Meritage Homes Corp Files 10-Q for Period Ending March 31, 2024
Ticker: MTH · Form: 10-Q · Filed: Apr 26, 2024 · CIK: 833079
Sentiment: neutral
Topics: 10-Q, Meritage Homes, Q1 2024, Financial Report, Homebuilding
TL;DR
<b>Meritage Homes Corp. filed its Q1 2024 10-Q report, detailing financial performance and operations for the period ending March 31, 2024.</b>
AI Summary
Meritage Homes CORP (MTH) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Meritage Homes Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Meritage Homes Corp. is incorporated in Maryland. The company's principal business address is in Scottsdale, Arizona.
Why It Matters
For investors and stakeholders tracking Meritage Homes CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, net income, and balance sheet information, crucial for assessing the company's current financial health and performance trends. Understanding the details within this report allows stakeholders to evaluate Meritage Homes' operational efficiency, liquidity, and overall strategic positioning within the homebuilding industry.
Risk Assessment
Risk Level: medium — Meritage Homes CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not usually include significant new strategic announcements or major risk revelations beyond what is expected in regular disclosures.
Analyst Insight
Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Meritage Homes' performance in Q1 2024 and identify any emerging trends or risks.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed period of report)
- 2024-04-26 — Filing Date (Filed as of date)
- 12/31 — Fiscal Year End (Company's fiscal year end)
- MD — State of Incorporation (State where Meritage Homes Corp. is incorporated)
- 85255 — ZIP Code (Business and mailing address ZIP code)
- 001-09977 — SEC File Number (SEC file number for Meritage Homes Corp.)
Key Players & Entities
- Meritage Homes CORP (company) — Filer of the 10-Q report
- 2024-03-31 (date) — Conformed period of report
- 2024-04-26 (date) — Filed as of date
- Scottsdale, AZ (location) — Business and mailing address
- 480-515-8100 (phone) — Business phone number
- 19981009 (date) — Date of name change from MERITAGE CORP
- 19970113 (date) — Date of name change from MONTEREY HOMES CORP
- 19920703 (date) — Date of name change from HOMEPLEX MORTGAGE INVESTMENTS CORP
FAQ
When did Meritage Homes CORP file this 10-Q?
Meritage Homes CORP filed this Quarterly Report (10-Q) with the SEC on April 26, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Meritage Homes CORP (MTH).
Where can I read the original 10-Q filing from Meritage Homes CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Meritage Homes CORP.
What are the key takeaways from Meritage Homes CORP's 10-Q?
Meritage Homes CORP filed this 10-Q on April 26, 2024. Key takeaways: Meritage Homes Corp. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's fiscal year ends on December 31st..
Is Meritage Homes CORP a risky investment based on this filing?
Based on this 10-Q, Meritage Homes CORP presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not usually include significant new strategic announcements or major risk revelations beyond what is expected in regular disclosures.
What should investors do after reading Meritage Homes CORP's 10-Q?
Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Meritage Homes' performance in Q1 2024 and identify any emerging trends or risks. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.
Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-04-26 16:21:53
Filing Documents
- mth-20240331.htm (10-Q) — 1067KB
- mth2024033110qex311.htm (EX-31.1) — 7KB
- mth2024033110qex312.htm (EX-31.2) — 7KB
- mth2024033110qex321.htm (EX-32) — 7KB
- mth-20240331_g1.jpg (GRAPHIC) — 373KB
- 0000833079-24-000079.txt ( ) — 7496KB
- mth-20240331.xsd (EX-101.SCH) — 57KB
- mth-20240331_cal.xml (EX-101.CAL) — 73KB
- mth-20240331_def.xml (EX-101.DEF) — 213KB
- mth-20240331_lab.xml (EX-101.LAB) — 568KB
- mth-20240331_pre.xml (EX-101.PRE) — 423KB
- mth-20240331_htm.xml (XML) — 1053KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Unaudited Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Unaudited Consolidated Income Statements for the Three Months Ended March 31, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Notes to Unaudited Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
Controls and Procedures
Item 4. Controls and Procedures 32
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Items 3-4. Not Applicable
Other Information
Item 5. Other Information 34
Exhibits
Item 6. Exhibits 35
SIGNATURES
SIGNATURES 36 INDEX OF EXHIBITS 36 2
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements MERITAGE HOMES CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 905,298 $ 921,227 Other receivables 243,322 266,972 Real estate 4,914,512 4,721,291 Deposits on real estate under option or contract 122,813 111,364 Investments in unconsolidated entities 18,743 17,170 Property and equipment, net 47,868 48,953 Deferred tax assets, net 47,000 47,573 Prepaids, other assets and goodwill 189,749 218,584 Total assets $ 6,489,305 $ 6,353,134 Liabilities Accounts payable $ 306,150 $ 271,650 Accrued liabilities 418,216 424,764 Home sale deposits 42,796 36,605 Loans payable and other borrowings 6,604 13,526 Senior notes, net 994,966 994,689 Total liabilities 1,768,732 1,741,234 Stockholders' Equity Preferred stock, par value $ 0.01 . Authorized 10,000,000 shares; none issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, par value $ 0.01 . Authorized 125,000,000 shares; 36,319,014 and 36,425,037 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 363 364 Additional paid-in capital 240,852 290,955 Retained earnings 4,479,358 4,320,581 Total stockholders' equity 4,720,573 4,611,900 Total liabilities and stockholders' equity $ 6,489,305 $ 6,353,134 See accompanying notes to unaudited consolidated financial statements 3 MERITAGE HOMES CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED INCOME STATEMENTS (in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Homebuilding: Home closing revenue $ 1,466,096 $ 1,261,923 Land closing revenue 2,305 17,385 Total closing revenue 1,468,401 1,279,308 Cost of home closings ( 1,088,138 ) ( 979,462 ) Cost of land closings ( 2,298 ) ( 15,945 ) Total cost of closings ( 1,090,436 ) ( 995,407 ) Home closing gross profit 377,958 282,461 Land closing gross profit 7