BEAZER HOMES USA INC Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Beazer Homes USA Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

BEAZER HOMES USA INC (BZH) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. The filing covers the quarterly period ending December 31, 2023. The company's fiscal year ends on September 30. Beazer Homes USA Inc. is incorporated in Delaware. The company's principal business is Operative Builders. The filing was submitted on February 1, 2024.

Why It Matters

For investors and stakeholders tracking BEAZER HOMES USA INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this report is crucial for assessing Beazer Homes' current financial health, strategic direction, and potential risks in the housing market.

Risk Assessment

Risk Level: medium — BEAZER HOMES USA INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, severe risks, but the nature of the homebuilding industry carries inherent market and operational risks.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends, profitability, and any emerging risks in specific geographic regions or product lines.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Conformed period of report)
• 2024-02-01 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 1531 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• BEAZER HOMES USA INC (company) — Filer name
• 2002 SUMMIT BLVD NE (address) — Business address
• ATLANTA (location) — Business address city
• GA (location) — Business address state
• 30319 (postal_code) — Business address zip
• 7708293916 (phone_number) — Business phone

Forward-Looking Statements

• Beazer Homes will continue to report stable equity figures in its next quarterly filing. (BEAZER HOMES USA INC) — medium confidence, target: 2024-06-30
• The company's segment performance will remain a key focus for investors, with potential shifts in regional contributions. (BEAZER HOMES USA INC) — medium confidence, target: 2024-09-30

FAQ

Industry Context

Beazer Homes USA Inc. operates in the homebuilding industry, which is sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

As a publicly traded company, Beazer Homes USA Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the quarter ending December 31, 2023.
2. Examine any disclosures regarding backlog, new orders, and cancellations to gauge future revenue potential.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ending December 31, 2023, providing an update since the previous quarterly filing.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value BZH New York Stock Exchange

Filing Documents

• bzh-20231231.htm (10-Q) — 1193KB
• bzh-123123ex101.htm (EX-10.1) — 22KB
• bzh-123123ex102.htm (EX-10.2) — 39KB
• bzh-123123ex311.htm (EX-31.1) — 10KB
• bzh-123123ex312.htm (EX-31.2) — 10KB
• bzh-123123ex321.htm (EX-32.1) — 5KB
• bzh-123123ex322.htm (EX-32.2) — 5KB
• 0000915840-24-000014.txt (&nbsp;) — 6460KB
• bzh-20231231.xsd (EX-101.SCH) — 42KB
• bzh-20231231_cal.xml (EX-101.CAL) — 64KB
• bzh-20231231_def.xml (EX-101.DEF) — 156KB
• bzh-20231231_lab.xml (EX-101.LAB) — 566KB
• bzh-20231231_pre.xml (EX-101.PRE) — 381KB
• bzh-20231231_htm.xml (XML) — 977KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023 (Unaudited) 2 Condensed Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2023 and 2022 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

Other Information

Item 5. Other Information 39

OTHER INFORMATION

PART II. OTHER INFORMATION 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Exhibits

Item 6. Exhibits 39

SIGNATURES

SIGNATURES 40 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BEAZER HOMES USA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) in thousands (except share and per share data) December 31, 2023 September 30, 2023 ASSETS Cash and cash equivalents $ 104,226 $ 345,590 Restricted cash 34,098 40,699 Accounts receivable (net of allowance of $ 284 and $ 284 , respectively) 65,302 45,598 Owned inventory 1,953,598 1,756,203 Deferred tax assets, net 135,581 133,949 Property and equipment, net 34,455 31,144 Operating lease right-of-use assets 16,608 17,398 Goodwill 11,376 11,376 Other assets 34,207 29,076 Total assets $ 2,389,451 $ 2,411,033 LIABILITIES AND STOCKHOLDERS' EQUITY Trade accounts payable $ 154,635 $ 154,256 Operating lease liabilities 18,291 18,969 Other liabilities 120,870 156,961 Total debt (net of debt issuance costs of $ 5,379 and $ 5,759 , respectively) 974,644 978,028 Total liabilities 1,268,440 1,308,214 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, 31,532,908 issued and outstanding and 31,351,434 issued and outstanding, respectively) 32 31 Paid-in capital 861,241 864,778 Retained earnings 259,738 238,010 Total stockholders' equity 1,121,011 1,102,819 Total liabilities and stockholders' equity $ 2,389,451 $ 2,411,033 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents BEAZER HOMES USA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, in thousands (except per share data) 2023 2022 Total revenue $ 386,818 $ 444,928 Home construction and land sales expenses 309,088 358,970 Inventory impairments and abandonments — 190 Gross profit 77,730 85,768 Commissions 13,246 14,105 General and administrative expenses 41,986 40,648 Depreciation and amortization 2,233 2,513 Operating income 20,265 28,502 Loss on e

View Full Filing

View this 10-Q filing on SEC EDGAR