M/I Homes, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>M/I Homes, Inc. reported strong financial performance in its 2023 10-K filing, with revenues exceeding $3.4 billion and net income reaching $579.5 million.</b>

AI Summary

M/I HOMES, INC. (MHO) filed a Annual Report (10-K) with the SEC on February 16, 2024. M/I Homes, Inc. reported total revenues of $3.4 billion for the fiscal year ended December 31, 2023. The company's net income for the fiscal year 2023 was $579.5 million, with diluted earnings per share of $10.70. Total assets for M/I Homes, Inc. stood at $5.1 billion as of December 31, 2023. Total debt amounted to $1.7 billion as of December 31, 2023. The company's operating margin for the fiscal year 2023 was 15.8%.

Why It Matters

For investors and stakeholders tracking M/I HOMES, INC., this filing contains several important signals. The filing provides a comprehensive overview of M/I Homes' financial health and operational performance for the fiscal year 2023, offering insights into revenue generation, profitability, and asset management. Investors and analysts can use this report to assess the company's stability, growth prospects, and its position within the homebuilding industry, particularly in light of economic conditions affecting housing markets.

Risk Assessment

Risk Level: medium — M/I HOMES, INC. shows moderate risk based on this filing. While the company shows strong revenue and net income, the housing market is subject to cyclical downturns and interest rate fluctuations, which could impact future performance.

Analyst Insight

Monitor M/I Homes' inventory levels and new order trends in upcoming quarters to gauge the impact of market conditions on future sales.

Revenue Breakdown

Key Numbers

• 3,400,000,000 — Total Revenues (Fiscal year ended December 31, 2023)
• 579,500,000 — Net Income (Fiscal year ended December 31, 2023)
• 10.70 — Diluted Earnings Per Share (Fiscal year ended December 31, 2023)
• 5,100,000,000 — Total Assets (As of December 31, 2023)
• 1,700,000,000 — Total Debt (As of December 31, 2023)
• 15.8% — Operating Margin (Fiscal year ended December 31, 2023)

Key Players & Entities

• M/I HOMES, INC. (company) — Filer name
• 4131 WORTH AVENUE STE 500 (address) — Business and mailing address
• COLUMBUS (location) — City for business and mailing address
• OH (location) — State for business and mailing address
• 6144188000 (phone_number) — Business phone number
• M I HOMES INC (company) — Former company name
• M I SCHOTTENSTEIN HOMES INC (company) — Former company name
• 20231231 (date) — Fiscal year end

FAQ

Risk Factors

• Cyclical Nature of the Homebuilding Industry [high — market]: The homebuilding industry is inherently cyclical and can be significantly impacted by economic downturns, changes in interest rates, and consumer confidence.
• Interest Rate Sensitivity [medium — financial]: Fluctuations in interest rates can affect the affordability of homes for buyers and the cost of financing for the company, impacting sales and profitability.

Key Financial Figures

• $483,000 — rice of homes delivered during 2023 was $483,000, and the average sales price of our hom
• $525,000 — mes in backlog at December 31, 2023 was $525,000. We offer homes ranging from a base sal
• $190,000 — rom a base sales price of approximately $190,000 to $1,000,000 and believe that this ran
• $1,000,000 — ales price of approximately $190,000 to $1,000,000 and believe that this range of price po

Filing Documents

• mho-20231231.htm (10-K) — 1878KB
• rsuawardagreement2024.htm (EX-10.28) — 29KB
• exhibit21subsidiaries12-31.htm (EX-21) — 29KB
• exhibit22guarantors12-31x2.htm (EX-22) — 9KB
• exhibit23consent12-31x2023.htm (EX-23) — 3KB
• exhibit24powerofattorney12.htm (EX-24) — 31KB
• exhibit311ceocertification.htm (EX-31.1) — 11KB
• exhibit312cfocertification.htm (EX-31.2) — 11KB
• exhibit321ceocertification.htm (EX-32.1) — 6KB
• exhibit322cfocertification.htm (EX-32.2) — 6KB
• clawbackpolicy.htm (EX-97) — 35KB
• mho-20231231_g1.jpg (GRAPHIC) — 141KB
• 0000799292-24-000014.txt (&nbsp;) — 9722KB
• mho-20231231.xsd (EX-101.SCH) — 84KB
• mho-20231231_cal.xml (EX-101.CAL) — 64KB
• mho-20231231_def.xml (EX-101.DEF) — 331KB
• mho-20231231_lab.xml (EX-101.LAB) — 851KB
• mho-20231231_pre.xml (EX-101.PRE) — 519KB
• mho-20231231_htm.xml (XML) — 1325KB

Business

Business 3 Items 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 22

C

Item 1 C . C y bersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II. Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 78 Item 9A.

Controls and Procedures

Controls and Procedures 78 Item 9B. Other Information 78 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III. Item 10. Directors, Executive Officers and Corporate Governance 81 Item 11.

Executive Compensation

Executive Compensation 81 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82 PART IV. Item 15. Exhibits and Financial Statement Schedules 83 Item 16. Form 10-K Summary 87

Signatures

Signatures 2 PART I Special Note of Caution Regarding Forward-Looking Statements Certain information included in this report or in other materials we have filed or will file with the Securities and Exchange Commission (the "SEC") (as well as information included in oral statements or other written statements made or to be made by us) contains or may contain forward-looking statements, including, but not limited to, statements regarding our future financial performance and financial condition. Words such as "expects," "anticipates," "envisions," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various risk factors. See "Item 1A. Risk Factors" in Part I of this Annual Report on Form 10-K for more information regarding those risk factors. Any forward-looking statement speaks only as of the date made. Except as required by applicable law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent reports on Forms 10-K, 10-Q and 8-K should be consulted. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

BUSINESS

Item 1. BUSINESS General M/I Homes, Inc. and subsidiaries is one of the nation's leading builders of single-family homes. The Company commenced homebuilding activities in 1976. Since that time, the Company has sold over 151,400 homes. Unless this Form 10-K otherwise indicates or the context otherwise requires, the terms the "Company," "we," "us" and "our" refer to M/I Homes, Inc. and its subsidiaries. The Company consists of two distinct operations: homebuilding and financial services. Our homebuilding operations are aggregated for reporting purposes into two reporting segments - the Northern and Southern regions. Our financial services operations support our homebuilding operations by providing mortgage loans and title services to the customers of our homebuilding operations and are reported as an independent segment. Our homebuilding operations comprise the most significant portion of our business, representing 98% of consolidated revenue in both 2023 and 2022. We design, market, construct and sell single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. In addition to home sales, our homebuilding operations generate revenue from the sale of land and lots. We use the term "home" to refer to a single-family residence, whether it is a single-family home or attached home. We use the term "community" to refer to a single development in which we construct homes. At times, "multiple communities" can exist in a single development where we offer multiple product types. We primarily construct homes in planned development communities and mixed-use communities. We are currently offering homes for sale in 213 communities within 17 markets located in ten states. Our average sales price of homes delivered during 2023 was $483,000, and the average sales price of our homes in backlog at December 31, 2023 was $525,000. We offer homes ranging from a base sales price of approximately $190,000 to $1,000,000 and believe that this range of

View Full Filing

View this 10-K filing on SEC EDGAR