Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
2022 | 2021 | % Chg | 2022 | 2021 | % Chg | |||||||||||||||||||
Homes closed (units) | 3,221 | 3,273 | (2 | )% | 6,079 | 6,163 | (1 | )% | ||||||||||||||||
Home closing revenue | $ | 1,408,947 | $ | 1,264,643 | 11 | % | $ | 2,654,403 | $ | 2,344,625 | 13 | % | ||||||||||||
Average sales price - closings | $ | 437 | $ | 386 | 13 | % | $ | 437 | $ | 380 | 15 | % | ||||||||||||
Home orders (units) | 3,767 | 3,542 | 6 | % | 7,641 | 7,000 | 9 | % | ||||||||||||||||
Home order value | $ | 1,809,870 | $ | 1,499,672 | 21 | % | $ | 3,577,580 | $ | 2,848,802 | 26 | % | ||||||||||||
Average sales price - orders | $ | 480 | $ | 423 | 13 | % | $ | 468 | $ | 407 | 15 | % | ||||||||||||
Ending backlog (units) | 7,241 | 5,509 | 31 | % | ||||||||||||||||||||
Ending backlog value | $ | 3,438,853 | $ | 2,317,534 | 48 | % | ||||||||||||||||||
Average sales price - backlog | $ | 475 | $ | 421 | 13 | % | ||||||||||||||||||
Earnings before income taxes | $ | 331,695 | $ | 215,651 | 54 | % | $ | 617,578 | $ | 381,628 | 62 | % | ||||||||||||
Net earnings | $ | 250,084 | $ | 167,389 | 49 | % | $ | 467,338 | $ | 299,232 | 56 | % | ||||||||||||
Diluted EPS | $ | 6.77 | $ | 4.36 | 55 | % | $ | 12.55 | $ | 7.80 | 61 | % | ||||||||||||
MANAGEMENT COMMENTS
“We proudly achieved our long-term goal of 300 communities this quarter, ending
“We believe that the ongoing low supply of housing inventory and favorable demographics continue to reflect positive factors for housing demand. However, we acknowledge the market is softening from unprecedented demand levels of the last two years, as rapidly increasing mortgage rates in a short amount of time are challenging affordability and buyer psychology. In addition to concerns about the general economy, greater difficulty to qualify for a mortgage and the return of regular seasonality, we are seeing a high preference for quick move-in inventory that can close in 90 days or less, which is primarily found in the existing home market today. We believe this desire for readily available product is exacerbating cancellations and the slowing in new home demand, and will continue to do so for another quarter or two, until our newly-started spec inventory is also available for a quick move-in,” said
“In the second quarter of 2022, we lifted sales order metering in most of our communities. Quarterly sales orders of 3,767 homes were 6% higher than prior year due to our 33% year-over-year increase in average community count. Despite some slowing demand, our second quarter 2022 average absorption pace was 4.4 per month, which was down from 5.5 per month in the second quarter of 2021 yet higher than our expected normalized average pace of 3-4 sales orders per month,”
“Our closings of 3,221 homes this quarter were just 52 shy of our highest second quarter of home closings, which occurred in 2021,”
“During the quarter, we spent
SECOND QUARTER RESULTS
- The total sales orders of 3,767 for the second quarter of 2022 reflect an increase of 6% year-over-year, driven by a 33% increase in average communities that was offset by a 20% decrease in average absorption pace from 5.5 to 4.4 per month. The lower absorption pace reflects both seasonality and slowing market demand. Entry-level represented 86% of second quarter 2022 orders, compared to 81% in the same quarter in 2021. Average sales price ("ASP") on orders surpassed
$480,000 in the second quarter of 2022, which was an increase of 13% over the second quarter of 2021. - The 11% year-over-year increase in home closing revenue to
$1.4 billion for the second quarter of 2022 was due to a 13% increase in ASPs on closings even as we continued our shift of product mix toward entry-level homes. This was partially offset by 2% lower home closing volume. - The 430 bps improvement in second quarter 2022 home closing gross margin to 31.6% from 27.3% a year ago mainly resulted from higher ASPs on closings that were also better leveraging lower cost of land for entry-level homes and other fixed construction costs—all of which more than offset higher commodity costs.
- Selling, general and administrative expenses ("SG&A") were 8.3% of second quarter 2022 home closing revenue, a 100 bps improvement over 9.3% in the prior year. This improvement was due to greater leverage of fixed expenses on higher home closing revenue as well as lower commissions expense and the benefits of technology in our sales and marketing efforts.
- In the second quarter of 2021, we recognized a loss on early extinguishment of debt of
$18.2 million in connection with the early redemption inApril 2021 of our 7.00% senior notes due 2022 ("2022 Notes"). There were no such transactions in the second quarter of 2022. - The second quarter effective income tax rate was 24.6% in 2022 compared to 22.4% in 2021. The higher rate in 2022 reflects the expiration of the 2019 Taxpayer Certainty and Disaster Tax Relief Act, under which we earned eligible energy tax credits on qualifying homes closed in 2021.
- Second quarter 2022 pre-tax margin increased 660 bps to 23.4%, compared to 16.8% in the second quarter of 2021. Net earnings were
$250.1 million ($6.77 per diluted share) for the second quarter of 2022, a 49% increase over$167.4 million ($4 .36 per diluted share) for the second quarter of 2021. Strong earnings growth reflected pricing power, expanded gross margin and improved overhead leverage, which combined with a lower outstanding share count in the current quarter, led to a 55% year-over-year improvement in earnings per diluted share.
YEAR TO DATE RESULTS
- Total sales orders for the first half of 2022 increased 9% over the prior year, driven by a 33% increase in average community count, partially offset by an 18% decrease in average absorption pace compared to the first half of 2021.
- Home closing revenue increased 13% in the first half of 2022 to
$2.7 billion due to a 15% increase in ASPs on closings given the favorable pricing environment on relatively flat home closing volume. - The 490 bps improvement for home closing gross margin in the first half of 2022 to 31.0% from 26.1% was primarily due to higher ASPs on closings resulting from favorable pricing and better leveraging of fixed costs on higher home closing revenue.
- SG&A expenses improved 110 bps year-over-year to 8.4% of home closing revenue, compared to 9.5% in the first half of 2021, due to improved leverage of overhead expenses on higher home closing revenue as well as sales and marketing efficiencies gained from digital innovations.
- In the first half of 2021, we recognized a loss on early extinguishment of debt of
$18.2 million in connection with the early redemption inApril 2021 of the 2022 Notes. There were no such transactions in the first half of 2022. - The effective tax rate for the first half of 2022 was 24.3%, compared to 21.6% for the first half of 2021. The higher rate in 2022 reflects the expiration of the tax credits available under the 2019 Taxpayer Certainty and Disaster Tax Relief Act.
- Net earnings were
$467 .3 million ($12.55 per diluted share) for the first half of 2022, a 56% increase over$299.2 million ($7.80 per diluted share) for the first half of 2021, primarily reflecting pricing power, expanded gross margin and greater overhead leverage in 2022, as well as a lower outstanding share count in the first half of 2022.
BALANCE SHEET
- Cash and cash equivalents at
June 30, 2022 totaled$272 .1 million, compared to$618.3 million atDecember 31, 2021 , primarily as a result of investments in real estate and share repurchases. Real estate assets increased from$3.7 billion atDecember 31, 2021 to$4.5 billion atJune 30, 2022 . - A total of approximately 71,000 lots were owned or controlled as of
June 30, 2022 , compared to approximately 63,000 total lots atJune 30, 2021 . We added over 900 net new lots in the second quarter of 2022, representing an estimated 12 future communities, all of which are for entry-level homes. - Debt-to-capital and net debt-to-capital ratios were 25.3% and 20.6%, respectively, at
June 30, 2022 , which compared to 27.6% and 15.1%, respectively, atDecember 31, 2021 . - The Company repurchased 1,166,040 shares of stock for a total of
$109.3 million during the first half of 2022, of which 128,073 shares totaling$10.0 million were repurchased during the second quarter of 2022. As ofJune 30, 2022 ,$244.1 million remained available to repurchase under our authorized share repurchase program.
CONFERENCE CALL
Management will host a conference call to discuss its second quarter results at
A replay of the call will be available via webcast beginning at approximately
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
Three Months Ended | ||||||||||||||||
2022 | 2021 | Change $ | Change % | |||||||||||||
Homebuilding: | ||||||||||||||||
Home closing revenue | $ | 1,408,947 | $ | 1,264,643 | $ | 144,304 | 11 | % | ||||||||
Land closing revenue | 3,434 | 12,956 | (9,522 | ) | (73 | )% | ||||||||||
Total closing revenue | 1,412,381 | 1,277,599 | 134,782 | 11 | % | |||||||||||
Cost of home closings | (964,208 | ) | (919,342 | ) | (44,866 | ) | 5 | % | ||||||||
Cost of land closings | (2,784 | ) | (13,288 | ) | 10,504 | (79 | )% | |||||||||
Total cost of closings | (966,992 | ) | (932,630 | ) | (34,362 | ) | 4 | % | ||||||||
Home closing gross profit | 444,739 | 345,301 | 99,438 | 29 | % | |||||||||||
Land closing gross profit/(loss) | 650 | (332 | ) | 982 | (296 | )% | ||||||||||
Total closing gross profit | 445,389 | 344,969 | 100,420 | 29 | % | |||||||||||
Financial Services: | ||||||||||||||||
Revenue | 5,139 | 5,665 | (526 | ) | (9 | )% | ||||||||||
Expense | (2,581 | ) | (2,367 | ) | (214 | ) | 9 | % | ||||||||
Earnings from financial services unconsolidated entities and other, net | 1,521 | 1,317 | 204 | 15 | % | |||||||||||
Financial services profit | 4,079 | 4,615 | (536 | ) | (12 | )% | ||||||||||
Commissions and other sales costs | (69,383 | ) | (73,889 | ) | 4,506 | (6 | )% | |||||||||
General and administrative expenses | (47,932 | ) | (43,156 | ) | (4,776 | ) | 11 | % | ||||||||
Interest expense | — | (77 | ) | 77 | (100 | )% | ||||||||||
Other (expense)/income, net | (458 | ) | 1,377 | (1,835 | ) | (133 | )% | |||||||||
Loss on early extinguishment of debt | — | (18,188 | ) | 18,188 | (100 | )% | ||||||||||
Earnings before income taxes | 331,695 | 215,651 | 116,044 | 54 | % | |||||||||||
Provision for income taxes | (81,611 | ) | (48,262 | ) | (33,349 | ) | 69 | % | ||||||||
Net earnings | $ | 250,084 | $ | 167,389 | $ | 82,695 | 49 | % | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | Change $ or shares | Change % | ||||||||||||||
Earnings per common share | $ | 6.82 | $ | 4.43 | $ | 2.39 | 54 | % | ||||||||
Weighted average shares outstanding | 36,647 | 37,818 | (1,171 | ) | (3 | )% | ||||||||||
Diluted | ||||||||||||||||
Earnings per common share | $ | 6.77 | $ | 4.36 | $ | 2.41 | 55 | % | ||||||||
Weighted average shares outstanding | 36,962 | 38,377 | (1,415 | ) | (4 | )% | ||||||||||
Six Months Ended | ||||||||||||||||
2022 | 2021 | Change $ | Change % | |||||||||||||
Homebuilding: | ||||||||||||||||
Home closing revenue | $ | 2,654,403 | $ | 2,344,625 | $ | 309,778 | 13 | % | ||||||||
Land closing revenue | 44,912 | 16,755 | 28,157 | 168 | % | |||||||||||
Total closing revenue | 2,699,315 | 2,361,380 | 337,935 | 14 | % | |||||||||||
Cost of home closings | (1,832,015 | ) | (1,732,669 | ) | (99,346 | ) | 6 | % | ||||||||
Cost of land closings | (33,469 | ) | (16,540 | ) | (16,929 | ) | 102 | % | ||||||||
Total cost of closings | (1,865,484 | ) | (1,749,209 | ) | (116,275 | ) | 7 | % | ||||||||
Home closing gross profit | 822,388 | 611,956 | 210,432 | 34 | % | |||||||||||
Land closing gross profit | 11,443 | 215 | 11,228 | 5222 | % | |||||||||||
Total closing gross profit | 833,831 | 612,171 | 221,660 | 36 | % | |||||||||||
Financial Services: | ||||||||||||||||
Revenue | 9,811 | 10,416 | (605 | ) | (6 | )% | ||||||||||
Expense | (5,093 | ) | (4,538 | ) | (555 | ) | 12 | % | ||||||||
Earnings from financial services unconsolidated entities and other, net | 2,695 | 2,497 | 198 | 8 | % | |||||||||||
Financial services profit | 7,413 | 8,375 | (962 | ) | (11 | )% | ||||||||||
Commissions and other sales costs | (134,923 | ) | (141,633 | ) | 6,710 | (5 | )% | |||||||||
General and administrative expenses | (87,927 | ) | (81,105 | ) | (6,822 | ) | 8 | % | ||||||||
Interest expense | (41 | ) | (167 | ) | 126 | (75 | )% | |||||||||
Other (expense)/income, net | (775 | ) | 2,175 | (2,950 | ) | (136 | )% | |||||||||
Loss on early extinguishment of debt | — | (18,188 | ) | 18,188 | (100 | )% | ||||||||||
Earnings before income taxes | 617,578 | 381,628 | 235,950 | 62 | % | |||||||||||
Provision for income taxes | (150,240 | ) | (82,396 | ) | (67,844 | ) | 82 | % | ||||||||
Net earnings | $ | 467,338 | $ | 299,232 | $ | 168,106 | 56 | % | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | Change $ or s hares | Change % | ||||||||||||||
Earnings per common share | $ | 12.69 | $ | 7.93 | $ | 4.76 | 60 | % | ||||||||
Weighted average shares outstanding | 36,820 | 37,731 | (911 | ) | (2 | )% | ||||||||||
Diluted | ||||||||||||||||
Earnings per common share | $ | 12.55 | $ | 7.80 | $ | 4.75 | 61 | % | ||||||||
Weighted average shares outstanding | 37,239 | 38,357 | (1,118 | ) | (3 | )% | ||||||||||
Consolidated Balance Sheets
(In thousands)
(Unaudited)
Assets: | ||||||||
Cash and cash equivalents | $ | 272,147 | $ | 618,335 | ||||
Other receivables | 171,408 | 147,548 | ||||||
Real estate (1) | 4,474,062 | 3,734,408 | ||||||
Real estate not owned | 8,011 | 8,011 | ||||||
Deposits on real estate under option or contract | 97,967 | 90,679 | ||||||
Investments in unconsolidated entities | 11,223 | 5,764 | ||||||
Property and equipment, net | 39,030 | 37,340 | ||||||
Deferred tax asset, net | 41,271 | 40,672 | ||||||
Prepaids, other assets and goodwill | 192,604 | 124,776 | ||||||
Total assets | $ | 5,307,723 | $ | 4,807,533 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 341,717 | $ | 216,009 | ||||
Accrued liabilities | 326,856 | 337,277 | ||||||
Home sale deposits | 60,820 | 42,610 | ||||||
Liabilities related to real estate not owned | 7,210 | 7,210 | ||||||
Loans payable and other borrowings | 15,613 | 17,552 | ||||||
Senior notes, net | 1,143,038 | 1,142,486 | ||||||
Total liabilities | 1,895,254 | 1,763,144 | ||||||
Stockholders' Equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 366 | 373 | ||||||
Additional paid-in capital | 315,590 | 414,841 | ||||||
Retained earnings | 3,096,513 | 2,629,175 | ||||||
Total stockholders’ equity | 3,412,469 | 3,044,389 | ||||||
Total liabilities and stockholders’ equity | $ | 5,307,723 | $ | 4,807,533 | ||||
(1) Real estate – Allocated costs: | ||||||||
Homes under contract under construction | $ | 1,527,013 | $ | 1,039,822 | ||||
Unsold homes, completed and under construction | $ | 748,845 | 484,999 | |||||
Model homes | $ | 89,539 | 81,049 | |||||
Finished home sites and home sites under development | $ | 2,108,665 | 2,128,538 | |||||
Total real estate | $ | 4,474,062 | $ | 3,734,408 | ||||
Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):
Three Months Ended | Six Months Ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Depreciation and amortization | $ | 5,964 | $ | 6,879 | $ | 11,723 | $ | 13,414 | ||||||||
Summary of Capitalized Interest: | ||||||||||||||||
Capitalized interest, beginning of period | $ | 59,082 | $ | 57,540 | $ | 56,253 | $ | 58,940 | ||||||||
Interest incurred | 15,171 | 16,321 | 30,384 | 32,413 | ||||||||||||
Interest expensed | — | (77 | ) | (41 | ) | (167 | ) | |||||||||
Interest amortized to cost of home and land closings | (12,794 | ) | (17,074 | ) | (25,137 | ) | (34,476 | ) | ||||||||
Capitalized interest, end of period | $ | 61,459 | $ | 56,710 | $ | 61,459 | $ | 56,710 |
2021 | |||||||||
Senior notes, net, loans payable and other borrowings | $ | 1,158,651 | $ | 1,160,038 | |||||
Stockholders' equity | 3,412,469 | 3,044,389 | |||||||
Total capital | $ | 4,571,120 | $ | 4,204,427 | |||||
Debt-to-capital | 25.3 | % | 27.6 | % | |||||
Senior notes, net, loans payable and other borrowings | $ | 1,158,651 | $ | 1,160,038 | |||||
Less: cash and cash equivalents | (272,147 | ) | (618,335 | ) | |||||
Net debt | $ | 886,504 | $ | 541,703 | |||||
Stockholders’ equity | 3,412,469 | 3,044,389 | |||||||
Total net capital | $ | 4,298,973 | $ | 3,586,092 | |||||
Net debt-to-capital | 20.6 | % | 15.1 | % | |||||
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 467,338 | $ | 299,232 | ||||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||||
Depreciation and amortization | 11,723 | 13,414 | ||||||
Stock-based compensation | 10,045 | 8,590 | ||||||
Loss on early extinguishment of debt | — | 18,188 | ||||||
Equity in earnings from unconsolidated entities | (2,145 | ) | (1,807 | ) | ||||
Distribution of earnings from unconsolidated entities | 2,339 | 2,215 | ||||||
Other | (601 | ) | 2,266 | |||||
Changes in assets and liabilities: | ||||||||
Increase in real estate | (729,450 | ) | (469,733 | ) | ||||
Increase in deposits on real estate under option or contract | (7,288 | ) | (14,863 | ) | ||||
Increase in other receivables, prepaids and other assets | (90,419 | ) | (36,390 | ) | ||||
Increase in accounts payable and accrued liabilities | 113,421 | 26,532 | ||||||
Increase in home sale deposits | 18,210 | 8,884 | ||||||
Net cash used in operating activities | (206,827 | ) | (143,472 | ) | ||||
Cash flows from investing activities: | ||||||||
Investments in unconsolidated entities | (5,653 | ) | (1 | ) | ||||
Purchases of property and equipment | (12,852 | ) | (10,970 | ) | ||||
Proceeds from sales of property and equipment | 247 | 292 | ||||||
Maturities/sales of investments and securities | 1,032 | 2,697 | ||||||
Payments to purchase investments and securities | (1,032 | ) | (2,697 | ) | ||||
Net cash used in investing activities | (18,258 | ) | (10,679 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayment of loans payable and other borrowings | (11,800 | ) | (5,758 | ) | ||||
Repayment of senior notes | — | (317,690 | ) | |||||
Proceeds from issuance of senior notes | — | 450,000 | ||||||
Payment of debt issuance costs | — | (6,102 | ) | |||||
Repurchase of shares | (109,303 | ) | (27,546 | ) | ||||
Net cash (used in)/provided by financing activities | (121,103 | ) | 92,904 | |||||
Net decrease in cash and cash equivalents | (346,188 | ) | (61,247 | ) | ||||
Cash and cash equivalents, beginning of period | 618,335 | 745,621 | ||||||
Cash and cash equivalents, end of period | $ | 272,147 | $ | 684,374 | ||||
Operating Data
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Homes | Value | Homes | Value | |||||||||||||
Homes Closed: | ||||||||||||||||
542 | $ | 234,902 | 481 | $ | 165,990 | |||||||||||
256 | 173,631 | 318 | 198,232 | |||||||||||||
127 | 77,545 | 145 | 74,987 | |||||||||||||
925 | 486,078 | 944 | 439,209 | |||||||||||||
1,048 | 422,327 | 1,154 | 403,838 | |||||||||||||
1,048 | 422,327 | 1,154 | 403,838 | |||||||||||||
437 | 169,607 | 443 | 160,377 | |||||||||||||
179 | 81,227 | 171 | 62,477 | |||||||||||||
359 | 148,860 | 330 | 119,838 | |||||||||||||
132 | 44,365 | 81 | 28,209 | |||||||||||||
141 | 56,483 | 150 | 50,695 | |||||||||||||
1,248 | 500,542 | 1,175 | 421,596 | |||||||||||||
Total | 3,221 | $ | 1,408,947 | 3,273 | $ | 1,264,643 | ||||||||||
Homes Ordered: | ||||||||||||||||
560 | $ | 257,162 | 624 | $ | 256,804 | |||||||||||
355 | 272,601 | 344 | 217,228 | |||||||||||||
160 | 102,464 | 181 | 104,134 | |||||||||||||
1,075 | 632,227 | 1,149 | 578,166 | |||||||||||||
1,096 | 491,394 | 1,101 | 428,375 | |||||||||||||
1,096 | 491,394 | 1,101 | 428,375 | |||||||||||||
685 | 283,291 | 468 | 176,118 | |||||||||||||
225 | 107,388 | 193 | 77,309 | |||||||||||||
391 | 178,463 | 390 | 153,032 | |||||||||||||
144 | 50,716 | 88 | 32,595 | |||||||||||||
151 | 66,391 | 153 | 54,077 | |||||||||||||
East Regions | 1,596 | 686,249 | 1,292 | 493,131 | ||||||||||||
Total | 3,767 | $ | 1,809,870 | 3,542 | $ | 1,499,672 |
Six Months Ended | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Homes | Value | Homes | Value | |||||||||||||
Homes Closed: | ||||||||||||||||
1,000 | $ | 432,997 | 891 | $ | 303,258 | |||||||||||
531 | 361,041 | 595 | 370,131 | |||||||||||||
258 | 155,464 | 320 | 159,250 | |||||||||||||
1,789 | 949,502 | 1,806 | 832,639 | |||||||||||||
1,921 | 770,155 | 2,117 | 722,223 | |||||||||||||
1,921 | 770,155 | 2,117 | 722,223 | |||||||||||||
875 | 337,682 | 860 | 301,205 | |||||||||||||
306 | 137,661 | 317 | 117,616 | |||||||||||||
656 | 267,864 | 629 | 226,851 | |||||||||||||
253 | 84,078 | 166 | 56,055 | |||||||||||||
279 | 107,461 | 268 | 88,036 | |||||||||||||
2,369 | 934,746 | 2,240 | 789,763 | |||||||||||||
Total | 6,079 | $ | 2,654,403 | 6,163 | $ | 2,344,625 | ||||||||||
Homes Ordered: | ||||||||||||||||
1,110 | $ | 497,169 | 1,226 | $ | 479,239 | |||||||||||
701 | 519,944 | 630 | 390,619 | |||||||||||||
369 | 228,463 | 350 | 193,913 | |||||||||||||
2,180 | 1,245,576 | 2,206 | 1,063,771 | |||||||||||||
2,392 | 1,039,961 | 2,216 | 820,343 | |||||||||||||
2,392 | 1,039,961 | 2,216 | 820,343 | |||||||||||||
1,257 | 510,205 | 947 | 355,227 | |||||||||||||
445 | 208,279 | 357 | 138,866 | |||||||||||||
764 | 341,471 | 809 | 310,719 | |||||||||||||
298 | 103,372 | 164 | 58,997 | |||||||||||||
305 | 128,716 | 301 | 100,879 | |||||||||||||
3,069 | 1,292,043 | 2,578 | 964,688 | |||||||||||||
Total | 7,641 | $ | 3,577,580 | 7,000 | $ | 2,848,802 | ||||||||||
Order Backlog: | ||||||||||||||||
1,255 | $ | 557,742 | 1,328 | $ | 520,034 | |||||||||||
563 | 430,202 | 479 | 295,198 | |||||||||||||
439 | 271,827 | 238 | 139,437 | |||||||||||||
2,257 | 1,259,771 | 2,045 | 954,669 | |||||||||||||
2,349 | 1,042,689 | 1,729 | 670,583 | |||||||||||||
2,349 | 1,042,689 | 1,729 | 670,583 | |||||||||||||
1,250 | 524,940 | 637 | 268,971 | |||||||||||||
342 | 162,204 | 196 | 79,207 | |||||||||||||
673 | 299,352 | 634 | 247,292 | |||||||||||||
178 | 64,015 | 118 | 44,175 | |||||||||||||
192 | 85,882 | 150 | 52,637 | |||||||||||||
2,635 | 1,136,393 | 1,735 | 692,282 | |||||||||||||
Total | 7,241 | $ | 3,438,853 | 5,509 | $ | 2,317,534 | ||||||||||
Operating Data
(Unaudited)
Three Months Ended | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Ending | Average | Ending | Average | |||||||||||||
Active Communities: | ||||||||||||||||
56 | 48.0 | 38 | 35.5 | |||||||||||||
32 | 27.5 | 20 | 19.5 | |||||||||||||
19 | 18.5 | 17 | 14.5 | |||||||||||||
107 | 94.0 | 75 | 69.5 | |||||||||||||
80 | 77.5 | 64 | 61.5 | |||||||||||||
80 | 77.5 | 64 | 61.5 | |||||||||||||
41 | 41.0 | 34 | 32.0 | |||||||||||||
14 | 14.5 | 10 | 11.0 | |||||||||||||
32 | 30.5 | 26 | 25.0 | |||||||||||||
17 | 15.0 | 7 | 6.5 | |||||||||||||
12 | 13.0 | 10 | 9.0 | |||||||||||||
116 | 114.0 | 87 | 83.5 | |||||||||||||
Total | 303 | 285.5 | 226 | 214.5 | ||||||||||||
Six Months Ended | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Ending | Average | Ending | Average | |||||||||||||
Active Communities: | ||||||||||||||||
56 | 45.0 | 38 | 34.6 | |||||||||||||
32 | 25.7 | 20 | 18.3 | |||||||||||||
19 | 18.0 | 17 | 13.3 | |||||||||||||
107 | 88.7 | 75 | 66.2 | |||||||||||||
80 | 76.1 | 64 | 62.0 | |||||||||||||
80 | 76.1 | 64 | 62.0 | |||||||||||||
41 | 41.0 | 34 | 31.6 | |||||||||||||
14 | 14.7 | 10 | 9.7 | |||||||||||||
32 | 29.0 | 26 | 23.7 | |||||||||||||
17 | 14.7 | 7 | 6.3 | |||||||||||||
12 | 12.7 | 10 | 8.3 | |||||||||||||
116 | 112.1 | 87 | 79.6 | |||||||||||||
Total | 303 | 276.9 | 226 | 207.8 | ||||||||||||
About
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; our spec inventory levels; and expectations about our future results, including our liquidity and market share.
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.
Contacts: | Emily Tadano, VP of Investor Relations and ESG | ||
(480) 515-8979 (office) | |||
investors@meritagehomes.com |
Source:
2022 GlobeNewswire, Inc., source