Financial Data and Key Metrics Changes - In Q4 2021, home closing revenue grew 6% year-over-year to $1.5 billion, driven by a 13% increase in average selling price (ASP) despite a 6% decline in home closing volume due to supply chain issues [44][50]. - Home closing gross margin improved by 500 basis points to 29% from 24% a year ago, primarily due to pricing power outweighing cost pressures [45]. - Diluted EPS increased by 57% year-over-year to $6.25, reflecting strong profit growth and lower outstanding share count [50]. Business Line Data and Key Metrics Changes - Entry-level homes comprised 81% of total closings in Q4 2021, up from 72% in the prior year, indicating a strategic focus on this segment [27][30]. - Total orders for Q4 2021 were 3,367, a 6% increase year-over-year, supported by a 24% increase in average active community count [28]. Market Data and Key Metrics Changes - The Central region, particularly Texas, led in average absorption pace with 5.3 homes per month, contributing to an 11% increase in order volume [31]. - The East region saw a 34% increase in average community count year-over-year, although average absorption pace decreased by 21% [33]. Company Strategy and Development Direction - The company aims to capitalize on strong demand for entry-level homes, with a forecast of continued double-digit community growth in 2022 [14][66]. - A disciplined land acquisition strategy is in place, focusing on larger parcels to reduce costs and enhance affordability [65]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong margins despite rising costs, citing the ability to leverage pricing power due to high demand and limited supply [79][80]. - The company anticipates a robust spring selling season in 2022, with projected closings between 14,500 and 15,500 units and home closing revenue of $6.1 billion to $6.5 billion [67]. Other Important Information - The company opened 48 new communities in Q4 2021, increasing community count by 33% year-over-year to 259 [58]. - The balance sheet remains strong, with a cash balance of $618 million and a net debt-to-cap ratio of 15.1% as of December 31, 2021 [52][53]. Q&A Session Summary Question: Impact of interest rate outlook on demand - Management noted that January showed strong demand with no discernible impact from rising interest rates, attributing demand to a lack of housing supply [73][76]. Question: Drivers of gross margin compression - Management indicated that the modest compression in gross margin is entirely related to rising costs, with no changes in incentives or marketing costs anticipated [78][80]. Question: Cycle times and future expectations - Cycle times lengthened by two weeks in Q4, with no expected improvement in 2022 due to ongoing supply chain challenges [85][89]. Question: Pricing power and ASP trends - Management stated that while ASPs were stable in Q4, they have seen an acceleration in pricing power in January, indicating a strong demand environment [104][110]. Question: Customer demographics and migration trends - The company is seeing a diverse customer base, including millennials and baby boomers, with significant in-migration to key markets like Florida and Texas [119][120]. Question: Cash flow outlook for 2022 - Management expects to be neutral or slightly positive in operating cash flow for 2022, despite significant land acquisition spending [122].

| --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------| | | | | | | | | | | | FOURTH QUARTER 2021 ANALYST CONFERENCE CALL | | | | | JANUARY 27, 2022 | | | | FORWARD – LOOKING STATEMENTS 2 The information included in this presentation and the accompanying comments from management contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general; proj ...

Meritage Tornes Setting the standard for energy-efficient homes* Third Quarter 2021 Analyst Conference Call October 28, 2021 LIFE. BUIL Forward-Looking Statements 2 The information included in this presentation and the accompanying comments from management contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general; projected 2021 home closings, home closing revenue, home closing gros ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-9977 Meritage Homes Corporation (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorpo ...

Financial Data and Key Metrics Changes - The company reported a 10% year-over-year increase in home closing revenue to $1.3 billion, driven by a 4% increase in home closings and a 7% higher average selling price (ASP) [35][40] - Home closing gross margin improved by 820 basis points to 29.7% from 21.5% a year ago, attributed to pricing power that offset increased costs of lumber and other commodities [36] - Diluted EPS reached $5.25, an 85% year-over-year increase [39] Business Line Data and Key Metrics Changes - Home closings totaled 3,112, up 4% year-over-year, with entry-level homes comprising 78% of closings, up from 63% in the prior year [20][10] - Total orders for the quarter were 3,441, reflecting an 11% year-over-year decrease, driven by a 15% decline in average absorption pace [21] - The average absorption pace remained elevated at 5.0 sales per month, despite a decrease from the previous year [19][20] Market Data and Key Metrics Changes - The central region, particularly Texas, led in average absorption pace at 5.4 sales per month, although this was a 14% decline from the prior year [23] - The east region saw a 3% year-over-year growth in order volume, attributed to an 8% increase in average active communities [24] - The west region experienced a 24% decline in order volume year-over-year, primarily due to a 25% decrease in average absorption pace [26] Company Strategy and Development Direction - The company continues to focus on affordability, aiming to position products in the mid to low $300,000 range through strategic land acquisitions [17][59] - The goal is to achieve 300 active communities by mid-2022, with a current count of 236 communities [11][54] - The company is investing in digital financial services and self-guided tours to enhance customer experience [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing supply chain challenges but expressed confidence in navigating these issues due to strong vendor relationships and a streamlined operating model [10][34] - The company anticipates continued elevated demand driven by demographic factors, including household formation among millennials and downsizing among baby boomers [9][8] - Future guidance includes expectations for double-digit growth in unit and home closing revenue for 2022, despite potential challenges from supply chain issues and commodity costs [51][52] Other Important Information - The company ended the quarter with a backlog of over 1,500 units, with a conversion rate decline from 68% to 57% due to supply delays [32] - The land book increased by 46% year-over-year, with nearly 70,000 lots under control, providing a 5.4-year supply based on trailing 12-month closings [44] - The company repurchased over 95,000 shares during the quarter, with an additional 244,000 shares repurchased since the end of the quarter [43] Q&A Session Summary Question: How will the company bring average prices down? - The company aims to source land that allows positioning products in the mid to low $300,000 range, focusing on secondary markets for lower-cost land [58][59] Question: What is the outlook for gross margins? - The company expects margins to remain elevated through next year, with land acquired over the last two years supporting this outlook [61][62] Question: What are the current cycle times compared to previous quarters? - Cycle times have increased by approximately 6 to 7 weeks year-over-year, with no expected improvement in the near term [74][75] Question: What are the biggest challenges in the supply chain? - The primary challenges are related to windows and trusses, with variations in issues across different regions [76] Question: How does the company view the option market for lots? - The company prefers to find land that profiles well for their business model, focusing on owned lots while also considering options where beneficial [84][87]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-9977 Meritage Homes Corporation (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporatio ...

Financial Data and Key Metrics Changes - The company reported a 23% year-over-year increase in home closing revenue to $1.2 billion, driven by an 18% increase in home closings and a 4% increase in average selling price (ASP) [28][40] - Home closing gross margin improved by 590 basis points to 27.3% from 21.4% a year ago, reflecting higher ASPs and leveraging of fixed costs [41][46] - Diluted EPS increased by 83% year-over-year to $4.36, with net earnings up 85% [46] Business Line Data and Key Metrics Changes - The average absorption pace increased to 5.5 net orders per month, up from 5.0 the previous year, despite a tightly controlled order pace [10][29] - Entry-level homes accounted for over 80% of total orders, up from 70% in the same quarter last year, indicating a strategic shift towards more affordable housing [31][22] - The company achieved its highest quarterly home-closing gross margin in history at 27.3% [12] Market Data and Key Metrics Changes - The East region saw a 78% increase in order volume year-over-year, attributed to a 25% growth in average absorption pace [32] - The Central region's average absorption pace grew 8% year-over-year to 6.0 per month, the highest in the company, despite a 16% decline in average community count [33] - The West region experienced a 10% decrease in order volume, but a 22% increase in order ASP due to strong demand and pricing power [34] Company Strategy and Development Direction - The company aims to grow its community count to 300, which is expected to generate 15,000 orders at a normalized run rate of 50 orders per store [16] - The focus remains on entry-level and first move-up markets, with a commitment to affordability and quality in home offerings [22][24] - The company plans to spend approximately $1.75 billion to $2 billion on land acquisition and development in 2021 to support its growth strategy [55] Management's Comments on Operating Environment and Future Outlook - Management noted that while the current demand and pricing dynamics are strong, they are not sustainable indefinitely, and a normalization of sales pace is expected in the coming quarters [19][20] - The company is monitoring affordability indicators and has not seen significant pushback on pricing, although some consumer feedback suggests a preference to wait due to rising prices [76][77] - Management expressed confidence in achieving the 300 community goal by mid-2022, supported by a strong backlog and increased spec counts [63] Other Important Information - The company has maintained a strong balance sheet, with a cash balance of $684 million and a net debt to capital ratio of 15.4% [48] - The company has a backlog of over 5,500 units, providing good visibility into future margin trends [59] - The company is committed to a 100% spec building strategy focused on entry-level products to maintain affordability [24] Q&A Session Summary Question: Comments on normalization of absorption rates and impact on gross margins - Management acknowledged that while margins are currently strong, normalization of absorption rates may impact future gross margin trends, but they expect to maintain a solid margin profile due to favorable land costs [66][68][72] Question: Indicators of affordability being stretched in some markets - Management noted that while FICO scores and debt-to-income ratios remain stable, there has been qualitative feedback indicating some consumers are hesitant to buy due to rising prices [74][76] Question: Impact of falling lumber prices on margins - Management indicated that while lumber prices peaked in Q2, the benefits of falling prices will be more pronounced in 2022 rather than the second half of 2021 [82][84][89] Question: Incentives and their relationship with ASP increases - Management clarified that traditional incentives are currently low, and while they expect some return of incentives as supply increases, they anticipate ASPs will continue to rise in a normalized market [90][92][94] Question: Loan limits and affordability strategies - Management emphasized the importance of monitoring both loan limits and overall affordability, with a focus on positioning products below FHA limits to enhance accessibility for buyers [97][100]

Financial Data and Key Metrics Changes - The company reported a 25% year-over-year increase in home closings, totaling 2,890 homes, with home closing revenue reaching $1.1 billion, a 21% increase compared to 2020 [26][40] - The home closing gross margin improved to 24.7%, up 470 basis points from 20% in the prior year [26][40] - Diluted EPS increased by 88% year-over-year to $3.44 [44] Business Line Data and Key Metrics Changes - Entry-level homes comprised over 76% of total orders for the quarter, up from 61% in the first quarter last year [27] - The absorption pace for entry-level homes was 5.8 per month, up from 4.3 per month in the prior year, marking the strongest first quarter absorption pace since 2005 [11][26] - The first move-up communities also saw a 45% increase in absorption year-over-year [27] Market Data and Key Metrics Changes - The East region led in absorption growth with a 67% improvement year-over-year, while orders in the East region increased by 39% [28] - Tennessee had the highest absorption pace at 6.6 per month, reflecting a recovery from previous storms [29] - The West region experienced a 13% increase in absorption despite a 6% decrease in orders [30] Company Strategy and Development Direction - The company aims to continue gaining market share by focusing on affordable entry-level and first move-up markets [23] - Meritage Homes is committed to building energy-efficient homes and has been recognized as the 2021 ENERGY STAR Partner of the Year for Sustained Excellence [15] - The company plans to enter new markets, specifically expanding operations into Charleston and Myrtle Beach, South Carolina, with new affordable entry-level communities set to open in 2022 [19][20] Management's Comments on Operating Environment and Future Outlook - Management believes the current housing market demand will persist throughout the year, supported by favorable mortgage rates and strong demographic trends [12][14] - The company anticipates continued pricing power to offset commodity cost increases, projecting total closings for 2021 to be between 11,700 and 12,700 units [55] - Management expressed confidence in sustaining strong margins despite rising commodity costs, with expectations for an effective tax rate of about 23% [44][55] Other Important Information - The company ended the quarter with over 2,200 spec homes in inventory, with a backlog of 5,240 units, reflecting a 47% increase year-over-year [33] - Meritage Homes plans to spend over $1.5 billion annually on land acquisition and development to support its growth strategy [51] - The company has a strong balance sheet, with a cash balance of $716 million and a net debt-to-cap ratio of 10.9% [47] Q&A Session Summary Question: What is the current start pace running at? - The start pace is running almost the same as the sales pace, with limitations due to production issues, but the company is comfortable with its current pace [64] Question: How realistic is it that margins can be sustained as new communities open? - Management believes they can sustain margins through 2021, as new communities were acquired at favorable prices [67] Question: How many markets are selling above FHA limits? - The company is pushing above FHA limits in hot markets like Phoenix and California, but is generally focused on staying below those limits [70] Question: What is the impact of resin shortages in Texas? - There was a temporary disruption due to weather, but regular production times have resumed [75] Question: How are pricing moves being managed in the current market? - The company uses a robust community-by-community pricing strategy to remain competitive and manage pricing effectively [82] Question: What percentage of buyers are utilizing FHA loans? - Less than 25% of buyers are using FHA loans, indicating a strong capital position among buyers [71] Question: How does the company manage costs in a highly inflationary environment? - The company has streamlined its product offerings to manage costs effectively, allowing for better sourcing and vendor relationships [108]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of Principal Executive Offices) (Zip Code) (480) 515-8100 For the transition period from to Commission File Number 1-9977 Meritage Homes Corporation (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 8800 E. Raintree Dr ...

Meritage Homes Setting the standard for energy-efficient homes* First Quarter 2021 Analyst Conference Call April 29, 2021 LIFE. BUILT Forward-Looking Statements 2 The information included in this presentation and the accompanying comments from management contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general, and our projected 2021 home closings, home closing revenue, gross margi ...