Wall Street expects a year-over-year increase in earnings on higher revenues when Meritage Homes (MTH) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 24, 2024, might help the stock move higher if these key numbers are better than exp ...

Financial Performance - In 2023, the company repurchased 437,882 shares for $59.1 million and paid dividends totaling $39.5 million, ending the year with cash and cash equivalents of $921.2 million, up from $861.6 million in 2022[31]. - The debt-to-capital ratio improved to 17.9% at December 31, 2023, down from 22.6% in 2022, while the net debt-to-capital ratio decreased to 1.9% from 6.8%[31]. - As of December 31, 2023, the company has $1.0 billion in fixed-rate senior notes, with no outstanding borrowings under its Credit Facility[219]. - The average interest rate for the company's long-term debt obligations is 1.492% as of December 31, 2023[220]. - The company had $40.0 million in borrowings and repayments under the Credit Facility during the year ended December 31, 2022, with no borrowings in 2021 or 2023[219]. Land Acquisition and Development - The company invested approximately $1.9 billion in land acquisition and development, securing about 16,000 net new lots, a significant increase from 2,000 net new lots in 2022[32]. - As of December 31, 2023, the company had 64,313 lots under control, compared to 63,182 in 2022, maintaining a 4.6-year supply of lots based on 2023 closings[32]. - Approximately 72% of the controlled lots were owned by the company at the end of 2023, slightly down from 73% in 2022[32]. - The company had 18,019 lots under committed purchase or option contracts with a total purchase price of approximately $914.1 million, secured by $97.8 million in cash deposits[39]. - The company has two active land development joint ventures and one mortgage business joint venture to manage risk and expand market opportunities[49]. Home Sales and Construction - The company closed 13,976 homes in 2023 and started construction on 14,524 homes during the same period[32]. - As of December 31, 2023, the backlog decreased by 23.5% to 2,549 units from 3,332 units at the same date in 2022, with a 28.6% decrease in backlog value to $1.1 billion from $1.5 billion[53]. - Approximately 97% of the 2,549 homes in backlog were under construction as of December 31, 2023[51]. - At December 31, 2023, 81% of the total unsold homes in inventory were under construction, while 19% were completed[52]. - The spec inventory per active community increased to 21.8 or 5,877 units as of December 31, 2023, compared to 18.0 or 4,891 units as of December 31, 2022[51]. Marketing and Sales Strategy - The marketing strategy includes a focus on digital media campaigns and the use of model homes to demonstrate the advantages of the company's designs and features[45]. - The company had approximately 492 full-time sales and marketing personnel at the end of 2023, ensuring extensive knowledge of homes and energy-efficient features among the sales force[47]. - The company provides various sales incentives to attract buyers, including mortgage-related incentives and price concessions, depending on economic conditions[1]. - The company has implemented extensive digital tools, including virtual tours and a chatbot, to enhance the homebuying experience[1]. Workforce and Diversity - The company employed approximately 910 full-time construction and warranty employees as of December 31, 2023[41]. - As of December 31, 2023, the company employed 1,838 full-time employees, with 41% being female and 27% minorities, reflecting its commitment to diversity and inclusion[69]. Economic and Market Conditions - The company experienced unprecedented demand through mid-2022, which was impacted by supply chain constraints and rising interest rates[71]. - A significant increase in mortgage interest rates may negatively affect homebuyers' ability to secure financing, impacting the company's revenue and gross margins[221]. - The company’s operations are sensitive to interest rate changes, which could increase variable rate borrowing costs on its Credit Facility[221]. - Historical seasonality in home sales is expected to continue, although it may be affected by short-term volatility in the homebuilding industry[71]. - The company has experienced historical cycles that returned in the latter half of 2022, indicating a potential stabilization in the market[71]. Warranty and Risk Management - The company has established warranty reserves ranging from 0.1% to 0.5% of a home's sale price to cover future structural warranty costs[58]. - The company typically sells more homes in the first half of the fiscal year, leading to increased working capital requirements in the second and third quarters[71]. - The company does not intend to enter into derivative interest rate swap financial instruments for trading or speculative purposes[221].

Meritage Homes Corporation (NYSE:MTH) Q4 2023 Results Conference Call February 1, 2024 10:00 AM ET Company Participants Emily Tadano - Vice President, Investor Relations and ESG Steve Hilton - Executive Chairman Phillippe Lord - Chief Executive Officer Hilla Sferruzza - Executive Vice President and Chief Financial Officer Conference Call Participants Truman Patterson - Wolfe Research John Lovallo - UBS Stephen Kim - Evercore ISI Michael Rehaut - JP Morgan Alan Ratner - Zelman & Associates Carl Reichardt - B ...

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, 2023 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) 18655 North Claret Drive, Suite 400, Sc ...

Meritage Homes Corporation (NYSE:MTH) Q3 2023 Earnings Conference Call November 1, 2023 11:00 AM ET Company Participants Emily Tadano - Vice President, Investor Relations and ESG Steve Hilton - Executive Chairman Phillippe Lord - Chief Executive Officer Hilla Sferruzza - Executive Vice President & Chief Financial Officer Conference Call Participants Truman Patterson - Wolfe Research Stephen Kim - Evercore ISI Mike Rehaut - JPMorgan John Lovallo - UBS Alan Ratner - Zelman & Associates Carl Reichardt - BTIG S ...

HOMES® LIFE. BUILT. BETTER: THIRD QUARTER 2023 ANALYST CONFERENCE CALL NOVEMBER 1, 2023 Safe Harbor The information included in this presentation 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, our sales pace, backlog conversion rate, level of spec starts, SG&A as a percentage of home closing revenue, landbanking utilization and cash spend on land investments, share repur ...

SAFE HARBOR The information included in this presentation 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; expectations about our future results, including but not limited to, our full year and 3Q23 projected home closings, home closing revenue, home closing gross margins, effective tax rate and diluted earnings per share. These risks and uncertainties include, but are not ...

Meritage Homes Corporation (NYSE:MTH) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET Company Participants Emily Tadano - Vice President, Investor Relations Steve Hilton - Executive Chairman Phillippe Lord - Chief Executive Officer Hilla Sferruzza - Executive Vice President and Chief Financial Officer Conference Call Participants Stephen Kim - Evercore ISI Paul Przybylski - Wolfe Research Michael Rehaut - JPMorgan Alan Ratner - Zelman & Associates Spencer Kaufman - UBS Alex Barron - Housing Resea ...

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

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 March 31, 2023 OR (Address of Principal Executive Offices) (Zip Code) (480) 515-8100 (Registrant's telephone number, including area code) ☐ 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 Merit ...