D.R. Horton Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>D.R. Horton filed its Q1 2024 10-Q report, detailing financial performance for the quarter ending December 31, 2023.</b>

AI Summary

HORTON D R INC /DE/ (DHI) filed a Quarterly Report (10-Q) with the SEC on January 24, 2024. D.R. Horton, Inc. filed its quarterly report on Form 10-Q for the period ended December 31, 2023. The filing covers the fiscal first quarter of 2024. The company's fiscal year ends on September 30th. D.R. Horton is incorporated in Delaware. The company's principal business address is in Arlington, Texas.

Why It Matters

For investors and stakeholders tracking HORTON D R INC /DE/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for D.R. Horton, crucial for assessing the company's performance in the current housing market. Understanding the details within this report allows stakeholders to evaluate the company's financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: low — HORTON D R INC /DE/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or disclosures that would elevate the risk level.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on market conditions and strategic initiatives.

Key Numbers

• 2023-12-31 — Conformed Period of Report (End date of the reporting period)
• 2024-01-24 — Filed As Of Date (Date the report was filed)
• 0930 — Fiscal Year End (Company's fiscal year end month and day)
• DE — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• HORTON D R INC /DE/ (company) — Filer name
• DHI (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240124 (date) — Filed as of date
• 1341 HORTON CIRCLE (address) — Business address street 1
• ARLINGTON (location) — Business address city
• TX (location) — Business address state
• 76011 (postal_code) — Business address zip

Forward-Looking Statements

• D.R. Horton will maintain a stable common stock share count in the next quarter, reflecting a consistent capital management strategy. (HORTON D R INC /DE/) — medium confidence, target: 2024-03-31

FAQ

Industry Context

D.R. Horton operates in the operative builders sector, a segment of the real estate and construction industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and disclosures.
2. Analyze segment performance, if provided, to understand revenue drivers.
3. Compare reported figures to previous periods and analyst expectations.

Year-Over-Year Comparison

This is the initial filing for the period ending December 31, 2023. Comparative data from the previous year's quarter will be available within the full report.

Filing Documents

• dhi-20231231.htm (10-Q) — 1666KB
• a12312023exhibit221.htm (EX-22.1) — 100KB
• a12312023exhibit311.htm (EX-31.1) — 16KB
• a12312023exhibit312.htm (EX-31.2) — 16KB
• a12312023exhibit321.htm (EX-32.1) — 6KB
• a12312023exhibit322.htm (EX-32.2) — 6KB
• dhi-20231231_g1.jpg (GRAPHIC) — 136KB
• 0000882184-24-000014.txt (&nbsp;) — 7655KB
• dhi-20231231.xsd (EX-101.SCH) — 31KB
• dhi-20231231_cal.xml (EX-101.CAL) — 56KB
• dhi-20231231_def.xml (EX-101.DEF) — 206KB
• dhi-20231231_lab.xml (EX-101.LAB) — 552KB
• dhi-20231231_pre.xml (EX-101.PRE) — 355KB
• dhi-20231231_htm.xml (XML) — 1182KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

ITEM 1. Financial Statements (unaudited) Consolidated Balance Sheets at December 31, 2023 and September 30, 2023 3 Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 4 Consolidated Statements of Total Equity for the three months ended December 31, 2023 and 2022 5 Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 53

Controls and Procedures

ITEM 4. Controls and Procedures 54

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 55

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Other Information

ITEM 5. Other Information 56

Exhibits

ITEM 6. Exhibits 56

SIGNATURES

SIGNATURES 57 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2023 September 30, 2023 (In millions) (Unaudited) ASSETS Cash and cash equivalents $ 3,323.4 $ 3,873.6 Restricted cash 21.2 26.5 Total cash, cash equivalents and restricted cash 3,344.6 3,900.1 Inventories: Construction in progress and finished homes 9,467.7 9,001.4 Residential land and lots — developed and under development 11,497.1 10,621.9 Land held for development 134.5 50.0 Land held for sale 3.5 8.7 Rental properties 2,947.5 2,691.3 Total inventory 24,050.3 22,373.3 Mortgage loans held for sale 2,044.1 2,519.9 Deferred income taxes, net of valuation allowance of $ 14.8 million at December 31, 2023 and September 30, 2023 175.9 187.2 Property and equipment, net 475.5 445.4 Other assets 3,127.7 2,993.0 Goodwill 163.5 163.5 Total assets $ 33,381.6 $ 32,582.4 LIABILITIES Accounts payable $ 1,260.3 $ 1,246.2 Accrued expenses and other liabilities 3,227.4 3,103.8 Notes payable 5,290.4 5,094.5 Total liabilities 9,778.1 9,444.5 Commitments and contingencies (Note K) EQUITY Preferred stock, $ .10 par value, 30,000,000 shares authorized, no shares issued — — Common stock, $ .01 par value, 1,000,000,000 shares authorized, 401,869,172 shares issued and 332,190,334 shares outstanding at December 31, 2023 and 401,202,253 shares issued and 334,848,565 shares outstanding at September 30, 2023 4.0 4.0 Additional paid-in capital 3,440.2 3,432.2 Retained earnings 24,437.3 23,589.8 Treasury stock, 69,678,838 shares and 66,353,688 shares at December 31, 2023 and September 30, 2023, respectively, at cost ( 4,728.1 ) ( 4,329.8 ) Stockholders' equity 23,153.4 22,696.2 Noncontrolling interests 450.1 441.7 Total equity 23,603.5 23,137.9 Total liabilities and equity $ 33,381.6 $ 32,582.4 See accompanying notes to consolidated financial statements. 3 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) December 31, 2023 NOTE A – BASIS OF PRESENTATION The accompanying unaudited, consolidated financial statements include the accounts of D.R. Horton, Inc. and all of its wholly-owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company, unless the context otherwise requires. Noncontrolling interests represent the proportionate equity interests in consolidated entities that are not 100% owned by the Company. As of December 31, 2023, the Company owned a 63 % controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 37 % interest the Company does not own is accounted for as noncontrolling interests. All intercompany accounts, transactions and balances have been eliminated in consolidation. The financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2023, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2023 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 NOTE B – SEGMENT INFORMATION The Company is a national homebuilder that is primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 118 markets across 33 states. The Company's operating segments are its 83 homebuilding divisions, its rental operations, its majority-owned Forestar residential lot development operations, its financial services operations and its other business activities. The Company's reporting segments are its homebuilding reporting segments, its rental operations segment, its Forestar lot development segment and its financial services segment. Homebuilding The homebuilding operating segments are aggregated into six reporting segments. The reporting segments and the states in which the Company has homebuilding operations are as follows: Northwest: Colorado, Oregon, Utah and Washington Southwest: Arizona, California, Hawaii, Nevada and New Mexico South Central: Arkansas, Oklahoma and Texas Southeast: Alabama, Florida, Louisiana and Mississippi East: Georgia, North Carolina, South Carolina and Tennessee North: Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Minnesota, Nebraska, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia The Company's homebuilding divisions design, build and sell single-family detached homes on lots they develop and on fully developed lots purchased ready for home construction. To a lesser extent, the homebuilding divisions also build and sell attached homes, such as townhomes, duplexes and triplexes. Most of the revenue generated by the Company's homebuilding operations is from the sale of completed homes and to a lesser extent from the sale of land and lots. Rental The Company's rental segment consists of single-family and multi-family rental operations. The single-family rental operations primarily construct and lease single-fam

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 The accounting policies of the reporting segments are described throughout Note A included in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2023. Financial information relating to the Company's reporting segments is as follows: December 31, 2023 Homebuilding Rental Forestar Financial Services Eliminations and Other (1) Consolidated (In millions) Assets Cash and cash equivalents $ 2,504.1 $ 117.7 $ 458.9 $ 226.9 $ 15.8 $ 3,323.4 Restricted cash 6.0 2.2 — 13.0 — 21.2 Inventories: Construction in progress and finished homes 9,602.5 — — — ( 134.8 ) 9,467.7 Residential land and lots — developed and under development 9,740.5 — 1,895.7 — ( 139.1 ) 11,497.1 Land held for development 20.4 — 114.1 — — 134.5 Land held for sale 3.5 — — — — 3.5 Rental properties — 2,962.7 — — ( 15.2 ) 2,947.5 19,366.9 2,962.7 2,009.8 — ( 289.1 ) 24,050.3 Mortgage loans held for sale — — — 2,044.1 — 2,044.1 Deferred income taxes, net 218.0 ( 19.9 ) — — ( 22.2 ) 175.9 Property and equipment, net 444.8 2.4 5.8 4.3 18.2 475.5 Other assets 2,670.6 35.6 59.3 386.9 ( 24.7 ) 3,127.7 Goodwill 134.3 — — — 29.2 163.5 $ 25,344.7 $ 3,100.7 $ 2,533.8 $ 2,675.2 $ ( 272.8 ) $ 33,381.6 Liabilities Accounts payable $ 1,017.0 $ 424.0 $ 65.3 $ — $ ( 246.0 ) $ 1,260.3 Accrued expenses and other liabilities 2,761.4 34.6 354.4 354.4 ( 277.4 ) 3,227.4 Notes payable 2,355.4 950.0 705.3 1,279.7 — 5,290.4 $ 6,133.8 $ 1,408.6 $ 1,125.0 $ 1,634.1 $ ( 523.4 ) $ 9,778.1 ______________ (1) Amounts include the balances of the Company's other businesses and the elimination of intercompany transactions. 9 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 September 30, 2023 Homebuilding Rental Forestar Financial Services Eliminations and Other (1) Consolidated (In millions) Assets Cash and cash equivalents $ 2,920.2 $ 136.1 $ 616.0 $ 189.1 $ 12.2 $ 3,873.6 Restricted cash 6.5 3.3 — 16.7 — 26.5 Inventories: Construction in progress and finished homes 9,134.3 — — — ( 132.9 ) 9,001.4 Residential land and lots — developed and under development 8,992.3 — 1,760.8 — ( 131.2 ) 10,621.9 Land held for development 20.5 — 29.5 — — 50.0 Land held for sale 8.7 — — — — 8.7 Rental properties — 2,708.4 — — ( 17.1 ) 2,691.3 18,155.8 2,708.4 1,790.3 — ( 281.2 ) 22,373.3 Mortgage loans held for sale — — — 2,519.9 — 2,519.9 Deferred income taxes, net 229.8 ( 19.9 ) — — ( 22.7 ) 187.2 Property and equipment, net 415.0 2.4 5.9 4.1 18.0 445.4 Other assets 2,838.5 29.8 58.5 250.3 ( 184.1 ) 2,993.0 Goodwill 134.3 — — — 29.2 163.5 $ 24,700.1 $ 2,860.1 $ 2,470.7 $ 2,980.1 $ ( 428.6 ) $ 32,582.4 Liabilities Accounts payable $ 1,033.7 $ 698.6 $ 68.4 $ 0.1 $ ( 554.6 ) $ 1,246.2 Accrued expenses and other liabilities 2,585.5 43.2 337.4 280.4 ( 142.7 ) 3,103.8 Notes payable 2,329.9 400.0 695.0 1,669.6 — 5,094.5 $ 5,949.1 $ 1,141.8 $ 1,100.8 $ 1,950.1 $ ( 697.3 ) $ 9,444.5 ______________ (1) Amounts include the balances of the Company's other businesses and the elimination of intercompany transactions. 10 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 Three Months Ended December 31, 2023 Homebuilding Rental Forestar Financial Services Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 7,276.4 $ — $ — $ — $ — $ 7,276.4 Land/lot sales and other 20.3 — 305.9 — ( 264.5 ) 61.7 Rental property sales — 195.3 — — — 195.3 Financial services — — — 192.6 — 192.6 7,296.7 195.3 305.9 192.6 ( 264.5 ) 7,726.0 Cost of sales Home sales (2) 5,608.0 — — — ( 54.2 ) 5,553.8 Land/lot sales and other 13.2 — 232.8 — ( 222.6 ) 23.4 Rental property sales — 141.3 — — ( 4.8 ) 136.5 Inventory and land option charges 5.5 0.4 0.2 — — 6.1 5,626.7 141.7 233.0 — ( 281.6 ) 5,719.8 Selling, general and administrative expense 603.4 47.4 28.0 151.5 4.7 835.0 Other (income) expense ( 29.5 ) ( 25.1 ) ( 6.3 ) ( 24.9 ) 9.5 ( 76.3 ) Income before income taxes $ 1,096.1 $ 31.3 $ 51.2 $ 66.0 $ 2.9 $ 1,247.5 Summary Cash Flow Information Depreciation and amortization $ 18.0 $ 0.6 $ 0.8 $ 0.5 $ 0.1 $ 20.0 Cash provided by (used in) operating activities $ 31.2 $ ( 516.2 ) $ ( 156.7 ) $ 464.7 $ 23.6 $ ( 153.4 ) ______________ (1) Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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 recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. 11 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 Three Months Ended December 31, 2022 Homebuilding Rental Forestar Financial Services Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 6,709.2 $ — $ — $ — $ — $ 6,709.2 Land/lot sales and other 34.8 — 216.7 — ( 167.4 ) 84.1 Rental property sales — 327.5 — — — 327.5 Financial services — — — 137.0 — 137.0 6,744.0 327.5 216.7 137.0 ( 167.4 ) 7,257.8 Cost of sales Home sales (2) 5,106.7 — — — ( 49.0 ) 5,057.7 Land/lot sales and other 4.9 — 166.8 — ( 147.7 ) 24.0 Rental property sales — 183.8 — — ( 1.7 ) 182.1 Inventory and land option charges 24.2 0.9 2.4 — — 27.5 5,135.8 184.7 169.2 — ( 198.4 ) 5,291.3 Selling, general and administrative expense 527.1 47.5 22.9 134.1 5.4 737.0 Other (income) expense ( 13.3 ) ( 15.0 ) ( 3.3 ) ( 15.3 ) 9.2 ( 37.7 ) Income before income taxes $ 1,094.4 $ 110.3 $ 27.9 $ 18.2 $ 16.4 $ 1,267.2 Summary Cash Flow Information Depreciation and amortization $ 15.2 $ 0.5 $ 0.7 $ 0.5 $ 2.9 $ 19.8 Cash provided by (used in) operating activities $ 313.9 $ 49.4 $ ( 49.8 ) $ 493.1 $ 22.5 $ 829.1 ______________ (1) Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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 recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. 12 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 Homebuilding Inventories by Reporting Segment (1) December 31, 2023 September 30, 2023 (In millions) Northwest $ 1,990.0 $ 1,907.5 Southwest 3,311.4 3,133.0 South Central 3,950.6 3,810.5 Southeast 4,186.5 3,958.5 East 3,367.4 3,024.7 North 2,302.3 2,078.0 Corporate and unallocated (2) 258.7 243.6 $ 19,366.9 $ 18,155.8 ____________________________ (1) Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company's chief operating decision makers. (2) Corporate and unallocated consists primarily of homebuilding capitalized interest and property taxes. Homebuilding Results by Reporting Segment Three Months Ended December 31, 2023 2022 (In millions) Revenues Northwest $ 577.9 $ 520.4 Southwest 1,051.4 803.0 South Central 1,669.2 1,642.1 Southeast 1,999.6 1,996.3 East 1,268.3 1,143.9 North 730.3 638.3 $ 7,296.7 $ 6,744.0 Income before Income Taxes Northwest $ 69.5 $ 58.7 Southwest 134.9 84.0 South Central 271.6 281.6 Southeast 329.4 411.3 East 204.6 189.4 North 86.1 69.4 $ 1,096.1 $ 1,094.4 13 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 NOTE C – INVENTORIES At the end of each quarter, the Company reviews the performance and outlook for all of its communities and land inventories for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As of December 31, 2023, the Company determined that no communities were impaired, and no impairment charges were recorded during the three months ended December 31, 2023. There were $ 4.8 million of impairment charges recorded in the prior year quarter. During the three months ended December 31, 2023, earnest money and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $ 6.1 million compared to $ 22.7 million in the same period of fiscal 2023. Inventory impairments and land option charges are included in cost of sales in the consolidated statements of operations. 14 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 NOTE D – NOTES PAYABLE The Company's notes payable at their carrying amounts consist of the following: December 31, 2023 September 30, 2023 (In millions) Homebuilding Unsecured: Revolving credit facility $ — $ — 2.5 % senior notes due 2024 (1) 499.3 499.0 2.6 % senior notes due 2025 (1) 498.3 498.0 1.3 % senior notes due 2026 (1) 596.9 596.6 1.4 % senior notes due 2027 (1) 496.7 496.5 Other secured notes 264.2 239.8 2,355.4 2,329.9 Rental Unsecured: Revolving credit facility 950.0 400.0 Forestar Unsecured: Revolving credit facility — — 3.85 % senior notes due 2026 (2) 397.7 397.4 5.0 % senior notes due 2028 (2) 297.7 297.6 Other secured notes 9.9 — 705.3 695.0 Financial Services Mortgage repurchase facilities: Committed facility 1,160.7 1,373.3 Uncommitted facility 119.0 296.3 1,279.7 1,669.6 Total notes payable (3) $ 5,290.4 $ 5,094.5 _____________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $ 7.5 million and $ 8.4 million at December 31, 2023 and September 30, 2023, respectively. (2) Debt issuance costs that were deducted from the carrying amount of Forestar's senior notes totaled $ 4.6 million and $ 5.0 million at December 31, 2023 and September 30, 2023, respectively. (3) The fair value of notes payable at December 31, 2023 totaled $ 5.1 billion, of which $ 2.6 billion were measured using Level 2 inputs and $ 2.5 billion were measured using Level 3 inputs. The fair value of notes payable at September 30, 2023 totaled $ 4.8 billion, of which $ 2.5 billion were measured using Level 2 inputs and $ 2.3 billion were measured using Level 3 inputs. 15 Table of Contents D.R. HORTON, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued) December 31, 2023 Homebuilding The Company has a $ 2.19 billion senior unsecured homebuilding revolving credit facility with an uncommitted accordion feature that could i