Meritage Homes(MTH) - 2023 Q3 - Earnings Call Presentation

Financial Performance - Home closings increased by 4% to 3,638 in 3Q23 compared to 3,487 in 3Q22[30] - Home closing revenue increased by 3% to $1.61 billion in 3Q23 compared to $1.569 billion in 3Q22[30] - Home closing gross margin decreased by 200 bps to 26.7% in 3Q23 compared to 28.7% in 3Q22[30] - Net earnings decreased by 16% to $222 million in 3Q23 compared to $262 million in 3Q22[30] - Diluted EPS decreased by 16% to $5.98 in 3Q23 compared to $7.10 in 3Q22[30] Sales and Orders - Net sales orders increased 50% year-over-year[10] - Total orders increased to 3,474 in 3Q23[11] - Entry-level homes accounted for 88% of total orders in 3Q23[13] - Absorption per month increased by 52% year-over-year to 4.1 in 3Q23[12] Land and Capital - Land spend totaled $537 million in 3Q23, with a year-to-date spend of $1.3 billion[33] - The company repurchased over 319,000 shares for $45 million in 3Q23[33] - The company redeemed $150 million of 6.00% senior notes due in 2025[33] - Total lots controlled were 60,662, with a supply of 4.2 years[34]