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Mi Homes, Inc. (MHO) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

M I Homes Inc

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CIK: 1814974 Ticker: MHO

Exhibit 99.1
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M/I Homes Reports
2023 First Quarter Results

Columbus, Ohio (April 26, 2023) - M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2023.

2023 First Quarter Highlights:
•Revenue increased 16% to $1.0 billion, a first quarter record
•Pre-tax income increased 11% to $136.0 million, a first quarter record
•Net income increased 12% to a first quarter record $103.1 million ($3.64 per diluted share) from
2022’s $91.8 million ($3.16 per diluted share)
•Homes delivered increased 10% to 2,007 and average sales price increased 6% to $486,000
•Shareholders’ equity reached an all-time record of $2.2 billion, a 28% increase from a year ago, with book value per share of $79
•Return on equity of 26%
•New contracts decreased 14% to 2,171 contracts
•Backlog sales value decreased to $1.7 billion compared to $2.8 billion a year-ago

For the first quarter of 2023, the Company reported pre-tax income of $136.0 million and net income of $103.1 million, or $3.64 per diluted share. This compares to pre-tax income of $122.3 million and net income of $91.8 million, or $3.16 per diluted share, for the first quarter of 2022.

Homes delivered in 2023’s first quarter increased 10% to 2,007 homes. This compares to 1,823 homes delivered in 2022’s first quarter. New contracts for the first quarter of 2023 decreased 14% over 2022’s 2,514 new contracts. Homes in backlog at March 31, 2023 had a total sales value of $1.7 billion, a 38% decrease from a year ago. Backlog units at March 31, 2023 decreased 40% to 3,301 homes, with an average sales price of $522,000. At March 31, 2022, backlog sales value was $2.8 billion, with backlog units of 5,526 and an average sales price of $505,000. M/I Homes had 200 communities at March 31, 2023 compared to 176 communities at March 31, 2022. The Company's cancellation rate was 13% in the first quarter of 2023 and 7% in the first quarter of 2022.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We had strong first quarter results highlighted by record revenue, record income and a 10% increase in homes delivered. We are particularly pleased with our results given the material change in housing conditions compared to a year ago; notably, significantly higher interest rates, inflationary pressures and persistent uncertainty regarding the general economy. We increased our revenue by 16% to a record $1.0 billion, increased pre-tax income by 11% to $136 million and delivered 2,007 homes. In addition, our results reflect a 50-basis point improvement in our overhead expense ratio.”

Mr. Schottenstein continued, “Our financial condition is as strong as it’s ever been. We ended the quarter with record shareholders’ equity of $2.2 billion, an increase of 28% over last year, book value of $79 per share, cash of $543 million, zero borrowings on our $650 million credit facility, and a homebuilding debt to capital ratio of 24%.

The following information was filed by M I Homes Inc (MHO) on Wednesday, April 26, 2023 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 2023 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
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 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)
Stock-Based Compensation Stock-Based Compensation (Details)
Stock-Based Compensation Stock-Based Compensation (Notes)
Ticker: MHO
CIK: 799292
Form Type: 10-Q Quarterly Report
Accession Number: 0000799292-23-000048
Submitted to the SEC: Fri Apr 28 2023 9:45:27 AM EST
Accepted by the SEC: Fri Apr 28 2023
Period: Friday, March 31, 2023
Industry: Operative Builders

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