0000799292false00007992922025-01-292025-01-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): January 29, 2025

M/I HOMES, INC.
(Exact name of registrant as specified in its charter)
Ohio1-1243431-1210837
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)

4131 Worth Avenue, Suite 500             Columbus, OH 43219
(Address of principal executive offices)          (Zip Code)

(614) 418-8000
(Telephone Number)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $.01MHONew York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




SECTION 2 FINANCIAL INFORMATION

ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 29, 2025, M/I Homes, Inc. issued a press release reporting financial results for the three and twelve months ended December 31, 2024. A copy of this press release, including information concerning forward-looking statements and factors that may affect our future results, is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is furnished pursuant to Item 2.02 on Form 8-K.


SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01        FINANCIAL STATEMENTS AND EXHIBITS
(d)    Exhibits.
Exhibit No.
Description of Exhibit
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).*

         *Submitted electronically with this Report in accordance with the provisions of Regulation S-T.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  January 29, 2025

M/I Homes, Inc.

By:
/s/ Ann Marie W. Hunker
Ann Marie W. Hunker
VP, Chief Accounting Officer and Controller



Exhibit 99.1

milogo7a04.jpg


M/I Homes Reports
Fourth Quarter and Year-End Results

Columbus, Ohio (January 29, 2025) - M/I Homes, Inc. (NYSE:MHO) announced results for its fourth quarter and year ended December 31, 2024.

2024 Fourth Quarter Results:
•Record fourth quarter homes delivered and income
•New contracts increased 11% to 1,759
•Homes delivered increased 19% to 2,402
•Revenue of $1.2 billion, up 24%
•Pre-tax income of $171 million, up 24%
•Net income increased 27% to $133.5 million ($4.71 per diluted share) compared to $105 million ($3.66 per diluted share) in 2023
•Repurchased $50 million of stock

2024 Full Year Results:
•Record homes delivered, revenue and income
•New contracts increased 8% to 8,584
•Homes delivered increased 12% to 9,055
•Revenue increased 12% to $4.5 billion
•Pre-tax income increased 21% to $734 million; 16% of revenue
•Net income increased 21% to $564 million ($19.71 per diluted share)
•Shareholders’ equity reached an all-time record of $2.9 billion, a 17% increase from a year ago,
with book value per share of $109
•Repurchased $176.0 million of stock
•Return on equity of 21%
•Homebuilding debt to capital ratio of 19% compared to 22% at December 31, 2023

For the fourth quarter of 2024, the Company reported net income of $133.5 million, or $4.71 per diluted share, compared to net income of $105.3 million, or $3.66 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $563.7 million, or $19.71 per diluted share, compared to net income of $465.4 million, or $16.21 per diluted share in 2023.
Homes delivered in 2024’s fourth quarter reached an all-time quarterly record of 2,402, a 19% increase compared to 2,019 deliveries in 2023’s fourth quarter. Homes delivered for the twelve months ended December 31, 2024 increased 12% to a record 9,055 from 2023’s deliveries of 8,112. New contracts for 2024’s fourth quarter increased 11% to 1,759 from 1,588 new contracts in 2023’s fourth quarter. For 2024, new contracts were 8,584, an 8% increase from 2023’s 7,977 new contracts. Homes in backlog decreased 16% at December 31, 2024 to 2,531 units, with a sales value of $1.4 billion, an 11% decrease from last year, while the average sales price in


backlog increased 5% to an all-time record $553,000. At December 31, 2023, the sales value of the 3,002 homes in backlog was $1.6 billion, with an average sales price of $525,000. M/I Homes had 220 active communities at December 31, 2024 compared to 213 a year ago. The Company’s cancellation rate was 14% in 2024’s fourth quarter compared to 13% for the prior year’s fourth quarter.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We had an outstanding 2024 highlighted by all-time records in homes delivered, revenue and income. Our homes delivered increased 12% to 9,055 generating revenue of $4.5 billion - a 12% increase over 2023. Our gross margins were 26.6% compared to 25.3% and pre-tax income was $734 million, a 21% increase over last year. Our pre-tax margin reached 16% and we produced a strong return on equity of 21%.”

Mr. Schottenstein continued, “We are in excellent financial condition. We ended the year with record shareholders’ equity of $2.9 billion, cash of $822 million, zero borrowings under our $650 million credit facility, a homebuilding debt to capital ratio of 19% and a net debt to capital ratio of negative 5%. Our year-end book value was a record $109 per share. As we begin 2025, we believe our industry will continue to benefit from strong fundamentals, including favorable demographic trends and an undersupply of housing.”

The Company will broadcast live its earnings conference call today at 10:30 a.m. Eastern Time. To listen to the call live, log on to the M/I Homes’ website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” A replay of the call will continue to be available on our website through January 2026.

M/I Homes, Inc. is one of the nation’s leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “envisions,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any 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 factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty 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 filings, releases or presentations should be consulted.


Contact M/I Homes, Inc.
Ann Marie W. Hunker, Vice President, Chief Accounting Officer and Controller, (614) 418-8225
Mark Kirkendall, Vice President, Treasurer, (614) 418-8021


M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (Unaudited)
(Dollars and shares in thousands, except per share amounts)

Three Months EndedTwelve Months Ended
December 31,December 31,
2024202320242023
New contracts1,759 1,588 8,584 7,977 
Average community count219 209 216 202 
Cancellation rate14 %13 %10 %11 %
Backlog units2,531 3,002 2,531 3,002 
Backlog sales value$1,399,683 $1,575,643 $1,399,683 $1,575,643 
Homes delivered2,402 2,019 9,055 8,112 
Average home closing price$490 $471 $483 $483 
Homebuilding revenue:
   Housing revenue$1,175,883 $950,872 $4,375,829 $3,914,372 
   Land revenue882 2,025 12,635 25,301 
Total homebuilding revenue$1,176,765 $952,897 $4,388,464 $3,939,673 
   Financial services revenue28,512 19,691 116,206 93,829 
Total revenue$1,205,277 $972,588 $4,504,670 $4,033,502 
Cost of sales - operations908,452 728,202 3,305,781 3,014,573 
Gross margin$296,825 $244,386 $1,198,889 $1,018,929 
General and administrative expense70,059 60,284 258,422 222,765 
Selling expense62,775 54,256 234,373 208,942 
Operating income$163,991 $129,846 $706,094 $587,222 
Other loss (income)— 1 — (33)
Interest income, net of interest expense(6,566)(8,129)(27,514)(20,022)
Income before income taxes$170,557 $137,974 $733,608 $607,277 
Provision for income taxes 37,088 32,692 169,883 141,912 
Net income$133,469 $105,282 $563,725 $465,365 
Earnings per share:
Basic$4.85 $3.79 $20.29 $16.76 
Diluted$4.71 $3.66 $19.71 $16.21 
Weighted average shares outstanding:
Basic27,538 27,769 27,777 27,769 
Diluted28,308 28,756 28,600 28,716 



M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)

As of
December 31,
20242023
Assets:
Total cash, cash equivalents and restricted cash$821,570 $732,804 
Mortgage loans held for sale283,540 176,329 
Inventory:
Lots, land and land development1,630,190 1,446,576 
Land held for sale7,699 6,932 
Homes under construction1,271,626 1,177,101 
Other inventory182,347 166,542 
Total Inventory$3,091,862 $2,797,151 
Property and equipment - net34,513 34,918 
Operating lease right-of-use assets53,895 56,364 
Goodwill16,400 16,400 
Investments in joint venture arrangements65,334 44,011 
Deferred income tax asset13,451 16,094 
Other assets169,231 148,369 
Total Assets$4,549,796 $4,022,440 
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net397,653 396,879 
Senior notes due 2030 - net297,369 296,865 
Total Debt - Homebuilding Operations$695,022 $693,744 
Notes payable bank - financial services operations286,159 165,844 
Total Debt$981,181 $859,588 
Accounts payable198,579 204,678 
Operating lease liabilities55,365 57,566 
Other liabilities374,994 383,669 
Total Liabilities$1,610,119 $1,505,501 
Shareholders’ Equity2,939,677 2,516,939 
Total Liabilities and Shareholders’ Equity$4,549,796 $4,022,440 
Book value per common share$108.62 $90.66 
Homebuilding debt / capital ratio(1)
19 %22 %

(1)The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders’ equity.



M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
(Dollars in thousands)

Three Months EndedTwelve Months Ended
December 31,December 31,
2024202320242023
Cash provided by operating activities
$104,395 $54,901 $179,736 $552,131 
Cash used in investing activities$(9,859)$(4,500)$(54,896)$(18,632)
Cash provided by (used in) financing activities$7,114 $(53,849)$(36,074)$(112,237)
Land/lot purchases$107,384 $95,930 $472,937 $343,504 
Land development spending$201,301 $159,550 $645,960 $512,105 
Land sale revenue$882 $2,025 $12,635 $25,301 
Land sale gross profit$391 $356 $3,709 $3,360 
Financial services pre-tax income$10,034 $4,676 $49,682 $38,354 




M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)

Three Months EndedTwelve Months Ended
December 31,December 31,
2024202320242023
Net income$133,469 $105,282 $563,725 $465,365 
Add:
Provision for income taxes37,088 32,692 169,883 141,912 
Interest income - net(10,177)(10,908)(40,719)(30,030)
Interest amortized to cost of sales8,181 7,724 32,053 33,326 
Depreciation and amortization4,810 4,479 18,700 17,369 
Non-cash charges9,709 13,241 23,808 20,247 
Adjusted EBITDA$183,080 $152,510 $767,450 $648,189 
(1)    We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data

NEW CONTRACTS
Three Months EndedTwelve Months Ended
December 31,December 31,
%%
Region20242023Change20242023Change
Northern707 699 1 %3,761 3,361 12 %
Southern1,052 889 18 %4,823 4,616 4 %
Total1,759 1,588 11 %8,584 7,977 8 %

HOMES DELIVERED
Three Months EndedTwelve Months Ended
December 31,December 31,
%%
Region20242023Change20242023Change
Northern1,064 848 25 %3,873 3,169 22 %
Southern1,338 1,171 14 %5,182 4,943 5 %
Total2,402 2,019 19 %9,055 8,112 12 %

BACKLOG
December 31, 2024December 31, 2023
DollarsAverageDollarsAverage
RegionUnits(millions)Sales PriceUnits(millions)Sales Price
Northern1,136 $637 $561,000 1,248 $663 $531,000 
Southern1,395 $763 $547,000 1,754 $912 $520,000 
Total2,531 $1,400 $553,000 3,002 $1,576 $525,000 

LAND POSITION SUMMARY
December 31, 2024December 31, 2023
LotsLots UnderLotsLots Under
RegionOwnedContractTotalOwnedContractTotal
Northern6,546 11,076 17,622 6,852 8,935 15,787 
Southern17,290 17,244 34,534 17,522 12,351 29,873 
Total23,836 28,320 52,156 24,374 21,286 45,660 


v3.24.4
Cover Page Cover Page
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name M/I HOMES, INC.
Entity Incorporation, State or Country Code OH
Entity File Number 1-12434
Entity Tax Identification Number 31-1210837
Entity Address, Address Line One 4131 Worth Avenue
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Columbus
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43219
City Area Code 614
Local Phone Number 418-8000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares, par value $.01
Trading Symbol MHO
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000799292
Amendment Flag false
MI Homes (NYSE:MHO)
Historical Stock Chart
Von Jan 2025 bis Feb 2025 Click Here for more MI Homes Charts.
MI Homes (NYSE:MHO)
Historical Stock Chart
Von Feb 2024 bis Feb 2025 Click Here for more MI Homes Charts.