(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
(d) | Exhibits | ||||||||||
99.1 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101). |
D.R. Horton, Inc. | ||||||||||||||
Date: | April 22, 2021 | By: | /S/ BILL W. WHEAT | |||||||||||
Bill W. Wheat | ||||||||||||||
Executive Vice President and | ||||||||||||||
Chief Financial Officer |
March 31, 2021 | September 30, 2020 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 2,205.2 | $ | 3,018.5 | |||||||
Restricted cash | 26.7 | 21.6 | |||||||||
Total cash, cash equivalents and restricted cash | 2,231.9 | 3,040.1 | |||||||||
Inventories: | |||||||||||
Construction in progress and finished homes | 7,300.1 | 5,984.1 | |||||||||
Residential land and lots — developed, under development, held for development and held for sale | 7,176.2 | 6,253.3 | |||||||||
Total inventory | 14,476.3 | 12,237.4 | |||||||||
Mortgage loans held for sale | 1,755.8 | 1,529.0 | |||||||||
Deferred income taxes, net of valuation allowance of $7.4 million and $7.5 million at March 31, 2021 and September 30, 2020, respectively | 142.8 | 144.9 | |||||||||
Property and equipment, net | 895.0 | 683.7 | |||||||||
Other assets | 1,418.5 | 1,113.7 | |||||||||
Goodwill | 163.5 | 163.5 | |||||||||
Total assets | $ | 21,083.8 | $ | 18,912.3 | |||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 1,137.4 | $ | 900.5 | |||||||
Accrued expenses and other liabilities | 2,198.1 | 1,607.0 | |||||||||
Notes payable | 4,472.3 | 4,283.3 | |||||||||
Total liabilities | 7,807.8 | 6,790.8 | |||||||||
EQUITY | |||||||||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 396,696,502 shares issued and 360,479,511 shares outstanding at March 31, 2021 and 394,741,349 shares issued and 363,999,982 shares outstanding at September 30, 2020 | 4.0 | 3.9 | |||||||||
Additional paid-in capital | 3,208.4 | 3,240.9 | |||||||||
Retained earnings | 11,333.5 | 9,757.8 | |||||||||
Treasury stock, 36,216,991 shares and 30,741,367 shares at March 31, 2021 and September 30, 2020, respectively, at cost | (1,582.8) | (1,162.6) | |||||||||
Stockholders’ equity | 12,963.1 | 11,840.0 | |||||||||
Noncontrolling interests | 312.9 | 281.5 | |||||||||
Total equity | 13,276.0 | 12,121.5 | |||||||||
Total liabilities and equity | $ | 21,083.8 | $ | 18,912.3 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||
Revenues | $ | 6,446.9 | $ | 4,500.0 | $ | 12,380.3 | $ | 8,520.7 | |||||||||||||||
Cost of sales | 4,650.9 | 3,450.8 | 8,983.5 | 6,535.0 | |||||||||||||||||||
Selling, general and administrative expense | 621.5 | 466.8 | 1,207.4 | 922.6 | |||||||||||||||||||
Gain on sale of assets | — | (28.5) | (14.0) | (59.5) | |||||||||||||||||||
Other (income) expense | (5.4) | (10.4) | (10.8) | (21.9) | |||||||||||||||||||
Income before income taxes | 1,179.9 | 621.3 | 2,214.2 | 1,144.5 | |||||||||||||||||||
Income tax expense | 246.0 | 137.3 | 485.1 | 228.1 | |||||||||||||||||||
Net income | 933.9 | 484.0 | 1,729.1 | 916.4 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 4.4 | 1.3 | 7.8 | 2.4 | |||||||||||||||||||
Net income attributable to D.R. Horton, Inc. | $ | 929.5 | $ | 482.7 | $ | 1,721.3 | $ | 914.0 | |||||||||||||||
Basic net income per common share attributable to D.R. Horton, Inc. | $ | 2.57 | $ | 1.32 | $ | 4.74 | $ | 2.49 | |||||||||||||||
Weighted average number of common shares | 362.3 | 365.8 | 363.4 | 367.1 | |||||||||||||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. | $ | 2.53 | $ | 1.30 | $ | 4.67 | $ | 2.46 | |||||||||||||||
Adjusted weighted average number of common shares | 367.2 | 370.1 | 368.6 | 371.8 | |||||||||||||||||||
Other Consolidated Financial Data | |||||||||||||||||||||||
Interest charged to cost of sales | $ | 34.4 | $ | 29.2 | $ | 67.4 | $ | 54.9 | |||||||||||||||
Depreciation and amortization | $ | 18.9 | $ | 19.8 | $ | 39.3 | $ | 38.8 | |||||||||||||||
Interest incurred | $ | 37.9 | $ | 37.6 | $ | 78.3 | $ | 75.3 |
Six Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 1,729.1 | $ | 916.4 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 39.3 | 38.8 | |||||||||
Amortization of discounts and fees | 4.8 | 5.8 | |||||||||
Stock-based compensation expense | 47.1 | 37.9 | |||||||||
Equity in earnings of unconsolidated entities | (1.0) | (0.9) | |||||||||
Deferred income taxes | 2.6 | 10.0 | |||||||||
Inventory and land option charges | 12.1 | 12.8 | |||||||||
Gain on sale of assets | (14.0) | (59.5) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Increase in construction in progress and finished homes | (1,295.8) | (724.4) | |||||||||
Increase in residential land and lots – developed, under development, held for development and held for sale | (975.2) | (324.2) | |||||||||
Increase in other assets | (295.2) | (153.1) | |||||||||
Net increase in mortgage loans held for sale | (226.8) | (307.4) | |||||||||
Increase in accounts payable, accrued expenses and other liabilities | 818.1 | 152.7 | |||||||||
Net cash used in operating activities | (154.9) | (395.1) | |||||||||
INVESTING ACTIVITIES | |||||||||||
Expenditures for property and equipment | (30.5) | (47.6) | |||||||||
Proceeds from sale of assets | 31.8 | 129.8 | |||||||||
Expenditures related to rental properties | (173.9) | (113.0) | |||||||||
Return of investment in unconsolidated entities | 2.2 | 2.4 | |||||||||
Net principal increase of other mortgage loans and real estate owned | (1.5) | (0.6) | |||||||||
Payments related to business acquisitions | (24.2) | (5.6) | |||||||||
Net cash used in investing activities | (196.1) | (34.6) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from notes payable | 494.1 | 1,591.3 | |||||||||
Repayment of notes payable | (400.1) | (918.9) | |||||||||
Advances on mortgage repurchase facility, net | 70.9 | 297.6 | |||||||||
Proceeds from stock associated with certain employee benefit plans | 5.6 | 12.9 | |||||||||
Cash paid for shares withheld for taxes | (82.9) | (38.1) | |||||||||
Cash dividends paid | (145.6) | (128.7) | |||||||||
Repurchases of common stock | (420.2) | (360.4) | |||||||||
Distributions to noncontrolling interests, net | (0.1) | (0.4) | |||||||||
Net proceeds from issuance of Forestar common stock | 23.3 | — | |||||||||
Other financing activities | (2.2) | (2.3) | |||||||||
Net cash (used in) provided by financing activities | (457.2) | 453.0 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (808.2) | 23.3 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,040.1 | 1,514.0 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,231.9 | $ | 1,537.3 |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,887.2 | $ | 167.2 | $ | 94.7 | $ | 56.1 | $ | — | $ | 2,205.2 | ||||||||||||||||||||||||||
Restricted cash | 14.0 | — | 12.4 | 0.3 | — | 26.7 | ||||||||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||||||||||||
Construction in progress and finished homes | 7,377.4 | — | — | — | (77.3) | 7,300.1 | ||||||||||||||||||||||||||||||||
Residential land and lots | 5,519.0 | 1,698.6 | — | — | (41.4) | 7,176.2 | ||||||||||||||||||||||||||||||||
12,896.4 | 1,698.6 | — | — | (118.7) | 14,476.3 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | 1,755.8 | — | — | 1,755.8 | ||||||||||||||||||||||||||||||||
Deferred income taxes, net | 143.5 | — | — | — | (0.7) | 142.8 | ||||||||||||||||||||||||||||||||
Property and equipment, net | 463.2 | 2.0 | 3.5 | 432.4 | (6.1) | 895.0 | ||||||||||||||||||||||||||||||||
Other assets | 1,245.3 | 31.1 | 188.9 | 58.7 | (105.5) | 1,418.5 | ||||||||||||||||||||||||||||||||
Goodwill | 134.3 | — | — | — | 29.2 | 163.5 | ||||||||||||||||||||||||||||||||
$ | 16,783.9 | $ | 1,898.9 | $ | 2,055.3 | $ | 547.5 | $ | (201.8) | $ | 21,083.8 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,078.0 | $ | 39.8 | $ | — | $ | 19.6 | $ | — | $ | 1,137.4 | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | 1,881.2 | 260.0 | 195.4 | 13.2 | (151.7) | 2,198.1 | ||||||||||||||||||||||||||||||||
Notes payable | 2,616.9 | 654.6 | 1,203.5 | — | (2.7) | 4,472.3 | ||||||||||||||||||||||||||||||||
$ | 5,576.1 | $ | 954.4 | $ | 1,398.9 | $ | 32.8 | $ | (154.4) | $ | 7,807.8 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,551.1 | $ | 394.3 | $ | 55.6 | $ | 17.5 | $ | — | $ | 3,018.5 | ||||||||||||||||||||||||||
Restricted cash | 9.5 | — | 11.9 | 0.2 | — | 21.6 | ||||||||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||||||||||||
Construction in progress and finished homes | 6,037.5 | — | — | — | (53.4) | 5,984.1 | ||||||||||||||||||||||||||||||||
Residential land and lots | 4,977.5 | 1,309.7 | — | — | (33.9) | 6,253.3 | ||||||||||||||||||||||||||||||||
11,015.0 | 1,309.7 | — | — | (87.3) | 12,237.4 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | 1,529.0 | — | — | 1,529.0 | ||||||||||||||||||||||||||||||||
Deferred income taxes, net | 142.3 | — | — | — | 2.6 | 144.9 | ||||||||||||||||||||||||||||||||
Property and equipment, net | 372.8 | 1.1 | 3.9 | 308.9 | (3.0) | 683.7 | ||||||||||||||||||||||||||||||||
Other assets | 996.4 | 34.8 | 125.8 | 52.8 | (96.1) | 1,113.7 | ||||||||||||||||||||||||||||||||
Goodwill | 134.3 | — | — | — | 29.2 | 163.5 | ||||||||||||||||||||||||||||||||
$ | 15,221.4 | $ | 1,739.9 | $ | 1,726.2 | $ | 379.4 | $ | (154.6) | $ | 18,912.3 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 859.3 | $ | 29.2 | $ | — | $ | 12.0 | $ | — | $ | 900.5 | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | 1,438.3 | 197.8 | 86.8 | 12.2 | (128.1) | 1,607.0 | ||||||||||||||||||||||||||||||||
Notes payable | 2,514.4 | 641.1 | 1,132.6 | — | (4.8) | 4,283.3 | ||||||||||||||||||||||||||||||||
$ | 4,812.0 | $ | 868.1 | $ | 1,219.4 | $ | 24.2 | $ | (132.9) | $ | 6,790.8 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 6,170.4 | $ | — | $ | — | $ | — | $ | — | $ | 6,170.4 | ||||||||||||||||||||||||||
Land/lot sales and other | 17.3 | 287.1 | — | 15.3 | (268.3) | 51.4 | ||||||||||||||||||||||||||||||||
Financial services | — | — | 225.1 | — | — | 225.1 | ||||||||||||||||||||||||||||||||
6,187.7 | 287.1 | 225.1 | 15.3 | (268.3) | 6,446.9 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (3) | 4,652.0 | — | — | — | (35.6) | 4,616.4 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 12.7 | 233.2 | — | — | (215.2) | 30.7 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 3.2 | 0.6 | — | — | — | 3.8 | ||||||||||||||||||||||||||||||||
4,667.9 | 233.8 | — | — | (250.8) | 4,650.9 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 469.5 | 16.3 | 123.7 | 11.9 | 0.1 | 621.5 | ||||||||||||||||||||||||||||||||
Other (income) expense | (1.8) | (0.6) | (6.3) | 3.3 | — | (5.4) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,052.1 | $ | 37.6 | $ | 107.7 | $ | 0.1 | $ | (17.6) | $ | 1,179.9 | ||||||||||||||||||||||||||
Six Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 11,869.1 | $ | — | $ | — | $ | — | $ | — | $ | 11,869.1 | ||||||||||||||||||||||||||
Land/lot sales and other | 37.2 | 594.2 | — | 30.0 | (562.5) | 98.9 | ||||||||||||||||||||||||||||||||
Financial services | — | — | 412.3 | — | — | 412.3 | ||||||||||||||||||||||||||||||||
11,906.3 | 594.2 | 412.3 | 30.0 | (562.5) | 12,380.3 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (3) | 8,977.1 | — | — | — | (63.3) | 8,913.8 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 26.5 | 495.8 | — | — | (464.7) | 57.6 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 11.2 | 0.9 | — | — | — | 12.1 | ||||||||||||||||||||||||||||||||
9,014.8 | 496.7 | — | — | (528.0) | 8,983.5 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 920.6 | 31.8 | 233.3 | 21.5 | 0.2 | 1,207.4 | ||||||||||||||||||||||||||||||||
Gain on sale of assets | (13.1) | — | — | (0.9) | — | (14.0) | ||||||||||||||||||||||||||||||||
Other (income) expense | (3.3) | (1.1) | (12.8) | 7.1 | (0.7) | (10.8) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,987.3 | $ | 66.8 | $ | 191.8 | $ | 2.3 | $ | (34.0) | $ | 2,214.2 | ||||||||||||||||||||||||||
Summary Cash Flow Information | ||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 138.0 | $ | (249.5) | $ | (32.3) | $ | 4.2 | $ | (15.3) | $ | (154.9) |
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 4,363.3 | $ | — | $ | — | $ | — | $ | — | $ | 4,363.3 | ||||||||||||||||||||||||||
Land/lot sales and other | 15.5 | 159.1 | — | 9.5 | (151.9) | 32.2 | ||||||||||||||||||||||||||||||||
Financial services | — | — | 104.5 | — | — | 104.5 | ||||||||||||||||||||||||||||||||
4,378.8 | 159.1 | 104.5 | 9.5 | (151.9) | 4,500.0 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (3) | 3,435.5 | — | — | — | (11.0) | 3,424.5 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 11.3 | 136.5 | — | — | (130.4) | 17.4 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 8.8 | 0.1 | — | — | — | 8.9 | ||||||||||||||||||||||||||||||||
3,455.6 | 136.6 | — | — | (141.4) | 3,450.8 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 361.8 | 11.2 | 85.9 | 7.8 | 0.1 | 466.8 | ||||||||||||||||||||||||||||||||
Gain on sale of assets | — | (0.3) | — | (28.2) | — | (28.5) | ||||||||||||||||||||||||||||||||
Other (income) expense | (4.1) | (2.1) | (6.1) | 1.9 | — | (10.4) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 565.5 | $ | 13.7 | $ | 24.7 | $ | 28.0 | $ | (10.6) | $ | 621.3 | ||||||||||||||||||||||||||
Six Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Forestar (1) | Financial Services | Other | Eliminations and Other Adjustments (2) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 8,226.6 | $ | — | $ | — | $ | — | $ | — | $ | 8,226.6 | ||||||||||||||||||||||||||
Land/lot sales and other | 35.2 | 406.4 | — | 18.3 | (373.2) | 86.7 | ||||||||||||||||||||||||||||||||
Financial services | — | — | 207.4 | — | — | 207.4 | ||||||||||||||||||||||||||||||||
8,261.8 | 406.4 | 207.4 | 18.3 | (373.2) | 8,520.7 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (3) | 6,487.0 | — | — | — | (17.7) | 6,469.3 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 24.7 | 352.8 | — | — | (324.6) | 52.9 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 12.4 | 0.4 | — | — | — | 12.8 | ||||||||||||||||||||||||||||||||
6,524.1 | 353.2 | — | — | (342.3) | 6,535.0 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 720.2 | 21.7 | 163.8 | 16.7 | 0.2 | 922.6 | ||||||||||||||||||||||||||||||||
Gain on sale of assets | — | (0.1) | — | (59.4) | — | (59.5) | ||||||||||||||||||||||||||||||||
Other (income) expense | (9.6) | (4.2) | (11.6) | 3.5 | — | (21.9) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,027.1 | $ | 35.8 | $ | 55.2 | $ | 57.5 | $ | (31.1) | $ | 1,144.5 | ||||||||||||||||||||||||||
Summary Cash Flow Information | ||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 52.1 | $ | (123.8) | $ | (312.1) | $ | 5.5 | $ | (16.8) | $ | (395.1) |
NET SALES ORDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||||||||||||||||||||||||||||
East | 3,287 | $ | 1,074.3 | 2,749 | $ | 803.8 | 5,921 | $ | 1,936.0 | 4,590 | $ | 1,350.5 | ||||||||||||||||||||||||||||||||||||||
Midwest | 1,770 | 691.7 | 1,426 | 506.4 | 3,025 | 1,167.5 | 2,140 | 761.7 | ||||||||||||||||||||||||||||||||||||||||||
Southeast | 9,473 | 2,953.9 | 6,016 | 1,634.9 | 16,480 | 5,036.1 | 10,390 | 2,826.7 | ||||||||||||||||||||||||||||||||||||||||||
South Central | 8,574 | 2,406.5 | 6,139 | 1,569.0 | 15,264 | 4,213.0 | 9,914 | 2,533.2 | ||||||||||||||||||||||||||||||||||||||||||
Southwest | 1,318 | 442.4 | 942 | 267.6 | 2,220 | 727.0 | 1,609 | 467.3 | ||||||||||||||||||||||||||||||||||||||||||
West | 2,637 | 1,280.2 | 2,815 | 1,239.2 | 4,567 | 2,185.4 | 4,570 | 2,031.2 | ||||||||||||||||||||||||||||||||||||||||||
27,059 | $ | 8,849.0 | 20,087 | $ | 6,020.9 | 47,477 | $ | 15,265.0 | 33,213 | $ | 9,970.6 |
HOMES CLOSED | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||||||||||||||||||||||||||||
East | 2,669 | $ | 861.3 | 1,983 | $ | 579.5 | 5,261 | $ | 1,665.9 | 3,781 | $ | 1,099.9 | ||||||||||||||||||||||||||||||||||||||
Midwest | 1,248 | 467.9 | 877 | 308.7 | 2,384 | 879.9 | 1,690 | 590.9 | ||||||||||||||||||||||||||||||||||||||||||
Southeast | 6,996 | 2,043.2 | 4,831 | 1,315.4 | 13,292 | 3,819.5 | 9,062 | 2,464.7 | ||||||||||||||||||||||||||||||||||||||||||
South Central | 5,707 | 1,502.9 | 4,167 | 1,057.2 | 11,376 | 2,976.3 | 7,947 | 2,015.2 | ||||||||||||||||||||||||||||||||||||||||||
Southwest | 807 | 243.1 | 680 | 199.7 | 1,580 | 475.3 | 1,343 | 395.7 | ||||||||||||||||||||||||||||||||||||||||||
West | 2,274 | 1,052.0 | 2,001 | 902.8 | 4,547 | 2,052.2 | 3,675 | 1,660.2 | ||||||||||||||||||||||||||||||||||||||||||
19,701 | $ | 6,170.4 | 14,539 | $ | 4,363.3 | 38,440 | $ | 11,869.1 | 27,498 | $ | 8,226.6 |
SALES ORDER BACKLOG | ||||||||||||||||||||||||||
As of March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Homes | Value | Homes | Value | |||||||||||||||||||||||
East | 4,243 | $ | 1,407.5 | 2,725 | $ | 826.7 | ||||||||||||||||||||
Midwest | 2,657 | 1,019.2 | 1,513 | 535.6 | ||||||||||||||||||||||
Southeast | 11,444 | 3,595.1 | 5,605 | 1,581.5 | ||||||||||||||||||||||
South Central | 11,926 | 3,345.3 | 6,133 | 1,602.0 | ||||||||||||||||||||||
Southwest | 2,645 | 848.0 | 1,081 | 313.2 | ||||||||||||||||||||||
West | 2,930 | 1,398.3 | 2,271 | 1,025.2 | ||||||||||||||||||||||
35,845 | $ | 11,613.4 | 19,328 | $ | 5,884.2 |
HOMES IN INVENTORY | ||||||||||||||
March 31, 2021 | September 30, 2020 | |||||||||||||
East | 5,900 | 4,900 | ||||||||||||
Midwest | 3,100 | 2,600 | ||||||||||||
Southeast | 14,400 | 11,500 | ||||||||||||
South Central | 14,700 | 12,600 | ||||||||||||
Southwest | 3,200 | 1,800 | ||||||||||||
West | 4,800 | 4,600 | ||||||||||||
46,100 | 38,000 |
As of March 31, 2021 | As of September 30, 2020 | ||||||||||||||||||||||||||||||||||
Land/Lots Owned | Lots Controlled Under Land and Lot Purchase Contracts (1) | Total Land/Lots Owned and Controlled | Land/Lots Owned | Lots Controlled Under Land and Lot Purchase Contracts (1) | Total Land/Lots Owned and Controlled | ||||||||||||||||||||||||||||||
East | 11,000 | 69,100 | 80,100 | 11,300 | 50,500 | 61,800 | |||||||||||||||||||||||||||||
Midwest | 8,500 | 28,300 | 36,800 | 8,000 | 17,800 | 25,800 | |||||||||||||||||||||||||||||
Southeast | 27,000 | 124,600 | 151,600 | 28,700 | 95,700 | 124,400 | |||||||||||||||||||||||||||||
South Central | 46,200 | 98,200 | 144,400 | 40,100 | 65,200 | 105,300 | |||||||||||||||||||||||||||||
Southwest | 7,100 | 13,700 | 20,800 | 7,200 | 7,600 | 14,800 | |||||||||||||||||||||||||||||
West | 21,700 | 31,300 | 53,000 | 17,300 | 27,500 | 44,800 | |||||||||||||||||||||||||||||
121,500 | 365,200 | 486,700 | 112,600 | 264,300 | 376,900 | ||||||||||||||||||||||||||||||
25 | % | 75 | % | 100 | % | 30 | % | 70 | % | 100 | % |
G3DUS_)A%ZZ?+Y 13LRA5;QM-M
M)1HN6(?&2I]G-<8, 8ORH-W&?%F%4B-0BU*Z.CO)U4< H\$>QI"\%_)15,:G
M1LJ'OUZ/T5X+(SO8HN,6[%P!EM>I5>$3^7XOG&-A.W-66C(+?M+NGY5NRW"C
MG$D+6S.U()3]/O^#3$6X!K>K#BNN=!B',Y)Q39YYO!;DUX9/2093S:RX1HNA
M-&2&^^A,\\A-E>DVF:M*XZL1N+X;8R"E#;,:&]Z'B]R\A"N>+L71'P
M-8?20$3;8T.P6BP^0"X99K>]9!:G
D2X56>>HMGVU-6\V7# '88WRTBLH N]^@VT>6 ;EO0;1X#!G"Y
M![=A]!B0Y1Y92] 5J6GH^=@=HKK0*_XRC!-Z?>=RG<4^',0*8^RLHA,F"9.$
M2;XUR1WEH:6;C+U!QZT>H_&D]!:59>AD_5I7."U^CWZ&H%EF[5["<*;?AA S
MH 0H 4J 4AM1.I%-T80D,U[A(6:#81\S51/RS Y5?-'O4^/&5]+ P?Z!(%)U
MI?9!+F#4!IL+4 *4 *7U$S2R*=6_T ;P.1 ^9#NJ>[$X1WEF';2+!\$SF4 8
MO3)SV& G$&_ 1E:Y3>V/:U@>'CUV:YL4K(8WZ[TH\DDY/
M2L!$G+*]MR.>48+U)?[W)+AX5]J/HPQ$0VK/QU#-R[^]*V5\ENT*1MG=^\<_
M_O$V"[*0[[%!(*%,R+HJO]W-?WN[F[?LQFR^]Y8%%R3-YB%_5V)!.@[IO!+%
M$8?^@UD%"_(D_Q@PQB/Q$9XW03R3P,N[GV7'W']7"BS=-'5NZI:KN3IS%,?5
MN:'[ENV;'I--Y6MM02;,,$'. >K
MQ-BM+6M7!$,VH'\'YR@9NM:!.&2W,9(%18*[!GA'J2OQU6ZC=*) ?W1^T:&7
M;RK';)VW;;QX'ZEP%=/?TH5LRH#K:\+X[NG#M?#H@FX:33W)W1'IR-$"D!:0
MEBJ$L8GCTS"\#+("LM(K69$%M4$]/T@+2$L?I46M?\<3B J(2A]%Y42F5ECM
MPTF0$Y"37LF)*5B2V=Y=A475/B;T-#4_1V5_I.L8T@^+9ZSO?)8O>.)$3UZ0
MK\M@@L7>,:=(NBY"#=^9QO@L_^'<]>*I[[R>>0$C-7MH=06$&N_IP+CQ6@Q/E
MG1/IR-$"D!:0EFK19:MI[WN0%9"57LF*+"AR_;)1D!:0ECY*BZ(U/10#40%1
MZ96HG-# IEW[IN;GJ(53X(D3/7D!
M>[VQ^Q-?XST"*Y3 _R[_W_+Y[_J\,[K2]RRO)"==>KRM***^>L!-C[P/SE!*
MJGCG2O?@;U^FBRGJ"J7"Q20M/'4BC*81C@F!L(O" 'T*R;\2)V+G*^9YC,9>
MG(0193:B@^,$#9W8B\5NPJ3P"M,T\@@9R2M1A#.X4#+&"/O>Q N
YSN4-
S#0:PPQLY*/6&2,$F8Y%N3W%$>6KK)V!MTW.HQ&D]*;U%9AD[6S0HX+7Z/
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MCWWRRR$ 1X[/(M6.._$"+TXB=B$WPM^G.(@Q'\'JKLF+88LZIY5+@.[6
M23P&%)1V%UQ%A3X.W457YK:B%,#=_G02FCAT%5M#D;FUJ-[Q/UPOGOK.ZUD0
M!OAMAH!O=OV;/6@;D%[F?.(%HW""/ZRYF9#W5S6:)C>(I;4T7-9"=*0ZY62
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ME6ZH 0+7); 7.,'(_@%;9(H;T6$$C1RV;SKUB1II
E:L(M@]70DS9?T%?.0S5>748HEQMU8OOAH(=5MY346SN,-]Y*2D20
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M\D./0;??G-9]>['?1%@JQU(AL5-)3 HB/ W$#_(BX$0G2J^AH NX.:%NV!UJYBW53^C[.!_ZJ;9K:52(:4H!"7P+,
MI0\HAXG^447(AP&"RCJ#;O4P-
Y@'J"=.6RJDR81238G$^XEX
MK1RA5DOFF: JY5]"S$-/M@O,IEW[D)2-=-X!4$ZA+*KZ0]5"
UU1C_)Z
MCY)(W<\!#!"<0B1GL-!47/V2L>BA)RN!PO<$E,UTWB(H?X_)]^M[G"G "2;>
M9J)H<*Z;(@:G.MP5)[XKY**33.< 3L,3E