Meritage Homes Files Q3 2024 10-Q

TL;DR

Meritage Homes Q3 2024 10-Q is in. Check financials.

AI Summary

Meritage Homes Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations during the third quarter and the first nine months of the year. Specific financial figures and operational metrics are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for Meritage Homes, crucial for understanding the company's performance in the current housing market.

Risk Assessment

Risk Level: medium — As a homebuilder, Meritage Homes is subject to cyclical market conditions, interest rate fluctuations, and regulatory changes that can impact its financial performance.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q3 2024 and YTD are not directly extractable from the provided header data.)
• N/A — Net Income (Specific net income figures for Q3 2024 and YTD are not directly extractable from the provided header data.)
• N/A — Home Deliveries (Specific home delivery numbers for Q3 2024 and YTD are not directly extractable from the provided header data.)

Key Players & Entities

• Meritage Homes Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-31 (date) — Filing date
• Scottsdale, AZ (location) — Company headquarters

FAQ

Filing Documents

• mth-20240930.htm (10-Q) — 1493KB
• ex101-firstsupplementalind.htm (EX-10.1) — 22KB
• ex102-firstsupplementalind.htm (EX-10.2) — 83KB
• ex103-fourthsupplementalin.htm (EX-10.3) — 84KB
• mth2024093010qex22.htm (EX-22) — 19KB
• mth2024093010qex311.htm (EX-31.1) — 7KB
• mth2024093010qex312.htm (EX-31.2) — 7KB
• mth2024093010qex321.htm (EX-32.1) — 7KB
• mth-20240930_g1.jpg (GRAPHIC) — 373KB
• 0000833079-24-000121.txt ( ) — 9164KB
• mth-20240930.xsd (EX-101.SCH) — 60KB
• mth-20240930_cal.xml (EX-101.CAL) — 77KB
• mth-20240930_def.xml (EX-101.DEF) — 225KB
• mth-20240930_lab.xml (EX-101.LAB) — 614KB
• mth-20240930_pre.xml (EX-101.PRE) — 449KB
• mth-20240930_htm.xml (XML) — 1428KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Unaudited Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Unaudited Consolidated Income Statements for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Items 3-4. Not Applicable

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

SIGNATURES

SIGNATURES 43 INDEX OF EXHIBITS 43 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) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 831,559 $ 921,227 Other receivables 286,939 266,972 Real estate 5,457,103 4,721,291 Deposits on real estate under option or contract 207,461 111,364 Investments in unconsolidated entities 18,217 17,170 Property and equipment, net 47,231 48,953 Deferred tax assets, net 51,146 47,573 Prepaids, other assets and goodwill 203,796 218,584 Total assets $ 7,103,452 $ 6,353,134 Liabilities Accounts payable $ 287,403 $ 271,650 Accrued liabilities 439,871 424,764 Home sale deposits 32,133 36,605 Loans payable and other borrowings 9,306 13,526 Senior and convertible senior notes, net 1,304,949 994,689 Total liabilities 2,073,662 1,741,234 Stockholders' Equity Preferred stock, par value $ 0.01 . Authorized 10,000,000 shares; none issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.01 . Authorized 125,000,000 shares; 36,179,602 and 36,425,037 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 362 364 Additional paid-in capital 176,929 290,955 Retained earnings 4,852,499 4,320,581 Total stockholders' equity 5,029,790 4,611,900 Total liabilities and stockholders' equity $ 7,103,452 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Homebuilding: Home closing revenue $ 1,585,784 $ 1,610,317 $ 4,745,618 $ 4,415,261 Land closing revenue 2,665 2,783 4,970 44,547 Total closing revenue 1,588,449 1,613,100 4,750,588 4,459,808 Cost of home closings ( 1,193,219 ) ( 1,180,742 ) ( 3,535,589 ) ( 3,326,245

View Full Filing

View this 10-Q filing on SEC EDGAR