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MI Homes (MHO)

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)
Former names
M I HOMES INC, M I SCHOTTENSTEIN HOMES INC
SEC CIK
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
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
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
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

Beta Read what these cash burn values mean

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
92.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 215 221 -2.7%
Opened positions 36 35 +2.9%
Closed positions 42 41 +2.4%
Increased positions 75 74 +1.4%
Reduced positions 79 77 +2.6%
13F shares Current Prev Q Change
Total value 1.13B 1.59B -28.6%
Total shares 25.55M 25.54M +0.0%
Total puts 88.9K 62.8K +41.6%
Total calls 28.2K 51.8K -45.6%
Total put/call ratio 3.2 1.2 +160.0%
Largest owners Shares Value Change
BLK Blackrock 4.95M $219.69M -1.7%
FMR 2.11M $93.78M +5.6%
Donald Smith & Co. 1.99M $88.12M +23.7%
Vanguard 1.96M $86.8M +1.0%
Dimensional Fund Advisors 1.4M $61.94M -2.7%
STT State Street 1.33M $59.09M -3.4%
BEN Franklin Resources 1.31M $58.31M +16.4%
Towle & Co 514.17K $22.8M +43.0%
Geode Capital Management 501.13K $22.22M -12.1%
Charles Schwab Investment Management 358.81K $15.91M +8.4%
Largest transactions Shares Bought/sold Change
Millennium Management 33.31K -436.57K -92.9%
Donald Smith & Co. 1.99M +380.48K +23.7%
Basswood Capital Management, L.L.C. 327.98K -284.95K -46.5%
BEN Franklin Resources 1.31M +185.47K +16.4%
Towle & Co 514.17K +154.72K +43.0%
Foundry Partners 4.91K -143.62K -96.7%
FMR 2.11M +112.91K +5.6%
Panagora Asset Management 66.13K -103.01K -60.9%
Balyasny Asset Management 96.39K -102.28K -51.5%
Voss Capital 100K +100K NEW

Financial report summary

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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

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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Removed: case, improving, pandemic, preserve