80M -$46.00M -$24.80M
YoY Change 157.42% 85.48% 28.5%
Acquisitions
YoY Change
Other Investing Activities $3.800M -$1.600M $4.300M
YoY Change -105.89% -137.21% -104.99%
Cash From Investing Activities -$50.00M -$47.60M -$20.50M
YoY Change -41.45% 132.2% -80.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.60M -378.1M -358.5M
YoY Change 79.83% 5.47% 148.96%
NET CHANGE
Cash From Operating Activities 631.0M -55.10M 61.70M
Cash From Investing Activities -50.00M -47.60M -20.50M
Cash From Financing Activities -85.60M -378.1M -358.5M
Net Change In Cash 495.4M -480.8M -317.3M
YoY Change 24.97% 51.53% -394.07%
FREE CASH FLOW
Cash From Operating Activities $631.0M -$55.10M $61.70M
Capital Expenditures -$53.80M -$46.00M -$24.80M
Free Cash Flow $684.8M -$9.100M $86.50M
YoY Change 24.44% -110.52% -77.04%

Facts In Submission

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ProfitLoss
725100000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
195400000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
282800000 USD
CY2015Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
208000000 USD
CY2016Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
214500000 USD
CY2016Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
206600000 USD
CY2016Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
191200000 USD
CY2017Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
186200000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
179900000 USD
CY2016Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
43300000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
119400000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
38700000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
110700000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
543900000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1051400000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4057200000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4670100000 USD
CY2016Q2 us-gaap Revenues
Revenues
3231900000 USD
us-gaap Revenues
Revenues
8416200000 USD
CY2017Q2 us-gaap Revenues
Revenues
3776400000 USD
us-gaap Revenues
Revenues
9931900000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
36800000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
40400000 USD
CY2017Q2 us-gaap Special Assessment Bond Noncurrent
SpecialAssessmentBondNoncurrent
1200000000 USD
us-gaap Stock Issued1
StockIssued1
19900000 USD
us-gaap Stock Issued1
StockIssued1
31800000 USD
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2017Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
39400000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
6792500000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
7436200000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6793000000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7436700000 USD
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7200071 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
9050071 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1850000 shares
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
134300000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
194900000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
375900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
374400000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
379400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378500000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
371800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
370400000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374100000 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 has subsidiaries that engage in other business activities. These subsidiaries conduct insurance-related operations, construct and own income-producing rental properties, own non-residential real estate including ranch land and improvements and own and operate 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 statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> reflect the reclassification of </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.6 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;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$5.6 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.</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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