SCOTTSDALE, Ariz., Feb. 01, 2018 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced fourth quarter and full year results for the periods ended December 31, 2017.

Summary Operating Results (unaudited) (Dollars in thousands, except per share amounts)
    Three Months Ended December 31,   Twelve Months Ended December 31,
    2017   2016   %Chg   2017   2016   %Chg
Homes closed (units)   2,253     2,117     6 %   7,709     7,355     5 %
Home closing revenue   $ 923,370     $ 876,094     5 %   $ 3,186,775     $ 3,003,426     6 %
Average sales price - closings   $ 410     $ 414     (1 )%   $ 413     $ 408     1 %
Home orders (units)   1,795     1,493     20 %   7,957     7,290     9 %
Home order value   $ 760,340     $ 635,995     20 %   $ 3,296,788     $ 3,001,503     10 %
Average sales price - orders   $ 424     $ 426     (1 )%   $ 414     $ 412     1 %
Ending backlog (units)               2,875     2,627     9 %
Ending backlog value               $ 1,245,771     $ 1,135,758     10 %
Average sales price - backlog               $ 433     $ 432     %
Earnings before income taxes   $ 84,090     $ 76,337     10 %   $ 247,519     $ 218,060     14 %
Net earnings   $ 35,553     $ 51,807     (31 )%   $ 143,255     $ 149,541     (4 )%
Diluted EPS   $ 0.87     $ 1.22     (29 )%   $ 3.41     $ 3.55     (4 )%
 

MANAGEMENT COMMENTS

"Strong fourth quarter results helped deliver our seventh consecutive year of annual order growth and our highest pretax earnings in over a decade," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes.

"Fourth quarter 2017 orders were up 20% year-over-year, as we continued to experience robust demand for homes designed to meet the needs of entry-level buyers. They made up nearly 33% of our total 2017 orders, compared to approximately 24% in 2016. Notably, our East region led with a 47% increase in total home orders over the fourth quarter of 2016, demonstrating buyers' acceptance of the plans in our new regional product library and improved execution by our teams in those markets. Our strategic focus on expanding our entry-level business and strengthening our performance in the East region should continue to drive strong results going forward," he continued.

"We generated a 10% increase in pre-tax earnings for the fourth quarter on a 5% increase in home closing revenue, combined with higher home closing gross margins and overhead leverage. Our full year pre-tax earnings increased 14% over 2016, demonstrating the effects of our successful implementation of several strategic initiatives during the year," explained Mr. Hilton. "Based on the lower corporate tax rate that will be effective in 2018, we took a $19.7 million charge in the fourth quarter to reflect a revaluation of our deferred tax asset. Without that charge, our net earnings for the quarter would have been approximately $55.2 million or $1.34 per diluted share."

He continued, "Housing-related economic indicators remain positive, pointing to further growth in new home sales for the next several years. For 2018, we expect a normal seasonal decline in our revenue, margins and overhead leverage for the first quarter, followed by positive trends throughout the remainder of the year. We expect to deliver approximately 8,350-8,750 home closings in 2018 for total home closing revenue of approximately $3.4-3.6 billion, which should drive an 6-13% increase in pre-tax earnings. At this time, we are also projecting a home closing gross margin for the year of approximately 17.5-18%, with an opportunity for additional overhead leverage and the added benefit of a lower effective tax rate of approximately 25%, which should drive strong earnings growth in 2018."

FOURTH QUARTER RESULTS

  • Pre-tax earnings increased 10% over the prior year to $84.1 million for the fourth quarter of 2017, from $76.3 million in the fourth quarter of 2016. The earnings growth primarily reflects higher home closing revenue and gross margins, supplemented by cost controls and overhead leverage.
  • Fourth quarter 2017 effective tax rate was 57.7%, compared to 32.1% in 2016. The higher rate in 2017 includes a $19.7 million charge in the fourth quarter of 2017 associated with a revaluation of the Company's deferred tax asset, reflecting the impact of a lower corporate tax rate enacted by the Tax Cuts and Jobs Act in December 2017 and effective beginning in 2018, as well as the expiration of energy tax credits which benefited the Company's effective tax rate in 2016.
  • As a result of these changes in tax regulations, fourth quarter net earnings were $35.6 million ($0.87 per diluted share) in 2017, compared to $51.8 million ($1.22 per diluted share) in 2016.
  • Home closing revenue increased 5% over the prior year on 6% higher closing volume. Despite general increases in market prices of homes over 2016, average closing prices for the Company were 1% lower in the fourth quarter of 2017, as a higher percentage of home closings were lower-priced entry-level homes, consistent with the Company's strategic focus. Texas, Arizona and Florida, which have the greatest concentration of entry-level communities, drove nearly all the increases in closings and revenue.
  • Home closing gross margin increased to 18.2% for the fourth quarter of 2017, compared to 17.9% in the fourth quarter of 2016 and 18.1% in the third quarter of 2017, due to better margins in new communities as well as management of direct costs in an inflationary environment.
  • Selling, general and administrative expenses totaled 10.4% of home closing revenue compared to 10.5% in the fourth quarter of 2016, reflecting continued cost controls and slightly greater overhead leverage on higher home closing revenue.
  • Total orders for the fourth quarter increased 20% year-over-year due to strong demand, evidenced by an 18% increase in absorptions and a 3% increase in average active communities over the fourth quarter of 2016. Orders increased 47% in the East region, 19% in Texas and 5% in the West region. Average active community count in the West was 11% lower year-over-year, while total active community count for the Company was relatively flat at 244 on December 31, 2017, compared to 243 at December 31, 2016.

YEAR TO DATE RESULTS
  • Pre-tax earnings increased 14% for the year to $247.5 million in 2017, from $218.1 million in 2016, primarily reflecting higher home closing revenue and improved overhead leverage.
  • Net earnings of $143.3 million ($3.41 per diluted share) for the year 2017 compared to $149.5 million ($3.55 per diluted share) in 2016, reflecting the impact of higher tax expense in 2017 and the deferred tax asset revaluation.
  • The 6% year-over-year increase in 2017 home closing revenue resulted from a 5% increase in home closings and a 1% increase in average closing prices over 2016.
  • Higher home closing revenue led to a $33.3 million increase in home closing gross profit to $562.1 million in 2017, compared to $528.8 million in 2016. Home closing gross margin remained at 17.6% for the full year, as anticipated, with cost inflation offsetting the appreciation in average sales prices of homes closed in 2017.
  • Total commissions and selling expenses improved by approximately 20 basis points to 7.0% of 2017 home closing revenue from 7.2% in 2016. In addition, total general and administrative expenses also declined approximately 20 basis points to 3.9% of home closing revenue in 2017, compared to 4.1% in 2016.

BALANCE SHEET
  • Cash and cash equivalents at December 31, 2017, totaled $170.7 million, compared to $131.7 million at December 31, 2016, primarily reflecting net proceeds from a June 2017 debt issuance, partially offset by the use of cash to fund the purchase and development of lots, as well as additional homes under construction. Proceeds from the issuance of $300 million in new senior notes in June 2017 were primarily used to repay borrowings under the Company's revolving credit facility and to retire all $126.5 million of the Company's 1.875% convertible senior notes.
  • A total of $250.3 million was invested in land and development during the fourth quarter of 2017 to meet current demand and position the company for future growth. Total spending on land and development for the full year 2017 was $1.0 billion, compared to $900.7 million in 2016.
  • Meritage ended 2017 with approximately 34,300 total lots owned or under control, compared to approximately 29,800 total lots at December 31, 2016. During the fourth quarter of 2017, the Company secured approximately 3,200 new lots to meet continued strong demand. Approximately 70% of the newly controlled lots added during the quarter were for entry-level communities.
  • Debt-to-capital and net debt-to-capital ratios of 44.9% and 41.4%, respectively at December 31, 2017, were maintained within management's target ranges, consistent with 44.2% and 41.2%, respectively at December 31, 2016, even as the Company's total investment in homes and land under development grew commensurate with its current and future growth expectations.

CONFERENCE CALL

Management will host a conference call at 10:00 a.m. Eastern Time (8:00 a.m. in Arizona) today to discuss the Company's results. The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's website 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/10115673.

Telephone participants who are unable to pre-register may dial in on 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 12:00 p.m. ET today and extending through February 15, 2018, 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 10115673.

Meritage Homes Corporation and Subsidiaries Consolidated Income Statements (Unaudited) (In thousands, except per share data)
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2017   2016   2017   2016
Homebuilding:                
  Home closing revenue   $ 923,370     $ 876,094     $ 3,186,775     $ 3,003,426  
  Land closing revenue   23,055     4,614     39,997     25,801  
  Total closing revenue   946,425     880,708     3,226,772     3,029,227  
  Cost of home closings   (755,067 )   (719,324 )   (2,624,636 )   (2,474,584 )
  Cost of land closings   (20,133 )   (3,946 )   (35,637 )   (23,431 )
  Total cost of closings   (775,200 )   (723,270 )   (2,660,273 )   (2,498,015 )
  Home closing gross profit   168,303     156,770     562,139     528,842  
  Land closing gross profit   2,922     668     4,360     2,370  
  Total closing gross profit   171,225     157,438     566,499     531,212  
Financial Services:                
  Revenue   4,061     3,392     14,203     12,507  
  Expense   (1,552 )   (1,435 )   (6,006 )   (5,587 )
  Earnings from financial services unconsolidated entities and other, net   4,185     4,180     13,858     14,982  
  Financial services profit   6,694     6,137     22,055     21,902  
Commissions and other sales costs   (62,781 )   (60,058 )   (221,647 )   (215,092 )
General and administrative expenses   (33,192 )   (32,029 )   (124,041 )   (123,803 )
Earnings from other unconsolidated entities, net   1,249     3,204     2,101     4,060  
Interest expense   (292 )   (45 )   (3,853 )   (5,172 )
Other income, net   1,187     1,690     6,405     4,953  
Earnings before income taxes   84,090     76,337     247,519     218,060  
Provision for income taxes   (48,537 )   (24,530 )   (104,264 )   (68,519 )
Net earnings   $ 35,553     $ 51,807     $ 143,255     $ 149,541  
                 
Earnings per share:                
  Basic                
  Earnings per share   $ 0.88     $ 1.29     $ 3.56     $ 3.74  
  Weighted average shares outstanding   40,328     40,028     40,287     39,976  
  Diluted                
  Earnings per share   $ 0.87     $ 1.22     $ 3.41     $ 3.55  
  Weighted average shares outstanding   41,073     42,667     42,228     42,585  
   

Meritage Homes Corporation and Subsidiaries  Consolidated Balance Sheets (In thousands) (unaudited)
    December 31, 2017   December 31, 2016
Assets:        
Cash and cash equivalents   $ 170,746     $ 131,702  
Other receivables   79,317     70,355  
Real estate (1)   2,731,380     2,422,063  
Real estate not owned   38,864      
Deposits on real estate under option or contract   59,945     85,556  
Investments in unconsolidated entities   17,068     17,097  
Property and equipment, net   33,631     33,202  
Deferred tax asset   35,162     53,320  
Prepaids, other assets and goodwill   85,145     75,396  
Total assets   $ 3,251,258     $ 2,888,691  
Liabilities:        
Accounts payable   $ 140,516     $ 140,682  
Accrued liabilities   181,076     170,852  
Home sale deposits   34,059     28,348  
Liabilities related to real estate not owned   34,978      
Loans payable and other borrowings   17,354     32,195  
Senior and convertible senior notes   1,266,450     1,095,119  
Total liabilities   1,674,433     1,467,196  
Stockholders' Equity:        
Preferred stock        
Common stock   403     400  
Additional paid-in capital   584,578     572,506  
Retained earnings   991,844     848,589  
Total stockholders' equity   1,576,825     1,421,495  
Total liabilities and stockholders' equity   $ 3,251,258     $ 2,888,691  
(1) Real estate - Allocated costs:        
Homes under contract under construction   $ 566,474     $ 508,927  
Unsold homes, completed and under construction   516,577     431,725  
Model homes   142,026     147,406  
Finished home sites and home sites under development   1,506,303     1,334,005  
Total real estate   $ 2,731,380     $ 2,422,063  
 

Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands - unaudited):
  Three Months Ended December 31,   Twelve Months Ended December 31,
  2017   2016   2017   2016
Depreciation and amortization $ 4,633     $ 4,508     $ 16,704     $ 15,978  
               
Summary of Capitalized Interest:              
Capitalized interest, beginning of period $ 76,773     $ 67,631     $ 68,196     $ 61,202  
Interest incurred 20,846     17,704     79,045     70,348  
Interest expensed (292 )   (45 )   (3,853 )   (5,172 )
Interest amortized to cost of home and land closings (18,763 )   (17,094 )   (64,824 )   (58,182 )
Capitalized interest, end of period $ 78,564     $ 68,196     $ 78,564     $ 68,196  
               
  December 31, 2017   December 31, 2016        
Notes payable and other borrowings $ 1,283,804     $ 1,127,314          
Stockholders' equity 1,576,825     1,421,495          
Total capital 2,860,629     2,548,809          
Debt-to-capital 44.9 %   44.2 %        
Notes payable and other borrowings $ 1,283,804     $ 1,127,314          
Less: cash and cash equivalents (170,746 )   (131,702 )        
Net debt 1,113,058     995,612          
Stockholders' equity 1,576,825     1,421,495          
Total net capital $ 2,689,883     $ 2,417,107          
Net debt-to-capital 41.4 %   41.2 %        
 

Meritage Homes Corporation and Subsidiaries Consolidated Statements of Cash Flows (In thousands) (unaudited)
    Twelve Months Ended December 31,
    2017   2016
Cash flows from operating activities:        
Net earnings   $ 143,255     $ 149,541  
Adjustments to reconcile net earnings to net cash used in operating activities:        
Depreciation and amortization   16,704     15,978  
Stock-based compensation   12,056     13,741  
Excess income tax provision from stock-based awards       956  
Equity in earnings from unconsolidated entities   (15,959 )   (19,042 )
Deferred tax asset revaluation   19,687      
Distribution of earnings from unconsolidated entities   15,337     16,959  
Other   5,849     9,539  
Changes in assets and liabilities:        
Increase in real estate   (301,477 )   (311,426 )
Decrease in deposits on real estate under option or contract   21,355     2,337  
Increase in receivables, prepaids and other assets   (17,775 )   (17,513 )
Increase in accounts payable and accrued liabilities   8,125     43,377  
Increase/(decrease) in home sale deposits   5,711     (7,849 )
Net cash used in operating activities   (87,132 )   (103,402 )
Cash flows from investing activities:        
Investments in unconsolidated entities   (670 )   (7,244 )
Distributions of capital from unconsolidated entities   1,338     3,600  
Purchases of property and equipment   (18,096 )   (16,662 )
Proceeds from sales of property and equipment   356     200  
Maturities/sales of investments and securities   1,402     746  
Payments to purchase investments and securities   (1,402 )   (746 )
Net cash used in investing activities   (17,072 )   (20,106 )
Cash flows from financing activities:        
(Repayments of)/proceeds from Credit Facility, net   $ (15,000 )   $ 15,000  
Repayment of loans payable and other borrowings   (10,970 )   (21,274 )
Repurchase/redemption of convertible senior notes   (126,691 )    
Proceeds from issuance of senior notes   300,000      
Payment of debt issuance costs   (4,091 )    
Excess income tax provision from stock-based awards       (956 )
Proceeds from stock option exercises       232  
Net cash provided by/(used in) financing activities   143,248     (6,998 )
Net increase/(decrease) in cash and cash equivalents   39,044     (130,506 )
Beginning cash and cash equivalents   131,702     262,208  
Ending cash and cash equivalents   $ 170,746     $ 131,702  
 

Meritage Homes Corporation and Subsidiaries Operating Data (Dollars in thousands) (unaudited)
                 
    Three Months Ended
    December 31, 2017   December 31, 2016
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   396     $ 132,596     373     $ 126,628  
California   261     153,921     282     171,506  
Colorado   154     89,941     160     78,278  
West Region   811     376,458     815     376,412  
Texas   741     267,139     567     212,587  
Central Region   741     267,139     567     212,587  
Florida   296     127,880     276     116,253  
Georgia   89     29,830     108     37,263  
North Carolina   163     68,432     198     80,222  
South Carolina   90     29,857     97     32,274  
Tennessee   63     23,774     56     21,083  
East Region   701     279,773     735     287,095  
Total   2,253     $ 923,370     2,117     $ 876,094  
Homes Ordered:                
Arizona   269     $ 93,143     314     $ 105,397  
California   248     169,593     187     116,969  
Colorado   129     69,550     116     64,887  
West Region   646     332,286     617     287,253  
Texas   582     211,413     490     185,557  
Central Region   582     211,413     490     185,557  
Florida   216     90,611     159     71,559  
Georgia   102     33,407     28     11,682  
North Carolina   143     54,672     108     48,959  
South Carolina   66     22,911     60     19,253  
Tennessee   40     15,040     31     11,732  
East Region   567     216,641     386     163,185  
Total   1,795     $ 760,340     1,493     $ 635,995  
 

Meritage Homes Corporation and Subsidiaries Operating Data (Dollars in thousands) (unaudited)
    Twelve Months Ended
    December 31, 2017   December 31, 2016
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   1,535     $ 515,410     1,122     $ 384,767  
California   963     581,016     1,020     590,340  
Colorado   571     323,318     634     310,191  
West Region   3,069     1,419,744     2,776     1,285,298  
Texas   2,493     904,286     2,130     778,964  
Central Region   2,493     904,286     2,130     778,964  
Florida   814     353,554     895     368,564  
Georgia   312     104,690     337     114,137  
North Carolina   533     233,028     672     278,747  
South Carolina   307     104,942     328     103,851  
Tennessee   181     66,531     217     73,865  
East Region   2,147     862,745     2,449     939,164  
Total   7,709     $ 3,186,775     7,355     $ 3,003,426  
Homes Ordered:                
Arizona   1,417     $ 473,602     1,249     $ 428,204  
California   1,050     650,287     962     559,832  
Colorado   497     284,082     575     302,124  
West Region   2,964     1,407,971     2,786     1,290,160  
Texas   2,582     931,069     2,119     783,504  
Central Region   2,582     931,069     2,119     783,504  
Florida   1,007     433,365     861     367,012  
Georgia   372     121,713     333     114,074  
North Carolina   583     242,355     605     254,521  
South Carolina   290     99,738     356     114,376  
Tennessee   159     60,577     230     77,856  
East Region   2,411     957,748     2,385     927,839  
Total   7,957     $ 3,296,788     7,290     $ 3,001,503  
                 
Order Backlog:                
Arizona   326     $ 119,535     444     $ 161,343  
California   318     222,909     231     153,638  
Colorado   199     114,848     273     154,084  
West Region   843     457,292     948     469,065  
Texas   1,020     381,517     931     354,734  
Central Region   1,020     381,517     931     354,734  
Florida   446     196,265     253     116,454  
Georgia   151     50,386     91     33,363  
North Carolina   243     96,579     193     87,252  
South Carolina   99     35,432     116     40,636  
Tennessee   73     28,300     95     34,254  
East Region   1,012     406,962     748     311,959  
Total   2,875     $ 1,245,771     2,627     $ 1,135,758  
 

Meritage Homes Corporation and Subsidiaries Operating Data (unaudited)
                 
    Three Months Ended
    December 31, 2017   December 31, 2016
    Ending   Average   Ending   Average
Active Communities:                
Arizona   38     39.0     42     41.0  
California   20     22.0     28     28.5  
Colorado   11     10.0     10     10.0  
West Region   69     71.0     80     79.5  
Texas   92     92.5     80     77.0  
Central Region   92     92.5     80     77.0  
Florida   28     28.5     27     26.5  
Georgia   19     18.0     17     17.0  
North Carolina   17     17.5     17     18.0  
South Carolina   13     13.5     15     15.0  
Tennessee   6     6.0     7     7.0  
East Region   83     83.5     83     83.5  
Total   244     247.0     243     240.0  
 

    Twelve Months Ended
    December 31, 2017   December 31, 2016
    Ending   Average   Ending   Average
Active Communities:                
Arizona   38     40.0     42     41.5  
California   20     24.0     28     26.0  
Colorado   11     10.5     10     13.0  
West Region   69     74.5     80     80.5  
Texas   92     86.0     80     76.0  
Central Region   92     86.0     80     76.0  
Florida   28     27.5     27     29.0  
Georgia   19     18.0     17     17.0  
North Carolina   17     17.0     17     21.5  
South Carolina   13     14.0     15     16.5  
Tennessee   6     6.5     7     8.0  
East Region   83     83.0     83     92.0  
Total   244     243.5     243     248.5  
 

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 first- time, move-up, active adult and luxury 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, 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 investors.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 belief about expected performance in the Company's East region, first quarter trends in revenue, margin and overhead leverage, as well as its expected 2018 home closings, home closing revenue, pre-tax earnings, gross margins and effective tax rate.

Such statements are based on 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: potential adverse impacts on our Houston and Florida sales, closings, revenue and costs due to Hurricanes Harvey and Irma; growth in first-time home buyers; 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 slower absorption (order) 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 and surety bonds in connection with our development work; the loss of key personnel; enactment of new laws or regulations or our failure to comply with 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 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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