M/I Homes Files 2024 10-K
Ticker: MHO · Form: 10-K · Filed: Feb 14, 2025 · CIK: 799292
Sentiment: neutral
Topics: 10-K, annual-report, real-estate, housing
TL;DR
M/I Homes filed its 2024 10-K. Financials look solid.
AI Summary
M/I Homes, Inc. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Columbus, Ohio, operates in the operative builders sector. Key financial figures for the year are detailed within the filing, providing insights into the company's performance and financial position.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of M/I Homes' financial health and operational performance for the fiscal year 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 58,000,000 — Shares Outstanding (Represents the total number of common shares outstanding as of the fiscal year end.)
- 30,137,141 — Common Stock (Represents the par value of common stock outstanding.)
- 4.7 — Home Sales Revenue (Indicates revenue generated from home sales for the fiscal year.)
- 6.3 — Home Sales Revenue (Previous Year) (Provides a comparative figure for home sales revenue from the prior fiscal year.)
Key Players & Entities
- M/I HOMES, INC. (company) — Filer of the 10-K
- COLUMBUS, OH (location) — Company headquarters and mailing address
- 2024-12-31 (date) — Fiscal year end
- 20250214 (date) — Filing date
FAQ
What was M/I Homes' total revenue for the fiscal year 2024?
The filing indicates that for the fiscal year ended December 31, 2024, M/I Homes reported revenue figures, with home sales revenue specifically noted as 4.7 (units not specified, likely in billions based on context).
When was the 10-K filing submitted to the SEC?
The 10-K filing for M/I Homes, Inc. was submitted on February 14, 2025.
What is M/I Homes' primary business activity?
M/I Homes, Inc. is classified under the Standard Industrial Classification code 1531 as 'Operative Builders'.
What is the company's principal executive office location?
The company's business and mailing address is located at 4131 Worth Avenue Ste 500, Columbus, OH 43219.
How many shares of common stock were outstanding at the end of fiscal year 2024?
As of December 31, 2024, M/I Homes, Inc. had 58,000,000 shares of common stock outstanding.
Filing Stats: 4,437 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2025-02-14 10:45:26
Key Financial Figures
- $483,000 — rice of homes delivered during 2024 was $483,000, and the average sales price of our hom
- $553,000 — mes in backlog at December 31, 2024 was $553,000. We offer homes ranging from a base sal
- $190,000 — rom a base sales price of approximately $190,000 to $1,010,000 and believe that this ran
- $1,010,000 — ales price of approximately $190,000 to $1,010,000 and believe that this range of price po
Filing Documents
- mho-20241231.htm (10-K) — 2020KB
- exhibit1031mihomesdirector.htm (EX-10.31) — 51KB
- exhibit1032directorrsuawar.htm (EX-10.32) — 19KB
- exhibit1033mihomes2025annu.htm (EX-10.33) — 57KB
- exhibit19m_ihomesinc-xinsi.htm (EX-19) — 77KB
- exhibit21subsidiaries12-31.htm (EX-21) — 28KB
- exhibit22guarantors12-31x2.htm (EX-22) — 9KB
- exhibit23consent12-31x2024.htm (EX-23) — 3KB
- exhibit24powerofattorney12.htm (EX-24) — 31KB
- exhibit311ceocertification.htm (EX-31.1) — 12KB
- exhibit312cfocertification.htm (EX-31.2) — 11KB
- exhibit321ceocertification.htm (EX-32.1) — 6KB
- exhibit322cfocertification.htm (EX-32.2) — 6KB
- mho-20241231_g1.jpg (GRAPHIC) — 134KB
- 0000799292-25-000018.txt ( ) — 11085KB
- mho-20241231.xsd (EX-101.SCH) — 94KB
- mho-20241231_cal.xml (EX-101.CAL) — 68KB
- mho-20241231_def.xml (EX-101.DEF) — 367KB
- mho-20241231_lab.xml (EX-101.LAB) — 943KB
- mho-20241231_pre.xml (EX-101.PRE) — 608KB
- mho-20241231_htm.xml (XML) — 1567KB
Business
Business 3 Items 1A.
Risk Factors
Risk Factors 14 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 25 Item 2.
Properties
Properties 26 Item 3.
Legal Proceedings
Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II. Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 28 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 29 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 82 Item 9A.
Controls and Procedures
Controls and Procedures 82 Item 9B. Other Information 82 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 PART III. Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.
Executive Compensation
Executive Compensation 84 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 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accountant Fees and Services 85 PART IV. Item 15. Exhibits and Financial Statement Schedules 86 Item 16. Form 10-K Summary 90
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 160,000 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 97% and 98% of consolidated revenue in 2024 and 2023, respectively. 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 an 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 220 communities and operating within 17 markets located in ten states. Our average sales price of homes delivered during 2024 was $483,000, and the average sales price of our homes in backlog at December 31, 2024 was $553,000. We offer homes ranging from a base sales price of approximately $190,000 to $1,010,