DR HORTON S U P P L E M E N T A R Y D A T A
Q 1 2 0 2 0
H O M E B U I L D I N G R E T U R N O N I N V E N T O R Y ( R O I ) | Q 1 2 0 2 0 |
Quarter Ended: | ||||||||||||||||
12/31/17 | 03/31/18 | 09/30/18 | 12/31/18 | 03/31/19 | 06/30/19 | 09/30/19 | 12/31/19 | |||||||||
06/30/18 | ||||||||||||||||
Homebuilding Pre-Tax Income | $ 373.8 | $ 416.0 | $ 589.7 | $ 577.7 | $ 354.3 | $ 400.4 | $ 561.8 | $ 594.2 | $ 461.6 | |||||||
Ending Homebuilding Inventory | 9,675.7 | 9,839.6 | 9,910.3 | 9,875.1 | 10,898.2 | 11,076.8 | 10,678.4 | 10,285.6 | 10,885.6 | |||||||
Homebuilding Pre-Tax Income (PTI) and Ending Homebuilding Inventory as reported in our quarterly and annual filings
Homebuilding ROI*
12/31/18 | 09/30/19 | 12/31/19 | |||
Homebuilding PTI - TTM | $ 1,937.7 | ||||
$ 1,910.7 | $ 2,018.0 | ||||
Average Homebuilding Inventory** | 10,039.8 | 10,562.8 | 10,764.9 | ||
Homebuilding ROI | 19.3% | 18.1% | 18.7% |
- Homebuilding ROI is calculated as Homebuilding PTI for the trailing twelve months (TTM) divided by Average Homebuilding Inventory. **Average Homebuilding Inventory is calculated as the sum of the ending homebuilding inventory balances of the trailing 5 quarters divided by 5.
$ in millions
Homebuilding PTI amounts in the prior periods have been reclassified to conform to the current year presentation.
2
R E T U R N O N E Q U I T Y ( R O E ) | Q 1 2 0 2 0 |
Quarter Ended: | ||||||||||||||||
12/31/17 | 03/31/18 | 09/30/18 | 12/31/18 | 03/31/19 | 06/30/19 | 09/30/19 | 12/31/19 | |||||||||
06/30/18 | ||||||||||||||||
Net Income Attributable to D.R. Horton | $ 189.3 | $ 351.0 | $ 453.8 | $ 466.1 | $ 287.2 | $ 351.3 | $ 474.8 | $ 505.3 | $ 431.3 | |||||||
Ending Stockholders' Equity | 7,882.0 | 8,198.9 | 8,597.3 | 8,984.4 | 9,124.7 | 9,360.3 | 9,642.4 | 10,020.9 | 10,227.4 | |||||||
Net Income Attributable to D.R. Horton and Ending Stockholders' Equity as reported in our quarterly and annual filings
Return on Equity
12/31/18 | 09/30/19 | 12/31/19 | |||
Net Income Attributable to D.R. Horton - TTM | $ 1,558.2 | ||||
$ 1,618.5 | $ 1,762.6 | ||||
Average Stockholders' Equity* | 8,557.5 | 9,426.5 | 9,675.1 | ||
ROE | 18.2% | 17.2% | 18.2% |
ROE is calculated as Net Income Attributable to D.R. Horton for the trailing twelve months (TTM) divided by Average Stockholders' Equity. *Average Stockholders' Equity is calculated as the sum of the ending stockholders' equity balances of the trailing 5 quarters divided by 5.
$ in millions
Net Income Attributable to D.R. Horton for the trailing twelve months (TTM) includes rounding adjustments.
3
H O M E S A L E S G R O S S M A R G I N | Q 1 2 0 2 0 |
Quarter Ended: | Fiscal Year Ended: | ||||||||||||||||||||||||||||||||
12/31/17 | 03/31/18 | 06/30/18 | 09/30/18 | 12/31/18 | 03/31/19 | 06/30/19 | 09/30/19 | 12/31/19 | 09/30/18 | 09/30/19 | |||||||||||||||||||||||
Home Sales Revenues | $ | 3,184.5 | $ | 3,672.1 | $ | 4,265.5 | $ | 4,379.9 | $ | 3,410.6 | $ | 3,980.5 | $ | 4,734.6 | $ | 4,799.2 | $ | 3,863.3 | $ | 15,502.0 | $ | 16,925.0 | |||||||||||
Homes Sales Gross Profit | |||||||||||||||||||||||||||||||||
before interest and other costs | 717.9 | 830.0 | 998.3 | 1,008.5 | 735.5 | 826.8 | 1,029.3 | 1,067.8 | 869.2 | 3,554.7 | 3,659.4 | ||||||||||||||||||||||
Interest & Property Tax Costs | (38.2) | (43.0) | (47.1) | (46.6) | (34.8) | (40.7) | (47.0) | (46.6) | (36.0) | (174.8) | (169.1) | ||||||||||||||||||||||
Warranty & Litigation Costs | (14.1) | (20.2) | (16.4) | (13.1) | (9.6) | (13.3) | (12.9) | (5.9) | (18.6) | (63.7) | (41.8) | ||||||||||||||||||||||
Purchase Accounting Costs | (2.6) | (2.2) | (2.1) | (2.6) | (9.7) | (6.5) | (7.8) | (6.7) | (2.9) | (9.7) | (30.7) | ||||||||||||||||||||||
Gross Profit - Home Sales | $ | 663.0 | $ | 764.6 | $ | 932.7 | $ | 946.2 | $ | 681.4 | $ | 766.3 | $ | 961.6 | $ | 1,008.6 | $ | 811.7 | $ | 3,306.5 | $ | 3,417.9 |
% of Homes Sales Revenue (HSR) | % of HSR | ||||||||||||||||||||||
Quarter Ended: | Fiscal Year Ended: | ||||||||||||||||||||||
12/31/17 | 03/31/18 | 06/30/18 | 09/30/18 | 12/31/18 | 03/31/19 | 06/30/19 | 09/30/19 | 12/31/19 | 09/30/18 | 09/30/19 | |||||||||||||
Homes Sales Gross Margin | |||||||||||||||||||||||
before interest and other costs | 22.5% | 22.6% | 23.4% | 23.0% | 21.6% | 20.8% | 21.7% | 22.2% | 22.5% | 22.9% | 21.6% | ||||||||||||
Interest & Property Tax Costs | -1.2% | -1.2% | -1.1% | -1.1% | -1.0% | -1.0% | -1.0% | -1.0% | -0.9% | -1.1% | -1.0% | ||||||||||||
Warranty & Litigation Costs | -0.4% | -0.5% | -0.4% | -0.3% | -0.3% | -0.3% | -0.3% | -0.1% | -0.5% | -0.4% | -0.2% | ||||||||||||
Purchase Accounting Costs | -0.1% | -0.1% | 0.0% | 0.0% | -0.3% | -0.2% | -0.1% | -0.1% | -0.1% | -0.1% | -0.2% | ||||||||||||
Home Sales Gross Margin | 20.8% | 20.8% | 21.9% | 21.6% | 20.0% | 19.3% | 20.3% | 21.0% | 21.0% | 21.3% | 20.2% | ||||||||||||
$ in millions |
Home sales gross margin presented is for the Company's homebuilding segment.
The percentages and prior period balances in the above tables may include rounding adjustments.
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S A L E S & A C T I V E S E L L I N G C O M M U N I T I E S | Q 1 2 0 2 0 | |||||||||||||||||||||||||
CHANGE IN NET SALES ORDERS COMPARED TO CHANGE IN AVERAGE ACTIVE SELLING COMMUNITIES (ASCs) | ||||||||||||||||||||||||||
Quarter Ended 3/31/2019 | Quarter Ended 6/30/2019 | Quarter Ended 9/30/2019 | Quarter Ended 12/31/2019 | |||||||||||||||||||||||
YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | |||||||||||||||||||
Net | Net | Net | Net | Net | Net | Net | Net | |||||||||||||||||||
Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | |||||||||||
Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | |||||||||||
East | 22% | 16% | 55% | 4% | 6% | 11% | -15% | -1% | 15% | 9% | -10% | 0% | 17% | 5% | -2% | 2% | ||||||||||
Midwest | 31% | 92% | 95% | 32% | 61% | 100% | -15% | 5% | 56% | 109% | -12% | 6% | 34% | 51% | -8% | 3% | ||||||||||
Southeast | 11% | 0% | 55% | 2% | 8% | 2% | -9% | 1% | 8% | 2% | -16% | -1% | 21% | 3% | 2% | 1% | ||||||||||
South Central | 0% | 1% | 41% | 0% | 0% | 1% | -6% | 0% | 20% | 0% | -19% | 0% | 11% | -1% | 4% | 0% | ||||||||||
Southwest | -10% | -14% | 50% | 4% | -13% | -13% | 0% | 0% | 0% | -8% | -16% | -4% | 26% | -3% | -1% | -3% | ||||||||||
West | -7% | 5% | 55% | 4% | 11% | 14% | 4% | 5% | 11% | 9% | -16% | -2% | 25% | 2% | -8% | -4% | ||||||||||
TOTAL | 6% | 8% | 52% | 4% | 6% | 9% | -7% | 1% | 14% | 9% | -16% | 0% | 19% | 6% | 0% | 0% | ||||||||||
Quarter Ended 3/31/2018 | Quarter Ended 6/30/2018 | Quarter Ended 9/30/2018 | Quarter Ended 12/31/2018 | |||||||||||||||||||||||
YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | |||||||||||||||||||
Net | Net | Net | Net | Net | Net | Net | Net | |||||||||||||||||||
Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | Sales | Average | |||||||||||
Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | Orders | ASCs | |||||||||||
East | 11% | 3% | 39% | 0% | 19% | 2% | -2% | 3% | 11% | 5% | -17% | 2% | 10% | 12% | -3% | 5% | ||||||||||
Midwest | 23% | 11% | 110% | 2% | 19% | 7% | -31% | 1% | 31% | 8% | -9% | 1% | 41% | 48% | 7% | 42% | ||||||||||
Southeast | 13% | -6% | 39% | -2% | 7% | -5% | -7% | 0% | 12% | -5% | -16% | -1% | 0% | -3% | -9% | 0% | ||||||||||
South Central | 11% | -4% | 58% | 0% | 21% | -3% | -6% | 0% | 20% | 0% | -32% | 1% | 12% | 2% | 12% | 1% | ||||||||||
Southwest | 19% | 0% | 27% | 0% | 12% | -5% | 3% | -1% | 0% | -13% | -27% | -9% | -24% | -17% | -21% | -8% | ||||||||||
West | 15% | 8% | 46% | -3% | 0% | -7% | -12% | -4% | -2% | -8% | -16% | 3% | -12% | -3% | -19% | 2% | ||||||||||
TOTAL | 13% | -1% | 47% | -1% | 12% | -3% | -7% | 0% | 11% | -3% | -21% | 0% | 3% | 3% | -4% | 3% |
YOY = year-over-year; SEQ = sequential
Quarter Ended 12/31/19 includes sales and ASCs from the acquisitions of Westport Homes, Classic Builders and Terramor Homes; excluding these acquisitions, net sales orders were up 17% YOY and up 1% SEQ, and ASCs were up 2% YOY and flat SEQ. See previous Supplementary Presentations for impact of acquisitions on prior quarters.
5
P R I C E S T R A T I F I C A T I O N | Q 1 2 0 2 0 | ||||||||||||||||||||||||||||
Homes Closed and Home Sales Revenues | |||||||||||||||||||||||||||||
Quarter Ended: | |||||||||||||||||||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | ||||||||||||||||||||||||||
Selling Price | Home Sales | Home Sales | Home Sales | Home Sales | |||||||||||||||||||||||||
Homes Closed | Revenues | Homes Closed | Revenues | Homes Closed | Revenues | Homes Closed | Revenues | ||||||||||||||||||||||
$0-$200K | 1,521 | 11% | $ | 277.6 | 7% | 1,505 | 9% | $ | 277.8 | 6% | 1,345 | 8% | $ | 249.3 | 5% | 1,009 | 8% | $ | 187.3 | 5% | |||||||||
$201-$250K | 4,645 | 35% | 1,050.8 | 26% | 5,380 | 34% | 1,219.7 | 26% | 5,264 | 33% | 1,193.0 | 25% | 4,216 | 32% | 957.9 | 25% | |||||||||||||
$251-$300K | 3,122 | 23% | 852.3 | 21% | 4,002 | 25% | 1,092.1 | 23% | 4,067 | 25% | 1,110.7 | 23% | 3,403 | 26% | 930.1 | 24% | |||||||||||||
$301K-$400K | 2,571 | 19% | 878.0 | 22% | 3,130 | 20% | 1,068.2 | 22% | 3,321 | 21% | 1,138.4 | 24% | 2,733 | 21% | 937.2 | 24% | |||||||||||||
$401K-$500K | 931 | 7% | 414.1 | 11% | 1,124 | 7% | 498.7 | 11% | 1,199 | 8% | 533.8 | 11% | 997 | 8% | 445.2 | 12% | |||||||||||||
> $500K | 690 | 5% | 507.7 | 13% | 830 | 5% | 578.1 | 12% | 828 | 5% | 574.0 | 12% | 601 | 5% | 405.6 | 10% | |||||||||||||
Grand Total | 13,480 | 100% | $ | 3,980.5 | 100% | 15,971 | 100% | $ | 4,734.6 | 100% | 16,024 | 100% | $ | 4,799.2 | 100% | 12,959 | 100% | $ | 3,863.3 | 100% | |||||||||
Quarter Ended: | |||||||||||||||||||||||||||||
March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | ||||||||||||||||||||||||||
Selling Price | Home Sales | Home Sales | Home Sales | Home Sales | |||||||||||||||||||||||||
Homes Closed | Revenues | Homes Closed | Revenues | Homes Closed | Revenues | Homes Closed | Revenues | ||||||||||||||||||||||
$0-$200K | 1,854 | 15% | $ | 337.2 | 9% | 1,971 | 14% | $ | 360.7 | 8% | 1,873 | 13% | $ | 339.0 | 8% | 1,408 | 12% | $ | 255.5 | 7% | |||||||||
$201-$250K | 3,744 | 31% | 843.2 | 23% | 4,476 | 32% | 1,008.8 | 24% | 4,728 | 32% | 1,068.6 | 24% | 3,873 | 34% | 875.5 | 26% | |||||||||||||
$251-$300K | 2,576 | 21% | 705.5 | 19% | 2,934 | 21% | 802.9 | 19% | 3,291 | 22% | 900.5 | 21% | 2,595 | 23% | 709.4 | 21% | |||||||||||||
$301K-$400K | 2,452 | 20% | 839.9 | 23% | 2,738 | 19% | 934.1 | 22% | 2,872 | 20% | 980.8 | 22% | 2,192 | 19% | 751.2 | 22% | |||||||||||||
$401K-$500K | 881 | 7% | 388.8 | 11% | 1,067 | 7% | 471.4 | 11% | 1,042 | 7% | 462.7 | 11% | 761 | 6% | 338.1 | 10% | |||||||||||||
> $500K | 774 | 6% | 557.5 | 15% | 928 | 7% | 687.6 | 16% | 868 | 6% | 628.3 | 14% | 671 | 6% | 480.9 | 14% | |||||||||||||
Grand Total | 12,281 | 100% | $ | 3,672.1 | 100% | 14,114 | 100% | $ | 4,265.5 | 100% | 14,674 | 100% | $ | 4,379.9 | 100% | 11,500 | 100% | $ | 3,410.6 | 100% |
Selling Price in thousands; Home Sales Revenues in millions
The percentages in the above tables include some rounding adjustments that could result in slight differences from amounts previously disclosed.
6
B R A N D S T R A T I F I C A T I O N | Q 1 2 0 2 0 |
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | ||||||||||||||||||||
Net | Home | Net | Home | Net | Home | Net | Home | ||||||||||||||||
Homes | Homes | Sales | Closings | Homes | Homes | Sales | Closings | Homes | Homes | Sales | Closings | Homes | Homes | Sales | Closings | ||||||||
Sold | Closed | Revs | ASP | Sold | Closed | Revs | ASP | Sold | Closed | Revs | ASP | Sold | Closed | Revs | ASP | ||||||||
Horton | 60% | 59% | 62% | $ | 310.9 | 61% | 61% | 65% | $ | 314.4 | 61% | 60% | 64% | $ | 319.3 | 63% | 61% | 66% | $ | 318.2 | |||
Express | 35% | 35% | 29% | $ | 242.4 | 34% | 34% | 28% | $ | 241.8 | 33% | 35% | 29% | $ | 247.8 | 32% | 34% | 28% | $ | 250.1 | |||
Emerald | 2% | 3% | 6% | $ | 633.0 | 2% | 3% | 5% | $ | 596.4 | 3% | 2% | 4% | $ | 584.8 | 2% | 2% | 3% | $ | 534.2 | |||
Freedom | 3% | 3% | 3% | $ | 284.0 | 3% | 2% | 2% | $ | 280.9 | 3% | 3% | 3% | $ | 286.3 | 3% | 3% | 3% | $ | 288.0 | |||
Total | 100% | 295.3 | 100% | 296.4 | 100% | 299.5 | 100% | $ | 298.1 | ||||||||||||||
100% | 100% | $ | 100% | 100% | $ | 100% | 100% | $ | 100% | 100% | |||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||||
March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | ||||||||||||||||||||
Net | Home | Net | Home | Net | Home | Net | Home | ||||||||||||||||
Homes | Homes | Sales | Closings | Homes | Homes | Sales | Closings | Homes | Homes | Sales | Closings | Homes | Homes | Sales | Closings | ||||||||
Sold | Closed | Revs | ASP | Sold | Closed | Revs | ASP | Sold | Closed | Revs | ASP | Sold | Closed | Revs | ASP | ||||||||
Horton | 59% | 57% | 62% | $ | 322.9 | 57% | 58% | 62% | $ | 322.1 | 57% | 57% | 61% | $ | 317.2 | 59% | 58% | 62% | $ | 314.5 | |||
Express | 36% | 38% | 30% | $ | 241.4 | 37% | 37% | 29% | $ | 243.0 | 37% | 37% | 30% | $ | 244.7 | 35% | 36% | 29% | $ | 241.2 | |||
Emerald | 3% | 3% | 6% | $ | 578.0 | 3% | 3% | 7% | $ | 629.2 | 3% | 3% | 6% | $ | 609.3 | 3% | 3% | 6% | $ | 634.5 | |||
Freedom | 2% | 2% | 2% | $ | 270.8 | 3% | 2% | 2% | $ | 263.4 | 3% | 3% | 3% | $ | 274.7 | 3% | 3% | 3% | $ | 280.1 | |||
Total | 299.0 | 100% | 302.2 | 100% | 298.5 | 100% | 296.6 | ||||||||||||||||
100% | 100% | 100% | $ | 100% | 100% | $ | 100% | 100% | $ | 100% | 100% | $ | |||||||||||
Percentages of total Net Homes Sold, Homes Closed and Home Sales Revenues by brand ASP in thousands (ASP = average selling price)
Reported metrics for D.R. Horton include closings subsequent to the acquisition dates of Westport Homes, Classic Builders and Terramor Homes, which were acquired during the Quarter Ended 12/31/18.
7
S E L E C T D H I M O R T G A G E D A T A | Q 1 2 0 2 0 | |||||||||||||
A | B | C | ||||||||||||
Loan Type / Product Mix | ||||||||||||||
Capture | Avg | Avg FICO | Conven- | FHA/VA% | ||||||||||
Period | Rate | FTHB % | CLTV % | Score | tional % | Jumbo % | FHA % | VA % | Combined | USDA % | Total | |||
Q1 20 | 65% | 50% | 89% | 720 | 48% | 0% | 30% | 19% | 49% | 3% | 100% | |||
FY 19 | 58% | 51% | 88% | 720 | 52% | 1% | 27% | 19% | 46% | 1% | 100% | |||
Q4 19 | 63% | 50% | 89% | 720 | 50% | 0% | 28% | 20% | 48% | 2% | 100% | |||
Q3 19 | 58% | 51% | 88% | 720 | 53% | 1% | 26% | 19% | 45% | 1% | 100% | |||
Q2 19 | 56% | 53% | 88% | 719 | 53% | 1% | 28% | 17% | 45% | 1% | 100% | |||
Q1 19 | 54% | 50% | 87% | 721 | 53% | 1% | 27% | 17% | 44% | 2% | 100% | |||
FY 18 | 56% | 47% | 88% | 721 | 54% | 1% | 25% | 18% | 43% | 2% | 100% | |||
Q4 18 | 56% | 49% | 88% | 721 | 54% | 1% | 26% | 17% | 43% | 2% | 100% | |||
Q3 18 | 56% | 48% | 88% | 721 | 54% | 1% | 25% | 18% | 43% | 2% | 100% | |||
Q2 18 | 57% | 45% | 88% | 722 | 54% | 1% | 24% | 19% | 43% | 2% | 100% | |||
Q1 18 | 56% | 43% | 88% | 719 | 52% | 1% | 26% | 18% | 44% | 3% | 100% | |||
FY 17 | 56% | 45% | 88% | 720 | 49% | 1% | 28% | 19% | 47% | 3% | 100% | |||
Q4 17 | 55% | 44% | 88% | 721 | 51% | 1% | 27% | 19% | 46% | 2% | 100% | |||
Q3 17 | 55% | 46% | 89% | 719 | 48% | 1% | 29% | 19% | 48% | 3% | 100% | |||
Q2 17 | 57% | 46% | 89% | 720 | 49% | 1% | 29% | 18% | 47% | 3% | 100% | |||
Q1 17 | 57% | 45% | 88% | 719 | 48% | 1% | 29% | 19% | 48% | 3% | 100% |
- Capture rate is the percentage of total home closings by D.R. Horton's homebuilding operations for which DHI Mortgage handled the homebuyers' financing.
- FTHB = first-time homebuyer
C CLTV = cumulative loan to value
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D.R. Horton Inc. published this content on 27 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2020 14:54:06 UTC
