The Company reported record first quarter pre-tax income of $180.2 million and record first quarter net income of $138.1 million, or $4.78 per diluted share. This compares to pre-tax income of $136.0 million and net income of $103.1 million, or $3.64 per diluted share, for the first quarter of 2023. Homes delivered in 2024's first quarter increased 8% to 2,158 homes, a first quarter record for the Company. This compares to 2,007 homes delivered in 2023's first quarter. New contracts for the first quarter of ...

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 ...

Financial Data and Key Metrics Changes - The company reported record revenue of $1 billion for the third quarter, a 3% increase year-over-year [27] - Pre-tax income improved by 7% to a record $178 million, with gross margins increasing to 27%, which is 10 basis points better than last year and 140 basis points better than the second quarter [27][28] - Earnings per diluted share increased to a record $4.82 from $4.67 last year, up 3% [9] - The company ended the quarter with a cash balance of $736 million and no borrowings under its $650 million line-of-credit, resulting in a debt-to-capital ratio of 22% [15][134] Business Line Data and Key Metrics Changes - New contracts increased by 50% year-over-year, with a significant contribution from the Smart Series, which comprises roughly 55% of total company sales [5][14] - The mortgage and title operations achieved pre-tax income of $9.9 million, a 25% increase from $7.9 million in the previous year [19] - The average mortgage amount rose to $394,000 in Q3 2023, compared to $385,000 last year, with loans originated increasing by 16% [10] Market Data and Key Metrics Changes - New contracts in the northern region increased by 90%, while the southern region saw a 29% increase [6] - Deliveries in the southern region increased by 15% year-over-year, while deliveries in the northern region decreased by 13% [6] - The average closing price for the quarter was $481,000, a 1% decrease from last year's record average closing price of $487,000 [132] Company Strategy and Development Direction - The company plans to open a number of new communities, increasing community count by approximately 15% from last year, with 22 new communities opened during the quarter [16][17] - The focus remains on designing more affordable products, particularly the Smart Series, to cater to first-time buyers, which now make up 55% of sales [5][151] - The company aims to maintain a low leverage level while growing the business and gaining market share [71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the homebuilding industry despite challenges such as rising interest rates and macroeconomic factors [4][23] - There is a recognition of a potential slowdown in demand due to increased mortgage rates, which are now around 8% [28][90] - The company remains committed to using below-market mortgage rates to incentivize sales where necessary [100][114] Other Important Information - The company spent $106 million on land purchases and $151 million on land development during the quarter, totaling $257 million [120] - The average loan-to-value ratio for first mortgages remained at 82%, with a solid borrower profile [118] Q&A Session Summary Question: Can you walk us through the sequential improvement to gross margin? - Management attributed the increase to a mix of more affordable products and the flattening of hard costs [36] Question: What drove the significant increase in new contracts in September? - The increase was partly due to a low comparison from the previous year, with September showing strong activity aided by new community openings [90] Question: How is the company managing pricing in the current environment? - Management indicated that pricing power is limited due to market conditions, and they are focusing on affordability [80][124] Question: What percentage of communities were able to raise or hold prices this quarter? - Management suggested that around 60% to 65% of communities could maintain or raise prices, depending on market conditions [53] Question: How is the company addressing the rising interest rates? - The company is using below-market interest rates to incentivize sales and is monitoring market conditions closely [100][114]

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 ...

Financial Data and Key Metrics Changes - The company reported a pretax income of $155 million, representing 15.3% of revenue, down from last year's record level [13][18] - Earnings per diluted share decreased to $4.12 from $4.79 a year ago [6] - EBITDA for the quarter was $164 million, compared to $195 million last year [6] - The effective tax rate was 24%, down from 25% a year ago [6] - The company ended the quarter with a record equity of $2.3 billion, equating to a book value per share of $83, an increase of $17 per share from a year ago [15] Business Line Data and Key Metrics Changes - New contracts increased by 21% year-over-year, with 2,197 homes sold during the quarter [13] - The Smart Series homes accounted for approximately 55% of total sales, consistent with the previous year [13] - The average mortgage amount rose to $402,000 from $384,000 a year ago [8] - The mortgage and title operations achieved a pretax income of $11.2 million, a 29% increase from $8.7 million in the previous year [19] Market Data and Key Metrics Changes - New contracts in the Northern region increased by 31%, while the Southern region saw a 14% increase [14] - Deliveries in the Southern region increased by 7%, whereas deliveries in the Northern region decreased by 22% [14] - The company operated in 15% more communities on average than a year ago, with a community count of 195 at the end of the second quarter [17] Company Strategy and Development Direction - The company plans to increase its community count by approximately 15% in 2023, aiming for about 225 communities by year-end [17] - The focus remains on organic growth rather than acquisitions, with a strong emphasis on investing in existing divisions [57] - The company is optimistic about its land position and plans to accelerate land spending in the second half of the year [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial condition, stating it is the best in its history [4] - The company anticipates continued strong demand for its homes, particularly in the Smart Series line, which caters to first-time buyers [54] - Management noted improvements in construction cycle times and expects to maintain solid margins despite rising costs [62] Other Important Information - The company repurchased $15 million of its stock during the quarter and has repurchased 8% of its outstanding shares since the start of 2022 [10] - The average closing price for homes in the second quarter was a record $493,000, a 3% increase from the previous year [18] Q&A Session Summary Question: Can you walk us through the improvement in gross margin? - Management indicated that the improvement was due to better pricing strategies and stable lumber costs [22] Question: What are the expectations for land spending in the second half? - The company expects to increase land spending significantly in the second half, having pushed back some transactions previously [24] Question: How do you see the demand for homes in the current market? - Management noted that demand remains strong, particularly for new homes, as many existing homeowners are reluctant to sell due to low mortgage rates [52] Question: What is the company's strategy regarding broker commissions? - The company is focused on managing broker commissions effectively, which have increased slightly as a percentage of revenue [59][60] Question: What are the expectations for costs and supply chain issues? - Management feels confident about supply chain stability and does not foresee significant cost increases in the near term [62]

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 ...