M/I Homes(MHO) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, M/I Homes reported net income of $133.5 million, a 27$105.3 million in Q4 2023, translating to $4.71 per diluted share compared to$3.66[5] - Revenue for Q4 2024 was $1.2 billion, up 24$972.6 million in Q4 2023, and total revenue for the year increased 12% to $4.5 billion[7] - Adjusted EBITDA for the twelve months ended December 31, 2024, reached$767.450 million, compared to $648.189 million for the same period in 2023, reflecting an increase of 18$169.883 million, up from $141.912 million in 2023[20] - Interest income - net for the twelve months ended December 31, 2024, was$(40.719) million, compared to $(30.030) million in 2023[20] Home Deliveries and Contracts - Homes delivered in Q4 2024 reached a record 2,402, a 19$553,000, compared to 3,002 units at an average sales price of $525,000 in 2023[22] - The Northern region saw a 25$2.9 billion, a 17% increase from the previous year, with a book value per share of $109[7] - The company repurchased$50 million of stock in Q4 2024 and $176 million for the full year[7] - The homebuilding debt to capital ratio improved to 19$822 million and zero borrowings under its $650 million credit facility[9] Backlog and Sales Price - The average sales price of homes in backlog increased by 5$553,000, while the total backlog sales value decreased by 11% to $1.4 billion[8] - The cancellation rate for new contracts was 14% in Q4 2024, slightly up from 13% in Q4 2023[8] Land Position - The company’s land position as of December 31, 2024, included 23,836 lots owned and 28,320 lots under contract, compared to 24,374 lots owned and 21,286 lots under contract in 2023[22]