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Beazer Homes Reports First Quarter Fiscal 2013 Results

January 28, 2013 at 4:02 PM EST
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ATLANTA--(BUSINESS WIRE)--Jan. 28, 2013-- Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial results for the quarter ended December 31, 2012.

“In the first quarter we achieved improvements in nearly every operational and financial metric compared to last year, including new orders, closings and adjusted EBITDA,” said Allan Merrill, President and CEO of Beazer Homes. “Additionally we saw higher home sales prices and lower cancellation rates as most of our geographic markets continued to demonstrate signs of improvement. We remain committed to our path-to-profitability strategies, which are designed to enable us to return to sustained profitability as soon as possible.”

On trends in the housing market, Mr. Merrill commented, “While there are still challenges to overcome before the industry can achieve a full turnaround, we believe that improvements in consumer confidence coupled with low mortgage rates and enhanced clarity regarding mortgage qualification procedures should provide support for both increased demand for new homes and improved new home pricing during the balance of the year.”

Summary results for the quarter ended December 31, 2012 are as follows (all per share amounts are calculated after giving effect to a 1-for-5 reverse stock split completed on October 12, 2012):

Q1 Results from Continuing Operations (unless otherwise specified)

  Quarter Ended December 31,
2012     2011     Change
New Home Orders 932 724 28.7 %
LTM orders per month per community 2.5 1.9 31.6 %
Cancellation rates 26.4 % 35.1 %

-730

bps

 
Total Home Closings 1,038 867 19.7 %
Average sales price from closings (in thousands) $ 235.5 $ 215.5 9.3 %
Homebuilding revenue (in millions) $ 244.4 $ 186.9 30.8 %

Homebuilding gross profit margin, excluding impairments and abandonments
(I&A) (a)

14.7 % 13.3 %

140

bps

Homebuilding gross profit margin, excluding I&A and interest amortized to cost of
sales (a)

18.1 % 20.2 %

-210

bps

 
Loss from continuing operations before income taxes (in millions) $ (19.2 ) $ (35.0 ) $ 15.8
Net (loss) income from continuing operations (in millions) $ (18.9 ) $ 0.7 $ (19.6 )
Basic Per Share $ (0.78 ) $ 0.05 $ (0.83 )
Inventory impairments (in millions) $ (0.2 ) $ (3.5 ) $ 3.3

Net (loss) income from continuing operations excluding inventory impairments (in
millions)

$ (18.7 ) $ 4.2 $ (22.9 )
Land and land development spending (in millions) $ 90.0 $ 58.2 $ 31.8
Adjusted EBITDA (in millions) $ 7.7 $ 3.8 $ 3.9
 

(a) Homebuilding gross profit for the quarter ended December 31, 2011 includes an $11.0 million warranty recovery which contributed 590 bps to the margin

 
 

As of December 31, 2012

  • Total cash and cash equivalents: $648.2 million, including unrestricted cash of approximately $396.7 million
  • Stockholders' equity: $242.6 million, not including $9.4 million of mandatory convertible subordinated notes, which converted to 408,790 shares of common stock at maturity on January 15, 2013
  • Total backlog from continuing operations: 1,817 homes with a sales value of $478.3 million, compared to 1,307 homes with a sales value of $315.8 million as of December 31, 2011
  • Land and lots controlled: 25,104 lots (82.0% owned), a decrease of 3.4% from December 31, 2011

Conference Call

The Company will hold a conference call on January 31, 2013 at 9:30 am EST to discuss these results. Interested parties may listen to the conference call and view the Company's slide presentation over the internet by visiting the “Investor Relations” section of the Company's website at www.beazer.com. To access the conference call by telephone, listeners should dial 800-619-8639 or 312-470-7002. To be admitted to the call, verbally supply the passcode "BZH". A replay of the call will be available shortly after the conclusion of the live call. To access the replay, dial 866-429-0570 or 203-369-0912 and enter the passcode “3740” (available until 9:30 pm ET on February 7, 2013), or visit www.beazer.com. A replay of the webcast will be available at www.beazer.com for approximately 30 days.

Headquartered in Atlanta, Beazer Homes is one of the country's 10 largest single-family homebuilders. The Company's homes meet or exceed the benchmark for energy-efficient home construction as established by ENERGY STAR® and are designed with flexible floorplan options to meet the personal preferences and lifestyles of its buyers. In addition, the Company is committed to providing a range of preferred lender choices to facilitate transparent competition between lenders and enhanced customer service. The Company offers homes in 16 states, including Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Beazer Homes is listed on the New York Stock Exchange under the ticker symbol “BZH.” For more info visit Beazer.com, or check out Beazer on Facebook 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, (i) economic changes nationally or in local markets, including changes in consumer confidence, changes in the level of housing starts, declines in employment levels, inflation and changes in the demand and prices of new homes and resale homes in the market; (ii) a slower economic rebound than anticipated, coupled with persistently high unemployment and additional foreclosures; (iii) estimates related to homes to be delivered in the future (backlog) are imprecise as they are subject to various cancellation risks which cannot be fully controlled; (iv) a substantial increase in mortgage interest rates, increased disruption in the availability of mortgage financing or a change in tax laws regarding the deductibility of mortgage interest; (v) factors affecting margins such as decreased land values underlying lot option agreements, increased land development costs on communities under development or delays or difficulties in implementing initiatives to reduce production and overhead cost structure; (vi) the final outcome of various putative class action lawsuits, multi-party suits and similar proceedings as well as the results of any other litigation or government proceedings and fulfillment of the obligations in the Deferred Prosecution Agreement and consent orders with governmental authorities and other settlement agreements; (vii) our cost of and ability to access capital and otherwise meet our ongoing liquidity needs including the impact of any downgrades of our credit ratings or reductions in our tangible net worth or liquidity levels; (viii) our ability to comply with covenants in our debt agreements or satisfy such obligations through repayment or refinancing; (ix) estimates related to the potential recoverability of our deferred tax assets; (x) increased competition or delays in reacting to changing consumer preference in home design; (xi) shortages of or increased prices for labor, land or raw materials used in housing production; (xii) additional asset impairment charges or writedowns; (xiii) the impact of construction defect and home warranty claims; (xiv)the cost and availability of insurance and surety bonds; (xv) delays in land development or home construction resulting from adverse weather conditions; (xvi) potential delays or increased costs in obtaining necessary permits and possible penalties for failure to comply with laws, regulations and governmental policies; (xvii) the performance of our joint ventures and our joint venture partners; (xviii) potential exposure related to additional repurchase claims on mortgages and loans originated by Beazer Mortgage Corp.; (xix) effects of changes in accounting policies, standards, guidelines or principles; or (xx) terrorist acts, acts of war and other factors over which the Company has little or no control. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.

-Tables Follow-

BEAZER HOMES USA, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 
Three Months Ended
December 31,
2012       2011
Total revenue $ 246,902 $ 188,548
Home construction and land sales expenses 210,614 162,776
Inventory impairments and option contract abandonments 204   3,503  
Gross profit 36,084 22,269
Commissions 10,642 8,371
General and administrative expenses 26,328 28,194
Depreciation and amortization 2,715   2,403  
Operating loss (3,601 ) (16,699 )
Equity in income (loss) of unconsolidated entities 36 (77 )
Other expense, net (15,627 ) (18,273 )
Loss from continuing operations before income taxes (19,192 ) (35,049 )
Benefit from income taxes (253 ) (35,747 )
(Loss) income from continuing operations (18,939 ) 698
(Loss) income from discontinued operations, net of tax (1,449 ) 41  
Net (loss) income $ (20,388 ) $ 739  
Weighted average number of shares:
Basic 24,294 14,833
Diluted 24,294 17,421
(Loss) earnings per share:
Basic (loss) earnings per share from continuing operations $ (0.78 ) $ 0.05
Basic (loss) earnings per share from discontinued operations $ (0.06 ) $ —
Basic (loss) earnings per share $ (0.84 ) $ 0.05
Diluted (loss) earnings per share from continuing operations $ (0.78 ) $ 0.04
Diluted (loss) earnings per share from discontinued operations $ (0.06 ) $ —
Diluted (loss) earnings per share $ (0.84 ) $ 0.04
 
 
Three Months Ended
December 31,
2012 2011
Capitalized interest in inventory, beginning of period $ 38,190 $ 45,973
Interest incurred 28,418 32,525
Capitalized interest impaired — (28 )
Interest expense not qualified for capitalization and included as other expense (16,211 ) (19,117 )
Capitalized interest amortized to house construction and land sales expenses (8,475 ) (12,843 )
Capitalized interest in inventory, end of period $ 41,922   $ 46,510  
 
 

BEAZER HOMES USA, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

     
December 31, 2012 September 30, 2012
ASSETS
Cash and cash equivalents $ 396,696 $ 487,795
Restricted cash 251,455 253,260
Accounts receivable (net of allowance of $2,184 and $2,235, respectively) 23,484 24,599
Income tax receivable 2,513 6,372
Inventory
Owned inventory 1,141,691 1,099,132
Land not owned under option agreements 9,205   12,420  
Total inventory 1,150,896 1,111,552
Investments in unconsolidated entities 42,029 42,078
Deferred tax assets, net 6,924 6,848
Property, plant and equipment, net 18,054 18,974
Other assets 29,473   30,740  
Total assets $ 1,921,524   $ 1,982,218  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable $ 56,062 $ 69,268
Other liabilities 122,269 147,718
Obligations related to land not owned under option agreements 3,625 4,787
Total debt (net of discounts of $2,944 and $3,082, respectively) 1,496,951   1,498,198  
Total liabilities $ 1,678,907   $ 1,719,971  
 
Stockholders’ equity:

Preferred stock (par value $.01 per share, 5,000,000 shares authorized, no shares
issued)

$ — $ —

Common stock (par value $0.001 per share, 100,000,000 shares authorized,
24,690,033 and 24,601,830 issued and outstanding, respectively)

25 25
Paid-in capital 834,752 833,994
Accumulated deficit (592,160 ) (571,772 )
Total stockholders’ equity 242,617   262,247  
Total liabilities and stockholders’ equity $ 1,921,524   $ 1,982,218  
 
Inventory Breakdown
Homes under construction $ 261,062 $ 251,828
Development projects in progress 422,262 391,019
Land held for future development 367,245 367,102
Land held for sale 8,576 10,149
Capitalized interest 41,922 38,190
Model homes 40,624 40,844
Land not owned under option agreements 9,205   12,420  
Total inventory $ 1,150,896   $ 1,111,552  
 
 

BEAZER HOMES USA, INC.

CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS

 
Quarter Ended December 31,
SELECTED OPERATING DATA 2012     2011
Closings:
West region 499 370
East region 353 310
Southeast region 186   187
Total closings 1,038   867
 
New orders, net of cancellations:
West region 424 303
East region 309 249
Southeast region 199   172
Total new orders 932   724
 
Backlog units at end of period:
West region 764 503
East region 703 577
Southeast region 350   227
Total backlog units 1,817   1,307
 
Dollar value of backlog at end of period (in millions) $ 478.3   $ 315.8
 
Homebuilding Revenue (in thousands):
West region $ 109,753 $ 70,254
East region 96,464 81,767
Southeast region 38,208   34,831
Total homebuilding revenue $ 244,425   $ 186,852
 
 
  Quarter Ended December 31,
SUPPLEMENTAL FINANCIAL DATA 2012     2011
Revenues:
Homebuilding $ 244,425 $ 186,852
Land sales and other 2,477   1,696
Total $ 246,902   $ 188,548
 
Gross profit:
Homebuilding $ 35,630 $ 21,352
Land sales and other 454   917
Total $ 36,084   $ 22,269
 
 

Reconciliation of homebuilding gross profit before impairments and abandonments and interest amortized to cost of sales and the related gross margins 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. Homebuilding gross profit for the quarter ended December 31, 2011 included a $11.0 million warranty recovery which added 590 basis points to homebuilding gross profit before I&A and interest amortized to cost of sales.

  Quarter Ended December 31,  
2012       2011  
Homebuilding gross profit $ 35,630     14.6 % $ 21,352     11.4 %
Inventory impairments and lot option abandonments (I&A) 204   3,503  
Homebuilding gross profit before I&A 35,834 14.7 % 24,855 13.3 %
Interest amortized to cost of sales 8,475   12,843  
Homebuilding gross profit before I&A and interest amortized to cost of sales $ 44,309   18.1 % $ 37,698   20.2 %
 
 

Reconciliation of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairments) to total company net income (loss) (including discontinued operations), 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.

  Quarter Ended December 31,
2012     2011
Net (loss) income $ (20,388 ) $ 739
Benefit from income taxes (275 ) (36,146 )

Interest amortized to home construction and land sales expenses, capitalized interest
impaired, and interest expense not qualified for capitalization

24,686 31,988
Depreciation and amortization and stock compensation amortization 3,499 3,703
Inventory impairments and option contract abandonments 221 3,507
Joint venture impairment and abandonment charges —   29  
Adjusted EBITDA $ 7,743   $ 3,820  

Source: Beazer Homes USA, Inc.

Beazer Homes USA, Inc.
Carey Phelps, 770-829-3700
Director, Investor Relations & Corporate Communications
investor.relations@beazer.com

 

Terms and Conditions

Last Updated July 1, 2020

These Terms and Conditions (“Terms”) apply to the Websites, online platforms, and mobile applications of Beazer Homes and its affiliates, including companies with Beazer in their name, such as Beazer Homes USA, Inc., Beazer Homes, LLC., Beazer Home Sales, Inc., Beazer Homes Holdings, LLC, Beazer Homes Texas, LP, Beazer Homes Indiana, LLP and Beazer General Services, Inc., and those without Beazer in their name, such as Charity Title Agency, LLC and Charity Title Group, LLC (collectively referred to as “Beazer Homes,” also, “we,” or “us,” or “our”), such as beazer.com, any mobile site and applications, the Mortgage Choice CompARE technology, and any of the features of the Websites (collectively, the “Websites”). Your use of the Websites constitutes your agreement to be bound by these Terms. If you do not wish to be bound by these Terms, you may not access or use this Websites. “You”, “Your” and “User” refers to the individual accessing the Websites.

1. Scope of Terms

This Websites and all content and information provided therein (“Beazer Homes Content”) may be used only under these Terms. User represents and warrants that it possesses the legal right and ability to enter into the Terms and use the Websites in accordance with the Terms.

Beazer Homes reserves the right to modify the Terms at any time, which shall become effective immediately upon posting, without further notice to User. It is your responsibility to review these Terms prior to each use of the Websites, and User's continued access or use of this Websites after modifications have become effective shall be deemed conclusive acceptance of the modified Terms.

Beazer Homes has the exclusive right to control accessibility, hours of use, features on the Websites, and any other information found on the Websites. Beazer Homes can restrict access to any or all portions of the Websites or remove any information or content from the Websites at any time. Beazer Homes reserves the right, but shall not be obligated, to monitor use of the Websites.

User is solely responsible for providing the equipment related to accessing the Websites, including but not limited to all computer, remote communications equipment, telephone, and other equipment.

2. User Account and Limitations

Certain features and areas of the Websites may be available only with registration and login. If you are required to register and select a login and password ("Login Information"), you must keep Your Login Information confidential. Your Login Information is personal to you, and you may not allow any third party to use it under any circumstances. Beazer Homes is not liable for any harm caused by or related to the theft, misappropriation, disclosure, or unauthorized use of Your Login Information. You will, at all times, provide true, accurate, current, authorized, and complete information when submitting information or materials on the Websites, including, without limitation, information required to be provided through a Websites registration or when accessing Websites content. If any false, inaccurate, untrue, unauthorized or incomplete information is submitted by You, Beazer Homes reserves the right to terminate your access and use of the Websites.

Beazer Homes is not responsible for and makes no warranties, express or implied, as to any information submitted by users through the Websites ("User Content"). User content may be edited, removed, modified, published, transmitted, and displayed by Beazer Homes and you waive any rights you may have in having the material altered or changed in a manner not agreeable to you. User Content may also be included in Beazer Homes’ RSS feeds, APIs and made available for republishing through other formats.

You grant Beazer Homes a perpetual, nonexclusive, world-wide, royalty free, sub-licensable license to the User Content, which includes without limitation the right for Beazer Homes or any third party it designates, to use, copy, transmit, excerpt, publish, distribute, publicly display, publicly perform, create derivative works of, host, index, cache, tag, encode, modify and adapt (including without limitation the right to adapt to streaming, downloading, broadcast, mobile, digital, thumbnail, scanning or other technologies) in any form or media now known or hereinafter developed, any User Content posted by You on or to the Websites, including any User Content posted on or to the Websites through a third party.

Users may not do any of the following while using the Websites: Interfere with another user's use and enjoyment of the Websites; upload any message, information, data, text, software, graphic files, or other materials ("Content") that is unlawful, harmful, threatening, abusive, harassing, tortious, defamatory, vulgar, obscene, libelous, that may be invasive of another's privacy, hateful, racially, sexually, ethnically, or otherwise objectionable; upload Content that contains a virus, corrupted file, or other harmful component; impersonate any person or entity, including but not limited to Beazer Homes personnel, or falsely state or otherwise misrepresent any affiliation with any person or entity, or upload any Content under a fictitious name; intentionally or unintentionally violate or encourage or assist another to violate any law or regulation in connection with your use or another's use of the Websites; or upload any Content that violates or infringes any patent, trademark, trade secret, copyright, privacy or any right, of whatever nature, of anyone.

If you violate any of the terms of this Section, your permission to use the Websites automatically terminates.

3. Proprietary Rights

Copyright © 2020 Beazer Homes USA, Inc. All rights reserved. The information and material provided on this Websites is provided as a service to the public and are to be used for personal informational purposes only. No content from this Websites may be copied, uploaded, posted, transmitted, distributed or reproduced in any way, except that users, subject to any express restrictions relating to specific content, may display, download or print portions of the content solely for user's own non-commercial use. User agrees not to alter any proprietary notices from content downloaded from the Websites.

You are granted a personal, revocable, limited, non-exclusive, non-transferable license to access and use the Websites and the Beazer Homes Content, conditioned on your continued acceptance of, and compliance with the Terms.

Beazer Homes’ trademarks, service marks, logos, brands, and brand names, trade dress and trade names and other distinctive identification (collectively "Beazer Homes Marks") are exclusively owned by Beazer Homes and may not be used without the express prior written permission of Beazer Homes.

4. Equal Housing Opportunity

Beazer Homes and its affiliated companies are pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support affirmative advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, gender, handicap, familial status, or national origin.

5. Equal Opportunity Employer

Beazer Homes is an equal opportunity employer, and considers all applicants without regard to race, color, sex, religion, disability, marital status, age, national origin, or any other legally protected status.

6. Mortgage Choice

Beazer Homes allows customers to seek information regarding financing for a home purchase by allowing customers to provide information to potential lenders and mortgage loan originators (“Lenders”) through the use of the Mortgage Choice program pages and the CompARE technology. Beazer Homes is not a Lender, mortgage broker, loan originator, loan processor, or underwriter. Beazer Homes does not aid or assist borrowers in obtaining loans, solicit borrowers or Lenders for loans, offer or negotiate terms of loans, or make loans or credit decisions in connection with loans. Beazer Homes does not take applications for credit or issue pre-approval letters. Any request for quotes or pre-approval submitted by a customer to a Lender through the CompARE technology is not an application for credit. Beazer Homes does not endorse or recommend the products of any particular lender. The “Choice Lenders” listed in the Mortgage Choice program and in the CompARE technology are independent entities and there is no affiliation between Beazer Homes and the Choice Lenders. Nothing contained in the Mortgage Choice program is an offer to lend or a commitment for a loan, and Beazer Homes does not guarantee any specific loan terms and conditions offered to you by a Lender will be granted, or that you will be offered any type of loan by any Lender. Beazer Homes is not an agent of either any customer or any Lender. Beazer Homes is only providing an administrative service to customers and participating lenders.

The CompARE technology is designed to assist home buyers in comparing loan estimates they receive from Lenders after home buyers submit loan applications to those Lenders. The CompARE technology analyzes those disclosures and provides comparison points to help the home buyer decipher which Lender is offering the best mortgage based on the home buyer’s preferences and costs to obtain the mortgage. Beazer Homes will not counsel home buyers in making loan estimate comparisons or selecting a Lender.

Beazer Homes does not require use of a Choice Lender in order to purchase a home, and home buyers are free to choose any lender. Beazer Homes does not (and will not) accept or receive compensation of any kind in connection with the Mortgage Choice program or the CompARE technology.

Lenders may elect to respond to your requests with non-binding proposals of the terms they would offer you, as well as their contact information. Beazer Homes also allows customers to request that Lenders pre-qualify them for home loans. Qualification for pre-approval does not constitute an offer to lend, a commitment for a loan, or a guarantee of specific rates or terms. If you, as a customer, choose to contact a Lender through the Mortgage Choice program, you authorize Beazer Homes to provide your name and contact information you provide to the Lender(s) you choose, along with your quote or pre-qualification request. You acknowledge that, by submitting your contact request form through Mortgage Choice, you may receive telemarketing calls from or on behalf of the Lender you choose at the telephone number(s) you provide.

Any loan or other business conducted is between you and the Lender. Lenders participating in Mortgage Choice are solely responsible for their services. Beazer Homes is not responsible for any errors or delays caused by customers or any Lenders in the loan process. When a Lender requests to participate in Mortgage Choice, Beazer Homes uses commercially reasonable efforts to confirm the Lender's license (in the states claimed in the Lenders profile) and/or employment with a lending institution. You are responsible, however, to confirm credentials if you choose to contact the Lender.

Beazer Homes assumes no responsibility for any result or consequence related directly or indirectly to any action or inaction that customers take based on use of Mortgage Choice and the CompARE technology. Beazer Homes shall not be liable for any damages or costs of any type arising out of or in any way connected with participation in the Mortgage Choice program and any use of the CompARE technology or the services offered by Lenders. Beazer Homes reserves the right, at any time and in its sole discretion, to discontinue, suspend, or terminate the Mortgage Choice program or the CompARE technology or participation of any Lender or other user from the Mortgage Choice program and the CompARE technology.

7. Charity Title Agency, LLC

Charity Title Agency, LLC is a wholly-owned subsidiary of Charity Title Group, LLC, which is ultimately owned by Beazer Homes. Charity Title Agency, LLC operates as a title insurance agency in the State of Texas. Beazer Homes does not require use of Charity Title Agency, LLC in order to purchase a home, and home buyers are free to choose any title insurance agency. For more information about Charity Title Agency, LLC’s charitable giving, please visit https://CharityTitleGroup.com.

8. Third Party Links and Content

As a convenience to our users, our Websites may include links to other web sites and third party content. Inclusion of any third party link or content does not imply an endorsement or recommendation by Beazer Homes. Any mention on the Websites of products or services provided by third parties is for informational purposes only and constitutes neither an endorsement nor a recommendation by Beazer Homes. Beazer Homes assumes no responsibility for those products or services. Any dealings among any User and any third parties mentioned on or found through the Websites are solely between the User and the third parties, and are subject to any terms, conditions, warranties, or representations associated with those dealings.

9. Notice Regarding Solicitation, Prices, Specifications and Related Information

The information contained on this Websites may contain products, specifications, services, and prices that are not available in your state or local market. This information does not constitute an offer to sell real property, and is not intended as a solicitation of users residing in states where Beazer Homes and its affiliates are not authorized to conduct business. This information is for informational purposes only, and does not constitute a warranty of any product or service provided by Beazer Homes.

10. Notice Regarding Floorplans, Diagrams, Graphical Depictions and Photographs

Photos of completed homes are provided for general reference only. Please see your New Home Counselor for renderings and photos of any home or model under construction. Floorplans are general depictions of similar plans. All measurements, dimensions, sizes and wall angles are approximate and vary for each plan type. Stated dimensions and square footages are approximate and should not be used a representation of the home's precise or actual size. Actual views may vary. Artist’s renderings are conceptual and all features are subject to change without notice. All amenities are subject to change without notice. These drawings and floor plans are conceptual only and for the convenience of reference. They should not be relied upon as representation express or implied, of the final detail, features or dimensions of any home. Beazer Homes expressly reserves the right to make any modifications, revisions, and changes it deems desirable in its sole and absolute discretion or as may be required by law or governmental bodies. All features, specifications, plans and decorator items are subject to change without notice. Beazer Homes reserves the right, in its sole discretion, to make modifications to the plans, features, and specifications. Beazer Homes may substitute items of equal or greater value or as provided in a purchase contract signed with a purchaser.

If gate(s) and gatehouse(s) are located in a community, they are not designed or intended to serve as a security system. Beazer Homes makes no representation, express or implied, concerning the operation, use, hours, method of operation, maintenance or any other decisions concerning the gate(s) and gatehouse(s) or the safety and security of a home and a community in which it is located. Any access gate(s) may be left open for extended periods of time for the convenience of Beazer Homes and its subcontractors during construction of the home and other residences in a community. Gates may not be routinely left in a closed position until such time as most construction within a community has been completed. Crime exists in every neighborhood and Beazer Homes is not a provider of security and makes no representations regarding crime or security. If you are concerned about crime or security, please consult a security expert.

11. Disclaimers and Limitation of Liability

Beazer Homes takes reasonable efforts to ensure the information contained on this Websites, including pricing and availability, is accurate. However, Beazer Homes does not warrant the completeness or accuracy of such information, which is subject to change without notice. Beazer Homes cannot accept responsibility or liability for actions taken as a result of the use of this Websites.

USER ACCESSES THIS WEBSITES AT HIS OR HER OWN RISK. THE WEBSITES IS PROVIDED ON AN “AS IS, AS AVAILABLE” BASIS WITHOUT WARRANTY OF ANY KIND AND ANY AND ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OR ANY WARRANTIES ARISING OUT OF A COURSE OF DEALING, TRADE OR PERFORMANCE, ARE SPECIFICALLY DISCLAIMED. NEITHER BEAZER HOMES NOR ITS AFFILIATES, EMPLOYEES, AGENTS, OR THIRD-PARTY CONTENT PROVIDERS SHALL BE LIABLE FOR ANY LOSS RESULTING FROM USE OR UNAVAILABILITY OF INFORMATION OR CONTENT ON THIS WEBSITES, INCLUDING BUT NOT LIMITED TO ANY LOST PROFITS, LOSS OR DAMAGE TO DATA, OR ANY DIRECT, INDIRECT, SPECIAL, CONSEQUENTIAL, COMPENSATORY, OR INCIDENTAL DAMAGES, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

THE PROVISIONS IN THIS SECTION ARE APPLICABLE TO ANY DAMAGE OR INJURY RESULTING FROM NEGLIGENCE OR OMISSION OF BEAZER HOMES, COMPUTER VIRUS OR OTHER SIMILAR ITEM, TELECOMMUNICATIONS ERRORS, OR UNAUTHORIZED ACCESS TO, OR USE OF, USER INFORMATION THROUGH THEFT OR ANY OTHER MEANS. USER AGREES THAT BEAZER HOMES IS NOT LIABLE FOR CRIMINAL, TORTIOUS, OR NEGLIGENT ACTIONS OR OMISSIONS OF THIRD PARTIES THAT AFFECT THIS WEB SITE.

12. Dispute Resolution

Your use of this Websites, and any disputes arising out of such use, shall be governed by the laws of the State of Georgia, without regard to choice of law provisions. Any claims or disputes relating to the Websites shall be resolved exclusively by binding arbitration pursuant to the commercial arbitration rules of the American Arbitration Association (AAA) and the arbitration shall occur in the State of Georgia, County of Fulton, unless Beazer Homes expressly consents in writing to a different location. The arbitration shall be conducted by one arbitrator who is selected pursuant to the rules of the AAA. The award of the arbitrator shall be final and judgment upon the award may be entered in a court of competent jurisdiction in the State of Georgia, County of Fulton, unless Beazer Homes expressly consents to a court in different jurisdiction. No arbitration shall be consolidated or combined with any other arbitration, or proceed on a representative basis or capacity for other parties, except with our Beazer Homes’ express written consent. THESE TERMS AND CONDITIONS PROVIDE THAT ALL CLAIMS OR DISPUTES REGARDING THE WEBSITES SHALL BE RESOLVED BY BINDING ARBITRATION, WHICH MAY NOT BE CONSOLIDATED OR COMBINED WITH ANY OTHER ARBITRATION, OR PROCEED ON A REPRESENTATIVE BASIS OR CAPACITY FOR OTHER PARTIES, WITHOUT BEAZER HOMES EXPRESS WRITTEN CONSENT. THEREFORE, YOU GIVE UP YOUR RIGHT TO GO TO COURT TO ASSERT OR DEFEND YOUR RIGHTS. YOU ALSO GIVE UP YOUR RIGHT TO BRING OR PARTICIPATE IN CLASS ACTIONS BROUGHT IN COURT, AND TO ARBITRATE OR PARTICIPATE IN ARBITRATION ON A CLASS BASIS. YOUR RIGHTS WILL BE DETERMINED BY A NEUTRAL ARBITRATOR, AND NOT BY A JUDGE OR JURY. Any disputes regarding the arbitration provisions shall be resolved by the arbitrator. In the event that any issues not addressed by this arbitration provision will be entertained by a court, the court must be a court of competent jurisdiction in the State of Georgia, County of Fulton. Each party will bear their own costs in connection with the arbitration.

13. Representations and Warranties; Indemnification

User understands and agrees that he or she is personally responsible for his or her behavior on the Websites.

User represents, warrants and covenants (a) that no User Content of any kind submitted by You to the Websites will (i) violate, plagiarize, or infringe the rights of any third party, including, without limitation, copyright, trademark, privacy or other personal or proprietary rights; or (ii) contain libelous or otherwise unlawful material; and (b) that you are at least thirteen years old.

User hereby indemnifies, defends and holds harmless Beazer Homes, and all officers, directors, owners, agents, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable attorneys' fees and costs, incurred by the Indemnified Parties in connection with any claim arising out of your use of the Websites, and/or any breach by You or any user of your account of these Terms or the foregoing representations, warranties and covenants. You shall reasonably and fully cooperate as reasonably requested by Beazer Homes in the defense of any such claim. Beazer Homes reserves the right, at its own expense, but not the obligation, to assume the exclusive defense and control of any matter subject to indemnification by you.

14. User-Generated Content

Beazer Homes allows customers to post reviews, testimonials, comments, photos, videos, and other content; so long as the content is related to the purpose of the site and is not illegal, obscene, threatening, defamatory, or infringing of intellectual property rights (including copyright). All content that you submit may be used, in whole or in part, at Beazer Homes’ sole discretion. Beazer Homes reserves the right (but not the obligation) to remove or edit such content that, in Beazer Homes’ sole discretion, violates these terms and conditions. If you do post content or submit material, you represent and warrant that you own or otherwise control all of the rights to the content that you post; that the content is accurate; that use of the content you supply does not violate either the social media site or Beazer Homes’ Terms and Conditions.

By posting on any Beazer Homes site, you grant Beazer Homes a nonexclusive, royalty-free, perpetual, irrevocable, and fully sub-licensable right to use, reproduce, distribute, and display such content throughout the world in any media and display the name provided with the post.

DMCA Notification Process

If you believe that your work has been copied in a way that constitutes copyright infringement, please notify Beazer Homes in writing with the following information:

• A full description of the copyrighted work that you claim has been infringed upon;

• A detailed description of where the material that you claim is infringing is located on the site;

• Your address, telephone number, and e-mail address;

• A statement by you that you have a good-faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law;

• A statement by you, made under penalty of perjury, that the above information in your notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf.

• An electronic signature of the person authorized to act on behalf of the owner of the copyright interest

The notice should include the follow in the RE line: Copyright Infringement Notice and should be sent to:

  Marketing
  1000 Abernathy Road, Suite 260
  Atlanta, GA 30328
  phone: 770.829.3700
  fax: 770.390.3048
  e-mail: customerservice@beazer.com

Please note that this procedure is exclusively for notifying Beazer Homes that your copyrighted material has been infringed.

15. Termination

Beazer Homes may terminate access to this Websites or cancel any service that Beazer Homes provides on the Websites, for any reason in its sole discretion, including without limitation, if User breaches these Terms in any way or engages in conduct that Beazer Homes deems inappropriate.

16. Miscellaneous

These Terms and the policies incorporated by reference herein constitutes the entire agreement between Beazer Homes and User regarding the subject matter hereof. Any previous agreement, whether oral or written, between Beazer Homes and User dealing with the subject matter hereof is superseded.

Upon User's breach of the Terms, Beazer Homes may pursue any legal or equitable remedy available, including but not limited to, direct, consequential, and punitive damages as well as injunctive relief. Beazer Homes' remedies are cumulative and not exclusive. Failure of Beazer Homes to exercise any remedy or enforce any portion of the Terms at any time shall not operate as a waiver of any remedy or of the right to enforce any portion of the Agreement at any time thereafter.

User agrees that, regardless of any statute or law to the contrary, any claim or action arising out of or regarding the Terms must be filed within one (1) year after such claim or cause of action arose or be forever barred.

17. Privacy

Beazer Homes respects your privacy and is committed to handling information about you in a safe and responsible manner. To see our Privacy Notice, which describes the types of information we collect from you, how we collect it, and how we use it, please visit our Privacy Notice page and our Financial Privacy Notice page. For residents of California, effective January 1, 2020, please refer to our California Privacy Policy for additional information concerning your rights regarding the personal information we collect, use, and disclose. If you have any questions concerning our privacy practices, you may contact us at 888-623-2937 or homeinfo@beazer.com.

Privacy Policy

Last Updated April 26, 2018

Your use of beazer.com, any mobile site and applications, and any of the features of the website (collectively, the “Website”) constitutes your agreement to be bound by these Terms and Conditions (“Terms”). If you do not wish to be bound by these Terms, you may not access or use this Website. “You”, “Your” and “User” refers to the individual accessing the Website.

Beazer Homes’ Privacy Commitment.  Beazer Homes respects the privacy of our customers and protection of your personal information is important to us. Beazer Homes believes in communicating clearly with our customers.

This Privacy Policy (“Policy”) describes our policies with respect to information that Beazer Homes collects through the website at www.beazer.com ("Website"). By visiting the Website you are acknowledging that you have read, accept, and agree to the terms of this Policy.

Privacy Policy Support.  If you have an inquiry or concern about our Policy, please contact us using the contact information below.

Changes in this Policy.  Beazer Homes may amend this Policy at any time, but we will communicate with you, as required by law, when any changes are made. Please visit our Website to obtain current information about our Policy. This Policy replaces all previous notices or statements with respect to this subject, and cannot be modified orally by any of our representatives, employees or officers.

1. Information Beazer Homes Collects

Beazer Homes and its Affiliates, as defined below, collect personal information for permissible business purposes to assist in meeting our customers’ needs. We do not require anyone to divulge any personally identifiable information to use the Website. Certain types of information available to you on the Website (for example, pricing information) may only be accessible after you provide us with requested personally identifiable information. Beazer Homes will not collect personal information about you through the Website unless the information is provided voluntarily by you.

The information we collect generally includes: (1) personal information and (2) tracking information collected as you navigate through the Website.

Personal Information.  We collect personal information about you for many reasons and at a variety of different times. The type of personal information we collect depends on the community you’re looking at or live in, or the services you’ve requested. Our computer servers automatically log your IP address, the pages you click on and how long you spend there, and the web page you came from and go to next; we also save the data you type in if you want us to send you brochures or applications.

The personally identifiable information we request from you may include your: (i) first, middle, and last name; (ii) home or office phone and fax numbers; (iii) home or office address; (iv) home or office e-mail address; and (v) any other information you provide to us via our contact form.

Beazer Homes also collects personal information for market research and product development so we can understand your needs as a home buyer. We may also collect personal information about you from third- parties or other sources, such as information we receive from a credit reporting agency, information about your payment history, or the status of a loan application.

MCOT Program.  If you choose to participate in the Mortgage Choices On-Line Tool (MCOT), you may be asked to provide information such as your monthly income and debt levels. Please visit our Financial Privacy Notice found at Financial Privacy Notice for the privacy terms governing the collection of financial information through MCOT, which are incorporated herein by reference. Our MCOT privacy policy differs in several important respects from this Policy.

Information Collected Through Technology.  Primarily to tailor the Website to your needs, Beazer Homes collects information using technology, such as IP addresses and cookies. For example, your IP address provides Beazer Homes with non-personally identifiable information about how you entered the Internet, namely through your Internet service provider, your company, or some other source, and can permit Beazer Homes to identify the frequency with which you visit the Website. Standard features in Internet browser software such as "cookies" allow Websites to track certain user activities by assigning each of our visitors a unique number that resides on your computer. Beazer Homes uses cookies to make the Website more interesting and useful, including, in the following ways: (a) to personalize our services, such as remembering your information so that you will not have to re-enter it during your visit or the next time you visit the Website; (b) provide customized third party advertisements, content, and information; (c) monitor and analyze the effectiveness of the Website and third party marketing activities; (d) monitor aggregate site usage metrics such as total number of visitors and pages viewed; and (e) track your entries, submissions, and status in any promotions or other activities.

Beazer Homes cookies are limited to our Websites only. In addition to Beazer Homes cookies, various third parties may also place cookies on your computer's hard drive when visiting this website. While Beazer Homes does not track its customers across other websites, we do use advertising companies to serve ads after you visit our Website while you are visiting other websites. These companies may collect information about your visits to our Website and other websites and/or apps in order to provide advertisements about goods and services of interest to you. Beazer Homes is not responsible for the technological capabilities or practices employed by third parties in connection with third party cookies.

If you would prefer not to have the benefits of cookies, your internet browser or other third party software on your workstation can be adjusted to treat cookies in different ways. Depending upon the type of browser you are using, you may be able to configure your browser so that: (i) you are prompted to accept or reject cookies on an individual basis; or (ii) you may be able to prevent your browser from accepting any cookies at all. You should refer to the supplier or manufacturer of your web browser for specific details about cookie security. However, you should also understand that rejecting cookies might affect your ability to perform certain transactions on our Website and our ability to recognize your browser from one visit to the next.

Beazer Homes does not respond to Do Not Track (“DNT”) signals. Some third party sites, including third-party advertising companies that Beazer Homes has a relationship with, however, do keep track of your browsing activities when they serve you content, which enables them to tailor what they present to you.

For more information about your choices with regard to interest based advertising, you may wish to visit the Digital Advertising Alliance’s Consumer information page: http://www.aboutads.info/consumers/

Information Is Not Collected Online from Children Under 13.  Beazer Homes does not knowingly collect any personally identifiable information online from children under the age of 13. If you are under the age of thirteen (13), we ask that you do not use the Website. Beazer Homes does not seek to obtain, nor does it wish to receive personally identifiable information directly from minors; however, we cannot always determine the age of persons who access and use our Websites. If we do learn that personally identifiable information has been collected on the Website from a minor and without verifiable parental consent, then we will take the appropriate steps to delete this information. If you are a parent or guardian and discover that your minor child has obtained an account on the Website or has otherwise provided personally identifiable information, you may alert us at 888-623-2937 or homeinfo@beazer.com, and request that we delete that child’s personally identifiable information from the Website.

2. How Beazer Homes Uses That Information

Beazer Homes uses your personally identifiable information for the purposes for which it was submitted. For example, we collect this personal information so we can provide you with the services you want, make it possible for you to build, buy and insure your home and help you settle into and enjoy your new home and your community.

Beazer Homes may also contact you with information on promotional offers or incentives based on information you have provided. However, you may at any time "opt-out" by following the opt-out procedures below.

We may also use your personal information as required by law, in response to governmental orders or requests, to enforce the Terms and Conditions applicable to the Website, and as we deem reasonably necessary to investigate, prevent or take other appropriate measures in connection with fraudulent or illegal activities.

Beazer Homes may use information about use of the Website and aggregated information about you and other visitors to our Website in order to improve our Website and develop content and services that may be of interest to you and for its other business purposes.

3. Security Measures Taken to Protect Personally Identifiable Information

Beazer Homes uses firewalls, vulnerability scans, and secure network encryption technology to protect personally identifiable information. Beazer Homes also employs internal physical and technologic security measures to detect and block unauthorized intrusions to its computer systems. However, while we employ reasonable security measures to protect your personal information, please be aware that no method of electronic transmission is completely infallible, and we cannot guarantee its absolute safety.

4. Information Sharing

Sharing of personal information between Affiliates.  Beazer Homes is made up of a number of companies (“Affiliates”). Beazer Homes may share with and between its Affiliates personal information you provide to Beazer Homes or any of its Affiliates.

Non-Affiliates/Associates/Joint Marketing.  We also share personal information with our “Associates” - third parties that we have partnered with to share in the development or management of a community. Our Associates are third parties that are not affiliated with us and who perform services or functions on behalf of Beazer Homes or its Affiliates (such as accountants, attorneys, management companies, credit bureaus and banks). They are required to hold the personal information we provide to them in confidence, and use the personal information only to provide the services we’ve hired them to perform for us or for you. We may provide personal information about you to trusted companies pursuant to a written agreement with them when we jointly market our services to you. An example of this would be if a company wanted to offer insurance services in your community. The written agreement requires that they use your personal information only for the purposes of the joint marketing and that they not share it with others.

We do not sell any customer lists that contain your personal information.

Marketing.  We also share personal information with third parties that we have partnered with to market Beazer Homes. They are not affiliated with us and perform services or functions on behalf of Beazer Homes. They are required to hold the personal information we provide to them in confidence, and use the personal information only to provide the services we’ve hired them to perform for us pursuant to a written agreement. An example of this would be to perform a marketing match back to gauge success of a direct mail marketing campaign.

Other Circumstances.  We may disclose your personal information as you consent or direct. We may disclose your personal information to third parties as required by law. For example, we may disclose your personal information in connection with a subpoena or other legal process, in an audit, or when we record your mortgage or deed in public records. We reserve the right to report to law enforcement agencies any activities that we, in good faith, believe to be unlawful, or in the interest of national security, law enforcement activities, or other issues of health and safety as reasonably necessary or appropriate under the circumstances. We may share information to prevent illegal uses of the Website, or defend ourselves against third-party claims. We may also share information with companies assisting in fraud protection or investigation. We do not provide information to these agencies or companies for marketing or commercial purposes.

We may also transfer user or customer information, including personally identifiable information, in connection with a corporate transaction, such as a divestiture, merger, consolidation, or asset sale.

5. Updating Contact Information and Opt-Out Choices

We give customers control over their personal information.

We provide you with access to your personal information in various ways, including statements and community mailings, and want you to make sure that the personal information we have about you is accurate and current. Beazer Homes enables users of its Website to update contact information and to opt out of the collection of personally identifiable information or particular communications or services. You may do so by going to this opt-out link, or by contacting us at 888-623-2937 or homeinfo@beazer.com. Due to production, mailing, and system timelines, it may take some time to process your request. In addition, we may still use your information to communicate with you for other purposes, such as for customer service.

6. Questions or Comments

If you have any questions or comments about this Policy, please contact us at: 888-623-2937 or homeinfo@beazer.com.

7. Miscellaneous

Terms and Conditions.  This Policy is subject to, a part of, and incorporated into the Terms and Conditions which can be found at Beazer Homes Terms and Conditions.

Changes and Updates to this Policy.  Please revisit this page periodically to stay aware of any changes to this Policy, which may be revised periodically at our sole discretion. If we modify this Policy, we will make it available through the Website, and indicate the date of the latest revision. In the event that the modifications materially alter your rights or obligations hereunder, we will make reasonable efforts to notify you of the change. For example, we may send a message to your e-mail address, if we have one on file, or generate a pop-up or similar notification when you sign-in to the Website for the first time after such material changes are made. Our amended Policy will automatically take effect 30 days after it is made available through the Website, except that (i) we generally only use your personally identifiable information in the manner described in the Policy in effect when we received that information and (ii) if you do not agree with any changes to the Policy, you may terminate your account. Your continued use of the Website after the revised Policy has become effective indicates that you have read, understood and agreed to the current version of the Policy.

International Users.  This Website is operated, in whole or in part, from the United States. By using this Website, regardless of where you live in the world, you consent to have your personal data transferred to and processed in the United States, and allow Beazer Homes to use and collect your personal information in accordance with this Policy.

Third Party Links.  The Website may also contain links to other third party websites that are not under our control. These websites may have their own policies or no policies at all, regarding privacy. You should seek and review these policies before providing information to these websites. Beazer Homes has no responsibility for linked websites and provides these links solely for the convenience and information of our visitors. Beazer Homes also maintains a strict "no-spam" policy and fully complies with CAN-SPAM Act regulations.

If you end your customer relationship with us, this Policy will apply to personal information we collected while this Policy was in effect. This Policy does not apply to personal information relating to partnerships, trusts or corporations.

1000 Abernathy Road
Suite 260
Atlanta, GA 30328

 

Effective Date

This Policy is effective with respect to all data that we have collected since the date we commenced data collection, April 26, 2018.