Meritage homes corp (MTH)
CashFlow / TTM
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

295,403

249,663

221,534

205,860

208,870

227,332

187,400

175,815

163,557

143,255

159,509

153,846

152,144

149,541

150,631

144,052

133,307

128,738

125,049

127,318

133,264

142,241

139,122

144,736

137,800

124,464

173,503

142,096

121,958

105,163

-1,739

-11,758

-19,201

-21,106

0

0

0

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

29,102

27,923

27,061

26,739

26,932

26,966

24,091

21,440

18,900

16,704

16,579

16,250

16,246

15,978

15,417

15,112

14,432

14,241

13,754

13,161

12,312

11,614

10,919

10,458

10,289

9,934

9,452

9,240

8,661

8,196

7,824

7,219

7,115

7,178

0

0

0

Real estate-related impairments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,324

0

0

0

Stock-based compensation

20,183

19,607

19,152

18,256

17,822

17,170

15,895

15,247

13,970

12,056

12,597

12,213

12,278

13,741

14,405

14,629

15,909

15,781

15,594

15,412

14,430

12,211

11,478

10,806

10,050

9,483

9,264

8,987

8,510

8,319

8,290

7,582

7,350

7,410

0

0

0

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,796

-3,796

-3,796

-6,472

-5,772

0

0

0

-

-

-

-

Excess income tax benefit from stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-956

-537

-495

-408

2,043

2,140

2,115

1,957

2,297

2,355

2,398

3,702

1,891

0

0

0

-

-

0

0

-

-

-

-

Equity in earnings from unconsolidated entities

10,455

11,945

14,107

16,183

15,897

16,333

16,594

14,810

15,471

15,959

17,909

19,166

19,505

19,042

15,677

14,753

12,973

12,759

12,245

11,163

10,811

10,422

10,167

11,075

12,205

12,805

13,162

12,580

11,442

10,233

8,544

7,366

6,364

5,849

0

0

0

Distributions of earnings from unconsolidated entities

10,291

13,438

15,505

17,816

16,894

16,142

16,825

15,459

15,301

15,337

15,930

16,328

16,762

16,959

14,643

14,224

13,092

12,650

12,275

11,263

10,693

11,613

11,001

11,896

13,246

13,013

14,326

13,889

12,118

9,648

8,006

6,838

6,561

6,497

0

0

0

Other

7,610

9,273

17,552

17,745

15,373

15,847

6,503

7,968

7,890

5,571

5,862

6,287

8,473

9,539

15,226

14,368

13,068

11,530

3,034

6,618

5,541

10,149

23,032

17,675

18,228

17,742

3,475

5,200

6,325

2,380

990

263

-1,264

-1,357

0

0

0

Changes in assets and liabilities:
Increase in real estate

39,833

-3,621

-32,095

-141,822

-66,553

19,426

127,224

245,902

299,987

301,477

329,005

328,829

284,613

311,426

329,377

258,938

266,536

209,407

193,351

253,239

264,964

338,594

385,981

379,699

357,546

263,886

324,056

266,227

279,051

292,897

219,383

192,181

123,149

89,659

0

0

0

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

9,396

-453

-8,137

-6,447

-11,621

-12,444

-17,802

-23,140

-23,229

-21,355

-19,130

-15,196

-11,915

-2,337

-437

839

1,497

-6,316

12,007

30,688

35,440

42,278

44,101

37,599

43,075

36,974

21,793

6,961

-3,755

-824

785

4,061

5,910

6,038

0

0

0

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

-99

9,112

1,752

-1,380

4,038

-3,042

882

6,713

-7,813

17,775

18,519

17,573

37,507

17,513

15,217

6,105

1,556

7,083

11,597

20,257

16,729

25,032

23,707

20,383

27,115

18,429

18,643

21,226

12,968

6,301

-3,162

-2,043

-6,142

-3,247

0

0

0

Decrease in accounts payable and accrued liabilities

52,909

42,654

36,187

-26,256

-25,016

-12,820

22,452

20,619

24,174

8,125

3,469

24,936

26,858

43,377

53,140

39,831

35,517

31,883

20,717

17,437

27,322

14,688

3,956

30,430

46,414

76,898

98,755

50,878

42,978

23,097

29,952

25,952

3,816

5,542

0

0

0

Increase in home sale deposits

-3,069

-4,390

-2,715

-4,881

-4,590

-5,423

-5,287

933

964

5,711

2,458

-3,449

-9,842

-7,849

-2,599

918

9,868

6,818

6,052

8,671

6,412

4,859

2,828

1,745

5,869

9,397

13,934

12,820

6,504

3,519

3,994

5,146

2,781

1,961

0

0

0

Net cash provided by operating activities

358,479

346,820

355,908

386,004

311,783

262,200

160,946

33,161

-19,695

-87,132

-129,483

-123,531

-106,351

-103,402

-98,434

-37,006

-46,961

-3,335

-34,865

-117,582

-119,927

-211,248

-268,027

-229,017

-207,317

-77,924

-128,197

-135,537

-165,680

-220,923

-155,175

-146,308

-104,935

-74,136

0

0

0

Cash flows from investing activities:
Investments in unconsolidated entities

4

1,113

1,369

1,503

1,918

808

817

679

660

670

7,406

7,493

7,191

7,244

423

358

440

481

570

564

575

515

0

0

0

-

-

-

-

-

-

0

0

-

0

0

0

Distributions of capital from unconsolidated entities

12,550

11,550

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Purchases of property and equipment

24,476

24,385

28,037

29,821

32,272

33,415

29,812

25,500

21,241

18,096

16,444

17,414

15,960

16,662

16,014

15,833

15,443

16,092

16,755

16,753

18,382

20,788

22,433

21,860

20,074

15,783

13,441

12,267

11,231

10,863

8,792

7,504

7,987

7,082

0

0

0

Proceeds from sales of property and equipment

481

459

259

199

143

99

212

362

337

356

307

199

214

200

138

111

77

86

181

178

213

262

0

0

0

-

-

-

-

-

-

0

0

-

0

0

0

Maturities/sales of investments and securities

271

754

791

682

729

1,181

1,170

1,209

1,194

1,402

1,398

1,359

1,327

746

2,200

2,200

2,200

1,555

9,015

59,211

77,066

124,599

145,696

157,376

166,546

163,012

140,400

149,024

192,200

198,201

214,806

239,306

313,105

348,105

0

0

0

Payments to purchase investments and securities

271

754

791

682

729

1,181

1,170

1,209

1,194

1,402

1,398

1,359

1,327

746

2,200

2,200

2,200

1,555

116

199

299

35,813

62,644

125,295

155,307

166,619

166,697

137,259

107,146

136,823

92,303

143,752

212,996

196,401

0

0

0

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,838

1,959

2,802

0

0

0

Net cash used in investing activities

-11,449

-13,489

-21,897

-23,278

-33,450

-33,527

-29,732

-25,729

-20,226

-17,072

-18,693

-19,858

-19,337

-20,106

-16,299

-16,080

-15,806

-16,487

-8,180

-88,739

-72,589

-62,867

-29,375

34,892

11,556

1,031

-83,723

-24,507

47,094

23,844

109,393

78,943

89,880

141,182

0

0

0

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

0

-

-

-

0

-

-

-

-

-15,000

0

0

60,000

15,000

0

0

0

-

-

-

27,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of loans payable and other borrowings

3,697

3,676

26,153

15,625

18,940

15,755

7,977

14,196

11,821

10,970

-13,479

-11,517

-20,429

-21,274

-37,468

-35,497

-24,102

-23,226

-7,967

-9,622

-11,309

-10,447

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of senior notes and senior convertible notes

-

-

-

-

-

175,000

175,000

249,593

301,691

126,691

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

102,822

102,822

102,822

332,344

315,080

0

0

0

-

-

-

-

Proceeds from issuance of senior notes

-

-

-

-

-

206,000

206,000

206,000

506,000

300,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

281,699

175,000

301,500

601,500

426,500

0

0

0

-

-

-

-

Payment of debt issuance costs

-

-

-

-

-

3,198

3,303

3,408

7,406

4,091

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Excess income tax provision from stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-956

-537

-495

-408

2,043

2,140

2,115

1,957

2,297

0

0

0

-

-

-

-

-

-

0

0

-

-

-

-

Proceeds from issuance of common stock, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

110,420

110,420

110,420

110,432

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from Stock Options Exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

232

237

279

213

2,886

3,189

3,174

3,169

1,042

0

0

0

-

-

-

-

-

-

0

0

-

0

0

0

Repurchase of shares

67,891

16,035

79,604

108,957

108,957

100,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Net cash provided by/(used in) financing activities

122,792

-325,331

-84,961

-124,725

-123,386

-87,953

-40,619

-54,745

126,784

143,248

155,428

231,957

39,202

-6,998

-12,761

-35,764

145,697

178,697

194,349

192,712

20,805

103,312

203,923

206,736

131,696

180,572

84,455

296,237

353,004

193,924

193,727

-18,377

2,150

2,613

0

0

0

Net increase in cash and cash equivalents

469,822

8,000

249,050

238,001

154,947

140,720

90,595

-47,313

86,863

39,044

7,252

88,568

-86,486

-130,506

-127,494

-88,850

82,930

158,875

151,304

-13,609

-171,711

-170,803

-93,479

12,611

-64,065

103,679

-127,465

136,193

234,418

-3,155

147,945

-85,742

-12,905

69,659

0

0

0