SOURCE: Meritage Homes

Meritage Homes Reports Results for the First Quarter of 2014

First Quarter EPS of $0.62 Increased 94% Compared to 2013; Home Closing Revenue Grew 23% and Home Closing Gross Margin Increased to 22.8%

Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced first quarter results for the period ended March 31, 2014.

 

Summary Operating Results (unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

Three Months Ended March 31,

 

 

2014

 

2013

 

%Chg

Homes closed (units)

 

 

1,109

 

 

1,052

 

5

%

Home closing revenue

 

$

405,779

 

$

330,710

 

23

%

Average sales price - closings

 

$

366

 

$

314

 

16

%

Home orders (units)

 

 

1,525

 

 

1,547

 

(1

)%

Home order value

 

$

555,040

 

$

520,403

 

7

%

Average sales price - orders

 

$

364

 

$

336

 

8

%

Ending backlog (units)

 

 

2,269

 

 

1,967

 

15

%

Ending backlog value

 

$

835,933

 

$

668,959

 

25

%

Average sales price - backlog

 

$

368

 

$

340

 

8

%

Net earnings

 

$

25,377

 

$

12,041

 

111

%

Diluted EPS

 

$

0.62

 

$

0.32

 

94

%

 

 

MANAGEMENT COMMENTS

"We achieved another quarter of strong revenue and earnings growth, generating the second highest quarterly pre-tax earnings we've reported in almost eight years," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "We grew home closing revenue by 23% and leveraged that with an improved gross margin to produce a 44% increase in gross profit on home closings, which led to a 111% increase in net earnings over the first quarter of 2013.

 

"Both our total order value and backlog value grew year over year, and total orders were nearly as high as last year's first quarter, which was up 35% over 2012, making for a difficult comparison," said Mr. Hilton. "Our Texas and southeastern markets grew enough to offset the decline in total order value from our western markets, showing the benefit of our strategic diversification. Orders in Texas were up 26% over 2013's first quarter, and our East region produced 22% year-over-year growth as our new markets in the Carolinas and Florida contributed significantly to our total results.

 

"The high-pitched pace of sales in our western region has slowed in recent quarters after experiencing very robust demand and significant increases in home prices since 2012," he explained. "Demand in Arizona has softened over the last several months and home prices there have moderated. On the other hand, demand in California and Colorado remains strong, though not as intense as a year ago. We continue to focus on maximizing profitability at a more normalized sales pace."

 

He concluded, "We remain committed to our forecast of approximately 210-220 active communities by year-end 2014. Based on the trends in sales pace and prices that we've experienced so far this year, we are projecting that our 2014 home closing gross margin may be relatively flat compared to 2013, due to less pricing power and higher land costs. With that in mind, we believe we will still achieve significant earnings growth in 2014, and that future years' earnings growth will be driven mainly by community count growth and operating leverage as we expand and grow our top line while managing our costs."

 

FIRST QUARTER RESULTS

 

-          Net earnings increased by $13.3 million for the first quarter to $25.4 million or $0.62 per diluted share, from $12.0 million or $0.32 per diluted share in the first quarter of 2013, driven by higher home closing revenue and gross margins, assisted by additional operating leverage.

 

-          Home closing revenue increased 23% over the prior year, resulting from a 5% increase in home closings and a 16% increase in the average price of homes closed during the quarter. Closing revenue grew across all three regions and five of the six states where Meritage operated continuously in both years. Meritage's East region grew home closing revenue by 70% year over year, with 59% increases in Florida and the Carolinas. The Central region followed with a 30% increase in Texas. Total home closing revenue increased 4% in the West region, with Arizona up 26% and Colorado up 24%, while California was off 12% from the first quarter of 2013, when it led the company with 172% growth in home closing revenue over the first quarter of 2012.

 

-          Home closing gross margin increased 330 basis points (bps) to 22.8% in the first quarter of 2014 compared to 19.5% in the first quarter of 2013, as home prices increased more than did the costs of land and construction.

 

-          Commissions and other sales costs in the first quarter decreased slightly as a percentage of home closing revenue to 7.6% in 2014 compared to 7.8% in 2013.

 

-          General and administrative expenses for the first quarter decreased as a percentage of total closing revenue to 5.3% in 2014, compared to 5.9% in 2013.

 

-          Interest expense declined to 0.7% of first quarter closing revenue in 2014 compared to 1.5% in 2013, with a larger portion of interest capitalized to lots and homes under development.

 

-          Pre-tax margin increased 480 bps to 9.7% in the first quarter of 2014 from 4.9% in 2013.

 

-          Total order value grew 7% to $555.0 million, the second highest quarter for Meritage since the first quarter of 2007, driven primarily by Texas, which generated a $61.1 million year-over-year increase in total order value, 47% higher than 2013. For the company as a whole, an 8% increase in the average selling price of homes ordered more than offset the 1% decline in order volume from the first quarter of 2013.

 

-          Total orders for 1,525 homes represented the third highest quarterly orders for Meritage in the last six years. Only the first two quarters of 2013 were higher, when average orders per community were at their highest level since the second quarter of 2006.

 

-          After more than two years of exceptionally strong growth through the first half of 2013, first quarter 2014 orders were down 25% in California and 12% in Colorado compared to 2013. California still led the company with 12.2 orders per average active community during the first quarter of 2014, and Colorado reported an average of 9.2 per average active community, well above the company average. Arizona's sales pace and order volume declined 32% and 28%, respectively, from the first quarter of 2013.

 

-          The East region, consisting of Florida, Tennessee and the Carolinas, increased total orders by 22% by expanding average active community count by 43%, partially offset by a 15% decline in average orders per community. Most of the growth came from Meritage's newest markets in the Carolinas and Tennessee.

 

-          Ending community count at March 31, 2014 was 189 active communities, compared to 168 at March 31, 2013.

 

-          Order cancellation rate remained low at 13% in the first quarter of 2014 compared to 11% in 2013.

 

-          Ending backlog value was 25% higher at March 31, 2014 than it was a year earlier, with units in backlog up 15% and average price was 8% higher than it was at March 31, 2013. 

 

BALANCE SHEET

 

-          The company ended the first quarter of 2014 with $338.7 million in cash and cash equivalents, investments and securities, with no restricted cash, compared to $363.8 million at December 31, 2013, and $452.9 million on March 31, 2013, which included $38.9 million in restricted cash.

 

-          In January 2014, Meritage issued approximately 2.53 million shares of common stock for net proceeds of approximately $110 million, to use for working capital, potential expansion into new markets and/or expansion of existing markets, including the possible acquisition of other homebuilders or assets and general corporate purposes.

 

-          Net debt-to-capital ratio at quarter-end was 36.6% compared to 39.1% at December 31, 2013 and 37.6% at March 31, 2013.

 

-          Real estate assets increased to $1.54 billion at March 31, 2014, compared to $1.41 billion at December 31 and $1.15 billion at March 31, 2013.

 

-          Total lot supply at the end of the quarter was approximately 25,800, compared to approximately 21,000 a year earlier. Based on trailing twelve months closings, the March 31, 2014 balance represents a 4.9 year supply of lots. 

 

CONFERENCE CALL

Management will host a conference call today to discuss the Company's results at 10:30 a.m. Eastern Time (7:30 a.m. Pacific Time). The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's web site athttp://investors.meritagehomes.com. Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.

 

Conference Call registration link: http://dpregister.com/10043762.

 

Telephone participants who are unable to pre-register may dial in to 888-317-6016 on the day of the call. International dial-in number is 1-412-317-6016.

 

A replay of the call will be available for fifteen days, beginning at 12:30 p.m. ET on April 24, 2014 on the website noted above, or by dialing 877-344-7529, and referencing conference number 10043762. For more information, visit meritagehomes.com.

 

Meritage Homes Corporation and Subsidiaries

 

Consolidated Income Statements

 

(Unaudited)

 

(In thousands, except per share data)

 

 

 

 

Three Months Ended March 31,

 

 

2014

 

 

2013

 

Homebuilding:

 

 

 

 

 

 

 

 

Home closing revenue

$

405,779

 

 

$

330,710

 

 

Land closing revenue

 

2,566

 

 

 

5,725

 

 

 

Total closing revenue

 

408,345

 

 

 

336,435

 

 

Cost of home closings

 

(313,180

)

 

 

(266,350

)

 

Cost of land closings

 

(3,593

)

 

 

(5,550

)

 

 

Total cost of closings

 

(316,773

)

 

 

(271,900

)

 

Home closing gross profit

 

92,599

 

 

 

64,360

 

 

Land closing gross (loss)/profit

 

(1,027

)

 

 

175

 

 

 

Total closing gross profit

 

91,572

 

 

 

64,535

 

Financial Services:

 

 

 

 

 

 

 

 

Revenue

 

1,899

 

 

 

842

 

 

Expense

 

(1,075

)

 

 

(573

)

 

Earnings from financial services unconsolidated entities and other, net

 

2,201

 

 

 

2,787

 

 

 

Financial services profit

 

3,025

 

 

 

3,056

 

Commissions and other sales costs

 

(30,934

)

 

 

(25,879

)

General and administrative expenses

 

(21,671

)

 

 

(19,724

)

Loss from other unconsolidated entities, net

 

(169

)

 

 

(155

)

Interest expense

 

(2,713

)

 

 

(5,128

)

Other income, net

 

648

 

 

 

470

 

Loss on early extinguishment of debt

 

--

 

 

 

(700

)

Earnings before income taxes

 

39,758

 

 

 

16,475

 

Provision for income taxes

 

(14,381

)

 

 

(4,434

)

Net earnings

$

25,377

 

 

$

12,041

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

Earnings per share

$

0.66

 

 

$

0.34

 

 

 

 

Weighted average shares outstanding

 

38,687

 

 

 

35,798

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

Earnings per share

$

0.62

 

 

$

0.32

 

 

 

 

Weighted average shares outstanding

 

41,308

 

 

 

38,440

 

 

 

 

Meritage Homes Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands)

(unaudited)

 

 

March 31, 2014

 

December 31, 2013

Assets:

 

 

 

 

 

 

Cash and cash equivalents

$

260,956

 

$

274,136

 

Investments and securities

 

77,698

 

 

89,687

 

Other receivables

 

54,165

 

 

38,983

 

Real estate (1)

 

1,538,218

 

 

1,405,299

 

Real estate not owned

 

48

 

 

289

 

Deposits on real estate under option or contract

 

54,666

 

 

51,595

 

Investments in unconsolidated entities

 

9,756

 

 

11,638

 

Property and equipment, net

 

26,726

 

 

22,099

 

Deferred tax asset

 

69,235

 

 

70,404

 

Prepaids, other assets and goodwill

 

37,885

 

 

39,231

 

 

Total assets

$

2,129,353

 

$

2,003,361

Liabilities:

 

 

 

 

 

 

Accounts payable

$

76,192

 

$

68,018

 

Accrued liabilities

 

141,771

 

 

166,611

 

Home sale deposits

 

23,835

 

 

21,996

 

Liabilities related to real estate not owned

 

48

 

 

289

 

Senior, convertible senior notes and other borrowings

 

904,913

 

 

905,055

 

 

Total liabilities

 

1,146,759

 

 

1,161,969

Stockholders' Equity:

 

 

 

 

 

 

Preferred stock

 

--

 

 

--

 

Common stock

 

391

 

 

362

 

Additional paid-in capital

 

528,757

 

 

412,961

 

Retained earnings

 

453,446

 

 

428,069

 

 

Total stockholders' equity

 

982,594

 

 

841,392

 

Total liabilities and stockholders' equity

$

2,129,353

 

$

2,003,361

(1)Real estate - Allocated costs:

 

 

 

 

 

 

Homes under contract under construction

$

313,527

 

$

262,633

 

Unsold homes, completed and under construction

 

165,813

 

 

147,889

 

Model homes

 

84,973

 

 

81,541

 

Finished home sites and home sites under development

 

874,760

 

 

813,135

 

Land held for development

 

50,811

 

 

52,100

 

Land held for sale

 

24,548

 

 

19,112

 

Communities in mothball status

 

23,786

 

 

28,889

 

 

Total real estate

$

1,538,218

 

$

1,405,299

 

 

 

 

 

 

 

Supplemental Information and Non-GAAP Financial Disclosures (In thousands - unaudited):

 

 

 

 

Three Months Ended March 31,

 

 

2014

 

 

2013

 

Depreciation and amortization

$

2,512

 

 

$

2,158

 

 

 

 

 

 

 

 

 

Summary of Capitalized Interest:

 

 

 

 

 

 

 

Capitalized interest, beginning of period

$

32,992

 

 

$

21,600

 

Interest incurred

 

14,256

 

 

 

12,726

 

Interest expensed

 

(2,713

)

 

 

(5,128

)

Interest amortized to cost of home and land closings

 

(5,834

)

 

 

(5,000

)

Capitalized interest, end of period

$

38,701

 

 

$

24,198

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

 

December 31, 2013

 

Notes payable and other borrowings

$

904,913

 

 

$

905,055

 

Stockholders' equity

 

982,594

 

 

 

841,392

 

Total capital

 

1,887,507

 

 

 

1,746,447

 

Debt-to-capital

 

47.9

%

 

 

51.8

%

 

 

 

 

 

 

 

 

Notes payable and other borrowings

$

904,913

 

 

$

905,055

 

 

Less: cash and cash equivalents and investments and securities

 

(338,654

)

 

 

(363,823

)

Net debt

 

566,259

 

 

 

541,232

 

Stockholders' equity

 

982,594

 

 

 

841,392

 

Total net capital

$

1,548,853

 

 

$

1,382,624

 

Net debt-to-capital

 

36.6

%

 

 

39.1

%

 

 

 

 

 

 

Meritage Homes Corporation and Subsidiaries

 

Consolidated Statements of Cash Flows

 

(In thousands) (unaudited)

 

 

 

 

Three Months Ended March 31,

 

 

2014

 

 

2013

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net earnings

$

25,377

 

 

$

12,041

 

 

Adjustments to reconcile net earnings to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

2,513

 

 

 

2,158

 

 

 

Stock-based compensation

 

2,411

 

 

 

1,844

 

 

 

Loss on early extinguishment of debt

 

--

 

 

 

700

 

 

 

Equity in earnings from unconsolidated entities

 

(2,032

)

 

 

(2,632

)

 

 

Deferred tax asset valuation benefit

 

--

 

 

 

(464

)

 

 

Distribution of earnings from unconsolidated entities

 

3,955

 

 

 

3,722

 

 

 

Other

 

1,843

 

 

 

3,632

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Increase in real estate

 

(134,807

)

 

 

(38,876

)

 

 

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

 

(3,071

)

 

 

3,030

 

 

 

Increase in receivables and prepaid expenses and other assets

 

(13,998

)

 

 

(5,312

)

 

 

(Decrease)/increase in accounts payable and accrued liabilities

 

(15,697

)

 

 

14,671

 

 

 

Increase in home sale deposits

 

1,839

 

 

 

5,367

 

 

 

Net cash used in operating activities

 

(131,667

)

 

 

(119

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(6,995

)

 

 

(2,704

)

 

Maturities of investments and securities

 

47,533

 

 

 

43,999

 

 

Payments to purchase investments and securities

 

(35,514

)

 

 

(46,826

)

 

Other

 

49

 

 

 

79

 

 

 

Net cash provided by/(used in) investing activities

 

5,073

 

 

 

(5,452

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repayments of senior and senior subordinated notes

 

--

 

 

 

(17,264

)

 

Proceeds from issuance of senior notes

 

--

 

 

 

175,000

 

 

Proceeds from sale of common stock, net

 

110,432

 

 

 

--

 

 

Other

 

2,982

 

 

 

2,399

 

 

 

Net cash provided by financing activities

 

113,414

 

 

 

160,135

 

Net (decrease)/increase in cash and cash equivalents

 

(13,180

)

 

 

154,564

 

Beginning cash and cash equivalents

 

274,136

 

 

 

170,457

 

Ending cash and cash equivalents (2)

$

260,956

 

 

$

325,021

 

 

 

(2) Ending cash and cash equivalents as excludes investments and securities totaling $77.7 million as of March 31, 2014 and excludes investments and securities and restricted cash of $127.8 million as of March 31, 2013.

 

 

 

Meritage Homes Corporation and Subsidiaries

Operating Data

(Dollars in thousands)

(unaudited)

 

 

Three Months Ended

 

March 31, 2014

 

March 31, 2013

 

Homes

 

Value

 

Homes

 

Value

Homes Closed:

 

 

 

 

 

 

 

 

 

 

Arizona

211

 

$

71,782

 

192

 

$

57,149

 

California

165

 

 

79,927

 

228

 

 

90,642

 

Colorado

89

 

 

39,922

 

94

 

 

32,204

 

Nevada

--

 

 

--

 

16

 

 

3,569

 

West Region

465

 

 

191,631

 

530

 

 

183,564

 

Texas

403

 

 

118,199

 

354

 

 

90,705

 

Central Region

403

 

 

118,199

 

354

 

 

90,705

 

Carolinas

55

 

 

22,579

 

40

 

 

14,215

 

Florida

163

 

 

67,098

 

128

 

 

42,226

 

Tennessee

23

 

 

6,272

 

--

 

 

--

 

East Region

241

 

 

95,949

 

168

 

 

56,441

 

Total

1,109

 

$

405,779

 

1,052

 

$

330,710

Homes Ordered:

 

 

 

 

 

 

 

 

 

 

Arizona

228

 

$

75,647

 

318

 

$

97,708

 

California

237

 

 

120,052

 

314

 

 

133,631

 

Colorado

124

 

 

54,758

 

141

 

 

56,795

 

Nevada

--

 

 

--

 

23

 

 

5,506

 

West Region

589

 

 

250,457

 

796

 

 

293,640

 

Texas

634

 

 

192,231

 

503

 

 

131,130

 

Central Region

634

 

 

192,231

 

503

 

 

131,130

 

Carolinas

81

 

 

34,019

 

69

 

 

26,886

 

Florida

173

 

 

64,616

 

179

 

 

68,747

 

Tennessee

48

 

 

13,717

 

--

 

 

--

 

East Region

302

 

 

112,352

 

248

 

 

95,633

 

Total

1,525

 

$

555,040

 

1,547

 

$

520,403

Order Backlog:

 

 

 

 

 

 

 

 

 

 

Arizona

295

 

$

101,104

 

375

 

$

121,375

 

California

297

 

 

147,588

 

401

 

 

167,577

 

Colorado

237

 

 

107,220

 

189

 

 

74,680

 

Nevada

--

 

 

--

 

21

 

 

5,042

 

West Region

829

 

 

355,912

 

986

 

 

368,674

 

Texas

1,023

 

 

319,687

 

649

 

 

172,742

 

Central Region

1,023

 

 

319,687

 

649

 

 

172,742

 

Carolinas

134

 

 

54,658

 

78

 

 

30,012

 

Florida

218

 

 

86,790

 

254

 

 

97,531

 

Tennessee

65

 

 

18,886

 

--

 

 

--

 

East Region

417

 

 

160,334

 

332

 

 

127,543

 

Total

2,269

 

$

835,933

 

1,967

 

$

668,959

 

 

 

 

 

 

 

 

 

 

 

Meritage Homes Corporation and Subsidiaries

Operating Data

(unaudited)

 

 

Three Months Ended

 

March 31, 2014

 

March 31, 2013

 

Beg.

 

End

 

Beg.

 

End

Active Communities:

 

 

 

 

 

 

 

 

Arizona

40

 

41

 

38

 

40

 

California

22

 

17

 

17

 

15

 

Colorado

14

 

13

 

12

 

11

 

Nevada

--

 

--

 

1

 

--

 

West Region

76

 

71

 

68

 

66

 

Texas

70

 

77

 

65

 

69

 

Central Region

70

 

77

 

65

 

69

 

Carolinas

17

 

18

 

7

 

11

 

Florida

20

 

17

 

18

 

22

 

Tennessee

5

 

6

 

--

 

--

 

East Region

42

 

41

 

25

 

33

 

Total

188

 

189

 

158

 

168

 

 

 

 

 

 

 

 

 

 

About Meritage Homes Corporation

Meritage Homes is the ninth-largest public homebuilder in the United States, based on homes closed in 2013. Meritage builds and sells single-family homes for first-time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. As of March 31, 2014, the company had 189 actively selling communities in markets including Sacramento, San Francisco's East Bay, the Central Valley and Orange County, California; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale, Green Valley and Tucson, Arizona; Denver, Colorado; Orlando and Tampa, Florida; Raleigh and Charlotte, North Carolina; York County, South Carolina and Nashville, Tennessee.

 

Meritage has designed and built more than 80,000 homes in its 28-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR Partner of the Year for Sustained Excellence Award in 2013 and 2014, for innovation and industry leadership in energy efficient homebuilding. Meritage was the first national homebuilder to be 100 percent ENERGY STAR qualified in every home it builds, and far exceeds ENERGY STAR standards today.

 

For more information, visit meritagehomes.com.

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's expectations for positive housing market conditions, its projected community count, flat margins for 2014, and revenue and earnings growth for 2014 and beyond.

 

Such statements are based upon the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations.

 

Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. The risks and uncertainties include but are not limited to the following: the availability of finished lots and undeveloped land;interest rates and changes in the availability and pricing of residential mortgages; the availability and cost of labor; adverse changes in tax laws that benefit our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates and home prices in our markets; weakness in the homebuilding market resulting from an unexpected setback in the current economic recovery; inflation in the cost of materials used to construct homes; the adverse effect of slower order absorption rates; potential write-downs or write-offs of assets, including pre-acquisition costs and deposits; a change feasibility of projects under option or contract that could result in the write-off of option deposits; our potential exposure to natural disasters; competition; the adverse impacts of cancellations resulting from small deposits relating to our sales contracts; construction defect and home warranty claims; our success in prevailing on contested tax positions; our ability to obtain performance bonds in connection with our development work; the liquidity of our joint ventures and the ability of our joint venture partners to meet their obligations to us and the joint venture; the loss of key personnel; changes in or our failure to comply with laws and regulations; our lack of geographic diversification; fluctuations in quarterly operating results; our financial leverage and level of indebtedness and our ability to take certain actions because of restrictions contained in the indentures for our senior notes and our ability to raise additional capital when and if needed; our credit ratings; successful integration of future acquisitions; our compliance with government regulations and the effect of legislative or other initiatives that seek to restrain growth or new housing construction or similar measures; acts of war; the replication of our "Green" technologies by our competitors; our exposure to information technology failures and security breaches; and other factors identified in documents filed by the company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2013 under the caption "Risk Factors," which can be found on our website.

 

 

Contacts:
Brent Anderson
VP Investor Relations
(972) 580-6360 (office)
Brent.Anderson@meritagehomes.com

 

SOURCE: Meritage Homes Corp.