$MHO

M I SCHOTTENSTEIN HOMES INC

CIK:0000799292|SEC Filings

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Costs and Expenses [Abstract]
Revenue	$ 1,063,258	$ 1,162,592	$ 1,983,965	$ 2,138,685
cost of product and service sold, excluding impairment of Real Estate	823,559		1,541,675
Land and housing	827,759	875,973	1,545,875	1,599,283
Production Related Impairments or Charges	4,200	0	4,200	0
General and administrative	70,198	67,247	131,384	126,320
Selling	64,023	63,655	119,363	116,441
Other expense (income)	0	0	0	0
Interest income	(3,286)	(4,377)	(6,391)	(9,574)
Total costs and expenses	958,694	1,002,498	1,790,231	1,832,470
Income before income taxes	104,564	160,094	193,734	306,215
Provision for income taxes	25,496	38,851	46,834	73,735
Net income	$ 79,068	$ 121,243	$ 146,900	$ 232,480
Earnings per common share:
Basic	$ 3.08	$ 4.52	$ 5.69	$ 8.59
Diluted	$ 3.02	$ 4.42	$ 5.57	$ 8.40
Weighted Average Number of Shares Outstanding [Abstract]
Basic	25,667	26,836	25,836	27,074
Diluted	26,193	27,406	26,376	27,673

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net income	$ 146,900	$ 232,480
Production Related Impairments or Charges	4,200	0
Adjustments to reconcile net income to net cash used in operating activities:
Equity in loss (income) from joint venture arrangements	0	0
Mortgage loan originations	(1,370,096)	(1,371,660)
Proceeds from the sale of mortgage loans	1,417,313	1,379,785
Fair value adjustment of mortgage loans held for sale	2,918	(5,452)
Servicing Asset at Fair Value, Additions	(3,234)	(2,783)
Amortization of mortgage servicing rights	458	485
Depreciation	8,431	7,534
Amortization of debt issue costs	1,698	1,662
Gain on sale of mortgage servicing rights	(1,597)	(1,718)
Stock-based compensation expense	8,746	8,116
Excess tax benefits on equity compensation	(1,223)	(1,091)
Change in assets and liabilities:
Inventory	(76,043)	(183,582)
Other assets	(11,584)	(22,001)
Accounts payable	63,305	53,897
Customer deposits	15,617	2,833
Accrued compensation	(33,143)	(35,789)
Other liabilities	(129)	39,926
Net cash (used in) provided by operating activities	172,537	102,642
INVESTING ACTIVITIES:
Purchase of property and equipment	(5,527)	(3,948)
Return of capital from joint venture arrangements	200
Investment in joint venture arrangements	(10,303)	(18,360)
Net proceeds from sale of mortgage servicing rights	9,075	7,062
Net cash provided by (used in) investing activities	(6,755)	(15,246)
FINANCING ACTIVITIES:
Net proceeds from (repayment of) bank borrowings - financial services operations	(24,490)	(10,233)
Payments for repurchase of common stock	(100,116)	(100,199)
Proceeds from exercise of stock options	5,576	1,864
Net cash (used in) provided by financing activities	(119,030)	(108,568)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	46,752	(21,172)
Cash, cash equivalents and restricted cash-Period Start	689,189	821,570
Cash, cash equivalents and restricted cash-Period End	735,941	800,398
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized	(434)	(822)
Income taxes	24,195	64,691
NON-CASH TRANSACTIONS DURING THE PERIOD
Community development district infrastructure	7,237	(2,972)
Consolidated inventory not owned	(10,251)	777
Distribution of single-family lots from joint venture arrangements	$ 54,834	$ 16,223

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS:
Cash, cash equivalents and restricted cash	$ 735,941	$ 689,189
Mortgage loans held for sale	258,965	309,100
Inventory	3,505,298	3,383,941
Property and equipment - net	34,446	34,342
Investment in joint venture arrangements	62,018	106,299
Operating lease right-of-use assets	51,929	54,976
Deferred Income Tax Assets, Net	4,508	4,508
Goodwill	16,400	16,400
Other assets	186,538	178,370
Total assets	4,856,043	4,777,125
LIABILITIES:
Accounts payable	244,494	181,189
Customer deposits	66,458	50,841
Operating lease liabilities	53,732	56,675
Other liabilities	277,109	308,535
Community development district obligations	17,446	10,209
Obligation for consolidated inventory not owned	20,079	30,330
Notes payable bank - homebuilding operations	0
Notes payable bank - financial service operations	252,366	276,856
Senior notes due 2028 - net	398,814	398,427
Senior notes due 2030 - net	298,125	297,873
TOTAL LIABILITIES	1,628,623	1,610,935
Commitments and contingencies (Note 6)	0	0
SHAREHOLDERS' EQUITY:
Common shares - $0.01 par value; authorized 58,000,000 shares at both June 30, 2026 and December 31, 2025; issued 30,137,141 shares at both June 30, 2026 and December 31, 2025	301	301
Additional paid-in capital	336,177	344,118
Retained earnings	3,414,914	3,268,014
Treasury shares - at cost - 4,899,455 and 4,374,432 shares at June 30, 2026 and December 31, 2025, respectively	(523,972)	(446,243)
TOTAL SHAREHOLDERS' EQUITY	3,227,420	3,166,190
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,856,043	$ 4,777,125