D R Horton : Q3 FY 2023 Investor Presentation

Investor

Presentation

Q3 2023

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 cyclical nature of the homebuilding, lot development and rental housing industries and changes in economic, real estate or 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, lot and rental inventory; our ability to effect our growth strategies, acquisitions or investments successfully; the impact of an inflationary, deflationary or higher interest rate environment; supply shortages and other risks of acquiring land, building materials and skilled labor; the effects of public health issues such as a major epidemic or pandemic, including the impact of COVID‐19 on the economy and our businesses; the effects of weather conditions and natural disasters on our business and financial results; home warranty and construction defect claims; the effects of health and safety incidents; 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; competitive conditions within the industries in which we operate; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; the effects of negative publicity; the effects of the loss of key personnel; actions by activist stockholders; and information technology failures, data security breaches and our ability to satisfy privacy and data protection laws and regulations. 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 most recent report on Form 10‐Q, both of which are or will be filed with the Securities and Exchange Commission.

D.R. HORTON, INC.

Traded on NYSE as DHI

$34.6 billion	$6.4 billion	24.3% & 31.8%
Consolidated revenues	Consolidated pre‐tax income	ROE & ROI (HB), respectively*

$21.7 billion	$64.03	11.1%
Stockholders' equity	Book value per common share	Homebuilding leverage*

As of or for the twelve‐month period ended June 30, 2023

*See slides 9 and 10 for definitions of ROE (Return on Equity), homebuilding leverage and ROI [Return on Inventory (Homebuilding)], respectively

DHI GROWTH, CONSOLIDATION AND MARKET SHARE

1,400	86,466 Homes Closed during TTM ended 6/30/2023	2022 Closings:	14%
	82,930
1,200				12%
1,000				10%
800				8%
	2006 Closings:	2011 Closings:
	17,176
600	53,410		6%
400				4%
200	1992 Closings:			2%
	1,231
0				0%

Total U.S. Single‐Family New Home Sales ('000s) DHI Homes Closed as a Percentage of U.S. Single‐Family New Home Sales

Source: Company filings, Census

Note: Periods represent full calendar year, unless otherwise noted | Includes homes closed by both homebuilding and single‐family rental operations