MTH
$36.18
Meritage
($1.55)
(4.11%)
Earnings Details
3rd Quarter September 2018
Wednesday, October 24, 2018 4:30:00 PM
Tweet Share Watch
Summary

Meritage Misses

Meritage (MTH) reported 3rd Quarter September 2018 earnings of $1.33 per share on revenue of $884.6 million. The consensus earnings estimate was $1.37 per share on revenue of $899.6 million. The Earnings Whisper number was $1.43 per share. Revenue grew 9.8% on a year-over-year basis.

The company said it expects 2018 revenue of $3.375 billion to $3.475 billion. The company's previous guidance was revenue of $3.50 billion to $3.65 billion and the current consensus estimate is revenue of $3.58 billion for the year ending December 31, 2018.

Meritage Homes Corp is a designer and builder of single-family attached and detached homes in the historically high-growth regions of the southern and western United States.

Results
Reported Earnings
$1.33
Earnings Whisper
$1.43
Consensus Estimate
$1.37
Reported Revenue
$884.6 Mil
Revenue Estimate
$899.6 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Meritage Homes reports third quarter 2018 diluted EPS of $1.33; with a 13% increase in pre-tax earnings on 9% growth in home closing revenue; Continued expansion into entry-level market represents one-third of communities and 43% of third quarter orders

SCOTTSDALE, Ariz., Oct. 24, 2018 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, reported its third quarter results for the period ended September 30, 2018.

     
Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
     
  Three Months Ended September 30, Nine Months Ended September 30,
  2018 2017 % Chg 2018 2017 % Chg
Homes closed (units) 2,162  1,969  10% 6,026  5,456  10%
Home closing revenue $877,734  $805,008  9% $2,478,649  $2,263,405  10%
Average sales price - closings $406  $409  (1)% $411  $415  (1)%
Home orders (units) 1,828  1,874  (2)% 6,436  6,162  4%
Home order value $715,089  $765,027  (7)% $2,595,881  $2,536,448  2%
Average sales price - orders $391  $408  (4)% $403  $412  (2)%
Ending backlog (units)       3,285  3,333  (1)%
Ending backlog value       $1,367,006  $1,408,801  (3)%
Average sales price - backlog       $416  $423  (2)%
Earnings before income taxes $71,409  $63,455  13% $191,478  $163,429  17%
Net earnings $54,135  $42,550  27% $151,847  $107,702  41%
Diluted EPS $1.33  $1.02  30% $3.69  $2.55  45%

MANAGEMENT COMMENTS

“We delivered another quarter of strong earnings performance with a 13% increase in pre-tax earnings, largely due to the success of our shift into the entry-level market over the past couple of years,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “That performance resulted from a 10% increase in our third quarter home closings -- the second highest number of homes we’ve delivered in more than a decade -- and our ability to hold margins through increased efficiencies that helped offset higher costs.

“The combination of higher home prices and interest rates have clearly impacted recent home buying activity, especially at higher price points, which we anticipated two years ago when we undertook our strategy to build more affordable homes to cater to the expanding entry-level and move-down markets,” explained Mr. Hilton. “We’ve made tremendous progress in shifting toward more affordably-priced homes, which represented one-third of our communities and 43% of our total orders in the third quarter. The fact that these communities are selling at a faster pace than higher-end move-up communities reinforces our confidence and commitment to furthering that strategy.”

He continued, “Underlying economic and housing market fundamentals remain strong. Employment is high, wages are growing, consumer confidence is high and inventories of affordable homes are low. These conditions offer opportunities for Meritage and the entry-level LiVE.NOW.® communities we have in our pipeline.

"We expect continued demand for entry-level homes will exceed that for move-up homes over the long term, though the next couple of quarters may be more challenging, and we have therefore adjusted our expectations for the remainder of 2018 based on the recent softness we’ve seen in the overall market,” said Mr. Hilton. “We are now projecting approximately 8,300-8,500 home closings and total home closing revenue of $3.375-3.475 billion for the full year 2018. We also expect home closing gross margin for the full year to be approximately 18% and are projecting pre-tax earnings of $265-285 million for the year."

Mr. Hilton added, “We announced an authorization by our board last quarter to repurchase up to $100 million of Meritage Homes stock. We have purchased more than $29 million from cash on hand so far and we expect to complete additional repurchases over the coming quarters.”

THIRD QUARTER RESULTS

  • Net earnings of $54.1 million ($1.33 per diluted share) for the third quarter of 2018, increased 27% and 30%, respectively, compared to $42.6 million ($1.02 per diluted share) for the third quarter of 2017. Earnings before income taxes were up 13% year-over-year, primarily due to increased home closing revenue.

  • Home closing revenue increased 9% with a 10% increase in closing volume, partially offset by a 1% decrease in average sales price compared to the third quarter of 2017, as demand continued to shift to entry-level homes. The increases in closings and revenue were led by the East region, which delivered a 31% increase in home closing revenue with 32% more home closings at an average sales price 1% lower than the third quarter of 2017. The Central region delivered home closings and revenue growth of 11% and 8%, respectively, with a 3% decrease in average price.  West region home closing revenue was 2% less than last year’s third quarter, as a 5% decline in closing volume was partially offset by a 3% increase in average closing prices for the region.

  • Home closing gross margin for the third quarter of 2018 was 18.1%, or 18.4% excluding a $2.6 million charge to terminate a purchase agreement for land in California that is no longer consistent with the Company’s strategy. That compared to 18.1% in the third quarter of 2017, or 18.3% excluding $1.8 million of charges incurred for asset write-offs.

  • Selling, general and administrative expenses totaled 11.0% of third quarter 2018 home closing revenue, in line with 10.9% in the prior year.

  • Interest expense declined $1.1 million for the third quarter of 2018 compared to 2017. The reduction was due to a greater percentage of interest capitalized to qualified assets under development.

  • Third quarter effective tax rate was approximately 24% in 2018, compared to 33% in 2017, reflecting lower corporate income tax rates enacted for 2018.

  • Total orders for the third quarter of 2018 were 2% below 2017’s third quarter, primarily reflecting a 42% decrease in average active communities in California, which have produced among the highest absorptions over the past year. Though average active community count company-wide for the third quarter was 2% higher in 2018 than 2017, this included several communities near close-out with limited inventory, which contributed to a 4% decline in total orders pace year-over-year.

YEAR TO DATE RESULTS

  • Net earnings were $151.8 million for the first nine months of 2018, a 41% increase over $107.7 million for the first nine months of 2017, primarily driven by a 10% increase in home closing revenue, combined with a 40 basis point improvement in home closing gross margin and a lower effective tax rate for the first nine months of 2018 compared to 2017.

  • Home closings for the first nine months of the year increased 10% over 2017, driven by a 32% increase in the East region and 14% increase in the Central region.

  • Home closing gross profit increased 12% to $442.4 million in the first nine months of 2018 compared to $393.8 million in the first nine months of 2017, as year-to-date home closing gross margin improved to 17.8% in 2018 from 17.4% in 2017, or 18.0% compared to 17.6%, excluding $2.7 million and $3.6 million of charges incurred on asset write-offs in both years, respectively. East region home closing gross margins were the primary contributor, as they improved 210 basis points year-over-year for the first nine months of the year, or 120 basis points excluding the asset write-offs in the prior year.

  • Other income for the first nine months of the year increased by $4.0 million in 2018 primarily due to a $4.8 million favorable legal settlement in the first quarter of 2018 related to a previous joint venture in Nevada.

  • The effective tax rate for the first nine months of 2018 was 21%, compared to 34% for the first nine months of 2017, due to the lower statutory corporate tax rate in 2018, as well as $6.3 million of energy tax credits recorded in the first quarter of 2018 for homes closed in 2017 that qualified for the credits. These energy tax credits were extended only for 2017 and are expected to reduce the full year 2018 effective tax rate by at least 200 basis points.

BALANCE SHEET

  • Cash and cash equivalents at September 30, 2018, totaled $205.8 million, compared to $170.7 million at December 31, 2017. Real estate assets increased to $2.89 billion at September 30, 2018, compared to $2.73 billion at December 31, 2017. Homes under construction or completed increased by $224.6 million, reflecting a higher level of spec inventory for entry-level communities, while finished home sites and land under development decreased by $63.0 million.

  • The Company repurchased and retired approximately $29.4 million of its outstanding stock during the third quarter of 2018 under the Company's authorized $100 million share repurchase program.

  • Meritage ended the third quarter of 2018 with approximately 34,400 total lots owned or under control, compared to approximately 33,300 total lots at September 30, 2017. Approximately 80% of the lots added during the third quarter were in communities planned for entry-level product.

  • Debt-to-capital ratio was reduced to 43.4% at September 30, 2018 from 44.9% at December 31, 2017, with net debt-to-capital ratio reduced further to 39.2% and 41.4%, respectively.

CONFERENCE CALL

Management will host a conference call to discuss the results at 8:00 a.m. Arizona Time (11:00 a.m. Eastern Time) on Thursday, October 25.

The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's web site at http://investors.meritagehomes.com. Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.

Conference Call registration link: http://dpregister.com/10124467.

Telephone participants who are unable to pre-register may dial in to 866-226-4948 on the day of the call. International dial-in number is 1-412-902-4125 or 1-855-669-9657 for Canada.

A replay of the call will be available beginning at approximately 1:00 p.m. ET on October 26 and extending through November 9, 2018, on the website noted above or by dialing 877-344-7529, 1-412-317-0088 for international or 1-855-669-9658 for Canada, and referencing conference number 10124467. 

    
Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
    
 Three Months Ended
September 30,
 Nine Months Ended
September 30,
 2018 2017 2018 2017
Homebuilding:       
Home closing revenue$877,734  $805,008  $2,478,649  $2,263,405 
Land closing revenue6,847  589  25,991  16,942 
Total closing revenue884,581  805,597  2,504,640  2,280,347 
Cost of home closings(719,142) (659,350) (2,036,212) (1,869,569)
Cost of land closings(6,922) (1,646) (27,963) (15,504)
Total cost of closings(726,064) (660,996) (2,064,175) (1,885,073)
Home closing gross profit158,592  145,658  442,437  393,836 
Land closing gross (loss)/profit(75) (1,057) (1,972) 1,438 
Total closing gross profit158,517  144,601  440,465  395,274 
Financial Services:       
Revenue3,832  3,549  10,750  10,142 
Expense(1,659) (1,524) (4,836) (4,454)
Earnings from financial services unconsolidated entities and other, net4,148  3,489  10,278  9,673 
Financial services profit6,321  5,514  16,192  15,361 
Commissions and other sales costs(60,282) (55,845) (173,857) (158,866)
General and administrative expenses(35,906) (31,636) (101,004) (90,849)
Earnings/(loss) from other unconsolidated entities, net894  (91) 692  852 
Interest expense(53) (1,116) (233) (3,561)
Other income, net1,918  2,028  9,223  5,218 
Earnings before income taxes71,409  63,455  191,478  163,429 
Provision for income taxes(17,274) (20,905) (39,631) (55,727)
Net earnings$54,135  $42,550  $151,847  $107,702 
        
Earnings per share:       
Basic       
Earnings per share$1.34  $1.06  $3.75  $2.67 
Weighted average shares outstanding40,283  40,323  40,472  40,273 
Diluted       
Earnings per share$1.33  $1.02  $3.69  $2.55 
Weighted average shares outstanding40,855  42,011  41,100  42,585 
            

 

     
Meritage Homes Corporation and Subsidiaries
 Consolidated Balance Sheets
(In thousands)
(Unaudited)
     
  September 30, 2018 December 31, 2017
Assets:    
Cash and cash equivalents $205,762  $170,746 
Other receivables 79,573  79,317 
Real estate (1) 2,887,293  2,731,380 
Real estate not owned 36,562  38,864 
Deposits on real estate under option or contract 49,893  59,945 
Investments in unconsolidated entities 16,294  17,068 
Property and equipment, net 53,371  33,631 
Deferred tax asset 36,674  35,162 
Prepaids, other assets and goodwill 82,837  85,145 
Total assets $3,448,259  $3,251,258 
Liabilities:    
Accounts payable $156,772  $140,516 
Accrued liabilities 200,445  181,076 
Home sale deposits 34,159  34,059 
Liabilities related to real estate not owned 32,676  34,978 
Loans payable and other borrowings 16,669  17,354 
Senior notes, net 1,295,054  1,266,450 
Total liabilities 1,735,775  1,674,433 
Stockholders' Equity:    
Preferred stock    
Common stock 400  403 
Additional paid-in capital 568,976  584,578 
Retained earnings 1,143,108  991,844 
Total stockholders’ equity 1,712,484  1,576,825 
Total liabilities and stockholders’ equity $3,448,259  $3,251,258 


(1) Real estate – Allocated costs:
    
Homes under contract under construction $660,944  $566,474 
Unsold homes, completed and under construction 646,709  516,577 
Model homes 136,291  142,026 
Finished home sites and home sites under development 1,443,349  1,506,303 
Total real estate $2,887,293  $2,731,380 
         


    
Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):
    
 Three Months Ended September 30, Nine Months Ended September 30,
 2018 2017 2018 2017
Depreciation and amortization$6,850  $4,199  $19,458  $12,071 
        
Summary of Capitalized Interest:       
Capitalized interest, beginning of period$84,443  $72,327  $78,564  $68,196 
Interest incurred21,545  21,024  63,788  58,199 
Interest expensed(53) (1,116) (233) (3,561)
Interest amortized to cost of home and land closings(17,871) (15,462) (54,055) (46,061)
Capitalized interest, end of period$88,064  $76,773  $88,064  $76,773 
        
 September 30,
2018
 December 31,
2017
    
Notes payable and other borrowings$1,311,723  $1,283,804     
Stockholders' equity1,712,484  1,576,825     
Total capital3,024,207  2,860,629     
Debt-to-capital43.4% 44.9%    
Notes payable and other borrowings$1,311,723  $1,283,804     
Less: cash and cash equivalents$(205,762) $(170,746)    
Net debt1,105,961  1,113,058     
Stockholders’ equity1,712,484  1,576,825     
Total net capital$2,818,445  $2,689,883     
Net debt-to-capital39.2% 41.4%    
          


   
Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
   
  Nine Months Ended September 30,
  2018 2017
Cash flows from operating activities:    
Net earnings $151,847  $107,702 
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:    
Depreciation and amortization 19,458  12,071 
Stock-based compensation 13,737  9,898 
Equity in earnings from unconsolidated entities (11,160) (10,525)
Distribution of earnings from unconsolidated entities 11,898  10,410 
Other 2,197  1,265 
Changes in assets and liabilities:    
Increase in real estate (161,816) (336,069)
Decrease in deposits on real estate under option or contract 10,080  13,633 
Decrease/(increase) in other receivables, prepaids and other assets 1,686  (15,207)
Increase in accounts payable and accrued liabilities 35,625  21,298 
Increase in home sale deposits 100  11,098 
Net cash provided by/(used in) operating activities 73,652  (174,426)
Cash flows from investing activities:    
Investments in unconsolidated entities (551) (404)
Distributions of capital from unconsolidated entities 597  1,250 
Purchases of property and equipment (23,754) (12,038)
Proceeds from sales of property and equipment 107  251 
Maturities/sales of investments and securities 1,065  1,297 
Payments to purchase investments and securities (1,065) (1,297)
Net cash used in investing activities (23,601) (10,941)
Cash flows from financing activities:    
Proceeds from Credit Facility, net   10,000 
Repayment of loans payable and other borrowings (13,484) (10,491)
Repayment of senior notes and senior convertible notes (175,000) (126,691)
Proceeds from issuance of senior notes 206,000  300,000 
Payment of debt issuance costs (3,198) (3,986)
Repurchase of shares (29,353)  
Net cash (used in)/provided by financing activities (15,035) 168,832 
Net increase/(decrease)in cash and cash equivalents 35,016  (16,535)
Beginning cash and cash equivalents 170,746  131,702 
Ending cash and cash equivalents $205,762  $115,167 
         

 

         
Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(Unaudited)
         
  Three Months Ended September 30,
  2018 2017
  Homes Value Homes Value
Homes Closed:        
Arizona 411  $134,977  424  $141,249 
California 206  143,386  261  154,731 
Colorado 160  87,716  135  77,728 
West Region 777  366,079  820  373,708 
Texas 721  256,308  647  236,759 
Central Region 721  256,308  647  236,759 
Florida 249  105,902  185  77,652 
Georgia 139  47,429  95  29,019 
North Carolina 165  63,381  107  48,129 
South Carolina 69  23,605  74  25,164 
Tennessee 42  15,030  41  14,577 
East Region 664  255,347  502  194,541 
Total 2,162  $877,734  1,969  $805,008 
Homes Ordered:        
Arizona 347  $112,185  348  $116,757 
California 104  67,810  200  124,339 
Colorado 157  84,078  92  55,459 
West Region 608  264,073  640  296,555 
Texas 635  228,627  593  213,241 
Central Region 635  228,627  593  213,241 
Florida 231  94,089  269  120,243 
Georgia 89  32,459  102  33,039 
North Carolina 139  52,434  147  59,976 
South Carolina 65  21,448  86  28,449 
Tennessee 61  21,959  37  13,524 
East Region 585  222,389  641  255,231 
Total 1,828  $715,089  1,874  $765,027 
               

 

         
  Nine Months Ended September 30,
  2018 2017
  Homes Value Homes Value
Homes Closed:        
Arizona 1,052  $344,245  1,139  $382,814 
California 643  444,796  702  427,095 
Colorado 416  231,523  417  233,377 
West Region 2,111  1,020,564  2,258  1,043,286 
Texas 2,004  707,397  1,752  637,147 
Central Region 2,004  707,397  1,752  637,147 
Florida 761  329,156  518  225,674 
Georgia 316  107,237  223  74,860 
North Carolina 488  191,129  370  164,596 
South Carolina 211  72,611  217  75,085 
Tennessee 135  50,555  118  42,757 
East Region 1,911  750,688  1,446  582,972 
Total 6,026  $2,478,649  5,456  $2,263,405 
Homes Ordered:        
Arizona 1,222  $401,063  1,148  $380,459 
California 513  359,907  802  480,694 
Colorado 498  270,991  368  214,532 
West Region 2,233  1,031,961  2,318  1,075,685 
Texas 2,210  785,686  2,000  719,656 
Central Region 2,210  785,686  2,000  719,656 
Florida 814  343,293  791  342,754 
Georgia 346  125,293  270  88,306 
North Carolina 439  168,623  440  187,683 
South Carolina 233  80,774  224  76,827 
Tennessee 161  60,251  119  45,537 
East Region 1,993  778,234  1,844  741,107 
Total 6,436  $2,595,881  6,162  $2,536,448 
         
Order Backlog:        
Arizona 496  $176,843  453  $158,988 
California 188  138,274  331  207,237 
Colorado 281  154,451  224  135,239 
West Region 965  469,568  1,008  501,464 
Texas 1,226  461,628  1,179  437,243 
Central Region 1,226  461,628  1,179  437,243 
Florida 499  211,063  526  233,534 
Georgia 181  68,605  138  46,809 
North Carolina 194  74,405  263  110,339 
South Carolina 121  43,678  123  42,378 
Tennessee 99  38,059  96  37,034 
East Region 1,094  435,810  1,146  470,094 
Total 3,285  $1,367,006  3,333  $1,408,801 
               


         
Meritage Homes Corporation and Subsidiaries
Operating Data
(Unaudited)
         
  Three Months Ended September 30,
  2018 2017
  Ending Average Ending Average
Active Communities:        
Arizona 44  42.0  40  39.5 
California 14  14.5  24  25.0 
Colorado 20  19.5  9  9.5 
West Region 78  76.0  73  74.0 
Texas 92  91.0  93  92.5 
Central Region 92  91.0  93  92.5 
Florida 30  30.0  29  29.5 
Georgia 22  21.0  17  18.0 
North Carolina 20  20.0  18  19.0 
South Carolina 12  11.5  14  14.0 
Tennessee 10  9.0  6  6.5 
East Region 94  91.5  84  87.0 
Total 264  258.5  250  253.5 
             


         
  Nine Months Ended September 30,
  2018 2017
  Ending Average Ending Average
Active Communities:        
Arizona 44  41.0  40  41.0 
California 14  17.0  24  26.0 
Colorado 20  15.5  9  9.5 
West Region 78  73.5  73  76.5 
Texas 92  92.0  93  86.5 
Central Region 92  92.0  93  86.5 
Florida 30  29.0  29  28.0 
Georgia 22  20.5  17  17.0 
North Carolina 20  18.5  18  17.5 
South Carolina 12  12.5  14  14.5 
Tennessee 10  8.0  6  6.5 
East Region 94  88.5  84  83.5 
Total 264  254.0  250  246.5 
             

About Meritage Homes Corporation
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2017. Meritage builds and sells single-family homes for entry-level, move-up, and active adult buyers in markets including California, Texas, Arizona, Colorado, Florida, North Carolina, South Carolina, Tennessee and Georgia.

The Company has designed and built over 110,000 homes in its 32-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR Partner of the Year for Sustained Excellence Award every year since 2013 for innovation and industry leadership in energy efficient homebuilding.

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's projected home closings, home closing revenue, home closing gross margin and pre-tax earnings for the full year 2018, as well as management's expectation for entry-level demand and its intention to repurchase additional shares.

Such statements are based on the current beliefs and expectations of Company management, and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations, except as required by law. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: the availability and cost of finished lots and undeveloped land; shortages in the availability and cost of labor; changes in interest rates and the availability and pricing of residential mortgages; changes in tax laws that adversely impact us or our homebuyers; inflation in the cost of materials used to develop communities and construct homes; the success of strategic initiatives; the ability of our potential buyers to sell their existing homes; cancellation rates; the adverse effect of slow absorption rates; slowing in the growth of entry-level home buyers; competition; impairments of our real estate inventory; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest or option deposits; our potential exposure to and impacts from natural disasters or severe weather conditions; home warranty and construction defect claims; failures in health and safety performance; our success in prevailing on contested tax positions; our ability to obtain performance and surety bonds in connection with our development work; the loss of key personnel; failure to comply with laws and regulations; our limited geographic diversification; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our compliance with government regulations, the effect of legislative and other governmental actions, orders, policies or initiatives that impact housing, labor availability, construction, mortgage availability, our access to capital, the cost of capital or the economy in general, or other initiatives that seek to restrain growth of new housing construction or similar measures; legislation relating to energy and climate change; the replication of our energy-efficient technologies by our competitors; our exposure to information technology failures and security breaches; negative publicity that affects our reputation; legislation related to tariffs and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2017 and Form 10-Q for the second quarter ended June 30, 2018 under the caption "Risk Factors," which can be found on our website at www.investors.meritagehomes.com.

  
Contacts:Brent Anderson, VP Investor Relations
 (972) 580-6360 (office)
 investors@meritagehomes.com

MH Logo w1LnTAG Vrt.jpg

Source: Meritage Homes Corporation