Beazer Homes Reports Third Quarter Fiscal 2023 Results

Rhea-AI Summary

Beazer Homes USA, Inc. announces financial results for Q3 2023, with net income of $43.8 million and adjusted EBITDA of $72.8 million. Homebuilding revenue increased by 9.0% to $570.5 million. Backlog units decreased by 35.4% to 1,941 homes. The company remains committed to ESG initiatives.

Positive

• Beazer Homes reports strong Q3 2023 results with net income of $43.8 million and adjusted EBITDA of $72.8 million. Homebuilding revenue increased by 9.0% to $570.5 million. The company remains committed to ESG initiatives.

Negative

• Backlog units decreased by 35.4% to 1,941 homes. Land and lots controlled decreased by 8.8% to 22,719. Land acquisition and land development spending decreased by 17.5% to $131.6 million.

ATLANTA--(BUSINESS WIRE)-- Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial results for the three months ended June 30, 2023.

“Strong third quarter results were highlighted by an improved sales pace, higher backlog conversion and lower sales concessions,” said Allan P. Merrill, the Company’s Chairman and Chief Executive Officer. “These factors and careful management of overheads allowed us to generate $73 million in Adjusted EBITDA and $1.42 of earnings per diluted share.”

Commenting on current market conditions, Mr. Merrill said, “While home affordability remains quite challenging, homebuyer demand has remained surprisingly resilient. We believe the strength of the economy and the lack of existing homes for sale have contributed to this favorable new home sales environment. From a production perspective, supply chain issues continue to improve, which allowed us to reduce construction cycle times and increase the share of our home starts that met the Department of Energy’s Zero Energy Ready standards.”

Looking further out, Mr. Merrill concluded, “We remain confident in the multi-year outlook for our Company and industry. Powerful demographic trends and a persistent undersupply of homes should provide support for new home sales, even when we encounter more challenging economic conditions. With a dedicated operating team, a growing community count and a more efficient and less leveraged balance sheet, we have the resources to create durable value for our stakeholders in the years ahead.”

Beazer Homes Fiscal Third Quarter 2023 Highlights and Comparison to Fiscal Third Quarter 2022

• Net income from continuing operations of $43.8 million, or $1.42 per diluted share, compared to net income from continuing operations of $54.3 million, or $1.76 per diluted share, in fiscal third quarter 2022
• Adjusted EBITDA of $72.8 million, down 17.5%
• Homebuilding revenue of $570.5 million, up 9.0% on a 7.1% increase in home closings to 1,117 and a 1.8% increase in average selling price to $510.8 thousand
• Homebuilding gross margin was 20.2%, down 490 basis points. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 23.4%, down 470 basis points
• SG&A as a percentage of total revenue was 11.5%, down 30 basis points
• Net new orders of 1,200, up 29.7% on a 28.3% increase in orders per community per month to 3.2 and a 1.1% increase in average community count to 124
• Backlog dollar value of $1.0 billion, down 36.4% on a 35.4% decrease in backlog units to 1,941 and a 1.6% decrease in average selling price of homes in backlog to $520.3 thousand
• Unrestricted cash at quarter end was $276.1 million; total liquidity was $541.1 million

The following provides additional details on the Company's performance during the fiscal third quarter 2023:

Profitability. Net income from continuing operations was $43.8 million, generating diluted earnings per share of $1.42. This included the impact of energy efficiency tax credits of $5.7 million or $0.18 per share compared to $2.7 million of such credits or $0.09 per share in the prior year quarter. Third quarter adjusted EBITDA of $72.8 million was down $15.5 million, or 17.5%, primarily due to lower gross margin.

Orders. Net new orders for the third quarter were 1,200, up 29.7% from 925 in the prior year quarter primarily driven by a 28.3% increase in sales pace to 3.2 orders per community per month, up from 2.5 in the prior year quarter. The cancellation rate for the quarter was 16.1%, down from 17.0% in the prior year quarter.

Backlog. The dollar value of homes in backlog as of June 30, 2023 was $1.0 billion, representing 1,941 homes, compared to $1.6 billion, representing 3,003 homes, at the same time last year. The average selling price (ASP) of homes in backlog was $520.3 thousand, down 1.6% versus the prior year quarter. Backlog units, although down year-over-year, have been growing for two consecutive quarters driven by strong sales.

Homebuilding Revenue. Third quarter homebuilding revenue was $570.5 million, up 9.0% year-over-year. The increase in homebuilding revenue was driven by a 7.1% increase in home closings to 1,117 homes, as well as an 1.8% increase in the average selling price to $510.8 thousand. The increase in home closings was due to higher backlog conversion rates as a result of improved cycle times, partially offset by lower beginning backlog.

Homebuilding Gross Margin. Homebuilding gross margin (excluding impairments, abandonments and amortized interest) was 23.4% for the third quarter, down from 28.1% in the prior year quarter. Although down versus the prior year quarter, homebuilding gross margin was strong by historical standards and exceeded expectations, in part due to higher than expected spec home margins, as well as reduced build costs and lower closing cost incentives.

SG&A Expenses. Selling, general and administrative expenses as a percentage of total revenue was 11.5% for the quarter, down 30 basis points year-over-year as a result of the Company's continued focus on overhead cost management while benefiting from higher revenue on higher closings.

Land Position. Controlled lots decreased 8.8% to 22,719, compared to 24,899 from the prior year quarter. Excluding land held for future development and land held for sale lots, active lots controlled were 22,061, down 8.6% year-over-year in part due to timing of home closings and new land deals. As of June 30, 2023, the Company controlled 52.2% of its total active lots through option agreements compared to 52.1% as of June 30, 2022.

Liquidity. At the close of the third quarter, the Company had $541.1 million of available liquidity, including $276.1 million of unrestricted cash and $265.0 million of remaining capacity under the unsecured revolving credit facility.

Debt Repurchases. During the quarter, the Company repurchased $5.0 million of its outstanding 6.750% unsecured Senior Notes due March 2025.

Commitment to ESG Initiatives

The Company remains committed to ensuring that by the end of 2025 every new Beazer home will be Zero Energy Ready, which will meet the requirements of the U.S. Department of Energy’s Zero Energy Ready Home program. By the end of the third quarter, the Company had Zero Energy Ready homes under construction in every division, consisting of 11% of new home starts in the quarter.

In April, Beazer Homes earned the 2023 Top Workplaces Culture Excellence recognition for Leadership, Purpose and Values, Compensation and Benefits, Work-Life Flexibility and Innovation, awarded by Energage, the employee engagement platform powered by 16 years of experience surveying data from more than 27 million employees across 70,000 organizations. The Top Workplaces awards are based solely on employee feedback.

Summary results for the three and nine months ended June 30, 2023 are as follows:

	Three Months Ended June 30,
	2023				2022				Change*
New home orders, net of cancellations		1,200				925			29.7	%
Orders per community per month		3.2				2.5			28.3	%
Average active community count		124				123			1.1	%
Active community count at quarter-end		125				124			0.8	%
Cancellation rates		16.1	%			17.0	%		(90) bps
Total home closings		1,117				1,043			7.1	%
Average selling price (ASP) from closings (in thousands)	$	510.8			$	501.7			1.8	%
Homebuilding revenue (in millions)	$	570.5			$	523.2			9.0	%
Homebuilding gross margin		20.2	%			25.1	%		(490) bps
Homebuilding gross margin, excluding impairments and abandonments (I&A)		20.3	%			25.1	%		(480) bps
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales		23.4	%			28.1	%		(470) bps
Income from continuing operations before income taxes (in millions)	$	50.1			$	67.5			(25.8	)%
Expense from income taxes (in millions)	$	6.2			$	13.2			(52.5	)%
Income from continuing operations, net of tax (in millions)	$	43.8			$	54.3			(19.3	)%
Basic income per share from continuing operations	$	1.44			$	1.78			(19.1	)%
Diluted income per share from continuing operations	$	1.42			$	1.76			(19.3	)%
Net income (in millions)	$	43.8			$	54.3			(19.3	)%
Land acquisition and land development spending (in millions)	$	131.6			$	159.5			(17.5	)%
Adjusted EBITDA (in millions)	$	72.8			$	88.2			(17.5	)%
LTM Adjusted EBITDA (in millions)	$	325.4			$	302.8			7.5	%

* Change and totals are calculated using unrounded numbers.

"LTM" indicates amounts for the trailing 12 months.

	Nine Months Ended June 30,
	2023				2022				Change*
New home orders, net of cancellations		2,863				3,357			(14.7	)%
LTM orders per community per month		2.4				3.1			(22.6	)%
Cancellation rates		21.5	%			13.5	%		800 bps
Total home closings		3,013				3,140			(4.0	)%
ASP from closings (in thousands)	$	516.6			$	470.4			9.8	%
Homebuilding revenue (in millions)	$	1,556.6			$	1,477.2			5.4	%
Homebuilding gross margin		19.4	%			23.3	%		(390) bps
Homebuilding gross margin, excluding I&A		19.5	%			23.3	%		(380) bps
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales		22.6	%			26.5	%		(390) bps
Income from continuing operations before income taxes (in millions)	$	118.4			$	163.6			(27.6	)%
Expense from income taxes (in millions)	$	15.5			$	29.7			(47.8	)%
Income from continuing operations, net of tax (in millions)	$	102.9			$	133.9			(23.1	)%
Basic income per share from continuing operations	$	3.39			$	4.39			(22.8	)%
Diluted income per share from continuing operations	$	3.36			$	4.35			(22.8	)%
Net income (in millions)	$	102.9			$	133.9			(23.2	)%
Land acquisition and land development spending (in millions)	$	359.3			$	422.8			(15.0	)%
Adjusted EBITDA (in millions)	$	182.1			$	226.7			(19.7	)%

* Change and totals are calculated using unrounded numbers.

"LTM" indicates amounts for the trailing 12 months.

	As of June 30,
		2023			2022		Change
Backlog units		1,941			3,003		(35.4	)%
Dollar value of backlog (in millions)	$	1,009.8		$	1,588.0		(36.4	)%
ASP in backlog (in thousands)	$	520.3		$	528.8		(1.6	)%
Land and lots controlled		22,719			24,899		(8.8	)%

Conference Call

The Company will hold a conference call on July 27, 2023 at 5:00 p.m. ET to discuss these results. Interested parties may listen to the conference call and view the Company's slide presentation on the "Investor Relations" page of the Company's website, www.beazer.com. In addition, the conference call will be available by telephone at 800-475-0542 (for international callers, dial 630-395-0227). To be admitted to the call, enter the pass code “8571348". A replay of the conference call will be available, until 11:59 PM ET on August 3, 2023 at 800-568-3652 (for international callers, dial 203-369-3289) with pass code “3740”.

About Beazer Homes

Headquartered in Atlanta, Beazer Homes (NYSE: BZH) is one of the country’s largest homebuilders. Every Beazer home is designed and built to provide Surprising Performance, giving you more quality and more comfort from the moment you move in – saving you money every month. With Beazer's Choice Plans™, you can personalize your primary living areas – giving you a choice of how you want to live in the home, at no additional cost. And unlike most national homebuilders, we empower our customers to shop and compare loan options. Our Mortgage Choice program gives you the resources to easily compare multiple loan offers and choose the best lender and loan offer for you, saving you thousands over the life of your loan.

We build our homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas, and Virginia. For more information, visit beazer.com, or check out Beazer on Facebook, Instagram and Twitter.

This press release contains forward-looking statements. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things:

• the cyclical nature of the homebuilding industry and deterioration in homebuilding industry conditions;
• continued increases in mortgage interest rates and reduced availability of mortgage financing due to, among other factors, additional actions by the Federal Reserve to address sharp increases in inflation;
• other economic changes nationally and in local markets, including changes in consumer confidence, wage levels, declines in employment levels, and an increase in the number of foreclosures, each of which is outside our control and affects the affordability of, and demand for, the homes we sell;
• continued supply chain challenges negatively impacting our homebuilding production, including shortages of raw materials and other critical components such as windows, doors, and appliances;
• continued shortages of or increased costs for labor used in housing production, and the level of quality and craftsmanship provided by such labor;
• inaccurate estimates related to homes to be delivered in the future (backlog), as they are subject to various cancellation risks that cannot be fully controlled;
• financial institution disruptions, such as recent bank failures;
• potential negative impacts of public health emergencies such as the COVID-19 pandemic, which, in addition to exacerbating each of the risks listed above and below, may include a significant decrease in demand for our homes or consumer confidence generally with respect to purchasing a home, an inability to sell and build homes in a typical manner or at all, increased costs or decreased supply of building materials, including lumber, or the availability of subcontractors, housing inspectors, and other third-parties we rely on to support our operations, and recognizing charges in future periods, which may be material, for goodwill impairments, inventory impairments and/or land option agreement abandonments;
• factors affecting margins, such as adjustments to home pricing, increased sales incentives and mortgage rate buy down programs in order to remain competitive; decreased revenues; decreased land values underlying land option agreements; increased land development costs in communities under development or delays or difficulties in implementing initiatives to reduce our cycle times and production and overhead cost structures; not being able to pass on cost increases (including cost increases due to increasing the energy efficiency of our homes) through pricing increases;
• the availability and cost of land and the risks associated with the future value of our inventory, such as asset impairment charges we took on select California assets during the second quarter of fiscal 2019;
• our ability to raise debt and/or equity capital, due to factors such as limitations in the capital markets (including market volatility), adverse credit market conditions and financial institution disruptions, and our ability to otherwise meet our ongoing liquidity needs (which could cause us to fail to meet the terms of our covenants and other requirements under our various debt instruments and therefore trigger an acceleration of a significant portion or all of our outstanding debt obligations), including the impact of any downgrades of our credit ratings or reduction in our liquidity levels;
• market perceptions regarding any capital raising initiatives we may undertake (including future issuances of equity or debt capital);
• changes in tax laws or otherwise regarding the deductibility of mortgage interest expenses and real estate taxes;
• increased competition or delays in reacting to changing consumer preferences in home design;
• natural disasters or other related events that could result in delays in land development or home construction, increase our costs or decrease demand in the impacted areas;
• the potential recoverability of our deferred tax assets;
• increases in corporate tax rates;
• potential delays or increased costs in obtaining necessary permits as a result of changes to, or complying with, laws, regulations or governmental policies, and possible penalties for failure to comply with such laws, regulations or governmental policies, including those related to the environment;
• the results of litigation or government proceedings and fulfillment of any related obligations;
• the impact of construction defect and home warranty claims;
• the cost and availability of insurance and surety bonds, as well as the sufficiency of these instruments to cover potential losses incurred;
• the impact of information technology failures, cybersecurity issues or data security breaches;
• the impact of governmental regulations on homebuilding in key markets, such as regulations limiting the availability of water and electricity (including availability of electrical equipment such as transformers and meters);
• the success of our ESG initiatives, including our ability to meet our goal that by 2025 every home we build will be Net Zero Energy Ready, as well as the success of any other related partnerships or pilot programs we may enter into in order to increase the energy efficiency of our homes and prepare for a Net Zero future; and
• terrorist acts, protests and civil unrest, political uncertainty, acts of war or other factors over which the Company has no control.

Any forward-looking statement, including any statement expressing confidence regarding future outcomes, speaks only as of the date on which such statement is made and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all such factors.

-Tables Follow-

BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended							Nine Months Ended
	June 30,							June 30,
in thousands (except per share data)		2023				2022			2023				2022
Total revenue	$	572,544			$	526,666		$	1,561,380			$	1,489,321
Home construction and land sales expenses		455,485				394,201			1,255,356				1,138,771
Inventory impairments and abandonments		315				—			616				935
Gross profit		116,744				132,465			305,408				349,615
Commissions		19,473				16,277			51,883				48,668
General and administrative expenses		46,464				45,760			129,891				129,057
Depreciation and amortization		2,907				3,189			8,440				9,101
Operating income		47,900				67,239			115,194				162,789
(Loss) gain on extinguishment of debt, net		(18	)			86			(533	)			(78	)
Other income, net		2,176				137			3,759				859
Income from continuing operations before income taxes		50,058				67,462			118,420				163,570
Expense from income taxes		6,241				13,150			15,488				29,685
Income from continuing operations		43,817				54,312			102,932				133,885
Gain (loss) from discontinued operations, net of tax		—				12			(77	)			(4	)
Net income	$	43,817			$	54,324		$	102,855			$	133,881
Weighted-average number of shares:
Basic		30,395				30,512			30,335				30,480
Diluted		30,860				30,872			30,649				30,806
Basic income per share:
Continuing operations	$	1.44			$	1.78		$	3.39			$	4.39
Discontinued operations		—				—			—				—
Total	$	1.44			$	1.78		$	3.39			$	4.39
Diluted income per share:
Continuing operations	$	1.42			$	1.76		$	3.36			$	4.35
Discontinued operations		—				—			—				—
Total	$	1.42			$	1.76		$	3.36			$	4.35

	Three Months Ended								Nine Months Ended
	June 30,								June 30,
Capitalized Interest in Inventory		2023				2022				2023				2022
Capitalized interest in inventory, beginning of period	$	113,886			$	112,686			$	109,088			$	106,985
Interest incurred		18,027				18,728				53,891				55,292
Capitalized interest amortized to home construction and land sales expenses		(17,504	)			(15,679	)			(48,570	)			(46,542	)
Capitalized interest in inventory, end of period	$	114,409			$	115,735			$	114,409			$	115,735

BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
in thousands (except share and per share data)	June 30, 2023			September 30, 2022
ASSETS
Cash and cash equivalents	$	276,125		$	214,594
Restricted cash		39,540			37,234
Accounts receivable (net of allowance of $284 and $284, respectively)		33,195			35,890
Income tax receivable		—			9,606
Owned inventory		1,741,651			1,737,865
Deferred tax assets, net		141,761			156,358
Property and equipment, net		28,927			24,566
Operating lease right-of-use assets		16,156			9,795
Goodwill		11,376			11,376
Other assets		29,867			14,679
Total assets	$	2,318,598		$	2,251,963
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	136,813		$	143,641
Operating lease liabilities		17,665			11,208
Other liabilities		138,207			174,388
Total debt (net of debt issuance costs of $6,142 and $7,280, respectively)		981,128			983,440
Total liabilities		1,273,813			1,312,677
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)		—			—
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 31,339,214 issued and outstanding and 30,880,138 issued and outstanding, respectively)		31			31
Paid-in capital		862,500			859,856
Retained earnings		182,254			79,399
Total stockholders’ equity		1,044,785			939,286
Total liabilities and stockholders’ equity	$	2,318,598		$	2,251,963
Inventory Breakdown
Homes under construction	$	719,231		$	785,742
Land under development		785,752			731,190
Land held for future development		19,879			19,879
Land held for sale		16,764			15,674
Capitalized interest		114,409			109,088
Model homes		85,616			76,292
Total owned inventory	$	1,741,651		$	1,737,865

 

BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS
	Three Months Ended June 30,				Nine Months Ended June 30,
SELECTED OPERATING DATA	2023		2022		2023		2022
Closings:
West region	634		666		1,775		1,934
East region	253		212		644		709
Southeast region	230		165		594		497
Total closings	1,117		1,043		3,013		3,140
New orders, net of cancellations:
West region	705		576		1,584		2,063
East region	251		192		667		712
Southeast region	244		157		612		582
Total new orders, net	1,200		925		2,863		3,357

	As of June 30,
Backlog units:	2023			2022
West region		1,066			1,782
East region		433			614
Southeast region		442			607
Total backlog units		1,941			3,003
Aggregate dollar value of homes in backlog (in millions)	$	1,009.8		$	1,588.0
ASP in backlog (in thousands)	$	520.3		$	528.8

in thousands	Three Months Ended June 30,						Nine Months Ended June 30,
SUPPLEMENTAL FINANCIAL DATA		2023			2022			2023			2022
Homebuilding revenue:
West region	$	326,883		$	324,074		$	930,166		$	883,453
East region		132,863			112,237			338,763			354,948
Southeast region		110,789			86,918			287,697			238,765
Total homebuilding revenue	$	570,535		$	523,229		$	1,556,626		$	1,477,166
Revenue:
Homebuilding	$	570,535		$	523,229		$	1,556,626		$	1,477,166
Land sales and other		2,009			3,437			4,754			12,155
Total revenue	$	572,544		$	526,666		$	1,561,380		$	1,489,321
Gross profit:
Homebuilding	$	115,493		$	131,549		$	302,195		$	344,255
Land sales and other		1,251			916			3,213			5,360
Total gross profit	$	116,744		$	132,465		$	305,408		$	349,615

Reconciliation of homebuilding gross profit and the related gross margin excluding impairments and abandonments and interest amortized to cost of sales to homebuilding gross profit and gross margin, the most directly comparable GAAP measure, is provided for each period discussed below. Management believes that this information assists investors in comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies' respective level of impairments and level of debt. These measures should not be considered alternative to homebuilding gross profit and gross margin determined in accordance with GAAP as an indicator of operating performance.

	Three Months Ended June 30,												Nine Months Ended June 30,
in thousands	2023						2022						2023						2022
Homebuilding gross profit/margin	$	115,493		20.2	%		$	131,549		25.1	%		$	302,195		19.4	%		$	344,255		23.3	%
Inventory impairments and abandonments (I&A)		315						—						616						495
Homebuilding gross profit/margin excluding I&A		115,808		20.3	%			131,549		25.1	%			302,811		19.5	%			344,750		23.3	%
Interest amortized to cost of sales		17,504						15,679						48,570						46,542
Homebuilding gross profit/margin excluding I&A and interest amortized to cost of sales	$	133,312		23.4	%		$	147,228		28.1	%		$	351,381		22.6	%		$	391,292		26.5	%

Reconciliation of Adjusted EBITDA to total company net income, the most directly comparable GAAP measure, is provided for each period discussed below. Management believes that Adjusted EBITDA assists investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies' respective capitalization, tax position, and level of impairments. These EBITDA measures should not be considered alternatives to net income determined in accordance with GAAP as an indicator of operating performance.

	Three Months Ended June 30,							Nine Months Ended June 30,						LTM Ended June 30,(a)
in thousands		2023			2022				2023			2022			2023			2022
Net income	$	43,817		$	54,324			$	102,855		$	133,881		$	189,678		$	182,242
Expense from income taxes		6,241			13,152				15,466			29,683			39,050			28,597
Interest amortized to home construction and land sales expenses and capitalized interest impaired		17,504			15,679				48,570			46,542			74,086			68,380
EBIT		67,562			83,155				166,891			210,106			302,814			279,219
Depreciation and amortization		2,907			3,189				8,440			9,101			12,699			12,583
EBITDA		70,469			86,344				175,331			219,207			315,513			291,802
Stock-based compensation expense		1,989			1,983				5,247			6,515			7,210			9,428
Loss (gain) on extinguishment of debt		18			(86	)			533			78			146			490
Inventory impairments and abandonments(b)		315			—				616			935			2,205			1,092
Severance expenses		—			—				335			—			335			—
Adjusted EBITDA	$	72,791		$	88,241			$	182,062		$	226,735		$	325,409		$	302,812

(a)		"LTM" indicates amounts for the trailing 12 months.
(b)		In periods during which we impaired certain of our inventory assets, capitalized interest that is impaired is included in the line above titled "Interest amortized to home construction and land sales expenses and capitalized interest impaired."

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230727695229/en/

Beazer Homes USA, Inc.

David I. Goldberg

Sr. Vice President & Chief Financial Officer

770-829-3700

investor.relations@beazer.com

Source: Beazer Homes USA, Inc.

FAQ

What were Beazer Homes' financial results for Q3 2023?

Beazer Homes reported net income of $43.8 million and adjusted EBITDA of $72.8 million for Q3 2023.

How did homebuilding revenue change in Q3 2023?

Homebuilding revenue increased by 9.0% to $570.5 million in Q3 2023.

What happened to backlog units and land controlled?

Backlog units decreased by 35.4% to 1,941 homes, and land and lots controlled decreased by 8.8% to 22,719 in Q3 2023.

What is Beazer Homes' commitment to ESG initiatives?

Beazer Homes remains committed to ensuring that every new home will be Zero Energy Ready by the end of 2025.

What was the land acquisition and land development spending in Q3 2023?

Land acquisition and land development spending decreased by 17.5% to $131.6 million in Q3 2023.