D R Horton : Q4 FY 2020 Investor Presentation

Investor Presentation

Q4 2020

FORWARD-LOOKING STATEMENTS

This presentation may include "forward‐looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Factors that may cause the actual results to be materially different from the future results expressed by the forward‐looking statements include, but are not limited to: the effects of public health issues such as a major epidemic or pandemic, including the impact of COVID‐19 ("C‐19") on the economy and our businesses; the cyclical nature of the homebuilding and lot development industries and changes in economic, real estate and other conditions; constriction of the credit and public capital markets, which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risks associated with our land and lot inventory; our ability to effect our growth strategies, acquisitions or investments successfully;

the impact of an inflationary, deflationary or higher interest rate environment; home warranty and construction defect claims; the effects of health and safety incidents; the effects of negative publicity; supply shortages and other risks of acquiring land, building materials and skilled labor; reductions in the availability of performance bonds; increases in the costs of owning a home; the effects of governmental regulations and environmental matters on our homebuilding and land development operations; the effects of governmental regulations on our financial services operations; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; competitive conditions within the homebuilding, lot development and financial services industries; the effects of the loss of key personnel; and information technology failures and data security breaches. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton's annual report on Form 10‐K and subsequent quarterly reports on Form 10‐Q, all of which are or will be filed with the Securities and Exchange Commission.

D.R. HORTON, INC.

Traded on NYSE as DHI

$20.3 billion	$3.0 billion	24.6% & 22.1%
Consolidated revenues	Consolidated pre‐tax income	ROI (HB) & ROE, respectively*

$11.8 billion	$32.53	17.5%
Stockholders' equity	Book value per common share	Homebuilding leverage*

As of or for the fiscal year ended September 30, 2020

*See slides 15 and 16 for definitions of ROI [Return on Inventory (Homebuilding)], ROE (Return on Equity) and homebuilding leverage