Beazer Homes USA Inc. Files Q3 2024 10-Q

TL;DR

Beazer Homes Q3 10-Q is in. Financials for period ending 6/30/24 are out.

AI Summary

Beazer Homes USA Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its balance sheet and income statement data for the fiscal third quarter and the first nine months of the fiscal year. Specific figures for revenue, net income, and assets are presented, reflecting the company's operational results during this period.

Why It Matters

This filing provides investors and analysts with the latest financial data for Beazer Homes, crucial for understanding the company's performance in the current housing market and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the housing sector can be subject to economic volatility.

Key Numbers

• 2024-06-30 — Period End Date (Financial reporting period)
• 2024-08-01 — Filing Date (Date the report was submitted to the SEC)
• 2023-09-30 — Fiscal Year End (Company's fiscal year closing date)

Key Players & Entities

• BEAZER HOMES USA INC (company) — Filer
• 2002 SUMMIT BLVD NE (address) — Business and Mail Address
• ATLANTA (location) — City
• GA (location) — State
• 30319 (zip_code) — Zip Code
• 7708293916 (phone_number) — Business Phone
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• bzh-20240630.htm (10-Q) — 1593KB
• bzh-63024ex101.htm (EX-10.1) — 120KB
• bzh-63024ex311.htm (EX-31.1) — 10KB
• bzh-63024ex312.htm (EX-31.2) — 10KB
• bzh-63024ex321.htm (EX-32.1) — 5KB
• bzh-63024ex322.htm (EX-32.2) — 5KB
• 0000915840-24-000049.txt ( ) — 7546KB
• bzh-20240630.xsd (EX-101.SCH) — 44KB
• bzh-20240630_cal.xml (EX-101.CAL) — 67KB
• bzh-20240630_def.xml (EX-101.DEF) — 166KB
• bzh-20240630_lab.xml (EX-101.LAB) — 556KB
• bzh-20240630_pre.xml (EX-101.PRE) — 405KB
• bzh-20240630_htm.xml (XML) — 1194KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and September 30, 2023 (Unaudited) 2 Condensed Consolidated Statements of Operations for the three and nine months ended June 3 0 , 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended June 3 0 , 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the nine months ended June 3 0 , 2024 and 2023 (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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 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) June 30, 2024 September 30, 2023 ASSETS Cash and cash equivalents $ 73,212 $ 345,590 Restricted cash 35,224 40,699 Accounts receivable (net of allowance of $ 284 and $ 284 , respectively) 64,566 45,598 Income tax receivable 1,675 — Owned inventory 2,171,924 1,756,203 Deferred tax assets, net 131,951 133,949 Property and equipment, net 38,135 31,144 Operating lease right-of-use assets 19,175 17,398 Goodwill 11,376 11,376 Other assets 47,308 29,076 Total assets $ 2,594,546 $ 2,411,033 LIABILITIES AND STOCKHOLDERS' EQUITY Trade accounts payable $ 188,872 $ 154,256 Operating lease liabilities 20,560 18,969 Other liabilities 137,391 156,961 Total debt (net of debt issuance costs of $ 8,734 and $ 5,759 , respectively) 1,069,408 978,028 Total liabilities 1,416,231 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, 31,082,264 issued and outstanding and 31,351,434 issued and outstanding, respectively) 31 31 Paid-in capital 852,165 864,778 Retained earnings 326,119 238,010 Total stockholders' equity 1,178,315 1,102,819 Total liabilities and stockholders' equity $ 2,594,546 $ 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 Nine Months Ended June 30, June 30, in thousands (except per share data) 2024 2023 2024 2023 Total revenue $ 595,682 $ 572,544 $ 1,524,040 $ 1,561,380 Home construction and land sales expenses 492,178 455,485 1,240,953 1,255,356 Inventory impairments and abandonments 200 315 200 616 Gross profit 103,304 116,744 282,887 305,408 Commissions 21,233 19,473 52,7

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View this 10-Q filing on SEC EDGAR