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Meritage Homes completes 2016 with a 16% increase in full year net earnings, ending with fourth quarter diluted EPS of $1.22 on 15% growth in home closing revenue

SCOTTSDALE, Ariz., Feb. 01, 2017 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, reported fourth quarter and full year results for the year ended December 31, 2016.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
 
    Three Months Ended December 31,   Twelve Months Ended December 31,
    2016   2015   % Chg   2016   2015   % Chg
Homes closed (units)   2,117     1,919     10 %   7,355     6,522     13 %
Home closing revenue   $ 876,094     $ 761,372     15 %   $ 3,003,426     $ 2,531,556     19 %
Average sales price - closings   $ 414     $ 397     4 %   $ 408     $ 388     5 %
Home orders (units)   1,493     1,568     (5 )%   7,290     7,100     3 %
Home order value   $ 635,995     $ 634,181     %   $ 3,001,503     $ 2,822,785     6 %
Average sales price - orders   $ 426     $ 404     5 %   $ 412     $ 398     4 %
Ending backlog (units)               2,627     2,692     (2 )%
Ending backlog value               $ 1,135,758     $ 1,137,681     %
Average sales price - backlog               $ 432     $ 423     2 %
Net earnings   $ 51,807     $ 52,897     (2 )%   $ 149,541     $ 128,738     16 %
Diluted EPS   $ 1.22     $ 1.26     (3 )%   $ 3.55     $ 3.09     15 %
                                             

MANAGEMENT COMMENTS

/EIN News/ -- “We delivered solid closings, revenue and earnings growth in 2016, maintained a strong balance sheet and executed our strategy for future growth,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes.

“We generated a 16% increase in net earnings with 19% growth in home closing revenue, and controlled our overhead costs to help offset the negative impact from higher land, development and construction labor costs. We delivered 7,355 homes during the year -- a 13% increase over 2015 -- and surpassed the historic milestone of 100,000 home closings, a proud achievement for Meritage.

“Our fourth quarter results contributed significantly to the gains we achieved for the full year. We grew home closing revenue by 15%, delivering nearly the same level of earnings as we did in the fourth quarter of 2015 despite lower home closing margin in the fourth quarter of 2016.”

Mr. Hilton continued, “Our ending community count was down year over year as some community openings were delayed, which impacted our order volumes for the fourth quarter and full year 2016. We expect that to translate to slightly lower year-over-year order volume for the first quarter of 2017. However, we expect to open these communities in the first half of the year and are projecting significant year-over-year growth in the second half of 2017, resulting in new home deliveries of approximately 7,500-7,900 for the full year and total closing revenue of $3.1-3.3 billion.

“We anticipate gross margins will be in line with 2016 due to continued cost pressures. However, we are projecting a 6-12% increase in pre-tax earnings through a combination of cost management and additional operating leverage from our anticipated top-line growth.

“We are successfully shifting our community offerings to fully embrace the growing number of first-time home buyers and are well on our way to achieving our target of 35-40% of our communities being aimed at this market segment by the end of 2018,” stated Mr. Hilton. “We believe this strategy will provide value to both our customers and shareholders over the long term.”

FOURTH QUARTER RESULTS

  • Net earnings for the fourth quarter of 2016 were $51.8 million or $1.22 per diluted share, compared to $52.9 million or $1.26 per diluted share reported for the fourth quarter of 2015. A 15% increase in home closing revenue was partially offset by higher construction labor, land and development costs, as well as lower land closing profit, resulting in a 4% increase in total closing gross profit. A higher effective tax rate reduced net earnings in the fourth quarter of 2016 compared to 2015.
     
  • Home closing revenue increased to $876.1 million for the fourth quarter of 2016, compared to $761.4 million for the fourth quarter of 2015, reflecting a 10% increase in home closings and a 4% increase in the average price of homes closed during the quarter. The regions that posted the best year-over-year increases in home closing revenue were the East region (notably Georgia, Tennessee and the Carolinas), delivering a 22% revenue increase on 20% greater closings, and the West region (notably Arizona and Colorado), where home closing revenue was up 14% over the fourth quarter of 2015. Texas home closing revenue rose 9% primarily due to an 8% increase in average closing price.
     
  • Home closing gross margin of 17.9% in the fourth quarter of 2016 was the highest quarterly margin in 2016, benefiting from cost efficiencies related to higher closings and revenue. It was lower than last year’s fourth quarter margin of 19.3%, primarily due to the impact of cost inflation in land and construction.
     
  • Selling, general and administrative expenses of 10.5% were flat with the prior year’s fourth quarter, and improved sequentially from the third quarter’s 11.7% due to the leverage from higher closing revenue, as well as management cost controls.
     
  • Nearly 100% of interest incurred was capitalized to additional assets under development, resulting in a negligible amount of interest expense in the fourth quarter of 2016, compared to $4.0 million in the prior year.
     
  • The fourth quarter effective tax rate was 32.1% in 2016, compared to 30.5% in the fourth quarter of 2015, due to the timing of recognition of federal energy tax credits on Meritage’s highly energy efficient homes. The benefit was recognized throughout 2016 instead of being fully recognized in the fourth quarter, as it was in 2015 following the legislative extension of tax credits.
     
  • Total order value for the quarter was consistent with the fourth quarter of 2015, as a 5% increase in average sales price offset a 5% decline in orders, while absorptions per community were consistent with the prior year’s fourth quarter.
     
  • Orders and order value increased in the West region, primarily due to strong demand in Arizona and Colorado, as well as in the Central region, primarily due to growth in community count to meet demand. Order volumes in the East region were 27% lower than the prior year’s fourth quarter, primarily due to a 16% decline in average community count, from 100 in 2015 to 84 in 2016.
     
  • Ending community count at December 31, 2016 was 243, compared to 254 at December 31, 2015, but up sequentially from 237 at September 30, 2016. Various delays pushed the opening dates for a number of communities into 2017, which are expected to occur in the first half of the year.

FULL YEAR RESULTS

  • Net earnings were up 16% year over year to $149.5 million ($3.55 per fully diluted share) for the full year of 2016, compared to $128.7 million ($3.09 per fully diluted share) for 2015. The earnings increase was primarily due to 19% growth in home closing revenue, combined with a 14% increase in financial services profit, improved overhead leverage, reduced interest expense and increased other income, partially offset by lower home closing gross margin and land closing profit compared to 2015.

  • Meritage closed 13% more homes in 2016 than in 2015, at an average sales price of $408,000 compared to $388,000 in 2015. The combination of higher closing volume and prices drove the increase in annual home closing revenue.

  • Overhead leverage improved by 60 bps as total selling, general and administrative expenses declined to 11.3% in 2016 from 11.9% in 2015. The improvement reflects a revised commission structure and cost controls implemented by management during 2016.

  • Interest expense for the full year decreased to $5.2 million in 2016 compared to $16.0 million in 2015, as most interest incurred was capitalized to higher real estate assets under development.

  • Home closing gross margin in 2016 was 17.6%, compared to 19.0% for 2015, reflecting higher costs with limited pricing power to offset them, as well as the close-out of several high-margin communities.

BALANCE SHEET

  • The company ended the fourth quarter of 2016 with $131.7 million in cash and cash equivalents, compared to $262.2 million at December 31, 2015. The decrease in cash was primarily due to investments in real estate inventory as a result of organic growth. $15.0 million was drawn on the revolving credit facility at year-end 2016 with no comparable balance outstanding at December 31, 2015.

  • Real estate assets increased to $2.42 billion at December 31, 2016, compared to $2.10 billion at December 31, 2015, primarily due to increases in the balances of finished home sites and home sites under development, as well as unsold homes.

  • Net debt-to-capital ratio at December 31, 2016 was 41.2%, compared to 40.4% at December 31, 2015, reflecting the investment of cash into inventory of homes and land under development.

  • Total lot supply at the end of the quarter was approximately 29,800, a 7% increase over approximately 27,800 lots at December 31, 2015, representing approximately four years’ supply of lots based on trailing twelve months closings on both dates.

CONFERENCE CALL

Management will host a conference call today to discuss the Company's results at 10:00 a.m. Eastern Time (8:00 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/10097854

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 in Canada.

A replay of the call will be available through February 15, 2017, beginning at 12:00 p.m. Eastern Time on February 1, 2017 on the website noted above, or by dialing 877-344-7529, and referencing conference number 10092994. For more information, visit www.meritagehomes.com

   
  Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
   
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2016   2015   2016   2015
Homebuilding:              
  Home closing revenue $ 876,094     $ 761,372     $ 3,003,426     $ 2,531,556  
  Land closing revenue 4,614     20,241     25,801     36,526  
  Total closing revenue 880,708     781,613     3,029,227     2,568,082  
  Cost of home closings (719,324 )   (614,794 )   (2,474,584 )   (2,049,637 )
  Cost of land closings (3,946 )   (14,744 )   (23,431 )   (29,736 )
  Total cost of closings (723,270 )   (629,538 )   (2,498,015 )   (2,079,373 )
  Home closing gross profit 156,770     146,578     528,842     481,919  
  Land closing gross profit 668     5,497     2,370     6,790  
  Total closing gross profit 157,438     152,075     531,212     488,709  
Financial Services:              
  Revenue 3,392     3,101     12,507     11,377  
  Expense (1,435 )   (1,289 )   (5,587 )   (5,203 )
  Earnings from financial services unconsolidated entities and other, net 4,180     3,942     14,982     13,097  
  Financial services profit 6,137     5,754     21,902     19,271  
Commissions and other sales costs (60,058 )   (53,542 )   (215,092 )   (188,418 )
General and administrative expenses (32,029 )   (26,775 )   (123,803 )   (112,849 )
Earnings/(loss) from other unconsolidated entities, net 3,204     77     4,060     (338 )
Interest expense (45 )   (4,003 )   (5,172 )   (15,965 )
Other income/(expense), net 1,690     2,499     4,953     (946 )
Earnings before income taxes 76,337     76,085     218,060     189,464  
Provision for income taxes (24,530 )   (23,188 )   (68,519 )   (60,726 )
Net earnings $ 51,807     $ 52,897     $ 149,541     $ 128,738  
               
Earnings per share:              
  Basic              
  Earnings per share $ 1.29     $ 1.33     $ 3.74     $ 3.25  
  Weighted average shares outstanding 40,028     39,667     39,976     39,593  
  Diluted              
  Earnings per share $ 1.22     $ 1.26     $ 3.55     $ 3.09  
  Weighted average shares outstanding 42,667     42,214     42,585     42,164  


Meritage Homes Corporation and Subsidiaries
 Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
    December 31, 2016   December 31, 2015
Assets:        
Cash and cash equivalents   $ 131,702     $ 262,208  
Other receivables   70,355     57,296  
Real estate (1)   2,422,063     2,098,302  
Deposits on real estate under option or contract   85,556     87,839  
Investments in unconsolidated entities   17,097     11,370  
Property and equipment, net   33,202     33,970  
Deferred tax asset   53,320     59,147  
Prepaids, other assets and goodwill   75,396     69,645  
Total assets   $ 2,888,691     $ 2,679,777  
Liabilities:        
Accounts payable   $ 140,682     $ 106,440  
Accrued liabilities   170,852     161,163  
Home sale deposits   28,348     36,197  
Loans payable and other borrowings   32,195     23,867  
Senior and convertible senior notes, net   1,095,119     1,093,173  
Total liabilities   1,467,196     1,420,840  
Stockholders' Equity:        
Preferred stock        
Common stock   400     397  
Additional paid-in capital   572,506     559,492  
Retained earnings   848,589     699,048  
Total stockholders’ equity   1,421,495     1,258,937  
Total liabilities and stockholders’ equity   $ 2,888,691     $ 2,679,777  
         
(1) Real estate – Allocated costs:        
Homes under contract under construction   $ 508,927     $ 456,138  
Unsold homes, completed and under construction   431,725     307,425  
Model homes   147,406     138,546  
Finished home sites and home sites under development   1,334,005     1,196,193  
Total real estate   $ 2,422,063     $ 2,098,302  


Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):
 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
  2016   2015   2016   2015
Depreciation and amortization $ 4,508     $ 3,947     $ 15,978     $ 14,241  
               
Summary of Capitalized Interest:              
Capitalized interest, beginning of period $ 67,631     $ 61,396     $ 61,202     $ 54,060  
Interest incurred 17,704     17,877     70,348     67,542  
Interest expensed (45 )   (4,003 )   (5,172 )   (15,965 )
Interest amortized to cost of home and land closings (17,094 )   (14,068 )   (58,182 )   (44,435 )
Capitalized interest, end of period $ 68,196     $ 61,202     $ 68,196     $ 61,202  
               
  December 31,
2016
  December 31,
2015
       
Notes payable and other borrowings $ 1,127,314     $ 1,117,040          
Stockholders' equity 1,421,495     1,258,937          
Total capital 2,548,809     2,375,977          
Debt-to-capital 44.2 %   47.0 %        
Notes payable and other borrowings $ 1,127,314     $ 1,117,040          
Less: cash and cash equivalents $ (131,702 )   $ (262,208 )        
Net debt 995,612     854,832          
Stockholders’ equity 1,421,495     1,258,937          
Total net capital $ 2,417,107     $ 2,113,769          
Net debt-to-capital 41.2 %   40.4 %        



Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
    Twelve Months Ended December 31,
    2016   2015
Cash flows from operating activities:        
Net earnings   $ 149,541     $ 128,738  
Adjustments to reconcile net earnings to net cash used in operating activities:        
Depreciation and amortization   15,978     14,241  
Stock-based compensation   13,741     15,781  
Excess income tax provision/(benefit) from stock-based awards   956     (2,043 )
Equity in earnings from unconsolidated entities   (19,042 )   (12,759 )
Distribution of earnings from unconsolidated entities   16,959     12,650  
Other   9,539     11,530  
Changes in assets and liabilities:        
Increase in real estate   (311,426 )   (209,407 )
Decrease in deposits on real estate under option or contract   2,337     6,316  
Increase in other receivables, prepaids and other assets   (17,513 )   (7,083 )
Increase in accounts payable and accrued liabilities   43,377     31,883  
(Decrease)/increase in home sale deposits   (7,849 )   6,818  
Net cash used in operating activities   (103,402 )   (3,335 )
Cash flows from investing activities:        
Investments in unconsolidated entities   (7,244 )   (481 )
Distributions of capital from unconsolidated entities   3,600      
Purchases of property and equipment   (16,662 )   (16,092 )
Proceeds from sales of property and equipment   200     86  
Maturities/sales of investments and securities   746     1,555  
Payments to purchase investments and securities   (746 )   (1,555 )
Net cash used in investing activities   (20,106 )   (16,487 )
Cash flows from financing activities:        
Proceeds from Credit Facility, net   15,000      
Repayment of loans payable and other borrowings   (21,274 )   (23,226 )
Proceeds from issuance of senior notes       200,000  
Debt issuance costs       (3,006 )
Excess income tax (provision)/benefit from stock-based awards   (956 )   2,043  
Proceeds from stock option exercises   232     2,886  
Net cash (used in)/provided by financing activities   (6,998 )   178,697  
Net (decrease)/increase in cash and cash equivalents   (130,506 )   158,875  
Beginning cash and cash equivalents   262,208     103,333  
Ending cash and cash equivalents   $ 131,702     $ 262,208  


Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(Unaudited)
 
    Three Months Ended December 31,
    2016   2015
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   373     $ 126,628     291     $ 98,004  
California   282     171,506     323     175,601  
Colorado   160     78,278     131     57,211  
West Region   815     376,412     745     330,816  
Texas   567     212,587     559     194,879  
Central Region   567     212,587     559     194,879  
Florida   276     116,253     254     106,520  
Georgia   108     37,263     72     23,735  
North Carolina   198     80,222     162     66,921  
South Carolina   97     32,274     83     24,217  
Tennessee   56     21,083     44     14,284  
East Region   735     287,095     615     235,677  
Total   2,117     $ 876,094     1,919     $ 761,372  
Homes Ordered:                
Arizona   314     $ 105,397     253     $ 86,887  
California   187     116,969     215     118,370  
Colorado   116     64,887     105     51,033  
West Region   617     287,253     573     256,290  
Texas   490     185,557     465     171,938  
Central Region   490     185,557     465     171,938  
Florida   159     71,559     200     80,929  
Georgia   28     11,682     73     25,704  
North Carolina   108     48,959     159     67,492  
South Carolina   60     19,253     65     20,071  
Tennessee   31     11,732     33     11,757  
East Region   386     163,185     530     205,953  
Total   1,493     $ 635,995     1,568     $ 634,181  


                 
    Twelve Months Ended December 31,
    2016   2015
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   1,122     $ 384,767     1,008     $ 325,371  
California   1,020     590,340     888     478,174  
Colorado   634     310,191     495     224,125  
West Region   2,776     1,285,298     2,391     1,027,670  
Texas   2,130     778,964     2,025     705,318  
Central Region   2,130     778,964     2,025     705,318  
Florida   895     368,564     843     361,127  
Georgia   337     114,137     228     72,913  
North Carolina   672     278,747     551     215,642  
South Carolina   328     103,851     330     101,847  
Tennessee   217     73,865     154     47,039  
East Region   2,449     939,164     2,106     798,568  
Total   7,355     $ 3,003,426     6,522     $ 2,531,556  
Homes Ordered:                
Arizona   1,249     $ 428,204     1,133     $ 377,059  
California   962     559,832     965     538,357  
Colorado   575     302,124     559     264,643  
West Region   2,786     1,290,160     2,657     1,180,059  
Texas   2,119     783,504     2,109     746,471  
Central Region   2,119     783,504     2,109     746,471  
Florida   861     367,012     893     376,563  
Georgia   333     114,074     270     89,755  
North Carolina   605     254,521     626     258,952  
South Carolina   356     114,376     348     105,838  
Tennessee   230     77,856     197     65,147  
East Region   2,385     927,839     2,334     896,255  
Total   7,290     $ 3,001,503     7,100     $ 2,822,785  
Order Backlog:                
Arizona   444     $ 161,343     317     $ 117,906  
California   231     153,638     289     184,146  
Colorado   273     154,084     332     162,151  
West Region   948     469,065     938     464,203  
Texas   931     354,734     942     350,194  
Central Region   931     354,734     942     350,194  
Florida   253     116,454     287     118,006  
Georgia   91     33,363     95     33,426  
North Carolina   193     87,252     260     111,478  
South Carolina   116     40,636     88     30,111  
Tennessee   95     34,254     82     30,263  
East Region   748     311,959     812     323,284  
Total   2,627     $ 1,135,758     2,692     $ 1,137,681  



Meritage Homes Corporation and Subsidiaries
Operating Data
(Unaudited)
 
    Three Months Ended December 31,
    2016   2015
    Ending   Average   Ending   Average
Active Communities:                
Arizona   42     41.0     41     41.0  
California   28     28.5     24     25.0  
Colorado   10     10.0     16     15.5  
West Region   80     79.5     81     81.5  
Texas   80     77.0     72     71.0  
Central Region   80     77.0     72     71.0  
Florida   27     26.5     31     31.0  
Georgia   17     17.0     17     17.0  
North Carolina   17     18.0     26     25.5  
South Carolina   15     15.0     18     17.5  
Tennessee   7     7.0     9     8.5  
East Region   83     83.5     101     99.5  
Total   243     240.0     254     252.0  


    Twelve Months Ended December 31,
    2016   2015
    Ending   Average   Ending   Average
Active Communities:                
Arizona   42     41.5     41     41.0  
California   28     26.0     24     24.0  
Colorado   10     13.0     16     16.5  
West Region   80     80.5     81     81.5  
Texas   80     76.0     72     65.5  
Central Region   80     76.0     72     65.5  
Florida   27     29.0     31     30.0  
Georgia   17     17.0     17     15.0  
North Carolina   17     21.5     26     23.5  
South Carolina   15     16.5     18     19.0  
Tennessee   7     8.0     9     7.0  
East Region   83     92.0     101     94.5  
Total   243     248.5     254     241.5  
                         

About Meritage Homes Corporation

Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2015. Meritage Homes 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 Homes 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, Tampa and south Florida; Raleigh and Charlotte, North Carolina; Greenville-Spartanburg and York County, South Carolina; Nashville, Tennessee; and Atlanta, Georgia.

Meritage Homes has designed and built over 100,000 homes in its 31-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage Homes 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 its innovation and industry leadership in energy efficient homebuilding. For more information, visit 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 expectations with respect to future growth, our strategy and projections with respect to the entry-level and first-time home buyer market, the timing of community openings in 2017, quarterly order trends during 2017, projected home closings and home closing revenue, home closing gross margins, operating leverage and pre-tax earnings for the full year 2017.

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 and cost 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; reversal of the current economic recovery; the ability of our potential buyers to sell their existing homes; cancellation rates; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slower order absorption rates; 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 option deposits; our potential exposure to natural disasters or severe weather conditions; competition; construction defect and home warranty claims; failures in health and safety performance; 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; enactment of new laws or regulations or our 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 due to a downgrade of our credit ratings; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; 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; 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; 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, 2015 and subsequent quarterly reports on Forms 10-Q under the caption "Risk Factors," which can be found on our website.

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

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