Meritage Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

OPERATING AND REPORTING SEGMENTS (Tables)

OPERATING AND REPORTING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2023


	Three Months Ended March 31,
	2023		2022
Homebuilding revenue (1):
West	$	434,137	$	494,506
Central	425,450		355,624
East	419,721		436,804
Consolidated total	$	1,279,308	$	1,286,934
Homebuilding segment operating income:
West	$	38,809	$	120,856
Central	65,291		75,260
East	60,876		93,548
Total homebuilding segment operating income	164,976		289,664
Financial services segment profit	2,923		3,334
Corporate and unallocated costs (2)	(11,440)		(6,757)
Interest expense	—		(41)
Other income/(expense), net	8,844		(317)

Earnings before income taxes	$	165,303	$	285,883

(1)Homebuilding revenue includes the following land closing revenue, by segment:


	Three Months Ended March 31,
	2023		2022
Land closing revenue:
West	$	16,815	$	31,082
Central	570		7,796
East	—		2,600
Total	$	17,385	$	41,478

(2)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.

Schedule of Segment Assets


	At March 31, 2023
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	16,577		$	8,445		$	40,819		$	—	$	—		$	65,841
Real estate	1,741,746			1,239,666			1,373,766			—		—			4,355,178
Investments in unconsolidated entities	79			2,852			7,460			—		889			11,280
Other assets	62,422		(1)	232,602		(2)	105,626		(3)	1,499		1,036,698		(4)	1,438,847
Total assets	$	1,820,824		$	1,483,565		$	1,527,671		$	1,499	$	1,037,587		$	5,871,146

(1)Balance consists primarily of cash and cash equivalents, prepaids and other assets and property and equipment, net.

(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets.

(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaids and other assets and property and equipment, net.

(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.


	At December 31, 2022
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	21,599		$	8,992		$	46,138		$	—	$	—		$	76,729
Real estate	1,775,879			1,298,455			1,283,929			—		—			4,358,263
Investments in unconsolidated entities	110			2,866			7,503			—		1,274			11,753
Other assets	99,267		(1)	241,470		(2)	132,181		(3)	1,536		850,902		(4)	1,325,356
Total assets	$	1,896,855		$	1,551,783		$	1,469,751		$	1,536	$	852,176		$	5,772,101

(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment, net.

(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets.

(3)Balance consists primarily of cash and cash equivalents, goodwill, prepaids and other assets and property and equipment, net.

(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.