M/I Homes, Inc. (NYSE:MHO) Q4 2022 Earnings Call Transcript

Jay McCanless: Got it. And then my last question is on Smart Series. Just maybe talk about where that is as a percentage of orders or closings now and what the goal might be for the next couple of years?

Bob Schottenstein: Yes, for sure. A year ago, I think we were in the low 40s. The most recent quarter, I think our Smart Series was in the low 50s. So it jumped up quite a bit. During these difficult times, we disproportionately sold even more than we thought Smart Series homes. My guess is for this year, it will settle in at that 50% to 55%. And we’re very comfortable with it being there. We’ve put out some new Smart Series plans. We’ve got some new community openings this year that will be — that are fresh off the shelf that we’re really excited to get open during the first few months of the year in a number of our markets. We’ve got some narrower lots Smart Series stuff coming on in select markets. So yes, it’s a big part of our strategy on a go-forward basis. It’s not the only thing we do. But it’s something that we think we’ve — even though we were a little — we wish we had started it earlier, we launched it in 2016 and it’s been a huge plus for the company.

Jay McCanless: Absolutely, sounds good. Thanks for taking my questions.

Bob Schottenstein: Sure. Thanks, Jay.

Phil Creek: Thanks, Jay.

Operator: Thank you. . There are no additional questions at this time. I will pass it back to the management team for any further remarks.

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

Operator: That concludes today’s conference call. Thank you. You may now disconnect your line.