Meritage Homes(US:MTH)2022-04-29 21:29Financial Performance - The company achieved record quarterly sales order volume in Q1 2022[20] - Home closing revenue increased by 15% to $1,245.5 million in 1Q22, compared to $1,080.0 million in 1Q21[19] - Home closing gross profit increased significantly by 42% to $377.6 million in 1Q22, compared to $266.7 million in 1Q21[19] - Home closing gross margin improved by 560 basis points to 30.3% in 1Q22, compared to 24.7% in 1Q21[19] - Diluted EPS increased by 68% to $5.79 in 1Q22, compared to $3.44 in 1Q21[19] Community Growth and Orders - Average community count increased significantly, with entry-level communities growing from 96 in 1Q21 to 176 in 1Q22, a 83% increase[10] - Total orders increased from 3,102 in 1Q20 to 3,874 in 1Q22[11] - The company had 268 active communities at March 31, 2022, a 32% increase from 203 at March 31, 2021[22] Land and Inventory - Total lots controlled amounted to 75,176 in 1Q22, compared to 58,085 in 1Q21[22] - The supply of lots is 5.9 years, with 65% owned and 35% optioned[22] - Real estate assets spending was $371 million in 1Q22, similar to $370 million in 1Q21[22] Balance Sheet and Capital Allocation - The company has $520 million in cash and nothing drawn under its $780 million credit facility as of March 31, 2022[21] - Net debt-to-capital ratio is 16.9% as of March 31, 2022[21] - The company repurchased over 1 million shares for $99.3 million in 2022[21]