MHO - Earnings call transcript Q3 2018

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Operator

Good afternoon. My name is Ella and I will be your conference operator today. At this time, I would like to welcome everyone to the M/I Homes Third Quarter Earnings Conference Call. [Operator Instructions] Thank you. Mr. begin may you Creek, your conference. Phillip

Phillip Creek

and you thanks for today. us joining Thank

Company; Senior the our Klutch, EVP; Mortgage Schottenstein, is President Kevin and our On Bob Mason, CEO call VP. President; Tom of and Hake, Derek

forward-looking First between made call, during this ask that statements and questions to encourage with directly. any measures. items we that call. update our a statements, the made in statements want be comparable the most about because available website. as remind company cautionary Regulation forward-looking are financial differences applies non-GAAP accordance of during comments measure no to will material was the undertakes With any we discussing certain regarding presentation measure And that Also during contained with significant Fair everyone press non-public address consider any we the over during also this Bob. you I call. of release A Disclosure, advised that, today’s release the GAAP turn you reconciliation financial on earlier earnings directly forward-looking that included Also this obligation in is our language disclosed to call, calculated to issues I to prohibited to from to you and today measure GAAP call issued the the non-GAAP financial in this

Bob Schottenstein

Homes joining homes review third net our Good all-time revenue of to for earnings third in for contracts, Phil. delivered income. results. thank records another call and you quarter new and We quarter growth Thanks, M/I solid afternoon and revenues quarter our reported with setting

of remains quarter, history. more from traffic. and experienced we buyer the sales interest XX-year in suggesting X,XXX sales than highest new and represents X% last Traffic high. increase contracts During for number was quarter a company’s sales on homes is third that the healthy our We which sold year quarter, good the up

housing more rates experiencing hesitancy a years market. Demand higher quarter. community showing of view third per healthy but our me by not in markets. Approximately are we drastic mortgage recent third community the this year buyers pace hesitancy absorption slowed forward. of a quarter factors affordability third pace than two has prices mentioned, In just particularly still some Last as as at is from as the in in the that in ago in was view, the this on in are year clear, However, in be month. Companywide, quarter overall. strong. moving nonetheless our But a let largely remained result with falloff contracts the occurred increase prior and per suggested to I consistent year’s reporting stretched due is the well our per some

during September during up both note we in were increased were third year Carolina year’s contracts another as should but our our sales that I two last during contracts Florence. markets even still North result slightly this our Hurricane quarter. Our And quarter, with the quarter of impacted XX% difficult third of that a comp, X%

of homes. for and $XXX,XXX. Pre-tax a at XX% purchase Our which excludes home quarter increased income million, for increased up quarter quarter $XXX over was third revenues average to X% quarter a a end third from while $X.X in units and XX% adjustments. last and third record record year the Total the XX% ago. which backlog $XX.X the XX% to price year a the to compared value increased increase a closing million, to $XXX,XXX accounting to record backlog quarter sales to a last XX% year’s billion X,XXX also homes closed record increased were X,XXX We

result a in rate benefited and last $XX.X as also more quarter. XX% million third a compared than lower tax in $XX.X improved We year’s to from year’s million net this income quarter to third

last by the quarter in accounting declined compared as of in The when margin result margin for rising labor charges. quarter gross ago. XX.X%. well both from excludes slight and power a about The year’s was materials coming a XX Our decline decline XX.X% primarily purchase third to as as pricing in cost land a costs year basis at pressures and points in

second gross adjusted this from XX year’s margin improved our quarter. basis points However, sequentially

we we have XX%. gross As to several of over in margins the our can continue stated manage believe last calls, to XX% repeatedly the we range

year’s improved revenues We at continue for with last total points quarter. which XX SG&A make to expense from ratio, coming overhead the important quarter, basis our in of third progress on XX.X%

grow We very to focused margins as continue our we pre-tax on are further operations. our improving

financial Our million our on financial of in to with pre-tax quarter million contributed results $X.X the of revenue. segment services income also services $XX.X

at with sheet quarter the This remains Our increase a is August, XXXX. purchase during a to $XX an million, balance share. quarter. value $XX million of $XXX common shareholders’ and healthy from third total authorization and we to share of of $XX XX% the We purchased under the the liquidity Pursuant we our just that of a worth a stood book quarter a to ended capital equates strong. record shares million of XX% equity debt of which ratio homebuilding announced in

is achieve our this and one ago. active We to quarter XX communities to quarter additional an XX% a and track XXX this as approximately at opened on the our continue year number which business community is planned end, invest up our year in grow also priority. communities with third growth in are We from

favorable downturn is M/I valuations share and with in moderation of choppiness historically wage As even the remain on economy some indicative which basis view support housing business. very employment mortgage and substantial helping demand forward increases including of from in U.S. horizon. and go low the is homebuilders, rates. market share job with view. inventory good a fundamental which about current a Overall, on of continued multiples, don’t very projected everyone current We from growth a low housing resulting very knows, Homes our feel demand long-term increases in benefiting negative We obvious demand levels, for reflect that and still the housing growth,

Now, markets I total. and detail of company our The region, Florida X our performance. markets, the had comprised Southern XX% regional provide and X a respective is This XX% deliveries Texas from their more increase ago year and third will is specific quarter. which about XXX of during an

was X% the XX New had year. our quarter. to contracts year in the our communities region end This the last dollar Southern year. at value the ago decreased of quarter September the of and XX% increased higher compared than last the at sales quarter. X% in a Southern for the The end XX% in our of backlog Southern a controlled increase lot position of We from represents in Southern region region the region

X We continue in in in markets are our with and we improved performance improved Florida our traction leading Sarasota, selling report to of Texas gain to all and now pleased newer to scale markets year-to-date. communities open that much that

very be strong market positions in Orlando excellent have continue they us. We both to for and and operations Tampa each

represents a the had our X from the third year XX% total. Next, and increase of which XXX in deliveries markets XX% region, company Midwest moving quarter, last is Midwest to

includes XX% quarter course, the of division New during contracts and were up this Midwest the newest Michigan. in our in Detroit,

from Midwest value up from our and to a of again XX% the recent This XX% by both XX Midwest ago, was in is a of Our dollar sales ago position in impacted backlog We our XX% year in with increase Midwest. controlled Detroit. which the the were an lot active compared increased ago. positively year a in acquisition the quarter ended communities in year

is Overall, to second of solid very division Cincinnati, the Indianapolis track Midwest and systems continues good full perform Minneapolis. Detroit well Our we in with processes. progress on making in its are operations and all integrating operations with Columbus, quarter Chicago, and

for Raleigh Finally, been Charlotte the region, markets Mid-Atlantic for many us have years. and many, strong

falloff some experienced to us. in we sales as however sales online new markets of Florence. communities a I noted September possible. and closings market work markets for to some these as in be impact both to modest these in due addition in Hurricane closings rapidly DC have The missed get earlier, continues And of the in replacement quarter challenge as third in and clearly We to continue as the we a

in XX% the XX active with X% year reduced quarter. the XX% the from the X% from down year and of have in and homes quarter This investment the quarter net of a a number sales ago. delivered XXX decrease during new of X% the were represents which a and a down company our Mid-Atlantic when down Mid-Atlantic In market. contracts value from We entire backlog the communities is that all compared effect active this We ago communities, that year region ago and to we ended total. in was a region, the is in ago is of year Mid-Atlantic our

Our total the control last compared the increased to in year. Mid-Atlantic X% end of the lots quarter of at actually

call the over additional let just make me to Phil, comments. turning several Before

of continue call Smart affordable line pleased success with First, which extremely our the the homes most we we be of to Series.

XXXX. previous both of now margins Both growing pace XX in housing favorable. look fourth Smart is acceptance year our divisions sales continue strong the X this As the of we our divisions. in of shared are quarter the Series very throughout and have and calls, in our been most We selling buyer and Series to Smart in

begin financial growth as of improved we well year final to and positioned steady the quarter very performance. Finally, another are we XXXX, of have

very have in finish a XXXX. to housing higher and remain look we to due business forward XXXX become optimistic While as mortgage we part large rates, about our look choppy conditions to and in out general bit more

information Phil on Now, specific more results. will financial our provide

Phillip Creek

Thanks Bob.

X,XXX. New the third record X% quarter quarter of to a contracts increased third for

July, Our new August, XX% September. up contracts X% were down X% and in in in up

quarter about year’s quarter As were homes XX% in compared third XX% first-time XX% to our our to this in sales compared to to quarter. XX% of this buyer inventory buyers and our profile, were year’s second sales third quarter of second

quarter, The the third versus in quarter the South, of XX% Our community XX was Mid-Atlantic. up and the XXXX’s XX in breakdown region end. by count from third XX and up the is at XX% end in Midwest, XXX the year

we first year. communities, quarter, communities new while the in X of XX opened and opened XX months the the XX During closing new we

the XXXX. should a to the in our compared third average from average that XXXX, delivering backlog community up count delivered to be of year of communities is XX% XX% XX% homes XXX We XX% X,XXX estimate year in for XX% ago. quarter, price, from in Revenue and our our reaching average For current this of of record financial homes of a increased result this a higher third closing delivered, an number the of primarily record services the revenue was year operation. quarter increase quarter in million. This $XXX third quarter third our

increase X% $XXX,XXX. a Our price average quarter Land $XXX,XXX, management $XX,XXX quarter. for ago. land of third closing in in year average opportunities. third quarter X% up our was as and comparing year’s price closing backlog to profit we And profit of $XXX,XXX, the sales year’s last third compared last when our $XXX,XXX from was as quarter third see to is the price land part We gross sell strategy a

accounting the operating our were during Excluding GP construction adjustments basis it lumber We This was acquisition, flat XX.X%. costs increase the an points quarter from third our quarter quarter. our much that XX quarter over lower XX the is pretty purchase basis cost. first points with second year-over-year, down of third but estimate is

greater XX.X% a of of to SG&A improving continued points focus. Improving year were our a leverage. quarter revenue, operating major be XX.X% expenses area third XX Our reflecting efficiencies compared ago, to basis

third were accounting purchase of results first to expense Our $XXX,XXX Detroit quarter pre-tax by our impacted acquisition. quarter related

this about to as interest assets. due ago. in a $XX.X third income X% quarter cost. million. quarter a $XX.X decreased compared million pre-tax $XX.X million, million compared last adjustments, on last is The well total $XXX,XXX our Interest as quarter $XX in Interest was to sheet. year’s borrowing to borrowings year XX% year’s million This of for a increase higher the increase higher these average year. We $XX.X for is Excluding expense capitalized had balance incurred the outstanding was over

was year’s quarter. third in XX% quarter Our last XX% to in effective the tax rate compared third

our Our Tax Cuts under Credits XX%. the estimate rate in Tax effective benefited We and from and Job rate Bipartisan XXXX the Budget to Act Act Energy XXXX. annual of be

well. during per earnings the the $X.XX We share for of shares outstanding increased the of to of debt for $X.XX EPS year our the costs Our million which this impact million accretive the is share quarter per of count. to redeemed diluted our as we per benefits cash, XX% also acquisition-related our share. $XX.X reduced outstanding diluted due EPS which of And quarter diluted repurchased to excluding XX diluted share quarter, during first convertible

Klutch Company Now, Mortgage our results. address will Derek

Derek Klutch

mortgage operation closings services Financial to with the volume homebuilder increase in Phil. higher compared benefited last from year. Thanks,

to year. pre-tax last Total was loan-to-value loans XX% were the first compared XX% to those conventional XX% XX% and in of While continue in the year XX%. period. originated income XX% quarter. due quarter. portfolio sale for pre-tax operations XXXX’s This were million improving title of pricing slightly, closed income pressures, income $XXX,XXX FHA mortgages flat from XXXX’s third quarter and quarter for competitive the respectively a loans in for achieved our lower our was prior million mortgage we of $X.X our margins of $X.X The to third on on XXXX, same portion the from servicing see VA third down adjusting and in approximately after was or third pressures. Despite of with the the

in increased and $XXX,XXX compared $XXX,XXX. sold originated average of amount XXXX’s from by volume X,XXX Our XX% increased to increased third XXX quarter to loans mortgage the to Loans XX%.

For M/I XXX, quarter, Financial average was score quarter on by originated from a borrower up XXX earlier. the mortgages the credit

outstanding our XX% that a quarter. XXXX. third to $XXX is captured million third in business September At XX, agreement, in warehousing which under operation about we had mortgage quarter of XXXX’s the of expires compared MIF commitment million Our the June XX% in $XX

million. extend was we repo now facilities We typical The mortgage million also XXXX $XX we million had month. that under $XX extended XXX also lines facility, facility increased from in are a annually. warehouse $XX this Both October outstanding of separate to day which and expires repo just

I the over to Now, Phil. will back turn call

Phillip Creek

Derek. Thanks,

As balance new far at to $X.X capital was as in the manage an sheet billion, continued communities also managing balance sheet, Total we investing have homebuilding our our focusing carefully while X/XX/XX This structure. higher March. finished on to million increase of backlog, Homes investment increase in Michigan in including community due higher Pinnacle and in X/XX/XX count levels. above our of primarily was our more lots, $XXX acquisition inventory

we lot Our investment is of We year unsold million compared and X/XX under per lots our cost $XXX of a owned $XXX an of development $XX,XXX ago. finished at $XXX million million had is and X,XXX and finished average X/XX/XX million $XXX average land cost price. average of with lots. $XXX,XXX unsold at XX% land this sale unsold to raw land backlog And lot

breakdown owned we lots. Midwest, were lots. $XXX in X-year the under and is is the in our land finished Our an owned and lots, for lots We million of million about of of supply in to $XXX controlled totaled owned XX,XXX maintain XX,XXX goal in a Mid-Atlantic. in $XXX Mid-Atlantic. unsold of Midwest, are And contract. market South year and million as of Lots the million the total XX% X/XX/XX XX% and of of lots, XX% $XXX in which than South, lots more which and the XX% A XX,XXX the XX,XXX XX% owned ago owned XX,XXX additional the a controlled

million and of and During spent was land amount land. of quarter, we million $XX the purchases about land a development XXXX’s on $XXX XX% total purchase $XX for on million third raw

X,XXX At our million XXX and inventory of XXX in Detroit total are a purchase result had total homes, total quarter, inventory inventory, goodwill estimate Mid-Atlantic. about total $XXX the At million inventory per X/XX/XX, end and and region million, XXX the X,XXX had X in And spent are of million is the were we homes as which $XXX community to homes. of for and completed Our today includes XXXX development which the completed acquisition. in XXX land Midwest, X/XX/XX, year-to-date. XXX spending At the of have is we the $XXX $XX inventory we homes. Southern

outstanding continues strong Our X/XX/XX, XX%. was to our with million equity financial of under in homebuilding condition $XXX be This million credit our revolving there unsecured million and facility. presentation. $XXX At ratio completes debt-to-capital $XXX

now open or comments. will questions We call any for the

Operator

of line Associates. Zelman from comes question first Our Instructions] Maguire [Operator from the the Thomas &

Your line open. is

Thomas Maguire

Congrats a quarter. great Hey, on guys.

more perhaps does follow-up How customers increases just and the to the there price success broadly? and mentioned needs differentiation at and relative buyer rates continued buyer, Series Smart behaved looking that in product the price and on based between wanted move-up points You the of significant differently maybe more a through face year? the higher that your to

Bob Schottenstein

question? get Who is quite it the that asked didn’t name. I that

Thomas Maguire

Thomas Maguire with Zelman & Associates.

Bob Schottenstein

versus Series distinction Smart there time the at frankly the is it quality Okay, that mean Thomas, at is I other thank it’s the the demand. is things buyer our all of end our more to that the I I that between of a think have entry you. that know don’t because as as I really Bob business very location-driven I Smart don’t and put a I a give What give, others. also needs and Schottenstein, a clear Series would lot think I the this lower I located. can if price, locations is attention really well day, buyer. and well can equal are our we know the locations of level, being of both say

Smart I look locations Series think great. our

Smart Series I competition. Our compared the stand elevations, think to tall very

year as Series the more our become power received in going And our I've of in some of very I all to have but moving just more but A to I of locations before, not as have much this it's Smart than been I'm it our over up approaching product. the online. lot rest XX% that it’s of buyers. line We're greater the a business we ago, have, think a forward. Smart Smart they company. is percentage now contrast we is now today, of to even likelihood it be in XX% excited half company-wide markets coming it's pricing only favorably with handful were we wish we had a by rates said had Series in and offering a sales. going places, Series in going our with just

Phillip Creek

couple above The little And but quarter average Smart markets. just you our we above pieces Series give is to X% look of our And XX% pace quarter, about of our sale expand $XXX,XXX. communities especially is of total, below it of Bob said, about as a information, Texas if sales. company-average. are third plans the have product The further to company-average. our a price margins at sales, was the third of end at were in you absorption that The

Thomas Maguire

then on Got can selling think from And the you next little with then all it. an broadly, about choppiness demand. was just quarter And like in the margin just bit during if in your comment what how opinion? that year, impacting incentive we environment a perspective should of at

Bob Schottenstein

I know don't unusual during the anything there quarter. about of that that, incentives I'm aware was third that

and For a year, we've the it's we significant just run run last this, number see runs did it of could to It last mid-October. a – as this incentive-driven not look we've Dream on again terribly program. kind website year, Big campaign that of you mid-September our what call our typically but did years, from

I we a us business jump think higher in the $XXX,XXX on quarter, if several the thought forward, and of buyer the year terms think skittishness third sort contract. we higher you a that a mortgage XX% XX.X%. to there's remain than at margins. the closer be We of XX% our what We a in a higher to of considerably We I rates in it don't I based monthly today. range and it's that more significant. range, mortgage quarter. of but sign factor don't hesitancy for that or believe payment was will, bit today we we're we little on bit we'd dollars the ago. just and end XX% middle We part give to in is going it will I on think And to Look, it's think that's second willingness guidance XX% a of more today. incentivization a low The going margins, in were so know hinted anything hundred month think, in on think are

Thomas Maguire

you. Thank it. Got

Operator

Our question Wedbush. from comes McCanless of line Jay from next the

is Your line open.

Jay McCanless

Hey, good a Apologize afternoon, I’m voice, my for fighting everyone. cold.

Carolina first lose Michael, Hurricane The Did through I you went that any – had, some know of question I probably hurricane? from days those all from markets. the that

Bob Schottenstein

did. across sitting we at that recall experts weather I'm don't I from looking my me.

week we from business it at call Raleigh but the I Florence. impact there's had when a the everybody least I thing week year think our up I guess lose the than but It it it sales. wouldn't that in week. and Hurricane lost it lose Florence, will that's was think is you'd a week, was of impact what in just pick rain But much communities, the closings one XX that the biggest affected a significant, a of The maybe rather pick a is only you up and but I Charlotte it and we weeks is. And same. didn't in pretty

Jay McCanless

And count in quarter quarter? did contribute it. the contribute as how Got Pinnacle whole a or order this then Detroit this much

Phillip Creek

units, As as Jay? far

Jay McCanless

Yes, sir.

Phillip Creek

From us. it for communities XX about is about was sales. XXX a sales Detroit standpoint,

Jay McCanless

then the talking prices. everyone had, I question been And know lower Right. I about has lumber next

a I you it your the little Are think margin that it helped to are did we bit out you gross first construction and and really as same well. thing cost seeing for as and you the say is your gross builder assuming opportunities help I'm as help are fourth quarter call basically the the since back go were some start bit where any do guys your beginning to maybe and ‘XX? of pre-buying to margin there ‘XX quarter, little at into prices for you they the

Phillip Creek

Lumber continued has seen what is recently a us we've to bit and it's helped help us. little

been Of issues. with the the Framing in certain also in kicking this some other course, there There's possibly tariffs month. had of going is issue other the way. labor costs markets

in there So, is there. other issues

bit day of it's but us this in help. with market, really the help a not little going going what's banking on we're a to significantly that has So, been lumber at definitely

Jay McCanless

mortgage Series, on product for the it move up eroded Smart last it But all there. like doing pace bit like that some it at And there point? or with bit little rates I this like little in to really question drive options things you pace based trying is comfortable put down are or have to had, a Are then higher buying the sounds in some your sales you detail extra like is power sounds thank where pricing doing comments, the sounds well. on guys a may you the

Bob Schottenstein

like be We'd little better. pace to bit the a

I price line I that your the you ladder, move the a think that agree insight or with demand as became the up price little bit choppier.

As Klutch mortgage done. let of incentivization, far that we've in that the about as thought I'll things Derek some respond terms to either or

Derek Klutch

this Yes, us up, primarily but move Yes, Jay, the talked in when the below-market and did successful. that was that on just the we kept rates Derek. for is close Big the interest not across board, the this that Dream for was spectrums to we X%. offer was rate Xs about, It touching year, market

Jay McCanless

That’s guys. it. you, great. Appreciate Thank

Bob Schottenstein

Thanks, Jay.

Phillip Creek

Jay. you, Thank

Operator

Barron line from question Research Center. next the of Alex Housing comes from Our

is Your open. line

Alex Barron

guys. Thanks, Yes.

to that count and XX% has XX% mentioned community a of year challenge. a been bit is next You you D.C. your go to expected up Washington said also

much going curious if to try D.C. So, community exceptions? mid-Atlantic the would I was to and or being grow count you're everywhere pretty

Phillip Creek

count Alex as first, this that is guidance far that for as year. community Well,

We XX% ‘XX. be up in count XX% this expect the to average community year to

Alex Barron

Okay. No problem.

Bob Schottenstein

say go that's that some are and and may it same, not – system, and does stay go at company next – call. guidance markets works some whether a would we all provide year simply XX% more. guidance same markets likely not everywhere. broad-brush as can’t But you may will that a far as through little, the I for not down it And next the the a – It's flat, some may considerably actually up as

Phillip Creek

Sarasota about trying talked We've operation, in scale. opening we're standalone as up Sarasota. a stores obviously to Exactly. get to

pleased markets. been have We with our Texas

year. number and We more year. a communities year Charlotte of we've the this for we especially in are is from, this opening our a few of things as opening Charlotte last Carolina sold is quite suffered in instance communities one Texas through

but bit feel little for So, XX% we every overall market different, to good it's really the XX% that a year. at growth

Alex Barron

as what And I not I I'm those or you price it. $XX did at? but say missed buy if shares How million. as far buyback, Got then share you the heard it, many sure guys

Kevin Hake

Well we Kevin. was Jay, and it a shares. $XX is This over gave XXX,XXX – that – is little million XXX,XXX just this about

Alex Barron

it. Got

you're guessing Okay. number? correctly, in so increase I'm September, I'm started that in in promotion said orders mid-September, if running helped so that And then you the interpreting XX% the

Bob Schottenstein

pent-up that I it’s am – to. where I It see demand, is out don’t to did come think going year, but month opening, mean performance pre-sell, quarter, hurt. don’t we to you it as do something little price hope they to year There from whether I we our what volatility Anyway, necessarily communities the different this a us pattern. main I that? not housing see to interest quarter, don’t and that’s quarter think room look say quarterly gives that would tend the that has you low I’d I in total point, while economy so got the forces any did Xs before, rather closing, fact sarcastic, But last year, run where thing the but not acceptable at that The you interest with month many month didn’t buyer of down. sustainable, think first great, still and factors second right little are would bit I conversion we decent new communities opening, to decent, very most very of lot at in very down suggest is some the this just of I fundamentals across somewhere very rates a have to make and now, tried calm there point better of levels process X, and traffic models remains the are September, slower is the than but calm think than I is we conversion. our a third

Phillip Creek

Big just was clear, And was in September year also. so Alex, in but this September year, promotion of last Dream the we are of

Bob Schottenstein

Good point.

like-for-like a comp. it’s So,

Phillip Creek

the And we I mean this than community month solidly said, just as really we year end traffic hesitant And being rate, double-digits last but standpoint in it of our trying hope promotion up a didn’t do third was more an the would a did quarter, to just we quarter, which count incentive be, because so was up anything little year. people at Bob more from the a to issue higher conversion it’s of and XX% our each get forth.

Alex Barron

it’s the Yes, rate to buy-downs. smart I actually use think

the Now XX-year or spectrum across buying work? like second those just are whole how does or you are buy-downs the that year, down first

Phillip Creek

Each little little Each community is market different. different. a is a bit bit

rate, little it focused bit XX-year depends. finished inventory around a We are

Derek Klutch

it’s Yes. And temporary Alex, a this permanent buy-down. is not Derek, buy-down, a it’s

Bob Schottenstein

XX years. for It’s all

Derek Klutch

years. XX

Bob Schottenstein

Yes. It’s all for Alex. XX years,

Alex Barron

it. Got

Okay, helpful. Take lot. thanks care. That’s a

Bob Schottenstein

Thanks.

Operator

[Operator questions you Instructions] may this further Presenters There are no time. at continue.

Bob Schottenstein

forward much Look very joining you next to you Thank to quarter. talking for us.

Operator

And call. concludes conference today’s this

You disconnect. may now

M/I Homes (MHO) 24 Oct 182018 Q3 Earnings call transcript