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MHO MI Homes

M/I Homes, Inc. engages in the construction and development of residential properties. It operates through the following business segments: Homebuilding and Financial Services. The Homebuilding segment designs, markets, constructs and sells single-family homes and attached townhomes to first-time, millennial, move-up, empty-nester and luxury buyers. The Financial Services segment offer mortgage banking services to homebuyers. The company was founded by Irving Schottenstein and Melvin Schottenstein in 1973 and is headquartered in Columbus, OH.

Company profile

Ticker
MHO
Exchange
CEO
Robert Schottenstein
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
M I HOMES INC, M I SCHOTTENSTEIN HOMES INC
SEC CIK
IRS number
311210837

MHO stock data

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Calendar

19 Feb 21
18 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from MI Homes earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 260.81M 260.81M 260.81M 260.81M 260.81M 260.81M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) 9.63M (positive/no burn)
Cash used (since last report) n/a n/a n/a n/a 34.72M n/a
Cash remaining n/a n/a n/a n/a 226.09M n/a
Runway (months of cash) n/a n/a n/a n/a 23.5 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 52.02 500 26.01K 6,513
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 52.01 400 20.8K 7,013
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 52 1,200 62.4K 7,413
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.99 700 36.39K 8,613
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.985 400 20.79K 9,313
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.94 311 16.15K 9,713
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.93 100 5.19K 10,024
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.92 200 10.38K 10,124
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.915 200 10.38K 10,324
19 Feb 21 Creek Phillip G Common Shares Sell Dispose S No No 51.91 2,300 119.39K 10,524

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

90.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 207 198 +4.5%
Opened positions 33 38 -13.2%
Closed positions 24 18 +33.3%
Increased positions 68 66 +3.0%
Reduced positions 78 69 +13.0%
13F shares
Current Prev Q Change
Total value 1.17B 1.28B -8.2%
Total shares 26.52M 27.81M -4.6%
Total puts 79.3K 39.8K +99.2%
Total calls 26.8K 36.2K -26.0%
Total put/call ratio 3.0 1.1 +169.1%
Largest owners
Shares Value Change
BLK Blackrock 4.87M $215.64M +3.7%
FMR 2.52M $111.5M +16.8%
Dimensional Fund Advisors 2M $88.45M -0.3%
Vanguard 1.86M $82.46M +2.5%
BEN Franklin Resources 1.54M $68.22M -12.2%
Donald Smith & Co. 1.11M $49.19M +2.4%
STT State Street 1.07M $47.34M +4.2%
Basswood Capital Management, L.L.C. 863.64K $38.25M +18.0%
Geode Capital Management 498.98K $22.1M +4.0%
Balyasny Asset Management 458K $20.29M -26.8%
Largest transactions
Shares Bought/sold Change
Nuveen Asset Management 113.14K -496.82K -81.5%
FMR 2.52M +361.43K +16.8%
CGM Trust 0 -330K EXIT
Capital Growth Management 0 -330K EXIT
BEN Franklin Resources 1.54M -214.7K -12.2%
PRU Prudential Financial 325.91K -211.58K -39.4%
BLK Blackrock 4.87M +175.31K +3.7%
Balyasny Asset Management 458K -167.85K -26.8%
Royce & Associates 0 -135.8K EXIT
Basswood Capital Management, L.L.C. 863.64K +131.44K +18.0%

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 sold and delivered homes 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 skilled labor and building materials could increase costs and delay deliveries.
  • Tax law changes could make home ownership more expensive and/or less attractive.
  • 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 2021.
  • 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 position 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, 2020 increased 87% from $166.0 million for the year ended December 31, 2019 to $310.0 million for the year ended December 31, 2020. 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 (as more fully discussed below and in Note 8 to our Consolidated Financial Statements). Income before income taxes for 2019 was unfavorably impacted by asset impairment charges of $5.0 million and $0.6 million of acquisition-related charges as a result of our acquisition of Pinnacle Homes in March 2018. Excluding these charges in both 2020 and 2019, adjusted income before income taxes increased 86% from $171.7 million in 2019 to $319.3 million in 2020.
  • In 2020, we achieved net income of $239.9 million, or $8.23 per diluted share, 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), compared to net income of $127.6 million, or $4.48 per diluted share in 2019, which includes the after-tax impact of both the asset impairment charges and the acquisition-related charges noted above ($0.13 and $0.02 per diluted share, respectively). Excluding these charges in both periods, adjusted net income increased 87% from $131.9 million ($4.63 per diluted share) in 2019 to $246.9 million ($8.47 per diluted share) in 2020. Our effective tax rate was 22.6% in 2020 compared to 23.2% in 2019.
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