[PART 1. FINANCIAL INFORMATION](index=4&type=section&id=PART%201.%20FINANCIAL%20INFORMATION) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20M%2FI%20Homes%2C%20Inc.%20and%20Subsidiaries%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited financial statements for M/I Homes, Inc as of and for the periods ended June 30, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $4.34 billion, driven by increases in inventory and cash, while shareholders' equity rose to $2.74 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and restricted cash | $837,458 | $732,804 | | Inventory | $2,938,464 | $2,797,151 | | **Total Assets** | **$4,340,070** | **$4,022,440** | | **Liabilities & Equity** | | | | Total Liabilities | $1,598,953 | $1,505,501 | | Total Shareholders' Equity | $2,741,117 | $2,516,939 | | **Total Liabilities and Shareholders' Equity** | **$4,340,070** | **$4,022,440** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) The company reported significant year-over-year growth in net income and diluted EPS for Q2 and H1 2024 Consolidated Income Statement Summary (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,109,781 | $1,014,013 | $2,156,484 | $2,014,543 | | Income before income taxes | $194,139 | $155,357 | $374,378 | $291,339 | | Net Income | $146,746 | $118,001 | $284,807 | $221,067 | | Diluted EPS | $5.12 | $4.12 | $9.90 | $7.77 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to $143.3 million for H1 2024, primarily due to a larger increase in inventory Consolidated Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $143,283 | $417,689 | | Net cash used in investing activities | ($27,541) | ($2,802) | | Net cash used in financing activities | ($11,088) | ($58,142) | | **Net increase in cash** | **$104,654** | **$356,745** | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, a new share repurchase program, and segment revenue breakdowns - Total inventory increased to **$2.94 billion**, with spec inventory at 2,150 units valued at $426.8 million[24](index=24&type=chunk)[25](index=25&type=chunk) - The company maintains a **$650 million unsecured revolving credit facility** with no borrowings outstanding and $569.9 million available[77](index=77&type=chunk)[78](index=78&type=chunk)[81](index=81&type=chunk) - A new **$250 million share repurchase program** was approved in May 2024, with $207.1 million remaining available for repurchases[103](index=103&type=chunk)[105](index=105&type=chunk) Revenue by Source (in thousands) | Revenue Source | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Housing | $2,088,557 | $1,955,144 | | Land sales | $10,203 | $8,852 | | Financial services | $57,724 | $50,547 | | **Total revenue** | **$2,156,484** | **$2,014,543** | [Management's Discussion and Analysis (MD&A)](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses record-setting performance, segment results, liquidity, capital allocation, and the company's outlook [Overview and Summary of Results](index=24&type=section&id=Overview%20and%20Summary%20of%20Results) The company achieved record Q2 2024 gross margin, pre-tax income, and net income, driven by a 9% revenue increase - Q2 2024 performance highlights include a **9% revenue increase** to a record $1.11 billion, a record **27.9% gross margin**, and a **24% increase in net income** to a record $146.7 million[126](index=126&type=chunk)[129](index=129&type=chunk) - H1 2024 performance highlights include a **7% revenue increase** to a record $2.16 billion, a **10% increase in homes delivered**, and a **29% increase in net income** to a record $284.8 million[126](index=126&type=chunk)[128](index=128&type=chunk) [Reportable Segments Performance](index=31&type=section&id=Reportable%20Segments%20Performance) Both Northern and Southern homebuilding regions saw growth, while the Financial Services segment posted record revenue Homebuilding Operating Data by Region - Q2 2024 vs Q2 2023 | Metric | Region | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | :--- | | Homes Delivered | Northern | 951 | 783 | +21% | | | Southern | 1,273 | 1,207 | +5% | | New Contracts, net | Northern | 1,002 | 949 | +6% | | | Southern | 1,253 | 1,248 | +0.4% | | Housing Revenue (in thousands) | Northern | $464,606 | $383,486 | +21% | | | Southern | $607,438 | $596,712 | +2% | - The Financial Services segment's income before taxes increased to **$14.4 million in Q2 2024**, with the capture rate rising to 87% from 81%[144](index=144&type=chunk)[158](index=158&type=chunk) New Contract Cancellation Rates | Region | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Northern | 9.3% | 9.1% | | Southern | 10.2% | 11.4% | | **Total** | **9.8%** | **10.4%** | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $837.5 million in cash and an improved debt-to-capital ratio of 20% - Ended Q2 2024 with **$837.5 million of cash**, cash equivalents, and restricted cash[175](index=175&type=chunk) - The homebuilding debt to capital ratio improved to **20%** at June 30, 2024, down from 22% at year-end 2023[188](index=188&type=chunk) - Repurchased **$75.6 million of common shares** in H1 2024, with $207.1 million remaining under the current repurchase program[186](index=186&type=chunk) - Controlled approximately **49,500 lots** as of June 30, 2024, representing about a six-year supply and a 20% increase YoY[135](index=135&type=chunk) [Outlook and Impact of Macroeconomic Factors](index=28&type=section&id=Outlook%20and%20Impact%20of%20Macroeconomic%20Factors) The company plans to grow community count by 5% in 2024 while navigating uncertainty from mortgage rates and inflation - Strategic objectives for 2024 include managing land spend, improving cycle times, opening new communities, and maintaining a strong balance sheet[137](index=137&type=chunk) - The company plans to increase its average community count by approximately **5% by the end of 2024**[127](index=127&type=chunk)[136](index=136&type=chunk) - Management remains cautious as high mortgage rates, hovering around **7% in H1 2024**, continue to pressure housing affordability[218](index=218&type=chunk)[219](index=219&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuation, which is managed through derivative instruments Notional Amounts of Financial Instruments (in thousands) | Description | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Uncommitted IRLCs | $227,821 | $174,274 | | FMBSs related to uncommitted IRLCs | $250,000 | $174,000 | | Mortgage loans held for sale covered by FMBSs | $211,151 | $160,547 | Recognized Gain (Loss) on Hedging Instruments (in thousands) | Description | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Mortgage loans held for sale | $(623) | $(3,139) | | Forward sales of mortgage-backed securities | $1,647 | $4,632 | | Interest rate lock commitments | $(1,322) | $(2,537) | | **Total gain (loss) recognized** | **$545** | **$(570)** | [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024 - The company's principal executive and financial officers concluded that **disclosure controls and procedures were effective** as of the end of the reporting period[229](index=229&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter ended June 30, 2024[230](index=230&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Other Information (Items 1-6)](index=45&type=section&id=Other%20Information%20(Items%201-6)) This section confirms no material changes to risk factors and details Q2 2024 share repurchase activities - There have been **no material changes** to the risk factors previously disclosed in the company's 2023 Form 10-K[232](index=232&type=chunk) Common Share Purchases - Q2 2024 | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | April 2024 | — | $— | $102,523,768 | | May 2024 | 320,000 | $126.06 | $217,079,090 | | June 2024 | 80,000 | $124.61 | $207,110,140 | | **Total Q2** | **400,000** | **$125.77** | **$207,110,140** | - The company reports no defaults upon senior securities and no new Rule 10b5-1 trading arrangements by directors or officers[236](index=236&type=chunk)

This quarterly report represents an earnings surprise of 11.30%. A quarter ago, it was expected that this homebuilder would post earnings of $3.96 per share when it actually produced earnings of $4.78, delivering a surprise of 20.71%. M/I Homes, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.11 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.96%. This compares to year-ago revenues of $1.01 billion. The company has topped con ...

Exhibit 99.1 M/I Homes Reports 2024 Second Quarter Results Columbus, Ohio (July 30, 2024) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2024. 2024 Second Quarter Highlights: The Company reported pre-tax income of $194.1 million and net income of $146.7 million ($5.12 per diluted share), both all-time quarterly records. This compares to pre-tax income of $155.4 million and net income of $118.0 million, or $4.12 per diluted share, for the second quarter of 2023. Fo ...

Core Insights - M/I Homes, Inc. reported strong financial results for the second quarter of 2024, achieving all-time quarterly records in income, gross margins, and pre-tax margins [2][12][17] - The company experienced a 9% increase in revenue, reaching $1.1 billion, with net income rising 24% to $146.7 million [12][17] - The return on equity stood at 21%, reflecting the company's robust financial health [2][12] Financial Performance - Revenue for the second quarter increased by 9% to $1.1 billion, compared to the same period last year [12][17] - Gross margins improved to 28% from 25% year-over-year, while pre-tax margins rose to 17.5% from 15.3% [2][12] - Pre-tax income reached a record $194.1 million, a 25% increase from the previous year [2][12][17] - Net income for the quarter was $146.7 million, or $5.12 per diluted share, up from $118.0 million, or $4.12 per diluted share, in the prior year [12][17] Operational Highlights - Homes delivered increased by 12% to 2,224 in the second quarter, compared to 1,990 in the same quarter of 2023 [12][13] - New contracts rose by 3% to 2,255, with a total of 4,802 new contracts for the first half of 2024, a 10% increase from the previous year [12][13] - The backlog sales value increased to $1.82 billion, up 3% from the previous year, with an average sales price of $533,000 [12][13] Balance Sheet and Equity - Shareholders' equity reached a record $2.7 billion, a 19% increase from the previous year, with a book value per share of $100 [12][14] - The company ended the quarter with cash of $837 million and a homebuilding debt to capital ratio of 20% [14][20] - Total assets increased to $4.34 billion, up from $3.86 billion year-over-year [20] Market Position - M/I Homes operates in multiple regions, including Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee [5] - The company had 211 communities as of June 30, 2024, compared to 195 communities a year earlier [13]

Core Viewpoint - Analysts' projections for M/I Homes indicate positive growth in key metrics, suggesting a favorable outlook for the company's upcoming earnings report. Revenue Projections - Analysts estimate 'Revenue- Homebuilding revenue' at $1.03 billion, reflecting a year-over-year increase of +4.2% [2] - The forecast for 'Revenue- Homebuilding revenue- Housing revenue' is also $1.03 billion, indicating a +4.9% change from the prior-year quarter [6] - The 'Revenue- Financial services revenue' is projected to be $26.80 million, suggesting a +6.1% year-over-year increase [13] Earnings Per Share (EPS) - The consensus EPS estimate for the quarter is $4.60, representing an 11.7% increase compared to the same period last year [9] - The EPS estimate has been revised upward by 4.3% in the past 30 days, indicating analysts' reassessment of their initial estimates [5] Sales and Contracts - Analysts predict 'New contracts - Total' to reach 2,364, up from 2,197 a year ago [3] - The 'Homes delivered - Total' is expected to be 2,182, compared to 1,990 in the same quarter last year [7] Community and Backlog Metrics - The 'Number of active communities (Average community count)' is forecasted to reach 218, an increase from 198 a year ago [4] - 'Homes in backlog' is estimated at 3,573, compared to 3,508 the previous year [15] - The 'Aggregate sales value of homes in backlog - Total Homebuilding Regions' is projected to be $1.88 billion, up from $1.78 billion [14] Pricing Metrics - The 'Average sales price of homes in backlog - Total Homebuilding Regions' is expected to be $526.69 thousand, compared to $507 thousand last year [8] - The 'Average home closing price' is projected to reach $471.14 thousand, down from $493 thousand a year ago [11] Market Performance - Shares of M/I Homes have increased by +35.5% over the past month, contrasting with the Zacks S&P 500 composite's -0.2% change [16]

M/I Homes, Inc. (MHO) is scheduled to report second-quarter 2024 results on Jul 30, 2024, before market open. In the last reported quarter, the company's earnings and revenues topped the Zacks Consensus Estimate by 20.7% and 4.1%, respectively. On a year-over-year basis, earnings and revenues increased 31% and 5%, respectively. This homebuilding company's earnings topped the consensus mark in three of the trailing four quarters and missed on the remaining occasion, the average surprise being 19%. Trend in E ...

Market participants will be closely following the financial results of M/I Homes in its upcoming release. The company plans to announce its earnings on July 30, 2024. The company is predicted to post an EPS of $4.79, indicating a 16.26% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $1.05 billion, indicating a 3.71% upward movement from the same quarter last year. Our research shows that these estimate changes are directly correl ...

The most recent trading session ended with M/I Homes (MHO) standing at $136.06, reflecting a +1.84% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily gain of 0.55%. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.63%. Analysts and investors alike will be keeping a close eye on the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings report is set to go public on July 30, 2024. On that day, M/I Homes is projected to rep ...

What: M/I Homes, Inc. Announces Second Quarter Webcast When: July 30, 2024 @ 10:30AM Eastern Time How: Live over the Internet -- Simply log on to the web at the address above The company is expected to report second quarter earnings before the market opens on Tuesday, July 30, 2024. M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnes ...

In the latest trading session, M/I Homes (MHO) closed at $119.59, marking a +0.64% move from the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.09%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq appreciated by 0.3%. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $18.18 per share and a revenue of $4.25 billion, representing changes of +12.15% and +5.39%, respectively, from the prior year. The Zacks Rank syst ...