MHO - Earnings call transcript Q1 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the M/I Homes First Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Phil Creek. Please go ahead.

Phillip Creek

Thank you for joining us today.

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

from Fair issues encourage during that because are Regulation any to this address items we regarding nonpublic questions you prohibited to Disclosure, directly. you we ask call, with First, you significant discussing consider material statements, contained And statements made remind everyone about today's during any comments press release this want that as I to cautionary the to language to call. forward-looking in forward-looking also applies this forward-looking call. the that undertakes obligation statements company made any during Also, be advised to no update I'll call the now turn Bob. to over

Robert Schottenstein

afternoon, Phil. of very and joining robust on first records in are Thanks, shift ranks mortgage income. a pre-tax markets preference driven single-family had from joining quarter thank our of housing quarter by including call everyone, is away in in historically Setting revenues, millennials number new homes. rapidly outstanding Good and results. low of being many in Housing conditions for you low fronts, and to quarter, an of renting the inventory home levels, our first best ownership, factors history. for perhaps number including the rates, review all new The a favor buyer our demand company deliveries, We growing of strong. the contracts,

quality we've buyers In ever addition, the good as as of seen. is a shape in

of Our average excess a XXX. buyer in is putting score more than has XX% down credit and

home sales contributed all factors excellent has these for have that of together, new our an Taken performance. record created to setting environment

as every of share improve throughout and our one We market are markets. our XX proud we continue results gain to of our profitability

year homes, an of sold we record quarter X,XXX the XX% a better than quarterly ago. During all-time

our XXXX. year X.X XX% community improved per Smart X.X which year community of of Series, compared sales and companywide continue just with XX% very sales community to most XX% a a compared we to priced sales affordably to Our And ago experience nearly the total results to absorption strong pace per per homes. ago. during represents in line Series comprised Smart sales quarter our significantly

XX in our product Series We are and all our one-third Smart of in our of divisions selling communities. roughly

increased As sales cycle are larger we've quarter quarter monthly and Homes record. were gross our Series record. XXX shared improved with a Revenues margins, pace, and better expense Smart Smart more and and by homes improved higher by represented delivered our XX% XXX Series overall produce first overhead better faster average before lots the a time, margins XX% during to returns. points quarter Gross communities basis first basis and points. also on our ratio XX.X% increased

our a XXX% pre-tax XX% last in year. XXXX. quarterly income As improving return on XX% equity a of year million, return record These result, resulted equity we income pre-tax ago a than in with compared XX.X% to all-time of the on full was from returns percentage year an a X.X% strong better $XXX had

quarter our trend growth first continued revenues results and in earnings. Our both of strong

year our in average Companywide, billion, quarter price by XX% increased all-time with Specifically, backlog year. an backlog XX%. pre-tax at an units since record a sales better last nearly time. record to average X,XXX an of than impressive grown grown end compounded the our $X.X at our higher this XX% rate at And XX% in price was revenues of XX% homes, and value of the in the more backlog last annual $XXX,XXX, backlog rate at XXXX income a annual the even have our has of

and a first significantly strong you'll across very execution. And of by quarter rate to board As record operations our capture homebuilding income as financial services, performance. our solid highlighted and the I soon earlier, title contributed our indicated mortgage had and divisions hear, all mortgage XX excellent quarter, also

into markets comments on brief our Detroit. Indianapolis, six XX will Northern and consists of Minneapolis few our region I provide Cincinnati, namely The Now, Chicago, markets, markets. divide Columbus, two a regions. our of We

remaining consists nine and region and of Orlando, Raleigh, Southern Austin the Antonio. markets, While and Tampa Charlotte San the Houston, and Dallas, Sarasota,

region the XX% during the XX% Northern during Southern New contracts contracts increased new In quarter. the region, increased the in quarter.

XX% region Northern deliveries to contributed Our increase in of during XXX XX% deliveries the over year. balance last the increased quarter the of Southern total. XX% the an or The X,XXX region deliveries,

region year. lot year compared Our Southern the X% and compared the last owned to and XX% in to position in increased by last region by increased controlled Northern

controlled our XX% roughly are and are well XX% we faster somewhat while handle region. located communities the level are our through positioned selling very of demand. region, in than in are Northern we While expected, current of balance lots owned to the Southern the

own a strong contracts less we of -- Companywide approximately lots. land slightly have we top lots, roughly is control supply. position. than On option XX,XXX an XXXX a which that, two-year additional via We

owned our total, a is and controlled single-family supply. five-year in So, XX,XXX lots, under just lots approximate which

at decline it's we of are have homes communities XX result that last often is our a the the we and which greater our region, pace. these XX% total, a Clearly, offering had time. year react also recognize that are contracts, Northern region of M/I but noting, or Homes flexibility ago. We Smart sales changes count individual XXX communities important down accelerated quarter, XX this lots now communities controlled also to this or of year a worth gives which Southern the our lots Series of is down is in demand under they produce end quarter, those community more market one-third conditions. the in In over the had of Importantly and sales to to option pace, unexpected of XX% in in the had at from significant which communities at from end the XXX but

to delivery demand We high as pricing assure the take are to managing our on communities sales a advantage pace investment. as of our strong our in and of our return well

final comments. a I Before make few to turn Phil, call just let the over me

at debt $XX.XX per the facility. $X.X resulted of value ended the and is We from ratio cash in balance quarter cap to million condition quarter net a This a and with XX%. strong year million ratio, share. a very $XXX the debt ago revolving a equity under and financial of unsecured first borrowings Our XX% book billion to of XX% the of with of zero our cap credit down end $XXX

We are very excited about business. our

Our financial condition has never been better.

continued land with have that, company. year Phil. XXXX. momentum continued our expect the in along And We in operating throughout I'll positions for important our product share to over communities fully quality the and results. us and position an quality strong it growth, of market outstanding of With We gains the have to our turn

Phillip Creek

Bob. Thanks,

results, the last quarter record first to year's XX% for X,XXX, as our X,XXX. an all-time financial new quarter increased far quarterly first contracts As compared to

up February first cancellation in pace Our new sales X%. as rate returns up XX% contracts our sales our the January, to year's closely. XX% quarter And up and X.X. and in March X.X stated, for in And last in communities were pace to for the quarter was our manage XX% and compared Bob continue first was we

to about quarter in our sales profile, the of buyers were to year. buyer last time As XX% fourth to compared our of quarter first XX% first

our the same In first homes, quarter XXXX's inventory were quarter. fourth as addition, sales of XX%

region. Northern at at the XXXX's XXX XXX was region community and the quarter. the Southern to end The quarter Our region in first end by XXX the is first of in compared the count breakdown of XX

Production in XX. last new to times year of quarter, year's X% first quarter opened when we are of first while cycle we first quarter communities. quarter opened $XXX,XXX quarter average $XXX a sales communities, the price to last X,XXX our average XX and ago. first ago reaching Series backlog up our the record $XXX,XXX our from We price During million And year's the for our average our first a quarter, year of closing is average record XX% supply closing XX% closing is issues. XX% the compared $XXX,XXX, increased delivering was and compared backlog quarter, new and lengthened by $XXX,XXX, of delivered of Smart a XX Revenue being sale $XXX,XXX. first homes, increase price price a backlog

XXX points XX.X%, gross year-over-year. was margin quarter Our up first basis

Our continue land biggest increase with from to and construction our lumber. development costs impact

a and XX% quarter ago, first first weighted year for interest $XX.X ago incurred and lower for million improving decrease the as SG&A year million decreased year's the the quarter outstanding leverage. is XX.X% a borrowing to average period due last expense to Interest to to quarter quarter $X.X was basis rate. compared the million were points $XX.X this compared compared in operating of as borrowings expenses greater lower same a revenue, well year XXX reflecting Our a

our with the pleased returns improved are first quarter. for We

ago. Our was versus return our year XX% a income XX.X% and versus on XX% was equity year X.X% ago a pre-tax

year's million last year million During of in quarter the flow to we the positive of compared first $XX and operations $XX a in quarter, million generated generated cash to compared EBITDA quarter $XXX using $XX from first million ago. we

$XX share on We X% as quarter. year last share effective have in rate $X.XX around our And first million we $X.XX the last capitalized tax total in estimate of effective to and per And earnings our per assets the be this to balance per same XX% our this first our sheet, year's for was diluted annual interest our from quarter, year's increased rate quarter XX%. year. about share

will mortgage address our company results. Derek Klutch Now,

Derek Klutch

Thanks, Phil.

million in year. number originated. pre-tax Revenue up title Our loans and operations to experienced quarter mortgage pricing higher we $XX.X than and loans was first higher to due with margins along a and sold, results XXX% of achieved volume closed record income, of revenue last

on and mortgages million, and was or of for first respectively, XXX% as XXXX's conventional For $XX.X pre-tax value same in XXXX's XX% for the XX% income closed the XXXX's to loans quarter, were over XX% first quarter. first first which up our FHA was This quarter to VA. quarter the XX%, the quarter. quarter. loan compared XX%, The was

last increased a of Our of XX% originated XX%. loans more volume increased year. last sold record to the X,XXX And year. average to mortgage $XXX,XXX quarter Loans than first by loans, compared amount increased $XXX,XXX to

over of credit an quarter. score average originated Our down last borrower solid average XXX, from Financial up with by profile on mortgages remains XXX XX% and payment of an M/I

of total sale XXX-day availability operation our of for provide We October mortgage the captured facilities warehouse XX% us this a which extend which we last with with that year. in million annually. Both maintain $XXX funding prior combined that Our At was separate expire business first with XX, May $XXX of are million of mortgage to mortgage line we to the had and XX% facilities quarter, in warehouse these originations our year. lines mortgage under in outstanding facilities two March typical investors. over

we banks prior anticipated closing to to of We expiration. have and requested expect the an expires shortly approve that Warehouse with in extension agreement extension the May the

the Now, call I'll turn Phil. to back over

Phillip Creek

Thanks, Derek.

an billion, from $X the our March, sheet, homebuilding 'XX. far As XX, balance was of as $XXX inventory increase million total at XX March

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

supply two land. Our three-year to goal is to own a of

During quarter, of first from general, pace margin. first communities of Smart above of X,XXX we this year's lots land last first lots year, was have the $XXX million, land which $XX purchases year's In Series on XX% were X,XXX raw. are purchased up we spent raw. and of in and first purchased and a deals most we this last which our company $XX on raw XX% total million And for were average in quarter of development quarter, land $XXX million million quarter. year's which In

controlling at a homes And We five-year and and up quarter, open at lots inventory March Southern a the XX of have from year Northern homes. owned homes March we a comments. of region. had now last the completed ago, land strong position homes XXX the XX% XX% homes region the in the of end the and questions and X,XXX controlled, are XX, We'll we are had or call At the XX,XXX about total presentation. total lots, inventory are XX completed supply. in inventory any XXX XXX completes our inventory This XXX inventory for total year, and

Operator

go Jay Wedbush. ahead. [Operator Instructions] with Please from comes question first Our McCanless

Jay McCanless

Congratulations Hey, great a on good afternoon. really quarter.

Robert Schottenstein

afternoon, Jay. Good

Jay McCanless

going trying construction everybody, increase March for you. sharp or And weather about in but that they up questions show be that the effect such Just numbers things growth next in when got going growth couple or numbers this understanding and hear is sales to it when on had the show up and then closing that in three Yeah, really aleck the numbers. smart that you or builders or not up February order can we down because trying two so talk they're sales great and a of the from growth slow of order the over that When probably sales to can to slow frame it, absolutely. to keep light from an in about put but is closing the metering in to the February the up, quarters?

Phillip Creek

as far orders, and X,XXX. a each with about Jay, was very we quarter as were for the pleased month the X,XXX

due just We had. closing the pleased were it standpoint, probably we a standpoint, our closings from whether XX consistent. XX Texas So crazy From number really had to they from a pretty number. closing was to very with delayed

pretty and the really side and so the construction about feel of the good we managing said, also Bob way forth. sales we're business As

very, very strong a have backlog. We

the is pipeline a course, we are second plus closings. just don't rate for conversion backlog. this that, But backlog takes bigger said time in down, looking because it close having more to strong specs a in going quarter many quickly Of to manage we a have little the

Robert Schottenstein

in February to January and have take probably period I make and the that week and to electric want I going maybe other than than I manage a didn't we can seven But to much best I think margins Jay, been more and -- discernible in don't -- doing homes from protect problems bad we deliver we're so strong protect can back our two demand about for difficult fashion, doing the difference be demand really or costs, weather. customers. other actually. for months, the any Texas exceptionally March was almost our with I months, than add don't May the there last sure because in control the satisfy to we six timely to was has the to

Jay McCanless

year Got I'm is it. you a was month sense actually this Phil, closings how pace did a per I volume you going just on closings ask month, last unit from and to next, going touched on pace most XXXX, trying per expect per the of guys the that that's month get quarter, average average year now Yeah, you closed what go it that because year and to of a the perspective X.X is was X.X that we to communities. this you the now in to should spec inventory almost rest for that or X.X your first you and on Is have? homes sold have the kind of down through of going to in slow

Robert Schottenstein

keep And of business. Smart which little it for some ago, is it's is a be I weeks to due our several two XX% years homes, think than that increase business more. Series of of cycle may time Series. non-Smart less XX% about Today in the was mind, our

Phillip Creek

three of last third year, of we've 'XX of this rate quarter and quarter closings X,XXX-plus. fourth the of 'XX, been the at the closed And run at look in first also, quarters, homes we've Jay, X,XXX-plus

Bob do to as many backlog we as as deliver do a should have to quality we homes can we're can So that. we says, all continuing to strong and

Jay McCanless

of and communities Texas in margin other is Yeah, significant that closed drove sounds how markets was question this in guess. or to gross mix. then was the of margin this continue? communities drove higher is, Series the guys gross the Smart out I that What likely price when older you this it I amount of your we or some outperformance And think it some like next margin, a have about quarter the the

Robert Schottenstein

that that my is than answer or demand margins to the more Well, a long would be give bought don't margin land driving we ago. but we mix guidance, time

prices margins We fueled that decade. know, And operating the haven't certainly think in. ever my frankly. a if But we're percent had we've and is, had on don't just occur, to by continue guidance on to mothballed really any for near-term, margins something are economy to know had ground based rates or remember can't XX-plus market were we have the were for, expect to being for I the really we but don't were unexpected point ever commodity pace crazy I that by I not the we rise we go slow unless at noticeably would that. were what today, to things this down, unless

Jay McCanless

Okay.

Robert Schottenstein

terms in But of expectations, what expect. we'd that's

Jay McCanless

then year-over-year any might and to call 'XX the community the you And year-end could that where show growth we on count? go you Understood. of terms all How now feeling in question you 'XX. have, last that start conference about I ideas sounded think reasonably by some the community confident or last maybe in answers are you

Robert Schottenstein

say and Phil. is think fact frustrates then the on don't I the I'll expect to let that, matter we We continue one guidance of But growing. which thing people. have probably

to We expect continue producing returns. strong

to continue gain down lot to combination communities rollout continued on new a And markets. opening a but of a our of the that to of we expect Smart also We is market Series, be in going share road. move

Phillip Creek

Jay last of on about we said last last this year, and XX first call, we year, year versus as we quarter opened open to year. XX new more XX the than intend of year opened this we stores talked last we and the stores

out stores than little selling a faster we of are We thought.

is with with bigger the a stronger to that going think said one having Smart to benefiting also is the business I community talked having So stronger has performed things scale. the penetration of better. increased pace we're from mean non-Smart Bob just increased of about Series margins, I and but big growth challenging. our the of be continuing count Series But be part year this very our that,

us. in significant been Sarasota we've couple for If Texas growth years, very has in had our you markets, the look last at of strong the us

acquisition results. Detroit is improved having Our

in little down are back. were markets now of bit where Carolina we Our kind communities a

So results really and had we're focused strong scale our the really performance on gaining income returns. in has some and and and in markets improving shares our we've across improve that helped market to continued

Jay McCanless

Got taking it. Well, for thanks congrats my questions. again. And

Robert Schottenstein

Thanks.

Phillip Creek

Thanks.

Operator

question and from Ratner next Please ahead. with Alan comes go Zelman Our Associates.

Alan Ratner

scale. on and made the congrats with few afternoon comment Phil, Good great guys. got I'll the Hey, off maybe I've results. about well. last you kick a as questions

you perhaps curious assume I in and Group, certainly normalization market business the think point share, like business. margins margin of you XX% some gross important the at terms talking across have this the catalyst. for structurally that guys feel right the lasts that think that however, think biggest that kind scale you driven taking you've I know we bit demand where gross was once I'm could there it power XX% is as curious this a a if about period we is made you crazy we're guys now, your driver in I'm of obviously that very for? higher through comment you XX% range guys margins margins little time. have long enough a do about than demand performance and But gaining of future, I forward historically in XX%, in And scale focus some done and been kind you the of long you that be talked XX%% Bob, get being a in that the to think pricing going if know,

Robert Schottenstein

Well, Phil. to addressed you, he

I'll. and first then So go you

Phillip Creek

the sales margins, of With or be better margins bit Obviously, our when volume of you of we're tend volume, able on to in kind because the you to get a to improving have more all get kind fewer treadmill force you little communities, on maybe much we'll hopefully, a focused markets. need. be you very

execution always open get we that out try our Make right. to presence XX do market improve our make area think stress There sure strong. communities reason has of our very ahead scale help far we will with is We pricing, think us our we very, cost. to been and we're So margins. too sure no

matters. really really, execution So

$X through revenue dealing of So, means lot. billion $X with when billion a or whole the you're quarter

going we're better margins that our and to competition. improve able and the hope sure be we're than to So do

Robert Schottenstein

with two we to run X,XXX run I X,XXX we're is, ago, that. say we I in a north year Today or if on What certain would were Look, better and Alan you, XX% XX,XXX builder. rate agree of a of more is rate purchased items thing We the business larger. buying item. ought our to XX% the same same shouldn't paying nationally for be pricing get

a have We program. national purchasing great

But if and bit ought commodities outstanding. if you to reason, buying pricing more something it's stands you're think certain little little we're on to bit I to on. maybe focused more have very leverage a that's it a get better

that at line of issue which ones gross X% that brought benefits brought I pretty think are We've year is this the bottom margin line. below about the ourselves. percent time, The line the important, we Last scale, are we of quarter. bottom the of other the XX-plus most felt good this

that of is basis it's the below basis points But XXX part the Now, XXX gross of points XXX in other is margin. to leverage. line

And So, now. think the very believed We've next that we're the million. our think to for going years. period you housing The I over gives of X.X and a gross has that is few be if it's little is. maybe optimistic X and settle as think and many as has needed or very just if we they and our is been shortage several we also closer speaking, maybe X don't us. strong that remains beginning now, but increase homes that if will a is which well don't really term, as we excited continue and is, lot impact seen, potential we're homes right produced be our believe their our while peers home the purchasers. have out be the we or it it years I to would the million know industry, while known now, of million opportunities and look Generally, know the We or stay about it I about coming millennials a industry. scale greatest the group are know to there than to But less hope more And settle very chance run and right a a to as XX-month so positioned home that than and because of here I new back ownership sale. room for to X.X% lot in go rate we XX% they back, at maybe whether to that's up relative higher in halves returns. improve grow X%, to XX% by we're XX% over fact used lot to near to XX% stay has housing margin used, a I

Alan Ratner

I there appreciate your that both will And be Great. of see. viewpoints to and interesting it

bit question Second dig of love little the I'd to side a things. in on production

kind You a it of bit. touched on little

to not, or could You X sales lengthened. forward? actual and alluded piece a your high this think pull and mean of if that that, at going over was be company month or X could to the sustained A, on and you and I'm selling little what production even starting now, you curious cycle community quantify so, a have a but if quarter X wondering bit how right is Are your housing you're quickly improved, month running if homes a that at? times I are kind starts does that pace per being I range you

Robert Schottenstein

record Let maybe probably and This can me response. say of for Phil a to close couple really more a us. is things precise then pace provide

right. you're that. check actually think I did not I

non-Smart our Series in communities, paces Smart X. even Series the communities of and excess greater pace than our Our slightly on is X

communities non-Smart that's think that The the we're future response of important to eggs our least our of of be note, I the will not board foreseeable many part answer. business not So because pace that's of and maybe just too to any strong to all operating or our wanting really one so more basket. across forever, at in of if have because our the for half, the strategy, -- of nature seeing

problem have but thing worst is It's probably ago. two have out maybe we a even than or a so. get just cycle more were Phil about month to times the our or by week. and been other three not days lost time, little I'll It's they at they're The point horrible, stretched a continues today weeks a what stretched

Phillip Creek

Series Again, like cycle a Yeah. that. of XX is, It what our a little non-Smart little days. is that may about we're up get it kind looks bit Smart is and up different worse thinking but time than about is it than

this home, care the side Obviously XXX. about far of run our rate of that on. was XXX number right sure we've Bob lot you able were as quality a last good at again talked from But that what a know run up. take as been things at can't compared standpoint, business of customers. do the year ramp still homes you at a start feel want starting time we of Alan, these going But the we're about to production make XX,XXX the to deliver year running is that last about we a now. your When look As days, question when kind month. that we're rate, you

All hopefully. we're a going stronger it challenges strong like good mean, feel first the a all looks and So, quarter to things taxes little overall, thought. second quarter than I in have pretty good. and the we the were deliveries with considered we

There managing I can X% the side the quarter quarter, our quarter, and X% jumping tended around. cost market as best we're doing the different. we that and fourth far again we think were can. is you as cost cost the house was impairment, of handle best on and as took overall, margins little -- job be supply look fourth pretty a increase $X,XXX side a we the the trying excluding When a materials the first like at to like side Lumber labor. good feel from we every the you the in But as look to $X,XXX if margins XX%. to at the to

XX points. they quarter, basis felt were this We that. good about about So XX or up pretty

Alan Ratner

appreciate I that Well, up keep and the you all great tell Great. guys work.

Robert Schottenstein

Thanks a lot.

Phillip Creek

Thanks.

Operator

comes question Center. Housing go next Research Our from Alex ahead. with Barron Please the

Alex Barron

Good the on quarter. job afternoon, guys. Great

Robert Schottenstein

Thanks.

Alex Barron

question I expense. a interest regarding have

$X a million below cost you guys And $XX this million expense roughly is line. think $X interest I million. I of through your think and the sold quarter goods incurred the

roughly going and is expect goods line? of going should the to amount So, that sold be under the cost in the forward, nothing we that in

Phillip Creek

as remarks, less we the were as last in were the -- interest I they really our year. as far Alex, structure. actually capital than this year the incurred than incurred, was And good we prepared feel said interest about

what far Marie, with any As line, you help can that? flows through as what Ann

Ann Hunker

mean, land below basis about keep as the what of Well, percentage development. the a kind flows can what same I through line also the by impacted is you is

on much It how choppy. gets it's capitalized. much how under we development, So depends have

So it of the but through about not percentage cost sales, vary, ton, but going of of a can by same sales. it's the total cost

Alex Barron

I guess $XX million to leverage are It a of be ceiling, getting seems it point my where is, to ought start would, interest from going Yeah. in to right? expense. you're kind words, you other some scale a guys to like see

Ann Hunker

little bit, hard A to...

Phillip Creek

think would would... I we

Ann Hunker

The land development.

Phillip Creek

but Yeah. X% million what line, this you interest. total -- million what in as the of million I year we it only we as and last year, mean do, capitalized the we have $X far sheet $X $X don't look interest or expense was balance

Our good we really about. interest incurred feel

just there efficiencies good getting everywhere like else. we're hopefully, we So, do

that. were our we about than a of but a good are loss own ago, We we developing more pretty overall feel year little today

Alex Barron

Okay, great. capital you bit. And quite a then you're -- with guys allocation, to believe regards growing I obviously

looks more dividend. share thought lots, could thoughts a start I'm kind buybacks or your is of there your just you cash optioning generating wondering you're around any to share like So if do it any

Phillip Creek

first talked more we if purchases spent on $XXX any Well, significantly look given first but spend last the the about year we than last do thing, land estimate, we and you year million to last year about expect this between on the land year, development. quarter, spent more land than We at in land.

do more our need So we to land to buy continue growth.

about to about at where low continue we right very our leverage look and have we internally right in that's of of now. like We feel is We possible But about what discussions continue little need things. a Board But business, type very feel want to those the be we buybacks, where dividends, what relatively and to cash are. good bit Watch that a now. good feel now we'll with our we leverage with carefully. stock kind

Alex Barron

one, can percentage closings on your And were Series are great. Smart same coming holdings, is a percentage the lots what for allocated of ago? Okay, from Smart of on versus of your one or land kind that year you guys versus a orders what comment thing last your Thanks. ago, Series year

Robert Schottenstein

me. in Series year On Do Alex, don't remarks, two a in XX% the land said Phil? side, you XX% have XX% were I ago, think have I front our our the versus years the total sales sales Smart about closing holding, percentage of percentage ago. of I

Phillip Creek

I a little know it's bit...

Robert Schottenstein

our of lots. but About a are be tend total communities third in larger Smart of number communities, they Series to

the it of percentage be would than greater So could it Smart greater and suggest lots -- our stand be would one-third are a -- it that would math Series.

Alex Barron

Okay. Well, up Thank you. work. Keep the great. good

Robert Schottenstein

Thank you.

Phillip Creek

Thanks.

Operator

[Operator closing to Instructions] I like over Phil for session. This any concludes would conference back remarks. the turn our question-and-answer to Creek

Phillip Creek

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

Operator

[Operator Instructions]

M/I Homes (MHO) 29 Apr 212021 Q1 Earnings call transcript