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F500-2021-148-D.R.-Horton

The home construction company has been the largest U.S. homebuilder by volume since 2002. (Though rival <a href="https://fortune.com/company/lennar/fortune500/">Lennar</a> bested it in revenue last year.) The company has benefitted in recent quarters as home prices have increased and the supply of homes has been strained. In its fiscal second quarter earnings, announced in April 2021, D.R. Horton reported strong growth. Net income increased 93% to $929.5 million compared to $482.7 million in the same quarter of fiscal 2020.

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F500-2020-183-D.R. Horton

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Founded in 1978, D.R. Horton is the largest homebuilder by volume in the U.S. The company acquires and develops land, building and selling both single-family detached and attached homes in 36 states. D.R. Horton also provides mortgage financing, house examination, and closing services, plus title insurance policies. The company owns and develops properties for the rental market as well.

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D.R. Horton (DHI): Company Profile, Stock Price, News, Rankings

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D.R. Horton

d.r. horton

Good morning, and welcome to the Second Quarter twenty twenty five Earnings Conference Call for Dior Horton, America's Builder. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the call over to Jessica Hansen, Senior Vice President of Communications for Dior Orton.

Thank you, Paul, and good morning. Welcome to our call to discuss our financial results for the second quarter of fiscal twenty twenty five. Before we get started, today's call includes 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. All forward looking statements are based upon information available to D. R. Horton on the date of this conference call, and D. R.

Horton does not undertake any obligation to publicly update or revise any forward looking statements. Additional information about factors that could lead to material changes in performance is contained in D. R. Horton's annual report on Form 10 ks and its most recent quarterly report on Form 10 Q, both of which are filed with the Securities and Exchange Commission. This morning's earnings release can be found on our website at investor.drhorton.com, and we plan to file our 10 Q next week.

After this call, we will post updated investor and supplementary data presentations to our Investor Relations site on the Presentations section under News and Events for your reference. Now I will turn the call over to Paul Romanowski, our President and CEO.

Thank you, Jessica, and good morning. I am pleased to also be joined on this call by Mike Murray, our Executive Vice President and Chief Operating Officer and Bill Wheat, our Executive Vice President and Chief Financial Officer. For the second quarter, the D. R. Horton team delivered solid results, highlighted by earnings of $2.58 per diluted share.

Our consolidated pretax income was $1,100,000,000 on $7,700,000,000 of revenues, with a pretax profit margin of 13.8%. We remain focused on improving capital efficiency to generate substantial operating cash flow and deliver compelling returns to our shareholders. Our homebuilding pretax return on inventory for the twelve months ended March 31 was 24.3%. Return on equity was 17.4% and return on assets was 12.2%. Although homebuilders are generally thought of as being capital intensive businesses, our return on assets ranks in the top 15% of all S and P 500 companies for the past three, five ten year periods, demonstrating that our disciplined, returns focused operating model produces sustainable results.

Over the past twelve months, we have returned all of the cash we generated to shareholders through repurchases and dividends. This year's spring selling season started slower than expected as potential homebuyers have been more cautious due to continued affordability constraints and declining consumer confidence. In the second quarter, our net sales orders and homebuilding revenues decreased 15%. Our tenured operators are responding appropriately to market conditions by carefully balancing pace versus price to maximize returns, resulting in a home sales gross margin of 21.8%. Where necessary, we have increased sales incentives to drive traffic and incremental sales.

Our weekly sales in March and to date in April have outpaced our February rate. Additionally, our cancellation rate remains at the low end of our historical range, indicating that buyers in today's market are able to qualify financially and are committed to their home purchase despite the volatility and elevated uncertainty of the current economic environment. We expect our incentive levels to remain elevated and increase further, the extent to which will depend on market conditions and changes in mortgage interest rates. With 58% of our second quarter closings also sold in the same quarter, our sales, incentive levels and gross margin are generally representative of current market conditions. We will continue to adjust our product offerings, sales incentives and number of homes in inventory based on the level of demand for new homes in each of our local markets.

We are well positioned, offering our customers an attractive value proposition with quality homes at affordable price points. Mike?

Earnings for the second quarter of fiscal twenty twenty five were $2.58 per diluted share compared to $3.52 per share in

the prior year quarter. Net income for the quarter was $810,000,000 on consolidated revenues of $7,700,000,000 Our second quarter home sales revenues were $7,200,000,000 on 19,276 homes closed compared to $8,500,000,000 on 22,548 homes closed in the prior year quarter. Our average closing price for

the quarter was $372,500 down 1% both sequentially and year over year. Bill?

Our net sales orders for the second quarter decreased 15% from the prior year to 22,437 homes and order value decreased 17% to $8,400,000,000 Our cancellation rate for the quarter was 16%, down from 18% sequentially and up from 15% in the prior year quarter. Our average number of active selling communities was up 5% sequentially and up 10% year over year. The average price of net sales orders in the second quarter was $372,500 which was essentially flat sequentially and down 2% from the prior year quarter.

Our gross profit margin on home sales revenues in the second quarter was 21.8%, down 90 basis points sequentially from the December due to higher incentive costs and in line with our expectations. On a per square foot basis, home sales revenues and stick and brick costs were both relatively flat sequentially while lot costs increased approximately three percent. We expect our incentive costs to increase further over the next few months, so our home sales gross margin will likely be lower in the third quarter compared to the second quarter. Our actual incentive levels and home sales gross margin for the second half of the fiscal year will be dependent on the strength of demand during the remainder of the spring and summer in addition to changes in mortgage interest rates and other market conditions. Bill?

In the second quarter, our homebuilding SG and A expenses increased by 4% from last year and homebuilding SG and A expense as a percentage of revenues was 8.9%, up 170 basis points from the same quarter in the prior year. Our increased SG and A costs are primarily due to the expansion of our operating platform. Our employee count is up 5% from a year ago, our community count is up 10% and our market count has increased 6% to 126 markets in 36 states. The investments we have

made in our team and platform position us to continue producing strong returns, cash flow, and market share gains. Paul?

We started 20,000 homes in the March and ended the quarter with 36,900 homes in inventory. 23,500 of our homes at March 31 were unsold. 8,400 of our unsold homes at quarter end were completed, down 2,000 homes from December.

'12 hundred of our unsold homes have been completed for greater than six months. For homes we closed in the second quarter, our construction cycle times improved a few days from the first quarter and approximately three weeks from a year ago. Our improved cycle times position us to turn our housing inventory faster, and we will continue to manage our homes and inventory and starts pace based on market conditions. Mike?

Our homebuilding lot position at March 31 consisted of approximately 613,000 lots of which 25% were owned and 75% were controlled through purchase contracts.

We remain focused on our relationships with land developers across the country to allow us

to build more homes on lots developed by others, which enhances our capital efficiency, returns and operational flexibility. Of the homes we closed this quarter, 64% were

on a lot developed by either Forestar or a third party, up from 62% in the prior year quarter. Our second quarter homebuilding investments in lots, land and development totaled $2,000,000,000 of which $1,200,000,000 was for finished lots, 700,000,000 was for land development and $100,000,000 was for land acquisition. Paul?

In the second quarter, our rental operations generated $23,000,000 of pre tax income on $237,000,000 of revenues from the sale of five nineteen single family rental homes and 300 multifamily rental units. We continue to operate a merchant build model in which we construct and sell purpose built rental communities.

Our rental operations provide synergies to our homebuilding operations by enhancing our purchasing scale and providing opportunities for more efficient utilization of trade labor and absorption of our land and lot pipeline. During the last several quarters, we have been successful monetizing some of our single family rental communities prior to leasing stabilization, resulting in higher returns on these sales. We remain focused on improving the capital efficiency and returns of our rental operations. Our rental property inventory at March 31 was $3,100,000,000 which consisted of $813,000,000 of single family rental properties and $2,300,000,000 of multifamily rental properties. Jessica?

Forestar, our majority owned residential lot development company reported revenues of $351,000,000 for the second quarter on 3,411 lots sold with pre tax income of $41,000,000 Forestar's owned and controlled lot position at March 31 was 105,900 lots. 64% of Forestar's owned lots are under contract with or subject to a right of first offer to D. R. Horton. Dollars two seventy million of our finished lots purchased in the second quarter were from Forestar.

Forestar had approximately $790,000,000 of liquidity at quarter end with a net debt to capital ratio of 29.8%. Our strategic relationship with Forestar is a vital component of our returns focused business model. Forestar's strong, separately capitalized balance sheet, substantial operating platform and lot supply position them well to consistently provide essential finished lots to the homebuilding industry and aggregate significant market share. Mike?

Financial Services earned $73,000,000 of pretax income in the second quarter on $213,000,000 of revenues resulting in a pre tax profit margin of 34.3%. During the second quarter, our mortgage company handled the financing for 81% of our home buyers. Borrowers originating loans with DHI Mortgage had an average FICO score of seven twenty three and an average loan to value ratio of 89%. First time homebuyers represented 63% of the closings handled by our mortgage company this quarter.

Our capital allocation strategy is disciplined and balanced to support an operating platform that produces compelling returns and substantial operating cash flows. We have a strong balance sheet with low leverage and healthy liquidity, which provides us with significant financial flexibility to adapt to changing market conditions and opportunities. During the quarter, Moody's upgraded our credit rating to A3 and we now have an A rating from two of the three credit rating agencies. During the first six months of the year, homebuilding cash provided by operations was $876,000,000 and consolidated cash provided by operations was $211,000,000 At March 31, we had $5,800,000,000 of consolidated liquidity consisting of $2,500,000,000 of cash and $3,300,000,000 of available capacity on our credit facilities. In February, we issued $700,000,000 of homebuilding senior notes due in 02/1935.

Debt at the end of the quarter totaled $6,500,000,000 with $500,000,000 of homebuilding senior notes maturing in the next twelve months. Our consolidated leverage at March 31 was 21.1 and we plan to maintain our leverage around 20% over the long term. At March 31, our stockholders' equity was $24,300,000,000 and book value per share was $78.82 up 9% from a year ago. For the trailing twelve months ended March 31, our return on equity was 17.4% and our consolidated return on assets was 12.2%. During the quarter, we paid cash dividends of $0.40 per share totaling $126,000,000 and our Board has declared a quarterly dividend at the same level to be paid in May.

We repurchased 9,700,000.0 shares of common stock during the quarter for $1,300,000,000 and our fiscal year to date stock repurchases were $2,400,000,000 which reduced our outstanding share count by 7% from the prior year. We have increased our near term capital allocation for share repurchases and our board recently approved a new share repurchase authorization totaling $5,000,000,000 Jessica?

Looking forward to the third quarter, we currently expect to generate consolidated revenues in the range of $8,400,000,000 to $8,900,000,000 and homes closed by our Humboldt operations to be in the range 22,000 to 22,500 homes. We expect our home sales gross margin for the third quarter to be in the range of 21% to 21.5% and our consolidated pre tax profit margin to be in the range of 13.3% to 13.8%. Our results for the second half of fiscal twenty twenty five will be largely dependent on the strength of our sales during the remainder of the spring and into the summer. For the full year, we now expect to generate consolidated revenues of approximately $33,300,000,000 to $34,800,000,000 and homes closed by our homebuilding operations to be in

the range of 85,000 to 87,000 homes. We still forecast an income tax rate for fiscal twenty twenty five of approximately 24%. Based on our fiscal year to date share repurchase activity, strong financial position and expected operating cash flows of greater than $3,000,000,000 we now plan to repurchase approximately $4,000,000,000 of our common stock in fiscal twenty twenty five, which is more than double the amount we purchased in fiscal twenty twenty four. We also continue to expect annual dividend payments of around $500,000,000 Paul?

In closing, our results and position reflect our experienced teams, industry leading market share, broad geographic footprint and focus on delivering quality homes at affordable price points.

All of these are key components of our operating platform that support our ability to generate substantial operating cash flows and return capital to shareholders while continuing to aggregate market share. We acknowledge the significant current volatility and uncertainty in the economy and will continue to adjust to market conditions in a disciplined manner in our operations and capital allocation to enhance the long term value of our company by providing compelling returns to our shareholders. Thank you to the entire D. R. Horton family of employees, land developers, trade partners, vendors and real estate agents for your continued efforts and hard work.

This concludes our prepared remarks. We will now host questions.

Thank you. At this time, we will be conducting a question and answer session. And the first question today is coming from Stephen Kim from Evercore ISI. Stephen, your line is live.

Thanks very much guys and yes, congratulations. Tough market, you guys are really executing well. I wanted to ask a bigger picture question to start. In the past, being number one in terms of units sold was pretty central to the company's identity. But based on the guidance you and others have provided, it's pretty clear that sheer size isn't the primary metric that the company prioritizes anymore.

And this also combined with your significant share repurchases, It seems to crystallize some important changes in the company's management approach over the last five to ten years. I'm wondering if you'd care to articulate what's behind these changes at the company, particularly with respect to volume? And if there's one metric that investors should focus on for Horton going forward, what would that be?

Yes, Stephen. We have certainly seen a market that was below our expectations and have responded accordingly, balancing pace and price across all of our communities throughout our footprint and remaining focused on providing significant operating cash flows. And then as we have with share repurchases, providing returns to our shareholders through share repurchase and increased dividends. We're going to maintain a focus on a return based business and continue to balance based on that market. We have certainly reached a significant scale and it continues to be challenging to put new communities in front of us.

We're going to balance our pace and price to drive returns and consistent operating cash flows.

So would you say that maybe consistent operating cash flow is the primary metric that we should be focused on?

The combination of returns and consistent cash flows. We believe those two are hand in hand.

And see, we do believe we are well positioned over the long term to continue to sustain our position as the largest builder in The United States and aggregate significant market share. In short term periods, we're going to do what we need to do to maximize returns and that could differ, but we do believe we're positioned over the long term to remain the largest builder.

Got you. Okay. And then I'm going to turn my attention to SG and You know, another notable difference from the past is your SG and A rate which historically that was a real point of pride for the company. I recall when I first visited the company, think folks told me that Doctor wanted them to use paper clips instead of staples because you couldn't reuse staples. Your SG and A is still low,

the last couple of years and in 2Q specifically. So I'm wondering, do you think maybe some staplers have found their way into the company?

keeping a low cost operating model is still very important. It's still a very important part of our culture. And we're still very focused on being very efficient throughout our operations, including in our SG and A. We have made investments over the last two to three years, which have expanded our footprint. Our market count has increased significantly just 6% in the last year on what was already the largest footprint in the industry.

Our community count is up 10%. We felt like those investments were important to position ourselves to continue to aggregate share over the longer period of time. Obviously, for this year, those were in place with an expectation for a bit higher growth rate than the market is giving us right now. But we still feel like those are investments. It's not a change in our focus or a change in our importance and efficiency of SG and A, but at this point in time with where volumes are and we're balancing pace and price that we're not getting the same leverage on SG and A today.

But we would expect over time we would. And over time, we would expect our SG and A to be lower than it is today.

Thank you. The next question will be from John Lovallo from UBS. John, your line is live.

Good morning, guys. Thanks for taking my questions. The first one is the third quarter gross margin of 21% to 21.5 is definitely better than the expectations that we had heard in the market. And I think that that's encouraging. If we think about the walk sequentially, it sounds like stick and brick costs could be fairly flat, land maybe low single digits and the big sort of delta or unknown being the incentives.

I mean, is that the right way to think about it? And if incentives were actually flat sequentially, that hit the higher end of target?

I think you're thinking about it exactly right, John. And certainly if incentives were flat, we could do towards the higher end of that range. It's just hard to know. A little bit of rate volatility last week just creates some challenges for prediction.

Yeah, understood. And then if we think about sort of the playbook for tariffs, I mean, obviously there's a lot of noise and uncertainty here. Curious what you're hearing from your suppliers in terms of potential incremental price increases And maybe more importantly, how you guys feel that you stack up in these negotiations and your ability to sort of push back some of that pressure throughout the value chain?

John, there's so much noise around tariffs today and it's changing day to day, sometimes hour to hour, hard to figure out exactly where that lands. But over the last several years, our suppliers have done a good job of having to respond to supply chain challenges and feel like we're in a good position to do that. Our suppliers are in a good position to do that. We do feel that our strength and size and scale across our markets will put us in a good position to hold those costs and see the lower end of any impact from tariffs wherever they land. But feel very good about our supply chain today and about our labor force today.

And we'll just take whatever comes out of the tariffs as it comes at us once it settles down.

Yeah, makes a lot of sense. Appreciate it.

The next question will be from Alan Ratner from Zelman and Associates. Alan, your line is live.

Hey, guys. Good morning. Thanks for all the details so far. Question just about the start pace, your spec count, your spec count, if I'm looking at this correctly, is at the lowest levels we've seen in about almost four years and your starts are down about 15% year over year. So I know a lot of people have been concerned about rising spec counts across the industry.

You're clearly moving in the opposite direction, which I'm sure is supporting the gross margin. I guess my question is, as you start to think about '26, and I know it's early for that, but presumably growth is still in the company's target or you'd like to grow assuming the market gives you a favorable backdrop. So should we expect starts to ramp here over the next quarter or two to position Horton for growth in 2026? Or should we think about any potential changes to the sales strategy? I know you've talked about potentially getting back into BTO at some point.

Just kind of curious to think about how low that spec count can go while still positioning your company for growth next year?

Yes, Alan. Our starts are certainly lower than they have been, but our cycle times are also at their historical efficiency. And so we don't have to carry as many homes in inventory to be able to respond to demand in the market. As it flexes up or down, we can respond in kind with our starts base, which is what we've done. We are in position and would expect that our starts will accelerate into the third quarter.

And based on the remainder of the spring and summer selling season that continue into the fourth and we feel good about our position with our existing spec inventory. We watch very closely our completed spec inventory. We've reduced that by 2,000 units just in the last quarter and that allows us to turn our inventory more efficiently, which ties into again maintaining strong operating cash flow. But we feel good about our ability to start homes and respond to the market and put us in a position which we have always continue to stay focused on growth. And we feel like we're in a good position to achieve our current guide and the market will tell us how to respond from there.

Great, I appreciate the detail there. Second, just in terms of as we think about the tariff environment, and I know you mentioned you'll kind of wait and see, but I'm just curious within the gross margin guide, we've started to see some price increase announcements coming from suppliers, whether there's any contemplation of increases there because you mentioned your Stick and Brick costs have been pretty flat quarter over quarter.

Yes, I don't think we're going to see any impact of that come through until we get to 26 closings based upon anything we've seen. And we haven't seen anything substantial coming across in the way of price increases today. Again, it's early days on understanding where things will fall out with the impact of the tariffs. But from what we've seen in the conversations we've had with our suppliers, we're not expecting material changes at this point.

The next question will be from Carl Reichardt from BTIG. Carl, your line is live.

Thanks. Good morning, everybody. I wanted to ask about sort of if we slice and dice the orders this particular quarter. Are you seeing a better performance from a, the markets that you've gone into more recently where you might have fewer public peers and B, while you're perceived to be all entry level builder, we know you've got a number of communities that are sort of more first move up or even higher end than that or differentiated. Can you talk about a difference in performance among the more entry level communities versus others, let's say?

So I think we've seen with 63% of our buyers this quarter at the mortgage company being first time homebuyers, we're still seeing strong demand for the first time homebuyer. The affordability is a pressure point for that buyer. There's no doubt about it. And we are seeing frankly pretty good demand before you get through the quarter of that move up buyer or second move up. And we're not heavily positioned for that particular buyer type but we do have a fair number of flags just in absolute terms that have done very well.

And in terms of markets that are performing well, it's those markets that you can see that are more supply constrained both from new and existing homes where there have been more significant restrictions on development of new communities. Those markets are much more rationed or allocated to the supply that comes into the market and demand is still very strong in those markets.

Thanks Mike. And we've talked about changes in price and balancing pace and price with incentives and maybe it's two sides of the same coin, but are your operators starting to focus a little bit more on effectively price cuts as opposed to incentives related to interest rates? Are you starting to see a move in that direction? And if so, are you seeing some traction with that? Thanks.

Not really in any significant manner. The focus still has been on rates and rate buy downs and keeping consistency of that. And if we see a little weakness in a market or buy community, we may adjust further down, but still more advantageous to the buyer and the cost is less to increase the rate buy down than to cut the price. Our price is held relatively stable. Certainly, we have communities if we aren't hitting with the incentives we have in place and we need cut the price to drive activity and increase traffic and sales, we'll do that.

But that's a community by community position and our operators are doing a great job in the field of managing inside of their own sub markets and across their division platforms to drive what they need to at a community level.

To Paul's point from a year ago, our number of buyers utilizing basis is up. So when we talk about higher incentive cost, is just more buyers taking advantage of that rate buy down.

Which is reflected in our financials as a reduction in the sales price of the home.

Yeah. Okay. Great. Thanks a lot. Appreciate it, guys.

Thank you. The next question will be from Sam Reid from Wells Fargo. Sam, your line is live.

Awesome. Thanks so much. I'm gonna touch on 2026 again here, and obviously understand you're you're not providing guidance. But at what point in the current year would you start to assess your community count for the following year? I guess just kind of saying it differently, if demand were to remain soft in Q3 and Q4, would you be biased toward holding community count flat in '26?

Or is there a scenario where you potentially shrink community count? And then how much flex is there in your operating plans to make downward adjustments, if necessary?

Yes. Sam, that's like everything we talk about community by community. And so it's going be dependent on sales paces in local markets and where we're closing out of communities and it makes sense to open the next market. Those plans are happening years out in terms of our lot position. You've heard us talk a lot about how it's not getting any easier to put finished lots on the ground.

So to accelerate community starts is much harder than to slow them down. So in terms of what we actually ultimately grow or not grow community count wise in fiscal 'twenty six, it'll be a function of local market conditions and the sales pace that we're seeing in each of our markets.

That's helpful, Jessica. And then wanted to touch on the geographic composition potentially of where you're taking delivery expectations and starts lower. Are you making sharper cuts to areas like Florida and Texas, just knowing pressure points? Or would you characterize some of your reduction in delivery guide to perhaps more broad based cuts? Just would love some additional context there.

I think you look at our concentration in Texas and through Florida, and certainly when those markets are a little softer, it's going to cause us to have fewer starts in those markets in response to market conditions. As Bill had mentioned earlier, we have expanded our geographic footprint and have some newer markets that are seeing good stable activity without much supply and we're expecting some of those markets to grow potentially beyond our expectations. So it's it really is a balance, but it is market to market and community to community across our platform.

Thank you. The next question will be from Michael Rehaut from JPMorgan. Michael, your line is live.

Great. Thanks. Good morning, everyone. Thanks for taking my questions. Wanted to start off just trying to understand the balance.

And obviously, as you say it's community by community, but trying to understand where you are from an incentive standpoint versus the rest of the market. Looks like your gross margins are holding up relatively well. And I was curious, when you think about incentives as a percent of sales, where you are today versus three months ago and maybe even versus a year ago? And more specifically, over the last few months, how would you say your incentives are holding relative to the rest of the market? Because it would appear maybe on a first glance that perhaps you're holding price a little bit more and allowing volumes to slide.

So I'd love to hear your thoughts around those around that metric and again, kind of comparing the incentives for yourself as well as the market.

We compete every day in each of our markets and watch closely what's going on across all of our competitors. And when you get down to a market and sub market level, we have different competitors in each of those. And so that's why we rely heavily on our local operators to measure their market, respond and react on a daily basis to drive the returns that we're looking for in each of our communities. So I think we compete favorably and we respond in kind to what we're saying. Although we've seen our sales revenue number per unit remain relatively flat, our size of home has reduced.

And so that changes the inputs and I think that's somewhere where you've seen some of the strength in our margin is a response to the market with a house that meets the buyer with what they can afford on a monthly basis.

So just trying to parse that out a little bit and appreciate the response. I know it's obviously hard to do market by market, but would you say overall your incentive levels are holding relative to the market or maybe holding up a little stronger? In other words, holding price a little bit more than the average competitor?

Hard to say. It's a daily and weekly price market value discovery process that our teams are going through. Again, by community, I know you gotta be tired of us saying that but that's really what they do. And we kind of encourage and guide them to recognize the fact that in a given submarket where you may have a very deep lot position that's easily replaceable, then probably more volume makes sense there. And where you have one where the lots are scarcer or harder to get on the ground, it's gonna be more of a price thing.

And that's gonna maximize the overall returns produced from the portfolio. And it's every day we are out there seeking to be competitive in the marketplace and be sure we're getting attention from the buying community on the value we're providing. And then have the ability once we get somebody in the community to sit down and discover what they need in their housing options and meet that need with the payment they can afford. And so whether that's a combination various closing cost incentives or rate buy downs, it's working with that individual buyer to understand what it takes to get them to commit to the transaction.

D.R. Horton (DHI) Q2 2025 Earnings Call Transcript

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