Document

第99.1展示文本



						聯繫人：			Emily Tadano，副總裁投資者關係和esg
									(480) 515-8979（辦公室）
									investors@meritagehomes.com

meritage homes報告2024年第三季度業績

房屋交割增長8%，創下145%的備貨轉化記錄

2024年10月29日，亞利桑那州斯科茨代爾。 - 美利達宅建公司（紐交所：MTH），美國第五大住宅建築商，報告了截至2024年9月30日的第三季度業績。

業績摘要（未經審計）

（以千美元爲單位，除每股金額外）


	截至9月30日的三個月						截至9月30日的九個月
	2024		2023		%變化		2024		2023		%變化
房屋成交套數	3,942		3,638		8	%	11,567		10,025		15	%
房屋成交營業收入	$	1,585,784	$	1,610,317	(2)	%	$	4,745,618	$	4,415,261	7	%
平均銷售價格—成交	$	402	$	443	(9)	%	$	410	$	440	(7)	%
家庭訂單（單位）	3,512		3,474		1	%	11,302		10,301		10	%
家庭訂單價值	$	1,425,610	$	1,495,542	(5)	%	$	4,630,261	$	4,477,148	3	%
訂單的平均銷售價格	$	406	$	430	(6)	%	$	410	$	435	(6)	%
結餘訂單（單位）							2,284		3,608		(37)	%
結餘訂單價值							$	931,656	$	1,558,637	(40)	%
結餘訂單的平均銷售價格							$	408	$	432	(6)	%
所得稅前利潤	$	249,932	$	285,734	(13)	%	$	781,308	$	690,561	13	%
淨收益	$	195,966	$	221,760	(12)	%	$	613,537	$	539,897	14	%
攤薄後每股收益	$	5.34	$	5.98	(11)	%	$	16.72	$	14.55	15	%

管理層評論

"我們堅實的2024年第三季度業績反映了我們轉向可負擔得起、交房迅速的現房策略，爲我們帶來了16億美元的房屋交割營業收入，以及我們第三季度的最高成交量，"Meritage Homes的首席執行主席史蒂文·J·希爾頓說。"我們在7月和8月提供的利率折扣和9月份按揭利率的回落都促成了訂單量略有增長勝過傳統季節性，幫助我們實現本季度總訂單達到3,512套房屋，平均每月吸納量爲4.1。儘管按揭利率市場仍然波動，但我們相信未來幾個季度利率預期下降以及有利的人口統計數據和住房供應不足的持續結合，將有助於促進購房需求，並使我們能夠保持市場份額的增長。"

"本季度近45%的封盤也在本季度內售出，我們的積壓轉化率創下公司紀錄的145%，" meritage homes的首席執行官菲利普·洛德補充道。"本季度我們的3,942套交付與房屋交割毛利率爲24.8%，銷售和管理費用率爲9.9%，導致攤薄後每股收益達到5.34美元。我們的每股賬面價值同比增長15%，至139.02美元，並實現了截至2024年9月30日的17.2%淨資產回報率。"*

2024年第三季度，我們的資本配置繼續專注於投資增長和向股東返還現金。本季度土地收購和開發支出總額爲65940萬美元，我們幾乎控制了7800個淨新增地塊。我們還在現金分紅和股票回購上共計支出5710萬美元，"洛德先生總結道。"截至2024年9月30日，我們的資產負債表仍然強勁，流動性充裕，未依賴可循環信貸工具。我們以83160萬美元現金結算本季度，並且淨債務與資本比率爲8.8%。

第三季度業績。

•2024年第三季度住宅訂單爲3,512套，同比略微增長1％，2024年和2023年第三季度期間的平均社區數量和平均吸收速度相對穩定。2024年第三季度訂單的平均銷售價格（"ASP"）爲406,000美元，較2023年第三季度下降6％，原因是產品和地理結構調整以及融資激勵成本增加。入門級產品在2024年第三季度銷售訂單中所佔比例爲92％，而去年同期爲88％。

•2024年第三季度房屋成交營業收入同比下降2%，至16億美元，主要是由於成交量增長8%，抵消了因產品和地理結構混合而導致的成交平均售價下降9%。2024年第三季度的成交平均售價反映了與前一年相比更高的融資激勵利用率，儘管每套房屋的融資激勵成本更低。入門級別房屋佔2024年第三季度房屋成交的93%，而上一年爲86%。

•2024年第三季度，由於用地成本更高、融資激勵利用增加以及在較低的住宅封盤營業收入上槓杆固定成本較少，導致封盤毛利率下降了190個點子，從上一年的26.7%下降至24.8%，部分被節約成本和施工週期縮短所抵消。

•2024年第三季度，金融服務利潤爲310萬美元，其中有300萬美元與利率鎖定解除成本相關的沖銷。而2023年第三季度金融服務利潤爲570萬美元，沒有類似的沖銷。

•作爲2024年第三季度房屋成交營業收入的9.9％，銷售、一般和管理費用（"SG&A"）較2023年第三季度的10.1％有所改善，主要是由於績效爲基礎的補償成本降低。

•2023年第三季度，我們因2025年到期的6.00%優先票據的15000萬美元部分贖回而確認了900,000美元的提前償還債務損失（"2025票據"）。2024年第三季度沒有進行類似的贖回。

•2024年第三季度的有效所得稅率爲21.6%，低於2023年的22.4%。在這兩個時期，公司的稅率都受益於按照《通脹減少法案》在符合條件的住房上獲得的符合資格的能源稅收抵免。

•2024年第三季度淨收益爲19600萬美元（每股攤薄5.34美元），較2023年第三季度的22180萬美元（每股攤薄5.98美元）下降12%，主要是由於低於預期的房屋成交收入和毛利潤。

截至今日的年度結果

•2024年前九個月的總銷售訂單較去年同期增加了10％，完全由2023年前九個月的平均吸收速度比較增加了10％推動。

•2024年前九個月，房屋成交量增加了15％，達到47億美元，儘管由於產品和地理結構的組合，導致房屋成交價格的ASP下降了7％。2024年前九個月的房屋成交價格ASP反映出與去年相比更多地利用了融資激勵措施，儘管每套房屋的融資激勵成本較低。

•2024年前9個月，房屋結算毛利率提高80個點子，從去年的24.7%增至25.5%，主要是由於較低的直接成本、固定成本在更高的房屋結算營業收入上的更大槓桿效應以及較短的施工週期時間。這些部分抵消了較高的地皮成本。

•2024年前九個月金融服務利潤爲720萬美元，其中包括1090萬美元的與匯率鎖定解除成本相關的沖銷。相比之下，2023年前九個月的金融服務利潤爲610萬美元，其中有980萬美元的類似沖銷。

•SG&A expenses of 9.8% of home closing revenue improved from 10.0% in the prior year due to greater leverage on higher home closing revenue and lower performance-based compensation costs.

•In the first nine months of 2024, other income, net totaled $31.2 million, compared to $35.0 million in the prior year, mainly as a result of less interest income earned on a lower cash balance.

•In the first nine months of 2024, we recognized a loss on early extinguishment of debt of $0.6 million in connection with the $250.0 million redemption of the 2025 Notes. In the first nine months of 2023, we recognized a loss on early extinguishment of debt of $0.9 million in connection with the $150.0 million partial redemption of the 2025 Notes.

•The effective tax rate for the first nine months of 2024 and 2023 was 21.5% and 21.8%, respectively. The Company's tax rates in both periods benefited from earned eligible energy tax credits on qualifying homes under the IRA.

•Net earnings were $613.5 million ($16.72 per diluted share) for the first nine months of 2024, a 14% increase from $539.9 million ($14.55 per diluted share) for the first nine months of 2023, primarily reflecting higher home closing revenue and gross profit, as well as lower SG&A as a percentage of home closing revenue.

BALANCE SHEET & LIQUIDITY

•Cash and cash equivalents at September 30, 2024 totaled $831.6 million, compared to $921.2 million at December 31, 2023.

•Land acquisition and development spend totaled $659.4 million for the third quarter of 2024, compared to $537.2 million for the third quarter of 2023.

•Approximately 74,800 lots were owned or controlled as of September 30, 2024, compared to approximately 60,700 total lots as of September 30, 2023. Nearly 7,800 net new lots were added in the third quarter of 2024, representing an estimated 48 future communities.

•Third quarter 2024 ending community count was 278 compared to 287 at June 30, 2024 and 272 at September 30, 2023.

•Debt-to-capital and net debt-to-capital ratios were 20.7% and 8.8%, respectively, at September 30, 2024, which compared to 17.9% and 1.9%, respectively, at December 31, 2023.

•The Company declared and paid quarterly cash dividends of $0.75 per share totaling $27.1 million in the third quarter of 2024, up from $0.27 per share totaling $9.8 million in the third quarter of 2023. Year-to-date dividends paid were $81.6 million and $29.7 million in 2024 and 2023, respectively.

•During the third quarter of 2024, the Company repurchased 151,220 shares of stock, or 0.4% of shares outstanding at the beginning of the quarter, for $30.0 million. For the first nine months of 2024, the Company repurchased 513,639 shares of stock, or 1.4% of shares outstanding at the beginning of the year, for a total of

$85.9 million. As of September 30, 2024, $99.1 million remained available to repurchase under the authorized share repurchase program.

GUIDANCE

The Company is providing the following guidance for the fourth quarter of 2024, based on year to date results and current market conditions:


						Fourth Quarter 2024
Home closing volume						3,750-3,950 units
Home closing revenue						$1.50-1.59 billion
Home closing gross margin						22.5-23.5%
Effective tax rate						Approximately 22.5%
Diluted EPS						$4.10-4.60

CONFERENCE CALL

Management will host a conference call to discuss its third quarter 2024 results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Wednesday, October 30, 2024. To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-877-407-6951 US toll free or 1-412-902-0046. A replay will be available on the Investor Relations page.

* The Company's return on equity is calculated as net income for the trailing twelve months divided by average total stockholders' equity for the trailing five quarters. The Company's book value per share is calculated as total stockholders' equity as of the last day of the period divided by the shares outstanding as of the last day of the period.

Meritage Homes Corporation and Subsidiaries

Consolidated Income Statements

(In thousands, except per share data)

(Unaudited)


		Three Months Ended September 30,
		2024		2023		Change $		Change %
Homebuilding:
	Home closing revenue	$	1,585,784	$	1,610,317	$	(24,533)	(2)	%
	Land closing revenue	2,665		2,783		(118)		(4)	%
	Total closing revenue	1,588,449		1,613,100		(24,651)		(2)	%
	Cost of home closings	(1,193,219)		(1,180,742)		12,477		1	%
	Cost of land closings	(1,985)		(2,535)		(550)		(22)	%
	Total cost of closings	(1,195,204)		(1,183,277)		11,927		1	%
	Home closing gross profit	392,565		429,575		(37,010)		(9)	%
	Land closing gross profit	680		248		432		174	%
	Total closing gross profit	393,245		429,823		(36,578)		(9)	%
Financial Services:
	Revenue	8,070		6,109		1,961		32	%
	Expense	(3,706)		(2,871)		835		29	%
	(Loss)/earnings from financial services unconsolidated entities and other, net	(1,263)		2,462		(3,725)		(151)	%
	Financial services profit	3,101		5,700		(2,599)		(46)	%
Commissions and other sales costs		(97,898)		(99,122)		(1,224)		(1)	%
General and administrative expenses		(59,198)		(63,091)		(3,893)		(6)	%

Interest expense		—		—		—		—	%
Other income, net		10,682		13,331		(2,649)		(20)	%
Loss on early extinguishment of debt		—		(907)		(907)		n/a
Earnings before income taxes		249,932		285,734		(35,802)		(13)	%
Provision for income taxes		(53,966)		(63,974)		(10,008)		(16)	%
Net earnings		$	195,966	$	221,760	$	(25,794)	(12)	%

Earnings per common share:
	Basic					Change $ or shares		Change %
	Earnings per common share	$	5.41	$	6.06	$	(0.65)	(11)	%
	Weighted average shares outstanding	36,226		36,603		(377)		(1)	%
	Diluted
	Earnings per common share	$	5.34	$	5.98	$	(0.64)	(11)	%
	Weighted average shares outstanding	36,669		37,078		(409)		(1)	%

Meritage Homes Corporation and Subsidiaries

Consolidated Income Statements

(In thousands, except per share data)

(Unaudited)



		Nine Months Ended September 30,
		2024		2023		Change $		Change %
Homebuilding:
	Home closing revenue	$	4,745,618	$	4,415,261	$	330,357	7	%
	Land closing revenue	4,970		44,547		(39,577)		(89)	%
	Total closing revenue	4,750,588		4,459,808		290,780		7	%
	Cost of home closings	(3,535,589)		(3,326,245)		209,344		6	%
	Cost of land closings	(4,283)		(42,682)		(38,399)		(90)	%
	Total cost of closings	(3,539,872)		(3,368,927)		170,945		5	%
	Home closing gross profit	1,210,029		1,089,016		121,013		11	%
	Land closing gross profit	687		1,865		(1,178)		(63)	%
	Total closing gross profit	1,210,716		1,090,881		119,835		11	%
Financial Services:
	Revenue	22,734		18,050		4,684		26	%
	Expense	(10,633)		(8,910)		1,723		19	%
	Loss from financial services unconsolidated entities and other, net	(4,853)		(3,074)		1,779		58	%
	Financial services profit	7,248		6,066		1,182		19	%
Commissions and other sales costs		(304,113)		(277,766)		26,347		9	%
General and administrative expenses		(163,114)		(162,750)		364		—	%

Interest expense		—		—		—		—	%
Other income, net		31,202		35,037		(3,835)		(11)	%
Loss on early extinguishment of debt		(631)		(907)		(276)		(30)	%
Earnings before income taxes		781,308		690,561		90,747		13	%
Provision for income taxes		(167,771)		(150,664)		17,107		11	%
Net earnings		$	613,537	$	539,897	$	73,640	14	%

Earnings per common share:
	Basic					Change $ or shares		Change %
	Earnings per common share	$	16.91	$	14.72	$	2.19	15	%
	Weighted average shares outstanding	36,286		36,677		(391)		(1)	%
	Diluted
	Earnings per common share	$	16.72	$	14.55	$	2.17	15	%
	Weighted average shares outstanding	36,701		37,109		(408)		(1)	%

Meritage Homes Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)


	September 30, 2024		December 31, 2023
Assets:
Cash and cash equivalents	$	831,559	$	921,227

Other receivables	286,939		266,972
Real estate (1)	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 asset, 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	—		—
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
(1) Real estate – Allocated costs:
Homes under contract under construction	$	719,430	$	704,206
Unsold homes, completed and under construction	1,599,921		1,260,855
Model homes	114,079		118,252
Finished home sites and home sites under development	3,023,673		2,637,978
Total real estate	$	5,457,103	$	4,721,291

Meritage Homes Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net earnings	$	613,537	$	539,897
Adjustments to reconcile net earnings to net cash (used in)/provided by operating activities:
Depreciation and amortization	19,358		17,576

Stock-based compensation	19,305		16,557
Loss on early extinguishment of debt	631		907

Equity in earnings from unconsolidated entities	(3,925)		(4,651)

Distribution of earnings from unconsolidated entities	4,005		5,158
Other	15,093		1,408
Changes in assets and liabilities:
Increase in real estate	(723,835)		(137,543)
Increase in deposits on real estate under option or contract	(96,404)		(17,027)
Decrease/(increase) in other receivables, prepaids and other assets	7,307		(9,447)
Increase in accounts payable and accrued liabilities	21,387		37,085
(Decrease)/increase in home sale deposits	(4,472)		10,172
Net cash (used in)/provided by operating activities	(128,013)		460,092
Cash flows from investing activities:
Investments in unconsolidated entities	(10,442)		(3,859)
Distributions of capital from unconsolidated entities	—		43
Purchases of property and equipment	(21,174)		(31,221)
Proceeds from sales of property and equipment	179		334
Maturities/sales of investments and securities	750		750
Payments to purchase investments and securities	(750)		(750)


Net cash used in investing activities	(31,437)		(34,703)
Cash flows from financing activities:

Repayment of loans payable and other borrowings	(7,850)		(2,616)
Repayment of senior notes	(250,695)		(150,884)
Proceeds from issuance of convertible senior notes	575,000		—
Payment of debt issuance costs	(17,332)		—
Purchase of capped calls related to issuance of convertible senior notes	(61,790)		—
Dividends paid	(81,619)		(29,695)
Repurchase of shares	(85,932)		(55,000)


Net cash provided by/(used in) financing activities	69,782		(238,195)
Net (decrease)/increase in cash and cash equivalents	(89,668)		187,194
Beginning cash and cash equivalents	921,227		861,561
Ending cash and cash equivalents	$	831,559	$	1,048,755

Meritage Homes Corporation and Subsidiaries

Operating Data

(Dollars in thousands)

(Unaudited)

We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:

•West: Arizona, California, Colorado, and Utah

•Central: Texas

•East: Florida, Georgia, North Carolina, South Carolina, and Tennessee


	Three Months Ended September 30,
	2024			2023
	Homes	Value		Homes	Value
Homes Closed:
West Region	1,220	$	594,509	1,172	$	606,833
Central Region	1,174	416,802		1,102	452,687
East Region	1,548	574,473		1,364	550,797
Total	3,942	$	1,585,784	3,638	$	1,610,317
Homes Ordered:
West Region	1,067	$	521,029	985	$	521,049
Central Region	1,031	366,524		1,099	425,165
East Region	1,414	538,057		1,390	549,328
Total	3,512	$	1,425,610	3,474	$	1,495,542


	Nine Months Ended September 30,
	2024			2023
	Homes	Value		Homes	Value
Homes Closed:



West Region	3,499	$	1,732,978	2,954	$	1,543,372

Central Region	3,606	1,303,547		3,244	1,334,368





East Region	4,462	1,709,093		3,827	1,537,521
Total	11,567	$	4,745,618	10,025	$	4,415,261

Homes Ordered:



West Region	3,351	$	1,659,130	3,261	$	1,672,310

Central Region	3,441	1,248,561		3,237	1,286,063





East Region	4,510	1,722,570		3,803	1,518,775
Total	11,302	4,630,261		10,301	4,477,148

Order Backlog:



West Region	598	$	286,336	1,179	$	579,787

Central Region	603	223,865		956	370,279





East Region	1,083	421,455		1,473	608,571
Total	2,284	$	931,656	3,608	$	1,558,637


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	Ending	Average	Ending	Average	Ending	Average	Ending	Average
Active Communities:
West Region	86	85.5	84	91.0	86	83.2	84	93.1
Central Region	72	74.0	82	82.0	72	79.2	82	81.8
East Region	120	123.0	106	108.5	120	115.7	106	103.5
Total	278	282.5	272	281.5	278	278.1	272	278.4

Meritage Homes Corporation and Subsidiaries

Supplement and Non-GAAP information

(Unaudited)

Supplemental Information (Dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Depreciation and amortization	$	6,546	$	6,380	$	19,358	$	17,576

Summary of Capitalized Interest:
Capitalized interest, beginning of period	$	54,327	$	61,078	$	54,516	$	60,169
Interest incurred	12,752		14,740		40,004		44,914
Interest expensed	—		—		—		—
Interest amortized to cost of home and land closings	(13,348)		(17,342)		(40,789)		(46,607)
Capitalized interest, end of period	$	53,731	$	58,476	$	53,731	$	58,476

Reconciliation of Non-GAAP Information (Dollars in thousands):


Debt-to-Capital Ratios
	September 30, 2024		December 31, 2023
Senior and convertible senior notes, net, loans payable and other borrowings	$	1,314,255	$	1,008,215
Stockholders' equity	5,029,790		4,611,900
Total capital	$	6,344,045	$	5,620,115
Debt-to-capital	20.7%		17.9%

Senior and convertible senior notes, net, loans payable and other borrowings	$	1,314,255	$	1,008,215
Less: cash and cash equivalents	(831,559)		(921,227)
Net debt	$	482,696	$	86,988
Stockholders’ equity	5,029,790		4,611,900
Total net capital	$	5,512,486	$	4,698,888
Net debt-to-capital (1)	8.8%		1.9%

(1)Net debt-to-capital reflects certain adjustments to the debt-to-capital ratio and is defined as net debt (debt less cash and cash equivalents) divided by total capital (net debt plus stockholders' equity). Net debt-to-capital is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe this non-GAAP financial measure is relevant and useful to investors in understanding our operating results and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. We encourage investors to understand the methods used by other companies in the homebuilding industry to calculate non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.

About Meritage Homes Corporation

Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2023. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.

Meritage has delivered over 190,000 homes in its 38-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our ability to increase our market share and our fourth quarter 2024 projected home closing volume, home closing revenue, home closing gross margin, effective tax rate and diluted EPS.

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, except as required by law, 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: increases in interest rates or decreases in mortgage availability, and the cost and use of rate locks and buy-downs; inflation in the cost of materials used to develop communities and construct homes; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; the adverse effect of slow absorption rates; legislation related to tariffs; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our exposure to counterparty risk with respect to our capped calls; our ability to obtain financing if our credit ratings are downgraded; our exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; shortages in the availability and cost of subcontract labor; the replication of our energy-efficient technologies by our competitors; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations; liabilities or restrictions resulting from regulations applicable to our financial services operations; negative publicity that affects

our reputation; potential disruptions to our business by an epidemic or pandemic, and measures that federal, state and local governments and/or health authorities implement to address it; 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, 2023 and our Form 10-Q for subsequent quarters under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.