HORTON D R INC DE
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
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FY2024 · Filed Nov 19, 2024
DHI$149.70-3.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In millions) | |||
| OPERATING ACTIVITIES | |||
| Net income | $4,806.0 | $4,795.2 | $5,895.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 87.1 | 91.6 | 81.4 |
| Stock-based compensation expense | 118.1 | 111.2 | 105.1 |
| Deferred income taxes | 19.0 | (45.9) | 29.1 |
| Inventory and land option charges | 78.8 | 80.3 | 70.4 |
| Changes in operating assets and liabilities: | |||
| Decrease (increase) in construction in progress and finished homes | 141.3 | 861.8 | (2,059.0) |
| Increase in residential land and lots — developed, under development, held for development and held for sale | (2,576.5) | (1,226.4) | (1,402.8) |
| Increase in rental properties | (214.6) | (151.8) | (1,723.2) |
| (Increase) decrease in other assets | (331.4) | 23.8 | (1,111.5) |
| Decrease (increase) in mortgage loans held for sale | 42.4 | (133.9) | (358.8) |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities | 19.6 | (101.8) | 1,035.5 |
| Net cash provided by operating activities | 2,189.8 | 4,304.1 | 561.8 |
| INVESTING ACTIVITIES | |||
| Expenditures for property and equipment | (165.3) | (148.6) | (148.2) |
| Proceeds from sale of assets | 19.4 | 52.0 | — |
| Payments related to business acquisitions, net of cash acquired | (40.4) | (212.9) | (271.5) |
| Other investing activities | (4.3) | (0.7) | 4.8 |
| Net cash used in investing activities | (190.6) | (310.2) | (414.9) |
| FINANCING ACTIVITIES | |||
| Proceeds from notes payable | 2,086.3 | 711.0 | 4,250.0 |
| Repayment of notes payable | (1,055.8) | (1,823.9) | (3,801.2) |
| (Repayment) borrowings on mortgage repurchase facilities, net | (135.8) | 51.3 | 123.7 |
| Proceeds from stock associated with certain employee benefit plans | 20.6 | 25.5 | 33.2 |
| Cash paid for shares withheld for taxes | (83.9) | (56.1) | (62.0) |
| Cash dividends paid | (395.2) | (341.2) | (316.5) |
| Repurchases of common stock | (1,787.5) | (1,178.5) | (1,131.5) |
| Net proceeds from issuance of Forestar common stock | 19.7 | — | 1.7 |
| Net other financing activities | (23.7) | (54.8) | 91.4 |
| Net cash used in financing activities | (1,355.3) | (2,666.7) | (811.2) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 643.9 | 1,327.2 | (664.3) |
| Cash, cash equivalents and restricted cash at beginning of year | 3,900.1 | 2,572.9 | 3,237.2 |
| Cash, cash equivalents and restricted cash at end of year | $4,544.0 | $3,900.1 | $2,572.9 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Year Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In millions) | |||
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
| Income taxes paid, net | $1,669.7 | $1,442.0 | $1,701.1 |
| SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||
| Notes payable issued for inventory | $43.4 | $54.5 | $64.3 |
| Reduction of notes payable upon deconsolidation of variable interest entity | $(127.8) | $— | $— |
| Stock issued under employee incentive plans | $174.3 | $111.4 | $130.9 |
| See accompanying notes to consolidated financial statements. | |||
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