HORTON D R INC DE
For the period ended Jun 30, 2024. Filed Jul 23, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 23, 2024
DHI$152.28-3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-04-23.
0000882184-24-000027
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-23.
0000882184-24-000039
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 278 previous paragraphs and 279 current paragraphs.
131 unchanged; 106 reworded; 42 added; 41 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (42)
Current report
•Homebuilding revenues increased 6% to $9.2 billion compared to $8.7 billion.
Current report
•Homes closed increased 5% to 24,155 homes, and the average closing price of those homes increased 1% to $382,200.
Current report
•Net sales orders increased 1% to 23,001 homes, and the value of net sales orders was essentially flat at $8.7 billion.
Current report
•Homebuilding SG&A expense was 7.1% of homebuilding revenues compared to 6.7%.
Current report
•Homebuilding pre-tax income increased 7% to $1.6 billion compared to $1.5 billion.
Current report
•Homebuilding pre-tax income was 17.0% of homebuilding revenues compared to 16.8%.
Current report
•Homebuilding debt was $2.26 billion compared to $2.33 billion and $2.71 billion at September 30, 2023 and June 30, 2023, respectively.
Current report
•Rental revenues were $413.7 million compared to $667.1 million.
Current report
•Rental pre-tax income was $64.2 million compared to $162.1 million.
Current report
•Forestar’s pre-tax income was $51.6 million compared to $62.4 million.
Current report
•Forestar’s pre-tax income was 16.2% of revenues compared to 16.9%.
Current report
•Financial services revenues increased 6% to $242.3 million compared to $228.5 million.
Current report
•Financial services pre-tax income was $91.3 million compared to $94.1 million.
Current report
•Financial services pre-tax income was 37.7% of financial services revenues compared to 41.2%.
Current report
•Consolidated revenues increased 2% to $10.0 billion compared to $9.7 billion.
Current report
•Consolidated pre-tax income increased 1% to $1.80 billion compared to $1.78 billion.
Current report
•Income tax expense was $432.2 million in both quarters, and our effective tax rate was 24.0% compared to 24.2%.
Current report
•Net income attributable to D.R. Horton increased 1% to $1.35 billion compared to $1.34 billion.
Current report
•Homebuilding revenues increased 9% to $25.0 billion compared to $22.9 billion.
Current report
•Homebuilding SG&A expense was 7.5% of homebuilding revenues compared to 7.2%.
Current report
•Homebuilding pre-tax income increased 11% to $4.0 billion compared to $3.6 billion.
Current report
•Homebuilding pre-tax income was 16.1% of homebuilding revenues compared to 15.8%.
Current report
•Rental revenues were $980.2 million compared to $1.2 billion.
Current report
•Rental pre-tax income was $128.8 million compared to $307.0 million.
Current report
•Forestar’s pre-tax income increased 28% to $161.6 million compared to $126.2 million.
Current report
•Forestar’s pre-tax income was 16.9% of revenues compared to 14.2%.
Current report
•Financial services revenues increased 13% to $660.5 million compared to $582.0 million.
Current report
•Financial services pre-tax income increased 19% to $235.3 million compared to $197.9 million.
Current report
•Financial services pre-tax income was 35.6% of financial services revenues compared to 34.0%.
Current report
•Consolidated revenues increased 7% to $26.8 billion compared to $25.0 billion.
Current report
•Consolidated pre-tax income increased 6% to $4.6 billion compared to $4.3 billion.
Current report
•Consolidated pre-tax income was 17.1% of consolidated revenues compared to 17.2%.
Current report
•Income tax expense was $1.1 billion compared to $1.0 billion, and our effective tax rate was 23.4% compared to 23.9%.
Current report
•Net income attributable to D.R. Horton increased 7% to $3.5 billion compared to $3.2 billion.
Current report
•Net cash provided by operations was $228.2 million compared to $2.3 billion.
Current report
The number of net sales orders increased 1% and 14% in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods. The value of net sales orders was essentially flat at $8.7 billion (23,001 homes and 22,879 homes, respectively) for the three months ended June 30, 2024 and 2023. The value of net sales orders increased 15% to $25.6 billion (67,526 homes) for the nine months ended June 30, 2024 compared to $22.3 billion (59,403 homes) in the prior year period. The average selling price of net sales orders during the three and nine months ended June 30, 2024 was $378,900 and $378,600, respectively, down 1% and up 1% from the prior year periods.
Current report
During the three months ended June 30, 2024, the markets contributing most to the increases in sales order volume were the Portland and Salt Lake City markets in the Northwest and the suburban Washington, D.C. market in the North. The markets contributing most to the decrease in sales order volume in the Southwest region were the Phoenix and Northern California markets.
Current report
The number of homes closed increased 5% and 10% in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods. The average selling price of homes closed during the three and nine months ended June 30, 2024 was $382,200 and $378,200, respectively, up 1% and down 1%, respectively, from the prior year periods.
Current report
South Central Region — Homebuilding revenues decreased 7% and were essentially flat in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods. The region generated pre-tax income of $368.7 million and $986.9 million in the three and nine months ended June 30, 2024, respectively, compared to $407.2 million and $956.8 million in the prior year periods. Home sales gross profit percentage increased by 20 and 90 basis points in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods, primarily due to the average cost of homes closed decreasing by more than the average selling price of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 60 basis points in both the three and nine months ended June 30, 2024 compared to the prior year periods.
Current report
Southeast Region — Homebuilding revenues increased 1% and 2% in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods. The region generated pre-tax income of $404.1 million and $1.1 billion in the three and nine months ended June 30, 2024, respectively, compared to $459.8 million and $1.3 billion in the prior year periods. Home sales gross profit percentage decreased by 170 and 230 basis points in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods, primarily due to the average cost of homes closed increasing with only minor fluctuations in the average sales price, as well as an increase in purchase accounting adjustments related to a prior year acquisition. As a percentage of homebuilding revenues, SG&A expenses increased by 80 and 50 basis points in the three and nine months ended June 30, 2024, respectively, compared to the prior year periods.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Removed paragraphs (41)
Previous report
•Homebuilding revenues increased 13% to $8.5 billion compared to $7.5 billion.
Previous report
•Homebuilding SG&A expense was 7.2% of homebuilding revenues compared to 7.3%.
Previous report
•Homebuilding pre-tax income was $1.4 billion compared to $1.1 billion.
Previous report
•Homebuilding pre-tax income was 16.0% of homebuilding revenues compared to 14.3%.
Previous report
•Homebuilding debt was $2.4 billion compared to $2.3 billion and $2.7 billion at September 30, 2023 and March 31, 2023, respectively.
Previous report
•Rental revenues were $371.3 million compared to $224.1 million.
Previous report
•Rental pre-tax income was $33.3 million compared to $34.6 million.
Previous report
•Forestar’s pre-tax income increased 64% to $58.9 million compared to $35.9 million.
Previous report
•Forestar’s pre-tax income was 17.6% of revenues compared to 11.9%.
Previous report
•Financial services revenues increased 4% to $225.6 million compared to $216.4 million.
Previous report
•Financial services pre-tax income was $78.0 million compared to $85.6 million.
Previous report
•Financial services pre-tax income was 34.6% of financial services revenues compared to 39.6%.
Previous report
•Consolidated revenues increased 14% to $9.1 billion compared to $8.0 billion.
Previous report
•Consolidated pre-tax income increased 23% to $1.5 billion compared to $1.2 billion.
Previous report
•Income tax expense was $344.8 million compared to $295.7 million, and our effective tax rate was 22.6% compared to 23.7%.
Previous report
•Net income attributable to D.R. Horton increased 24% to $1.2 billion compared to $942.2 million.
Previous report
•Homebuilding revenues increased 11% to $15.8 billion compared to $14.2 billion.
Previous report
•Homes closed increased 13% to 41,888 homes, while the average closing price of those homes decreased 2% to $375,800.
Previous report
•Net sales orders increased 22% to 44,525 homes, and the value of net sales orders increased 24% to $16.9 billion.
Previous report
•Homebuilding SG&A expense was 7.7% of homebuilding revenues compared to 7.5%.
Previous report
•Homebuilding pre-tax income was $2.5 billion compared to $2.2 billion.
Previous report
•Homebuilding pre-tax income was 15.6% of homebuilding revenues compared to 15.2%.
Previous report
•Rental revenues were $566.5 million compared to $551.6 million.
Previous report
•Rental pre-tax income was $64.6 million compared to $144.9 million.
Previous report
•Forestar’s pre-tax income increased 73% to $110.1 million compared to $63.8 million.
Previous report
•Forestar’s pre-tax income was 17.2% of revenues compared to 12.3%.
Previous report
•Financial services revenues increased 18% to $418.2 million compared to $353.4 million.
Previous report
•Financial services pre-tax income increased 39% to $144.0 million compared to $103.8 million.
Previous report
•Financial services pre-tax income was 34.4% of financial services revenues compared to 29.4%.
Previous report
•Consolidated revenues increased 11% to $16.8 billion compared to $15.2 billion.
Previous report
•Consolidated pre-tax income increased 10% to $2.8 billion compared to $2.5 billion.
Previous report
•Consolidated pre-tax income was 16.5% of consolidated revenues in both periods.
Previous report
•Income tax expense was $636.6 million compared to $594.6 million, and our effective tax rate was 22.9% compared to 23.7%.
Previous report
•Net income attributable to D.R. Horton increased 11% to $2.1 billion compared to $1.9 billion.
Previous report
•Net cash used in operations was $470.1 million compared to net cash provided by operations of $1.5 billion.
Previous report
The number of net sales orders increased 14% and 22% in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, with increases in all regions. The value of net sales orders increased 17% to $10.1 billion (26,456 homes) and 24% to $16.9 billion (44,525 homes) for the three and six months ended March 31, 2024, respectively, compared to $8.6 billion (23,142 homes) and $13.6 billion (36,524 homes) in the prior year periods. The average selling price of net sales orders during the three and six months ended March 31, 2024 was $380,400 and $378,500, respectively, up 2% from the prior year periods.
Previous report
The number of homes closed increased 15% and 13% in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, with increases in all regions. The average selling price of homes closed during the three and six months ended March 31, 2024 was $375,500 and $375,800, respectively, down 1% and 2%, respectively, from the prior year periods.
Previous report
South Central Region — Homebuilding revenues increased 9% and 5% in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, primarily due to increases in the number of homes closed, particularly in our Dallas, Fort Worth and Houston markets. The region generated pre-tax income of $346.6 million and $618.2 million in the three and six months ended March 31, 2024, respectively, compared to $267.9 million and $549.5 million in the prior year periods. Home sales gross profit percentage increased by 340 and 150 basis points in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, primarily due to the average cost of homes closed decreasing by more than the average selling price of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 70 and 60 basis points in the three and six months ended March 31, 2024, respectively, compared to the prior year periods.
Previous report
Southeast Region — Homebuilding revenues increased 4% and 2% in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, primarily due to increases in the number of homes closed, particularly in our Orlando and Tampa markets. The region generated pre-tax income of $361.5 million and $690.9 million in the three and six months ended March 31, 2024, respectively, compared to $381.7 million and $793.0 million in the prior year periods. Home sales gross profit percentage decreased by 160 and 260 basis points in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, primarily due to the average cost of homes closed increasing while the average selling price of those homes decreased. As a percentage of homebuilding revenues, SG&A expenses decreased by 10 basis points and increased 40 basis points in the three and six months ended March 31, 2024, respectively, compared to the prior year periods.
Previous report
East Region — Homebuilding revenues increased 19% and 15% in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, primarily due to increases in the number of homes closed, particularly in our Carolina markets. The region generated pre-tax income of $254.5 million and $459.1 million in the three and six months ended March 31, 2024, respectively, compared to $183.5 million and $373.0 million in the prior year periods. Home sales gross profit percentage increased by 240 and 140 basis points in the three and six months ended March 31, 2024, respectively, compared to the prior year periods, primarily due to the average cost of homes closed decreasing by more than the average selling price of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 20 and 50 basis points in the three and six months ended March 31, 2024, respectively, compared to the prior year periods.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Reworded paragraphs (106)
Previous wording
D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 119 markets across 33 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange under the ticker symbol “DHI.” Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.
Current wording
D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 121 markets across 33 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange under the ticker symbol “DHI.” Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.
Previous wording
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Our homebuilding operations are our core business and primarily include the construction and sale of single-family homes with sales prices generally ranging from $200,000 to more than $1,000,000, with an average closing price of $375,800 during the six months ended March 31, 2024. Approximately 88% of our home sales revenue in the six months ended March 31, 2024 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes, duplexes and triplexes.
Current wording
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Our homebuilding operations are our core business and primarily include the construction and sale of single-family homes with sales prices generally ranging from $200,000 to more than $1,000,000, with an average closing price of $378,200 during the nine months ended June 30, 2024. Approximately 88% of our home sales revenue in the nine months ended June 30, 2024 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes, duplexes and triplexes.
Previous wording
During the six months ended March 31, 2024, our number of homes closed increased 13%, and our home sales revenues increased 11% compared to the prior year period. Our consolidated revenues increased 11% to $16.8 billion in the six months ended March 31, 2024 compared to $15.2 billion in the prior year period. Our pre-tax income was $2.8 billion in the six months ended March 31, 2024 compared to $2.5 billion in the prior year period, and our pre-tax operating margin was 16.5% in both periods. Net income was $2.1 billion in the six months ended March 31, 2024 compared to $1.9 billion in the prior year period, and our diluted earnings per share were $6.34 compared to $5.50.
Current wording
During the nine months ended June 30, 2024, our number of homes closed increased 10%, and our home sales revenues increased 9% compared to the prior year period. Our consolidated revenues increased 7% to $26.8 billion in the nine months ended June 30, 2024 compared to $25.0 billion in the prior year period. Our pre-tax income was $4.6 billion in the nine months ended June 30, 2024 compared to $4.3 billion in the prior year period, and our pre-tax operating margin was 17.1% compared to 17.2%. Net income was $3.5 billion in the nine months ended June 30, 2024 compared to $3.3 billion in the prior year period, and our diluted earnings per share were $10.43 compared to $9.39.
Previous wording
In the trailing twelve months ended March 31, 2024, our return on equity (ROE) was 22.2% compared to 27.2% in the prior year period, and our homebuilding return on inventory (ROI) was 29.9% compared to 35.1%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances of the trailing five quarters divided by five. Homebuilding ROI is calculated as homebuilding pre-tax income for the trailing twelve months divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.
Current wording
In the trailing twelve months ended June 30, 2024, our return on equity (ROE) was 21.5% compared to 24.3% in the prior year period, and our homebuilding return on inventory (ROI) was 29.5% compared to 31.8%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances of the trailing five quarters divided by five. Homebuilding ROI is calculated as homebuilding pre-tax income for the trailing twelve months divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.
Previous wording
Although inflation and mortgage interest rates remain elevated, demand for new homes has remained solid. Our net sales orders increased 46% from the first quarter and increased 14% from the prior year quarter. We are continuing to use incentives and pricing adjustments to adapt to current market conditions. The disruptions in the supply chain for certain building materials and tightness in the labor market we experienced in recent years have largely subsided, and our average construction cycle time has returned to historical norms. Although higher interest rates and economic fluctuations may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable. We believe we are well-positioned to meet changing market conditions with our affordable product offerings and lot supply and will manage our home pricing, sales incentives and number of homes in inventory based on the level of homebuyer demand.
Current wording
Although inflation and mortgage interest rates remain elevated, demand for new homes has remained solid. Our net sales orders increased 1% and 14% in the three and nine months ended June 30, 2024, respectively, from the prior year periods. We are continuing to use incentives and pricing adjustments to adapt to current market conditions. The disruptions in the supply chain for certain building materials and tightness in the labor market we experienced in recent years have largely subsided, and our average construction cycle time has returned to historical norms. Although higher interest rates and economic fluctuations may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable. We believe we are well-positioned to meet changing market conditions with our affordable product offerings and lot supply and will manage our home pricing, sales incentives and number of homes in inventory based on the level of homebuyer demand.
Previous wording
We remain focused on our relationships with land developers across the country in order to maximize our returns and capital efficiency. Within our homebuilding land and lot portfolio, our lots controlled through purchase contracts represent 77% of the lots owned and controlled at March 31, 2024 compared to 75% at both September 30, 2023 and March 31, 2023. We are prioritizing the purchase of finished lots from Forestar and other land developers, when possible, to limit the number of lots we internally develop. During the six months ended March 31, 2024, 62% of the homes we closed were on lots developed by Forestar or third parties.
Current wording
We remain focused on our relationships with land developers across the country in order to maximize our returns and capital efficiency. Within our homebuilding land and lot portfolio, our lots controlled through purchase contracts represent 76% of the lots owned and controlled at June 30, 2024 compared to 75% at both September 30, 2023 and June 30, 2023. We are prioritizing the purchase of finished lots from Forestar and other land developers, when possible. During the nine months ended June 30, 2024, 63% of the homes we closed were on lots developed by either Forestar or a third party.
Previous wording
We believe our strong balance sheet and liquidity position provide us with the flexibility to operate effectively through changing economic conditions. We plan to continue to generate strong cash flows from our homebuilding operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.
Current wording
We believe our strong balance sheet and liquidity provide us with the flexibility to operate effectively through changing economic conditions. We plan to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.
Previous wording
•Controlling a significant portion of our land and finished lot position through purchase contracts and prioritizing the purchase of finished lots from Forestar and other land developers, when possible, to limit the number of lots we internally develop.
Current wording
•Controlling a significant portion of our land and finished lot position through purchase contracts and prioritizing the purchase of finished lots from Forestar and other land developers, when possible.
Previous wording
•Controlling the cost of labor and goods provided by vendors and subcontractors.
Current wording
•Controlling the cost of labor and goods provided by subcontractors and vendors.
Previous wording
•Sales order backlog decreased 7% to 17,873 homes, and the value of sales order backlog decreased 5% to $7.0 billion.
Current wording
•Sales order backlog decreased 12% to 16,792 homes, and the value of sales order backlog also decreased 12% to $6.6 billion.
Previous wording
•Home sales gross margin was 23.2% compared to 21.6%.
Current wording
•Home sales gross margin was 24.0% compared to 23.3%.
Previous wording
•Homebuilding cash and cash equivalents totaled $2.2 billion compared to $2.9 billion and $2.4 billion at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Homebuilding cash and cash equivalents totaled $2.2 billion compared to $2.9 billion and $2.6 billion at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Homebuilding inventories totaled $19.9 billion compared to $18.2 billion and $17.6 billion at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Homebuilding inventories totaled $20.5 billion compared to $18.2 billion and $18.0 billion at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Homes in inventory totaled 45,000 compared to 42,000 and 43,600 at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Homes in inventory totaled 42,600 compared to 42,000 and 43,800 at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Owned lots totaled 143,900 compared to 141,100 and 136,300 at September 30, 2023 and March 31, 2023, respectively. Lots controlled through purchase contracts totaled 473,300 compared to 427,300 and 410,700 at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Owned lots totaled 150,900 compared to 141,100 and 137,500 at September 30, 2023 and June 30, 2023, respectively. Lots controlled through purchase contracts totaled 479,300 compared to 427,300 and 417,600 at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Single-family rental homes closed totaled 1,109 compared to 721.
Current wording
•Single-family rental homes closed totaled 790 compared to 1,754.
Previous wording
•Multi-family rental units closed totaled 724 compared to 300.
Current wording
•Multi-family rental units closed totaled 610 compared to 230.
Previous wording
•Forestar’s revenues increased 11% to $333.8 million compared to $301.5 million. Revenues in the current and prior year quarters included $310.3 million and $253.1 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Current wording
•Forestar’s revenues decreased 14% to $318.4 million compared to $368.9 million. Revenues in the current and prior year quarters included $267.4 million and $293.8 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Previous wording
•Forestar’s lots sold increased 23% to 6,439 compared to 5,242. Lots sold to D.R. Horton totaled 5,939 compared to 4,760.
Current wording
•Forestar’s lots sold decreased 15% to 3,255 compared to 3,812. Lots sold to D.R. Horton totaled 2,903 compared to 3,187.
Previous wording
•Forestar’s cash and cash equivalents totaled $416.2 million compared to $616.0 million and $286.7 million at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Forestar’s cash and cash equivalents totaled $359.2 million compared to $616.0 million and $401.0 million at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Forestar’s inventories totaled $2.1 billion compared to $1.8 billion and $2.0 billion at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Forestar’s inventories totaled $2.2 billion compared to $1.8 billion and $1.9 billion at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Forestar’s owned and controlled lots totaled 96,100 compared to 79,200 and 76,400 at September 30, 2023 and March 31, 2023, respectively. Of these lots, 34,300 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 31,400 and 31,500 at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Forestar’s owned and controlled lots totaled 102,100 compared to 79,200 and 73,000 at September 30, 2023 and June 30, 2023, respectively. Of these lots, 36,200 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 31,400 and 30,500 at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Forestar’s debt was $705.7 million compared to $695.0 million and $706.8 million at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Forestar’s debt was $706.1 million compared to $695.0 million and $707.2 million at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Consolidated pre-tax income was 16.8% of consolidated revenues compared to 15.6%.
Current wording
•Consolidated pre-tax income was 18.1% of consolidated revenues compared to 18.3%.
Previous wording
•Diluted net income per common share attributable to D.R. Horton increased 29% to $3.52 compared to $2.73.
Current wording
•Diluted net income per common share attributable to D.R. Horton increased 5% to $4.10 compared to $3.90.
Previous wording
•Stockholders’ equity was $23.8 billion compared to $22.7 billion and $20.7 billion at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Stockholders’ equity was $24.7 billion compared to $22.7 billion and $21.7 billion at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Book value per common share increased to $72.13 compared to $67.78 and $60.73 at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Book value per common share increased to $75.32 compared to $67.78 and $64.03 at September 30, 2023 and June 30, 2023, respectively.
Previous wording
•Debt to total capital was 20.0% compared to 18.3% and 22.4% at September 30, 2023 and March 31, 2023, respectively. Net debt to total capital was 10.8% compared to 5.1% and 12.3% at September 30, 2023 and March 31, 2023, respectively.
Current wording
•Debt to total capital was 18.8% compared to 18.3% and 22.0% at September 30, 2023 and June 30, 2023, respectively. Net debt to total capital was 9.9% compared to 5.1% and 11.2% at September 30, 2023 and June 30, 2023, respectively.
Previous wording
Key financial results for the six months ended March 31, 2024, as compared to the same period of 2023, were as follows:
Current wording
Key financial results for the nine months ended June 30, 2024, as compared to the same period of 2023, were as follows:
Previous wording
•Homes closed increased 15% to 22,548 homes, while the average closing price of those homes decreased 1% to $375,500.
Current wording
•Homes closed increased 10% to 66,043 homes, while the average closing price of those homes decreased 1% to $378,200.
Previous wording
•Net sales orders increased 14% to 26,456 homes, and the value of net sales orders increased 17% to $10.1 billion.
Current wording
•Net sales orders increased 14% to 67,526 homes, and the value of net sales orders increased 15% to $25.6 billion.
Previous wording
•Home sales gross margin was 23.1% compared to 22.7%.
Current wording
•Home sales gross margin was 23.4% compared to 22.9%.
Previous wording
•Net cash provided by homebuilding operations was $408.3 million compared to $1.5 billion.
Current wording
•Net cash provided by homebuilding operations was $971.9 million compared to $2.1 billion.
Previous wording
•Single-family rental homes closed totaled 1,488 compared to 1,415.
Current wording
•Single-family rental homes closed totaled 2,278 compared to 3,169.
Previous wording
•Multi-family rental units closed totaled 424 compared to no multi-family rental units closed.
Current wording
•Multi-family rental units closed totaled 1,334 compared to 530.
Previous wording
•Forestar’s revenues increased 23% to $639.7 million compared to $518.2 million. Revenues in the current and prior year periods included $583.9 million and $442.9 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Current wording
•Forestar’s revenues increased 8% to $958.0 million compared to $887.1 million. Revenues in the current and prior year periods included $851.3 million and $736.7 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Previous wording
•Forestar’s lots sold increased 10% to 3,289 compared to 2,979. Lots sold to D.R. Horton totaled 3,105 compared to 2,666.
Current wording
•Forestar’s lots sold increased 7% to 9,694 compared to 9,054. Lots sold to D.R. Horton totaled 8,842 compared to 7,947.
Previous wording
•Diluted net income per common share attributable to D.R. Horton increased 15% to $6.34 compared to $5.50.
Current wording
•Diluted net income per common share attributable to D.R. Horton increased 11% to $10.43 compared to $9.39.
Previous wording
The following tables and related discussion set forth key operating and financial data for our homebuilding operations by reporting segment as of and for the three and six months ended March 31, 2024 and 2023.
Current wording
The following tables and related discussion set forth key operating and financial data for our homebuilding operations by reporting segment as of and for the three and nine months ended June 30, 2024 and 2023.
Previous wording
The markets contributing most to the increases in sales order volume in both periods were: the Salt Lake City and Portland markets in the Northwest; the California and Phoenix markets in the Southwest; the Dallas and San Antonio markets in the South Central; the Alabama and Tampa markets in the Southeast; the North Carolina markets in the East; and the Indiana and Washington, D.C. markets in the North.
Current wording
During the nine months ended June 30, 2024, the markets contributing most to the increases in sales order volume were the Portland and Salt Lake City markets in the Northwest, the California and Phoenix markets in the Southwest, the Dallas and San Antonio markets in the South Central, the North Carolina markets in the East and the suburban Washington, D.C. market in the North.
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