Exhibit 99.1

Contacts:Emily Tadano, VP Investor Relations and ESG
(480) 515-8979 (office)

Meritage Homes closes out 2022 with record fourth quarter results including a 29% increase in home closings, a 32% increase in home closing revenue and $7.09 of diluted EPS

SCOTTSDALE, Ariz., February 1, 2023 - Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced fourth quarter and full year results for the periods ended December 31, 2022.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
 Three Months Ended December 31,Twelve Months Ended December 31,
 20222021% Chg20222021% Chg
Homes closed (units)4,540 3,526 29 %14,106 12,801 10 %
Home closing revenue$1,984,063 $1,498,813 32 %$6,207,498 $5,094,873 22 %
Average sales price - closings$437 $425 %$440 $398 11 %
Home orders (units)1,808 3,367 (46)%11,759 13,808 (15)%
Home order value$703,706 $1,459,060 (52)%$5,255,600 $5,796,813 (9)%
Average sales price - orders$389 $433 (10)%$447 $420 %
Ending backlog (units)3,332 5,679 (41)%
Ending backlog value$1,524,775 $2,516,164 (39)%
Average sales price - backlog$458 $443 %
Earnings before income taxes$342,249 $311,497 10 %$1,289,318 $954,834 35 %
Net earnings$262,365 $237,460 10 %$992,192 $737,444 35 %
Diluted EPS$7.09 $6.25 13 %$26.74 $19.29 39 %


"As a result of the Meritage team's dedication and exceptional execution, we finished the year strong, delivering 29% more homes and 32% higher home closing revenue in the fourth quarter of 2022 compared to prior year. However, ongoing economic uncertainty continued to impact buyer psychology and undermine housing demand this quarter, generating a 46% decrease in fourth quarter orders," said Steven J. Hilton, executive chairman of Meritage Homes.

"Our closings of 4,540 homes this quarter drove our $2.0 billion fourth quarter 2022 home closing revenue," added Phillippe Lord, chief executive officer of Meritage Homes. "Combined with our home closing gross margin of 25.2% and our SG&A leverage of 8.4%, we generated a 13% year-over-year increase in our diluted EPS from $6.25 to $7.09 this quarter. Excluding nonrecurring items, adjusted fourth quarter 2022 home closing gross margin was 25.7% compared to 29.2% in 2021."

"The fourth quarter 2022 sales orders of 1,808 homes were 46% lower than prior year primarily due to elevated cancellations. The cancellation rate was 39% this quarter as we proactively and aggressively validated every home in our backlog to ensure we are entering 2023 only with buyers committed to close and re-deploying available homes back to the sales team. Quarterly gross sales orders declined a more moderate 22% year-over-year. Our fourth quarter 2022 average absorption pace was 2.2 per month, which was down from 4.5 per month in the fourth quarter of 2021, but gross sales pace was 3.6 per month—at our 3-4 monthly target, affirming that buyer demand is present at the right price in today's market," Mr. Lord continued. "While we are focused on prioritizing pace over price, we let our spec inventory in production reach near-completion before we reset pricing for our supply of available inventory, which coincided with us closing a large portion of our backlog."

"Although favorable demographics and the low supply of new and resale housing inventory should drive long-term demand, we believe they were overshadowed by the macroeconomic factors that drove the slower orders this quarter," said Mr. Lord. "Looking into 2023, we are starting the new year on the right foot. We believe we have the right level of completed and near-completed homes to sell in nearly all of our stores and we are working to find the market clearing price to get back to our target absorption pace of 3-4 net sales per month. As our strategy is centered on affordable, move-in ready product, we believe we can continue to capture market share over the coming year."

"We remain focused on balance sheet discipline, ending the year with over $860 million in cash. While increasing our liquidity, we grew our community count 5% year-over-year to 271 active communities at December 31, 2022, and we expect to continue to open new stores throughout the year and return to our 300 community target over the next several quarters. In the fourth quarter, we continued rightsizing our land positions and did not add any new lots under control while terminating underperforming land deals totaling roughly 3,700 lots with a corresponding $4.2 million in walk-away charges. We spent $351 million on land acquisition and development this quarter, bringing our full year total spend to $1.5 billion," said Mr. Lord. "We had nothing drawn under our credit facility and our net debt-to-capital was just 6.8% at December 31, 2022."


Total sales orders of 1,808 homes for the fourth quarter of 2022 were 46% lower than prior year despite a 10% year-over-year increase in average community count. The average absorption pace decreased 51% to 2.2 per month from 4.5 in the prior year primarily due to an elevated cancellation rate of 39% this quarter. Gross sales orders of 2,979 homes declined 22% compared to the fourth quarter of 2021. Entry-level represented 89% of fourth quarter 2022 orders, compared to 82% in the prior year. Average sales price ("ASP") on orders decreased 10% year-over-year to $389,000 in the fourth quarter of 2022 and decreased 8% sequentially from $422,000 in the third quarter of 2022.
The 32% year-over-year increase in home closing revenue to $2.0 billion for the fourth quarter of 2022 was due to 29% greater home closing volume and 3% higher ASPs on closings compared to prior year.
The 380 bps deterioration in fourth quarter 2022 home closing gross margin to 25.2% from 29.0% a year ago was the result of greater incentives and higher direct costs as well as several nonrecurring items, including $10.9 million in warranty adjustments related to two specific cases and $4.2 million in terminated land deal walk-away charges, which were partially offset by $5.4 million in retroactive vendor rebates. The fourth quarter of 2021 included $2.5 million in terminated land deal walk-away charges. Excluding these nonrecurring items, adjusted fourth quarter 2022 home closing gross margin of 25.7% compared to adjusted fourth quarter 2021 home closing gross margin of 29.2%.
Selling, general and administrative expenses ("SG&A") were 8.4% of fourth quarter 2022 home closing revenue, a slight improvement over 8.5% in the prior year resulting from greater leverage of fixed expenses on higher home closing revenue, which was partially offset by higher commissions and advertising costs that reflect our response to the current sales environment. In addition, the fourth quarter of 2021 included a one-time exit payment of $3.6 million to an executive and $1.4 million of equity expense related to a change in the Company's retirement plan.
The fourth quarter effective income tax rate was 23.3% in 2022 compared to 23.8% in 2021. The 2022 rate benefited from earned eligible energy tax credits on qualifying homes under the Internal Revenue Code new energy-efficient homes credit from the Inflation Reduction Act ("IRA") enacted in August 2022. The 2021 rate similarly benefited from the Taxpayer Certainty and Disaster Tax Relief Act passed in December 2019 ("2019 Act").
Net earnings were $262.4 million ($7.09 per diluted share) for the fourth quarter of 2022, a 10% increase over $237.5 million ($6.25 per diluted share) for the fourth quarter of 2021. Strong earnings growth primarily reflected higher home closing volume, which combined with a lower outstanding share count in the current quarter, led to a 13% year-over-year improvement in earnings per diluted share.


Total sales orders of 11,759 homes for the full year 2022 decreased 15% over prior year despite a 23% year-over-year increase in average community count. The full year 2022 average absorption pace declined 29%, primarily due to elevated cancellations in the second half of the year.
Home closing revenue increased 22% for the full year 2022 to $6.2 billion due to 11% higher ASPs on closings and 10% greater home closing volume.
The 80 bps improvement for home closing gross margin for the full year 2022 to 28.6% from 27.8% was primarily due to higher margins in the first half of the year and better leveraging of fixed costs on greater home closing revenue, which more than offset rising material and labor costs as well as higher incentives in the second half of the year. The full year 2022 home closing gross margin included nonrecurring items related to $15.8 million in terminated land deal walk-away charges and $10.9 million in warranty adjustments, which were partially offset by $5.4 million of retroactive vendor rebates. The full year 2021 home closing gross margin included $4.5 million in terminated land deal walk-away charges; there were no warranty adjustments or retroactive vendor rebates in the prior year.
SG&A as a percentage of home closing revenue improved 90 bps year-over-year to 8.3% from 9.2% in 2021, due to greater leverage of overhead expenses on higher home closing revenue and lower full year commissions and advertising costs as a percentage of home closing revenue. In addition, full year 2021 included a one-time exit payment of $3.6 million to an executive and $1.4 million of equity expense related to a change in the Company's retirement plan.
In 2021, we recognized a loss on the early extinguishment of debt of $18.2 million in connection with the early redemption in April 2021 of our 7.00% senior notes due 2022. There were no such transactions in 2022.
The effective tax rate for the full year 2022 was 23.0%, compared to 22.8% for the full year 2021. Tax credits were earned on qualifying energy-efficient homes in the current year under the 2022 IRA and in the prior year under the 2019 Act.
Net earnings were $992.2 million ($26.74 per diluted share) for the full year 2022, a 35% increase over $737.4 million ($19.29 per diluted share) for the full year 2021, primarily reflecting pricing power, expanded gross margin, and greater overhead leverage in 2022, as well as a lower outstanding share count in 2022.

Cash and cash equivalents at December 31, 2022 totaled $861.6 million, compared to $618.3 million at December 31, 2021, primarily as a result of reduced spend on land, development and home inventory. Real estate assets increased from $3.7 billion at December 31, 2021 to $4.4 billion at December 31, 2022.

A total of approximately 63,000 lots were owned or controlled as of December 31, 2022 compared to approximately 75,000 total lots at December 31, 2021.
Debt-to-capital and net debt-to-capital ratios were 22.6% and 6.8%, respectively, at December 31, 2022, which compared to 27.6% and 15.1%, respectively, at December 31, 2021.
The Company repurchased 1,166,040 shares of stock, or 3.1% of the outstanding balance as of the beginning of the year, for a total of $109.3 million during the full year 2022. There were no share repurchases during the fourth quarter. As of December 31, 2022, $244.1 million remained available to repurchase under our authorized share repurchase program.

Management will host a conference call to discuss its fourth quarter 2022 results at 8:00 a.m. Mountain Standard Time (10:00 a.m. Eastern Standard Time) on Thursday, February 2, 2023. The call will be webcast live with an accompanying slideshow available on the "Investor Relations" page of the Company's website at https://investors.meritagehomes.com. Telephone participants will be able to join by dialing in to 1-877-407-6951 US toll free or 1-412-902-0046 on the day of the call.

A replay of the call will be available via webcast beginning at approximately 11:00 a.m. Mountain Standard Time (1:00 p.m. Eastern Standard Time) on February 2, 2023 and extending through February 16, 2023, at

Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
 Three Months Ended December 31,
20222021Change $Change %
Home closing revenue$1,984,063 $1,498,813 $485,250 32 %
Land closing revenue7,328 12 7,316 N/M
Total closing revenue1,991,391 1,498,825 492,566 33 %
Cost of home closings(1,484,071)(1,064,068)(420,003)39 %
Cost of land closings(7,600)(2,074)(5,526)266 %
Total cost of closings(1,491,671)(1,066,142)(425,529)40 %
Home closing gross profit499,992 434,745 65,247 15 %
Land closing gross loss(272)(2,062)1,790 (87)%
Total closing gross profit499,720 432,683 67,037 15 %
Financial Services:
Revenue7,357 5,583 1,774 32 %
Expense(3,236)(2,336)(900)39 %
Earnings from financial services unconsolidated entities and other, net1,918 2,188 (270)(12)%
Financial services profit6,039 5,435 604 11 %
Commissions and other sales costs(110,459)(74,818)(35,641)48 %
General and administrative expenses(56,614)(53,152)(3,462)%
Interest expense— (72)72 N/M
Other income, net3,563 1,421 2,142 151 %
Earnings before income taxes342,249 311,497 30,752 10 %
Provision for income taxes(79,884)(74,037)(5,847)%
Net earnings$262,365 $237,460 $24,905 10 %
Earnings per common share:
BasicChange $ or sharesChange %
Earnings per common share$7.17 $6.36 $0.81 13 %
Weighted average shares outstanding36,571 37,334 (763)(2)%
Earnings per common share$7.09 $6.25 $0.84 13 %
Weighted average shares outstanding37,009 37,993 (984)(3)%


Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
Twelve Months Ended December 31,
20222021Change $Change %
Home closing revenue$6,207,498 $5,094,873 $1,112,625 22 %
Land closing revenue61,229 25,237 35,992 143 %
Total closing revenue6,268,727 5,120,110 1,148,617 22 %
Cost of home closings(4,434,480)(3,676,496)(757,984)21 %
Cost of land closings(49,646)(26,320)(23,326)89 %
Total cost of closings(4,484,126)(3,702,816)(781,310)21 %
Home closing gross profit1,773,018 1,418,377 354,641 25 %
Land closing gross profit/(loss)11,583 (1,083)12,666 (1,170)%
Total closing gross profit1,784,601 1,417,294 367,307 26 %
Financial Services:
Revenue23,476 21,207 2,269 11 %
Expense(11,133)(9,182)(1,951)21 %
Earnings from financial services unconsolidated entities and other, net5,951 6,009 (58)(1)%
Financial services profit18,294 18,034 260 %
Commissions and other sales costs(323,266)(285,403)(37,863)13 %
General and administrative expenses(192,984)(181,449)(11,535)%
Interest expense(41)(318)277 (87)%
Other income, net2,714 4,864 (2,150)(44)%
Loss on early extinguishment of debt— (18,188)18,188 N/A
Earnings before income taxes1,289,318 954,834 334,484 35 %
Provision for income taxes(297,126)(217,390)(79,736)37 %
Net earnings$992,192 $737,444 $254,748 35 %
Earnings per common share:
BasicChange $ or sharesChange %
Earnings per common share$27.04 $19.61 $7.43 38 %
Weighted average shares outstanding36,694 37,610 (916)(2)%
Earnings per common share$26.74 $19.29 $7.45 39 %
Weighted average shares outstanding37,101 38,233 (1,132)(3)%


Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands)
December 31, 2022December 31, 2021
Cash and cash equivalents$861,561 $618,335 
Other receivables215,019 147,548 
Real estate (1)
4,358,263 3,734,408 
Real estate not owned— 8,011 
Deposits on real estate under option or contract76,729 90,679 
Investments in unconsolidated entities11,753 5,764 
Property and equipment, net38,635 37,340 
Deferred tax assets, net45,452 40,672 
Prepaids, other assets and goodwill164,689 124,776 
Total assets$5,772,101 $4,807,533 
Accounts payable$273,267 $216,009 
Accrued liabilities360,615 337,277 
Home sale deposits37,961 42,610 
Liabilities related to real estate not owned— 7,210 
Loans payable and other borrowings7,057 17,552 
Senior notes, net1,143,590 1,142,486 
Total liabilities1,822,490 1,763,144 
Stockholders' Equity:
Preferred stock— — 
Common stock366 373 
Additional paid-in capital327,878 414,841 
Retained earnings3,621,367 2,629,175 
Total stockholders’ equity3,949,611 3,044,389 
Total liabilities and stockholders’ equity$5,772,101 $4,807,533 
(1) Real estate – Allocated costs:
Homes under contract under construction822,428 $1,039,822 
Unsold homes, completed and under construction1,155,543 484,999 
Model homes97,198 81,049 
Finished home sites and home sites under development2,283,094 2,128,538 
Total real estate$4,358,263 $3,734,408 


Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows 
(In thousands)
Twelve Months Ended December 31,
Cash flows from operating activities:
Net earnings$992,192 $737,444 
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:
Depreciation and amortization24,748 26,245 
Stock-based compensation22,333 20,069 
Loss on early extinguishment of debt— 18,188 
Equity in earnings from unconsolidated entities(6,093)(4,657)
Distribution of earnings from unconsolidated entities5,900 4,951 
Other10,863 (2,911)
Changes in assets and liabilities:
Increase in real estate(624,522)(948,055)
Decrease/(increase) in deposits on real estate under option or contract10,463 (31,946)
Increase receivables, prepaids and other assets(102,950)(65,114)
Increase in accounts payable and accrued liabilities76,985 76,158 
(Decrease)/increase in home sale deposits(4,649)17,536 
Net cash provided by/(used in) operating activities405,270 (152,092)
Cash flows from investing activities:
Investments in unconsolidated entities(5,796)(1,708)
Purchases of property and equipment(26,971)(25,664)
Proceeds from sales of property and equipment481 551 
Maturities/sales of investments and securities1,032 2,795 
Payments to purchase investments and securities(1,032)(2,795)
Net cash used in investing activities(32,286)(26,821)
Cash flows from financing activities:
Repayment of loans payable and other borrowings(20,455)(13,589)
Repayment of senior notes— (317,690)
Proceeds from issuance of senior notes— 450,000 
Payment of debt issuance costs— (6,102)
Repurchase of shares(109,303)(60,992)
Net cash (used in)/provided by financing activities(129,758)51,627 
Net increase/(decrease) in cash and cash equivalents243,226 (127,286)
Beginning cash and cash equivalents618,335 745,621 
Ending cash and cash equivalents$861,561 $618,335 


Supplemental Information (Dollars in thousands – unaudited):
 Three Months Ended December 31,Twelve Months Ended December 31,
Depreciation and amortization$7,203 $6,353 $24,748 $26,245 
Summary of Capitalized Interest:
Capitalized interest, beginning of period$62,090 $57,293 $56,253 $58,940 
Interest incurred15,036 15,211 60,599 62,836 
Interest expensed— (72)(41)(318)
Interest amortized to cost of home and land closings(16,957)(16,179)(56,642)(65,205)
Capitalized interest, end of period$60,169 $56,253 $60,169 $56,253 

Reconciliation of Non-GAAP Information (Dollars in thousands – unaudited):
This press release and management’s comments and discussion about our operating results included in this press release reflect certain adjustments, including home closing gross profit, home closing gross margin, and debt-to-capital ratios. These are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operating results and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. We encourage investors to understand the methods used by other companies in the homebuilding industry to calculate these non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.

Three Months Ended December 31,Twelve Months Ended December 31,
Home closing gross profit$499,992 $434,745 $1,773,018 $1,418,377 
Home closing gross margin25.2 %29.0 %28.6 %27.8 %
Add: Write-off of terminated land deals4,203 2,453 15,811 4,478 
Add: Warranty adjustments10,916 — 10,916 — 
Less: Retroactive vendor rebates(5,446)— (5,446)— 
Adjusted home closing gross profit$509,665 $437,198 $1,794,299 $1,422,855 
Adjusted home closing gross margin25.7 %29.2 %28.9 %27.9 %


Reconciliation of Non-GAAP Information, continued (Dollars in thousands – unaudited):
December 31, 2022December 31, 2021
Senior notes, net, loans payable and other borrowings$1,150,647 $1,160,038 
Stockholders' equity3,949,611 3,044,389 
Total capital5,100,258 4,204,427 
Debt-to-capital22.6 %27.6 %
Senior notes, net, loans payable and other borrowings$1,150,647 $1,160,038 
Less: cash and cash equivalents(861,561)(618,335)
Net debt289,086 541,703 
Stockholders’ equity3,949,611 3,044,389 
Total net capital$4,238,697 $3,586,092 
Net debt-to-capital6.8 %15.1 %


Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
 Three Months Ended
 December 31, 2022December 31, 2021
Homes Closed:
Arizona601 $250,048 760 $305,296 
California413 289,379 352 228,774 
Colorado203 123,153 166 96,091 
West Region1,217 662,580 1,278 630,161 
Texas1,417 565,630 1,036 395,253 
Central Region1,417 565,630 1,036 395,253 
Florida775 302,949 417 159,707 
Georgia315 137,262 191 80,262 
North Carolina425 174,754 390 156,721 
South Carolina204 61,557 119 41,626 
Tennessee187 79,331 95 35,083 
East Region1,906 755,853 1,212 473,399 
Total4,540 $1,984,063 3,526 $1,498,813 
Homes Ordered:
Arizona198 $61,632 559 $238,663 
California246 153,997 242 168,688 
Colorado18 7,853 193 112,344 
West Region462 223,482 994 519,695 
Texas614 208,309 1,127 452,712 
Central Region614 208,309 1,127 452,712 
Florida252 106,688 500 190,426 
Georgia117 44,116 161 70,017 
North Carolina182 64,046 345 140,339 
South Carolina94 24,049 126 42,247 
Tennessee87 33,016 114 43,624 
East Region732 271,915 1,246 486,653 
Total1,808 $703,706 3,367 $1,459,060 


Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
 Twelve Months Ended
 December 31, 2022December 31, 2021
Homes Closed:
Arizona2,200 $937,575 2,183 $802,401 
California1,265 887,292 1,242 776,528 
Colorado627 377,242 630 335,490 
West Region4,092 2,202,109 4,055 1,914,419 
Texas4,556 1,835,498 4,165 1,500,682 
Central Region4,556 1,835,498 4,165 1,500,682 
Florida2,076 806,769 1,663 600,554 
Georgia738 328,031 647 249,882 
North Carolina1,421 590,729 1,390 528,840 
South Carolina604 194,412 377 129,367 
Tennessee619 249,950 504 171,129 
East Region5,458 2,169,891 4,581 1,679,772 
Total14,106 $6,207,498 12,801 $5,094,873 
Homes Ordered:
Arizona1,540 $656,263 2,335 $951,730 
California1,134 796,935 1,191 773,166 
Colorado424 256,958 750 429,499 
West Region3,098 1,710,156 4,276 2,154,395 
Texas3,641 1,501,591 4,413 1,700,744 
Central Region3,641 1,501,591 4,413 1,700,744 
Florida2,040 830,897 1,981 738,132 
Georgia737 324,126 694 283,649 
North Carolina1,197 503,664 1,501 591,193 
South Carolina529 170,149 390 132,779 
Tennessee517 215,017 553 195,921 
East Region5,020 2,043,853 5,119 1,941,674 
Total11,759 $5,255,600 13,808 $5,796,813 
Order Backlog:
Arizona485 $206,136 1,145 $493,575 
California262 177,954 393 271,383 
Colorado125 75,783 328 198,832 
West Region872 459,873 1,866 963,790 
Texas963 425,371 1,878 772,871 
Central Region963 425,371 1,878 772,871 
Florida832 371,505 868 352,584 
Georgia202 84,575 203 91,781 
North Carolina341 135,528 565 225,854 
South Carolina58 19,198 133 44,673 
Tennessee64 28,725 166 64,611 
East Region1,497 639,531 1,935 779,503 
Total3,332 $1,524,775 5,679 $2,516,164 


Meritage Homes Corporation and Subsidiaries
Operating Data
 Three Months Ended
 December 31, 2022December 31, 2021
Active Communities:
Arizona46 49.0 39 38.5 
California31 31.5 22 20.0 
Colorado17 17.5 17 16.5 
West Region94 98.0 78 75.0 
Texas81 77.5 73 70.5 
Central Region81 77.5 73 70.5 
Florida29 29.5 41 39.5 
Georgia19 18.5 15 13.5 
North Carolina29 28.0 26 26.0 
South Carolina10 11.0 14 12.5 
Tennessee10.5 12 10.5 
East Region96 97.5 108 102.0 
Total271 273.0 259 247.5 
 Twelve Months Ended
 December 31, 2022December 31, 2021
Active Communities:
Arizona46 46.6 39 36.2 
California31 28.0 22 19.0 
Colorado17 17.8 17 14.6 
West Region94 92.4 78 69.8 
Texas81 76.6 73 65.4 
Central Region81 76.6 73 65.4 
Florida29 36.4 41 34.8 
Georgia19 16.2 15 11.2 
North Carolina29 28.6 26 24.6 
South Carolina10 13.2 14 8.8 
Tennessee11.8 12 9.2 
East Region96 106.2 108 88.6 
Total271 275.2 259 223.8 


Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2021. The Company offers affordable, energy-efficient entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Meritage Homes has delivered over 165,000 homes in its 37-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, a nine-time recipient of the U.S. Environmental Protection Agency’s ("EPA") ENERGY STAR® Partner of the Year for Sustained Excellence Award since 2013 for innovation and industry leadership in energy-efficient homebuilding, and the recipient of the EPA's 2022 Market Leader Award for Certified Homes as well as the EPA's 2022 Indoor airPLUS Leader Award.
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 expectations about the housing market in general; expectations about our future results; the level of our near-completed inventory; our ability to capture market share; our future community count; and projected 2023 home closings.
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, except as required by law, 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: increases in mortgage interest rates, the availability and pricing of residential mortgages and the potential benefits of rate locks; inflation in the cost of materials used to develop communities and construct homes; supply chain and labor constraints; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; the ability of our potential buyers to sell their existing homes; legislation related to tariffs; the adverse effect of slow absorption rates; impairments of our real estate inventory; cancellation rates; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our potential exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option

or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; the replication of our energy-efficient technologies by our competitors; shortages in the availability and cost of subcontract labor; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations related to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic (such as COVID-19), and measures that federal, state and local governments and/or health authorities implement to address it; 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, 2021 and our Form 10-Q for the quarter ended September 30, 2022 under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.