Meritage homes corp (MTH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net earnings

71,152

103,614

69,809

50,828

25,412

75,485

54,135

53,838

43,874

35,553

42,550

41,580

23,572

51,807

36,887

39,878

20,969

52,897

30,308

29,133

16,400

49,208

32,577

35,079

25,377

46,089

38,191

28,143

12,041

95,128

6,784

8,005

-4,754

-11,774

-3,235

562

-6,659

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization

7,011

8,370

7,172

6,549

5,832

7,508

6,850

6,742

5,866

4,633

4,199

4,202

3,670

4,508

3,870

4,198

3,402

3,947

3,565

3,518

3,211

3,460

2,972

2,669

2,513

2,765

2,511

2,500

2,158

2,283

2,299

1,921

1,693

1,911

1,694

1,817

1,756

Real estate-related impairments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,023

1,047

590

664

Stock-based compensation

6,437

3,888

5,657

4,201

5,861

3,433

4,761

3,767

5,209

2,158

4,113

2,490

3,295

2,699

3,729

2,555

4,758

3,363

3,953

3,835

4,630

3,176

3,771

2,853

2,411

2,443

3,099

2,097

1,844

2,224

2,822

1,620

1,653

2,195

2,114

1,388

1,713

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-3,096

-700

0

0

-5,772

0

-

-

-

-

Excess income tax benefit from stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-416

-14

-10

-516

3

28

77

1,935

100

3

-81

2,275

158

46

1,223

464

-

-

0

0

-

-

-

-

Equity in earnings from unconsolidated entities

684

3,011

3,106

3,654

2,174

5,173

5,182

3,368

2,610

5,434

3,398

4,029

3,098

7,384

4,655

4,368

2,635

4,019

3,731

2,588

2,421

3,505

2,649

2,236

2,032

3,250

3,557

3,366

2,632

3,607

2,975

2,228

1,423

1,918

1,797

1,226

908

Distributions of earnings from unconsolidated entities

849

2,177

2,753

4,512

3,996

4,244

5,064

3,590

3,244

4,927

3,698

3,432

3,280

5,520

4,096

3,866

3,477

3,204

3,677

2,734

3,035

2,829

2,665

2,164

3,955

2,217

3,560

3,514

3,722

3,530

3,123

1,743

1,252

1,888

1,955

1,466

1,188

Other

164

5,371

-403

2,478

1,827

13,650

-210

106

2,301

4,306

1,255

28

-18

4,597

1,680

2,214

1,048

10,284

822

914

-490

1,788

4,406

-163

4,118

14,671

-951

390

3,632

404

774

1,515

-313

-986

47

-12

-406

Changes in assets and liabilities:
Increase in real estate

45,207

-113,916

115,734

-7,192

1,753

-142,390

6,007

68,077

87,732

-34,592

124,685

122,162

89,222

-7,064

124,509

77,946

116,035

10,887

54,070

85,544

58,906

-5,169

113,958

97,269

132,536

42,218

107,676

75,116

38,876

102,388

49,847

87,940

52,722

28,874

22,645

18,908

19,232

(Increase)/decrease in deposits on real estate under option or contract

3,266

5,320

-677

1,487

-6,583

-2,364

1,013

-3,687

-7,406

-7,722

-4,325

-3,776

-5,532

-5,497

-391

-495

4,046

-3,597

885

163

-3,767

14,726

19,566

4,915

3,071

16,549

13,064

10,391

-3,030

1,368

-1,768

-325

-99

2,977

1,508

1,524

29

Decrease/(increase) in other receivables, prepaids and other assets

-7,557

6,004

3,080

-1,626

1,654

-1,356

-52

3,792

-5,426

2,568

5,779

-10,734

20,162

3,312

4,833

9,200

168

1,016

-4,279

4,651

5,695

5,530

4,381

1,123

13,998

4,205

1,057

7,855

5,312

4,419

3,640

-403

-1,355

-5,044

4,759

-4,502

1,540

Decrease in accounts payable and accrued liabilities

-1,956

-41,978

91,071

5,772

-12,211

-48,445

28,628

7,012

-15

-13,173

26,795

10,567

-16,064

-17,829

48,262

12,489

455

-8,066

34,953

8,175

-3,179

-19,232

31,673

18,060

-15,813

-29,964

58,147

34,044

14,671

-8,107

10,270

26,144

-5,210

-1,252

6,270

4,008

-3,484

Increase in home sale deposits

1,856

-7,198

-805

3,078

535

-5,523

-2,971

3,369

-298

-5,387

3,249

3,400

4,449

-8,640

-2,658

-2,993

6,442

-3,390

859

5,957

3,392

-4,156

3,478

3,698

1,839

-6,187

2,395

7,822

5,367

-1,650

1,281

1,506

2,382

-1,175

2,433

-859

1,562

Net cash provided by operating activities

43,913

179,460

54,011

81,095

32,254

188,548

84,107

6,874

-17,329

87,294

-43,678

-45,982

-84,766

44,943

-37,726

-28,802

-81,817

49,911

23,702

-38,757

-38,191

18,381

-59,015

-41,102

-129,512

-38,398

-20,005

-19,402

-119

-88,671

-27,345

-49,545

-55,362

-22,923

-18,478

-8,172

-24,563

Cash flows from investing activities:
Investments in unconsolidated entities

1

1

0

2

1,110

257

134

417

0

266

-4

398

10

7,002

83

96

63

181

18

178

104

270

12

189

44

-

-

-

-

-

-

275

130

-

1

288

138

Distributions of capital from unconsolidated entities

1,000

4,300

0

7,250

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Purchases of property and equipment

5,331

6,009

6,244

6,892

5,240

9,661

8,028

9,343

6,383

6,058

3,716

5,084

3,238

4,406

4,686

3,630

3,940

3,758

4,505

3,240

4,589

4,421

4,503

4,869

6,995

6,066

3,930

3,083

2,704

3,724

2,756

2,047

2,336

1,653

1,468

2,530

1,431

Proceeds from sales of property and equipment

96

192

75

118

74

-8

15

62

30

105

165

37

49

56

57

52

35

-6

30

18

44

89

27

53

93

-

-

-

-

-

-

14

350

-

33

4

3

Maturities/sales of investments and securities

83

79

109

0

566

116

0

47

1,018

105

39

32

1,226

101

0

0

645

1,555

0

0

0

9,015

50,196

17,855

47,533

30,112

61,876

27,025

43,999

7,500

70,500

70,201

50,000

24,105

95,000

144,000

85,000

Payments to purchase investments and securities

83

79

109

0

566

116

0

47

1,018

105

39

32

1,226

101

0

0

645

1,555

0

0

0

116

83

100

35,514

26,947

62,734

30,112

46,826

27,025

33,296

-1

76,503

-17,495

84,745

69,243

59,908

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-79

-

-

-

-

-

-

-

-

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,879

83

1,037

839

0

926

Net cash used in investing activities

-4,236

-1,518

-6,169

474

-6,276

-9,926

-7,550

-9,698

-6,353

-6,131

-3,547

-4,195

-3,199

-7,752

-4,712

-3,674

-3,968

-3,945

-4,493

-3,400

-4,649

4,362

-85,052

12,750

5,073

37,854

-20,785

-10,586

-5,452

-46,900

38,431

61,015

-28,702

38,649

7,981

71,952

22,600

Cash flows from financing activities:
Proceeds from Credit Facility, net

500,000

-

-

-

0

-

-

-

-

-25,000

25,000

-60,000

45,000

-10,000

25,000

0

0

-

-

-

27,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of loans payable and other borrowings

1,009

6,762

-457

-3,617

988

29,239

-10,985

-302

-2,197

21,461

-4,766

-2,677

-3,048

-2,988

-2,804

-11,589

-3,893

-19,182

-833

-194

-3,017

-3,923

-2,488

-1,881

-2,155

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of senior notes and senior convertible notes

-

-

-

-

-

0

0

0

175,000

0

74,593

52,098

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

85,558

17,264

0

0

315,080

0

-

-

-

-

Proceeds from issuance of senior notes

-

-

-

-

-

0

0

0

206,000

0

0

300,000

0

-

-

-

-

-

-

-

-

-

-

-

-

106,699

0

0

175,000

0

126,500

300,000

0

-

-

-

-

Payment of debt issuance costs

-

-

-

-

-

0

-117

0

3,315

105

-12

3,998

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,334

0

-

-

-

-

Excess income tax provision from stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-416

-14

-10

-516

3

28

77

1,935

100

3

-81

2,275

-

-

-

-

-

-

0

0

-

-

-

-

Proceeds from issuance of common stock, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-12

110,432

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from Stock Options Exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

71

161

5

42

5

2,834

308

27

0

707

-

-

-

-

-

-

167

1,055

-

33

280

1,518

Repurchase of shares

60,813

7,078

0

0

8,957

70,647

29,353

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,399

-

-

-

-

-

-

-

-

Net cash provided by/(used in) financing activities

438,178

-313,288

-457

-1,641

-9,945

-72,918

-40,221

-302

25,488

-25,584

-54,347

181,227

41,952

-13,404

22,182

-11,528

-4,248

-19,167

-821

169,933

28,752

-3,515

-2,458

-1,974

111,259

97,096

355

-77,014

160,135

979

212,137

-20,247

1,055

782

33

280

1,518

Net increase in cash and cash equivalents

477,855

-135,346

47,385

79,928

16,033

105,704

36,336

-3,126

1,806

55,579

-101,572

131,050

-46,013

23,787

-20,256

-44,004

-90,033

26,799

18,388

127,776

-14,088

19,228

-146,525

-30,326

-13,180

96,552

-40,435

-107,002

154,564

-134,592

223,223

-8,777

-83,009

16,508

-10,464

64,060

-445