Meritage Homes Reports Fourth Quarter 2015 Results, Including 23% Order Growth, 11% Increase in Home Closing Revenue and 6% Increase in Diluted EPS at $1.26

SCOTTSDALE, AZ -- (Marketwired) -- 01/28/16 -- Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced fourth quarter and full year results for the periods ended December 31, 2015.


Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2015		2014		%Chg		2015		2014		%Chg
Homes closed (units)		1,919		1,863	3	%		6,522		5,862	11	%
Home closing revenue	$	761,372	$	688,288	11	%	$	2,531,556	$	2,142,391	18	%
Average sales price - closings	$	397	$	369	8	%	$	388	$	365	6	%
Home orders (units)		1,568		1,272	23	%		7,100		5,944	19	%
Home order value	$	634,181	$	490,999	29	%	$	2,822,785	$	2,238,117	26	%
Average sales price - orders	$	404	$	386	5	%	$	398	$	377	6	%
Ending backlog (units)								2,692		2,114	27	%
Ending backlog value							$	1,137,681	$	846,452	34	%
Average sales price - backlog							$	423	$	400	6	%
Net earnings	$	52,897	$	49,208	7	%	$	128,738	$	142,241	(9	)%
Diluted EPS	$	1.26	$	1.19	6	%	$	3.09	$	3.46	(11	)%

MANAGEMENT COMMENTS

"We finished the full year with double-digit growth over 2014 in closings, orders and backlog, with particularly strong performance in our east and west regions," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "Our full year orders benefitted from significant growth in the fourth quarter -- including a 16% increase in Texas -- reflecting a higher absorption pace within most of our markets, in addition to more actively selling communities.

"We achieved a 15% increase over 2014 in our pretax earnings for the fourth quarter," continued Mr. Hilton. "Our home closing revenue increased 11% as we closed more homes at higher average prices, which in turn provided greater overhead leverage and more than offset a lower gross margin on home closings. We also achieved a 100 basis point improvement in our percentage of selling, general and administrative expenses from cost controls, in addition to higher closing revenue."

Mr. Hilton added, "With continued healthy market conditions as we've been experiencing in most of our divisions, we are confident in our prospects for 2016, especially considering that we entered the year with a backlog valued at over $1.1 billion -- 34% higher than it was a year ago.

"We currently anticipate closing between 7,000 and 7,500 homes in 2016 and growing our community count 5-10% by the end of the year," concluded Mr. Hilton. "Furthermore, considering longer-term growth prospects for our industry, we believe our goal of delivering 10,000 homes in 2018 is achievable."

FOURTH QUARTER RESULTS

Net earnings increased 7% to $52.9 million ($1.26 per diluted share) for the fourth quarter of 2015, compared to prior year net earnings of $49.2 million ($1.19 per diluted share), primarily reflecting increased revenue and lower overhead expenses as a percentage of revenue, partially offset by lower home closing gross margin, higher interest expense and a higher effective tax rate.

Home closing revenue increased 11% due to a 3% increase in home closings, combined with an 8% increase in average price over the prior year period. The west region (California, Colorado and Arizona) grew home closing revenue by 27% over 2014, followed by the east region's 18% increase (Florida, the Carolinas, Georgia and Tennessee), and a 14% decrease in the central region (Texas) due in part to the impact of lower oil prices on the Houston market.

Total value of homes ordered increased 29%, combining a 23% increase in orders with a 5% increase in average sales prices. Orders increased in every state but Colorado, where average community count was down 6%. Total order value was up across the board in the fourth quarter of 2015, including Texas, where orders and order value increased 16% and 29%, respectively, over the fourth quarter of 2014.

Total active community count of 254 at year-end 2015 was 11% higher than 2014 year-end, with increases concentrated in the east and central regions, where the average actively selling communities were up 18% and 15% year-over-year in the fourth quarter, respectively. Average orders per community also increased 11% to 6.2 in the fourth quarter of 2015 from 5.6 in the fourth quarter of 2014.

Order cancellation rate decreased to 12% in the fourth quarter of 2015 from 17% in the fourth quarter of 2014, reflecting buyer confidence and rising home values.

Home closing gross profit increased 5% over the prior year due to higher home closing revenue, partially offset by a decline in home closing gross margin. Fourth quarter 2015 home closing margin was 19.3% compared to 20.3% in the fourth quarter of 2014, due to increases in land prices and overall construction costs exceeding home price appreciation during 2015.

Commissions and other sales costs decreased 20 basis points from the prior year to 7.0% of home closing revenue, benefitting from higher closing revenue and tighter cost controls in the fourth quarter of 2015, compared to 7.2% of home closing revenue in the fourth quarter of 2014.

General and administrative expenses decreased by 80 basis points to 3.4% of total closing revenue in the fourth quarter of 2015, compared to 4.2% of total closing revenue in the previous year, reflecting greater leverage from higher closing revenue and various cost reductions.

Interest expense increased to $4.0 million or 0.5% of total closing revenue in the fourth quarter of 2015, compared to $0.6 million or 0.1% of total closing revenue in the fourth quarter of 2014, mainly due to higher long-term debt balances in 2015.

Earnings before income taxes increased 15% to $76.1 million in the fourth quarter of 2015 compared to $66.4 million in the fourth quarter of 2014, equating to pretax margins of 9.7% in 2015 and 9.5% in 2014. The effective tax rate increased to 30% in the fourth quarter of 2015 from 26% in 2014.

FULL YEAR RESULTS

Net income for the full year decreased 9% to $128.7 million in 2015 compared to $142.2 million in 2014 as higher revenue was offset by a lower gross margin on home closings, $2.9 million of incremental real estate related impairments compared to 2014, and a $4.1 million litigation-related charge in the third quarter of 2015.

Home closings and closing revenue increased 11% and 18%, respectively, for 2015 over 2014, led by higher volumes and average prices in the east region, which grew home closing revenue 45% in 2015, followed by 13% and 3% increases in the west and central (Texas) regions, respectively.

Full year home closing gross margin of 19.0% compared to 21.2% in 2014 reflects price inflation in both land and construction costs, which was only partially offset by home price increases. Gross margin was also reduced by $6.6 million of real estate related impairments in 2015, compared to $3.7 million in 2014.

Despite lower gross margin, home closing profits increased 6% over 2014 on higher closing revenue in 2015.

Financial services profit increased 19% in 2015 to $19.3 million from $16.2 million in 2014.

Net orders for the year increased 19% in 2015 over 2014, and total order value increased 26% year over year, aided by a 6% increase in average sales prices in addition to a full year of orders from Legendary Communities, acquired in August 2014.

The total value of orders in backlog at year-end 2015 was 34% higher than the prior year's ending backlog, reflecting a 27% increase in units in backlog coupled with a 6% increase in average price.

BALANCE SHEET

Cash and cash equivalents at December 31, 2015, totaled $262.2 million, compared to $103.3 million at December 31, 2014, reflecting the issuance of $200 million of new senior notes in early June 2015, a portion of which was deployed during the year to fund the company's growth.

Real estate assets increased by $220.6 million during the year, ending at $2.1 billion at December 31, 2015. Approximately 58% of that increase was attributable to additional work-in-process inventory for homes in backlog that were under construction. The company invested a total of approximately $709 million in land and development during 2015, less than originally planned due to high land prices in the west, slowing in the Houston market and repositioning of assets in the east.

Meritage ended the year 2015 with approximately 27,800 total lots under control, compared to approximately 30,300 total lots at December 31, 2014, representing 4.3 and 5.2 years' supply of lots, respectively, based on trailing twelve months' closings. Much of the reduction was due to strategic sales of excess assets in certain markets, as well as the termination of certain lot purchase options in southeastern markets.

Net debt-to-capital ratio at December 31, 2015 decreased to 40.7% from 42.9% at December 31, 2014.

CONFERENCE CALL

Management will host a conference call today to discuss the Company's results at 1:00 p.m. Eastern Time (11:00 a.m. Arizona Time). 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 may avoid any 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/10078808.

Telephone participants who are unable to pre-register may dial in to 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 until February 15, beginning at 2:00 p.m. ET on January 29, 2016 on the website noted above, or by dialing 877-344-7529, 1-412-317-0088 for international or 1-855-669-9658 for Canada, and referencing conference number 10078808.

For more information, visit www.meritagehomes.com.


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,
			2015			2014			2015			2014
Homebuilding:
	Home closing revenue		$	761,372		$	688,288		$	2,531,556		$	2,142,391
	Land closing revenue			20,241			10,630			36,526			27,252
		Total closing revenue		781,613			698,918			2,568,082			2,169,643
	Cost of home closings			(614,794	)		(548,371	)		(2,049,637	)		(1,688,676	)
	Cost of land closings			(14,744	)		(10,266	)		(29,736	)		(28,350	)
		Total cost of closings		(629,538	)		(558,637	)		(2,079,373	)		(1,717,026	)
	Home closing gross profit			146,578			139,917			481,919			453,715
	Land closing gross profit/(loss)			5,497			364			6,790			(1,098	)
		Total closing gross profit		152,075			140,281			488,709			452,617
Financial Services:
	Revenue			3,101			3,022			11,377			10,121
	Expense			(1,289	)		(1,368	)		(5,203	)		(4,812	)
	Earnings from financial services unconsolidated entities and other, net			3,942			3,588			13,097			10,869
		Financial services profit		5,754			5,242			19,271			16,178
Commissions and other sales costs				(53,542	)		(49,492	)		(188,418	)		(156,742	)
General and administrative expenses				(26,775	)		(29,138	)		(112,849	)		(104,598	)
Income/(loss) from other unconsolidated entities, net				77			(83	)		(338	)		(447	)
Interest expense				(4,003	)		(594	)		(15,965	)		(5,163	)
Other income/(loss), net				2,499			177			(946	)		6,572
Earnings before income taxes				76,085			66,393			189,464			208,417
Provision for income taxes				(23,188	)		(17,185	)		(60,726	)		(66,176	)
Net earnings			$	52,897		$	49,208		$	128,738		$	142,241

Earnings per share:
	Basic
		Earnings per share	$	1.33		$	1.26		$	3.25		$	3.65
		Weighted average shares outstanding		39,667			39,133			39,593			39,017
	Diluted
		Earnings per share	$	1.26		$	1.19		$	3.09		$	3.46
		Weighted average shares outstanding		42,214			41,696			42,164			41,614

Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(unaudited)

				December 31, 2015		December 31, 2014
Assets:
	Cash and cash equivalents			$	262,208	$	103,333
	Other receivables				57,296		56,763
	Real estate ⁽¹⁾				2,098,302		1,877,682
	Real estate not owned				-		4,999
	Deposits on real estate under option or contract				87,839		94,989
	Investments in unconsolidated entities				11,370		10,780
	Property and equipment, net				33,970		32,403
	Deferred tax asset				59,147		64,137
	Prepaids, other assets and goodwill				80,390		71,052
		Total assets		$	2,690,522	$	2,316,138
Liabilities:
	Accounts payable			$	106,440	$	83,619
	Accrued liabilities				161,163		154,144
	Home sale deposits				36,197		29,379
	Liabilities related to real estate not owned				-		4,299
	Loans payable and other borrowings				23,867		30,722
	Senior and convertible senior notes				1,103,918		904,486
			Total liabilities		1,431,585		1,206,649
Stockholders' Equity:
	Preferred stock				-		-
	Common stock				397		391
	Additional paid-in capital				559,492		538,788
	Retained earnings				699,048		570,310
			Total stockholders' equity		1,258,937		1,109,489
		Total liabilities and stockholders' equity		$	2,690,522	$	2,316,138

⁽¹⁾ Real estate - Allocated costs:
	Homes under contract under construction			$	456,138	$	328,931
	Unsold homes, completed and under construction				307,425		302,288
	Model homes				138,546		109,614
	Finished home sites and home sites under development				1,196,193		1,136,849
			Total real estate	$	2,098,302	$	1,877,682

Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands - unaudited):

		Three Months Ended December 31,						Twelve Months Ended December 31,
		2015			2014			2015			2014
Depreciation and amortization		$	3,947		$	3,460		$	14,241		$	11,614

Summary of Capitalized Interest:
Capitalized interest, beginning of period		$	61,396		$	50,455		$	54,060		$	32,992
Interest incurred			17,877			15,041			67,542			58,374
Interest expensed			(4,003	)		(594	)		(15,965	)		(5,163	)
Interest amortized to cost of home and land closings			(14,068	)		(10,842	)		(44,435	)		(32,143	)
Capitalized interest, end of period		$	61,202		$	54,060		$	61,202		$	54,060

		December 31, 2015			December 31, 2014
Notes payable and other borrowings		$	1,127,785		$	935,208
Stockholders' equity			1,258,937			1,109,489
Total capital			2,386,722			2,044,697
Debt-to-capital			47.3	%		45.7	%

Notes payable and other borrowings		$	1,127,785		$	935,208
	Less: cash and cash equivalents		(262,208	)		(103,333	)
Net debt			865,577			831,875
Stockholders' equity			1,258,937			1,109,489
Total net capital		$	2,124,514		$	1,941,364
Net debt-to-capital			40.7	%		42.9	%

Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) (unaudited)

			Twelve Months Ended December 31,
			2015			2014
Cash flows from operating activities:
	Net earnings		$	128,738		$	142,241
	Adjustments to reconcile net earnings to net cash used in operating activities:
		Depreciation and amortization		14,241			11,614
		Stock-based compensation		15,781			12,211
		Excess income tax benefit from stock-based awards		(2,043	)		(2,297	)
		Equity in earnings from unconsolidated entities		(12,759	)		(10,422	)
		Distribution of earnings from unconsolidated entities		12,650			11,613
		Other		11,530			10,149
	Changes in assets and liabilities:
		Increase in real estate		(209,407	)		(338,594	)
		Decrease/(Increase) in deposits on real estate under option or contract		6,316			(42,278	)
		Increase in receivables, prepaids and other assets		(7,083	)		(25,032	)
		Increase in accounts payable and accrued liabilities		31,883			14,688
		Increase in home sale deposits		6,818			4,859
		Net cash used in operating activities		(3,335	)		(211,248	)
Cash flows from investing activities:
	Investments in unconsolidated entities			(481	)		(515	)
	Distributions of capital from unconsolidated entities			-			65
	Purchases of property and equipment			(16,092	)		(20,788	)
	Proceeds from sales of property and equipment			86			262
	Maturities/sales of investments and securities			1,555			124,599
	Payments to purchase investments and securities			(1,555	)		(35,813	)
	Cash paid for acquisitions			-			(130,677	)
		Net cash used in by investing activities		(16,487	)		(62,867	)
Cash flows from financing activities:
	Repayment of loans payable and other borrowings			(23,226	)		(10,447	)
	Proceeds from issuance of senior notes			200,000			-
	Proceeds from issuance of common stock, net			-			110,420
	Debt issuance costs			(3,006	)		-
	Excess income tax benefit from stock-based awards			2,043			2,297
	Proceeds from stock option exercises			2,886			1,042
		Net cash provided by financing activities		178,697			103,312
Net increase/(decrease) in cash and cash equivalents				158,875			(170,803	)
Beginning cash and cash equivalents				103,333			274,136
Ending cash and cash equivalents			$	262,208		$	103,333

Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(unaudited)

		Three Months Ended
		December 31, 2015			December 31, 2014
		Homes	Value		Homes	Value
Homes Closed:
	Arizona	291	$	98,004	225	$	73,101
	California	323		175,601	239		122,851
	Colorado	131		57,211	146		64,696
	West Region	745		330,816	610		260,648
	Texas	559		194,879	713		227,342
	Central Region	559		194,879	713		227,342
	Florida	254		106,520	217		87,503
	Georgia	72		23,735	53		17,734
	North Carolina	162		66,921	138		55,870
	South Carolina	83		24,217	75		24,747
	Tennessee	44		14,284	57		14,444
	East Region	615		235,677	540		200,298
	Total	1,919	$	761,372	1,863	$	688,288
Homes Ordered:
	Arizona	253	$	86,887	173	$	55,489
	California	215		118,370	173		96,335
	Colorado	105		51,033	113		49,958
	West Region	573		256,290	459		201,782
	Texas	465		171,938	401		133,282
	Central Region	465		171,938	401		133,282
	Florida	200		80,929	168		71,692
	Georgia	73		25,704	41		12,996
	North Carolina	159		67,492	127		46,900
	South Carolina	65		20,071	55		18,952
	Tennessee	33		11,757	21		5,395
	East Region	530		205,953	412		155,935
	Total	1,568	$	634,181	1,272	$	490,999

Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(unaudited)

		Twelve Months Ended
		December 31, 2015			December 31, 2014
		Homes	Value		Homes	Value
Homes Closed:
	Arizona	1,008	$	325,371	924	$	307,282
	California	888		478,174	785		395,105
	Colorado	495		224,125	464		206,702
	West Region	2,391		1,027,670	2,173		909,089
	Texas	2,025		705,318	2,224		683,717
	Central Region	2,025		705,318	2,224		683,717
	Florida	843		361,127	699		277,045
	Georgia	228		72,913	90		29,633
	North Carolina	551		215,642	386		157,989
	South Carolina	330		101,847	112		36,241
	Tennessee	154		47,039	178		48,677
	East Region	2,106		798,568	1,465		549,585
	Total	6,522	$	2,531,556	5,862	$	2,142,391
Homes Ordered:
	Arizona	1,133	$	377,059	838	$	276,261
	California	965		538,357	772		411,605
	Colorado	559		264,643	530		235,951
	West Region	2,657		1,180,059	2,140		923,817
	Texas	2,109		746,471	2,290		747,103
	Central Region	2,109		746,471	2,290		747,103
	Florida	893		376,563	728		290,343
	Georgia	270		89,755	72		22,443
	North Carolina	626		258,952	438		171,843
	South Carolina	348		105,838	99		33,177
	Tennessee	197		65,147	177		49,391
	East Region	2,334		896,255	1,514		567,197
	Total	7,100	$	2,822,785	5,944	$	2,238,117

Order Backlog:
	Arizona	317	$	117,906	192	$	66,218
	California	289		184,146	212		123,963
	Colorado	332		162,151	268		121,633
	West Region	938		464,203	672		311,814
	Texas	942		350,194	858		309,041
	Central Region	942		350,194	858		309,041
	Florida	287		118,006	237		102,570
	Georgia	95		33,426	53		16,584
	North Carolina	260		111,478	185		68,168
	South Carolina	88		30,111	70		26,120
	Tennessee	82		30,263	39		12,155
	East Region	812		323,284	584		225,597
	Total	2,692	$	1,137,681	2,114	$	846,452

Meritage Homes Corporation and Subsidiaries
Operating Data
(unaudited)

		Three Months Ended
		December 31, 2015		December 31, 2014
		Ending	Average	Ending	Average
Active Communities:
	Arizona	41	41.0	41	41.5
	California	24	25.0	24	23.0
	Colorado	16	15.5	17	16.5
	West Region	81	81.5	82	81.0
	Texas	72	71.0	59	62.0
	Central Region	72	71.0	59	62.0
	Florida	31	31.0	29	27.5
	Georgia	17	17.0	13	12.0
	North Carolina	26	25.5	21	20.5
	South Carolina	18	17.5	20	19.5
	Tennessee	9	8.5	5	4.5
	East Region	101	99.5	88	84.0
	Total	254	252.0	229	227.0

		Twelve Months Ended
		December 31, 2015		December 31, 2014
		Ending	Average	Ending	Average
Active Communities:
	Arizona	41	41.0	41	40.5
	California	24	24.0	24	23.0
	Colorado	16	16.5	17	15.5
	West Region	81	81.5	82	79.0
	Texas	72	65.5	59	64.5
	Central Region	72	65.5	59	64.5
	Florida	31	30.0	29	24.5
	Georgia	17	15.0	13	6.5
	North Carolina	26	23.5	21	19.0
	South Carolina	18	19.0	20	10.0
	Tennessee	9	7.0	5	5.0
	East Region	101	94.5	88	65.0
	Total	254	241.5	229	208.5

About Meritage Homes Corporation

Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2014. Meritage builds and sells single-family homes for first-time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. Meritage builds in markets including Sacramento, San Francisco Bay area, southern coastal and Inland Empire markets in California; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale, Green Valley and Tucson, Arizona; Denver and Fort Collins, Colorado; Orlando and Tampa, Florida; Raleigh and Charlotte, North Carolina; Greenville-Spartanburg and York County, South Carolina; Nashville, Tennessee and Atlanta, Georgia.

Meritage has designed and built more than 90,000 homes in its 30-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 in 2013, 2014 and 2015, for innovation and industry leadership in energy efficient homebuilding.

For more information, visit investors.meritagehomes.com.

This press release and the accompanying comments during our analyst call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's belief about its prospects for 2016 and beyond, including that the Company will achieve better results in the east region, expectations with respect to community count and closings for 2016, as well as its goal for 2018 deliveries (closings).

Such statements are based upon the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. 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. 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 of finished lots and undeveloped land; interest rates and changes in the availability and pricing of residential mortgages; fluctuations in the availability and cost of labor; changes in tax laws that adversely impact us or our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates; fluctuations in home prices in our markets; weakness in the homebuilding market resulting from a setback in the current economic recovery due to lower energy prices or other factors; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slower order absorption rates; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of option deposits; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our potential exposure to natural disasters or severe weather conditions; competition; construction defect and home warranty claims; adverse legal rulings; our success in prevailing on contested tax positions; our ability to obtain performance bonds in connection with our development work; the loss of key personnel; changes in, or our failure to comply with, laws and regulations; limitations of our geographic diversification; fluctuations in quarterly operating results; our financial leverage and level of indebtedness; our ability to take certain actions because of restrictions contained in the indentures for our senior notes; our ability to raise additional capital when and if needed; our credit ratings; our compliance with government regulations and the effect of legislative or other initiatives that seek to restrain growth of new housing construction or similar measures; expiration or non-renewal of current or anticipated tax credits available to us; acts of war; the replication of our "Green" technologies by our competitors; our exposure to information technology failures and security breaches; 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, 2014 and subsequent quarterly reports on Forms 10-Q under the caption "Risk Factors," which can be found on our website.

Image Available: http://www.marketwire.com/library/MwGo/2016/1/27/11G080464/Images/TAM_Mariposa_Palermo_Ext_01-3b0c509810d4a25aad4eb871a0387294.jpg

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

Source: Meritage Homes Corporation

Released January 28, 2016

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