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Meritage Homes(MTH) - 2024 Q3 - Earnings Call Presentation

Financial Performance - Home closings increased by 8% to 3,942 units in 3Q24 compared to 3,638 units in 3Q23[12] - Home closing revenue decreased by 2% to $1.586 billion in 3Q24 from $1.610 billion in 3Q23[12] - Home closing gross margin was 24.8% in 3Q24, a decrease of 190 bps compared to 26.7% in 3Q23[12] - Diluted EPS decreased by 11% to $5.34 in 3Q24 compared to $5.98 in 3Q23[12] Sales and Orders - Net sales orders increased by 1% year-over-year in 3Q24, reaching 3,512 orders[5] - Average absorption pace was 4.1 per month in 3Q24, consistent with 3Q23[6] - Average selling price (ASP) on orders decreased by 6% year-over-year to $406K[10] Land and Development - Total lots controlled reached 74,819 in 3Q24[16] - The supply of lots is 4.8 years[16] - Land spend was $717 million in 3Q24, with 92% allocated to land acquisition[15] Geographic Footprint - The East Region had the highest average active communities with 123[10] - Entry-level homes accounted for 92% of average communities[10] Guidance - The company expects home closings between 3,750 and 3,950 units for the fourth quarter of 2024[17] - The company expects home closing revenue between $1.50 and $1.59 billion for the fourth quarter of 2024[17]