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Meritage Homes reports second quarter 2017 diluted EPS of $0.98 on higher margins, with continued progress on strategic initiatives

SCOTTSDALE, Ariz., Aug. 01, 2017 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, reported its second quarter results for the period ended June 30, 2017.

 
 
Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
 
    Three Months Ended June 30,   Six Months Ended June 30,
    2017   2016   % Chg   2017   2016   % Chg
Homes closed (units)   1,906     1,950     (2 )%   3,487     3,438     1 %
Home closing revenue   $ 797,780     $ 795,845     %   $ 1,458,397     $ 1,391,462     5 %
Average sales price - closings         $ 419     $ 408     3 %   $ 418     $ 405     3 %
Home orders (units)   2,153     2,073     4 %   4,288     4,060     6 %
Home order value   $ 878,718     $ 845,346     4 %   $ 1,771,421     $ 1,649,946     7 %
Average sales price - orders   $ 408     $ 408     %   $ 413     $ 406     2 %
Ending backlog (units)               3,428     3,314     3 %
Ending backlog value               $ 1,448,782     $ 1,396,165     4 %
Average sales price - backlog               $ 423     $ 421     %
Earnings before income taxes   $ 63,205     $ 59,036     7 %   $ 99,974     $ 87,921     14 %
Net earnings   $ 41,580     $ 39,878     4 %   $ 65,152     $ 60,847     7 %
Diluted EPS   $ 0.98     $ 0.95     3 %   $ 1.54     $ 1.45     6 %
                                             
                                             

/EIN News/ -- MANAGEMENT COMMENTS

“We generated further earnings growth in the second quarter this year as we achieved higher margins on the homes we delivered,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “While demand is generally strong across most of our markets, we are experiencing particularly strong demand for homes built to meet the desires of entry-level home buyers, especially in Arizona and Texas where we have opened more of those communities, and we have significant opportunities to capitalize on healthy demand in the South as we improve our performance in that region.

“The success we’re having with entry-level homes validates our strategic emphasis on that market segment, and we have continued to invest aggressively to meet future demand in that segment as more of those buyers enter the market. We secured more than 4,000 additional lots in the second quarter, and almost 70% of those are in communities that will target entry-level buyers,” explained Mr. Hilton.

“We have executed well on the strategic initiatives we laid out at the beginning of the year, growing our community count, improving our gross margins and managing our overhead expenses for greater earnings leverage. Our community count at mid-year was up 7% over June 30, 2016; our home closing gross margin improved 40 bps over last year’s second quarter and 150 bps sequentially over the first quarter this year; and we’ve improved our overhead leverage during the first two quarters, achieving our target of 10.5-11% in the second quarter this year,” he continued.

“Housing market conditions remain healthy and Meritage is well-positioned in many of the best markets. We believe that demand for new homes will continue to be strong, and we are prepared to take advantage of it,” Mr. Hilton concluded. “We are on track to deliver approximately 7,600-8,000 homes and generate estimated total closing revenue of $3.2-3.4 billion for the year. We anticipate pricing power in most markets will allow us to maintain gross margins consistent with 2016 while generating approximately $230-250 million in pre-tax earnings through a combination of cost management and operating leverage with our anticipated revenue growth.”

SECOND QUARTER RESULTS

  • Net earnings of $41.6 million ($0.98 per diluted share) for the second quarter of 2017, compared to prior year net earnings of $39.9 million ($0.95 per diluted share), primarily reflect higher home closing gross margins and overhead leverage, partially offset by a higher effective tax rate. Earnings before income taxes increased 7% year-over-year.

  • Second quarter effective tax rate was 34% in 2017, compared to 32% in 2016. The lower rate in 2016 reflected the significant impact of energy tax credits captured on energy-efficient homes closed in 2016 and prior periods, which Congress has not extended for 2017, resulting in a higher assumed effective tax rate this year.

  • Home closing revenue was consistent with the prior year, as a 3% increase in average closing price offset a 2% decrease in home closings compared to the second quarter of 2016. The West and Central regions delivered year-over-year increases of 11% and 9% in home closing revenue, respectively, reflecting strong growth in Arizona and Texas. A 21% decline in East region home closing revenue reflected lower orders over the last three quarters as the region was going through a product library upgrade which delayed the openings of a number of communities.

  • Home closing gross margin was 17.7% for the second quarter of 2017, compared to 17.3% in the second quarter of 2016. The margin improvement reflects increases in home prices that generally offset increases in land and construction costs, as well as improved leverage of construction overhead expenses.

  • Selling, general and administrative expenses were 10.6% of home closing revenue, an improvement of 10 bps from 10.7% in the second quarter of 2016, and 120 bps lower than the first quarter of 2017, reflecting successful cost controls and overhead leverage.

  • Total orders for the second quarter increased 4% year-over-year due to strong demand in the West and Central regions. Orders increased 30% over the second quarter of 2016 in Texas, as a result of a 24% increase in average active communities during the quarter and a 5% increase in absorptions (orders per average active community). Orders increased 2% in the West on a 4% increase in absorptions that was mostly offset by a 3% decline in average community count. East region orders were down 13% compared to the prior year’s second quarter, primarily due to a 12% decline in absorptions.

  • Total active community count increased to 257 at June 30, 2017, from 241 at June 30, 2016, resulting in a 6% increase in average active communities during the second quarter.

  • Average sales prices (ASP) on orders for the company as a whole were flat year-over-year, with a 7% increase in the East region ASP, while Arizona and Texas ASP’s were 7% and 3% lower, respectively, compared to the prior year’s second quarter, reflecting a mix shift toward more entry-level and first-time buyer homes.

YEAR TO DATE RESULTS

  • Net earnings were $65.2 million for the first half of 2017, a 7% increase over $60.8 million for the first half of 2016, primarily driven by a 5% increase in home closing revenue.
     
  • Home closings for the first half of the year increased 1% over 2016 and average prices on closings rose 3%.
     
  • Home closing gross profit increased 3% to $248.2 million in the first half of 2017 compared to $241.1 million in the first half of 2016, as higher closing revenue was offset partially by a decline in home closing gross margins. While second quarter home closing gross margins improved year-over-year, first quarter gross margins were negatively impacted by up-front costs associated with opening new communities that contributed no revenue to offset those increased costs.
     
  • Total commissions and selling expenses declined 30 basis points to 7.1% of year-to-date 2017 home closing revenue from 7.4% in 2016, while general and administrative expenses declined 20 basis points to 4.0% of total closing revenue in the first half of 2017, compared to 4.2% in 2016.
     
  • The effective tax rate for the first half of 2017 was 35%, compared to 31% for the first half of 2016, due to the absence of energy tax credits in 2017, which the U.S. Congress has not extended.

BALANCE SHEET

  • Cash and cash equivalents at June 30, 2017, totaled $216.7 million, compared to $131.7 million at December 31, 2016, primarily reflecting proceeds from the issuance of $300 million in new senior notes on June 6, 2017. The proceeds were used to repay borrowings under the Company’s revolving credit facility and repurchase approximately $52 million of the Company’s 1.875% convertible senior notes, as well as investing in additional real estate inventory. A total of $278.6 million was invested in land and development during the second quarter of 2017 to meet current demand and position the company for future growth.
     
  • Meritage ended the second quarter of 2017 with approximately 33,500 total lots owned or under control, compared to approximately 28,900 total lots at June 30, 2016, as the company secured more than 4,000 new lots during the quarter. Approximately half of those additions were in Texas to meet strong demand. Approximately 70% of the newly controlled lots added during the quarter were in communities planned for entry-level or first-time buyers.
     
  • Debt-to-capital and net debt-to-capital ratios at June 30, 2017 were 47.6% and 43.3%, compared to 44.2% and 41.2%, respectively, at December 31, 2016, reflecting the increased investment of cash into homes and land under development, while remaining well within management’s target range for this key ratio.
     
  • The Company intends to issue a notice of redemption for the remaining 1.875% convertible senior notes due September 15, 2032, as of the first call date in September 2017, with available cash from the notes issued in June 2017.

CONFERENCE CALL

Management will host a conference call today to discuss the Company's results at 10:30 a.m. Eastern Time (7:30 a.m. in Arizona). 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/10108854

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 12:30 p.m. ET on August 1, 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 10108854. The replay will be available through until August 15, 2017.

   
   
  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,
    2017   2016   2017   2016
Homebuilding:              
  Home closing revenue $ 797,780     $ 795,845     $ 1,458,397     $ 1,391,462  
  Land closing revenue 4,198     2,051     16,353     4,200  
  Total closing revenue 801,978     797,896     1,474,750     1,395,662  
  Cost of home closings (656,870 )   (658,099 )   (1,210,219 )   (1,150,369 )
  Cost of land closings (4,198 )   (1,693 )   (13,858 )   (3,393 )
  Total cost of closings (661,068 )   (659,792 )   (1,224,077 )   (1,153,762 )
  Home closing gross profit 140,910     137,746     248,178     241,093  
  Land closing gross profit     358     2,495     807  
  Total closing gross profit 140,910     138,104     250,673     241,900  
Financial Services:              
  Revenue 3,649     3,476     6,593     5,976  
  Expense (1,551 )   (1,508 )   (2,930 )   (2,754 )
  Earnings from financial services unconsolidated entities and other, net     3,459     3,795     6,184     6,587  
  Financial services profit 5,557     5,763     9,847     9,809  
Commissions and other sales costs (54,701 )   (56,379 )   (103,021 )   (102,556 )
General and administrative expenses (29,591 )   (28,898 )   (59,213 )   (58,516 )
Earnings from other unconsolidated entities, net 570     573     943     416  
Interest expense (1,620 )   (1,672 )   (2,445 )   (4,960 )
Other income, net 2,080     1,545     3,190     1,828  
Earnings before income taxes 63,205     59,036     99,974     87,921  
Provision for income taxes (21,625 )   (19,158 )   (34,822 )   (27,074 )
Net earnings $ 41,580     $ 39,878     $ 65,152     $ 60,847  
               
Earnings per share:              
  Basic              
  Earnings per share $ 1.03     $ 1.00     $ 1.62     $ 1.52  
  Weighted average shares outstanding 40,317     40,012     40,248     39,926  
  Diluted              
  Earnings per share $ 0.98     $ 0.95     $ 1.54     $ 1.45  
  Weighted average shares outstanding 42,781     42,533     42,836     42,477  


 
 
Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
    June 30, 2017   December 31, 2016
Assets:        
Cash and cash equivalents   $ 216,739     $ 131,702  
Other receivables   73,109     70,355  
Real estate (1)   2,638,407     2,422,063  
Real estate not owned   9,987      
Deposits on real estate under option or contract   74,750     85,556  
Investments in unconsolidated entities   16,678     17,097  
Property and equipment, net   32,620     33,202  
Deferred tax asset   55,290     53,320  
Prepaids, other assets and goodwill   83,112     75,396  
     Total assets   $ 3,200,692     $ 2,888,691  
Liabilities:        
Accounts payable   $ 139,957     $ 140,682  
Accrued liabilities   166,080     170,852  
Home sale deposits   36,197     28,348  
Liabilities related to real estate not owned   8,489      
Loans payable and other borrowings   17,256     32,195  
Senior and convertible senior notes, net   1,340,274     1,095,119  
     Total liabilities   1,708,253     1,467,196  
Stockholders' Equity:        
Preferred stock        
Common stock   403     400  
Additional paid-in capital   578,295     572,506  
Retained earnings   913,741     848,589  
     Total stockholders’ equity   1,492,439     1,421,495  
  Total liabilities and stockholders’ equity   $ 3,200,692     $ 2,888,691  
 

(1) Real estate – Allocated costs:
       
Homes under contract under construction   $ 662,829     $ 508,927  
Unsold homes, completed and under construction   423,887     431,725  
Model homes   146,602     147,406  
Finished home sites and home sites under development     1,405,089     1,334,005  
     Total real estate   $ 2,638,407     $ 2,422,063  


 
 
Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):
 
  Three Months Ended June 30,   Six Months Ended June 30,
  2017   2016   2017   2016
Depreciation and amortization $ 4,202     $ 4,198     $ 7,872     $ 7,600  
               
Summary of Capitalized Interest:              
Capitalized interest, beginning of period $ 70,885     $ 64,126     $ 68,196     $ 61,202  
Interest incurred 19,280     17,713     37,175     35,272  
Interest expensed (1,620 )   (1,672 )   (2,445 )   (4,960 )
Interest amortized to cost of home and land closings     (16,218 )   (15,485 )   (30,599 )   (26,832 )
Capitalized interest, end of period $ 72,327     $ 64,682     $ 72,327     $ 64,682  
               
  June 30, 2017   December 31,
2016
       
Notes payable and other borrowings $ 1,357,530     $ 1,127,314          
Stockholders' equity 1,492,439     1,421,495          
Total capital 2,849,969     2,548,809          
Debt-to-capital 47.6 %   44.2 %        
Notes payable and other borrowings $ 1,357,530     $ 1,127,314          
Less: cash and cash equivalents $ (216,739 )   $ (131,702 )        
Net debt 1,140,791     995,612          
Stockholders’ equity 1,492,439     1,421,495          
Total net capital $ 2,633,230     $ 2,417,107          
Net debt-to-capital 43.3 %   41.2 %        


 
 
Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
    Six Months Ended June 30,
    2017   2016
Cash flows from operating activities:        
Net earnings   $ 65,152     $ 60,847  
Adjustments to reconcile net earnings to net cash used in operating activities:            
Depreciation and amortization   7,872     7,600  
Stock-based compensation   5,785     7,313  
Excess income tax provision from stock-based awards       526  
Equity in earnings from unconsolidated entities   (7,127 )   (7,003 )
Distribution of earnings from unconsolidated entities   6,712     7,343  
Other   10     3,262  
Changes in assets and liabilities:        
Increase in real estate   (211,384 )   (193,981 )
Decrease/(increase) in deposits on real estate under option or contract   9,308     (3,551 )
Increase in other receivables, prepaids and other assets   (9,428 )   (9,368 )
(Decrease)/increase in accounts payable and accrued liabilities   (5,497 )   12,944  
Increase in home sale deposits   7,849     3,449  
Net cash used in operating activities   (130,748 )   (110,619 )
Cash flows from investing activities:        
Investments in unconsolidated entities   (408 )   (159 )
Distributions of capital from unconsolidated entities   1,250      
Purchases of property and equipment   (8,322 )   (7,570 )
Proceeds from sales of property and equipment   86     87  
Maturities/sales of investments and securities   1,258     645  
Payments to purchase investments and securities   (1,258 )   (645 )
Net cash used in investing activities   (7,394 )   (7,642 )
Cash flows from financing activities:        
Repayment of Credit Facility, net   (15,000 )    
Repayment of loans payable and other borrowings   (5,725 )   (15,482 )
Repurchase of senior subordinated notes   (52,098 )    
Proceeds from issuance of senior notes   300,000      
Payment of debt issuance costs   (3,998 )    
Excess income tax provision from stock-based awards       (526 )
Proceeds from stock option exercises       232  
Net cash provided by/(used in) financing activities   223,179     (15,776 )
Net increase/(decrease) in cash and cash equivalents   85,037     (134,037 )
Beginning cash and cash equivalents   131,702     262,208  
Ending cash and cash equivalents   $ 216,739     $ 128,171  


 
 
Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(Unaudited)
 
    Three Months Ended June 30,
    2017   2016
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   419     $ 141,015     279     $ 94,048  
California   231     140,270     280     156,058  
Colorado   154     88,289     169     82,472  
West Region   804     369,574     728     332,578  
Texas   610     225,679     556     206,907  
Central Region       610     225,679     556     206,907  
Florida   187     82,448     257     103,342  
Georgia   73     25,366     81     27,383  
North Carolina   132     59,560     179     76,507  
South Carolina   70     23,866     88     27,748  
Tennessee   30     11,287     61     21,380  
East Region   492     202,527     666     256,360  
Total   1,906     $ 797,780     1,950     $ 795,845  
Homes Ordered:                
Arizona   397     $ 129,870     331     $ 115,812  
California   274     162,597     289     165,931  
Colorado   133     76,978     169     84,398  
West Region   804     369,445     789     366,141  
Texas   714     254,642     550     202,948  
Central Region   714     254,642     550     202,948  
Florida   283     120,951     267     106,913  
Georgia   99     32,865     115     38,356  
North Carolina   143     61,375     159     66,944  
South Carolina   66     22,840     118     38,468  
Tennessee   44     16,600     75     25,576  
East Region   635     254,631     734     276,257  
Total   2,153     $ 878,718     2,073     $ 845,346  


                 
                 
    Six Months Ended June 30,
    2017   2016
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   715     $ 241,565     496     $ 169,047  
California   441     272,364     487     276,778  
Colorado   282     155,649     307     147,799  
West Region   1,438     669,578     1,290     593,624  
Texas   1,105     400,388     1,021     366,878  
Central Region       1,105     400,388     1,021     366,878  
Florida   333     148,022     413     166,664  
Georgia   128     45,841     146     49,397  
North Carolina   263     116,467     297     126,884  
South Carolina   143     49,921     155     48,919  
Tennessee   77     28,180     116     39,096  
East Region   944     388,431     1,127     430,960  
Total   3,487     $ 1,458,397     3,438     $ 1,391,462  
Homes Ordered:                
Arizona   800     $ 263,702     590     $ 205,992  
California   602     356,355     559     316,943  
Colorado   276     159,073     338     171,024  
West Region   1,678     779,130     1,487     693,959  
Texas   1,407     506,415     1,141     419,013  
Central Region   1,407     506,415     1,141     419,013  
Florida   522     222,511     494     199,507  
Georgia   168     55,267     220     73,551  
North Carolina   293     127,707     348     144,025  
South Carolina   138     48,378     225     72,689  
Tennessee   82     32,013     145     47,202  
East Region   1,203     485,876     1,432     536,974  
Total   4,288     $ 1,771,421     4,060     $ 1,649,946  
                 
Order Backlog:                
Arizona   529     $ 183,480     411     $ 154,851  
California   392     237,629     361     224,311  
Colorado   267     157,508     363     185,376  
West Region   1,188     578,617     1,135     564,538  
Texas   1,233     460,761     1,062     402,329  
Central Region   1,233     460,761     1,062     402,329  
Florida   442     190,943     368     150,849  
Georgia   131     42,789     169     57,580  
North Carolina   223     98,492     311     128,619  
South Carolina   111     39,093     158     53,881  
Tennessee   100     38,087     111     38,369  
East Region   1,007     409,404     1,117     429,298  
Total   3,428     $ 1,448,782     3,314     $ 1,396,165  


 
 
Meritage Homes Corporation and Subsidiaries
Operating Data
(Unaudited)
 
    Three Months Ended June 30,
    2017   2016
    Ending   Average   Ending   Average
Active Communities:                    
Arizona   39     40.5     43     42.5  
California   26     27.5     25     24.5  
Colorado   10     10.0     12     13.0  
West Region   75     78.0     80     80.0  
Texas   92     88.5     73     71.5  
Central Region   92     88.5     73     71.5  
Florida   30     31.0     26     26.0  
Georgia   19     18.0     17     17.5  
North Carolina   20     19.0     22     23.0  
South Carolina   14     14.5     16     16.0  
Tennessee   7     7.5     7     8.0  
East Region   90     90.0     88     90.5  
Total   257     256.5     241     242.0  


                 
                 
    Six Months Ended June 30,
    2017   2016
    Ending   Average   Ending   Average
Active Communities:                    
Arizona   39     40.5     43     42.0  
California   26     27.0     25     24.5  
Colorado   10     10.0     12     14.0  
West Region   75     77.5     80     80.5  
Texas   92     86.0     73     72.5  
Central Region   92     86.0     73     72.5  
Florida   30     28.5     26     28.5  
Georgia   19     18.0     17     17.0  
North Carolina   20     18.5     22     24.0  
South Carolina   14     14.5     16     17.0  
Tennessee   7     7.0     7     8.0  
East Region   90     86.5     88     94.5  
Total   257     250.0     241     247.5  
 
 

About Meritage Homes Corporation

Meritage Homes is the eighth-largest public homebuilder in the United States, based on homes closed in 2016. Meritage Homes builds and sells single-family homes for entry-level, 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 32-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 innovation and industry leadership in energy efficient homebuilding.

For more information, visit www.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, execution of strategic initiatives and projections with respect to the entry-level and first-time home buyer market, as well as projected home closings and home closing revenue, home closing gross margins 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 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; changes in interest rates and the availability and pricing of residential mortgages; the success of strategic initiatives; shortages in the availability and cost of labor; changes in tax laws that adversely impact us or our homebuyers; 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 slow 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 earnest or option deposits; our potential exposure to and impacts from 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; 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; 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, 2016 and our subsequent Form 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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