Meritage Homes Corp MTH Income Statement

Meritage homes corp (MTH)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Real estate impairments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,696	920	590	664	680	304
Land impairments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	127	0	-	0	-
Earnings from financial services unconsolidated entities and other, net
684	3,011	3,106	3,654	2,174	5,173	5,182	3,368	2,610	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commissions and other sales costs
61,173	70,598	63,450	60,125	52,555	68,040	60,282	60,823	52,752	62,781	55,845	54,701	48,320	60,058	52,478	56,379	46,177	53,542	48,097	45,167	41,612	49,492	40,211	36,105	30,934	36,190	33,467	31,180	25,879	26,883	25,855	23,118	18,977	21,036	19,708	18,853	15,315	19,624	21,606
General and administrative expenses
34,170	40,557	37,191	34,779	33,566	37,474	35,906	34,205	30,893	33,192	31,636	29,591	29,622	32,029	33,258	28,898	29,618	26,775	28,774	27,650	29,650	29,138	29,218	24,571	21,671	24,923	24,412	22,451	19,724	17,739	19,209	16,516	14,721	17,602	16,466	14,990	15,126	15,678	16,729
(Loss)/earnings from other unconsolidated entities, net
-	-	-	-	-	-	-	-	-	-	-	570	373	-	440	573	-157	77	-123	-169	-123	-83	-134	-61	-169	-149	46	-120	-155	124	-74	-91	-183	-4,645	1,797	1,226	908	1,243	1,786
Interest expense
16	20	1,068	3,197	4,085	552	53	44	136	292	1,116	1,620	825	45	167	1,672	3,288	4,003	4,187	4,621	3,154	594	460	1,396	2,713	1,979	3,462	4,523	5,128	5,526	5,009	6,338	7,371	7,363	7,517	7,496	8,023	8,425	8,553
Other income, net
611	3,761	2,402	2,368	1,046	1,302	2,812	1,778	5,325	3,566	2,028	2,080	1,110	1,690	1,435	1,545	283	2,499	-3,996	136	415	177	1,998	3,749	648	1,032	605	685	470	1,139	-8,276	934	-139	-710	876	1,273	723	654	51
Loss on early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-3,096	-700	0	0	-5,772	0	-	0	0	-	0	-3,454
Earnings before income taxes
86,833	110,535	92,366	67,674	32,370	91,776	71,409	71,185	48,884	84,090	63,455	63,205	36,769	76,337	53,802	59,036	28,885	76,085	46,668	41,414	25,297	66,393	47,030	55,236	39,758	65,879	56,786	38,532	16,475	23,600	6,986	2,842	-4,574	-11,604	-3,075	747	-6,444	731	4,391
Provision for income taxes
15,681	6,921	22,557	16,846	6,958	16,291	17,274	17,347	5,010	48,537	20,905	21,625	13,197	24,530	16,915	19,158	7,916	23,188	16,360	12,281	8,897	17,185	14,453	20,157	14,381	19,790	18,595	10,389	4,434	-71,528	202	-5,163	180	170	160	185	215	-488	225
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	1,219	4,166
Earnings per common share:
Basic (in dollars per share)
1.87	2.74	1.82	1.33	0.66	1.93	1.34	1.32	1.08	0.88	1.06	1.03	0.59	1.29	0.92	1.00	0.53	1.34	0.76	0.73	0.42	1.26	0.83	0.90	0.66	1.28	1.05	0.78	0.34	2.81	0.19	0.24	-0.15	-	-0.10	0.02	-	0.04	0.13
Diluted (in dollars per share)
1.83	2.67	1.79	1.31	0.65	1.87	1.33	1.31	1.07	0.85	1.02	0.98	0.56	1.22	0.88	0.95	0.50	1.26	0.73	0.70	0.40	1.20	0.79	0.85	0.62	1.20	0.99	0.74	0.32	2.72	0.19	0.24	-0.15	-	-0.10	0.02	-	0.04	0.13
Weighted average number of shares:
Basic (in shares)
38,085	37,623	38,296	38,266	38,215	39,010	40,283	40,647	40,488	40,330	40,323	40,317	40,178	40,031	40,022	40,012	39,839	39,671	39,663	39,648	39,390	39,140	39,123	39,118	38,687	36,245	36,226	36,151	35,798	35,623	35,216	32,755	32,634	-	32,417	32,395	-	32,095	32
Diluted (in shares)
38,817	38,747	39,079	38,889	38,849	39,753	40,855	41,164	41,140	41,312	42,011	42,781	42,808	42,836	42,608	42,533	42,363	42,371	42,192	42,145	41,948	41,894	41,656	41,598	41,308	39,141	38,865	38,758	38,440	39,189	35,761	33,104	32,634	-	32,417	32,638	-	32,297	32
Basic and diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.21	-	-
Real Estate [Member]
Revenue
901,013	1,136,848	940,880	864,610	708,145	1,008,779	884,581	877,495	742,564	946,425	805,597	801,978	672,772	880,708	752,857	797,896	597,766	781,613	669,956	597,801	518,712	698,918	556,776	505,604	408,345	536,194	492,080	449,950	336,435	364,586	342,643	282,095	204,350	245,990	217,534	220,131	177,589	233,803	291,405
Cost of closings
722,270	917,528	754,789	707,234	591,317	820,091	726,064	718,667	619,444	775,200	660,996	661,068	563,009	723,270	620,983	659,792	493,970	629,538	543,712	483,052	423,071	558,637	446,015	395,601	316,773	412,545	378,898	354,898	271,900	295,613	280,219	230,529	169,114	212,801	179,591	180,544	147,200	191,242	238,509
Gross profit
178,743	219,320	186,091	157,376	116,828	188,688	158,517	158,828	123,120	171,225	144,601	140,910	109,763	157,438	131,874	138,104	103,796	152,075	126,244	114,749	95,641	140,281	110,761	110,003	91,572	123,649	113,182	95,052	64,535	68,973	62,424	51,566	35,236	33,189	37,943	39,587	30,389	42,561	52,896
Home Building [Member]
Revenue
890,417	1,103,741	939,185	863,053	698,650	996,063	877,734	872,383	728,532	923,370	805,008	797,780	660,617	876,094	735,870	795,845	595,617	761,372	661,884	591,027	517,273	688,288	545,524	502,800	405,779	533,492	483,147	436,040	330,710	364,118	334,880	281,340	204,022	245,730	217,534	220,131	177,489	233,803	291,405
Cost of closings
712,057	884,778	753,068	703,935	582,188	806,550	719,142	712,868	604,202	755,067	659,350	656,870	553,349	719,324	604,891	658,099	492,270	614,794	536,267	476,790	421,786	548,371	434,286	392,839	313,180	409,918	372,772	342,435	266,350	295,355	272,726	229,394	168,909	199,623	178,544	179,954	146,445	190,562	238,205
Gross profit
178,360	218,963	186,117	159,118	116,462	189,513	158,592	159,515	124,330	168,303	145,658	140,910	107,268	156,770	130,979	137,746	103,347	146,578	125,617	114,237	95,487	139,917	111,238	109,961	92,599	123,574	110,375	93,605	64,360	68,763	62,154	51,946	35,113	39,411	38,070	39,587	30,380	42,561	52,896
Land [Member]
Revenue
10,596	33,107	1,695	1,557	9,495	12,716	6,847	5,112	14,032	23,055	589	4,198	12,155	4,614	16,987	2,051	2,149	20,241	8,072	6,774	1,439	10,630	11,252	2,804	2,566	2,702	8,933	13,910	5,725	468	7,763	755	328	260	0	0	100	0	0
Cost of closings
10,213	32,750	1,721	3,299	9,129	13,541	6,922	5,799	15,242	20,133	1,646	4,198	9,660	3,946	16,092	1,693	1,700	14,744	7,445	6,262	1,285	10,266	11,729	2,762	3,593	2,627	6,126	12,463	5,550	258	7,493	1,135	205	155	0	0	91	0	0
Gross profit
383	357	-26	-1,742	366	-825	-75	-687	-1,210	2,922	-1,057	0	2,495	668	895	358	449	5,497	627	512	154	364	-477	42	-1,027	75	2,807	1,447	175	210	270	-380	123	-6,222	-127	0	9	0	0
Financial Service [Member]
Revenue
3,912	4,756	4,317	4,160	3,228	4,412	3,832	3,870	3,048	4,061	3,549	3,649	2,944	3,392	3,139	3,476	2,500	3,101	3,000	2,741	2,535	3,022	2,749	2,451	1,899	2,077	1,684	1,434	842	526	253	0	0	-	-	-	-	-	-
Expense
1,735	1,832	1,725	1,720	1,504	1,618	1,659	1,693	1,484	1,552	1,524	1,551	1,379	1,435	1,398	1,508	1,246	1,289	1,253	1,362	1,299	1,368	1,238	1,131	1,075	1,037	901	755	573	497	317	142	25	-	-	-	-	-	-
Gross profit
2,838	4,264	5,582	6,031	4,702	7,852	6,321	5,651	4,220	6,694	5,514	5,557	4,290	6,137	5,956	5,763	4,046	5,754	5,601	4,136	3,780	5,242	4,294	3,617	3,025	4,439	4,294	4,165	3,056	3,512	2,985	2,177	1,581	-	-	-	-	-	-
Earnings from financial services unconsolidated entities and other, net
661	1,340	2,990	3,591	2,978	5,058	4,148	3,474	2,656	4,185	3,489	3,459	2,725	4,180	4,215	3,795	2,792	3,942	3,854	2,757	2,544	3,588	2,783	2,297	2,201	3,399	3,511	3,486	2,787	3,483	3,049	2,319	1,606	-	-	-	-	-	-
Real Estate And Other [Member]
Earnings from financial services unconsolidated entities and other, net
-	-	-	-	-	-	-	-	-	-	-91	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-