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Mi Homes, Inc. (MHO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

M I Homes Inc

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CIK: 1814974 Ticker: MHO

Exhibit 99.1

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M/I Homes Reports
2021 Second Quarter Results and $100 million
Share Repurchase Authorization

Columbus, Ohio (July 28, 2021) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2021, and a $100 million share repurchase authorization.

2021 Second Quarter Highlights:
•New contracts were 2,267, a second quarter record
•Backlog units increased 49% to 5,488, an all-time record
•Backlog sales value reached $2.5 billion, an all-time record
•Homes delivered increased 23% to 2,258, an all-time quarterly record
•Revenue increased 35% to $961.0 million, an all-time quarterly record
•Pre-tax income increased 97% to $141.3 million, an all-time quarterly record
•Net income of $107.6 million ($3.58 per diluted share), a 97% increase
compared to $54.5 million ($1.89 per diluted share) in 2020
•Shareholders’ equity reached an all-time record of $1.5 billion, a 34% increase from a year ago,
with book value per share of $50
•Homebuilding debt to capital of 31% compared to 37% at June 30, 2020
•Return on equity improved to 27%

For the second quarter, pre-tax income increased 97% to a record $141.3 million and net income increased 97% to $107.6 million, or $3.58 per diluted share. This compares to pre-tax income of $71.7 million and net income of $54.5 million, or $1.89 per diluted share, for the second quarter of 2020. For the six months ended June 30, 2021, net income increased 123% to $192.5 million, or $6.43 per diluted share, compared to $86.3 million, or $2.98 per diluted share, for the same period of 2020.

Homes delivered in 2021’s second quarter increased 23% to 2,258. This compares to 1,835 homes delivered in 2020’s second quarter. Homes delivered for the six months ended June 30, 2021 increased 28% to 4,277 from 2020's deliveries of 3,330. New contracts for the second quarter of 2021 were 2,267 compared to 2,261 in 2020. For the first six months of 2021, new contracts increased 24% to 5,376 compared to 4,350 in 2020. Homes in backlog at June 30, 2021 had a total sales value of $2.5 billion, a 71% increase from a year ago. Backlog units at June 30, 2021 increased 49% to 5,488 homes, with an average sales price of $454,000. At June 30, 2020, backlog sales value was $1.5 billion, with backlog units of 3,691 and an average sales price of $396,000. M/I Homes had 175 active communities at June 30, 2021 compared to 220 communities at June 30, 2020. The Company's cancellation rate was 7% in the second quarter of 2021 compared to 14% in the second quarter of 2020.

The Company also announced that its Board of Directors has approved a $100 million share repurchase authorization, replacing its existing $50 million share repurchase authorization. From August 14, 2018 through July

The following information was filed by M I Homes Inc (MHO) on Wednesday, July 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how M I Homes Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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M I Homes Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside M I Homes Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statement Of Shareholders' Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Income
Basis Of Presentation
Basis Of Presentation Basis Of Presentation (Policies)
Business Segments
Business Segments Business Segments (Details)
Business Segments Business Segments (Tables)
Business Segments Business Segments - Assets (Details)
Commitments And Contingencies
Commitments And Contingencies Commitments And Contingencies (Details)
Commitments And Contingencies Commitments And Contingencies (Tables)
Commitments And Contingencies Legal Liabilities (Details)
Commitments And Contingencies Warranty Rollforward (Details)
Debt
Debt Debt (Details)
Debt Mif Warehousing Agreement (Details)
Debt Notes Payable Other (Details)
Debt Senior Notes (Details)
Earnings Per Share
Earnings Per Share Earnings Per Share (Details)
Earnings Per Share Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Loss) Gain On Assets And Liabilities Measured On A Recurring Basis (Details)
Fair Value Measurements Assets And Liabilities Measured On A Non-Recurring Basis (Details)
Fair Value Measurements Balance Sheet Location Of Financial Instruments (Details)
Fair Value Measurements Fair Value Measurements (Tables)
Fair Value Measurements Fair Value Of Financial Instrument Assumptions (Details)
Fair Value Measurements Financial Instruments (Details)
Fair Value Measurements Notional Amount Of Financial Instruments (Details)
Goodwill (Details)
Goodwill (Notes)
Guarantees And Indemnifications
Guarantees And Indemnifications Guarantees (Details)
Income Taxes
Income Taxes Income Tax (Narrative) (Details)
Inventory And Capitalized Interest
Inventory And Capitalized Interest Capitalized Interest (Details)
Inventory And Capitalized Interest Inventory (Details)
Inventory And Capitalized Interest Inventory (Tables)
Inventory And Capitalized Interest Inventory Parentheticals (Details)
Inventory And Capitalized Interest Other Inventory Items - Homes Under Construction Not Subject To A Sale Contract (Details)
Investment In Joint Venture Arrangements (Details)
Investment In Joint Venture Arrangements (Notes)
Revenue (Details)
Revenue (Notes)
Revenue (Tables)
Share Repurchase Program (Details)
Share Repurchase Program (Notes)

Material Contracts, Statements, Certifications & more

M I Homes Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: MHO
CIK: 799292
Form Type: 10-Q Quarterly Report
Accession Number: 0000799292-21-000091
Submitted to the SEC: Thu Jul 29 2021 9:33:48 AM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 2021
Industry: Operative Builders

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