Revenue and Financial Performance - In 2023, the company achieved total revenue of $4.03 billion, with $3.91 billion from homes delivered, $25.3 million from land sales, and $93.8 million from financial services operations[188]. - Total revenue decreased to $4.03 billion in 2023 from $4.13 billion in 2022, a decline of approximately 2.6%[200]. - Income before income taxes decreased by 4% from $635.2 million in 2022 to $607.3 million in 2023, while net income fell by 5% to $465.4 million[187]. - The company reported revenues of $3,939.7 million for the year ended December 31, 2023, with a net income of $434.8 million[261]. - The company generated $552.1 million in cash from operating activities in 2023, compared to $184.1 million in 2022, driven by net income of $465.4 million and proceeds from mortgage loan sales exceeding originations by $72.9 million[231]. Contracts and Sales - New contracts increased by 20% in 2023 compared to 2022, reflecting improved homebuyer demand due to limited inventory and adjustments to the interest rate environment[184]. - New contracts increased by 20% to 7,977 homes in 2023, while the average price of homes delivered rose by 1% to $483,000[191]. - The total cancellation rate decreased from 14.3% in 2022 to 11.4% in 2023, indicating improved customer retention[209]. - New contracts in the Northern region rose by 22% from 2,747 in 2022 to 3,361 in 2023, while the Southern region saw an 18% increase from 3,921 to 4,616[212][215]. Home Deliveries and Pricing - The company delivered 8,112 homes in 2023 and ended the year with 4,375 homes under construction, a decrease from 4,522 homes at the end of the previous year[228]. - The average sales price of homes delivered increased by 1%, contributing an additional $4,000 per home delivered[188]. - The average sales price of homes delivered increased to $483,000 in 2023 from $479,000 in 2022, indicating a slight upward trend in pricing[210]. - Total homes delivered across both regions decreased from 8,366 in 2022 to 8,112 in 2023, reflecting a decline in backlog and demand[210]. Margins and Expenses - The company's gross margin remained stable at 25.3%, despite a 2% decline in revenue and a 3% decrease in homes delivered compared to 2022[184]. - Total gross margin decreased by $24.9 million to $1.02 billion in 2023, with homebuilding operations contributing a $32.5 million decline[200]. - Selling, general and administrative expenses increased by $25.3 million, rising to 10.7% of revenue in 2023 from 9.8% in 2022[191]. - Corporate selling, general and administrative expenses increased by $1.7 million, from $76.3 million in 2022 to $78.0 million in 2023, primarily due to a $4.2 million increase in compensation expense[219]. Financial Services - Financial services operations saw a $4.3 million increase in operating income in 2023, benefiting from higher margins and an increase in average loan amounts[185]. - Financial services revenue increased by 9% from $86.2 million in 2022 to $93.8 million in 2023, attributed to a rise in loan originations[216]. - The average loan amount in financial services increased from $385,000 in 2022 to $393,000 in 2023, reflecting higher financing needs[216]. Regional Performance - Homebuilding revenue in the Northern region decreased by 11% from $1.71 billion in 2022 to $1.52 billion in 2023, primarily due to a 12% decrease in homes delivered[210]. - The Southern region experienced a 4% increase in homebuilding revenue, rising from $2.33 billion in 2022 to $2.42 billion in 2023, driven by a 3% increase in homes delivered[213]. - Operating income in the Northern region decreased by $41.2 million to $176.3 million in 2023, primarily due to a decline in gross margin[210]. - Selling, general and administrative expenses increased in both regions, with the Northern region rising to 7.8% of revenue and the Southern region to 7.9%[211][214]. Future Outlook and Investments - The company plans to open additional new communities in 2024, aiming for a 10% increase in average community count compared to 2023[186]. - The company invested $343.5 million in land acquisitions and $512.1 million in land development during 2023[194]. - Future homebuyer demand remains uncertain due to macroeconomic conditions, but the company is positioned to manage through these challenges[192]. Tax and Compliance - The effective tax rate for 2023 was 23.4%, compared to 22.8% in 2022[187]. - The effective tax rate increased to 23.4% for the year ended December 31, 2023, compared to 22.8% for 2022, primarily due to decreased tax benefits from energy tax credits[222]. - The company was in compliance with all covenants of its Credit Facility as of December 31, 2023, including a consolidated tangible net worth of $2,435.5 million, exceeding the requirement of $1,534.4 million[244]. Debt and Liquidity - The company had outstanding notes payable totaling $866 million as of December 31, 2023, with $166 million due within 12 months[226]. - The company expects to continue managing its balance sheet and liquidity carefully in 2024, anticipating cash requirements to be met from cash receipts and available credit facilities[227]. - The leverage ratio was 4.73 to 1.0, significantly below the covenant requirement of 12.0 to 1.0, indicating strong financial health[250]. Market Conditions - The annual inflation rate in the U.S. was 3.4% in December 2023, down from 6.5% in December 2022, impacting housing affordability and buyer sentiment[268]. - Interest rates rose to over 8% by the end of October 2023, affecting mortgage qualification for homebuyers[269].

M/I Homes, Inc. (MHO) Q4 2023 Earnings Conference Call January 31, 2024 10:30 AM ET Company Participants Phillip Creek - Executive Vice President and Chief Financial Officer Bob Schottenstein - Chief Executive Officer and President Derek Klutch - President of Mortgage Company Conference Call Participants Alan Ratner - Zelman & Associates Jay McCanless - Wedbush Securities Operator Good morning, ladies and gentlemen, and welcome to the M/I Homes' Fourth Quarter and Year-End Earnings Conference Call. At this ...

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, 2023 ☐ 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) (State or other jurisdiction ...

M/I Homes, Inc. (MHO) Q3 2023 Earnings Conference Call October 25, 2023 10:30 AM ET Company Participants Phillip Creek - EVP and CFO Robert Schottenstein - CEO and President Derek Klutch - President, Mortgage Company Conference Call Participants Jesse Lederman - Zelman & Associates Carl Reichardt - BTIG Alex Barron - Housing Research Center Operator Good morning, ladies and gentlemen, and welcome to the M/I Homes, Inc. Third Quarter Earnings Conference Call. At this time, all lines are in listen-only mode. ...

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 June 30, 2023 ☐ 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) (State or other jurisdiction of in ...

M/I Homes, Inc. (MHO) Q2 2023 Earnings Conference Call July 26, 2023 10:30 AM ET Company Participants Phillip Creek - EVP and CFO Robert Schottenstein - CEO and President Derek Klutch - President, Mortgage Company Conference Call Participants Alex Barron - Housing Research Center Jesse Lederman - Zelman & Associates Jay McCanless - Wedbush Securities Carl Reichardt - BTIG Operator Good morning, ladies and gentlemen, and welcome to the M/I Homes, Inc. Second Quarter Earnings Webcast Conference Call. [Opera ...

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, 2023 ☐ 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) (State or other jurisdiction of i ...

M/I Homes, Inc. (MHO) Q1 2023 Earnings Conference Call April 26, 2023 4:00 PM ET Company Participants Phil Creek - EVP and CFO Bob Schottenstein - CEO and President Derek Klutch - President, Mortgage Company Conference Call Participants Jesse Lederman - Zelman and Associates Jay McCanless - Wedbush Securities Operator Good afternoon. Thank you for attending today's M/I Homes First Quarter Earnings Conference Call. [Operator Instructions] I would now like to pass the conference over to Phil Creek with M/I Ho ...

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, 2022 ☐ 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 other jurisdiction of incorpo ...

Start Time: 16:00 January 1, 0000 4:40 PM ET M/I Homes, Inc. (MHO) Q4 2022 Earnings Conference Call February 01, 2023, 16:00 PM ET Company Participants Bob Schottenstein - Chairman, President and CEO Phil Creek - EVP and CFO Derek Klutch - President, Mortgage Company Conference Call Participants Jesse Lederman - Zelman & Associates Jay McCanless - Wedbush Operator Good afternoon, ladies and gentlemen. Thank you for joining today's M/I Homes' Fourth Quarter and Year Ending Earnings Conference Call. My name i ...