Investor Relations

Press Release

Meritage Homes reports diluted EPS of $5.58 for 2018, with 14% increase in pre-tax earnings on 11% growth in home closings

Company Release - 1/30/2019 4:30 PM ET

Completed previously authorized $100 million share repurchase program

SCOTTSDALE, Ariz., Jan. 30, 2019 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced fourth quarter and full year results for the periods ended December 31, 2018.

 
Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
    
 Three Months Ended December 31, Twelve Months Ended December 31,
 2018 2017 % Chg 2018 2017 % Chg
Homes closed (units)2,505  2,253  11% 8,531  7,709  11%
Home closing revenue$996,063  $923,370  8% $3,474,712  $3,186,775  9%
Average sales price - closings$398  $410  (3)% $407  $413  (1)%
Home orders (units)1,653  1,795  (8)% 8,089  7,957  2%
Home order value$644,210  $760,340  (15)% $3,240,091  $3,296,788  (2)%
Average sales price - orders$390  $424  (8)% $401  $414  (3)%
Ending backlog (units)      2,433  2,875  (15)%
Ending backlog value      $1,015,918  $1,245,771  (18)%
Average sales price - backlog      $418  $433  (4)%
Earnings before income taxes$91,776  $84,090  9% $283,254  $247,519  14%
Net earnings$75,485  $35,553  112% $227,332  $143,255  59%
Diluted EPS$1.91  $0.87  120% $5.58  $3.41  64%
                      

MANAGEMENT COMMENTS

“2018 was a year of growth and transition for Meritage as well as the broader housing market. Our home closings grew 11% for the year and we increased diluted earnings per share by 64% over 2017, with a 60 bps improvement in our home closing gross margin. The strong demand early in the year waned in the later months of 2018 as rising interest rates and home prices caused buyers to delay their home purchasing decisions,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “This was most evident in higher-priced communities, while the demand for affordable entry-level homes continued to outpace the move-up market.

“We made additional progress in aligning our strategy of streamlining and driving efficiency to ultimately better serve our customers, especially the growing number of first-time buyers. Our LiVE.NOW.® communities are targeted at this large and under-served demographic of homebuyers,” explained Mr. Hilton. “The construction and operating efficiencies we’re achieving are allowing us to offer more affordable homes while also generating greater profitability. Our increased home closing gross margin was a primary driver of the 59% growth in net earnings for the year and exceeded our initial expectation for 2018.

He added, "We also strengthened our balance sheet, reducing our net debt-to-capital ratio by almost 500 bps, while returning capital to our investors through the repurchase of $100 million of our outstanding shares.

“As a result of the pause in home buying activity during the latter part of 2018, our orders for the fourth quarter were down 8% from the strong fourth quarter of 2017. Despite the order declines in the second half of the year, our full year orders were up 2% over 2017. Orders for more affordable entry-level homes expanded approximately 25% to 41% of our full year orders for 2018, up from approximately one-third of orders a year ago," he continued. “Markets like California, Denver and Dallas, which had experienced the strongest orders pace and home price appreciation over the last few years, were among those most impacted by reduced affordability and changing buyer preferences, as reflected in our fourth quarter year-over-year order trends, and we are in the process of ramping up our entry-level communities in those markets.

"As we continue the transition to more entry-level communities for the Millennial generation, as well as Baby Boomers looking to move down into a new home, we believe we’re well positioned to address what is expected to be the strongest part of the market for the next decade," concluded Mr. Hilton. “While the near-term outlook is less clear, we’re confident in the longer-term opportunities, considering the underlying drivers for housing demand remain strong. Economic and job growth, household formations, higher incomes and strong consumer confidence, combined with relatively low inventories of homes for sale and the prospect of interest rates stabilizing, should continue to drive demand. We expect to share our projections for the full year 2019 next quarter after we assess market conditions with the benefit of the spring selling season.”

FOURTH QUARTER RESULTS

  • Pre-tax earnings increased 9% over the prior year to $91.8 million for the fourth quarter of 2018, from $84.1 million in the fourth quarter of 2017. Pre-tax earnings growth primarily reflects higher home closing revenue and gross margins. Fourth quarter net earnings were $75.5 million ($1.91 per diluted share) in 2018, compared to $35.6 million ($0.87 per diluted share) in 2017. The 120% increase in diluted EPS reflects the benefit of an effective tax rate of 18% in 2018, compared to 58% in the fourth quarter of 2017, which included a $19.7 million charge resulting from a revaluation of the Company's deferred tax asset based on lower corporate tax rates enacted in 2017 and effective in 2018, as well as a 1.5 million reduction in diluted share count primarily due to the repurchase of shares in the fourth quarter of 2018.

  • Home closing revenue increased 8% over the prior year on 11% higher closing volume. Average closing prices for homes were 3% lower in the fourth quarter of 2018, reflecting a mix shift toward more entry-level homes. Fourth quarter closings grew year-over-year in all states but California, where a 21% decline in closings resulted from lower absorptions and fewer communities on average in the fourth quarter of 2018 compared to 2017.

  • Home closing gross margin increased to 19.0% for the fourth quarter of 2018, its highest level since 2015, and compared to 18.2% in the fourth quarter of 2017. The improved margins reflect efficiencies in operations and cost controls within an inflationary environment.

  • Land closing gross profit of $2.9 million in the fourth quarter of 2017 benefited the prior year's net earnings, while 2018 land closings included $2.2 million of impairments, resulting in a net loss of $825,000.

  • Selling, general and administrative expenses totaled 10.6% of home closing revenue compared to 10.4% in the fourth quarter of 2017. Additional marketing costs and sales commissions were incurred in an effort to stimulate orders in the fourth quarter of 2018, which combined with lower than expected closings and resulted in a loss of leverage of overhead expenses.

  • Total orders for the fourth quarter were 8% lower than 2017, which benefited from a rebound in Florida and Houston orders following the hurricanes during the third quarter of 2017. Those events contributed to an unusually strong fourth quarter of 2017 with 20% orders growth and an 18% increase in absorptions over 2016. Traffic levels and gross sales in the fourth quarter of 2018 were on par or better than the previous year, though cancellations increased to 21% of orders from 16% in the prior year, reflecting heightened caution among buyers due to uncertain market conditions. This was especially pronounced in California and Colorado, where absorptions came down to near the company average in 2018, compared to their highly elevated levels in 2017.

YEAR TO DATE RESULTS

  • Pre-tax earnings increased 14% for the year to $283.3 million in 2018, from $247.5 million in 2017, primarily reflecting higher home closing revenue and home closing gross margin, similar to fourth quarter comparisons.

  • Net earnings of $227.3 million ($5.58 per diluted share) for the year 2018 compared to $143.3 million ($3.41 per diluted share) in 2017, also reflected the benefit of a 20% effective tax rate in 2018 compared to 42% in 2017, and a 1.5 million reduction in diluted shares for the year.

  • A 9% increase in home closing revenue over 2017 was due to an 11% increase in home closing volume, partially offset by a 1% decrease in average closing price, due to an intentional shift toward more entry-level communities with higher absorptions.

  • A 60 bps improvement in home closing gross margin – 18.2% in 2018 compared to 17.6% in 2017 -- combined with the 9% increase in home closing revenue, drove a 12% increase in home closing gross profit and the 14% increase in pre-tax earnings.

  • Total selling, general and administrative expenses were relatively flat at 10.9% and 10.8% of home closing revenue in 2018 and 2017, respectively.

  • Total orders for the year increased 2% over 2017, with a 2% decline in total orders value, reflecting a 3% reduction in ASP (average sales price) for the year, as the overall mix shifted more towards lower-priced entry-level homes.

BALANCE SHEET

  • Cash and cash equivalents at December 31, 2018, totaled $311.5 million, compared to $170.7 million at December 31, 2017. The increase was primarily due to a $209 million reduction in total land and development spending in 2018, primarily due to lower average lot cost of new entry-level lots and constrained spending in the second half of the year, partially offset by $100 million of share repurchases.

  • A total of $195 million was invested in land and development during the fourth quarter of 2018 to meet expected demand and maintain an adequate supply of lots. Total spending on land and development for the full year 2018 was $812 million, compared to $1.02 billion in 2017.

  • Meritage ended 2018 with approximately 34,600 total lots owned or under control, in line with approximately 34,300 total lots at December 31, 2017, translating to 4.1 and 4.5 years supply, respectively, based on trailing twelve months closings. Management targets maintaining a 4-5 year supply of lots. Approximately 69% of total controlled lots were owned and 85% of newly controlled lots in 2018 are intended for entry-level communities.

  • The Company repurchased and retired approximately 2.58 million shares (approximately 6.4% of outstanding common stock at the beginning of the year) for $100 million during 2018, completing the full amount previously authorized by the Company’s Board of Directors.

  • Debt-to-capital and net debt-to-capital ratios of 43.2% and 36.7%, respectively at December 31, 2018, were reduced from 44.9% and 41.4%, respectively at December 31, 2017, strengthening the Company's balance sheet and providing greater flexibility to respond to dynamic market conditions.

CONFERENCE CALL

Management will host a conference call to discuss the results at 8:00 a.m. Arizona Time (10:00 a.m. Eastern Time) on Thursday, January 31. The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's web site at http://investors.meritagehomes.com. Telephone participants can avoid delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.

Conference Call registration link: http://dpregister.com/10127573

Telephone participants who are unable to pre-register may dial in to 1-866-226-4948 on the day of the call. International dial-in number is 1-412-902-4125 or 1-855-669-9657 for Canada.

A replay of the call will be available beginning at approximately 12:00 p.m. ET on January 31 and extending through February 14, 2019, on the website noted above or by dialing 1-877-344-7529, 1-412-317-0088 for international or 1-855-669-9658 for Canada, and referencing conference number 10127573.

 
Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(Unaudited)
(In thousands, except per share data)
     
  Three Months Ended December 31, Twelve Months Ended December 31,
  2018 2017 2018 2017
Homebuilding:       
 Home closing revenue$996,063  $923,370  $3,474,712  $3,186,775 
 Land closing revenue12,716  23,055  38,707  39,997 
 Total closing revenue1,008,779  946,425  3,513,419  3,226,772 
 Cost of home closings(806,550) (755,067) (2,842,762) (2,624,636)
 Cost of land closings(13,541) (20,133) (41,504) (35,637)
 Total cost of closings(820,091) (775,200) (2,884,266) (2,660,273)
 Home closing gross profit189,513  168,303  631,950  562,139 
 Land closing (loss)/gross profit(825) 2,922  (2,797) 4,360 
 Total closing gross profit188,688  171,225  629,153  566,499 
Financial Services:       
 Revenue4,412  4,061  15,162  14,203 
 Expense(1,618) (1,552) (6,454) (6,006)
 Earnings from financial services unconsolidated entities and other, net5,058  4,185  15,336  13,858 
 Financial services profit7,852  6,694  24,044  22,055 
Commissions and other sales costs(68,040) (62,781) (241,897) (221,647)
General and administrative expenses(37,474) (33,192) (138,478) (124,041)
(Loss)/earnings from other unconsolidated entities, net(91) 1,249  601  2,101 
Interest expense(552) (292) (785) (3,853)
Other income, net1,393  1,187  10,616  6,405 
Earnings before income taxes91,776  84,090  283,254  247,519 
Provision for income taxes(16,291) (48,537) (55,922) (104,264)
Net earnings$75,485  $35,553  $227,332  $143,255 
        
Earnings per share:       
 Basic       
 Earnings per share$1.93  $0.88  $5.67  $3.56 
 Weighted average shares outstanding39,026  40,328  40,107  40,287 
 Diluted       
 Earnings per share$1.91  $0.87  $5.58  $3.41 
 Weighted average shares outstanding39,575  41,073  40,728  42,228 
             


Meritage Homes Corporation and Subsidiaries
 Consolidated Balance Sheets
(In thousands)
(unaudited)
 
 December 31, 2018 December 31, 2017
Assets:   
Cash and cash equivalents$311,466  $170,746 
Other receivables77,285  79,317 
Real estate (1)2,742,621  2,731,380 
Real estate not owned  38,864 
Deposits on real estate under option or contract51,410  59,945 
Investments in unconsolidated entities17,480  17,068 
Property and equipment, net54,596  33,631 
Deferred tax asset26,465  35,162 
Prepaids, other assets and goodwill84,156  85,145 
Total assets$3,365,479  $3,251,258 
Liabilities:   
Accounts payable$128,169  $140,516 
Accrued liabilities177,862  181,076 
Home sale deposits28,636  34,059 
Liabilities related to real estate not owned  34,978 
Loans payable and other borrowings14,773  17,354 
Senior notes1,295,284  1,266,450 
Total liabilities1,644,724  1,674,433 
Stockholders' Equity:   
Preferred stock   
Common stock381  403 
Additional paid-in capital501,781  584,578 
Retained earnings1,218,593  991,844 
Total stockholders’ equity1,720,755  1,576,825 
Total liabilities and stockholders’ equity$3,365,479  $3,251,258 
(1) Real estate – Allocated costs:   
Homes under contract under construction$480,143  $566,474 
Unsold homes, completed and under construction644,717  516,577 
Model homes146,327  142,026 
Finished home sites and home sites under development1,471,434  1,506,303 
Total real estate$2,742,621  $2,731,380 
        


Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):
 
 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2018 2017 2018 2017
Depreciation and amortization$7,508  $4,633  $26,966  $16,704 
        
Summary of Capitalized Interest:       
Capitalized interest, beginning of period$88,064  $76,773  $78,564  $68,196 
Interest incurred21,490  20,846  85,278  79,045 
Interest expensed(552) (292) (785) (3,853)
Interest amortized to cost of home and land closings(20,548) (18,763) (74,603) (64,824)
Capitalized interest, end of period$88,454  $78,564  $88,454  $78,564 
        
 December 31, 2018 December 31, 2017    
Notes payable and other borrowings$1,310,057  $1,283,804     
Stockholders' equity1,720,755  1,576,825     
Total capital3,030,812  2,860,629     
Debt-to-capital43.2% 44.9%    
Notes payable and other borrowings$1,310,057  $1,283,804     
Less: cash and cash equivalents(311,466) (170,746)    
Net debt998,591  1,113,058     
Stockholders’ equity1,720,755  1,576,825     
Total net capital$2,719,346  $2,689,883     
Net debt-to-capital36.7% 41.4%    
          


Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) (unaudited)
  
 Twelve Months Ended December 31,
 2018 2017
Cash flows from operating activities:   
Net earnings$227,332  $143,255 
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:   
Depreciation and amortization26,966  16,704 
Stock-based compensation17,170  12,056 
Equity in earnings from unconsolidated entities(16,333) (15,959)
Deferred tax asset revaluation(2,741) 19,687 
Distribution of earnings from unconsolidated entities16,142  15,337 
Other15,847  5,849 
Changes in assets and liabilities:   
Increase in real estate(19,426) (301,477)
Decrease in deposits on real estate under option or contract12,444  21,355 
Decrease/(increase) in receivables, prepaids and other assets3,042  (17,775)
(Decrease)/increase in accounts payable and accrued liabilities(12,820) 8,125 
(Decrease)/increase in home sale deposits(5,423) 5,711 
Net cash provided by/(used in) operating activities262,200  (87,132)
Cash flows from investing activities:   
Investments in unconsolidated entities$(808) $(670)
Distributions of capital from unconsolidated entities597  1,338 
Purchases of property and equipment(33,415) (18,096)
Proceeds from sales of property and equipment99  356 
Maturities/sales of investments and securities1,181  1,402 
Payments to purchase investments and securities(1,181) (1,402)
Net cash used in investing activities(33,527) (17,072)
Cash flows from financing activities:   
Repayments of Credit Facility, net$  $(15,000)
Repayment of loans payable and other borrowings(15,755) (10,970)
Repayment of senior notes and senior convertible notes(175,000) (126,691)
Proceeds from issuance of senior notes206,000  300,000 
Payment of debt issuance costs(3,198) (4,091)
Repurchase of shares(100,000)  
Net cash (used in)/provided by financing activities(87,953) 143,248 
Net increase in cash and cash equivalents140,720  39,044 
Beginning cash and cash equivalents170,746  131,702 
Ending cash and cash equivalents$311,466  $170,746 
        


Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(unaudited)
        
 Three Months Ended
 December 31, 2018 December 31, 2017
 Homes Value Homes Value
Homes Closed:       
Arizona453  $141,622  396  $132,596 
California206  144,179  261  153,921 
Colorado212  111,461  154  89,941 
West Region871  397,262  811  376,458 
Texas836  298,824  741  267,139 
Central Region836  298,824  741  267,139 
Florida317  126,136  296  127,880 
Georgia152  54,732  89  29,830 
North Carolina166  63,078  163  68,432 
South Carolina98  32,011  90  29,857 
Tennessee65  24,020  63  23,774 
East Region798  299,977  701  279,773 
Total2,505  $996,063  2,253  $923,370 
Homes Ordered:       
Arizona300  $98,290  269  $93,143 
California109  72,227  248  169,593 
Colorado116  60,398  129  69,550 
West Region525  230,915  646  332,286 
Texas591  209,787  582  211,413 
Central Region591  209,787  582  211,413 
Florida190  79,632  216  90,611 
Georgia94  32,413  102  33,407 
North Carolina149  55,929  143  54,672 
South Carolina66  20,652  66  22,911 
Tennessee38  14,882  40  15,040 
East Region537  203,508  567  216,641 
Total1,653  $644,210  1,795  $760,340 
              


Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(unaudited)
  
 Twelve Months Ended
 December 31, 2018 December 31, 2017
 Homes Value Homes Value
Homes Closed:       
Arizona1,505  $485,867  1,535  $515,410 
California849  588,975  963  581,016 
Colorado628  342,984  571  323,318 
West Region2,982  1,417,826  3,069  1,419,744 
Texas2,840  1,006,221  2,493  904,286 
Central Region2,840  1,006,221  2,493  904,286 
Florida1,078  455,292  814  353,554 
Georgia468  161,969  312  104,690 
North Carolina654  254,207  533  233,028 
South Carolina309  104,622  307  104,942 
Tennessee200  74,575  181  66,531 
East Region2,709  1,050,665  2,147  862,745 
Total8,531  $3,474,712  7,709  $3,186,775 
Homes Ordered:       
Arizona1,522  $499,353  1,417  $473,602 
California622  432,134  1,050  650,287 
Colorado614  331,389  497  284,082 
West Region2,758  1,262,876  2,964  1,407,971 
Texas2,801  995,473  2,582  931,069 
Central Region2,801  995,473  2,582  931,069 
Florida1,004  422,925  1,007  433,365 
Georgia440  157,706  372  121,713 
North Carolina588  224,552  583  242,355 
South Carolina299  101,426  290  99,738 
Tennessee199  75,133  159  60,577 
East Region2,530  981,742  2,411  957,748 
Total8,089  $3,240,091  7,957  $3,296,788 
        
Order Backlog:       
Arizona343  $133,567  326  $119,535 
California91  66,391  318  222,909 
Colorado185  103,470  199  114,848 
West Region619  303,428  843  457,292 
Texas981  372,826  1,020  381,517 
Central Region981  372,826  1,020  381,517 
Florida372  164,728  446  196,265 
Georgia123  46,344  151  50,386 
North Carolina177  67,316  243  96,579 
South Carolina89  32,333  99  35,432 
Tennessee72  28,943  73  28,300 
East Region833  339,664  1,012  406,962 
Total2,433  $1,015,918  2,875  $1,245,771 
              


Meritage Homes Corporation and Subsidiaries
Operating Data
(unaudited)
        
 Three Months Ended
 December 31, 2018 December 31, 2017
 Ending Average Ending Average
Active Communities:       
Arizona40  42.0  38  39.0 
California17  15.5  20  22.0 
Colorado20  20.0  11  10.0 
West Region77  77.5  69  71.0 
Texas95  93.5  92  92.5 
Central Region95  93.5  92  92.5 
Florida31  30.5  28  28.5 
Georgia22  22.0  19  18.0 
North Carolina25  22.5  17  17.5 
South Carolina12  12.0  13  13.5 
Tennessee10  10.0  6  6.0 
East Region100  97.0  83  83.5 
Total272  268.0  244  247.0 
            


 Twelve Months Ended
 December 31, 2018 December 31, 2017
 Ending Average Ending Average
Active Communities:       
Arizona40  39.0  38  40.0 
California17  18.5  20  24.0 
Colorado20  15.5  11  10.5 
West Region77  73.0  69  74.5 
Texas95  93.5  92  86.0 
Central Region95  93.5  92  86.0 
Florida31  29.5  28  27.5 
Georgia22  20.5  19  18.0 
North Carolina25  21.0  17  17.0 
South Carolina12  12.5  13  14.0 
Tennessee10  8.0  6  6.5 
East Region100  91.5  83  83.0 
Total272  258.0  244  243.5 
            

ABOUT MERITAGE HOMES CORPORATION

Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2017. Meritage builds and sells single-family homes for entry-level, move-up, and active adult buyers in markets including California, Texas, Arizona, Colorado, Florida, North Carolina, South Carolina, Tennessee and Georgia.

The Company has designed and built over 120,000 homes in its 33-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR® Partner of the Year for Sustained Excellence Award every year since 2013 for innovation and industry leadership in energy efficient homebuilding.

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's expectations regarding the entry-level market and macroeconomic housing demand drivers.

Such statements are based on the current beliefs and expectations of Company management, and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations, except as required by law. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: the availability and cost of finished lots and undeveloped land; shortages in the availability and cost of labor; changes in interest rates and the availability and pricing of residential mortgages; changes in tax laws that adversely impact us or our homebuyers; inflation in the cost of materials used to develop communities and construct homes; the success of strategic initiatives; the ability of our potential buyers to sell their existing homes; cancellation rates; the adverse effect of slow absorption rates; slowing in the growth of entry-level home buyers; competition; impairments of our real estate inventory; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest or option deposits; our potential exposure to and impacts from natural disasters or severe weather conditions; home warranty and construction defect claims; failures in health and safety performance; our success in prevailing on contested tax positions; our ability to obtain performance and surety bonds in connection with our development work; the loss of key personnel; failure to comply with laws and regulations; our limited geographic diversification; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our compliance with government regulations, the effect of legislative and other governmental actions, orders, policies or initiatives that impact housing, labor availability, construction, mortgage availability, our access to capital, the cost of capital or the economy in general, or other initiatives that seek to restrain growth of new housing construction or similar measures; legislation relating to energy and climate change; the replication of our energy-efficient technologies by our competitors; our exposure to information technology failures and security breaches; negative publicity that affects our reputation; legislation related to tariffs and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2017 and Form 10-Q for the third quarter ended September 30, 2018 under the caption "Risk Factors," which can be found on our website at www.investors.meritagehomes.com.

  
Contacts:Brent Anderson, VP Investor Relations
 (972) 580-6360 (office)
 investors@meritagehomes.com

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Source: Meritage Homes Corporation