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home / news releases / MTH - Meritage Homes reports record third quarter 2020 orders 71% higher than prior year; 56% increase in net earnings with 21% revenue growth and 21.5% gross margin

MTH - Meritage Homes reports record third quarter 2020 orders 71% higher than prior year; 56% increase in net earnings with 21% revenue growth and 21.5% gross margin

Meritage Homes Corporation

SCOTTSDALE, Ariz., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, reported third quarter results for the period ended September 30, 2020.

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

Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
% Chg
2020
2019
% Chg
Homes closed (units)
3,004
2,419
24
%
8,090
6,437
26
%
Home closing revenue
$
1,133,221
$
939,185
21
%
$
3,055,229
$
2,500,888
22
%
Average sales price - closings
$
377
$
388
(3
)%
$
378
$
389
(3
)%
Home orders (units)
3,851
2,258
71
%
10,550
7,523
40
%
Home order value
$
1,488,480
$
858,395
73
%
$
3,958,870
$
2,879,369
37
%
Average sales price - orders
$
387
$
380
2
%
$
375
$
383
(2
)%
Ending backlog (units)
5,242
3,519
49
%
Ending backlog value
$
2,004,981
$
1,397,033
44
%
Average sales price - backlog
$
382
$
397
(4
)%
Earnings before income taxes
$
135,506
$
92,366
47
%
$
338,201
$
192,410
76
%
Net earnings
$
109,118
$
69,809
56
%
$
270,948
$
146,049
86
%
Diluted EPS
$
2.84
$
1.79
59
%
$
7.04
$
3.76
87
%


MANAGEMENT COMMENTS

"Our third quarter of 2020 results continued to outperform and reflect the current strength in the homebuilding market. Meritage had many remarkable achievements this past quarter: We delivered our highest quarterly sales orders, our strongest absorptions since 2005, record quarterly home closing revenue, and our best quarterly gross margin since 2014 - while also achieving our lowest net debt to capital in our company's history,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “These strong results are the combination of existing favorable market factors including historically-low mortgage interest rates and increased demand for healthier, safer homes, and Meritage's strategy of focusing on affordable entry-level and first move-up homes that allowed us to capitalize on that demand.

“Our sales orders of 3,851 homes this quarter were 71% more than the third quarter of 2019 and surpassed our previous quarterly record set in the second quarter of 2020. Over just the first nine months of this year, we sold a total of 10,550 homes - well over the full year 2019 sales volume. We also closed 24% more homes than we did in the same quarter of the prior year. Home closing revenue increased 21% year-over-year to $1.1 billion for the third quarter of 2020, which combined with a 21.5% home closing gross margin to drive a 56% increase in our net earnings compared to the third quarter of 2019."

He continued, "To meet the surge in demand we are experiencing, we are investing significantly for additional growth. We spent nearly $300 million on land acquisition and development and put a record near 9,000 new lots under control this quarter, bringing the total lot supply to nearly 48,000 lots, as we increase our market share in our existing geographies and push toward our 300 community count goal by early to mid 2022."

Mr. Hilton concluded, "Based on our performance through the first three quarters of 2020 and confidence in our ability to deliver our backlog, we are projecting 11,200-11,500 total home closings for approximately $4.2-4.4 billion total home closing revenue and home closing gross margin of 21.0-21.5% for the full year 2020. We expect that to translate into approximately $10.25-10.50 diluted earnings per share, a year-over-year increase of more than 60%."

THIRD QUARTER RESULTS

  • The record total sales orders for the third quarter of 2020 reflected an increase of 71% year-over-year, driven by a 94% increase in absorption pace over the prior year’s third quarter with high demand for Meritage's entry-level LiVE.NOW ® product. Entry-level represented almost 70% of third quarter 2020 orders, compared to 54% in the same quarter in 2019. Absorptions doubled in Texas to six per month, compared to three per month in the third quarter last year, even with a 14% decline in average active communities. Absorptions were up 88% in the West region and 87% in the East region year-over-year, with significant increases across all states led by California's 137% increase.
  • A 21% year-over-year increase in home closing revenue to a record $1.1 billion for the quarter ended September 30, 2020 reflected a 24% increase in home closing volume partially offset by a 3% reduction in average sales price ("ASP"), which was primarily due to the shift in product mix toward entry-level as compared to 2019.
  • Home closing gross margin improved 170 bps to 21.5% from 19.8% a year ago. The additional closing volume and efficiencies gained from streamlined operations more than offset record high lumber prices and contributed to a 31% increase in total home closing gross profit over the prior year's third quarter.
  • Selling, general and administrative expenses ("SG&A") were 10.1% of third quarter 2020 home closing revenue, a 70 bps improvement over 10.8% in the third quarter of 2019 due to greater leverage of fixed expenses on higher home closing revenue, as well as cost savings from technology enhancements, particularly as related to the Company's sales and marketing efforts.
  • The third quarter effective income tax rate decreased to 19.5% in 2020 compared to 24.4% in 2019 primarily due to eligible energy tax credits on qualifying energy-efficient homes closed in 2020 that were not available in 2019, under the Taxpayer Certainty and Disaster Tax Relief Act enacted in December 2019.
  • Third quarter 2020 pre-tax margin increased 210 bps to 11.9%, compared to 9.8% in the third quarter of 2019. Net earnings were $109.1 million ($2.84 per diluted share) for the third quarter of 2020, a 56% increase over $69.8 million ($1.79 per diluted share) reported for the third quarter of 2019. Strong earnings growth reflected the increases in home closing revenue, gross margins and improved overhead leverage, which combined with the reduction in diluted shares after the repurchase of one million shares in the first quarter of 2020, led to a 59% year-over-year improvement in earnings per diluted share.

YEAR TO DATE RESULTS

  • Total orders for the first nine months of 2020 increased 40% year-over-year, driven by a 58% increase in absorptions on an 11% lower average community count, compared to the first nine months of 2019.
  • Home closings of 8,090 for the first nine months of 2020 increased 26% year-over-year with a 3% reduction in ASP on closings due to the product mix shift toward Meritage's entry-level product, resulting in a 22% year-over-year increase in home closing revenue to $3.1 billion.
  • Home closing gross margin increased 250 bps to 21.0% for the first nine months of 2020, compared to 18.5% in the same period of 2019, reflecting a 39% increase in total home closing gross profit for the first nine months of 2020.
  • SG&A expenses as a percentage of home closing revenue improved to 10.3% in the first nine months of 2020, compared to 11.2% in the first nine months of 2019, reflecting greater leverage of overhead expenses on higher home closing revenue, as well as technology and cost savings initiatives implemented at the start of the COVID-19 pandemic.
  • Interest expense decreased $6.2 million year-over-year, primarily due to lower debt balances reflecting the early redemption in December 2019 of $300 million senior notes that were due in early 2020.
  • The effective tax rate for the first nine months of 2020 was 19.9%, compared to 24.1% for the same period in 2019, primarily due to approximately $10 million in year-to-date 2020 estimated energy tax credits.
  • The pre-tax margin for the first nine months of 2020 increased 340 bps to 11.0%, compared to 7.6% for the first nine months of 2019. Year-to-date 2020 net earnings were $270.9 million ($7.04 per diluted share), an 86% increase over $146.0 million ($3.76 per diluted share) for year-to-date 2019, reflecting increases in home closing revenue and gross margin, combined with lower SG&A expenses and a lower effective tax rate in 2020, which combined with the reduction in diluted shares after the repurchase of one million shares in the first quarter of 2020, led to an 87% year-over-year improvement in earnings per diluted share.

BALANCE SHEET

  • Cash and cash equivalents at September 30, 2020 totaled $610.0 million, compared to $319.5 million at December 31, 2019, reflecting positive cash flow from operations of $373.1 million. Real estate assets at September 30, 2020 held relatively steady to December 31, 2019 as an increase in sold inventory resulted in a decrease in spec inventory.
  • Nearly 16,000 new lots were put under control in the first nine months of 2020, with over 55% coming from the third quarter of 2020 alone. The Company has been actively securing new lots following a short-lived dip in March and April due to COVID-19-related shutdowns. A total of nearly 48,000 lots were owned or controlled as of September 30, 2020, compared to approximately 37,000 total lots at September 30, 2019.
  • Debt-to-capital and net debt-to-capital ratios were 31.7% and 15.7%, respectively, at September 30, 2020, down from 34.0% and 26.2%, respectively, at December 31, 2019.

CONFERENCE CALL
Management will host a conference call to discuss the results at 8:00 a.m. Arizona Time (11:00 a.m. Eastern Time) on Thursday, October 22. The call will be webcast live with an accompanying slideshow, both of which will be available on the "Investor Relations" page of the Company's web site at https://investors.meritagehomes.com. For those unable to participate via the webcast, telephone participants can dial in to 1-800-437-2398 US toll free on the day of the call. The international dial-in number is 1-929-477-0577.

A replay of the call will be available beginning at approximately 10:00 a.m. Arizona Time (1:00 p.m. Eastern Time) on October 22 and extending through November 5, 2020, on the website noted above or by dialing 1-800-437-2398 US toll free, 1-929-477-0577 for international and referencing conference number 1805364.


Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)

Three Months Ended September 30,
2020
2019
Change $
Change %
Homebuilding:
Home closing revenue
$
1,133,221
$
939,185
$
194,036
21
%
Land closing revenue
4,870
1,695
3,175
187
%
Total closing revenue
1,138,091
940,880
197,211
21
%
Cost of home closings
(889,654
)
(753,068
)
136,586
18
%
Cost of land closings
(4,360
)
(1,721
)
2,639
153
%
Total cost of closings
(894,014
)
(754,789
)
139,225
18
%
Home closing gross profit
243,567
186,117
57,450
31
%
Land closing gross profit/(loss)
510
(26
)
536
N/M
Total closing gross profit
244,077
186,091
57,986
31
%
Financial Services:
Revenue
4,939
4,317
622
14
%
Expense
(2,026
)
(1,725
)
301
17
%
Earnings from financial services unconsolidated entities and other, net
1,402
2,990
(1,588
)
(53
)%
Financial services profit
4,315
5,582
(1,267
)
(23
)%
Commissions and other sales costs
(73,282
)
(63,450
)
9,832
15
%
General and administrative expenses
(40,737
)
(37,191
)
3,546
10
%
Interest expense
(55
)
(1,068
)
(1,013
)
(95
)%
Other income, net
1,188
2,402
(1,214
)
(51
)%
Earnings before income taxes
135,506
92,366
43,140
47
%
Provision for income taxes
(26,388
)
(22,557
)
3,831
17
%
Net earnings
$
109,118
$
69,809
$
39,309
56
%
Earnings per common share:
Basic
Change $ or shares
Change %
Earnings per common share
$
2.90
$
1.82
$
1.08
59
%
Weighted average shares outstanding
37,607
38,296
(689
)
(2
)%
Diluted
Earnings per common share
$
2.84
$
1.79
$
1.05
59
%
Weighted average shares outstanding
38,405
39,079
(674
)
(2
)%




Nine Months Ended September 30,
2020
2019
Change $
Change %
Homebuilding:
Home closing revenue
$
3,055,229
$
2,500,888
$
554,341
22
%
Land closing revenue
16,954
12,747
4,207
33
%
Total closing revenue
3,072,183
2,513,635
558,548
22
%
Cost of home closings
(2,412,606
)
(2,039,191
)
373,415
18
%
Cost of land closings
(17,509
)
(14,149
)
3,360
24
%
Total cost of closings
(2,430,115
)
(2,053,340
)
376,775
18
%
Home closing gross profit
642,623
461,697
180,926
39
%
Land closing gross loss
(555
)
(1,402
)
847
60
%
Total closing gross profit
642,068
460,295
181,773
39
%
Financial Services:
Revenue
13,329
11,705
1,624
14
%
Expense
(5,519
)
(4,949
)
570
12
%
Earnings from financial services unconsolidated entities and other, net
3,132
9,559
(6,427
)
(67
)%
Financial services profit
10,942
16,315
(5,373
)
(33
)%
Commissions and other sales costs
(204,863
)
(176,130
)
28,733
16
%
General and administrative expenses
(111,083
)
(105,536
)
5,547
5
%
Interest expense
(2,176
)
(8,350
)
(6,174
)
(74
)%
Other income, net
3,313
5,816
(2,503
)
(43
)%
Earnings before income taxes
338,201
192,410
145,791
76
%
Provision for income taxes
(67,253
)
(46,361
)
20,892
45
%
Net earnings
$
270,948
$
146,049
$
124,899
86
%
Earnings per common share:
Basic
Change $ or shares
Change %
Earnings per common share
$
7.17
$
3.83
$
3.34
87
%
Weighted average shares outstanding
37,763
38,119
(356
)
(1
)%
Diluted
Earnings per common share
$
7.04
$
3.76
$
3.28
87
%
Weighted average shares outstanding
38,491
38,841
(350
)
(1
)%




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

September 30, 2020
December 31, 2019
Assets:
Cash and cash equivalents
$
609,979
$
319,466
Other receivables
96,702
88,492
Real estate (1)
2,741,016
2,744,361
Deposits on real estate under option or contract
62,967
50,901
Investments in unconsolidated entities
3,819
4,443
Property and equipment, net
42,730
50,606
Deferred tax asset
28,425
25,917
Prepaids, other assets and goodwill
101,680
114,063
Total assets
$
3,687,318
$
3,398,249
Liabilities:
Accounts payable
$
167,788
$
155,024
Accrued liabilities
274,371
226,008
Home sale deposits
25,509
24,246
Loans payable and other borrowings
23,031
22,876
Senior notes, net
996,770
996,105
Total liabilities
1,487,469
1,424,259
Stockholders' Equity:
Preferred stock
—
—
Common stock
377
382
Additional paid-in capital
460,268
505,352
Retained earnings
1,739,204
1,468,256
Total stockholders’ equity
2,199,849
1,973,990
Total liabilities and stockholders’ equity
$
3,687,318
$
3,398,249


(1) Real estate – Allocated costs:
Homes under contract under construction
$
967,222
$
564,762
Unsold homes, completed and under construction
395,151
686,948
Model homes
86,933
121,340
Finished home sites and home sites under development
1,291,710
1,371,311
Total real estate
$
2,741,016
$
2,744,361




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

Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Depreciation and amortization
$
7,945
$
7,172
$
22,496
$
19,553
Summary of Capitalized Interest:
Capitalized interest, beginning of period
$
72,882
$
88,307
$
82,014
$
88,454
Interest incurred
16,103
21,319
50,188
64,227
Interest expensed
(55
)
(1,068
)
(2,176
)
(8,350
)
Interest amortized to cost of home and land closings
(21,380
)
(20,363
)
(62,476
)
(56,136
)
Capitalized interest, end of period
$
67,550
$
88,195
$
67,550
$
88,195
September 30, 2020
December 31, 2019
Notes payable and other borrowings
$
1,019,801
$
1,018,981
Stockholders' equity
2,199,849
1,973,990
Total capital
$
3,219,650
$
2,992,971
Debt-to-capital
31.7
%
34.0
%
Notes payable and other borrowings
$
1,019,801
$
1,018,981
Less: cash and cash equivalents
(609,979
)
(319,466
)
Net debt
$
409,822
$
699,515
Stockholders’ equity
2,199,849
1,973,990
Total net capital
$
2,609,671
$
2,673,505
Net debt-to-capital
15.7
%
26.2
%





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

Nine Months Ended September 30,
2020
2019
Cash flows from operating activities:
Net earnings
$
270,948
$
146,049
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
22,496
19,553
Stock-based compensation
15,724
15,719
Equity in earnings from unconsolidated entities
(2,821
)
(8,934
)
Distribution of earnings from unconsolidated entities
2,449
11,261
Other
1,881
3,902
Changes in assets and liabilities:
Decrease/(increase) in real estate
9,080
(110,295
)
(Increase)/decrease in deposits on real estate under option or contract
(12,910
)
5,773
Decrease/(increase) in other receivables, prepaids and other assets
4,933
(3,108
)
Increase in accounts payable and accrued liabilities
60,039
84,632
Increase in home sale deposits
1,263
2,808
Net cash provided by operating activities
373,082
167,360
Cash flows from investing activities:
Investments in unconsolidated entities
(4
)
(1,112
)
Distributions of capital from unconsolidated entities
1,000
7,250
Purchases of property and equipment
(14,771
)
(18,376
)
Proceeds from sales of property and equipment
528
267
Maturities/sales of investments and securities
632
675
Payments to purchase investments and securities
(632
)
(675
)
Net cash used in investing activities
(13,247
)
(11,971
)
Cash flows from financing activities:
Repayment of loans payable and other borrowings
(8,509
)
(3,086
)
Repurchase of shares
(60,813
)
(8,957
)
Net cash used in financing activities
(69,322
)
(12,043
)
Net increase in cash and cash equivalents
290,513
143,346
Beginning cash and cash equivalents
319,466
311,466
Ending cash and cash equivalents
$
609,979
$
454,812



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

Three Months Ended September 30,
2020
2019
Homes
Value
Homes
Value
Homes Closed:
Arizona
429
$
143,630
440
$
144,920
California
332
202,460
200
135,555
Colorado
183
88,199
169
85,674
West Region
944
434,289
809
366,149
Texas
1,059
349,907
810
278,744
Central Region
1,059
349,907
810
278,744
Florida
339
124,836
302
118,804
Georgia
178
62,921
139
46,984
North Carolina
295
98,322
206
77,696
South Carolina
78
25,502
75
23,768
Tennessee
111
37,444
78
27,040
East Region
1,001
349,025
800
294,292
Total
3,004
$
1,133,221
2,419
$
939,185
Homes Ordered:
Arizona
709
$
240,151
482
$
159,778
California
510
319,680
198
124,201
Colorado
188
88,972
156
74,498
West Region
1,407
648,803
836
358,477
Texas
1,183
395,453
649
217,648
Central Region
1,183
395,453
649
217,648
Florida
491
179,607
293
111,471
Georgia
172
62,541
138
47,527
North Carolina
386
132,988
188
69,017
South Carolina
90
28,140
55
17,520
Tennessee
122
40,948
99
36,735
East Region
1,261
444,224
773
282,270
Total
3,851
$
1,488,480
2,258
$
858,395




Nine Months Ended September 30,
2020
2019
Homes
Value
Homes
Value
Homes Closed:
Arizona
1,315
$
437,233
1,126
$
368,762
California
787
487,605
464
304,846
Colorado
553
268,970
507
264,479
West Region
2,655
1,193,808
2,097
938,087
Texas
2,747
901,791
2,176
760,189
Central Region
2,747
901,791
2,176
760,189
Florida
942
357,233
809
321,364
Georgia
459
163,617
380
132,440
North Carolina
805
276,477
558
204,866
South Carolina
229
73,113
202
66,513
Tennessee
253
89,190
215
77,429
East Region
2,688
959,630
2,164
802,612
Total
8,090
$
3,055,229
6,437
$
2,500,888
Homes Ordered:
Arizona
2,016
$
654,579
1,521
$
493,391
California
1,250
769,251
572
368,194
Colorado
540
258,268
580
290,060
West Region
3,806
1,682,098
2,673
1,151,645
Texas
3,457
1,130,943
2,346
799,293
Central Region
3,457
1,130,943
2,346
799,293
Florida
1,198
435,411
925
369,503
Georgia
518
182,958
431
149,731
North Carolina
999
340,626
658
241,573
South Carolina
272
85,316
205
65,540
Tennessee
300
101,518
285
102,084
East Region
3,287
1,145,829
2,504
928,431
Total
10,550
$
3,958,870
7,523
$
2,879,369
Order Backlog:
Arizona
1,212
$
404,044
738
$
258,341
California
608
373,949
199
129,880
Colorado
183
87,047
258
129,167
West Region
2,003
865,040
1,195
517,388
Texas
1,758
602,709
1,151
413,229
Central Region
1,758
602,709
1,151
413,229
Florida
627
242,419
488
213,427
Georgia
192
69,204
174
63,730
North Carolina
413
143,741
277
104,162
South Carolina
114
36,723
92
31,474
Tennessee
135
45,145
142
53,623
East Region
1,481
537,232
1,173
466,416
Total
5,242
$
2,004,981
3,519
$
1,397,033




Meritage Homes Corporation and Subsidiaries
Operating Data
(Unaudited)

Three Months Ended September 30,
2020
2019
Ending
Average
Ending
Average
Active Communities:
Arizona
35
36.5
37
38.5
California
20
24.0
24
22.0
Colorado
11
12.0
20
20.5
West Region
66
72.5
81
81.0
Texas
58
63.0
74
73.5
Central Region
58
63.0
74
73.5
Florida
34
35.0
36
36.0
Georgia
11
14.0
18
19.5
North Carolina
20
20.5
22
22.5
South Carolina
6
5.5
10
9.5
Tennessee
9
10.0
9
10.0
East Region
80
85.0
95
97.5
Total
204
220.5
250
252.0



Nine Months Ended September 30,
2020
2019
Ending
Average
Ending
Average
Active Communities:
Arizona
35
34.3
37
38.5
California
20
25.3
24
20.5
Colorado
11
13.8
20
20.0
West Region
66
73.4
81
79.0
Texas
58
70.3
74
84.5
Central Region
58
70.3
74
84.5
Florida
34
34.4
36
33.5
Georgia
11
15.3
18
20.0
North Carolina
20
21.6
22
23.5
South Carolina
6
6.8
10
11.0
Tennessee
9
10.3
9
9.5
East Region
80
88.4
95
97.5
Total
204
232.1
250
261.0



About Meritage Homes Corporation
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2019. Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.

The Company has designed and built over 135,000 homes in its 35-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. Meritage is the industry leader in energy-efficient homebuilding and a seven-year recipient of the U.S. Environmental Protection Agency’s ENERGY STAR® Partner of the Year for Sustained Excellence Award 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 statements regarding health of the housing market and the potential adverse impacts of the COVID-19 pandemic, and projected full year 2020 home closings, home closing revenue, gross margins and diluted earnings per share.

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: disruptions to our business by COVID-19, fear of a similar event, and measures implemented by federal, state and local governments or health authorities to address it; the availability and cost of finished lots and undeveloped land; shortages in the availability and cost of labor; the ability of our potential buyers to sell their existing homes; changes in interest rates and the availability and pricing of residential mortgages; our exposure to information technology failures and security breaches; legislation related to tariffs; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slow absorption rates; impairments of our real estate inventory; cancellation rates; competition; changes in tax laws that adversely impact us or our homebuyers; 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 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 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; negative publicity that affects our reputation 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, 2019 and our Form 10-Q for the quarter ended June 30, 2020 under the caption "Risk Factors," which can be found on our website at www.investors.meritagehomes.com .

Contacts:
Emily Tadano, VP Investor Relations
(480) 515-8979 (office)
investors@meritagehomes.com

Stock Information
Company Name: Meritage Homes Corporation
Stock Symbol: MTH
Market: NYSE
Website: meritagehomes.com
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