Financial Data and Key Metrics Changes - The company reported a 180% earnings growth in Q1 2020 compared to the same period last year, driven by a 27% increase in home closing revenue and a 31% increase in closings [35][36][42] - Home closing gross margins increased by 330 basis points to 20% for Q1 2020, benefiting from pricing power and construction efficiencies [36][42] - SG&A expenses decreased to 10.7% from 12.3% year-over-year, indicating improved operational efficiency [39] Business Line Data and Key Metrics Changes - Entry-level orders increased by 69% year-over-year, representing 61% of total orders for Q1 2020, up from 45% in Q1 2019 [25][36] - Spec inventory at the end of the quarter was up 23% year-over-year, with 48% of homes completed [26] - The company experienced a 23% order growth overall, with 70% of that growth coming from spec inventory [12][24] Market Data and Key Metrics Changes - Orders in the West region increased by 35% year-over-year, with California seeing total orders and order value more than double compared to Q1 2019 [28] - Arizona reported a 25% order growth for the quarter, with absorption rates up 44% year-over-year [29] - The East region experienced an 11% year-over-year order growth, driven by a 20% increase in absorption [30] Company Strategy and Development Direction - The company is focused on entry-level and first move-up homes, which make up 90% of their communities, and is adapting operations to leverage technology for remote sales [11][19][56] - The management emphasized maintaining a competitive edge by managing spec starts and inventory effectively, while also curtailing discretionary spending [57][58] - The company plans to continue its strategy of simplifying operations and reducing costs to enhance affordability for buyers [55][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of COVID-19 on operations but expressed confidence in the company's strong balance sheet and liquidity to weather the uncertainty [10][43] - The management noted that demand for homes remains strong, particularly in entry-level segments, and that the company is well-positioned to capture market share during the downturn [54][56] - The company is monitoring market conditions closely and is prepared to adjust pricing and inventory strategies as necessary [38][99] Other Important Information - The company has suspended share repurchases indefinitely due to current economic conditions, with $23 million remaining authorized for repurchases [42] - The company reported a solid backlog with limited cancellations, expecting most to close quickly [32][44] - The management highlighted a new charitable initiative contributing $250,000 to feed America during the pandemic [59] Q&A Session Summary Question: Can you provide context on recent activity and year-over-year declines? - Management noted a significant slowdown in early April but observed improvement in the latter half of the month, with declines expected to be around 25% to 30% [63][64] Question: What percentage of orders came from virtual tours? - Approximately 15% of net orders came from virtual tours, with buyers typically needing to visit the home before closing [67][68] Question: How is the company adjusting its strategy in response to changing market conditions? - The company is actively managing spec starts and land acquisitions, with a focus on maintaining inventory for quick sales [76][78] Question: Are there differences in demand across different markets? - Management expressed concerns about Orlando and California but noted strong sales in Houston and Arizona [82][84] Question: What would trigger the company to reengage the land market? - The company is reviewing its land pipeline and will strategically engage based on market conditions and opportunities [88][90]

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, 2019 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 Incorporation or ...

For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 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 Commission File Number 1-9977 Meritage Homes Corporation (Exact Name of Registrant as Specified in its Charter) Maryland 86-0611231 (State or Other Jur ...

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, 2019 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 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 ...

FORM 10-K (Mark One) ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OR Meritage Homes Corporation (Exact Name of Registrant as Specified in its Charter) Maryland 86-0611231 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification ...