2021 Q2 Form 10-Q Financial Statement

#000079929221000091 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $961.0M $714.2M
YoY Change 34.56% 14.51%
Cost Of Revenue $719.7M $557.8M
YoY Change 29.02% 10.7%
Gross Profit $241.4M $156.4M
YoY Change 54.32% 30.52%
Gross Profit Margin 25.12% 21.9%
Selling, General & Admin $99.65M $82.16M
YoY Change 21.29% 11.61%
% of Gross Profit 41.29% 52.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.540M $3.600M
YoY Change -1.67% 9.09%
% of Gross Profit 1.47% 2.3%
Operating Expenses $99.65M $82.16M
YoY Change 21.29% 11.61%
Operating Profit $141.7M $74.24M
YoY Change 90.89% 60.65%
Interest Expense $452.0K $2.515M
YoY Change -82.03% -51.61%
% of Operating Profit 0.32% 3.39%
Other Income/Expense, Net
YoY Change
Pretax Income $141.3M $71.73M
YoY Change 96.99% 74.08%
Income Tax $33.70M $17.20M
% Of Pretax Income 23.85% 23.98%
Net Earnings $107.6M $54.51M
YoY Change 97.42% 80.22%
Net Earnings / Revenue 11.2% 7.63%
Basic Earnings Per Share $3.68 $1.91
Diluted Earnings Per Share $3.58 $1.89
COMMON SHARES
Basic Shares Outstanding 29.27M shares 28.53M shares
Diluted Shares Outstanding 30.09M shares 28.84M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $371.8M $94.00M
YoY Change 295.54% 360.78%
Cash & Equivalents $371.8M $94.02M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.076B $1.831B
Prepaid Expenses
Receivables $163.5M
Other Receivables $0.00
Total Short-Term Assets $2.448B $2.088B
YoY Change 17.24% 9.46%
LONG-TERM ASSETS
Property, Plant & Equipment $24.00M $21.00M
YoY Change 14.25% -25.24%
Goodwill $16.40M $16.40M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $32.83M $45.14M
YoY Change -27.27% 9.19%
Other Assets $178.9M $9.400M
YoY Change 1803.65% -25.4%
Total Long-Term Assets $413.1M $239.4M
YoY Change 72.57% 31.97%
TOTAL ASSETS
Total Short-Term Assets $2.448B $2.088B
Total Long-Term Assets $413.1M $239.4M
Total Assets $2.861B $2.328B
YoY Change 22.93% 11.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.9M $169.1M
YoY Change 31.23% 9.73%
Accrued Expenses $52.45M $51.20M
YoY Change 2.44% 163.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $384.1M $269.8M
YoY Change 42.36% 27.57%
LONG-TERM LIABILITIES
Long-Term Debt $814.1M $782.8M
YoY Change 3.99% -5.54%
Other Long-Term Liabilities $196.7M $180.7M
YoY Change 8.86% 24.79%
Total Long-Term Liabilities $1.011B $963.5M
YoY Change 4.91% -1.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $384.1M $269.8M
Total Long-Term Liabilities $1.011B $963.5M
Total Liabilities $1.395B $1.233B
YoY Change 13.1% 4.08%
SHAREHOLDERS EQUITY
Retained Earnings $1.141B $794.8M
YoY Change 43.54% 26.37%
Common Stock $343.6M $334.6M
YoY Change 2.7% 1.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.98M $34.99M
YoY Change -48.6% -36.47%
Treasury Stock Shares 819.0K shares 1.594M shares
Shareholders Equity $1.467B $1.094B
YoY Change
Total Liabilities & Shareholders Equity $2.861B $2.328B
YoY Change 22.93% 11.42%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $107.6M $54.51M
YoY Change 97.42% 80.22%
Depreciation, Depletion And Amortization $3.540M $3.600M
YoY Change -1.67% 9.09%
Cash From Operating Activities $98.60M $107.0M
YoY Change -7.85% 222.29%
INVESTING ACTIVITIES
Capital Expenditures -$836.0K -$1.500M
YoY Change -44.27% 36.36%
Acquisitions
YoY Change
Other Investing Activities -$12.53M -$12.60M
YoY Change -0.58% 38.46%
Cash From Investing Activities -$13.36M -$14.20M
YoY Change -5.89% 39.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.342M -20.10M
YoY Change -68.45% -54.83%
NET CHANGE
Cash From Operating Activities 98.60M 107.0M
Cash From Investing Activities -13.36M -14.20M
Cash From Financing Activities -6.342M -20.10M
Net Change In Cash 78.90M 72.70M
YoY Change 8.52% -438.14%
FREE CASH FLOW
Cash From Operating Activities $98.60M $107.0M
Capital Expenditures -$836.0K -$1.500M
Free Cash Flow $99.44M $108.5M
YoY Change -8.35% 216.33%

Facts In Submission

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195000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
55000 USD
us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
1088033000 USD
us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
773970000 USD
us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
1149308000 USD
us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
766105000 USD
mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
-258000 USD
mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
427000 USD
us-gaap Servicing Asset At Fair Value Period Increase Decrease
ServicingAssetAtFairValuePeriodIncreaseDecrease
-162000 USD
us-gaap Servicing Asset At Fair Value Period Increase Decrease
ServicingAssetAtFairValuePeriodIncreaseDecrease
422000 USD
us-gaap Payments For Proceeds From Mortgage Servicing Rights
PaymentsForProceedsFromMortgageServicingRights
9784000 USD
us-gaap Payments For Proceeds From Mortgage Servicing Rights
PaymentsForProceedsFromMortgageServicingRights
2233000 USD
us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
AmortizationOfMortgageServicingRightsMSRs
583000 USD
us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
AmortizationOfMortgageServicingRightsMSRs
1159000 USD
us-gaap Depreciation
Depreciation
6357000 USD
us-gaap Depreciation
Depreciation
6037000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1294000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1228000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
-177000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-950000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4405000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2726000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
0 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-253000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
133286000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
51603000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3277000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
20753000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
36241000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
44062000 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
37104000 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
15067000 USD
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-11882000 USD
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-16699000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7780000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
24303000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
173801000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
82826000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1036000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1976000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1050000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
363000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
17101000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
19089000 USD
us-gaap Proceeds From Sale Of Mortgage Servicing Rights Msr
ProceedsFromSaleOfMortgageServicingRightsMSR
4324000 USD
us-gaap Proceeds From Sale Of Mortgage Servicing Rights Msr
ProceedsFromSaleOfMortgageServicingRightsMSR
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12763000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-20702000 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
0 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
300000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
25816000 USD
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
0 USD
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
400000000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
0 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
306800000 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
0 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
372800000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-58515000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-2720000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
54000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
1213000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1912000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2211000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
8410000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10630000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3645000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-50042000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
110996000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
87940000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260810000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6083000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
371806000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94023000 USD
us-gaap Interest Paid Net
InterestPaidNet
420000 USD
us-gaap Interest Paid Net
InterestPaidNet
6114000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
60523000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1862000 USD
mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
8611000 USD
mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-1971000 USD
mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
2567000 USD
mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
3101000 USD
mho Distribution Of Single Family Lots From Unconsolidated Llcs
DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs
18086000 USD
mho Distribution Of Single Family Lots From Unconsolidated Llcs
DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs
11522000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
Basis of Presentation<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Unaudited Condensed Consolidated Financial Statements (the “financial statements”) of M/I Homes, Inc. and its subsidiaries (the “Company”) and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The financial statements include the accounts of the Company. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during that period. Actual results could differ from these estimates and have a significant impact on the financial condition and results of operations and cash flows. With regard to the Company, estimates and assumptions are inherent in calculations relating to valuation of inventory and investment in unconsolidated joint ventures, property and equipment depreciation, valuation of derivative financial instruments, accounts payable on inventory, accruals for costs to complete inventory, accruals for warranty claims, accruals for self-insured general liability claims, litigation, accruals for health care and workers’ compensation, accruals for guaranteed or indemnified loans, stock-based compensation expense, income taxes, and contingencies. Items that could have a significant impact on these estimates and assumptions include the risks and uncertainties listed in “Item 1A. Risk Factors” in Part I of our 2020 Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Adopted Accounting Standards</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements and disclosures.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Accounting Policies</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no significant changes to our significant accounting policies during the quarter ended June 30, 2021 as compared to those disclosed in our 2020 Form 10-K.</span></div>
CY2021Q2 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
833665000 USD
CY2020Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
868288000 USD
CY2021Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
3840000 USD
CY2020Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4623000 USD
CY2021Q2 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
1095585000 USD
CY2020Q4 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
898966000 USD
CY2021Q2 mho Model Home Accumulated Depreciation
ModelHomeAccumulatedDepreciation
13376000 USD
CY2020Q4 mho Model Home Accumulated Depreciation
ModelHomeAccumulatedDepreciation
12909000 USD
CY2021Q2 mho Inventory Model Homes And Furnishings
InventoryModelHomesAndFurnishings
70054000 USD
CY2020Q4 mho Inventory Model Homes And Furnishings
InventoryModelHomesAndFurnishings
81264000 USD
CY2021Q2 mho Community Development District
CommunityDevelopmentDistrict
16807000 USD
CY2020Q4 mho Community Development District
CommunityDevelopmentDistrict
8196000 USD
CY2021Q2 mho Land Purchase Deposits
LandPurchaseDeposits
44037000 USD
CY2020Q4 mho Land Purchase Deposits
LandPurchaseDeposits
45357000 USD
CY2021Q2 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
12481000 USD
CY2020Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
9914000 USD
CY2021Q2 us-gaap Inventory Real Estate
InventoryRealEstate
2076469000 USD
CY2020Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1916608000 USD
CY2021Q2 mho Number Of Speculative Homes
NumberOfSpeculativeHomes
869 homes
CY2021Q2 mho Speculative Homes Carrying Value
SpeculativeHomesCarryingValue
115400000 USD
CY2020Q4 mho Number Of Speculative Homes
NumberOfSpeculativeHomes
1131
CY2020Q4 mho Speculative Homes Carrying Value
SpeculativeHomesCarryingValue
186900000 USD
CY2021Q2 mho Community Development District
CommunityDevelopmentDistrict
16800000 USD
CY2020Q4 mho Community Development District
CommunityDevelopmentDistrict
8200000 USD
CY2021Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22119000 USD
CY2020Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22199000 USD
CY2020Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
21329000 USD
CY2019Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
21607000 USD
CY2021Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
9623000 USD
CY2020Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
7758000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
18618000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
14920000 USD
CY2021Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
9438000 USD
CY2020Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
7754000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
17643000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
14324000 USD
CY2021Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22304000 USD
CY2020Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22203000 USD
CY2021Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22304000 USD
CY2020Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22203000 USD
CY2021Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
10075000 USD
CY2020Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
10273000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
20246000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
22135000 USD
CY2021Q2 us-gaap Equity Method Investments
EquityMethodInvestments
32800000 USD
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
34700000 USD
mho Increasedecreaseininvestmentsinunconsolidatedjointventuresandothersimilararrangements
Increasedecreaseininvestmentsinunconsolidatedjointventuresandothersimilararrangements
-1900000 USD
mho Distribution Of Single Family Lots From Unconsolidated Llcs
DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs
18100000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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1100000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
17100000 USD
CY2021Q2 mho Companysinvestmentinjointdevelopmentorsimilaragreements
Companysinvestmentinjointdevelopmentorsimilaragreements
32600000 USD
CY2020Q4 mho Companysinvestmentinjointdevelopmentorsimilaragreements
Companysinvestmentinjointdevelopmentorsimilaragreements
33900000 USD
CY2021Q2 mho Equityinvestedin Ll Cs
EquityinvestedinLLCs
200000 USD
CY2020Q4 mho Equityinvestedin Ll Cs
EquityinvestedinLLCs
800000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000 USD
CY2021Q2 us-gaap Equity Method Investments
EquityMethodInvestments
32800000 USD
CY2020 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
200000 USD
CY2020Q4 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Balance
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsBalance
200000 USD
CY2021Q2 mho Notional Amount Of Best Effort Contracts And Related Committed Interest Rate Lock Commitments
NotionalAmountOfBestEffortContractsAndRelatedCommittedInterestRateLockCommitments
2418000 USD
CY2020Q4 mho Notional Amount Of Best Effort Contracts And Related Committed Interest Rate Lock Commitments
NotionalAmountOfBestEffortContractsAndRelatedCommittedInterestRateLockCommitments
2354000 USD
CY2021Q2 mho Notional Amount Of Uncommitted Interest Rate Lock Commitments
NotionalAmountOfUncommittedInterestRateLockCommitments
302394000 USD
CY2020Q4 mho Notional Amount Of Uncommitted Interest Rate Lock Commitments
NotionalAmountOfUncommittedInterestRateLockCommitments
208500000 USD
CY2021Q2 mho Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments
ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments
279000000 USD
CY2020Q4 mho Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments
ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments
183000000 USD
CY2021Q2 mho Best Effort Contracts And Related Mortgage Loans Held For Sale
BestEffortContractsAndRelatedMortgageLoansHeldForSale
4689000 USD
CY2020Q4 mho Best Effort Contracts And Related Mortgage Loans Held For Sale
BestEffortContractsAndRelatedMortgageLoansHeldForSale
78142000 USD
CY2021Q2 mho Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale
ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale
164000000 USD
CY2020Q4 mho Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale
ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale
131000000 USD
CY2021Q2 mho Mortgage Loans Held For Sale Covered By Forward Sales Of Mortgage Backed Securities
MortgageLoansHeldForSaleCoveredByForwardSalesOfMortgageBackedSecurities
160826000 USD
CY2020Q4 mho Mortgage Loans Held For Sale Covered By Forward Sales Of Mortgage Backed Securities
MortgageLoansHeldForSaleCoveredByForwardSalesOfMortgageBackedSecurities
148331000 USD
CY2021Q2 mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
1421000 USD
CY2020Q2 mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
1177000 USD
mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
1622000 USD
mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
773000 USD
CY2021Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2021Q2 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0 USD
CY2021Q2 mho Total Of Loans Covered By Guarantees
TotalOfLoansCoveredByGuarantees
66800000 USD
CY2020Q4 mho Total Of Loans Covered By Guarantees
TotalOfLoansCoveredByGuarantees
21100000 USD
CY2021Q2 mho Total Of Guaranteed Loans Inquired About
TotalOfGuaranteedLoansInquiredAbout
1700000 USD
CY2020Q4 mho Total Of Guaranteed Loans Inquired About
TotalOfGuaranteedLoansInquiredAbout
600000 USD
CY2021Q2 mho Loan Repurchase Guarantee Liability
LoanRepurchaseGuaranteeLiability
600000 USD
CY2020Q4 mho Loan Repurchase Guarantee Liability
LoanRepurchaseGuaranteeLiability
400000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29426000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26040000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29012000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26420000 USD
CY2021Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5586000 USD
CY2020Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4242000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
10412000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
7663000 USD
CY2021Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
248000 USD
CY2020Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-623000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
611000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-644000 USD
CY2021Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
CY2020Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
CY2021Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5380000 USD
CY2020Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3484000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
10155000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7264000 USD
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29880000 USD
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26175000 USD
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29880000 USD
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26175000 USD
CY2021Q2 mho Estimated Repair Costsfor Affected Homes
EstimatedRepairCostsforAffectedHomes
3700000 USD
CY2021Q2 mho Letters Of Credit And Bonds
LettersOfCreditAndBonds
318300000 USD
CY2021Q2 mho Outstanding Performance Bonds
OutstandingPerformanceBonds
230200000 USD
CY2021Q2 mho Performance Letters Of Credit Outstanding
PerformanceLettersOfCreditOutstanding
72500000 USD
CY2021Q2 mho Financial Letters Of Credit
FinancialLettersOfCredit
8600000 USD
CY2021Q2 mho Outstanding Letters Of Credit In Lieu Of Cash Deposits Under Certain Land Option Contracts
OutstandingLettersOfCreditInLieuOfCashDepositsUnderCertainLandOptionContracts
8200000 USD
CY2021Q2 mho Financial Bonds
FinancialBonds
7000000.0 USD
CY2021Q2 us-gaap Purchase Options Land
PurchaseOptionsLand
993000000.0 USD
CY2021Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1700000 USD
CY2020Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
800000 USD
CY2021Q2 us-gaap Debt Instrument Unused Borrowing Capacity Amount
DebtInstrumentUnusedBorrowingCapacityAmount
1140000000 USD
CY2021Q2 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2021Q2 mho Letters Of Credit Outstanding Under Credit Facility
LettersOfCreditOutstandingUnderCreditFacility
81100000 USD
CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
468900000 USD
CY2021Q2 mho Maximum Borrowing Availability Under All Credit Lines
MaximumBorrowingAvailabilityUnderAllCreditLines
265000000.0 USD
CY2020Q4 mho Maximum Borrowing Availability Under All Credit Lines
MaximumBorrowingAvailabilityUnderAllCreditLines
275000000.0 USD
CY2021Q2 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
167100000 USD
CY2020Q4 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
225600000 USD
CY2021Q2 us-gaap Equity Restrictions
EquityRestrictions
444700000 USD
CY2020Q4 us-gaap Equity Restrictions
EquityRestrictions
363000000.0 USD
CY2021Q2 us-gaap Other Notes Payable
OtherNotesPayable
4100000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
107607000 USD
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28836000 shares
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
54508000 USD
us-gaap Net Income Loss
NetIncomeLoss
192473000 USD
us-gaap Net Income Loss
NetIncomeLoss
86254000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29271000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28531000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29144000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28504000 shares
CY2021Q2 mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
512000 shares
CY2020Q2 mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
115000 shares
mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
487000 shares
mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
210000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
310000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
190000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
304000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
206000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30093000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29935000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28920000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.68
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.91
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.03
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.58
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.98
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6000 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1178000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
676000 shares
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33700000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17200000 USD
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.238 Rate
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240 Rate
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59100000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26800000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235 Rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.237 Rate
CY2021Q2 us-gaap Revenues
Revenues
961040000 USD
CY2020Q2 us-gaap Revenues
Revenues
714194000 USD
us-gaap Revenues
Revenues
1789816000 USD
us-gaap Revenues
Revenues
1291797000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
141714000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
74239000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
253011000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
120243000 USD
CY2021Q2 us-gaap Interest Expense
InterestExpense
452000 USD
CY2020Q2 us-gaap Interest Expense
InterestExpense
2515000 USD
us-gaap Interest Expense
InterestExpense
1628000 USD
us-gaap Interest Expense
InterestExpense
7215000 USD
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
35000 USD
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
195000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
55000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
141297000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
71727000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
251578000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
113083000 USD
CY2021Q2 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
44037000 USD
CY2021Q2 mho Inventory Segments
InventorySegments
2032432000 USD
CY2021Q2 us-gaap Equity Method Investments
EquityMethodInvestments
32833000 USD
CY2021Q2 mho Other Combined Assets
OtherCombinedAssets
752110000 USD
CY2021Q2 us-gaap Assets
Assets
2861412000 USD
CY2020Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
45357000 USD
CY2020Q4 mho Inventory Segments
InventorySegments
1871251000 USD
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
34673000 USD
CY2020Q4 mho Other Combined Assets
OtherCombinedAssets
691764000 USD
CY2020Q4 us-gaap Assets
Assets
2643045000 USD
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1400000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
32800000 USD
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
17200000 USD
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2021Q2 us-gaap Revenues
Revenues
961040000 USD
CY2020Q2 us-gaap Revenues
Revenues
714194000 USD
us-gaap Revenues
Revenues
1789816000 USD
us-gaap Revenues
Revenues
1291797000 USD
CY2021Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
2700000 USD
CY2020Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
-7000000.0 USD
us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
3900000 USD
us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
-10600000 USD
CY2020Q2 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
-600000 USD
CY2020Q1 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
1000000.0 USD
CY2020Q2 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
-600000 USD
us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
400000 USD

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