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Mi Homes, Inc. (MHO) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

M I Homes Inc

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CIK: 1814974 Ticker: MHO

Exhibit 99.1
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M/I Homes Reports
2022 Third Quarter Results

Columbus, Ohio (October 26, 2022) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2022.

2022 Third Quarter Highlights:
•Revenue increased 12% to $1.0 billion, a third quarter record
•Pre-tax income increased 43% to $167 million, a third quarter record
•Net income increased 45% to a third quarter record $132 million ($4.67 per diluted share) from
2021’s $91 million ($3.03 per diluted share)
•Homes delivered decreased 1% to 2,026 and average sales price increased 13% to $487,000
•New contracts of 1,349, down 31% with average community count down 2% and a cancellation rate of 17%
•Backlog units decreased 16% to 4,536
•Backlog sales value decreased 5% to $2.4 billion, with average sales price in backlog at an all-time
record $533,000
•Shareholders’ equity reached an all-time record of $1.9 billion, a 25% increase from a year ago,
with book value per share of $71
•Homebuilding debt to capital ratio of 26% compared to 31% at September 30, 2021
•Return on equity of 27%

For the third quarter of 2022, pre-tax income increased 43% to a record $166.6 million and third quarter net income increased 45% to a record $131.6 million, or $4.67 per diluted share. This compares to pre-tax income of $116.2 million and net income of $91.0 million, or $3.03 per diluted share, for the third quarter of 2021. 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, 2022, net income increased 27% to $360.3 million, or $12.59 per diluted share, compared to $283.5 million, or $9.46 per diluted share, for the same period of 2021.

Homes delivered in 2022’s third quarter decreased 1% to 2,026, compared to 2,045 homes delivered in 2021’s third quarter. Homes delivered for the nine months ended September 30, 2022 decreased 5% to 5,982 from 6,322 deliveries in the first nine months of 2021. New contracts for the third quarter of 2022 were 1,349, a 31% decrease from 1,964 new contracts in 2021. For the first nine months of 2022, new contracts decreased 23% to 5,683 compared to 7,340 in the first nine months of 2021. Homes in backlog at September 30, 2022 had a total sales value of $2.4 billion, a 5% decrease from a year ago. Backlog units at September 30, 2022 decreased 16% to 4,536 homes, with an all-time record average sales price of $533,000. At September 30, 2021, backlog sales value was $2.5 billion, with backlog units of 5,407 and an average sales price of $471,000. M/I Homes had 178 communities at September 30, 2022 compared to 176 communities at September 30, 2021.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are pleased to announce record financial results for the third quarter of 2022, highlighted by record revenue, income, and earnings per share. Our

The following information was filed by M I Homes Inc (MHO) on Wednesday, October 26, 2022 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 2022 10-K Annual Report includes:

  • Voting Procedures
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  • Executive Team
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  • 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 (Details)
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 Subsection (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: 0000799292-22-000070
Submitted to the SEC: Fri Oct 28 2022 11:34:06 AM EST
Accepted by the SEC: Fri Oct 28 2022
Period: Friday, September 30, 2022
Industry: Operative Builders

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