BEAZER HOMES USA INC
For the period ended Jan 30, 2025. Filed Jan 30, 2025.
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Jan 30, 2025 · Filed Jan 30, 2025
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Contents
EX-99.1 · Commitment to Sustainability
Commitment to Sustainability
The Company remains dedicated to continually enhancing the energy efficiency of its homes in support of its industry-first pledge that, by the end of calendar 2025, every new home the Company starts will be Zero Energy Ready, which means it will meet the requirements of the U.S. Department of Energy's (DOE) Zero Energy Ready Home program.
In November, the Company introduced Charity Home Insurance Agency, which provides consumers with the opportunity to purchase homeowner’s insurance coverage based on their home specifications and personal needs. Charity Home Insurance Agency is dedicated to distributing 100% of profits to the Beazer Charity Foundation, the Company’s philanthropic arm, which supports nonprofits working in our communities.
Summary results for the three months ended December 31, 2024 are as follows:
| Three Months Ended December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 · Change* | ||||
| New home orders, net of cancellations | 932 | 823 | 13.2% | |
| Cancellation rates | 16.5% | 19.0% | (250) | bps |
| Orders per community per month | 1.9 | 2.0 | (3.8)% | |
| Average active community count | 161 | 137 | 17.8% | |
| Active community count at quarter-end | 163 | 136 | 19.9% | |
| Land acquisition and land development spending (in millions) | $211.3 | $198.7 | 6.3% | |
| Total home closings | 907 | 743 | 22.1% | |
| ASP from closings (in thousands) | $507.6 | $512.7 | (1.0)% | |
| Homebuilding revenue (in millions) | $460.4 | $380.9 | 20.9% | |
| Homebuilding gross margin | 15.2% | 19.9% | (470) bps | |
| Homebuilding gross margin, excluding impairments and abandonments (I&A) | 15.2% | 19.9% | (470) bps | |
| Homebuilding gross margin, excluding I&A and interest amortized to cost of sales | 18.2% | 22.9% | (470) bps | |
| SG&A expenses as a percent of total revenue | 14.0% | 14.3% | (30) bps | |
| Income from continuing operations before income taxes (in millions) | $3.2 | $22.9 | (86.2)% | |
| Expense from income taxes (in millions) | $— | $1.2 | (97.0)% | |
| Income from continuing operations, net of tax (in millions) | $3.1 | $21.7 | (85.6)% | |
| Basic income per share from continuing operations | $0.10 | $0.71 | (85.9)% | |
| Diluted income per share from continuing operations | $0.10 | $0.70 | (85.7)% | |
| Net income (in millions) | $3.1 | $21.7 | (85.6)% | |
| Adjusted EBITDA (in millions) | $23.0 | $38.0 | (39.4)% | |
| LTM Adjusted EBITDA (in millions) | $228.4 | $262.9 | (13.1)% | |
| Total debt to total capitalization ratio | 46.5% | 46.5% | 0 bps | |
| Net debt to net capitalization ratio | 44.5% | 43.7% | 80 bps | |
- Change and totals are calculated using unrounded numbers.
"LTM" indicates amounts for the trailing 12 months.
| As of December 31, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Backlog units | 1,507 | 1,791 | (15.9)% |
| Dollar value of backlog (in millions) | $816.0 | $932.8 | (12.5)% |
| ASP in backlog (in thousands) | $541.5 | $520.8 | 4.0% |
| Land and lots controlled | 28,874 | 26,374 | 9.5% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.