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Mi Homes, Inc. (MHO) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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
Third Quarter Results and
Announces Entry into Nashville Market

Columbus, Ohio (October 27, 2021) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2021.

2021 Third Quarter Highlights:
•Revenue increased 7% to a third quarter record of $904.3 million
•Pre-tax income increased 22% to $116.2 million, a third quarter record, inclusive of a $9.1 million charge for early extinguishment of debt ($0.24 per diluted share)
•Net income of $91.0 million ($3.03 per diluted share), a 24% increase
compared to $73.5 million ($2.51 per diluted share) in 2020
•Return on equity of 27%
•Homes delivered decreased 4% to 2,045
•New contracts were 1,964, a 33% decrease; community count down 15% at quarter end
•Backlog units increased 20% to 5,407, a third quarter record
•Backlog sales value increased 40% to $2.5 billion, an all-time record
•Shareholders’ equity reached an all-time record of $1.5 billion, a 31% increase from a year ago,
with book value per share of $53
•Homebuilding debt to capital of 31% compared to 36% at September 30, 2020

For the third quarter, pre-tax income increased 22% to a record $116.2 million and third quarter net income increased 24% to $91.0 million, or $3.03 per diluted share. This compares to pre-tax income of $95.1 million and net income of $73.5 million, or $2.51 per diluted share, for the third quarter of 2020. The third quarter of 2021 includes a $9.1 million pre-tax loss on early extinguishment of debt, or $0.24 per diluted share. For the nine months ended September 30, 2021, net income increased 77% to $283.5 million, or $9.46 per diluted share, compared to $159.8 million, or $5.50 per diluted share, for the same period of 2020.

Homes delivered in 2021’s third quarter decreased 4% to 2,045, compared to 2,137 homes delivered in 2020’s third quarter. Homes delivered for the nine months ended September 30, 2021 increased 16% to 6,322 from 5,467 deliveries in the first nine months of 2020. New contracts for the third quarter of 2021 were 1,964, a 33% decrease from 2,949 new contracts in 2020. For the first nine months of 2021, new contracts increased 1% to 7,340 compared to 7,299 in the first nine months of 2020. Homes in backlog at September 30, 2021 had a record total sales value of $2.5 billion, a 40% increase from a year ago. Backlog units at September 30, 2021 increased 20% to a third quarter record 5,407 homes, with an all-time record average sales price of $471,000. At September 30, 2020, backlog sales value was $1.8 billion, with backlog units of 4,503 and an average sales price of $404,000. M/I Homes had 176 communities at September 30, 2021 compared to 207 communities at September 30, 2020. The Company's cancellation rate was 8% and 10% in the third quarter of 2021 and 2020, respectively.

The following information was filed by M I Homes Inc (MHO) on Wednesday, October 27, 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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M I Homes Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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)
Ticker: MHO
CIK: 799292
Form Type: 10-Q Quarterly Report
Accession Number: 0000799292-21-000112
Submitted to the SEC: Fri Oct 29 2021 11:22:35 AM EST
Accepted by the SEC: Fri Oct 29 2021
Period: Thursday, September 30, 2021
Industry: Operative Builders

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