M/I Homes : Fourth Quarter 2022 Non-GAAP Reconciliation
February 01, 2023 at 08:38 am EST
Share
M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Twelve months ended
December 31,
December 31,
2022
2021
2022
2021
Income before income taxes
$
164,190
$
141,364
$
635,207
$
509,114
Add: Impairment (2)
18,352
-
18,352
-
Add: Loss on early extinguishment of debt (3)
-
-
-
9,072
Adjusted income before income taxes
$
182,542
$
141,364
$
653,559
$
518,186
Net income
$
130,395
$
113,383
$
490,662
$
396,868
Add: Impairment - net of tax (2)
13,948
-
13,948
-
Add: Loss on early extinguishment of debt (3)
-
-
-
6,985
Adjusted net income
$
144,343
$
113,383
$
504,610
$
403,853
Impairment - net of tax (2)
$
13,948
$
-
$
13,948
$
-
Loss on early extinguishment of debt (3)
$
-
$
-
$
-
$
6,985
Divided by: Diluted weighted average shares outstanding
28,017
29,612
28,463
29,880
Diluted earnings per share related to impairment (2)
$
0.50
$
-
$
0.50
$
-
Diluted earnings per share related to loss on early
-
-
-
0.23
extinguishment of debt (3)
Add: Diluted earnings per share
4.65
3.83
17.24
13.28
Adjusted diluted earnings per share
$
5.15
$
3.83
$
17.74
$
13.51
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.
Represents loss on early extinguishment of debt related to the early redemption of our 2025 Senior Notes during the third quarter of 2021, consisting of a $7.1 million prepayment premium due to early redemption and $2.0 million for the write-off of unamortized debt issuance costs.
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2022
2021
2022
2021
Net income
$
130,395
$
113,383
$
490,662
$
396,868
Add:
Provision for income taxes
33,795
27,981
144,545
112,246
Interest income
(2,034)
(677)
(4,403)
(1,950)
Interest amortized to cost of sales
8,724
7,974
30,270
33,829
Depreciation and amortization
4,350
4,378
17,174
16,915
Non-cash charges
20,526
2,360
27,139
10,437
Adjusted EBITDA
$
195,756
$
155,399
$
705,387
$
568,345
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
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M/I Homes Inc. published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2023 13:37:06 UTC.
M/I Homes, Inc. is a builder of single-family homes. The Company designs, markets, constructs and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. The company primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in approximately 213 communities within 17 markets located in 10 states. The Company operates through two distinct operations: homebuilding and financial services. Its homebuilding operations are aggregated for reporting purposes into two reporting segments: the Northern and Southern regions. Its homebuilding division is engaged in the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Its financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations.
M/I HOMES, INC. 
