$MHO
M/I HOMES, INC.

2024 Q3 Form 10-Q Financial Statement

#000079929224000070 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.143B $1.110B
YoY Change 9.23% 9.44%
Cost Of Revenue $833.5M $800.5M
YoY Change 9.0% 5.91%
Gross Profit $309.4M $309.3M
YoY Change 9.83% 19.79%
Gross Profit Margin 27.07% 27.87%
Selling, General & Admin $127.4M $122.5M
YoY Change 16.28% 13.92%
% of Gross Profit 41.19% 39.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.007M $3.799M
YoY Change 11.31% 5.62%
% of Gross Profit 1.29% 1.23%
Operating Expenses $127.4M $122.5M
YoY Change 16.28% 13.92%
Operating Profit $182.0M $186.8M
YoY Change 5.73% 23.98%
Interest Expense $6.680M $7.348M
YoY Change 15.17% 56.41%
% of Operating Profit 3.67% 3.93%
Other Income/Expense, Net
YoY Change
Pretax Income $188.7M $194.1M
YoY Change 6.02% 24.96%
Income Tax $43.20M $47.40M
% Of Pretax Income 22.9% 24.42%
Net Earnings $145.4M $146.7M
YoY Change 4.63% 24.36%
Net Earnings / Revenue 12.73% 13.22%
Basic Earnings Per Share $5.26 $5.26
Diluted Earnings Per Share $5.10 $5.12
COMMON SHARES
Basic Shares Outstanding 27.41M shares 27.75M shares
Diluted Shares Outstanding 28.53M shares 28.67M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $719.9M $837.5M
YoY Change -2.22% 25.31%
Cash & Equivalents $719.9M $837.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $3.133B $2.938B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.853B $3.776B
YoY Change 10.81% 12.54%
LONG-TERM ASSETS
Property, Plant & Equipment $34.71M $36.44M
YoY Change -3.61% -61.19%
Goodwill $16.40M $16.40M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $63.10M $46.18M
YoY Change 40.63% 9.98%
Other Assets $258.1M $242.6M
YoY Change 14.62% 16.14%
Total Long-Term Assets $607.2M $564.1M
YoY Change 15.32% 11.39%
TOTAL ASSETS
Total Short-Term Assets $3.853B $3.776B
Total Long-Term Assets $607.2M $564.1M
Total Assets $4.460B $4.340B
YoY Change 11.4% 12.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $256.7M $278.9M
YoY Change 2.31% 5.37%
Accrued Expenses $56.67M $58.04M
YoY Change -4.6% -2.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $313.4M $336.9M
YoY Change -22.62% -20.2%
LONG-TERM LIABILITIES
Long-Term Debt $930.1M $917.2M
YoY Change 4.04% 4.28%
Other Long-Term Liabilities $371.0M $344.9M
YoY Change 33.16% 31.84%
Total Long-Term Liabilities $1.301B $1.262B
YoY Change 10.96% 10.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $313.4M $336.9M
Total Long-Term Liabilities $1.301B $1.262B
Total Liabilities $1.615B $1.599B
YoY Change 2.34% 2.28%
SHAREHOLDERS EQUITY
Retained Earnings $2.732B $2.586B
YoY Change 24.39% 25.72%
Common Stock $350.8M $350.9M
YoY Change 0.68% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $237.1M $195.9M
YoY Change 99.54% 79.69%
Treasury Stock Shares
Shareholders Equity $2.845B $2.741B
YoY Change
Total Liabilities & Shareholders Equity $4.460B $4.340B
YoY Change 11.4% 12.39%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $145.4M $146.7M
YoY Change 4.63% 24.36%
Depreciation, Depletion And Amortization $4.007M $3.799M
YoY Change 11.31% 5.62%
Cash From Operating Activities -$67.94M $27.51M
YoY Change -185.46% -83.45%
INVESTING ACTIVITIES
Capital Expenditures $580.0K $5.494M
YoY Change -76.8% 12676.74%
Acquisitions
YoY Change
Other Investing Activities -$16.92M -$4.939M
YoY Change 92.23% -342.82%
Cash From Investing Activities -$17.50M -$10.43M
YoY Change 54.83% -624.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.10M -49.78M
YoY Change 10600.0% 17.25%
NET CHANGE
Cash From Operating Activities -67.94M 27.51M
Cash From Investing Activities -17.50M -10.43M
Cash From Financing Activities -32.10M -49.78M
Net Change In Cash -117.5M -32.70M
YoY Change -273.1% -126.01%
FREE CASH FLOW
Cash From Operating Activities -$67.94M $27.51M
Capital Expenditures $580.0K $5.494M
Free Cash Flow -$68.52M $22.02M
YoY Change -188.99% -86.75%

Facts In Submission

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<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, 2023 (the “2023 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 (“GAAP”) 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 2023 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%">Impact of New Accounting Standards and SEC Guidance.</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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently evaluating the impact the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures, but we do not expect the impact to be significant. </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%">In December 2023, the FASB issued ASU No. 2023-09, </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): Improvements to Income Tax Disclosures</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASU 2023-09”). ASU 2023-09 requires public companies to annually (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of ASU 2023-09 may have on our consolidated financial statements and disclosures, but we do not expect the impact to be significant.</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 March 2024, the SEC issued Final Rule Release No. 33-11275, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The Enhancement and Standardization of Climate-Related Disclosures for Investors</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The rules require information about a registrant’s climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. These requirements are effective for the Company in various fiscal years, starting with the disclosure requirements in the Company's fiscal year beginning January 1, 2025. Disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The Company is currently evaluating the final rule to determine its impact on the Company's </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%">disclosures. The Rule is currently the subject of litigation in the 8th Circuit Court of Appeals. On April 4, 2024, the SEC voluntarily stayed the implementation of the Rule pending completion of the litigation. </span></div><div><span><br/></span></div><div><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, 2024 as compared to those disclosed in our 2023 Form 10-K.</span></div>
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