M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 127,650 homes. The Company's homes are marketed and sold primarily under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes), and are also currently sold under the name Hans Hagen Homes in the Minneapolis/St. Paul, Minnesota market. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; and Charlotte and Raleigh, North Carolina.

Company profile
Ticker
MHO
Exchange
Website
CEO
Robert Schottenstein
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
PulteGroup • D.R. Horton • Toll Brothers • Taylor Morrison Home • KB Home • NVR • M.D.C. • Beazer Homes USA • Hovnanian Enterprises • Meritage Homes ...
Former names
M I HOMES INC, M I SCHOTTENSTEIN HOMES INC
SEC CIK
Corporate docs
Subsidiaries
M/I Financial, LLC • MHO, LLC • M/I Homes Service, LLC • Northeast Office Venture, Limited Liability Company • M/I Title Agency Ltd. • M/I Homes First Indiana LLC • M/I Homes Second Indiana LLC • M/I Homes of Indiana, L.P. • M/I Homes of Florida, LLC • M/I Homes of Tampa, LLC ...
IRS number
311210837
MHO stock data
Calendar
29 Jul 22
12 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 188.76M | 188.76M | 188.76M | 188.76M | 188.76M | 188.76M |
Cash burn (monthly) | 9.95M | 15.25M | (no burn) | (no burn) | (no burn) | 9.34M |
Cash used (since last report) | 14.24M | 21.82M | n/a | n/a | n/a | 13.36M |
Cash remaining | 174.52M | 166.93M | n/a | n/a | n/a | 175.39M |
Runway (months of cash) | 17.5 | 10.9 | n/a | n/a | n/a | 18.8 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
12 May 22 | Ingram Elizabeth K | Restricted Share Units Common Shares | Grant | Acquire A | No | No | 0 | 4,571 | 0 | 7,481 |
12 May 22 | Bohm Friedrich KM | Restricted Share Units Common Shares | Grant | Acquire A | No | No | 0 | 4,571 | 0 | 7,481 |
12 May 22 | Glimcher Michael P | Restricted Share Units Common Shares | Grant | Acquire A | No | No | 0 | 4,571 | 0 | 7,481 |
12 May 22 | Traeger Norman L | Restricted Share Units Common Shares | Grant | Acquire A | No | No | 0 | 4,571 | 0 | 7,481 |
12 May 22 | Kramer Nancy J | Restricted Share Units Common Shares | Grant | Acquire A | No | No | 0 | 4,571 | 0 | 7,481 |
Institutional ownership, Q1 2022
92.0% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 215 |
Opened positions | 36 |
Closed positions | 42 |
Increased positions | 75 |
Reduced positions | 79 |
13F shares | Current |
---|---|
Total value | 1.13B |
Total shares | 25.55M |
Total puts | 88.9K |
Total calls | 28.2K |
Total put/call ratio | 3.2 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 4.95M | $219.69M |
FMR | 2.11M | $93.78M |
Donald Smith & Co. | 1.99M | $88.12M |
Vanguard | 1.96M | $86.8M |
Dimensional Fund Advisors | 1.4M | $61.94M |
STT State Street | 1.33M | $59.09M |
BEN Franklin Resources | 1.31M | $58.31M |
Towle & Co | 514.17K | $22.8M |
Geode Capital Management | 501.13K | $22.22M |
Charles Schwab Investment Management | 358.81K | $15.91M |
Financial report summary
?Risks
- Increased competition levels in the homebuilding and mortgage lending industries could result in a reduction in our new contracts and homes delivered, along with decreases in the average sales prices of homes delivered and/or decreased mortgage originations, which would have a negative impact on our results of operations.
- A reduction in the availability of mortgage financing or a significant increase in mortgage interest rates or down payment requirements could adversely affect our business.
- If land is not available at reasonable prices or terms, our homes sales revenue and results of operations could be negatively impacted and/or we could be required to scale back our operations in a given market.
- Our land investment exposes us to significant risks, including potential impairment charges, that could negatively impact our profits if the market value of our inventory declines.
- Supply shortages and risks related to the demand for labor and building materials could increase costs and delay deliveries.
- Our limited geographic diversification could adversely affect us if the demand for new homes in our markets declines.
- Changes in energy prices may have an adverse effect on the economies in certain markets we operate in and our cost of building homes.
- Mortgage investors could seek to have us buy back loans or compensate them for losses incurred on mortgages we have sold based on claims that we breached our limited representations or warranties.
- Homebuilding is subject to construction defect, product liability and warranty claims that can be significant and costly.
- The terms of our indebtedness may restrict our ability to operate and, if our financial performance declines, we may be unable to maintain compliance with the covenants in the documents governing our indebtedness.
- Our indebtedness could adversely affect our financial condition, and we and our subsidiaries may incur additional indebtedness, which could increase the risks created by our indebtedness.
- In the ordinary course of business, we are required to obtain performance bonds from surety companies, the unavailability of which could adversely affect our results of operations and/or cash flows.
- The M/I Financial warehouse facilities will expire in 2022.
- We have financial needs that we meet through the capital markets, including the debt and secondary mortgage markets, and disruptions in these markets could have an adverse impact on our results of operations, financial condition and/or cash flows.
- If our ability to resell mortgages to investors is impaired, we may be required to broker loans.
- We can be injured by failures of persons who act on our behalf to comply with applicable regulations and guidelines.
- We could be adversely affected by efforts to impose joint employer liability on us for labor law violations committed by our subcontractors.
- We are subject to extensive government regulations, which could restrict our business and cause us to incur significant expense.
- Our results of operations, financial condition and cash flows could be adversely affected if pending or future legal claims against us are not resolved in our favor.
- Because of the seasonal nature of our business, our quarterly operating results can fluctuate.
- Damage to our corporate reputation or brand from negative publicity could adversely affect our business, financial results and/or stock price.
- Natural disasters and severe weather conditions could delay deliveries, increase costs and decrease demand for homes in affected areas.
- Information technology failures and data security breaches could harm our business.
- We depend on the services of certain key employees, and the loss of their services could hurt our business.
Management Discussion
- The calculations of adjusted income before income taxes, adjusted net income, and adjusted housing gross margin, each of which is a non-GAAP measure, are described and reconciled to income before income taxes, net income, and housing gross margin, respectively, which represent the most directly comparable financial measures calculated in accordance with GAAP, below under “Non-GAAP Financial Measures.”
- Income before income taxes for the twelve months ended December 31, 2021 increased 64% from $310.0 million for the year ended December 31, 2020 to $509.1 million for the year ended December 31, 2021. Income before income taxes for 2021 was unfavorably impacted by $9.1 million of loss on early extinguishment of debt (as more fully discussed below and in Note 8 to our Consolidated Financial Statements). Income before income taxes for 2020 was unfavorably impacted by asset impairment charges of $8.4 million and $0.9 million of stucco-related repair costs. Excluding these charges in both 2021 and 2020, adjusted income before income taxes increased 62% from $319.3 million in 2020 to $518.2 million in 2021.
- In 2021, we achieved net income of $396.9 million, or $13.28 per diluted share, which includes the after-tax impact of the loss on early extinguishment of debt noted above ($0.23 per diluted share), compared to net income of $239.9 million, or $8.23 per diluted share in 2020, which includes the after-tax impact of both the asset impairment charges and stucco-related charges noted above ($0.22 and $0.02 per diluted share, respectively). Excluding these charges in both periods, adjusted net income increased 64% from $246.9 million ($8.47 per diluted share) in 2020 to $403.9 million ($13.51 per diluted share) in 2021. Our effective tax rate was 22.1% in 2021 compared to 22.6% in 2020.
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
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New words:
Bank, Bloomberg, broader, BSBY, buy, collapsing, combat, constrained, customary, delayed, deteriorating, evolving, flexibility, fundamental, growth, moderated, momentum, pause, pressured, reconsider, rent, restated, robust, scarcity, sentiment, sharp, short, slightly, stemming, strategy, successful, tempered, traffic, volatility, wage
Removed:
case, improving, pandemic, preserve
Financial reports
Current reports
8-K
M/I Homes Reports 2022 Second Quarter Results
27 Jul 22
8-K
Entry into a Material Definitive Agreement
26 May 22
8-K
Departure of Directors or Certain Officers
12 May 22
8-K
M/I Homes Reports 2022 First Quarter Results
27 Apr 22
8-K
M/I Homes Reports Fourth Quarter and Year-End Results
2 Feb 22
8-K
M/I Homes Reports Third Quarter Results and Announces Entry into Nashville Market
27 Oct 21
8-K
Entry into a Material Definitive Agreement
23 Aug 21
8-K
M/I Homes Announces Pricing of $300 Million of Senior Notes due 2030
9 Aug 21
8-K
M/I Homes, Inc. Announces Proposed Offering of Senior Notes
9 Aug 21
8-K
M/I Homes Reports 2021 Second Quarter Results and $100 million
28 Jul 21
Registration and prospectus
S-3ASR
Automatic shelf registration
6 Jun 22
S-8
Registration of securities for employees
13 May 22
424B3
Prospectus supplement
7 Oct 21
424B3
Prospectus supplement
13 Apr 20
S-4
Registration of securities issued in business combination transactions
6 Mar 20
S-3ASR
Automatic shelf registration
7 Jun 19
S-8
Registration of securities for employees
15 Jun 18
S-8
Registration of securities for employees
8 May 18
25-NSE
Exchange delisting
15 Oct 17
Other
EFFECT
Notice of effectiveness
8 Oct 21
CORRESP
Correspondence with SEC
3 Oct 21
UPLOAD
Letter from SEC
30 Sep 21
CORRESP
Correspondence with SEC
23 Sep 21
EFFECT
Notice of effectiveness
14 Apr 20
CORRESP
Correspondence with SEC
8 Apr 20
EFFECT
Notice of effectiveness
5 Sep 17
CORRESP
Correspondence with SEC
30 Aug 17
UPLOAD
Letter from SEC
30 Aug 17
CORRESP
Correspondence with SEC
27 Aug 17
Ownership
11-K
Annual report of employee stock purchases
8 Jun 22
4
M/I HOMES / Kumi D Walker ownership change
13 May 22
4
M/I HOMES / William H Carter ownership change
13 May 22
4
M/I HOMES / NANCY J KRAMER ownership change
13 May 22
4
M/I HOMES / MICHAEL P GLIMCHER ownership change
13 May 22
4
M/I HOMES / NORMAN L TRAEGER ownership change
13 May 22
4
M/I HOMES / FRIEDRICH KM BOHM ownership change
13 May 22
4
M/I HOMES / Elizabeth K Ingram ownership change
13 May 22
4
M/I HOMES / ROBERT H SCHOTTENSTEIN ownership change
23 Feb 22
4
M/I HOMES / ROBERT H SCHOTTENSTEIN ownership change
23 Feb 22
Transcripts
2022 Q2
Earnings call transcript
28 Jul 22
2022 Q1
Earnings call transcript
27 Apr 22
2021 Q4
Earnings call transcript
3 Feb 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
29 Jul 21
2021 Q1
Earnings call transcript
29 Apr 21
2020 Q4
Earnings call transcript
3 Feb 21
2020 Q3
Earnings call transcript
28 Oct 20
2020 Q2
Earnings call transcript
29 Jul 20
2020 Q1
Earnings call transcript
29 Apr 20
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