10-QPeriod: Q2 FY2009

HORTON D R INC /DE/ Quarterly Report for Q2 Ended Mar 31, 2009

Filed May 4, 2009For Securities:DHI

Summary

D.R. Horton, Inc. (DHI) filed its 10-Q for the quarterly period ended March 31, 2009, amidst a challenging housing market. The filing primarily provides unaudited financial statements, including balance sheets, statements of operations, and cash flows for the six months ended March 31, 2009, and comparative periods. Investors should pay close attention to the Management's Discussion and Analysis (MD&A) for insights into the company's performance, financial condition, and the risks it faces in the current economic environment. The report details the company's financial position and operational results during a period marked by ongoing economic uncertainty and a distressed housing sector. Key areas of focus for investors will be DHI's revenue trends, profitability margins, inventory levels, debt management, and liquidity. The company's ability to navigate the downturn, manage its existing assets, and position itself for a potential market recovery will be critical indicators of its future performance.

Key Highlights

  • 1The filing includes unaudited Consolidated Balance Sheets as of March 31, 2009, and September 30, 2008, providing a snapshot of the company's assets, liabilities, and equity.
  • 2Consolidated Statements of Operations for the three and six months ended March 31, 2009 and 2008, detail the company's revenue, cost of goods sold, and operating expenses, crucial for understanding profitability trends.
  • 3Consolidated Statements of Cash Flows for the six months ended March 31, 2009 and 2008, are presented, offering insight into the company's cash generation and usage from operating, investing, and financing activities.
  • 4Management's Discussion and Analysis (MD&A) is a key section for investors to understand the company's performance drivers, financial condition, and outlook in the context of market conditions.
  • 5The report includes information on Legal Proceedings, Risk Factors, and Controls and Procedures, which are important for a comprehensive understanding of the company's operational and legal landscape.
  • 6Disclosure of Market Risk provides insights into the company's exposure to various market risks and how it manages them.

Frequently Asked Questions

This 10-Q provides an unaudited look at D.R. Horton's financial health for the period ending March 31, 2009. Investors should review the Consolidated Balance Sheets for assets and liabilities, the Statements of Operations for revenue and profitability, and the Statements of Cash Flows for cash generation. The MD&A section will offer management's perspective on the company's financial condition amidst prevailing market challenges.

The Consolidated Statements of Operations detail the company's financial performance for the three and six months ended March 31, 2009, compared to the prior year. Investors should analyze the reported revenues, cost of sales, and gross margins to understand the profitability trends and the impact of market conditions on the company's core business.

Item 1A, Risk Factors, will outline the significant risks D.R. Horton is exposed to. Given the filing date, these likely include risks related to the downturn in the housing market, economic recession, interest rate fluctuations, the availability of financing for home buyers, and competition. Investors should carefully read this section to understand potential headwinds.

The Consolidated Statements of Cash Flows for the six months ended March 31, 2009, will provide details on the company's cash inflows and outflows from its operating, investing, and financing activities. The MD&A section is also crucial for understanding management's strategies regarding liquidity and working capital management in the current economic climate.