Delaware | 1-14122 | 75-2386963 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibit |
99.1 |
D.R. Horton, Inc. | ||||
Date: | November 8, 2018 | By: | /S/ BILL W. WHEAT | |
Bill W. Wheat | ||||
Executive Vice President and | ||||
Chief Financial Officer |
• | Net income attributable to D.R. Horton increased 49% to $466.1 million or $1.22 per diluted share |
• | Consolidated pre-tax income increased 25% to $607.7 million |
• | Consolidated pre-tax profit margin improved 180 basis points to 13.5% |
• | Homes closed increased 11% to 14,674 homes and 9% in value to $4.4 billion |
• | Net sales orders increased 11% to 11,509 homes and 10% in value to $3.4 billion |
• | Net income attributable to D.R. Horton increased 41% to $1.5 billion or $3.81 per diluted share |
• | Consolidated pre-tax income increased 29% to $2.1 billion |
• | Consolidated pre-tax profit margin improved 140 basis points to 12.8% |
• | Homes closed increased 13% to 51,857 homes and 14% in value to $15.5 billion |
• | Net sales orders increased 13% to 52,740 homes and 13% in value to $15.8 billion |
• | Homes in inventory increased 13% to 29,700 homes |
• | Book value per common share increased 16% to $23.88 |
• | Homebuilding return on inventory improved 360 basis points to 20.2% |
• | Homebuilding cash provided by operations of $1.0 billion |
September 30, | |||||||
2018 | 2017 | ||||||
(In millions) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 1,473.1 | $ | 1,007.8 | |||
Restricted cash | 32.9 | 16.5 | |||||
Inventories: | |||||||
Construction in progress and finished homes | 5,086.3 | 4,606.0 | |||||
Residential land and lots — developed and under development | 5,172.4 | 4,519.7 | |||||
Land held for development | 96.1 | 101.0 | |||||
Land held for sale | 40.2 | 10.4 | |||||
10,395.0 | 9,237.1 | ||||||
Investment in unconsolidated entities | 11.0 | — | |||||
Mortgage loans held for sale | 796.4 | 587.3 | |||||
Deferred income taxes, net of valuation allowance of $17.7 million and $11.2 million at September 30, 2018 and 2017, respectively | 194.0 | 365.0 | |||||
Property and equipment, net | 401.1 | 325.0 | |||||
Other assets | 701.9 | 565.9 | |||||
Goodwill | 109.2 | 80.0 | |||||
Total assets | $ | 14,114.6 | $ | 12,184.6 | |||
LIABILITIES | |||||||
Accounts payable | $ | 624.7 | $ | 580.4 | |||
Accrued expenses and other liabilities | 1,127.5 | 985.0 | |||||
Notes payable | 3,203.5 | 2,871.6 | |||||
Total liabilities | 4,955.7 | 4,437.0 | |||||
EQUITY | |||||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 388,120,243 shares issued and 376,261,635 shares outstanding at September 30, 2018 and 384,036,150 shares issued and 374,986,079 shares outstanding at September 30, 2017 | 3.9 | 3.8 | |||||
Additional paid-in capital | 3,085.0 | 2,992.2 | |||||
Retained earnings | 6,217.9 | 4,946.0 | |||||
Treasury stock, 11,858,608 shares and 9,050,071 shares at September 30, 2018 and 2017, respectively, at cost | (322.4 | ) | (194.9 | ) | |||
Stockholders’ equity | 8,984.4 | 7,747.1 | |||||
Noncontrolling interests | 174.5 | 0.5 | |||||
Total equity | 9,158.9 | 7,747.6 | |||||
Total liabilities and equity | $ | 14,114.6 | $ | 12,184.6 |
Three Months Ended September 30, | Fiscal Year Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
Revenues | $ | 4,505.2 | $ | 4,159.1 | $ | 16,068.0 | $ | 14,091.0 | |||||||
Cost of sales | 3,459.1 | 3,264.0 | 12,398.1 | 11,042.8 | |||||||||||
Selling, general and administrative expense | 456.9 | 416.1 | 1,676.8 | 1,471.6 | |||||||||||
Equity in earnings of unconsolidated entities | 0.4 | — | (2.8 | ) | — | ||||||||||
Gain on sale of assets | (4.3 | ) | — | (18.8 | ) | — | |||||||||
Other (income) expense | (14.6 | ) | (6.5 | ) | (45.3 | ) | (25.5 | ) | |||||||
Income before income taxes | 607.7 | 485.5 | 2,060.0 | 1,602.1 | |||||||||||
Income tax expense | 138.8 | 172.3 | 597.7 | 563.7 | |||||||||||
Net income | 468.9 | 313.2 | 1,462.3 | 1,038.4 | |||||||||||
Net income attributable to noncontrolling interests | 2.8 | — | 2.0 | — | |||||||||||
Net income attributable to D.R. Horton, Inc. | $ | 466.1 | $ | 313.2 | $ | 1,460.3 | $ | 1,038.4 | |||||||
Basic: | |||||||||||||||
Net income per share | $ | 1.24 | $ | 0.84 | $ | 3.88 | $ | 2.77 | |||||||
Weighted average number of common shares | 376.7 | 374.7 | 376.6 | 374.3 | |||||||||||
Diluted: | |||||||||||||||
Net income per share | $ | 1.22 | $ | 0.82 | $ | 3.81 | $ | 2.74 | |||||||
Adjusted weighted average number of common shares | 382.7 | 380.0 | 383.4 | 378.9 | |||||||||||
Other Consolidated Financial Data: | |||||||||||||||
Interest charged to cost of sales | $ | 34.6 | $ | 41.9 | $ | 130.6 | $ | 152.6 | |||||||
Depreciation and amortization | $ | 15.8 | $ | 14.3 | $ | 62.4 | $ | 54.7 | |||||||
Interest incurred | $ | 31.6 | $ | 29.9 | $ | 125.4 | $ | 129.3 |
Fiscal Year Ended September 30, | |||||||
2018 | 2017 | ||||||
(In millions) | |||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 1,462.3 | $ | 1,038.4 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 62.4 | 54.7 | |||||
Amortization of discounts and fees | 9.9 | 5.0 | |||||
Stock-based compensation expense | 55.8 | 59.2 | |||||
Equity in earnings of unconsolidated entities | (2.8 | ) | — | ||||
Distributions of earnings of unconsolidated entities | 2.0 | — | |||||
Excess income tax benefit from employee stock awards | — | (14.3 | ) | ||||
Deferred income taxes | 170.9 | 110.8 | |||||
Inventory and land option charges | 50.4 | 40.2 | |||||
Gain on sale of assets | (18.8 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Increase in construction in progress and finished homes | (482.8 | ) | (584.4 | ) | |||
Increase in residential land and lots – developed, under development, held for development and held for sale | (573.8 | ) | (362.3 | ) | |||
Increase in other assets | (110.6 | ) | (63.7 | ) | |||
(Increase) decrease in mortgage loans held for sale | (208.8 | ) | 67.6 | ||||
Increase in accounts payable, accrued expenses and other liabilities | 129.1 | 89.0 | |||||
Net cash provided by operating activities | 545.2 | 440.2 | |||||
INVESTING ACTIVITIES | |||||||
Expenditures for property and equipment | (68.1 | ) | (102.7 | ) | |||
Proceeds from sale of assets | 292.9 | — | |||||
Expenditures related to multi-family rental properties | (70.2 | ) | (54.6 | ) | |||
Increase in restricted cash | (16.4 | ) | (7.0 | ) | |||
Return of investment in unconsolidated entities | 17.5 | — | |||||
Net principal (increase) decrease of other mortgage loans and real estate owned | (1.2 | ) | 6.2 | ||||
Proceeds from (purchases of) debt securities collateralized by residential real estate | 7.3 | (8.8 | ) | ||||
Payments related to business acquisitions, net of cash acquired | (159.2 | ) | (4.1 | ) | |||
Net cash provided by (used in) investing activities | 2.6 | (171.0 | ) | ||||
FINANCING ACTIVITIES | |||||||
Proceeds from notes payable | 2,163.5 | 835.0 | |||||
Repayment of notes payable | (2,181.7 | ) | (1,192.3 | ) | |||
Advances (payments) on mortgage repurchase facility, net | 217.7 | (53.0 | ) | ||||
Proceeds from stock associated with certain employee benefit plans | 47.4 | 46.7 | |||||
Excess income tax benefit from employee stock awards | — | 14.3 | |||||
Cash paid for shares withheld for taxes | (10.3 | ) | (5.1 | ) | |||
Cash dividends paid | (188.4 | ) | (149.6 | ) | |||
Repurchases of common stock | (127.5 | ) | (60.6 | ) | |||
Distributions to noncontrolling interests, net | (3.2 | ) | — | ||||
Net cash used in financing activities | (82.5 | ) | (564.6 | ) | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 465.3 | (295.4 | ) | ||||
Cash and cash equivalents at beginning of year | 1,007.8 | 1,303.2 | |||||
Cash and cash equivalents at end of year | $ | 1,473.1 | $ | 1,007.8 |
September 30, 2018 | |||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other (2) | Eliminations (3) | Other Adjustments (4) | Consolidated | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,111.8 | $ | 318.8 | $ | 33.7 | $ | 8.8 | $ | — | $ | — | $ | 1,473.1 | |||||||||||||
Restricted cash | 8.6 | 16.2 | 8.1 | — | — | — | 32.9 | ||||||||||||||||||||
Inventories: | |||||||||||||||||||||||||||
Construction in progress and finished homes | 5,084.4 | — | — | — | 1.9 | — | 5,086.3 | ||||||||||||||||||||
Residential land and lots — developed, under development, held for development and held for sale | 4,790.7 | 498.0 | — | — | (7.2 | ) | 27.2 | 5,308.7 | |||||||||||||||||||
9,875.1 | 498.0 | — | — | (5.3 | ) | 27.2 | 10,395.0 | ||||||||||||||||||||
Investment in unconsolidated entities | — | 11.7 | — | — | — | (0.7 | ) | 11.0 | |||||||||||||||||||
Mortgage loans held for sale | — | — | 796.4 | — | — | — | 796.4 | ||||||||||||||||||||
Deferred income taxes | 176.5 | 26.9 | — | — | 1.1 | (10.5 | ) | 194.0 | |||||||||||||||||||
Property and equipment, net | 207.1 | 1.8 | 3.0 | 189.2 | — | — | 401.1 | ||||||||||||||||||||
Other assets | 673.7 | 19.7 | 43.6 | 0.9 | (48.6 | ) | 12.6 | 701.9 | |||||||||||||||||||
Goodwill | 80.0 | — | — | — | — | 29.2 | 109.2 | ||||||||||||||||||||
$ | 12,132.8 | $ | 893.1 | $ | 884.8 | $ | 198.9 | $ | (52.8 | ) | $ | 57.8 | $ | 14,114.6 | |||||||||||||
Liabilities | |||||||||||||||||||||||||||
Accounts payable | $ | 612.4 | $ | 11.2 | $ | 0.2 | $ | 4.2 | $ | (3.3 | ) | $ | — | $ | 624.7 | ||||||||||||
Accrued expenses and other liabilities | 1,041.3 | 95.7 | 41.9 | 9.9 | (46.1 | ) | (15.2 | ) | 1,127.5 | ||||||||||||||||||
Notes payable | 2,445.9 | 111.7 | 637.7 | — | — | 8.2 | 3,203.5 | ||||||||||||||||||||
$ | 4,099.6 | $ | 218.6 | $ | 679.8 | $ | 14.1 | $ | (49.4 | ) | $ | (7.0 | ) | $ | 4,955.7 |
September 30, 2017 | |||||||||||||||
Homebuilding | Financial Services | Other (2) | Consolidated | ||||||||||||
(In millions) | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 973.0 | $ | 24.1 | $ | 10.7 | $ | 1,007.8 | |||||||
Restricted cash | 9.3 | 7.2 | — | 16.5 | |||||||||||
Inventories: | |||||||||||||||
Construction in progress and finished homes | 4,606.0 | — | — | 4,606.0 | |||||||||||
Residential land and lots — developed, under development, held for development and held for sale | 4,631.1 | — | — | 4,631.1 | |||||||||||
9,237.1 | — | — | 9,237.1 | ||||||||||||
Mortgage loans held for sale | — | 587.3 | — | 587.3 | |||||||||||
Deferred income taxes | 365.0 | — | — | 365.0 | |||||||||||
Property and equipment, net | 194.4 | 3.0 | 127.6 | 325.0 | |||||||||||
Other assets | 518.7 | 42.2 | 5.0 | 565.9 | |||||||||||
Goodwill | 80.0 | — | — | 80.0 | |||||||||||
$ | 11,377.5 | $ | 663.8 | $ | 143.3 | $ | 12,184.6 | ||||||||
Liabilities | |||||||||||||||
Accounts payable | $ | 575.6 | $ | 1.5 | $ | 3.3 | $ | 580.4 | |||||||
Accrued expenses and other liabilities | 933.1 | 35.6 | 16.3 | 985.0 | |||||||||||
Notes payable | 2,451.6 | 420.0 | — | 2,871.6 | |||||||||||
$ | 3,960.3 | $ | 457.1 | $ | 19.6 | $ | 4,437.0 |
(1) | Results are presented on Forestar’s historical cost basis. |
(2) | Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. |
(3) | Amounts represent the elimination of intercompany transactions and the reclassification of Forestar’s interest expense to inventory. |
(4) | Amounts represent purchase accounting adjustments related to the Forestar acquisition. |
Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other (2) | Eliminations (3) | Other Adjustments (4) | Consolidated | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Home sales | $ | 4,379.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,379.9 | |||||||||||||
Land/lot sales and other | 12.7 | 32.2 | — | — | (21.8 | ) | — | 23.1 | |||||||||||||||||||
Financial services | — | — | 102.2 | — | — | — | 102.2 | ||||||||||||||||||||
4,392.6 | 32.2 | 102.2 | — | (21.8 | ) | — | 4,505.2 | ||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||
Home sales | 3,433.8 | — | — | — | (1.2 | ) | — | 3,432.6 | |||||||||||||||||||
Land/lot sales and other | 10.4 | 22.5 | — | — | (17.8 | ) | 3.8 | 18.9 | |||||||||||||||||||
Inventory and land option charges | 6.0 | 1.0 | — | — | — | 0.6 | 7.6 | ||||||||||||||||||||
3,450.2 | 23.5 | — | — | (19.0 | ) | 4.4 | 3,459.1 | ||||||||||||||||||||
Selling, general and administrative expense | 369.7 | 7.2 | 73.1 | 6.8 | — | 0.1 | 456.9 | ||||||||||||||||||||
Equity in earnings of unconsolidated entities | — | (2.3 | ) | — | — | 2.5 | 0.2 | 0.4 | |||||||||||||||||||
Gain on sale of assets | (2.4 | ) | (23.7 | ) | — | — | — | 21.8 | (4.3 | ) | |||||||||||||||||
Interest expense | — | — | — | — | — | — | — | ||||||||||||||||||||
Other (income) expense | (2.6 | ) | (2.1 | ) | (4.7 | ) | (5.5 | ) | — | 0.3 | (14.6 | ) | |||||||||||||||
Income (loss) before income taxes | $ | 577.7 | $ | 29.6 | $ | 33.8 | $ | (1.3 | ) | $ | (5.3 | ) | $ | (26.8 | ) | $ | 607.7 |
Year Ended September 30, 2018 | |||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other (2) | Eliminations (3) | Other Adjustments (4) | Consolidated | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Home sales | $ | 15,502.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15,502.0 | |||||||||||||
Land/lot sales and other | 121.8 | 109.2 | — | — | (39.1 | ) | (1.2 | ) | 190.7 | ||||||||||||||||||
Financial services | — | — | 375.3 | — | — | — | 375.3 | ||||||||||||||||||||
15,623.8 | 109.2 | 375.3 | — | (39.1 | ) | (1.2 | ) | 16,068.0 | |||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||
Home sales (5) | 12,195.5 | — | — | — | (1.2 | ) | — | 12,194.3 | |||||||||||||||||||
Land/lot sales and other | 99.1 | 68.0 | — | — | (30.1 | ) | 16.4 | 153.4 | |||||||||||||||||||
Inventory and land option charges | 48.8 | 1.0 | — | — | — | 0.6 | 50.4 | ||||||||||||||||||||
12,343.4 | 69.0 | — | — | (31.3 | ) | 17.0 | 12,398.1 | ||||||||||||||||||||
Selling, general and administrative expense | 1,346.2 | 32.8 | 272.6 | 24.7 | — | 0.5 | 1,676.8 | ||||||||||||||||||||
Equity in earnings of unconsolidated entities | — | (12.4 | ) | — | — | 2.5 | 7.1 | (2.8 | ) | ||||||||||||||||||
Gain on sale of assets | (15.8 | ) | (27.7 | ) | — | — | — | 24.7 | (18.8 | ) | |||||||||||||||||
Interest expense | — | 5.8 | — | — | (5.8 | ) | — | — | |||||||||||||||||||
Other (income) expense | (7.2 | ) | (7.0 | ) | (15.1 | ) | (17.0 | ) | — | 1.0 | (45.3 | ) | |||||||||||||||
Income (loss) before income taxes | $ | 1,957.2 | $ | 48.7 | $ | 117.8 | $ | (7.7 | ) | $ | (4.5 | ) | $ | (51.5 | ) | $ | 2,060.0 | ||||||||||
Summary Cash Flow Information: | |||||||||||||||||||||||||||
Cash provided by (used in) operating activities (6) | $ | 1,001.7 | $ | (320.3 | ) | $ | (116.6 | ) | $ | 0.8 | $ | (10.5 | ) | $ | (9.9 | ) | $ | 545.2 |
(1) | Results are presented from the date of acquisition and on Forestar’s historical cost basis. |
(2) | Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. |
(3) | Amounts represent the elimination of intercompany transactions and the reclassification of Forestar’s interest expense to inventory. |
(4) | Amounts represent purchase accounting adjustments related to the Forestar acquisition. |
(5) | Amount in the Eliminations column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is not recognized in the consolidated financial statements until the homebuilding segment closes homes on the lots to homebuyers. |
(6) | Amount in the Eliminations column represents cash flow related to land sales from the Homebuilding segment to the Other segment. |
Three Months Ended September 30, 2017 | |||||||||||||||
Homebuilding | Financial Services | Other (1) | Consolidated | ||||||||||||
(In millions) | |||||||||||||||
Revenues: | |||||||||||||||
Home sales | $ | 4,035.1 | $ | — | $ | — | $ | 4,035.1 | |||||||
Land/lot sales and other | 31.4 | — | — | 31.4 | |||||||||||
Financial services | — | 92.6 | — | 92.6 | |||||||||||
4,066.5 | 92.6 | — | 4,159.1 | ||||||||||||
Cost of sales: | |||||||||||||||
Home sales | 3,214.0 | — | — | 3,214.0 | |||||||||||
Land/lot sales and other | 29.6 | — | — | 29.6 | |||||||||||
Inventory and land option charges | 20.4 | — | — | 20.4 | |||||||||||
3,264.0 | — | — | 3,264.0 | ||||||||||||
Selling, general and administrative expense | 348.0 | 64.3 | 3.8 | 416.1 | |||||||||||
Other (income) expense | (3.3 | ) | (3.5 | ) | 0.3 | (6.5 | ) | ||||||||
Income (loss) before income taxes | $ | 457.8 | $ | 31.8 | $ | (4.1 | ) | $ | 485.5 |
Year Ended September 30, 2017 | |||||||||||||||
Homebuilding | Financial Services | Other (1) | Consolidated | ||||||||||||
(In millions) | |||||||||||||||
Revenues: | |||||||||||||||
Home sales | $ | 13,653.2 | $ | — | $ | — | $ | 13,653.2 | |||||||
Land/lot sales and other | 88.3 | — | — | 88.3 | |||||||||||
Financial services | — | 349.5 | — | 349.5 | |||||||||||
13,741.5 | 349.5 | — | 14,091.0 | ||||||||||||
Cost of sales: | |||||||||||||||
Home sales | 10,927.8 | — | — | 10,927.8 | |||||||||||
Land/lot sales and other | 74.8 | — | — | 74.8 | |||||||||||
Inventory and land option charges | 40.2 | — | — | 40.2 | |||||||||||
11,042.8 | — | — | 11,042.8 | ||||||||||||
Selling, general and administrative expense | 1,220.4 | 239.3 | 11.9 | 1,471.6 | |||||||||||
Other (income) expense | (11.0 | ) | (14.3 | ) | (0.2 | ) | (25.5 | ) | |||||||
Income (loss) before income taxes | $ | 1,489.3 | $ | 124.5 | $ | (11.7 | ) | $ | 1,602.1 | ||||||
Summary Cash Flow Information: | |||||||||||||||
Cash provided by (used in) operating activities | $ | 303.7 | $ | 139.1 | $ | (2.6 | ) | $ | 440.2 |
(1) | Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. |
NET SALES ORDERS | ||||||||||||||||||||||||
Three Months Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||
East | 1,625 | $ | 465.7 | 1,460 | $ | 411.0 | 6,994 | $ | 1,988.8 | 6,039 | $ | 1,708.9 | ||||||||||||
Midwest | 496 | 191.6 | 378 | 152.3 | 2,209 | 864.3 | 1,841 | 722.6 | ||||||||||||||||
Southeast | 3,972 | 1,058.1 | 3,556 | 925.7 | 17,380 | 4,640.7 | 15,575 | 4,068.9 | ||||||||||||||||
South Central | 3,025 | 755.3 | 2,516 | 630.1 | 15,317 | 3,849.8 | 13,374 | 3,339.1 | ||||||||||||||||
Southwest | 672 | 177.1 | 674 | 154.3 | 3,179 | 784.4 | 2,693 | 620.5 | ||||||||||||||||
West | 1,719 | 782.6 | 1,749 | 842.7 | 7,661 | 3,632.7 | 7,083 | 3,481.2 | ||||||||||||||||
11,509 | $ | 3,430.4 | 10,333 | $ | 3,116.1 | 52,740 | $ | 15,760.7 | 46,605 | $ | 13,941.2 |
HOMES CLOSED | ||||||||||||||||||||||||
Three Months Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||
East | 1,897 | $ | 535.5 | 1,710 | $ | 478.7 | 6,697 | $ | 1,893.0 | 5,796 | $ | 1,639.1 | ||||||||||||
Midwest | 610 | 236.9 | 552 | 214.5 | 2,186 | 857.5 | 1,892 | 734.1 | ||||||||||||||||
Southeast | 4,817 | 1,280.8 | 4,209 | 1,098.4 | 17,216 | 4,573.3 | 15,571 | 4,085.7 | ||||||||||||||||
South Central | 4,117 | 1,035.9 | 3,497 | 880.6 | 14,940 | 3,760.4 | 13,258 | 3,339.1 | ||||||||||||||||
Southwest | 921 | 220.2 | 861 | 194.5 | 3,094 | 725.4 | 2,505 | 578.5 | ||||||||||||||||
West | 2,312 | 1,070.6 | 2,336 | 1,168.4 | 7,724 | 3,692.4 | 6,729 | 3,276.7 | ||||||||||||||||
14,674 | $ | 4,379.9 | 13,165 | $ | 4,035.1 | 51,857 | $ | 15,502.0 | 45,751 | $ | 13,653.2 |
SALES ORDER BACKLOG | ||||||||||||
As of September 30, | ||||||||||||
2018 | 2017 | |||||||||||
Homes | Value | Homes | Value | |||||||||
East | 1,841 | $ | 548.6 | 1,544 | $ | 452.8 | ||||||
Midwest | 442 | 179.2 | 419 | 172.5 | ||||||||
Southeast | 4,221 | 1,172.3 | 4,057 | 1,104.9 | ||||||||
South Central | 4,492 | 1,151.8 | 3,956 | 1,018.1 | ||||||||
Southwest | 928 | 251.7 | 843 | 192.7 | ||||||||
West | 1,447 | 725.3 | 1,510 | 785.0 | ||||||||
13,371 | $ | 4,028.9 | 12,329 | $ | 3,726.0 |