← Meritage Homes CORP
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net earnings | $149.5m |
$143.3m
-4.20%
|
$227.3m
+58.69%
|
$249.7m
+9.82%
|
$423.5m
+69.62%
|
$737.4m
+74.14%
|
$992.2m
+34.54%
|
$738.7m
-25.54%
|
$786.2m
+6.42%
|
$453.0m
-42.38%
|
|
| Net Income (Loss) Attributable to Parent | $149.5m |
$143.3m
-4.20%
|
$227.3m
+58.69%
|
$249.7m
+9.82%
|
$423.5m
+69.62%
|
$737.4m
+74.14%
|
$992.2m
+34.54%
|
$738.7m
-25.54%
|
$786.2m
+6.42%
|
$453.0m
-42.38%
|
|
| Depreciation, Depletion and Amortization | $16.0m | $16.7m | $27.0m | $27.9m | $31.1m | $26.2m | $24.7m | $25.3m | $26.0m | $25.3m | |
| Depreciation | $14.3m | $15.9m | $16.3m | $17.3m | $18.9m | $15.3m | $23.0m | $23.5m | $23.6m | $21.7m | |
| Deferred Income Tax Expense (Benefit) | $5.9m | $19.3m | $8.8m | $619k | ($10.1m) | ($3.0m) | ($3.5m) | ($1.5m) | $9.6m | $969k | |
| Share-based Payment Arrangement, Noncash Expense | $13.7m | $12.1m | $17.2m | $19.6m | $20.0m | $20.1m | $22.3m | $22.5m | $25.8m | $19.7m | |
| Share-based Payment Arrangement, Expense | $13.7m | $12.1m | $17.2m | $19.6m | $20.0m | $20.1m | $22.3m | $22.5m | $25.8m | $19.7m | |
| Stock-based compensation | $13.7m | $12.1m | $17.2m | $19.6m | $20.0m | $20.1m | $22.3m | $22.5m | $25.8m | $19.7m | |
| Impairment of real estate | — | — | — | — | — | — | — | $964k | $0 | $18.1m | |
| Income (Loss) from Equity Method Investments | $19.0m | $16.0m | $16.3m | $11.9m | $4.5m | $4.7m | $6.1m | $6.4m | $9.2m | $4.0m | |
| Other Nonoperating Income (Expense) | $5.0m | $6.4m | $10.6m | $9.6m | $6.7m | $4.9m | $2.7m | $47.9m | $45.2m | $44.1m | |
| Changes in operating assets and liabilities: | |||||||||||
| (Increase)/decrease in receivables, prepaids and other assets | ($17.5m) | ($17.8m) | $3.0m | ($9.1m) | $2.1m | ($65.1m) | ($103.0m) | ($64.2m) | $39.8m | ($55.3m) | |
| Increase (Decrease) in Inventories | $311.4m | $301.5m | $19.4m | ($3.6m) | $40.1m | $948.1m | $624.5m | $357.4m | $979.3m | $274.1m | |
| (Decrease)/increase in accounts payable and accrued liabilities | $43.4m | $8.1m | ($12.8m) | $42.7m | $88.9m | $76.2m | $77.0m | $22.6m | ($41.9m) | ($92.4m) | |
| Other | $9.5m | $5.8m | $15.8m | $9.3m | $14.4m | ($2.9m) | $10.9m | $4.1m | $14.5m | $1.3m | |
| Net Cash Provided by (Used in) Operating Activities | ($103.4m) |
($87.1m)
+15.73%
|
$262.2m
+400.92%
|
$346.8m
+32.27%
|
$530.4m
+52.92%
|
($152.1m)
-128.68%
|
$405.3m
+366.46%
|
$355.6m
-12.26%
|
($227.6m)
-164.00%
|
$118.3m
+151.98%
|
|
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $16.7m | $18.1m | $33.4m | $24.4m | $19.9m | $25.7m | $27.0m | $38.2m | $28.7m | $25.7m | |
| Proceeds from sales of property and equipment | $200k | $356k | $99k | $459k | $703k | $551k | $481k | $423k | $262k | $251k | |
| Investments in unconsolidated entities | ($7.2m) | ($670k) | ($808k) | ($1.1m) | ($5k) | ($1.7m) | ($5.8m) | ($6.0m) | ($18.5m) | ($32.7m) | |
| Maturities/sales of investments and securities | $746k | $1.4m | $1.2m | $754k | $2.5m | $2.8m | $1.0m | $750k | $750k | $1.8m | |
| Payments to purchase investments and securities | ($746k) | ($1.4m) | ($1.2m) | ($754k) | ($2.5m) | ($2.8m) | ($1.0m) | ($750k) | ($750k) | ($1.8m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $0 | — | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Investing Activities | ($20.1m) | ($17.1m) | ($33.5m) | ($13.5m) | ($18.2m) | ($26.8m) | ($32.3m) | ($43.6m) | ($44.1m) | ($57.7m) | |
| Cash flows from financing activities: | |||||||||||
| Gain (Loss) on Extinguishment of Debt | — | — | — | ($5.6m) | $0 | ($18.2m) | $0 | ($907k) | ($631k) | $0 | |
| Loss on early extinguishment of debt | — | $278k | $0 | $5.6m | $0 | $18.2m | $0 | $907k | $631k | $0 | |
| Repayment of loans payable and other borrowings | ($21.3m) | ($11.0m) | ($15.8m) | ($3.7m) | ($16.4m) | ($13.6m) | ($20.5m) | ($2.8m) | ($8.9m) | ($13.0m) | |
| Payment of debt issuance costs | $0 | ($4.1m) | ($3.2m) | $0 | $0 | ($6.1m) | $0 | $0 | ($17.1m) | ($5.1m) | |
| Payments for Repurchase of Common Stock | — | — | $100.0m | $16.0m | $69.6m | $61.0m | $109.3m | $59.1m | $125.9m | $295.0m | |
| Proceeds from Issuance of Common Stock | $0 | — | — | — | — | — | — | — | — | — | |
| Dividends paid | — | — | — | — | — | — | — | $40 | $109 | $121 | |
| Payments of Dividends | — | — | — | — | — | $0 | $0 | ($39.5m) | ($108.6m) | ($121.1m) | |
| Net Cash Provided by (Used in) Financing Activities | ($7.0m) |
$143.2m
+2146.98%
|
($88.0m)
-161.40%
|
($325.3m)
-269.89%
|
($86.0m)
+73.57%
|
$51.6m
+160.05%
|
($129.8m)
-351.34%
|
($252.3m)
-94.43%
|
$2.0m
+100.78%
|
$63.0m
+3085.69%
|
|
| Net increase/(decrease) in cash and cash equivalents | ($130.5m) | $39.0m | $140.7m | $8.0m | $426.2m | ($127.3m) | $243.2m | $59.7m | ($269.7m) | $123.6m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | $8.0m | $426.2m | ($127.3m) | $243.2m | $59.7m | ($269.7m) | $123.6m | |
| Cash and cash equivalents, beginning of year | $262.2m | $131.7m | $170.7m | $319.5m | $745.6m | $618.3m | $861.6m | $921.2m | $651.6m | $775.2m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $319.5m | $745.6m | $618.3m | $861.6m | $921.2m | $651.6m | $775.2m | |
| Additional Supplementary Disclosures | |||||||||||
| Additional Supplementary Disclosures | |||||||||||
| Additional Supplementary Disclosures | |||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $1.8m | $570k | $4.2m | $10.8m | $355k | ($249k) | ($2.3m) | ($1.5m) | — | — | |
| Income Taxes Paid, Net | — | — | — | — | — | — | — | — | — | $154.2m | |
| Additional Financial Items | |||||||||||
| General and Administrative Expense | $123.8m | $124.0m | $138.5m | $146.1m | $159.0m | $181.4m | $193.0m | $231.7m | $230.9m | $211.8m | |
| Goodwill | $33.0m | $33.0m | $33.0m | $33.0m | $33.0m | $33.0m | $33.0m | $33.0m | $33.0m | $33.0m | |
| Income Tax Expense (Benefit) | $68.5m | $104.3m | $55.9m | $53.3m | $110.1m | $217.4m | $297.1m | $210.7m | $216.7m | $131.6m | |
| Operating Lease, Expense | — | — | — | $7.0m | $7.7m | $7.6m | $7.8m | $8.7m | $9.8m | $10.6m | |
| Proceeds from Stock Options Exercised | $232k | $0 | $0 | — | — | — | — | — | — | — | |
| Equity in earnings from unconsolidated entities | ($19.0m) | ($16.0m) | ($16.3m) | ($11.9m) | ($4.5m) | ($4.7m) | ($6.1m) | ($6.4m) | ($9.2m) | ($4.0m) | |
| Distributions of earnings from unconsolidated entities | $17.0m | $15.3m | $16.1m | $13.4m | $3.6m | $5.0m | $5.9m | $6.8m | $7.5m | $4.1m | |
| Increase in real estate | ($311.4m) | ($301.5m) | ($19.4m) | $3.6m | ($40.1m) | ($948.1m) | ($624.5m) | ($357.4m) | ($979.3m) | ($274.1m) | |
| Increase in deposits on real estate under option or contract | $2.3m | $21.4m | $12.4m | $453k | ($9.5m) | ($31.9m) | $10.5m | ($36.1m) | ($81.4m) | ($5.7m) | |
| Decrease in home sale deposits | — | $5.7m | ($5.4m) | ($4.4m) | $828k | $17.5m | ($4.6m) | ($1.4m) | ($16.1m) | ($11.3m) | |
| Distributions of capital from unconsolidated entities | $3.6m | $1.3m | $597k | $11.6m | $1.0m | $0 | $0 | $137k | $2.9m | $500k | |
| Repayment of senior notes | $0 | ($126.7m) | ($175.0m) | ($305.6m) | $0 | ($317.7m) | $0 | ($150.9m) | ($250.7m) | $0 | |
| Proceeds from issuance of senior and convertible senior notes | $0 | $300.0m | $206.0m | $0 | $0 | $450.0m | $0 | $0 | $575.0m | $497.2m | |
| Cash Paid For Capped Call | — | — | — | — | — | — | $0 | $0 | ($61.8m) | $0 | |
| Repurchase of shares | $0 | $0 | ($100.0m) | ($16.0m) | ($69.6m) | ($61.0m) | ($109.3m) | ($59.1m) | ($125.9m) | ($295.0m) | |
| Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs | — | — | — | — | — | — | — | $5.3m | $6.7m | $39.4m |