M/i homes, inc. (MHO)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss) Attributable to Parent

31,746

41,780

37,838

30,246

17,723

32,407

29,282

27,911

18,063

15,882

22,327

16,989

16,883

20,562

10,942

15,916

9,189

13,275

15,570

13,350

9,568

10,986

13,617

13,554

12,632

14,261

125,311

7,264

4,587

5,015

8,314

3,204

-3,186

-2,976

-4,718

-9,144

-17,039

Adjustments to reconcile net income to net cash used in operating activities:
Impairment of inventory and abandoned land transaction write-offs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,568

2,136

1,201

900

1,236

1,309

697

126

4,514

1,787

4,508

11,129

Excess tax benefit from stock-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

369

Equity in loss (income) from joint venture arrangements

52

193

52

187

-121

44

44

-86

310

341

71

110

17

227

24

82

307

250

36

14

198

285

22

-22

62

28

278

0

0

-

-

-

-

-

-

-

-10

Mortgage loan originations

345,950

423,673

388,033

319,789

251,200

372,074

308,598

284,321

235,481

345,933

263,755

251,486

217,346

314,785

250,306

227,561

177,038

270,601

203,701

182,399

151,285

207,073

191,935

154,048

124,362

200,873

165,660

139,732

121,244

165,633

139,020

118,800

97,255

119,424

92,585

93,089

71,034

Proceeds from the sale of mortgage loans

348,725

397,472

381,655

315,891

299,823

321,442

300,025

287,575

297,125

265,689

263,690

272,612

262,644

251,660

254,014

222,446

210,960

219,799

202,799

185,334

165,257

191,897

178,775

145,743

153,210

175,575

160,128

143,455

135,568

150,925

130,788

115,068

108,587

98,497

92,876

90,666

83,195

Fair value adjustment of mortgage loans held for sale

3,739

721

-3,999

2,380

-1,363

3,830

1,252

-1,994

676

-651

-64

-484

4,874

-4,650

-1,126

826

1,359

-1,351

1,585

-1,182

358

635

-959

727

2,788

-3,876

3,365

-2,507

924

-1,925

327

702

-598

-318

1,232

120

2,031

Servicing Asset at Fair Value, Period Increase (Decrease)

1,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalization of originated mortgage servicing rights

1,307

1,318

4,954

-2,391

803

901

6,135

-3,552

1,066

1,132

1,634

1,264

975

-9,919

1,386

1,403

1,561

-8,515

1,506

1,467

816

-7,055

1,040

2,006

0

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of mortgage servicing rights

564

435

455

357

300

204

197

86

297

280

243

98

448

390

511

412

339

281

177

291

261

227

186

362

0

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation

3,035

3,036

2,957

2,857

2,841

2,892

2,786

2,708

2,570

2,552

2,470

2,327

2,281

2,224

2,179

2,116

2,033

1,789

1,682

1,632

1,509

1,442

1,341

1,266

1,126

1,196

1,211

1,249

1,317

2,218

2,132

1,453

1,355

1,295

1,302

1,265

1,252

Amortization of debt discount and debt issue costs

625

683

677

676

676

681

667

661

782

843

920

858

854

850

851

850

851

916

796

797

797

792

772

771

786

783

802

932

821

762

644

591

587

594

595

622

649

Gain on sale of mortgage servicing rights

-

-

-

-

-

0

2,448

0

-1,224

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on early extinguishment of debt, including transaction costs

950

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

973

1,760

1,492

1,682

912

2,203

1,041

1,691

1,039

2,010

1,468

1,538

1,028

1,832

1,357

1,210

916

869

1,095

1,110

868

711

710

1,084

710

509

519

797

519

336

434

530

434

341

483

559

483

Deferred income tax expense

-91

-2,357

-606

-553

-335

-3,444

-603

-575

-335

-11,131

-509

-371

-426

52,222

-7,079

-8,837

-4,995

55,995

-10,111

-7,694

-5,664

43,110

-6,676

-5,620

-5,024

24,737

-13,652

2,674

1,788

1,355

3,578

1,283

-1,140

24,607

-1,345

-3,754

-6,558

Deferred tax asset valuation allowance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

3,964

5,327

5,622

116,374

2,674

1,788

1,355

3,578

1,283

-1,140

-1,293

-1,345

-3,754

-6,558

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

49

-1

2

-

-

-

-

Change in assets and liabilities:
Cash held in escrow

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-71

14

-208

-

-85

-51

44

185

-77

-264

193

88

22

-124

139

-2,918

-3,968

-2,583

6,314

Inventory

45,078

-67,715

66,220

29,116

60,737

-63,706

83,590

67,570

70,119

-44,038

66,489

91,413

54,758

-12,735

49,654

17,346

29,510

-44,133

94,979

65,983

42,182

13,179

73,523

89,366

33,250

14,066

64,377

54,698

23,567

2,638

23,679

22,932

24,625

-17,604

27,555

18,837

4,226

Other assets

20,532

-1,880

4,192

1,985

-2,225

-8,491

2,281

-3,063

7,229

4,949

-2,866

-2,245

348

-2,721

9,179

4,172

3,013

-2,349

2,094

3,143

3,408

704

1,822

2,115

645

7,776

-2,601

6,441

-1,397

4,430

2,364

300

1,366

-337

768

-227

-1,495

Accounts payable

25,230

-44,502

15,457

21,136

1,424

-16,910

6,930

22,644

-8,914

-3,365

7,526

18,669

-8,809

-6,967

4,510

24,075

-5,284

-10,785

5,307

21,191

-5,886

-22,535

10,548

15,949

1,150

-15,578

23,916

4,818

9,380

-17,658

14,041

9,163

-188

-4,586

2,651

10,226

3,212

Customer deposits

10,637

-1,788

-1,798

1,712

4,281

-8,393

-1,062

4,186

6,790

-4,205

928

2,975

4,524

-4,283

-976

3,948

3,900

-3,759

538

3,086

3,593

-2,443

-817

2,035

1,722

-3,656

-554

3,226

2,007

-737

468

1,983

4,153

-1,196

403

852

1,059

Accrued compensation

-26,952

15,573

6,857

6,349

-24,835

13,685

5,268

6,987

-22,454

11,679

4,074

6,744

-20,159

10,926

4,493

3,891

-14,457

6,877

6,371

2,326

-13,713

4,429

6,744

3,043

-13,034

7,986

5,413

2,313

-5,959

4,754

3,098

69

-1,500

580

468

1,102

-2,273

Other liabilities

-4,193

-396

2,474

3,999

-17,082

19,715

-5,639

7,269

-11,942

10,984

-1,841

2,318

-5,077

12,234

10,026

7,213

761

-4,663

10,398

-1,907

845

1,131

8,082

-2,644

1,049

2,135

6,782

-891

3,949

-7,001

11,343

-4,782

4,742

-8,376

6,212

-3,688

3,394

Net Cash Provided by (Used in) Operating Activities

-24,227

64,654

-9,640

33,250

-22,633

72,527

-54,194

11,489

-32,414

12,841

-26,705

-16,045

-23,275

7,695

-14,437

39,524

1,415

12,831

-48,986

-16,934

-29,276

-25,793

-40,042

-64,566

-2,103

-33,538

-15,258

-33,736

8,558

-30,674

7,208

-15,854

-7,675

-9,395

-16,047

-11,146

2,627

Net Cash Provided by (Used in) Investing Activities [Abstract]
Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,032

-980

-603

-

-1,093

-1,424

-2,395

-2,089

3,405

3,248

621

-388

-3,635

-1,016

-27,740

-1,966

-18,716

24,817

-1,569

Purchase of property and equipment

451

1,900

1,027

1,139

460

2,275

1,251

4,485

130

2,782

4,145

879

993

1,487

590

323

10,706

1,656

602

1,290

111

599

670

1,277

400

728

604

821

229

75

606

205

47

463

180

377

332

Return of capital from joint venture arrangements

363

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition, net of cash acquired

-

-

-

-

-

0

0

197

100,763

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in joint venture arrangements

6,458

6,666

8,241

9,240

6,041

11,380

16,166

2,431

1,890

3,649

2,632

2,610

3,197

-31,806

4,278

2,936

2,846

-28,887

6,515

2,873

1,337

3,597

3,334

2,610

10,874

4,013

43,784

-6,436

-11,852

2,766

-386

-924

361

752

-454

211

243

Net proceeds from sale of mortgage servicing rights

-

-

-

-

-

0

0

0

6,335

654

0

162

7,396

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss from property disposals

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

35

Net cash provided by (used in) investing activities

-6,546

-1,884

-8,980

-10,229

-6,501

-13,655

-17,417

-6,437

-96,448

-4,092

-6,022

-2,249

3,206

-9,966

-4,868

-3,259

-13,552

-35,432

-2,020

-3,183

-845

-8,204

-2,292

-328

-8,879

-2,652

-9,695

-10,505

-12,702

-555

2,643

-4,098

27,332

1,399

18,321

-30,038

994

Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayments of senior notes due 2021

300,000

-

0

0

0

-

0

0

65,941

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from issuance of senior notes

400,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of convertible senior subordinated notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Net proceeds from issuance of common shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

54,617

0

42,085

0

0

-

-

-

-

Proceeds from bank borrowings - homebuilding operations

194,300

127,600

194,400

156,400

218,100

146,700

166,000

120,400

233,500

31,800

77,100

127,400

162,000

74,700

84,600

38,100

154,100

87,900

108,700

90,300

130,400

192,600

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Principal repayments of bank borrowings - homebuilding operations

253,400

251,500

178,800

200,900

116,700

252,000

125,100

100,900

71,200

31,800

215,100

100,300

91,400

-590,600

69,600

82,600

83,400

-200,200

-58,200

-74,700

-70,400

-162,600

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net repayment of bank borrowings - financial services operations

8,151

28,310

4,591

-23

-49,142

49,142

10,863

-9,548

-65,484

76,920

1,757

-17,419

-45,958

61,412

-1,183

5,480

-36,462

50,409

3,558

-2,042

-13,656

-2,799

26,264

10,382

-28,497

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of bank borrowings - net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,684

-14,831

-

8,497

4,763

-11,026

20,948

-475

6,109

-6,173

Proceeds from (principal repayments of) notes payable-other and CDD bond obligations

1,718

319

416

-845

0

-2,900

-524

-649

-565

6,519

394

-3,359

607

-2,151

14

-253

364

-922

1,133

-646

-642

988

813

-40

-33

-336

-1,303

-887

-789

336

3

4,885

80

-56

56

28

-80

Redemption of preferred shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-100,704

100,704

-100,704

50,352

0

0

0

0

-

-

-

-

Dividends paid on preferred shares

-

-

-

-

-

-

-

-

0

0

1,218

1,219

1,219

-8,531

1,218

1,219

1,219

-8,531

1,218

1,219

1,219

-8,531

1,218

1,219

1,219

-6,094

3,657

-1,219

0

-

-

-

-

-

-

-

-

Payments for repurchase of common stock

1,912

0

0

0

5,150

14,624

11,085

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issue costs

6,165

163

0

40

0

-

-

-

-

-

-

-

-

-433

0

94

99

-6,238

380

40

0

-

-

-

-

38

9,068

-61

-3,544

11,724

-2,943

-4,793

1,893

0

0

220

0

Proceeds from exercise of stock options

3,182

5,296

11,071

849

2,428

112

0

0

426

6,434

-1

4,296

496

109

0

0

73

0

695

279

61

484

0

94

1,366

0

1

2,639

0

3,547

475

373

367

0

67

17

1,416

Excess tax deficiency from stock-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

68

7

-211

369

Net cash (used in) provided by financing activities

45,874

-90,138

31,678

-44,559

49,536

-73,703

40,154

9,188

30,736

39,318

106,423

9,336

24,526

13,404

12,613

-40,586

33,357

3,696

54,288

11,932

44,544

25,413

25,859

9,177

-28,383

22,440

1,176

-52,564

121,703

16,962

105,617

-2,729

-12,472

20,960

-345

5,723

-4,468

Cash and Cash Equivalents, Period Increase (Decrease)

15,101

-27,368

13,058

-21,538

20,402

-14,831

-31,457

14,240

-98,126

48,067

73,696

-8,958

4,457

11,133

-6,692

-4,321

21,220

-18,905

3,282

-8,185

14,423

-8,584

-16,475

-55,717

-39,365

-13,750

-23,777

-96,805

117,559

-14,267

115,468

-22,681

7,185

12,964

1,929

-35,461

-847

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized

12,501

-4,072

12,449

-3,875

14,460

-4,040

12,190

-4,262

13,905

-5,218

8,005

-3,122

10,503

-2,322

11,071

-2,405

253

9,468

-991

6,836

-140

6,656

-2,164

5,447

-209

6,857

-1,258

7,347

-1,112

7,641

-1,792

8,215

-981

8,548

-2,245

8,026

-1,573

Income taxes

408

10,415

13,021

13,195

362

7,495

7,608

10,054

122

9,100

9,932

17,698

72

198

272

1,350

451

614

416

1,181

97

1,835

1

-215

765

86

232

374

73

1

68

132

80

-654

63

117

102

NON-CASH TRANSACTIONS DURING THE PERIOD
Community development district infrastructure

-617

-797

3,462

-862

-664

-3,709

4,312

-710

-550

7,751

-577

-402

5,801

-75

-171

-110

-186

-141

-337

-818

-257

-485

1,172

-176

-1,070

-289

-451

-396

-368

-

-

-

-

-365

-291

-221

-252

Consolidated inventory not owned

6,350

1,247

-6,422

-2,811

-3,388

-2,589

7,103

-3,405

-3,346

-658

9,940

295

4,440

1,666

693

248

-1,086

-5,411

-2,697

13,816

-309

-1,092

432

-359

-148

199

-305

-15,113

-2,111

12,553

512

3,453

-357

-1,656

3,585

547

0

Distribution of single-family lots from joint venture arrangements

3,700

16,200

1,800

8,646

1,054

122

5,395

9,982

659

4,761

1,844

2,983

7,012

7,218

5,934

551

14,427

2,776

1,626

3,979

-145

14,931

4,150

5,253

1,355

2,888

546

63

1,303

0

0

0

0

-

-

-

-

Common stock issued for conversion of convertible notes

-

-

-

-

-

0

0

0

20,309

0

57,500

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-