BEAZER HOMES USA INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Beazer Homes USA Inc. has filed its Q2 2024 10-Q report detailing financial performance and segment data.</b>

AI Summary

BEAZER HOMES USA INC (BZH) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Beazer Homes USA Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter and year-to-date periods. Key financial data points such as common stock, additional paid-in capital, and retained earnings are detailed. The report includes segment information for West, East, and Southeast, as well as Corporate Non-Segment. Specific dates for financial reporting periods are provided, including Q2 2024 and Q2 2023.

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 the latest financial snapshot of Beazer Homes USA Inc., crucial for understanding the company's performance in the current housing market. The detailed segment reporting allows for a granular analysis of which geographic regions are contributing most to the company's results, informing investment decisions.

Risk Assessment

Risk Level: medium — BEAZER HOMES USA INC shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a routine update on financial performance. The risk level is medium due to the inherent cyclicality and sensitivity of the homebuilding industry to economic factors, which are not detailed in this header information but are typical for such filings.

Analyst Insight

Review the detailed financial statements and segment performance within the full 10-Q to assess Beazer Homes' operational health and market positioning.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Conformed Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filed as of Date (FILED AS OF DATE)
• 0930 — Fiscal Year End (FISCAL YEAR END)
• 2024-01-01 — Quarter Start Date (2024-01-01 2024-03-31)
• 2024-03-31 — Quarter End Date (2024-01-01 2024-03-31)

Key Players & Entities

• BEAZER HOMES USA INC (company) — FILER
• 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

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Quarterly financial data as of this date.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

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

Filing Documents

• bzh-20240331.htm (10-Q) — 1583KB
• bzh-33124ex221.htm (EX-22.1) — 15KB
• bzh-33124ex311.htm (EX-31.1) — 10KB
• bzh-33124ex312.htm (EX-31.2) — 10KB
• bzh-33124ex321.htm (EX-32.1) — 5KB
• bzh-33124ex322.htm (EX-32.2) — 5KB
• 0000915840-24-000028.txt (&nbsp;) — 7242KB
• bzh-20240331.xsd (EX-101.SCH) — 44KB
• bzh-20240331_cal.xml (EX-101.CAL) — 66KB
• bzh-20240331_def.xml (EX-101.DEF) — 161KB
• bzh-20240331_lab.xml (EX-101.LAB) — 534KB
• bzh-20240331_pre.xml (EX-101.PRE) — 391KB
• bzh-20240331_htm.xml (XML) — 1191KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of March 31, 202 4 and September 30, 2023 (Unaudited) 2 Condensed Consolidated Statements of Operations for the three and six months ended March 31, 202 4 and 202 3 (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended March 31, 202 4 and 202 3 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 202 4 and 202 3 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements 7

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION 44

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 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) March 31, 2024 September 30, 2023 ASSETS Cash and cash equivalents $ 132,867 $ 345,590 Restricted cash 32,527 40,699 Accounts receivable (net of allowance of $ 284 and $ 284 , respectively) 54,226 45,598 Income tax receivable 246 — Owned inventory 2,057,461 1,756,203 Deferred tax assets, net 132,521 133,949 Property and equipment, net 36,839 31,144 Operating lease right-of-use assets 15,867 17,398 Goodwill 11,376 11,376 Other assets 41,480 29,076 Total assets $ 2,515,410 $ 2,411,033 LIABILITIES AND STOCKHOLDERS' EQUITY Trade accounts payable $ 168,669 $ 154,256 Operating lease liabilities 17,543 18,969 Other liabilities 144,310 156,961 Total debt (net of debt issuance costs of $ 9,314 and $ 5,759 , respectively) 1,023,311 978,028 Total liabilities 1,353,833 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, 31,547,284 issued and outstanding and 31,351,434 issued and outstanding, respectively) 32 31 Paid-in capital 862,636 864,778 Retained earnings 298,909 238,010 Total stockholders' equity 1,161,577 1,102,819 Total liabilities and stockholders' equity $ 2,515,410 $ 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 Six Months Ended March 31, March 31, in thousands (except per share data) 2024 2023 2024 2023 Total revenue $ 541,540 $ 543,908 $ 928,358 $ 988,836 Home construction and land sales expenses 439,687 440,901 748,775 799,871 Inventory impairments and abandonments — 111 — 301 Gross profit 101,853 102,896 179,583 188,664 Commissions 18,285 18,305 31,531 32,410

View Full Filing

View this 10-Q filing on SEC EDGAR