Financial Performance - The company reported a 56% increase in net earnings in 3Q20, reaching $109 million, compared to $70 million in 3Q19 [24, 26] - Diluted EPS increased by 59% to $2.84 in 3Q20, compared to $1.79 in 3Q19 [26] - Home closing revenue increased by 21% to $1.133 billion in 3Q20, compared to $939 million in 3Q19 [26] - Home closing gross margin improved by 170 bps to 21.5% in 3Q20, compared to 19.8% in 3Q19 [26] Sales and Orders - Orders increased by 71% in 3Q20 [11] - The company secured approximately 9,000 new lots in 3Q20 [15, 20] Balance Sheet and Liquidity - The company's net debt-to-capital ratio was 15.7% as of September 30, 2020, compared to 26.2% as of December 31, 2019 [30] - The company had $610 million in cash as of September 30, 2020 [28, 31] Land Investment - Land and development spending was $299 million in 3Q20, compared to $275 million in 3Q19 [34] - The company controlled 47,875 total lots as of September 30, compared to 37,300 in 3Q19 [34] Guidance - The company projects 11,200-11,500 home closings for full year 2020 [37] - The company projects $4.2-4.4 billion in home closing revenue for full year 2020 [37]

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]

Financial Performance - Second quarter 2020 home closings increased by 23% to 2,770 compared to 2,253 in 2019[25] - Home closing revenue increased by 20% to $1032 million from $863 million in 2019[25] - Net earnings increased by 78% to $91 million, compared to $51 million in 2019[25] - Diluted EPS increased by 82% to $238, compared to $131 in 2019[25] - Home closing gross margin increased by 300 bps to 214% from 184% in 2019[25] Orders and Demand - Total orders increased by 32% in the second quarter[10] - Record orders were achieved in April, May and June[8] - Entry-level homes are outperforming other product types, representing 70% of orders in 2Q20[19] Balance Sheet and Liquidity - The company has the strongest balance sheet in its history[26] - Net debt-to-capital is at 204%[34] - The company paid off $500 million of its Revolving Credit Facility in May[37] Land and Development - Land and development spending increased to $214 million in 2Q20 from $175 million in 2Q19[41] - Total lots controlled are 42,851[41] Guidance - Full year 2020 home closing revenue is projected to be $40-43 billion[44] - Full year 2020 diluted EPS is projected to be $875-925[44]

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 ...

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 ...