UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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) 8800 E. Raintree Drive, Suite 300, Scottsdale, A ...

Financial Data and Key Metrics Changes - In Q4 2020, Meritage Homes achieved home closing revenue of $1.4 billion, a 28% increase year-over-year, driven by a 32% increase in home closings [16][28][35] - The home closing gross margin improved by 420 basis points to 24% from 19.8% in the prior year, marking the best quarterly margin since 2006 [17][28] - The diluted EPS for Q4 2020 was $3.97, reflecting a 50% increase year-over-year compared to $2.65 in Q4 2019 [35] Business Line Data and Key Metrics Changes - The company sold 3,174 homes in Q4 2020, which was 52% higher than the same quarter in 2019 [16] - Entry-level homes comprised almost 70% of total orders for the quarter, up from 55% in Q4 2019 [19] - The absorption rate increased to 5.3 homes per month in Q4 2020, an 87% year-over-year increase [18] Market Data and Key Metrics Changes - The East Region led order growth with a 76% improvement over Q4 2019, while the Central Region saw a 46% increase [20][21] - The West Region experienced a 34% increase in orders, driven by a 65% increase in absorptions [22] - Overall, the housing market remained robust due to low interest rates and limited supply, with a shift in buyer preferences towards single-family homes [20] Company Strategy and Development Direction - The company focuses on entry-level and first move-up markets, aiming to offer affordable yet high-quality homes [15] - Meritage Homes plans to achieve 300 active communities by mid-2022, with a strong emphasis on land acquisition and development [38][41] - The company intends to sustain and replenish its community growth beyond 2022, with anticipated annual spending of over $1.5 billion on land and development [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the housing market, driven by favorable macroeconomic factors and demographic trends [14][41] - The company is closely monitoring affordability as a key concern, given rising land prices and construction costs [57] - Management expects to maintain strong margins in 2021 despite higher commodity costs [32] Other Important Information - Meritage Homes donated over $0.5 million to non-profits focused on COVID-19 relief and racial equity initiatives [12][13] - The company achieved a net debt-to-capital ratio of 10.5%, reflecting a strong balance sheet [37] Q&A Session Summary Question: Insights on land prices and inflation - Management noted that land prices were flat in 2020 but began to rise modestly in Q4 as demand for housing strengthened [49] Question: Concerns about competition from single-family rentals - Management believes that homeownership remains appealing and does not see significant competition from rental projects in their target markets [54] Question: Confidence in achieving 300 communities by mid-2022 - Management expressed strong confidence in reaching the 300 community goal, supported by land acquisitions and community development plans [60][61] Question: Labor procurement concerns - Management indicated that labor availability is not a major concern, but municipal approvals could pose challenges [64] Question: Pricing strategies and absorption control - Management emphasized the importance of maintaining both pricing power and sales pace, successfully balancing the two [78]

| --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------|-------| | | Meritage | | | | Tornes Setting the standard for energy-efficient homes* Fourth Quarter 2020 Analyst Conference Call January 28, 2021 | | | | | | 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 Lit ...

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, 2020 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) Maryland 86-0611231 (State or Other Jur ...

Financial Data and Key Metrics Changes - Meritage Homes reported a 56% year-over-year earnings growth in Q3 2020, with a 21% increase in closing revenue and a 170 basis points improvement in home closing gross margin [35][39][48] - The company achieved record quarterly closing revenue and gross margins, despite high lumber prices, and maintained the lowest net debt to capital ratio in its history at 15.7% [13][44] - Year-to-date results showed an 86% increase in net earnings and a 40% rise in orders [43] Business Line Data and Key Metrics Changes - The company delivered 3,851 homes in Q3 2020, a 71% increase compared to Q3 2019, with entry-level homes representing 60% of average active communities [14][22] - Absorption rates for entry-level communities were 75% higher than the previous year, while first move-up communities saw an 86% increase in absorption [23][30] - The company put approximately 16,000 new lots under control in the first nine months of 2020, translating to about 123 new communities [26] Market Data and Key Metrics Changes - The central region, particularly Texas, led order growth with an 82% increase year-over-year, while California saw a 158% growth in orders [30][32] - All regions experienced solid year-over-year performance, with the East region showing a 63% increase in orders [34] Company Strategy and Development Direction - The company is focused on increasing its community count to 300 by early to mid-2022, with a strategy emphasizing affordable entry-level homes [18][53] - Meritage Homes plans to ramp up land investments, having spent nearly $300 million in Q3 2020, the highest in its history [46][125] - The company aims to maintain a nimble land acquisition strategy to adapt to market conditions [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on current market demand, citing favorable macroeconomic factors such as low mortgage rates and increased demand for new homes [15][52] - The company anticipates continued strength in Q4 2020, but acknowledges potential impacts from election uncertainty and COVID-19 [48] Other Important Information - The effective tax rate for Q3 2020 was 19.5%, down from 24.4% the previous year, contributing to improved earnings per share [42] - The company has a strong liquidity position with $610 million in cash and no drawn credit facility [44] Q&A Session Summary Question: Concerns about builders needing to slow activity pace - Management acknowledged the need for long-term focus, indicating that while short-term fluctuations may occur, the company is well-positioned for future growth [60][64] Question: Community count decline and market growth - Management noted that while community count is a concern, they are focused on backlog and spec counts to drive sales in 2021 [78][82] Question: Gross margin outlook for 2020 - Management indicated that gross margins are expected to improve due to pricing and operational efficiencies, despite some cost pressures from lumber [97][100] Question: LiVE.NOW brand penetration and future opportunities - Management highlighted the importance of maintaining affordability and noted that they are actively pursuing larger land deals to support growth [145][116]

| --- | --- | |-------|----------| | | | | | Meritage | 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 statements regarding the health of the housing market and the potential adverse impact of the COVID-19 pandemic, and projected full year 2020 home closings, home closing revenue, gross margins and di ...

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, 2020 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) Maryland 86-0611231 (State or Other Jurisdic ...

Financial Data and Key Metrics Changes - The company reported a 78% increase in earnings for Q2 2020 compared to 2019, with home closing revenue growing by 20% [20] - Gross margins improved by 300 basis points, and SG&A leverage improved by 70 basis points [20] - The second quarter diluted EPS was $2.38, benefiting from a share repurchase of one million shares completed in Q1 [22] Business Line Data and Key Metrics Changes - 70% of total orders in Q2 2020 were entry-level homes, a significant increase from 51% in the same quarter last year [11] - The company sold an average of five homes per month in its communities, which is 42% higher than the same quarter last year [16] - Absorption rates in entry-level communities were over 19 homes per community on average, 37% higher than Q2 2019 [16] Market Data and Key Metrics Changes - Orders in the West region increased by 27% year-over-year, with Arizona showing the highest absorptions [18] - California experienced the largest year-over-year growth in orders at 87% for the quarter [18] - The East region saw a 23% increase in orders, with Georgia and the Carolinas posting the strongest gains [19] Company Strategy and Development Direction - The company focuses exclusively on entry-level and first move-up homes, which has proven to be a successful strategy [11] - A robust pipeline for land acquisition is in place, with plans to open 300 communities by the end of 2021, although this may be delayed into early 2022 due to COVID-related shutdowns [13] - The company is investing in virtual capabilities for selling and delivering homes, which is expected to change certain aspects of the industry permanently [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the housing market's strength despite high unemployment and ongoing pandemic challenges [28] - The company anticipates continued strength in the housing market and has updated its guidance for the year, projecting home closings between 10,850 and 11,350 units [26] - Management noted that they are prepared to adjust their strategy quickly if market conditions change [35] Other Important Information - The company ended Q2 with approximately $485 million in cash and the lowest net debt-to-cap leverage in its history at 20.4% [23] - The company spent approximately $214 million on land and development in Q2 2020, almost $40 million higher than the previous year [24] - The company is seeing competitive pressure in the land market, with land prices increasing in hotter markets [74] Q&A Session Summary Question: Guidance for the back half of the year and supply constraints - Management indicated they are ramping up spec inventory and do not foresee significant supply constraints despite some COVID-related issues [31][32] Question: Community count outlook and potential changes - Management stated that they are optimistic about community count growth and have a robust pipeline, with no immediate concerns dampening their enthusiasm for growth [34] Question: Changes in consumer behavior due to COVID - Management reported no signs of retreat in demand, particularly in Arizona, and noted that buyers are well-qualified [37][39] Question: Labor savings and land price appreciation - Management confirmed that temporary labor savings from renegotiated contracts are expected to revert, and land prices are increasing due to competition [72][74]

Meritage romes Setting the standard for energy-efficient homes® Second Quarter 2020 Analyst Conference Call July 23, 2020 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 statements regarding the health of the housing market and the potential adverse impacts of the COVID-19 pandemic, and pr ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 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) Maryland 86-0611231 (State or Other Jurisdi ...