Market Overview

Meritage Homes reports second quarter 2018 diluted EPS of $1.31, up 34% over prior year; 13% increase in pre-tax earnings with 9% growth in home closing revenue and 60 bps increase in home closing gross margin; Strong demand for entry-level homes represented 44% of total orders

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SCOTTSDALE, Ariz., July 25, 2018 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, reported its second quarter results for the period ended June 30, 2018.


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

    Three Months Ended June 30,   Six Months Ended June 30,
    2018   2017   % Chg   2018   2017   % Chg
Homes closed (units)   2,139     1,906     12 %   3,864     3,487     11 %
Home closing revenue   $ 872,383     $ 797,780     9 %   $ 1,600,915     $ 1,458,397     10 %
Average sales price - closings   $ 408     $ 419     (3 )%   $ 414     $ 418     (1 )%
Home orders (units)   2,250     2,153     5 %   4,608     4,288     7 %
Home order value   $ 917,996     $ 878,718     4 %   $ 1,880,792     $ 1,771,421     6 %
Average sales price - orders   $ 408     $ 408     %   $ 408     $ 413     (1 )%
Ending backlog (units)               3,619     3,428     6 %
Ending backlog value               $ 1,528,756     $ 1,448,782     6 %
Average sales price - backlog               $ 422     $ 423     %
Earnings before income taxes   $ 71,185     $ 63,205     13 %   $ 120,069     $ 99,974     20 %
Net earnings   $ 53,838     $ 41,580     29 %   $ 97,712     $ 65,152     50 %
Diluted EPS   $ 1.31     $ 0.98     34 %   $ 2.37     $ 1.54     54 %
                                             

MANAGEMENT COMMENTS

"We continued to experience generally healthy demand in our markets, especially for our entry-level LiVE.NOW.® homes, and our second quarter performance reflects the results of our strategy to address that demand, as well as the successful execution of our strategic initiatives to improve profitability," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "Our overall orders pace was 6% higher in the second quarter than it was in 2017 and is up 8% in the first half of the year. It's evident that our LiVE.NOW. homes are driving the increases in orders pace, as they made up 44% of our orders this quarter compared to just 35% in last year's second quarter.

"Our home closing gross margin for the quarter was 60 bps higher than last year's second quarter, and we are particularly pleased with the improvements in our East region," Mr. Hilton added. "This was our fifth consecutive quarter of year-over-year gains in home closing gross margin, despite significant increases in materials and labor costs over the last year."

He continued, "We delivered a 13% increase in pre-tax earnings and our diluted earnings per share for the quarter was up 34% over last year, as the reduction in corporate tax rates for 2018 and our 2017 retirement of convertible notes are also positively impacting our diluted EPS this year.

"We expect continued healthy demand for entry-level homes and are maintaining our projections for full year 2018 home closings and total home closing revenue to grow to approximately 8,450-8,850 and $3.5-3.65 billion, respectively. Considering the improvement in our second quarter home closing gross margin, we are adjusting our expectation for the full year to 18-18.5%, tempered by potential further increases in materials costs due to recently proposed tariffs. Based on our strong second quarter earnings and improved overhead leverage for the year, we are increasing our projection for pre-tax earnings to $295-315 million for the year."

Mr. Hilton added, "We expect to use part of our free cash flow over the next several quarters to repurchase up to $100 million of Meritage Homes stock under a new share repurchase program authorized by our board, replacing our prior program adopted in 2006. We may begin repurchasing shares as early as this quarter, depending on market and other conditions."

SECOND QUARTER RESULTS

  • Net earnings of $53.8 million ($1.31 per diluted share) for the second quarter of 2018, increased 29% and 34%, respectively, compared to $41.6 million ($0.98 per diluted share) for the second quarter of 2017. Earnings before income taxes were up 13% year-over-year, primarily due to increases in home closing revenue and home closing gross margin.

  • Home closing revenue increased 9% with a 12% increase in closing volume, partially offset by a 3% decrease in average sales price compared to the second quarter of 2017, as demand has shifted more toward entry-level homes. The increases in closings and revenue were led by the East region (Florida, Georgia, North and South Carolina, and Tennessee), which delivered a 30% increase in home closing revenue with 35% more home closings at an average sales price 4% lower than the second quarter of 2017. The Central region (Texas) delivered home closings and revenue growth of 21% and 15%, respectively, with a 5% decrease in average price.  West region home closing revenue (California, Colorado and Arizona) was 5% less than last year's second quarter, as a 9% decline in closing volume reflected 8% fewer communities open on average during the second quarter in 2018 than 2017, but was partially offset by a 4% increase in average price due to additional closings from higher-priced communities in California.

  • Home closing gross margin increased 60 bps to 18.3% for the second quarter of 2018, compared to 17.7% in the second quarter of 2017, primarily due to improved margins in the East region.

  • Selling, general and administrative expenses were 10.9% of second quarter 2018 home closing revenue, compared to 2017's second quarter SG&A of 10.6% of home closing revenue. Approximately 15 bps of the year-over-year increase was due to the recognition of compensation expense in the second quarter of 2018 for certain performance-based equity awards. No comparable expense was incurred in 2017.

  • Interest expense declined $1.6 million for the second quarter of 2018 compared to 2017. The reduction was due to a greater percentage of interest capitalized to qualified assets under development, despite a $2.1 million increase in total interest incurred from the issuances of new senior notes in June 2017 and March 2018. The net proceeds of those higher-rate issuances were primarily used to retire maturing notes and repay outstanding borrowings under the Company's revolving credit facility.

  • Second quarter effective tax rate was approximately 24% in 2018, compared to 34% in 2017, reflecting lower corporate income tax rates enacted for 2018.

  • Total orders for the second quarter of 2018 increased 5% year-over-year, driven by a 6% increase in orders pace (orders per average active community), partially offset by a 1% year-over-year decline in average active community count. Order growth in the East and Central regions offset a decline in the West region, with a significant 14% year-over-year increase in average orders pace for the East region.

YEAR TO DATE RESULTS

  • Net earnings were $97.7 million for the first half of 2018, a 50% increase over $65.2 million for the first half of 2017, primarily driven by a 10% increase in home closing revenue and a 70-bps improvement in home closing gross margin, as well as a lower effective tax rate for the first half of 2018 compared to 2017.

  • Home closings for the first half of the year increased 11% over 2017 and average prices on closings decreased 1% from the previous year.

  • Home closing gross profit increased 14% to $283.8 million in the first half of 2018 compared to $248.2 million in the first half of 2017, as home closing gross margin increased to 17.7% in the first half of 2018 from 17.0% in the first half of 2017.

  • Other income increased by $4.1 million in 2018 primarily due to a $4.8 million favorable legal settlement in the first quarter related to a previous joint venture in Nevada.

  • The effective tax rate for the first half of 2018 was 19%, compared to 35% for the first half of 2017, due to the lower statutory corporate tax rate in 2018, as well as $6.3 million of energy tax credits recorded in the first quarter of 2018 for homes closed in 2017 that qualified for the credits. These energy tax credits were extended by Congress in 2018 for 2017 only, and are expected to reduce the full year 2018 effective tax rate by about 200 basis points.

BALANCE SHEET

  • Cash and cash equivalents at June 30, 2018, totaled $169.4 million, compared to $170.7 million at December 31, 2017. Real estate assets increased to $2.87 billion at June 30, 2018, compared to $2.73 billion at December 31, 2017. Approximately $191.2 million of the increase related to homes under construction or completed, partially offset by a $52.5 million decrease in finished home sites and land under development.

  • Under the Company's newly authorized $100 million share repurchase program, repurchases of the Company's shares may be made in the open market, in privately negotiated transactions, or otherwise. The timing and amount of repurchases, if any, will be determined by the Company's management at its discretion and be based on a variety of factors such as the market price of the Company's common stock, corporate and contractual requirements, prevailing market and economic conditions and legal requirements. The share repurchase program may be modified, suspended or discontinued at any time. The Company intends to retire any shares repurchased.

  • Meritage ended the second quarter of 2018 with approximately 33,700 total lots owned or under control, compared to approximately 33,500 total lots at June 30, 2017. Approximately 85% of the nearly 2,600 lots added during the second quarter were in communities planned for entry-level product.

  • Debt-to-capital ratios were 43.8% at June 30, 2018 and 44.9% at December 31, 2017, with net debt-to-capital ratios of 40.4% and 41.4%, respectively, remaining well within management's target range for this key ratio.

  • The Company expanded capacity available under its unsecured revolving credit facility to $780 million during the second quarter of 2018 and extended the maturity date to July 2022, ending the quarter with no borrowings outstanding under the credit facility.

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, July 26.

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/10121676

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 beginning at approximately 1:00 p.m. ET on July 26 and extending through August 9, 2018, 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 10121676.


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

    Three Months Ended June 30,   Six Months Ended June 30,
    2018   2017   2018   2017
Homebuilding:              
  Home closing revenue $ 872,383     $ 797,780     $ 1,600,915     $ 1,458,397  
  Land closing revenue 5,112     4,198     19,144     16,353  
  Total closing revenue 877,495     801,978     1,620,059     1,474,750  
  Cost of home closings (712,868 )   (656,870 )   (1,317,070 )   (1,210,219 )
  Cost of land closings (5,799 )   (4,198 )   (21,041 )   (13,858 )
  Total cost of closings (718,667 )   (661,068 )   (1,338,111 )   (1,224,077 )
  Home closing gross profit 159,515     140,910     283,845     248,178  
  Land closing gross (loss)/profit (687 )       (1,897 )   2,495  
  Total closing gross profit 158,828     140,910     281,948     250,673  
Financial Services:              
  Revenue 3,870     3,649     6,918     6,593  
  Expense (1,693 )   (1,551 )   (3,177 )   (2,930 )
  Earnings from financial services unconsolidated entities and other, net 3,474     3,459     6,130     6,184  
  Financial services profit 5,651     5,557     9,871     9,847  
Commissions and other sales costs (60,823 )   (54,701 )   (113,575 )   (103,021 )
General and administrative expenses (34,205 )   (29,591 )   (65,098 )   (59,213 )
(Loss)/earnings from other unconsolidated entities, net (156 )   570     (202 )   943  
Interest expense (44 )   (1,620 )   (180 )   (2,445 )
Other income, net 1,934     2,080     7,305     3,190  
Earnings before income taxes 71,185     63,205     120,069     99,974  
Provision for income taxes (17,347 )   (21,625 )   (22,357 )   (34,822 )
Net earnings $ 53,838     $ 41,580     $ 97,712     $ 65,152  
               
Earnings per share:              
  Basic              
  Earnings per share $ 1.32     $ 1.03     $ 2.41     $ 1.62  
  Weighted average shares outstanding 40,647     40,317     40,568     40,248  
  Diluted              
  Earnings per share $ 1.31     $ 0.98     $ 2.37     $ 1.54  
  Weighted average shares outstanding 41,164     42,781     41,193     42,836  


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

    June 30, 2018   December 31, 2017
Assets:        
Cash and cash equivalents   $ 169,426     $ 170,746  
Other receivables   78,395     79,317  
Real estate (1)   2,870,047     2,731,380  
Real estate not owned   38,864     38,864  
Deposits on real estate under option or contract   48,880     59,945  
Investments in unconsolidated entities   16,639     17,068  
Property and equipment, net   52,122     33,631  
Deferred tax asset   36,294     35,162  
Prepaids, other assets and goodwill   84,227     85,145  
   Total assets   $ 3,394,894     $ 3,251,258  
Liabilities:        
Accounts payable   $ 154,819     $ 140,516  
Accrued liabilities   173,770     181,076  
Home sale deposits   37,130     34,059  
Liabilities related to real estate not owned   34,978     34,978  
Loans payable and other borrowings   16,552     17,354  
Senior notes, net   1,294,705     1,266,450  
     Total liabilities   1,711,954     1,674,433  
Stockholders' Equity:        
Preferred stock        
Common stock   406     403  
Additional paid-in capital   593,561     584,578  
Retained earnings   1,088,973     991,844  
     Total stockholders' equity   1,682,940     1,576,825  
   Total liabilities and stockholders' equity   $ 3,394,894     $ 3,251,258  
 

(1) Real estate – Allocated costs:
       
Homes under contract under construction   $ 715,373     $ 566,474  
Unsold homes, completed and under construction   562,435     516,577  
Model homes   138,441     142,026  
Finished home sites and home sites under development   1,453,798     1,506,303  
     Total real estate   $ 2,870,047     $ 2,731,380  


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

  Three Months Ended June 30,   Six Months Ended June 30,
  2018   2017   2018   2017
Depreciation and amortization $ 6,742     $ 4,202     $ 12,608     $ 7,872  
               
Summary of Capitalized Interest:              
Capitalized interest, beginning of period $ 81,828     $ 70,885     $ 78,564     $ 68,196  
Interest incurred 21,374     19,280     42,243     37,175  
Interest expensed (44 )   (1,620 )   (180 )   (2,445 )
Interest amortized to cost of home and land closings (18,715 )   (16,218 )   (36,184 )   (30,599 )
Capitalized interest, end of period $ 84,443     $ 72,327     $ 84,443     $ 72,327  
               
  June 30, 2018   December 31, 2017        
Notes payable and other borrowings $ 1,311,257     $ 1,283,804          
Stockholders' equity 1,682,940     1,576,825          
Total capital 2,994,197     2,860,629          
Debt-to-capital 43.8 %   44.9 %        
Notes payable and other borrowings $ 1,311,257     $ 1,283,804          
Less: cash and cash equivalents $ (169,426 )   $ (170,746 )        
Net debt 1,141,831     1,113,058          
Stockholders' equity 1,682,940     1,576,825          
Total net capital $ 2,824,771     $ 2,689,883          
Net debt-to-capital 40.4 %   41.4 %        


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

    Six Months Ended June 30,
    2018   2017
Cash flows from operating activities:        
Net earnings   $ 97,712     $ 65,152  
Adjustments to reconcile net earnings to net cash used in operating activities:        
Depreciation and amortization   12,608     7,872  
Stock-based compensation   8,976     5,785  
Equity in earnings from unconsolidated entities   (5,978 )   (7,127 )
Distribution of earnings from unconsolidated entities   6,834     6,712  
Other   2,407     10  
Changes in assets and liabilities:        
Increase in real estate   (155,809 )   (211,384 )
Decrease in deposits on real estate under option or contract   11,093     9,308  
Decrease/(increase) in other receivables, prepaids and other assets   1,634     (9,428 )
Increase/(decrease) in accounts payable and accrued liabilities   6,997     (5,497 )
Increase in home sale deposits   3,071     7,849  
Net cash used in operating activities   (10,455 )   (130,748 )
Cash flows from investing activities:        
Investments in unconsolidated entities   (417 )   (408 )
Distributions of capital from unconsolidated entities       1,250  
Purchases of property and equipment   (15,726 )   (8,322 )
Proceeds from sales of property and equipment   92     86  
Maturities/sales of investments and securities   1,065     1,258  
Payments to purchase investments and securities   (1,065 )   (1,258 )
Net cash used in investing activities   (16,051 )   (7,394 )
Cash flows from financing activities:        
Repayment of Credit Facility, net       (15,000 )
Repayment of loans payable and other borrowings   (2,499 )   (5,725 )
Repayment of senior notes and senior convertible notes   (175,000 )   (52,098 )
Proceeds from issuance of senior notes   206,000     300,000  
Payment of debt issuance costs   (3,315 )   (3,998 )
Net cash provided by financing activities   25,186     223,179  
Net (decrease)/increase in cash and cash equivalents   (1,320 )   85,037  
Beginning cash and cash equivalents   170,746     131,702  
Ending cash and cash equivalents   $ 169,426     $ 216,739  


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

                 
    Three Months Ended June 30,
    2018   2017
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   366     $ 118,272     419     $ 141,015  
California   206     142,019     231     140,270  
Colorado   162     89,421     154     88,289  
West Region   734     349,712     804     369,574  
Texas   741     259,344     610     225,679  
Central Region   741     259,344     610     225,679  
Florida   252     110,467     187     82,448  
Georgia   104     34,835     73     25,366  
North Carolina   195     77,075     132     59,560  
South Carolina   76     26,885     70     23,866  
Tennessee   37     14,065     30     11,287  
East Region   664     263,327     492     202,527  
Total   2,139     $ 872,383     1,906     $ 797,780  
Homes Ordered:                
Arizona   416     $ 135,717     397     $ 129,870  
California   190     131,699     274     162,597  
Colorado   166     89,818     133     76,978  
West Region   772     357,234     804     369,445  
Texas   766     277,556     714     254,642  
Central Region   766     277,556     714     254,642  
Florida   320     136,534     283     120,951  
Georgia   109     41,964     99     32,865  
North Carolina   143     54,704     143     61,375  
South Carolina   88     30,652     66     22,840  
Tennessee   52     19,352     44     16,600  
East Region   712     283,206     635     254,631  
Total   2,250     $ 917,996     2,153     $ 878,718  


                 
    Six Months Ended June 30,
    2018   2017
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   641     $ 209,268     715     $ 241,565  
California   437     301,410     441     272,364  
Colorado   256     143,807     282     155,649  
West Region   1,334     654,485     1,438     669,578  
Texas   1,283     451,089     1,105     400,388  
Central Region   1,283     451,089     1,105     400,388  
Florida   512     223,254     333     148,022  
Georgia   177     59,808     128     45,841  
North Carolina   323     127,748     263     116,467  
South Carolina   142     49,006     143     49,921  
Tennessee   93     35,525     77     28,180  
East Region   1,247     495,341     944     388,431  
Total   3,864     $ 1,600,915     3,487     $ 1,458,397  
Homes Ordered:                
Arizona   875     $ 288,878     800     $ 263,702  
California   409     292,097     602     356,355  
Colorado   341     186,913     276     159,073  
West Region   1,625     767,888     1,678     779,130  
Texas   1,575     557,059     1,407     506,415  
Central Region   1,575     557,059     1,407     506,415  
Florida   583     249,204     522     222,511  
Georgia   257     92,834     168     55,267  
North Carolina   300     116,189     293     127,707  
South Carolina   168     59,326     138     48,378  
Tennessee   100     38,292     82     32,013  
East Region   1,408     555,845     1,203     485,876  
Total   4,608     $ 1,880,792     4,288     $ 1,771,421  
                 
Order Backlog:                
Arizona   560     $ 199,508     529     $ 183,480  
California   290     213,761     392     237,629  
Colorado   284     158,019     267     157,508  
West Region   1,134     571,288     1,188     578,617  
Texas   1,312     489,106     1,233     460,761  
Central Region   1,312     489,106     1,233     460,761  
Florida   517     222,653     442     190,943  
Georgia   231     83,505     131     42,789  
North Carolina   220     85,273     223     98,492  
South Carolina   125     45,805     111     39,093  
Tennessee   80     31,126     100     38,087  
East Region   1,173     468,362     1,007     409,404  
Total   3,619     $ 1,528,756     3,428     $ 1,448,782  


Meritage Homes Corporation and Subsidiaries
Operating Data
(Unaudited)

                 
    Three Months Ended June 30,
    2018   2017
    Ending   Average   Ending   Average
Active Communities:                
Arizona   40     38.5     39     40.5  
California   15     15.0     26     27.5  
Colorado   19     18.0     10     10.0  
West Region   74     71.5     75     78.0  
Texas   90     93.5     92     88.5  
Central Region   90     93.5     92     88.5  
Florida   30     29.0     30     31.0  
Georgia   20     20.5     19     18.0  
North Carolina   20     20.0     20     19.0  
South Carolina   11     11.5     14     14.5  
Tennessee   8     7.0     7     7.5  
East Region   89     88.0     90     90.0  
Total   253     253.0     257     256.5  


                 
    Six Months Ended June 30,
    2018   2017
    Ending   Average   Ending   Average
Active Communities:                
Arizona   40     39.0     39     40.5  
California   15     17.5     26     27.0  
Colorado   19     15.0     10     10.0  
West Region   74     71.5     75     77.5  
Texas   90     91.0     92     86.0  
Central Region   90     91.0     92     86.0  
Florida   30     29.0     30     28.5  
Georgia   20     19.5     19     18.0  
North Carolina   20     18.5     20     18.5  
South Carolina   11     12.0     14     14.5  
Tennessee   8     7.0     7     7.0  
East Region   89     86.0     90     86.5  
Total   253     248.5     257     250.0  


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 110,000 homes in its 32-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 projected home closings, home closing revenue, home closing gross margin and pre-tax earnings for the full year 2018, as well as management's intentions to repurchase shares.

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. 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; 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 first quarter ended March 31, 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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