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Meritage Homes(MTH) - 2024 Q2 - Earnings Call Presentation

Financial Performance - Home closings increased by 18% from 3,490 in 2Q23 to 4,118 in 2Q24[22] - Home closing revenue increased by 10% from $1543 million in 2Q23 to $1694 million in 2Q24[22] - Home closing gross profit increased by 17% from $377 million in 2Q23 to $440 million in 2Q24[22] - Diluted EPS increased by 26% from $502 in 2Q23 to $631 in 2Q24[22] Sales and Orders - Net sales orders increased 14% year-over-year[15] - Total orders were 3,799 in 2Q24[7,16] - Average sales price (ASP) on orders decreased by 6% year-over-year to $414K[16] Land and Development - Total lots controlled were 70,822 in 2Q24[33] - Supply of lots is 47 years[33] - Land spend was $631 million in 2Q24[33] Balance Sheet and Capital Structure - The company issued $575 million in new 175% convertible debt due in 2028[25] - The company refinanced its revolving credit facility to increase the size to $910 million[28,30] - Net debt-to-capital ratio is 62%[31] Guidance - The company expects home closings of 14,750-15,500 units for full year 2024[26] - The company expects home closing revenue of $61-63 billion for full year 2024[26]