Meritage Homes Files Q2 2024 10-Q
Ticker: MTH · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 833079
Sentiment: neutral
Topics: 10-Q, real-estate, homebuilding, financials
Related Tickers: LEN, DHI, TOL, NVR
TL;DR
MTH Q2 10-Q filed. Housing market update inside.
AI Summary
Meritage Homes Corp. filed its 10-Q for the period ending June 30, 2024. The company, headquartered in Scottsdale, AZ, reported on its homebuilding and land operations. Key financial details and operational metrics for the second quarter and the first half of 2024 are presented in this filing.
Why It Matters
This filing provides investors with the latest financial performance and operational data for Meritage Homes, crucial for understanding the company's current health and future prospects in the housing market.
Risk Assessment
Risk Level: medium — The housing market is subject to significant economic fluctuations, interest rate changes, and consumer demand, all of which can impact a homebuilder's performance.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of 2024)
- 2024-06-30 — Fiscal Period End (End date for the reported financial data)
Key Players & Entities
- Meritage Homes Corp. (company) — Filer of the 10-Q
- Scottsdale, AZ (location) — Company headquarters
- 20240630 (date) — End of reporting period
- 20240726 (date) — Filing date
FAQ
What is the primary business of Meritage Homes Corp. as indicated in the filing?
The filing indicates Meritage Homes Corp. is primarily involved in Operative Builders [1531], specifically homebuilding and land operations.
Where is Meritage Homes Corp. headquartered?
Meritage Homes Corp. is headquartered at 18655 North Claret Drive, Suite 400, Scottsdale, AZ 85255.
What is the filing date of this 10-Q report?
This 10-Q report was filed on July 26, 2024.
What fiscal year end does Meritage Homes Corp. observe?
Meritage Homes Corp. observes a fiscal year end on December 31.
What are the main segments of Meritage Homes' operations mentioned in the filing?
The filing mentions 'HomeBuildingMember' and 'LandMember' as key operational segments.
Filing Stats: 4,562 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-07-26 16:14:57
Filing Documents
- mth-20240630.htm (10-Q) — 1413KB
- mth2024063010qex311.htm (EX-31.1) — 7KB
- mth2024063010qex312.htm (EX-31.2) — 7KB
- mth2024063010qex321.htm (EX-32.1) — 7KB
- mth-20240630_g1.jpg (GRAPHIC) — 373KB
- 0000833079-24-000092.txt ( ) — 8552KB
- mth-20240630.xsd (EX-101.SCH) — 57KB
- mth-20240630_cal.xml (EX-101.CAL) — 77KB
- mth-20240630_def.xml (EX-101.DEF) — 217KB
- mth-20240630_lab.xml (EX-101.LAB) — 598KB
- mth-20240630_pre.xml (EX-101.PRE) — 439KB
- mth-20240630_htm.xml (XML) — 1319KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Unaudited Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Unaudited Consolidated Income Statements for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 23
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 36
Controls and Procedures
Item 4. Controls and Procedures 36
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 38
Risk Factors
Item 1A. Risk Factors 38
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Items 3-4. Not Applicable
Other Information
Item 5. Other Information 40
Exhibits
Item 6. Exhibits 41
SIGNATURES
SIGNATURES 42 INDEX OF EXHIBITS 42 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) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 992,921 $ 921,227 Other receivables 258,137 266,972 Real estate 5,175,084 4,721,291 Deposits on real estate under option or contract 156,698 111,364 Investments in unconsolidated entities 23,630 17,170 Property and equipment, net 46,585 48,953 Deferred tax assets, net 60,167 47,573 Prepaids, other assets and goodwill 210,758 218,584 Total assets $ 6,923,980 $ 6,353,134 Liabilities Accounts payable $ 299,780 $ 271,650 Accrued liabilities 388,975 424,764 Home sale deposits 39,380 36,605 Loans payable and other borrowings 9,711 13,526 Senior and convertible senior notes, net 1,303,600 994,689 Total liabilities 2,041,446 1,741,234 Stockholders' Equity Preferred stock, par value $ 0.01 . Authorized 10,000,000 shares; none issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.01 . Authorized 125,000,000 shares; 36,327,214 and 36,425,037 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 363 364 Additional paid-in capital 198,503 290,955 Retained earnings 4,683,668 4,320,581 Total stockholders' equity 4,882,534 4,611,900 Total liabilities and stockholders' equity $ 6,923,980 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Homebuilding: Home closing revenue $ 1,693,738 $ 1,543,021 $ 3,159,834 $ 2,804,944 Land closing revenue — 24,379 2,305 41,764 Total closing revenue 1,693,738 1,567,400 3,162,139 2,846,708 Cost of home closings ( 1,254,232 ) ( 1,166,041 ) ( 2,342,370 ) ( 2,145,503 ) Cost of land closings — (