MHO - Earnings call transcript Q1 2024

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Operator

Good morning, ladies and gentlemen, and welcome to the MI Homes, Inc.

First Quarter Earnings Conference Call.

[Operator Instructions]

Following the presentation, we'll conduct a question-and-answer session. This call is being recorded on Monday, April 24, 2024. to conference like Creek. to now would turn over the Phil I go Please ahead.

Phillip Creek

you. Thank

our Bob mortgage Joining and today me call on is Derek President President; Klutch, Schottenstein, of our company. and CEO our

for disclosure. issues directly. we with regarding consider are First, to from you address We you significant any that call to this during you discussing encourage material prohibited questions ask because items regulation nonpublic

to remind press everyone statements And also that obligation cautionary company statements want as this With forward-looking Bob. to comments forward-looking today's forward-looking undertakes made any language call. advised call. any contained to that, to in this Also release over statements, applies about no during turn that I'll update during the made to be the it

Robert Schottenstein

to morning, in for of homes. income We increased record all X% XX.X% pretax and Good to first a delivered, Phil. quarters joining quarter, of delivered X,XXX XX% you million, records and thank X% record an equating income. had company quarter Revenue to the and quarter homes today. record of in first to one best billion by first exceptional increased revenue Homes a $XXX.X a setting us $X.XX history, Thanks, revenue. increased

rate And quarter sequentially. the and return than XXX continued basis on new a pleased contracts. coming equal were points environment for with margins points were in very equity Gross a better XXX macroeconomic up year strong, very at interest volatile basis our XX%, uncertainties, ago we XX%. Despite and

sales product across-the-board to communities increased new strength quarter, owing offerings execution front. of very and contracts the and For solid the on the XX%, our by

year operating more and were XX% communities average than ago. a During the quarter, we on

homes fundamentals, from including most benefit and markets. strong of to continue inventory levels We in low undersupply an housing

uptick home used particularly markets, Florida. slight in seen have listings certain a We in

business. in has be been important driver were and and below-market our use select incentives of an necessary the However, to continues of markets financing targeted communities

homes, to operating Series is contributor line homes, affordable continues sales Smart and Our performance. of meaningful a our which be most our to

Smart roughly it for a of Series company total what year to This ago. is sales was XX% accounted sales. equal

we are roughly about the new over on average of a average we in increasing of community open very XX% our number communities, $XX,XXX. be an down As average of by continues buyers with is quality creditworthiness our scores XXXX. solid second the track XX%, count terms of enter quarter, which to XXX and credit to payment And of

markets pre-Covid improving operating have progress significant cycle our now operating time. on we to this of continue We made time at in levels, Many are focused imperative. and important our cycle be

From year sheet quarter value that we a in book the and history. best the reached $XX from of equity a excellent ago, in a standpoint, ended a XX% share. company a increase balance record shape, a to equates billion, $X.X Shareholders'

ago, Our XX%, cash ratio facility under zero a borrowings a XX% our negative We year $XXX from of balance ratio down as credit at quarter's end of unsecured a had debt-to-capital equaled and as debt-to-capital $XXX X%. net million well million.

comments additional on some provide our will I Now markets.

Orlando, contributions by Our income Columbus, led division first in and were quarter Tampa Dallas, Chicago. the Raleigh,

New XX%. by increased the quarter contracts first Northern for the in region

increased Southern by New X%. region our contracts in

year ago. region in from deliveries Our by the increased X% Southern a

the Our deliveries Southern the in by XX% out the closings region, Northern of Northern of came region. region X%. of XX% increased our out

controlled our owned the in Southern increased to the and in controlled lot compared position Southern and the increased in the Northern region. year are XX% XX% and by Northern region the XX% of ago X% owned lots region, in Our by a region. other

a thus X-year a lots, control X-year that, is on via contracts lots, additional own roughly approximately we single-family and which Company-wide, position. an we supply. option controlling top XX,XXX land excellent an And have about supply. We XX,XXX of owning

As that let about me We state business. in feel very I condition best good our our history. are conclude, the in we financial just

of have continue to Homes have focused results business MI operating we another XXXX. is turn per well We year that, year. XX% lot to very our positioned momentum approximately to Phil. market and a strong by be X% I'll share, on growing it over to With gaining of in

Phillip Creek

Bob. Thanks,

first-time Our of new March. XX% cancellation X%. buyers, and in in inventory our homes. were XX% were contracts XX% were first was XX% for up January, quarter in quarter XX% up rate our February the sales up And the and

is the community end the count first and in the quarter, to year by in the was region XXX northern of the region region. Our breakdown and XXX compared XXX a ago, at XXX Southern

the we count community X% delivering of had estimate X,XXX X%. XX, year in homes the quarter. while versus first We new higher XX% field XXXX the the that our quarter, And XX homes a XX% delivered homes XX. opened communities in will our average X,XXX at currently in closing increased ago, XXXX. up During quarter, about March first backlog. than the we X,XXX be field Revenue We in

Our of average year's sale compared quarter Backlog $XXX,XXX, first closing $XXX,XXX. last decrease a when X% average quarter is $XXX,XXX, ago. price first a price from for average was $XXX,XXX up to the year closing price

And and quarter. to XXX quarter our in flat Our from gross construction was first quarter. XXX fourth compared were margin year-over-year fourth basis basis XX.X%, up year's quarter our costs first up last the points points

Our a SG&A expenses of revenue year XX.X% XX.X% to ago. first quarter were compared

for million, year our expenses, was $X.X incurred Our selling were interest Increased increased versus quarter a was and count, community first our $X.X quarter due the expense increased incentive higher million. compensation. net costs income, and Interest increased expenses headcount interest to and ago. XX% of

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

our on XX%. return equity was Our XX% income pretax was and

of is compared $XX in $X.XX per million our we first quarter first per effective compared in share last diluted now up year's to the share share XX% $XXX the million Earnings for per from and During And XX%, was a per year's from share a a the increase XX% value first quarter $X.XX quarter $XX, per share generated EBITDA year increased quarter, ago. last rate to tax $XXX year, record book in to last our quarter. quarter. first

Klutch will Derek company mortgage results. Now our address

Derek Klutch

Phil. Thanks,

Our loan title of income XXXX's loans was slightly due year and operations quarter. increased higher million and in proceeds a on This offset first from loans the originated by $XX.X mortgage to pretax Revenue $XX margins rights. of from and last in to partially million, lower million $XX.X sale amount. X% down increase sold average servicing from mortgage achieved

Average on loan the first quarter for a XX% year. XX%, last mortgages to was to decrease compared our value

the in the increase XX% of closed or quarter use see for and an the XX% conventional, VA. quarter. and government respectively, were We continue first to in of to FHA XXXX's XX% financing, Compared as loans XX%,

quarter of compared increased $XXX,XXX Our X%. to X,XXX, average originated the loans last which in by XXXX's $XXX,XXX amount while increased Loans mortgage up XX% was sold year, to to volume first year. from decreased last

mentioned, As borrower profile average with average down XX% our score over an of remained payment XXX. of an solid credit and

operation of significant from first in mortgage quarter, XX% the XX% our last business improvement a our Finally, captured year.

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

Phillip Creek

Derek. Thanks,

no $XXX cash the revolving quarter facility. of unsecured As with sheet, a balance balance far ended the under credit borrowings our and we million first as

of maturities. levels We the have our lowest debt well positioned of the with and public one are homebuilders

rates late debt has and matures below XXXX our line XXXX XXXX bank in X%. in public matures Our interest and and

is And $X.X a lots. end unsold the investment million under of $X.X ago. quarter $XXX year land development had XX, land March billion, compared to billion of of and the Our and unsold $XXX on raw million land at we finished

$XXX purchases, spent first land million quarter, we and land During $XXX million $XXX on for million. total a of the land development on spend

we inventory and March inventory, XX,XXX homes. the homes XXX the quarter XXX the of million had XX% XX,XXX million and X,XXX spent since remaining owned and we current our We And total the in our in of region shares. were completed At end repurchasing board had XXXX, quarter, the homes. X,XXX And inventory have inventory first Southern lots. outstanding completed authorization. in inventory the we total $XXX we start $XX year, the Last repurchased are and At homes XX, region. have of total controlled our lots of stock, XXX under X,XXX Northern and

questions open for presentation. our We'll any comments. completes This now or the call

Operator

& first comes you. Thank Instructions] question from [Operator Associates. from Zelman Ratner Alan Your

Alan Ratner

the my the growth on pick just and up the towards I end -- order you quarter which April. thus question, strong really monthly gave guess, first tail Rates the did quarter. of Congrats helpful. Bob, rates, into far is

you've And what downs seen any climbing price current to either if incentives your curious the offering kind that are Just come buy on point recently? any you're back traffic with sales, that? differentiation of rate more impact rates on

Robert Schottenstein

And And have moderation in Great week what articulated seen [indiscernible] would we've or too identical, to in slight seeing and to builders guess Frankly, But seen ways, is it in it, early activity traffic. yesterday, they've we a are significant to what very believe it's is. how I Yes. seen. is similar I too. in that last my almost some the other know candidly question. say so, what

rates as been same, have not very as aggressive the well say before depends financing rates, volatility is market where -- the the Clearly, Look, using necessary, not aren't community than every is ability It community. you in to have that focused. every It's been to depends in to on we on same. very as the anyone. will the But know, there's pretty and as the we we financing more safe as below-market be continue in market, even incentives. targeted been Not always same. every provide

is than others. help more need Some Every different. bit little a community

don't every spread And have like it. you not do I It's very, frankly, different been to in of been There targeted long a be up deal and I've margins me to market business, I've reasons and certain in we do it's like business think just it's community, a -- where be specific peanut We manage we much communities to others. this XXX with the to emphasize don't is so as subdivision well. have how enough, into and you store, are but butter. one different. that's variations, that subdivision and can't is as we our beaten aware need as little every as this not we focused. I And very very been held bit every try need -- And have

we you our to I do, more, pleased discuss we as We will. margins, If bit and do will it We're guide we we Very way. operate this know well. about with on when little Might to very that with margins. possibly. continue don't know frank have we a you. that

year You pressure been. never went than have this margins believing be they and understand. failed to would I into mention But that, under we more

than have up margins better Our expected. held

of a I lot strong think we've really got communities.

far. we are than forma-ed at Our them better pro at operating new communities so

So I guess slight a has the answer is, in there been recently. yes, activity moderation

traffic week, to a a little last Although we're better going draw it much days. the was too ago, started or about website. X particularly before, X from to hard than It's X to weeks week But of the as do the to community do. some some need And rates as community. low X, what in in X, low others from offering we're were mortgages Xs markets, in And and Xs. differ we markets, conclusion

don't rates. about direction. resale fundamentals housing. I having on that focused helps, a historical think little XX%. remain X% that's know we business in Orlando. particularly right by a I impact, markets, up, an but to all, I when the I And at but the bit moved combined generally of -- really we Tampa know And you number that probably still the that, think have if growing look optimistic So with point that's are. listings remain I not and we're of that levels, And But in in where quite

see. it And will to continue we'll can we be XX% than we to closer I X%, do think that. believe but

own slightly X-year Our we a less land We about supply. a position, supply. and X-year control own than

land land That does in that. consistent when weren't. land not. of as light regard once And where haven't on business sales can heavy not We our for we we years. to we it's once changed weren't. when or XX We've not We're you business not be And not strategy we're pretty our been material bulk XX% where What hot renter wholesale anything hot, and with or operators. it's build to report rent, consumers. to have know, is

been to sort principles. staying operating we strategy. bunch have weren't, we but should core never we've our had like things. to a operating to we when that long answer as of your a big maybe but it wanted really a question, I of That's And And true different in cover

Alan Ratner

through that's really walking And helpful, really Barry, appreciate No, Bob. I you that. us

unusual of closing in growth. the Second, XQ. you based field. your just were quarter, under pretty quarter. Fourth And closings seasonality little this the very for unusual or was to where had quarter XX% which of the year, was helpful, a a is construction sequentially, the lower you homes kind bit goal target also of on X% up for Last kind

without -- we the giving be just cadence walk unfold? to expect can year, fairly seasonality? you you expect it you can kind how flow year? guidance, maybe Is a of more to even us typical So should like closing similar to to Or going specific the return last through

Robert Schottenstein

answer Phil will that.

Phillip Creek

forth. end Yes. is had disclose And as the year. say, versus last the was X,XXX field 'XX of in last end so field sales in the so first kind field quarter, of this the weak you year did being We at houses far X,XXX Phil. the as homes we and with the in of opposite Like

X% said, a is, our as to business So overall XX% the trying to grow year. expectation Bob

be closings flat, maybe expect somewhat towards go little the up half. a would to second more We bit

doing think affordable communities and specs townhouse have of side reasons, a for market We today's to the for be. in Tend kind more series, few in place the smart that while. attached smaller a that's of different the XX% more have are best to lot specs to it. in environment a XX% We of

similar would bit go the maybe half. first quarter the kind a I then up closings expect little of So to be in the in second and as second

definitely annual opened up is rate, the We community year Our just third targeting. there. will run next our Nashville. X% hopefully, for on again, in of land X, to the what be we're XX% We an kind or basis have

So we're to us a Myers, growth. going our it's some and And other also starting new better there. then market, couple of have They Naples, close to at open houses rate that's give Fort sell similar. a stores

overall, So really [indiscernible]. good we how feel about business the

Alan Ratner

little mix like and XX If share it squeeze Any your to one, FHA our steady. because going of see That's holding you've certainly particular then surprised last seems in on. mortgage that in year-over-year could has the I'll I share shift helpful up it move XX seen to pretty I from one a first-time for reason much products? why been your modeling. was kind so buyer

Robert Schottenstein

that. to Derek going try I surprised, more little was too. provide a is on to color

Derek Klutch

points FHA choosing rate, the are Alan, Yes, to pay the put a bit lower buy because it fit to surprising. with to that limits. rates sales into still more other or And looked interest able down qualify. we was our payment we're think be what I the down the money seeing And into up, loan price buyers a little off either and the down use to some debt. to going

Robert Schottenstein

last year to can't was have XX%, closer payment might and I this think change. time, average XX% been than at down our exactly. I remember XX%

yet. FHA a way not on I I'm hope we have answers I -- the payment putting still has system that given $XX,XXX But that the and maybe surprised question. was But the average. a worked it high-quality down come very down didn't down So its buyer, through your just bit roughly hasn't more little sure.

Alan Ratner

that. Yes, appreciate

Robert Schottenstein

Bill mentioned townhomes. also -- We

probably the business What's on ago. was that -- than a product, our to we I in like gigantic builders. do. country X more more challenge helping probably a whereas of less That's continue, be suspect, more product. us affordable attached affordability bit We industry, We have doing it is continue years little the XX% to front and to high-margin all hard is for and for like most

Today, somewhere it's level business our probably pushing likely XX%, XX%, of XX% and XX%. out and between XX% will at

that's that's So I lot and incremental that's of a -- business. -- think

that. about excited we're So

Phillip Creek

stores. the mean XX at go we store up, new -- if you to I opened our also, continues look count

last of The in the new opened stores year, stores quarter then XX quarter and fourth first of opened year. XX new the in 'XX. this we quarter We of third

X at when XXX, overall, been the So you ] look XX-plus store there's last open count like [ the in months.

off hopefully, hopefully, also. right the that's right right we're on product, And pay to paying of locations point, we lot that. So attention the a focused price the

Operator

[Operator Jay Wedbush. Instructions] comes McCanless Your from question from next

James McCanless

further, How buyers, limits. and feeling they're loan see to To you're and under community set step that you your FHA year especially take need VA are where question the going do to your current the to like assuming you your about half a more mix the under Alan's be go those? on And back and be you will to pricing feel then limits? of be as communities open up those is the priced more into product going appropriately

Robert Schottenstein

to know that. Yes. I up. more I is said. know don't continue any to going know that be enough to to if don't know I more don't -- I think we needs go something, I in I'm limits missing looking down. we're And our think Derek. markets. or FHA But I'm it relative at back may across very shape think I loan that come mistaken unless good to FHA

Derek Klutch

all FHA Jay, just the limit our good chose and did And they Smart has under portion conventional. of loan a -- all Yes. our of loan been Series other, FHA always almost for limits, qualify

James McCanless

My question. by markets? X% quarter, were percentage of good That's in couple those dynamics in second price Southern only first discuss Could in And double-digit you Okay. In up the the and/or competitive seeing on competition you rising more orders South a the to incentives after region? about the quarters. the last the are know.

Robert Schottenstein

last just of right all owing the probably in is the us I several been you probably one of until wasn't. reset years Austin business lot and strong Austin market. more in in weakness heated of terms to with, trying for is Austin most markets do we now, think the it is as the know, over of a had challenged to markets the that

Antonio San softer a It's very heavy of -- San buyer heavy, market, our got first-time bit XXX% is little Smart a in rate-sensitive Antonio too. Series. business was

-- markets. amounts the but certain up but a -- softness, of Florida of little to not not in and still just up, then rebid much, bit a So double-digit

Phillip Creek

versus new at you again, in was up the quarter year, contracts, right last region flat, of Midwest hotter X% a X,XXX. sold of Southern really was that the was in quarter year, little or pretty northern a the The our The region look first X,XXX last quarter first change first had the combination year, XXX XXXX. Midwest, at in the we this was Midwest we much "southern sold last good really over Jay, the markets" markets, time, year. -- -- region if -- about and the think sold XXX that slow. Northern it really I And bit a

I look we were in strong first And those some in markets X,XXX-plus challenged inventory a People sales strong. But Also, Minneapolis, the sales about of very you quarter, had again, been led Columbus, of in think challenges, Northern the homes costs, at that Austin. year's and type increase have bit things. Florida When about talk we the the quarter, the Chicago, again, that. the insurance higher little very talked feel overall, in first good in levels. this about sale those region. Bob markets very XX% to

Robert Schottenstein

for make continued no And very mistake, the to us. strong let's Carolinas be

some part, As [indiscernible] for to and -- most Houston. does the

I often. could you mean, hit -- does leave first very to I anything budget. single our might divisions one I sales their want don't happen don't mislead. to of So not quarter -- want That Every that out

James McCanless

you about? XX% to think running Or the a going closing to at think you is Northern a guess that heavier roughly to talked that's That's drive great I south it when spec the and on are about? [very] Alan something north to there? and you about we XX% cadence Is communities, need that there build-to-order the reliance accomplishment. the similar,

Robert Schottenstein

specs, pretty could way. were it's our one-offs, distinction. same All approaching there spec no few markets the different. There's it similar. much a -- but Very no be approach to The XX

James McCanless

Okay. That's And great. then...

Robert Schottenstein

One available, economically, for clearly of number frankly, provide that. that I really locks those is the us, X rate our within incentives, homes you lot packages of more a only to months, financing whereas And for close if competitors, if and the that of will, you can advertised expensive, a long-term are many mortgage extraordinarily are reasons ability approximately. good see there's by even suspect

spec or it's So for work. fees, it by either a doesn't definition,

combined of hopefully a driver is with So the sales. crucial financing designed out having importance smartly spec there, incentives of inventory

Phillip Creek

like XX% a and as Talking results, we're see XX% in close million a in our price from -- to you over come average mean delivery price of see, and sale backlog our XXX, $XXX the of specs sell closings you that seeing quarter.

backlog They the sale at in to the start tend in And to average price. to Series. not communities. more the tend more our general, specs be in be the were they attached of in quarter. So Smart be They lower tend townhouse

But spec is you to a want lot have that. move very We think year By of XX point, a driving big to on is a again, finished what they we're of stores Houston, they don't is Antonio, of a those that and thing where comparable manage We managing doing price that does -- more are that system. were Again, job Series. product, a nature, type specs, specs. things, a have new quarter. through our bunch again, what levels based Smart ago. its whole a specs opening want business pretty San But you good our the to few

James McCanless

you quarter last Could talk you how closed and was you. many homes first that sold and number what in about maybe year? the Got

Phillip Creek

sold same first than I Jay. quarter. a It year that XX% think was little this the it in and back It's was about the in last bit little closed less quarter, up year, a

James McCanless

that And quarter this maybe next what did then your have, of saw year? And percentage and question to took fourth down what compare type mortgage some how the I assistance? quarter buyers last buy you of

Derek Klutch

Derek. buyers of rates. is use sort This of the below Almost some market all

differentiation. it Some I some probably think last it there's discounted. pretty slightly below where it's of Generally, deeply year. were was to don't much flat just

Phillip Creek

be We're focused mortgage specific buyer, just buyers only very using I need can of home customers of mean by on or communities. maybe closing community company care with about customer buydown. and little my of more a again, every things costs our bit talked And some customers. more and approach and type takes assistance Bob by Again, individual little a those different.

James McCanless

Okay.

that of it mix? to if improvement of first what some there? geographic got questions I going the other Or along operating guess levers I could incentives, this I the you've pulled assistance people taking you gross guess mortgage I -- from have, the you with fourth are many quarter what next maybe buydown quarter. that couple on to So was some Was the get to guess, margin

Robert Schottenstein

Well, why so were our were were margins they as better as up much they -- than expected? much why

James McCanless

Yes.

Robert Schottenstein

I thing. pricing One, really in We're but by do, it's and pricing product, to good by a regard. really one they think, our well. never execution is It's It fortunate takes to pricing market. it's -- are that's community, very paid what lot people more do that work

I that well-located we so performing on year than we have they even the think communities in really that last anticipated or better come would. have that are some

And we is our better realtors, I -- discounts or been for would either reluctant to that cut go, do drive to we thought. in don't our than when big bringing has with that little to that. we we promoting scratch perfect, submarkets, And traffic general, and but We're you a volume competitors prices The otherwise. we that? there. see people Why head think not everything where do demand demand, in understand we see just some very in we

it by-competitors they in But everywhere, some way there's corporate a or do whether not. are, cases, to from sense in and mandates certain makes things

I that always has the worked best approach for think targeted us.

because to know better we've think last And what of have a going comparatively, think the period I time. have answer I if to doing keep up we're doing. well I continue that. been our think I margins I held don't over than they'll really

intense harder. across margins or markets, and there's have Every we stores X,XXX XX%, of be can monitor focus. try it XXX if as need And got stores, needed, the we they If weekly. community, might we that a be. don't XX We've did, to very so a instead lot to be XX.X% subdivision

Phillip Creek

don't I get then back, new open coming lots, and of where you quarters, second quarter then a a get of the Jay, third the XX.X%. kind now to we houses, the a of we to $XX.X you couple you 'XX, X you 'XX, the are. look XX.X% of were in sell ahead if to margins too stores, XX.X% know reassess chance I yourselves. And million at you only you of far quarter down keep were open couple Again, of and When once were we in but last

impacted. So always mix is

have reasons. for some have higher than different margins divisions We that other

always some you're a focus, always and mix means on us. But new product to margin opening we stores. there's so big again, some where and have much So gross have it

Robert Schottenstein

best can about The we're quarter, it is you other the margins not But for builders one focused or nothing because There's all side of way. that Very our income -- very with same pretax in account really percentage, -- for gross the really, I on of ever do that. we've the XX.X% seen. we're the pleased that.

the gross properly. You can't don't margin get to XX% manage line you if

James McCanless

it on. and -- new a than both Northern made more performing I'll Bob, for expected far thus comment you Southern earlier case Two that me about the I is and think the communities pass you. for 'XX better regions? Got in

Robert Schottenstein

is, to but Phil. I'm it I to think going defer

I them now. in got of think that some right front of he's

Phillip Creek

if region the mean we year, Northern, end We had we of look the in at XXX have 'XX. at had at I in XXX you XXX. of it, the Yes. the Yes. the now end Southern

Now have XXX. we

what where But there's they're yes, region all are and new yes, a performing way with again, there, opening more stuff. but and the Nashville -- Jay. the new we're at in stores, opening Myers with new pleased stores the and So Southern openings overall, they're we're markets few Fort

James McCanless

Okay. basis quarterly are some going expect of And Stock a should And then me. for year? forward? level ongoing one we the you stock How repurchase. repurchase last feeling for about that on

Phillip Creek

we have discussing in at is something last that's consistent more we level. people having our general would $XX We're Board quarters, meeting. important million been it's a Jay, $XXX few thought type We look leverage in to repurchase our million cash low do a have. be think that May it program. again little than we constantly. we've at quarterly We'll at The with

we'll again, would looking So -- that. we continue at

and with being land, did in spend on than of land more more are we'll We on that year spending development. we more spend last land

standpoint, that in the we'll think to continue looking I shape at continue land and think from we're growing great increasing will we be level. possibly that But said, we business. a as Bob discussing

James McCanless

your terms just thinking maybe costs projecting up, gone kind talk this it land-cost about inflation? brought you're year then since or and up going in what forward of have And you land what of Phil,

Phillip Creek

Land locations, which continue still for the increase. primarily competition better on. to costs There's we A focus

anticipate our XX% on XX% we're of to a spending is own land and than continue to higher do Today, last year ago. than year little communities, developing a more We are which to that.

not as roll-in much increase. but and up costs going it's land continue to development costs it So was, as

But mean, product our your key location, price locations are I I to mean business. point have, again, the the you

So lot we on spend whole of to time continue that. a

Operator

And back no closing call will remarks. are questions I to further this turn time. over at Phil for there the Creek

Phillip Creek

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

Operator

your you. conference disconnect Ladies for and We call may your this now lines. you for today. gentlemen, Thank you concludes thank and joining,

M/I Homes (MHO) 24 Apr 242024 Q1 Earnings call transcript