[Financial Information](index=4&type=section&id=PART%201.%20FINANCIAL%20INFORMATION) This section presents the company's financial performance and position for the three and nine months ended September 30, 2022 [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20M%2FI%20Homes%2C%20Inc.%20and%20Subsidiaries%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Presents unaudited condensed consolidated financial statements, highlighting significant increases in Q3 2022 net income and EPS, driven by revenue growth and substantial inventory asset rise [Consolidated Financial Statements](index=4&type=section&id=Financial%20Statements) Total assets grew to **$3.59 billion** driven by inventory, with Q3 2022 net income at **$131.6 million** and diluted EPS at **$4.67** - Total assets grew to **$3.59 billion** as of September 30, 2022, from **$3.24 billion** at December 31, 2021. This was primarily driven by an increase in inventory from **$2.45 billion** to **$3.02 billion**. Total shareholders' equity increased to **$1.94 billion** from **$1.62 billion**[11](index=11&type=chunk) Consolidated Statement of Income Highlights (in thousands, except per share) | Metric | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,012,928 | $904,319 | $2,914,393 | $2,694,135 | | **Net Income** | $131,590 | $91,012 | $360,267 | $283,485 | | **Diluted EPS** | $4.67 | $3.03 | $12.59 | $9.46 | - For the nine months ended September 30, 2022, net cash used in operating activities was **$14.1 million**, an improvement from the **$34.3 million** used in the same period in 2021. The cash usage was primarily due to a **$533.0 million** increase in inventory[16](index=16&type=chunk) [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes reveal inventory growth to **$3.02 billion**, no impairments, increased share repurchase program, and an **$8.4 million** tax benefit from the Inflation Reduction Act - Total inventory increased to **$3.02 billion** at September 30, 2022, from **$2.45 billion** at year-end 2021. Homes under construction grew significantly to **$1.62 billion** from **$1.19 billion**[22](index=22&type=chunk) - The company did not record any impairment charges on its inventory or investments in unconsolidated joint ventures during the three and nine months ended September 30, 2022 and 2021[50](index=50&type=chunk)[51](index=51&type=chunk) - The Board of Directors increased the 2021 Share Repurchase Program by an additional **$100 million**, bringing the total authorization to **$200 million**. In Q3 2022, the company repurchased **0.3 million** shares for **$15.1 million**[106](index=106&type=chunk)[108](index=108&type=chunk) - The enactment of the Inflation Reduction Act (IRA) in August 2022 resulted in the company recognizing an **$8.4 million** year-to-date tax benefit during Q3 2022 related to the extension of energy-efficient homes credits[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses record Q3 2022 results despite market weakening, with revenue and net income up, but new contracts declined and cancellations rose [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 2022 saw record revenue of **$1.01 billion** and net income of **$131.6 million**, despite a **31%** drop in new contracts and a **17.0%** cancellation rate - Despite a weakening housing market, the company achieved record third-quarter revenue (**$1.01 billion**), income before income taxes (**$166.6 million**), and net income (**$131.6 million**)[127](index=127&type=chunk)[129](index=129&type=chunk) Key Operating Metrics Comparison (Q3 2022 vs Q3 2021) | Metric | Q3 2022 | Q3 2021 | Change | | :--- | :--- | :--- | :--- | | Homes Delivered | 2,026 | 2,045 | -1% | | New Contracts, net | 1,349 | 1,964 | -31% | | Cancellation Rate | 17.0% | 7.8% | +9.2 p.p. | | Avg. Sales Price Delivered | $487k | $430k | +13% | | Backlog (units) | 4,536 | 5,407 | -16% | - Housing gross margin percentage improved by **270 basis points** to **25.4%** in Q3 2022 from **22.7%** in Q3 2021, primarily as a result of increased average sales prices[132](index=132&type=chunk) - Selling, general and administrative (SG&A) expense as a percentage of revenue improved to a third-quarter record of **10.3%** in Q3 2022 from **10.7%** in Q3 2021[134](index=134&type=chunk) [Outlook](index=29&type=section&id=Outlook) Management anticipates a challenging 2022-2023 due to macroeconomic headwinds, focusing on land spend management, community expansion, and maintaining a strong balance sheet - The company acknowledges that the housing market decline worsened in Q3 2022 due to steep increases in mortgage rates, high inflation, and recession concerns[135](index=135&type=chunk) - Strategic objectives for the remainder of 2022 and into 2023 include: managing land spend, opening new communities, maintaining strong liquidity, and expanding affordable Smart Series homes[138](index=138&type=chunk) - The company ended Q3 2022 with approximately **46,100 lots** under control, a **7%** increase YoY, representing a **5.5-year supply**. It expects to grow its community count by approximately **10%** by the end of 2022[139](index=139&type=chunk)[140](index=140&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of September 30, 2022, the company held **$67.8 million** in cash, with **$453.4 million** available liquidity and an improved homebuilding debt to capital ratio of **26%** - As of September 30, 2022, the company had **$67.8 million** of cash, cash equivalents and restricted cash[181](index=181&type=chunk) Available Liquidity Sources (as of Sep 30, 2022, in thousands) | Facility | Expiration Date | Outstanding Balance | Available Amount | | :--- | :--- | :--- | :--- | | Notes payable – homebuilding (Credit Facility) | July 18, 2025 | $0 | $453,371 | | Notes payable – financial services | Various | $189,371 | $2,334 | - The ratio of homebuilding debt to capital improved to **26%** at September 30, 2022, from **30%** at December 31, 2021[194](index=194&type=chunk) - During the nine months ended September 30, 2022, the company repurchased **1.2 million** common shares for **$55.3 million** under its share repurchase program[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate fluctuations, hedged by derivative instruments like FMBSs against **$477.1 million** in uncommitted IRLCs - The company's primary market risk results from fluctuations in interest rates, which impact borrowings under its variable-rate credit facilities and its mortgage loan origination services[229](index=229&type=chunk) - To mitigate interest rate risk, the financial services segment uses derivative instruments, including forward sales of mortgage-backed securities (FMBSs) and whole loan delivery commitments, to hedge its interest rate lock commitments (IRLCs) and mortgage loans held for sale[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) Hedging Position (in thousands) | Instrument | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Uncommitted IRLCs | $477,065 | $228,831 | | FMBSs related to uncommitted IRLCs | $476,000 | $223,000 | [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting - Based on an evaluation by management, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[237](index=237&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended September 30, 2022, that have materially affected, or are reasonably likely to materially affect, internal controls[238](index=238&type=chunk) [Other Information](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional disclosures on legal proceedings, risk factors, equity sales, and other required information [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) Details on legal proceedings, including **$2.1 million** stucco-related and **$0.6 million** other legal expense reserves, are provided in Note 6 - The company is involved in legal proceedings incidental to its business. Details are provided in Note 6 to the financial statements[239](index=239&type=chunk)[75](index=75&type=chunk) - The company has received claims related to stucco installation in its Tampa and Orlando, Florida markets. As of September 30, 2022, the remaining reserve for these potential repairs was **$2.1 million**[70](index=70&type=chunk)[71](index=71&type=chunk) - As of September 30, 2022, the company had reserved **$0.6 million** for other legal expenses, a decrease from **$1.2 million** at year-end 2021[75](index=75&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) Highlights material changes to risk factors, focusing on adverse effects of rising mortgage rates and inflation, potentially compressing profit margins - A significant increase in mortgage interest rates or a reduction in the availability of mortgage financing could adversely affect the business. Mortgage rates increased significantly during the first nine months of 2022[241](index=241&type=chunk)[243](index=243&type=chunk) - The company may not be able to offset the impact of inflation on its costs for land, materials, and labor through home price increases, which could reduce profit margins[245](index=245&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details Q3 2022 share repurchase activity, with **340,000** shares bought for **$15.1 million**, leaving **$93.1 million** available under the program Share Repurchases in Q3 2022 | Period | Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2022 | 10,000 | $46.24 | | August 2022 | 230,000 | $45.72 | | September 2022 | 100,000 | $41.20 | | **Total Q3 2022** | **340,000** | **$44.41** | - The Board of Directors increased the 2021 Share Repurchase Program by an additional **$100 million**, bringing the total authorization to **$200 million**[246](index=246&type=chunk) [Other Required Disclosures](index=47&type=section&id=Other%20Required%20Disclosures) Reports no defaults on senior securities, no mine safety disclosures, and no other material information, with a list of filed exhibits provided - The company reported no defaults on senior securities (Item 3), no mine safety disclosures (Item 4), and no other material information (Item 5) for the period[249](index=249&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - A list of exhibits filed with the report is provided under Item 6, including amendments to agreements, a list of subsidiary guarantors, officer certifications, and XBRL data files[254](index=254&type=chunk)

M/I Homes, Inc. (MHO) Q3 2022 Earnings Conference Call October 26, 2022 4:00 PM ET Company Participants Phil Creek ??? Chief Financial Officer Bob Schottenstein ??? President and Chief Executive Officer Derek Klutch ??? President-Mortgage Company Conference Call Participants Jesse Lederman ??? Zelman & Associates Operator Hello, and welcome to today???s M/I Homes Incorporated Third Quarter Earnings Conference Call. My name is Bailey and I???ll be your moderator for today???s call. All lines will be muted du ...

PART 1. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The report presents unaudited condensed consolidated financial statements for M/I Homes, Inc as of June 30, 2022 [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $3.49 billion, driven by increased inventory, while shareholders' equity rose to $1.82 billion Condensed Consolidated Balance Sheets (in thousands) | Account | June 30, 2022 (unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$3,493,324** | **$3,239,853** | | Inventory | $2,816,265 | $2,452,434 | | Cash, cash equivalents and restricted cash | $188,755 | $236,368 | | **Total Liabilities** | **$1,675,057** | **$1,615,669** | | Senior notes (net) | $691,827 | $691,268 | | **Total Shareholders' Equity** | **$1,818,267** | **$1,624,184** | [Unaudited Condensed Consolidated Statements of Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) The company reports Q2 2022 revenue of $1.04 billion and net income of $136.8 million, with diluted EPS at $4.79 Consolidated Statements of Income Highlights (in thousands, except per share amounts) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$1,040,654** | **$961,040** | **$1,901,465** | **$1,789,816** | | Income before income taxes | $182,173 | $141,297 | $304,423 | $251,578 | | **Net income** | **$136,838** | **$107,607** | **$228,677** | **$192,473** | | **Diluted EPS** | **$4.79** | **$3.58** | **$7.93** | **$6.43** | [Unaudited Condensed Consolidated Statement of Shareholders' Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Shareholders%27%20Equity) Shareholders' equity grew to $1.82 billion, driven by net income and partially offset by share repurchases - For the six months ended June 30, 2022, **total shareholders' equity increased by $194.1 million**[14](index=14&type=chunk) - **Net income of $228.7 million** was the primary driver of the increase in shareholders' equity[14](index=14&type=chunk) - The company repurchased **860,000 common shares for $40.2 million** during the first six months of 2022[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $78.5 million, with financing activities leading to a net cash decrease of $47.6 million Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $78,540 | $173,801 | | Net cash used in investing activities | ($11,463) | ($12,763) | | Net cash used in financing activities | ($114,690) | ($50,042) | | **Net (decrease) increase in cash** | **($47,613)** | **$110,996** | | Cash at beginning of period | $236,368 | $260,810 | | **Cash at end of period** | **$188,755** | **$371,806** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Disclosures detail inventory growth to $2.82 billion, debt structure, segment performance, and share repurchases Inventory Breakdown (in thousands) | Category | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Single-family lots, land and land development costs | $1,136,380 | $1,125,738 | | Homes under construction | $1,514,965 | $1,187,341 | | **Total inventory** | **$2,816,265** | **$2,452,434** | - As of June 30, 2022, the company had **$300.0 million of 3.95% Senior Notes due 2030** and **$400.0 million of 4.95% Senior Notes due 2028** outstanding[84](index=84&type=chunk)[85](index=85&type=chunk) - The company repurchased **0.6 million common shares for $24.8 million in Q2 2022**, with $108.2 million remaining available under the repurchase program as of June 30, 2022[104](index=104&type=chunk) Revenue by Source (in thousands) | Source | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Housing | $1,851,069 | $1,725,785 | | Land sales | $6,911 | $5,747 | | Financial services | $43,485 | $58,284 | | **Total revenue** | **$1,901,465** | **$1,789,816** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses record Q2 2022 results, market headwinds from rising rates, and a positive long-term outlook - Q2 2022 saw **record revenue of $1.04 billion**, record income before taxes of $182.2 million, and **record net income of $136.8 million**[121](index=121&type=chunk)[124](index=124&type=chunk) - **New contracts for Q2 2022 declined 20%** from Q2 2021, attributed to consumer uncertainty from inflation, rising mortgage rates, and fewer selling communities[122](index=122&type=chunk) - The company ended Q2 2022 with a **record sales backlog value of $2.7 billion**[122](index=122&type=chunk) - The company plans to **grow its community count by approximately 15%** by the end of 2022 to around 200 communities[134](index=134&type=chunk) [Results of Operations](index=26&type=section&id=MD%26A%20-%20Results%20of%20Operations) Q2 revenue rose 8% to $1.04 billion on higher home prices, though financial services revenue declined Q2 2022 vs Q2 2021 Performance Highlights | Metric | Q2 2022 | Q2 2021 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1.04B | $0.96B | +8% | | Homes Delivered | 2,133 | 2,258 | -6% | | Avg. Sales Price of Homes Delivered | $477k | $411k | +16% | | Housing Gross Margin % | 26.0% | 22.8% | +320 bps | | New Contracts, net | 1,820 | 2,267 | -20% | | Cancellation Rate | 11.2% | 7.0% | +4.2 p.p. | - The Northern Region's **operating income increased by $12.1 million (20%) to $74.1 million** in Q2 2022, driven by higher revenue and improved gross margin[147](index=147&type=chunk) - The Southern Region's **operating income increased by $40.9 million (52%) to $120.0 million** in Q2 2022, due to a significant increase in average sales price and a 430 basis point improvement in housing gross margin percentage to 29.3%[151](index=151&type=chunk)[164](index=164&type=chunk) - **Financial Services revenue decreased 32% to $19.4 million**, and operating income fell by $9.3 million, due to a 21% drop in loan originations and lower margins[154](index=154&type=chunk)[155](index=155&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $188.8 million in cash and a homebuilding debt-to-capital ratio of 28% - At June 30, 2022, the company had **$188.8 million of cash, cash equivalents and restricted cash**[175](index=175&type=chunk) - The company had **$444.3 million available under its $550 million Credit Facility**, with no borrowings outstanding and $105.7 million in letters of credit[178](index=178&type=chunk) - The ratio of **homebuilding debt to capital was 28%** at June 30, 2022, down from 30% at December 31, 2021[187](index=187&type=chunk) - In H1 2022, the company invested **$214.6 million in land purchases** and **$207.2 million in land development**[179](index=179&type=chunk) - The company repurchased **0.9 million common shares for $40.2 million in H1 2022** under its $200 million share repurchase program[185](index=185&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate volatility, managed through derivative hedging instruments - The primary market risk is **interest rate fluctuation**, which impacts borrowings under revolving credit facilities and mortgage loan origination services[219](index=219&type=chunk) Key Hedging Instruments (Notional Amounts in thousands) | Description of Financial Instrument | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Uncommitted IRLCs | $562,101 | $228,831 | | FMBSs related to uncommitted IRLCs | $570,000 | $223,000 | | Mortgage loans held for sale covered by FMBSs | $184,620 | $263,088 | - For Q2 2022, the company recognized a **total net loss of $8.7 million** on its hedging instruments and mortgage loans held for sale, compared to a gain of $1.4 million in Q2 2021, reflecting the volatile interest rate environment[46](index=46&type=chunk)[224](index=224&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The principal executive officer and principal financial officer concluded that the **Company's disclosure controls and procedures were effective** as of June 30, 2022[227](index=227&type=chunk) - **No material changes** were made to the internal control over financial reporting during the quarter ended June 30, 2022[228](index=228&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding the company's legal proceedings is referenced in Note 6 of the financial statements - Details on legal proceedings are provided in **Note 6 to the Company's Consolidated Financial Statements**[229](index=229&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors are reported, aside from inflation and interest rate impacts discussed in the MD&A - **No material changes to risk factors** from the 2021 Form 10-K are reported, other than the impact of inflation and increased interest rates[230](index=230&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 550,000 common shares for $24.8 million in Q2 2022 under its repurchase program Common Share Purchases in Q2 2022 | Period | Total Shares Purchased | Average Price Paid per Share | Value of Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | April 2022 | 20,000 | $44.64 | $132,193,648 | | May 2022 | 420,000 | $45.43 | $113,115,168 | | June 2022 | 110,000 | $44.28 | $108,244,293 | | **Q2 Total** | **550,000** | **$45.17** | **$108,244,293** | - The **2021 Share Repurchase Program authorizes up to $200 million** in share repurchases and has no expiration date[232](index=232&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[235](index=235&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None[236](index=236&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) The company reports no other information - None[237](index=237&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including certifications and XBRL data files - Filed exhibits include **CEO and CFO certifications (31.1, 31.2, 32.1, 32.2)** and **XBRL interactive data files (101 series)**[239](index=239&type=chunk) Signatures

Financial Data and Key Metrics Changes - The company reported record quarterly net income of $136.7 million, a 27% increase year-over-year, and a 34% increase in earnings per diluted share [6][25] - Revenues increased by 8% to a record $1 billion, with gross margins improving by 220 basis points to 27.3% [7][22] - The return on equity improved to 27%, and the pretax income margin was 17.5% [6][23] - The backlog sales value increased by 9% to a record $2.7 billion [7] Business Line Data and Key Metrics Changes - The company sold 1,820 homes during the quarter, a decline of 20% from the record 2,267 homes sold in the same quarter last year [9] - The Smart Series, the most affordable line of homes, comprised approximately 50% of company-wide sales, up from 40% a year ago [10] - M/I Financial, the Financial Services segment, contributed pretax income of $8.7 million, down from $18 million in the previous year [28] Market Data and Key Metrics Changes - New contracts in the Southern region decreased by 21%, while the Northern region saw a decrease of 18% [12] - Deliveries in the Southern region decreased by 13%, while deliveries in the Northern region increased by 4% [13] - The company experienced strong performance in markets such as Dallas, Minneapolis, Tampa, Raleigh, Columbus, and Charlotte [11] Company Strategy and Development Direction - The company plans to open a record number of new communities in the latter half of 2022 and continue to grow community count in 2023 [14] - The company maintains a strong land position with approximately 24,800 owned lots, representing roughly a 3-year supply [15] - The management emphasized the importance of securing premier locations and maintaining flexibility through option contracts [42] Management's Comments on Operating Environment and Future Outlook - Management noted a noticeable moderation in demand due to rising mortgage rates and inflationary pressures [8] - Despite current challenges, the company believes housing fundamentals remain solid with an undersupply of homes and favorable long-term demographics [16] - The management expressed confidence in navigating through uncertain times due to a strong balance sheet and low debt levels [18] Other Important Information - The company ended the quarter with record shareholders' equity of $1.8 billion, a 24% increase year-over-year [17] - The average closing price for the second quarter was an all-time record of $477,000, a 16% increase from the previous year [22] - The company repurchased 860,000 shares for $40 million in the first half of the year, with $108 million remaining under the repurchase authorization [25][26] Q&A Session Summary Question: Impact of lumber price drop on gross margins - Management indicated that the drop in lumber prices is just beginning to be reflected in closing margins, with most homes closed during the quarter not reflecting the decline [39][40] Question: Re-underwriting of option contracts - The company is revisiting underwriting metrics for deals as market conditions change, ensuring flexibility and careful evaluation of each deal [42][43] Question: Incentives and pricing strategies - Management noted that while some incentives are being offered, there hasn't been widespread price cutting, and they are focused on closing their profitable backlog [84][86] Question: July sales activity - Management observed that July is looking more like June, with some markets showing strength while others are under pressure [60][61] Question: Land prices and competition - The company noted that land prices are leveling off, with less competition for new land deals, but they do not foresee significant price declines [122][123]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2022 (Exact name of registrant as specified in it charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Ohio 31-1210837 4131 Worth Avenue, Suite 500, Columbus, Ohio 43219 (Address of principal executive offices) (Zip Code) | (614) 418-8000 | | ...

M/I Homes, Inc. (MHO) Q1 2022 Earnings Conference Call April 27, 2022 4:00 PM ET Company Participants Phillip Creek - EVP and CFO Robert Schottenstein - CEO and President Susan Krohne - SVP and Chief Legal Officer Derek Klutch - President, Mortgage Company Ann Marie Hunker - VP, Chief Accounting Officer and Controller Mark Kirkendall - VP, Treasurer Conference Call Participants Art Winston - Pilot Advisors Alex Barron - Housing Research Center Jay McCanless - Wedbush Jesse Lederman - Zelman & Associates Ope ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ (Address of principal executive offices) (Zip Code) Commission File Number 1-12434 (614) 418-8000 (Registrant's telephone number, including area code) M/I H ...

M/I Homes, Inc. (MHO) Q4 2021 Earnings Conference Call February 2, 2022 4:00 PM ET Company Participants Phillip Creek - Executive Vice President and Chief Financial Officer Robert Schottenstein - Chairman, President and Chief Executive Officer Derek Klutch - President of Mortgage Company Ann Marie Hunker - Vice President, Chief Accounting Officer and Controller Conference Call Participants Jesse Lederman - Zelman & Associates Alex Barron - Housing Research Center, LLC Jay McCanless - Wedbush Securities Inc. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________________ Commission File Number 1-12434 M/I HOMES, INC. (Exact name of registrant as specified in it charter) Ohio 31-1210837 (State or oth ...

M/I Homes, Inc. (MHO) Q3 2021 Earnings Conference Call October 27, 2021 4:00 PM ET Company Participants Phillip Creek - EVP and CFO Robert Schottenstein - CEO and President Derek Klutch - President, Mortgage Company Ann Marie Hunker - VP, CAO, Controller Kevin Hake - Senior VP Conference Call Participants Aaron Hecht - JMP Securities Ivy Zelman - Zelman & Associates Alex Barron - Housing Research Center Art Winston - Pilot Advisors Jay McCanless - Wedbush Operator Hello and welcome to M/I Homes Third Quarte ...