0000915840-23-000026 | 10-Q | XBRL Viewer

Contingencies (Tables)

9 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Changes in warranty reserves are as follows for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Balance at beginning of period	$	13,073	$	12,681	$	13,926	$	12,931
Accruals for warranties issued(a)	3,298		2,842		8,783		8,025
Changes in liability related to warranties existing in prior periods	(134)		536		(1,681)		558
Payments made	(2,971)		(3,039)		(7,762)		(8,494)
Balance at end of period	$	13,266	$	13,020	$	13,266	$	13,020

(a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed, and the rates of accrual per home estimated as a percentage of the selling price of the home.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
ASSETS
Cash and cash equivalents	$ 276,125	$ 214,594
Restricted cash	39,540	37,234
Accounts receivable (net of allowance of $284 and $284, respectively)	33,195	35,890
Income tax receivable	0	9,606
Owned inventory	1,741,651	1,737,865
Deferred tax assets, net	141,761	156,358
Property and equipment, net	28,927	24,566
Operating lease right-of-use assets	16,156	9,795
Goodwill	11,376	11,376
Other assets	29,867	14,679
Total assets	2,318,598	2,251,963
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	136,813	143,641
Operating lease liabilities	17,665	11,208
Other liabilities	138,207	174,388
Total debt (net of debt issuance costs of $6,142 and $7,280, respectively)	981,128	983,440
Total liabilities	1,273,813	1,312,677
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)	0	0
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 31,339,214 issued and outstanding and 30,880,138 issued and outstanding, respectively)	31	31
Paid-in capital	862,500	859,856
Retained earnings	182,254	79,399
Total stockholders’ equity	1,044,785	939,286
Total liabilities and stockholders’ equity	$ 2,318,598	$ 2,251,963

Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-12822
Entity Registrant Name	BEAZER HOMES USA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2086934
Entity Address, Address Line One	2002 Summit Boulevard NE
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30319
City Area Code	770
Local Phone Number	829-3700
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	BZH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,339,214
Entity Central Index Key	0000915840
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q3

Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Accrued amounts for litigation and other contingent liabilities	$ 8.2	$ 9.8
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	32.1
Outstanding performance bonds	$ 283.6

Supplemental Cash Flow Information

9 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented:


	Nine Months Ended
	June 30,
in thousands	2023		2022
Supplemental disclosure of non-cash activity:











Increase in operating lease right-of-use assets(a)	$	8,814	$	811
Increase in operating lease liabilities(a)	9,262		811
Derecognition of investment in unconsolidated entities (b)	$	—	$	3,641
Supplemental disclosure of cash activity:
Interest payments	$	58,405	$	60,052
Income tax payments	1,450		3,783
Tax refunds received	9,987		—
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	276,125	$	42,039
Restricted cash	39,540		39,762
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	315,665	$	81,801

(a) Represents leases renewed or additional leases commenced during the nine months ended June 30, 2023 and 2022.

(b) Represents the derecognition of investment in unconsolidated entities associated with the carrying value of previously held interest in Imagine Homes upon the acquisition of substantially all of the assets of Imagine Homes during the quarter ended June 30, 2022.

Stock-based Compensation - Stock Options Outstanding (Details) - Stock options - $ / shares	9 Months Ended
	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (shares)	27,507
Exercised (in shares)	(1,576)
Forfeited (in shares)	(236)
Outstanding at end of period (shares)	25,695
Exercisable at end of period (shares)	25,695
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period, weighted average exercise price (in USD per share)	$ 14.31
Exercised (in USD per share)	7.66
Forfeited (in USD per share)	16.58
Outstanding at end of period, weighted average exercise price (in USD per share)	14.70
Exercisable at end of period (in USD per share)	$ 14.70

Contingencies

9 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Beazer Homes and certain of its subsidiaries have been and continue to be named as defendants in various construction defect claims, complaints, and other legal actions. The Company is subject to the possibility of loss contingencies related to these defects as well as others arising from its business. In determining loss contingencies, we consider the likelihood of loss and our ability to reasonably estimate the amount of such loss. An estimated loss is recorded when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated.

Warranty Reserves

We currently provide a limited warranty ranging from one to two years covering workmanship and materials per our defined quality standards. In addition, we provide a limited warranty for up to ten years covering only certain defined structural element failures.

Our homebuilding work is performed by subcontractors who typically must agree to indemnify us with regard to their work and provide certificates of insurance demonstrating that they have met our insurance requirements and have named us as an additional insured under their policies. Therefore, many claims relating to workmanship and materials that result in warranty spending are the primary responsibility of these subcontractors.

Warranty reserves are included in other liabilities within the condensed consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in the condensed consolidated statements of operations. Reserves covering anticipated warranty expenses are recorded for each home closed. Management assesses the adequacy of warranty reserves each reporting period based on historical experience and the expected costs to remediate potential claims. Our review includes a quarterly analysis of the historical data and trends in warranty expense by division. An analysis by division allows us to consider market-specific factors such as warranty experience, the number of home closings, the prices of homes, product mix, and other data in estimating warranty reserves. In addition, the analysis also contemplates the existence of any non-recurring or community-specific warranty-related matters that might not be included in historical data and trends that may need to be separately estimated based on management's judgment of the ultimate cost of repair for that specific issue. While estimated warranty liabilities are adjusted each reporting period based on the results of our quarterly analyses, we may not accurately predict actual warranty costs, which could lead to significant changes in the reserve.

In addition, we maintain third-party insurance, subject to applicable self-insured retentions, for most construction defects that we encounter in the normal course of business. We believe that our warranty and litigation accruals and third-party insurance are adequate to cover the ultimate resolution of our potential liabilities associated with known and anticipated warranty and construction defect related claims and litigation. However, there can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers; that we will be able to renew our insurance coverage or renew it at reasonable rates; that we will not be liable for damages, the cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence, or building related claims; or that claims will not arise out of events or circumstances not covered by insurance and/or not subject to effective indemnification agreements with our subcontractors.

Changes in warranty reserves are as follows for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Balance at beginning of period	$	13,073	$	12,681	$	13,926	$	12,931
Accruals for warranties issued(a)	3,298		2,842		8,783		8,025
Changes in liability related to warranties existing in prior periods	(134)		536		(1,681)		558
Payments made	(2,971)		(3,039)		(7,762)		(8,494)
Balance at end of period	$	13,266	$	13,020	$	13,266	$	13,020

Insurance Recoveries

The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred above specified thresholds for each period covered. Amounts recorded for anticipated insurance recoveries are reflected within the condensed consolidated statements of operations as a reduction of home construction expenses. Amounts not yet received from our insurer are recorded on a gross basis, without any reduction for the associated warranty expense, within accounts receivable on our condensed consolidated balance sheets.

Litigation

In the normal course of business, we and certain of our subsidiaries are subject to various lawsuits and have been named as defendants in various claims, complaints, and other legal actions, most relating to construction defects, moisture intrusion, and product liability. Certain of the liabilities resulting from these actions are covered in whole or in part by insurance.

We cannot predict or determine the timing or final outcome of these lawsuits or the effect that any adverse findings or determinations in pending lawsuits may have on us. In addition, an estimate of possible loss or range of loss, if any, cannot presently be made with respect to certain of these pending matters. An unfavorable determination in any of the pending lawsuits could result in the payment by us of substantial monetary damages that may not be fully covered by insurance. Further, the legal costs associated with the lawsuits and the amount of time required to be spent by management and our Board of Directors on these matters, even if we are ultimately successful, could have a material adverse effect on our financial condition, results of operations, or cash flows.

We have an accrual of $8.2 million and $9.8 million in other liabilities on our condensed consolidated balance sheets related to litigation matters as of June 30, 2023 and September 30, 2022, respectively.

Surety Bonds and Letters of Credit

We had outstanding letters of credit and surety bonds of $32.1 million and $283.6 million, respectively, as of June 30, 2023, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1,989	$ 1,983	$ 5,247	$ 6,515

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2023 USD ($) state region	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) state region segment	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	May 19, 2022
Segment Reporting Information [Line Items]
Number of states in which home building segments operate \| state	13		13
Number of regions in which entity operates \| region	3		3
Number of reportable segments \| segment			3
Revenue	$ 572,544	$ 526,666	$ 1,561,380	$ 1,489,321
Operating income	47,900	67,239	115,194	162,789
Depreciation and amortization	2,907	3,189	8,440	9,101
Capital expenditures			14,122	11,192
Assets	2,318,598		2,318,598		$ 2,251,963
Imagine Homes
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage						33.00%
Operating Segments
Segment Reporting Information [Line Items]
Operating income	88,974	100,517	219,546	263,482
Depreciation and amortization	2,573	2,749	7,506	7,733
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating income	(41,074)	(33,278)	(104,352)	(100,693)
Depreciation and amortization	334	440	934	1,368
Capital expenditures			4,034	3,273
Assets	676,811		676,811		616,858
West
Segment Reporting Information [Line Items]
Revenue	328,347	324,679	933,575	885,837
West \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	55,629	65,106	138,499	165,933
Depreciation and amortization	1,750	2,067	5,294	5,476
Capital expenditures			6,840	6,353
Assets	961,637		961,637		995,339
East
Segment Reporting Information [Line Items]
Revenue	133,096	112,519	339,357	359,623
East \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	16,415	20,935	41,921	64,866
Depreciation and amortization	402	311	1,063	1,113
Capital expenditures			1,975	723
Assets	364,157		364,157		334,323
Southeast
Segment Reporting Information [Line Items]
Revenue	111,101	89,468	288,448	243,861
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	16,930	14,476	39,126	32,683
Depreciation and amortization	421	$ 371	1,149	1,144
Capital expenditures			1,273	$ 843
Assets	$ 315,993		$ 315,993		$ 305,443

Other Liabilities (Tables)

9 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of other liabilities

Other liabilities include the following as of June 30, 2023 and September 30, 2022:


in thousands	June 30, 2023		September 30, 2022
Accrued compensations and benefits	36,897		$	57,781
Customer deposits	32,852		34,270
Accrued interest	15,020		22,723
Warranty reserve	13,266		13,926
Litigation accruals	8,231		9,832
Income tax liabilities	120		320
Other	31,821		35,536
Total	$	138,207	$	174,388

Description of Business	9 Months Ended
Description of Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” and the “Company”) is a geographically diversified homebuilder with active operations in 13 states within three geographic regions in the United States: the West, East, and Southeast. Our homes are designed to appeal to homeowners at different price points across various demographic segments and are generally offered for sale in advance of their construction. Our objective is to provide our customers with homes that incorporate extraordinary value at an affordable price, delivered through our three strategic pillars of Mortgage Choice, Choice Plans®, and Surprising Performance, while seeking to maximize investment returns over the course of a housing cycle. For an additional description of our business and strategic pillars, refer to Item 1 within our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (2022 Annual Report).

Borrowings - Debt Redemption (Details) - Senior Notes	9 Months Ended
Borrowings - Debt Redemption (Details) - Senior Notes	Jun. 30, 2023	Sep. 30, 2019	Oct. 31, 2017	Mar. 31, 2017
6.750%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%			6.75%
6.750% \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	100.00%
6.750% \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	105.063%
6.750% \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	103.375%
6.750% \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	101.688%
6.750% \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100.00%
5.875%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%		5.875%
5.875% \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	100.00%
5.875% \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	102.938%
5.875% \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	101.958%
5.875% \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	100.979%
5.875% \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100.00%
7.250%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%	7.25%
7.250% \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	100.00%
7.250% \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	103.625%
7.250% \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	102.417%
7.250% \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	101.208%
7.250% \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100.00%

Owned Inventory - Narrative (Details)	3 Months Ended		9 Months Ended
Owned Inventory - Narrative (Details)	Jun. 30, 2023 USD ($) home	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) home	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) home
Inventory Disclosure [Abstract]
Number of homes under construction \| home	2,340		2,340		2,688
Number of homes under construction, spec homes \| home	720		720		887
Total, spec homes	$ 212,700,000		$ 212,700,000		$ 246,500,000
Number of homes under construction, in-process spec homes \| home	592		592		793
In-process spec homes	$ 159,700,000		$ 159,700,000		$ 208,700,000
Number of homes under construction, finished spec homes \| home	128		128		94
Finished spec homes	$ 53,000,000		$ 53,000,000		$ 37,800,000
Threshold number of homes below a minimum threshold of profitability \| home			10
Impairment of projects in process	0	$ 0	$ 0	$ 0
Total impairment charges on land held for sale	0	0	0	440,000
Fair value of impaired long-lived assets to be disposed of		300,000		300,000
Total abandonments charges	$ 315,000	$ 0	$ 616,000	$ 495,000

Earnings Per Share - Schedule of Earnings Per Share. Basic and Dilutive (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Income from continuing operations	$ 43,817	$ 54,312	$ 102,932	$ 133,885
Gain (loss) from discontinued operations, net of tax	0	12	(77)	(4)
Net income	$ 43,817	$ 54,324	$ 102,855	$ 133,881
Denominator:
Basic weighted-average shares (in shares)	30,395	30,512	30,335	30,480
Dilutive effect of restricted stock awards (in shares)	458	354	309	319
Dilutive effect of stock options (in shares)	7	6	5	7
Dilutive weighted-average shares (in shares)	30,860	30,872	30,649	30,806
Basic income per share:
Continuing operations (in USD per share)	$ 1.44	$ 1.78	$ 3.39	$ 4.39
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	1.44	1.78	3.39	4.39
Diluted income per share:
Continuing operations (in USD per share)	1.42	1.76	3.36	4.35
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	$ 1.42	$ 1.76	$ 3.36	$ 4.35

Operating Leases (Tables)

9 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease, Cost

For the three and nine months ended June 30, 2023 and 2022, operating lease expense and cash payments on lease liabilities were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2023		2022		2023		2022
Operating lease expense	$	963	$	986	$	2,920	$	2,964
Cash payments on lease liabilities	$	1,027	$	1,083	$	3,271	$	3,259

At June 30, 2023 and 2022, the weighted-average remaining lease term and discount rate were as follows:


	As of June 30,
	2023	2022
Weighted-average remaining lease term	7.2 years	4.4 years
Weighted-average discount rate	5.95%	4.45%

Lessee, Operating Lease, Liability, Maturity

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2023:


Fiscal Years Ending September 30,
in thousands
2023(a)	$	977
2024	3,836
2025	3,550
2026	2,924
2027	2,016
Thereafter	9,360
Total lease payments(b)	22,663
Less: imputed interest	4,998
Total operating lease liabilities	$	17,665

(a) Remaining lease payments are for the period beginning July 1, 2023 through September 30, 2023.

(b) Lease payments excludes $3.3 million of legally binding minimum lease payments for office leases signed but not yet commenced. The related ROU asset and operating lease liability are not reflected on the Company's condensed consolidated balance sheet as of June 30, 2023.

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value assets measured on a recurring and non-recurring basis

The following table presents the period-end balances of assets measured at fair value for each hierarchy level:



in thousands	Level 1		Level 2		Level 3		Total
As of June 30, 2023

Deferred compensation plan assets(a)	$	6,641	$	—	$	—	$	6,641


As of September 30, 2022
Deferred compensation plan assets(a)	$	—	$	3,179	$	—	$	3,179

(a) Amount is measured at fair value on a recurring basis and included in other assets within the condensed consolidated balance sheets.

Schedule of carrying values and estimated fair values of other financial assets and liabilities

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of June 30, 2023 and September 30, 2022:


	June 30, 2023				September 30, 2022
in thousands	Carrying Amount(a)		Fair Value		Carrying Amount(a)		Fair Value
Senior Notes(b)	$	907,308	$	887,167	$	911,170	$	753,338
Junior Subordinated Notes(c)	73,820		73,820		72,270		72,270
Total	$	981,128	$	960,987	$	983,440	$	825,608

(a) Carrying amounts are net of unamortized debt issuance costs or accretion.

(b) The estimated fair value for our publicly-held Senior Notes have been determined using quoted market rates (Level 2).

(c) Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (Level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 102,855	$ 133,881
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,440	9,101
Stock-based compensation expense	5,247	6,515
Inventory impairments and abandonments	616	935
Deferred and other income tax expense	15,466	29,683
Loss (gain) on disposal of fixed assets	1,178	(252)
Change in allowance for doubtful accounts	0	(6)
Loss on extinguishment of debt, net	533	78
Changes in operating assets and liabilities:
Decrease in accounts receivable	2,695	554
Decrease in income tax receivable	9,987	0
Increase in inventory	(1,228)	(351,424)
Increase in other assets	(5,346)	(4,614)
(Decrease) increase in trade accounts payable	(6,828)	12,473
Decrease in other liabilities	(37,783)	(1,428)
Net cash provided by (used in) operating activities	95,832	(164,504)
Cash flows from investing activities:
Capital expenditures	(14,122)	(11,192)
Proceeds from sale of fixed assets	143	257
Purchases of investment securities	(7,838)	0
Other	(2)	0
Net cash used in investing activities	(21,819)	(10,935)
Cash flows from financing activities:
Repayment of debt	(4,998)	(7,750)
Repayment of borrowings from credit facility	0	(80,000)
Borrowings from credit facility	0	80,000
Debt issuance costs	(2,575)	0
Repurchase of common stock	0	(2,527)
Tax payments for stock-based compensation awards	(2,615)	(6,631)
Stock option exercises	12	5
Net cash used in financing activities	(10,176)	(16,903)
Net increase (decrease) in cash, cash equivalents, and restricted cash	63,837	(192,342)
Cash, cash equivalents, and restricted cash at beginning of period	251,828	274,143
Cash, cash equivalents, and restricted cash at end of period	$ 315,665	$ 81,801

Borrowings

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

The Company's debt, net of unamortized debt issuance costs consisted of the following as of June 30, 2023 and September 30, 2022:


in thousands	Maturity Date	June 30, 2023		September 30, 2022

6.750% Senior Notes (2025 Notes)	March 2025	$	206,195	$	211,195
5.875% Senior Notes (2027 Notes)	October 2027	357,255		357,255
7.250% Senior Notes (2029 Notes)	October 2029	350,000		350,000


Unamortized debt issuance costs		(6,142)		(7,280)
Total Senior Notes, net		907,308		911,170
Junior Subordinated Notes (net of unamortized accretion of $26,953 and $28,503, respectively)	July 2036	73,820		72,270

Secured Revolving Credit Facility	February 2024(a)	N/A(c)		—
Senior Unsecured Revolving Credit Facility	October 2026(b)	—		N/A(c)
Total debt, net		$	981,128	$	983,440

(a) The Secured Revolving Credit Facility (Secured Facility) provided working capital and letter of credit capacity of $250.0 million and was scheduled to mature in February 2024; however, the Secured Facility was terminated early in October 2022 in conjunction with the Company entering into the Senior Unsecured Revolving Credit Facility. We recorded a loss on extinguishment of debt of $0.5 million during the nine months ended June 30, 2023 due to write-off of debt issuance costs related to the early termination of the Secured Facility. As of September 30, 2022, no borrowings were outstanding and $5.5 million letters of credit were outstanding under the Secured Facility, resulting in a remaining capacity of $244.5 million.

(b) The Senior Unsecured Revolving Credit Facility was entered into on October 13, 2022. Refer to below for further discussion.

Senior Unsecured Revolving Credit Facility

On October 13, 2022, the Company entered into a Senior Unsecured Revolving Credit Facility (Unsecured Facility), which replaced the Secured Facility. The Unsecured Facility provides working capital and letter of credit capacity of $265.0 million. The Company also will have the right from time to time to request to increase the size of the commitments under the Unsecured Facility by up to $135.0 million for a maximum of $400.0 million. The Unsecured Facility terminates on October 13, 2026 (Termination Date), and the Company may borrow, repay, and reborrow amounts under the Unsecured Facility until the Termination Date.

Obligations of the Company under the Unsecured Facility are jointly and severally guaranteed by certain of the Company’s existing and future direct and indirect subsidiaries, excluding, among others, certain specified unrestricted subsidiaries. For additional discussion of the Unsecured Facility, refer to Note 8 to the audited consolidated financial statements within our 2022 Annual Report.

As of June 30, 2023, no borrowings and no letters of credit were outstanding under the Unsecured Facility, resulting in a remaining capacity of $265.0 million. The Unsecured Facility requires compliance with certain covenants, including affirmative covenants, negative covenants and financial covenants. As of June 30, 2023, the Company believes it was in compliance with all such covenants.

Letter of Credit Facilities

The Company has entered into stand-alone letter of credit agreements with banks, secured with cash or certificates of deposit, to maintain pre-existing letters of credit and to provide for the issuance of new letters of credit (in addition to the letters of credit issued under the Secured Facility and the Unsecured Facility). As of June 30, 2023 and September 30, 2022, the Company had letters of credit outstanding under these additional facilities of $32.1 million and $29.7 million, respectively. The Company may enter into additional arrangements to provide additional letter of credit capacity.

Senior Notes

The Company's senior notes (Senior Notes) are unsecured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Senior Notes and are jointly and severally liable for obligations under the Senior Notes and the Unsecured Facility. Each guarantor subsidiary is a wholly owned subsidiary of Beazer Homes.

All unsecured Senior Notes rank equally in right of payment with all existing and future senior unsecured obligations, senior to all of the Company's existing and future subordinated indebtedness and effectively subordinated to the Company's existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness. The unsecured Senior Notes and related guarantees are structurally subordinated to all indebtedness and other liabilities of all of the Company's subsidiaries that do not guarantee these notes but are fully and unconditionally guaranteed jointly and severally on a senior basis by the Company's wholly-owned subsidiaries party to each applicable indenture.

The Company's Senior Notes are issued under indentures that contain certain restrictive covenants which, among other things, restrict our ability to pay dividends, repurchase our common stock, incur certain types of additional indebtedness, and make certain investments. Compliance with the Senior Note covenants does not significantly impact the Company's operations. The Company believes it was in compliance with the covenants contained in the indentures of all of its Senior Notes as of June 30, 2023.

During the three and nine months ended June 30, 2023, we repurchased $5.0 million of our outstanding 2025 Notes Senior Notes using cash on hand, resulting in a loss on extinguishment of debt of less than $0.1 million.

During the three months ended June 30, 2022, we repurchased $1.7 million of our outstanding 2025 Notes using cash on hand, resulting in a gain on extinguishment of debt of $0.1 million.

During the nine months ended June 30, 2022, we repurchased $6.0 million of our outstanding 2027 Notes and $1.7 million of

our outstanding 2025 Notes using cash on hand, resulting in a net loss on extinguishment of debt of $0.1 million.

For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:

Senior Note Description

Issuance Date

Maturity Date

Redemption Terms

6.750% Senior Notes

March 2017

March 2025

Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.

5.875% Senior Notes

October 2017

October 2027

Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.

7.250% Senior Notes

September 2019

October 2029

Callable at any time prior to October 15, 2024, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2024, callable at a redemption price equal to 103.625% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 102.417% of the principal amount; on or after October 15, 2026, callable at a redemption price equal to 101.208% of the principal amount; on or after October 15, 2027, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.

Junior Subordinated Notes

The Company's unsecured junior subordinated notes (Junior Subordinated Notes) mature on July 30, 2036 and have an aggregate principal balance of $100.8 million as of June 30, 2023. The securities have a floating interest rate as defined in the Junior Subordinated Notes Indentures, which was a weighted-average of 7.75% as of June 30, 2023. The obligations relating to these notes are subordinated to the Unsecured Facility and the Senior Notes. In January 2010, the Company restructured $75.0 million of these notes (Restructured Notes) and recorded them at their then estimated fair value. Over the remaining life of the Restructured Notes, we will increase their carrying value until this carrying value equals the face value of the notes. As of June 30, 2023, the unamortized accretion was $27.0 million and will be amortized over the remaining life of the Restructured Notes. The remaining $25.8 million of the Junior Subordinated Notes are subject to the terms of the original agreement, have a floating interest rate equal to three-month LIBOR plus 2.45% per annum, resetting quarterly, and are redeemable in whole or in part at par value. The material terms of the $75.0 million Restructured Notes are identical to the terms of the original agreement except that the floating interest rate is subject to a floor of 4.25% and a cap of 9.25%. In addition, beginning on June 1, 2012, the Company has the option to redeem the $75.0 million principal balance in whole or in part at 75% of par value; beginning on June 1, 2022, the redemption price increased by 1.785% annually. As of June 30, 2023, the Company believes it was in compliance with all covenants under the Junior Subordinated Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Borrowings (Tables)

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company's debt, net of unamortized debt issuance costs consisted of the following as of June 30, 2023 and September 30, 2022:


in thousands	Maturity Date	June 30, 2023		September 30, 2022

6.750% Senior Notes (2025 Notes)	March 2025	$	206,195	$	211,195
5.875% Senior Notes (2027 Notes)	October 2027	357,255		357,255
7.250% Senior Notes (2029 Notes)	October 2029	350,000		350,000


Unamortized debt issuance costs		(6,142)		(7,280)
Total Senior Notes, net		907,308		911,170
Junior Subordinated Notes (net of unamortized accretion of $26,953 and $28,503, respectively)	July 2036	73,820		72,270

Secured Revolving Credit Facility	February 2024(a)	N/A(c)		—
Senior Unsecured Revolving Credit Facility	October 2026(b)	—		N/A(c)
Total debt, net		$	981,128	$	983,440

(b) The Senior Unsecured Revolving Credit Facility was entered into on October 13, 2022. Refer to below for further discussion.

Debt Instrument Redemption

For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:

Senior Note Description

Issuance Date

Maturity Date

Redemption Terms

6.750% Senior Notes

March 2017

March 2025

5.875% Senior Notes

October 2017

October 2027

7.250% Senior Notes

September 2019

October 2029

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Interest - Schedule of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 113,886	$ 112,686	$ 109,088	$ 106,985
Interest incurred	18,027	18,728	53,891	55,292
Capitalized interest amortized to home construction and land sales expenses	(17,504)	(15,679)	(48,570)	(46,542)
Capitalized interest in inventory, end of period	$ 114,409	$ 115,735	$ 114,409	$ 115,735

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Expense from income taxes	$ 6,241	$ 13,150	$ 15,488	$ 29,685

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair Value Measurements

9 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows:

•Level 1 – Quoted prices in active markets for identical assets or liabilities;

•Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and

•Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability.

Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recoverable. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Note 4. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3.

Determining within which hierarchical level an asset or liability falls requires significant judgment. We evaluate our hierarchy disclosures each quarter. The following table presents the period-end balances of assets measured at fair value for each hierarchy level:



in thousands	Level 1		Level 2		Level 3		Total
As of June 30, 2023

Deferred compensation plan assets(a)	$	6,641	$	—	$	—	$	6,641


As of September 30, 2022
Deferred compensation plan assets(a)	$	—	$	3,179	$	—	$	3,179

(a) Amount is measured at fair value on a recurring basis and included in other assets within the condensed consolidated balance sheets.

The fair value of cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, other liabilities, and amounts due under the Unsecured Facility (if outstanding) approximate their carrying amounts due to the short maturity of these assets and liabilities. When outstanding, obligations related to land not owned under option agreements approximate fair value.

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of June 30, 2023 and September 30, 2022:


	June 30, 2023				September 30, 2022
in thousands	Carrying Amount(a)		Fair Value		Carrying Amount(a)		Fair Value
Senior Notes(b)	$	907,308	$	887,167	$	911,170	$	753,338
Junior Subordinated Notes(c)	73,820		73,820		72,270		72,270
Total	$	981,128	$	960,987	$	983,440	$	825,608

(a) Carrying amounts are net of unamortized debt issuance costs or accretion.

(b) The estimated fair value for our publicly-held Senior Notes have been determined using quoted market rates (Level 2).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 6,641	$ 3,179
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	6,641	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	3,179
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Accrued compensations and benefits	$ 36,897		$ 57,781
Customer deposits	32,852		34,270
Accrued interest	15,020		22,723
Warranty reserve	13,266	$ 13,073	13,926	$ 13,020	$ 12,681	$ 12,931
Litigation accruals	8,231		9,832
Income tax liabilities	120		320
Other	31,821		35,536
Total	$ 138,207		$ 174,388

Borrowings - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
Borrowings - Narrative (Details) - USD ($)	Jun. 01, 2022	Jun. 01, 2012	Jan. 31, 2010	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Oct. 31, 2022	Oct. 13, 2022	Sep. 30, 2022
Line of Credit Facility [Abstract]
Loss on extinguishment of debt, net				$ 18,000	$ (86,000)	$ 533,000	$ 78,000
Senior Notes
Line of Credit Facility [Abstract]
Extinguishment of debt				5,000,000
Loss on extinguishment of debt, net				100,000			100,000
Senior Notes \| 6.750%
Line of Credit Facility [Abstract]
Extinguishment of debt					1,700,000		1,700,000
Loss on extinguishment of debt, net					$ 100,000
Senior Notes \| 5.875%
Line of Credit Facility [Abstract]
Extinguishment of debt							$ 6,000,000
Junior Subordinated Notes
Junior Subordinated Notes [Abstract]
Aggregate principle balance of notes				$ 100,800,000		$ 100,800,000
Weighted average fixed interest rate of debt				7.75%		7.75%
Unamortized accretion				$ 26,953,000		$ 26,953,000				$ 28,503,000
Junior Subordinated Debt, Modified Terms
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt			$ 75,000,000
Redemption price percentage		75.00%
Annual increase of percentage of principal amount redeemable	1.785%
Junior Subordinated Debt, Modified Terms \| LIBOR
Junior Subordinated Notes [Abstract]
Variable rate floor			4.25%
Variable rate cap			9.25%
Junior Subordinated Debt, Original Terms
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt				25,800,000		25,800,000
Junior Subordinated Debt, Original Terms \| LIBOR
Junior Subordinated Notes [Abstract]
Basis spread on variable rate			2.45%
Secured Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity								$ 250,000,000	$ 265,000,000
Credit facility, available increase in borrowing capacity									135,000,000
Secured Revolving Credit Facility				0		0				0
Letters of credit secured using cash collateral				0		0				5,500,000
Amount of available borrowings under the secured revolving credit facility				265,000,000		265,000,000				244,500,000
Loss on extinguishment of debt, net						500,000
Secured Revolving Credit Facility \| Maximum
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity									$ 400,000,000
Letter of Credit
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral				$ 32,100,000		$ 32,100,000				$ 29,700,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Total revenue	$ 572,544	$ 526,666	$ 1,561,380	$ 1,489,321
Home construction and land sales expenses	455,485	394,201	1,255,356	1,138,771
Inventory impairments and abandonments	315	0	616	935
Gross profit	116,744	132,465	305,408	349,615
Commissions	19,473	16,277	51,883	48,668
General and administrative expenses	46,464	45,760	129,891	129,057
Depreciation and amortization	2,907	3,189	8,440	9,101
Operating income	47,900	67,239	115,194	162,789
(Loss) gain on extinguishment of debt, net	(18)	86	(533)	(78)
Other income, net	2,176	137	3,759	859
Income from continuing operations before income taxes	50,058	67,462	118,420	163,570
Expense from income taxes	6,241	13,150	15,488	29,685
Income from continuing operations	43,817	54,312	102,932	133,885
Gain (loss) from discontinued operations, net of tax	0	12	(77)	(4)
Net income	$ 43,817	$ 54,324	$ 102,855	$ 133,881
Weighted-average number of shares:
Basic (in shares)	30,395	30,512	30,335	30,480
Diluted (in shares)	30,860	30,872	30,649	30,806
Basic income per share:
Continuing operations (in USD per share)	$ 1.44	$ 1.78	$ 3.39	$ 4.39
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	1.44	1.78	3.39	4.39
Diluted income per share:
Continuing operations (in USD per share)	1.42	1.76	3.36	4.35
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	$ 1.42	$ 1.76	$ 3.36	$ 4.35

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited condensed consolidated financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2022 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements. The results of the Company's consolidated operations presented herein for the three and nine months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year due to seasonal variations in our operations and other factors.

Basis of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income is equivalent to our comprehensive income, so we have not presented a separate statement of comprehensive income.

In the past, we have discontinued homebuilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented.

Our fiscal year 2023 began on October 1, 2022 and ends on September 30, 2023. Our fiscal year 2022 began on October 1, 2021 and ended on September 30, 2022.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.

Share Repurchase Program

In May 2022, the Company's Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. This share repurchase program replaced the prior share repurchase program, authorized in the first quarter of fiscal 2019 of up to $50.0 million of common stock repurchases, pursuant to which $12.0 million of the capacity remained prior to the replacement of the program. No share repurchases were made during the three and nine months ended June 30, 2023. As of June 30, 2023, the remaining availability of the new share repurchase program was $41.8 million. The repurchase program has no expiration date. Previously repurchased shares under the program have been retired.

Revenue Recognition

We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the process specified in ASC Topic 606, Revenue from Contracts with Customers.

The following table presents our total revenue disaggregated by revenue stream:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Homebuilding revenue	$	570,535	$	523,229	$	1,556,626	$	1,477,166
Land sales and other revenue	2,009		3,437		4,754		12,155
Total revenue(a)	$	572,544	$	526,666	$	1,561,380	$	1,489,321

(a) Please see Note 14 for total revenue disaggregated by reportable segment.

Homebuilding revenue

Homebuilding revenue is reported net of discounts and is generally recognized when title to and possession of the home is transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $32.9 million and $34.3 million as of June 30, 2023 and September 30, 2022, respectively. Of the customer liabilities outstanding as of September 30, 2022, $6.2 million and $28.4 million was recognized in revenue during the three and nine months ended June 30, 2023 upon closing of the related homes.

Land sales and other revenue

Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized when closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed.

Recent Accounting Pronouncements

Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and all entities may elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. The Company is currently evaluating the impact of these accounting standards updates but does not expect that the adoption of ASU 2020-04 and ASU 2022-06 will have a material impact on our consolidated financial statements and related disclosures.

Description of Business (Details)	Jun. 30, 2023 state region
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which home building segments operate \| state	13
Number of regions in which entity operates \| region	3

Owned Inventory

9 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Owned Inventory

The components of our owned inventory are as follows as of June 30, 2023 and September 30, 2022:


in thousands	June 30, 2023		September 30, 2022
Homes under construction	$	719,231	$	785,742
Land under development	785,752		731,190
Land held for future development	19,879		19,879
Land held for sale	16,764		15,674
Capitalized interest	114,409		109,088
Model homes	85,616		76,292
Total owned inventory	$	1,741,651	$	1,737,865

Homes under construction include homes substantially finished and ready for delivery and homes in various stages of construction, including costs of the underlying lot, direct construction costs and capitalized indirect costs. As of June 30, 2023, we had 2,340 homes under construction, including 720 spec homes totaling $212.7 million (592 in-process spec homes totaling $159.7 million, and 128 finished spec homes totaling $53.0 million). As of September 30, 2022, we had 2,688 homes under construction, including 887 spec homes totaling $246.5 million (793 in-process spec units totaling $208.7 million, and 94 finished spec units totaling $37.8 million).

Land under development consists principally of land acquisition, land development and other common costs. These land related costs are allocated to individual lots on a pro-rata basis, and the lot costs are transferred to homes under construction when home construction begins for the respective lots. Certain of the fully developed lots in this category are reserved by a customer deposit or sales contract.

Land held for future development consists of communities for which construction and development activities are expected to occur in the future or have been idled and are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. All applicable carrying costs, such as interest and real estate taxes, are expensed as incurred.

Land held for sale includes land and lots that do not fit within our homebuilding programs and strategic plans in certain markets, and land is classified as held for sale once certain criteria are met (refer to Note 2 to the audited consolidated financial statements within our 2022 Annual Report). These assets are recorded at the lower of the carrying value or fair value less costs to sell (net realizable value).

The amount of interest we are able to capitalize depends on our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and land under development but excludes land held for future development and land held for sale (see Note 5 for additional information on capitalized interest).

Total owned inventory by reportable segment is presented in the table below as of June 30, 2023 and September 30, 2022:


in thousands	Projects in Progress(a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
June 30, 2023
West	$	889,585	$	3,483	$	16,088	$	909,156
East	339,573		10,888		—		350,461
Southeast	293,706		5,508		676		299,890
Corporate and unallocated(b)	182,144		—		—		182,144
Total	$	1,705,008	$	19,879	$	16,764	$	1,741,651
September 30, 2022
West	$	934,309	$	3,483	$	14,998	$	952,790
East	313,613		10,888		—		324,501
Southeast	284,424		5,508		676		290,608
Corporate and unallocated(b)	169,966		—		—		169,966
Total	$	1,702,312	$	19,879	$	15,674	$	1,737,865

(a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table.

(b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment.

Inventory Impairments

Inventory assets are assessed for recoverability periodically in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2022 Annual Report.

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:



	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2023		2022		2023		2022






Land Held for Sale:
West	$	—	$	—	$	—	$	440



Total impairment charges on land held for sale	$	—	$	—	$	—	$	440
Abandonments:
West	$	315	$	—	$	462	$	12
East	—		—		154		—
Southeast	—		—		—		483

Total abandonments charges	$	315	$	—	$	616	$	495






Total impairments and abandonment charges	$	315	$	—	$	616	$	935

Projects in Progress Impairments

Projects in progress inventory includes homes under construction and land under development grouped together as communities. Projects in progress are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable.

We assess our projects in progress inventory for indicators of impairment at the community level on a quarterly basis. If indicators of impairment are present for a community with more than ten homes remaining to close, we perform a recoverability test by comparing the expected undiscounted cash flows for the community to its carrying value. If the aggregate undiscounted cash flows are in excess of the carrying value, the asset is considered to be recoverable and is not impaired. If the carrying value exceeds the aggregate undiscounted cash flows, we perform a discounted cash flow analysis to determine the fair value of the community, and impairment charges are recorded if the fair value of the community's inventory is less than its carrying value.

No project in progress impairments were recognized during the three and nine months ended June 30, 2023 and 2022, respectively.

Land Held for Sale Impairments

We evaluate the net realizable value (fair value less cost to sell) of a land held for sale asset when indicators of impairment are present. Impairments on land held for sale generally represent write downs of these properties to net realizable value based on sales contracts, letters of intent, current market conditions, and recent comparable land sale transactions, as applicable. Absent an executed sales contract, our assumptions related to land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions, and our estimates of sale prices could differ significantly from actual results.

No land held for sale impairments were recognized during the three and nine months ended June 30, 2023. No land held for sale impairments were recognized during the three months ended June 30, 2022. We recognized $0.4 million land held for sale impairments during the nine months ended June 30, 2022. The fair value of land held for sale inventory is measured on a non-recurring basis and has been determined using unobservable inputs (Level 3). The impairment-date fair value of land held for sale assets that were impaired during the nine months ended June 30, 2022 was $0.3 million. Refer to Note 9 for further discussion on fair value measurements and fair value hierarchy.

Abandonments

From time-to-time, we may determine to abandon lots or not exercise certain option agreements that are not projected to produce adequate results or no longer fit with our long-term strategic plan. Additionally, in certain limited instances, we are forced to abandon lots due to seller non-performance, or permitting or other regulatory issues that do not allow us to build on those lots. If we intend to abandon or walk away from a property, we record an abandonment charge to earnings for the deposit amount and any related capitalized costs in the period such decision is made.

We recognized $0.3 million and $0.6 million abandonment charges during the three and nine months ended June 30, 2023, respectively. No abandonment charges were recognized during the three months ended June 30, 2022. We recognized $0.5 million abandonment charges during the nine months ended June 30, 2022.

Lot Option Agreements

In addition to purchasing land directly, we utilize lot option agreements that enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. The majority of our lot option agreements require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period at a specified price. Purchase of the properties under these agreements is contingent upon satisfaction of certain requirements by us and the sellers. Under lot option agreements, our liability is generally limited to forfeiture of the non-refundable deposits, letters of credit or surety bonds, and other non-refundable amounts incurred. If the Company cancels a lot option agreement, it would result in a write-off of the related deposits and pre-acquisition costs, but would not expose the Company to the overall risks or losses of the applicable entity we are purchasing from. We expect to exercise, subject to market conditions and seller satisfaction of contract terms, most of our remaining option agreements. Various factors, some of which are beyond our control, such as market conditions, weather conditions, and the timing of the completion of development activities, will have a significant impact on the timing of option exercises or whether lot options will be exercised at all.

The following table provides a summary of our interests in lot option agreements as of June 30, 2023 and September 30, 2022:


	June 30, 2023		September 30, 2022
in thousands


Deposits and non-refundable pre-acquisition costs incurred(a)	$	144,746	$	142,433

Remaining purchase price if lot option agreements are exercised	$	747,900	$	827,600

(a) Amount is included as a component of land under development within our owned inventory in the condensed consolidated balance sheets.

Owned Inventory (Tables)

9 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of inventory

The components of our owned inventory are as follows as of June 30, 2023 and September 30, 2022:


in thousands	June 30, 2023		September 30, 2022
Homes under construction	$	719,231	$	785,742
Land under development	785,752		731,190
Land held for future development	19,879		19,879
Land held for sale	16,764		15,674
Capitalized interest	114,409		109,088
Model homes	85,616		76,292
Total owned inventory	$	1,741,651	$	1,737,865

Schedule of total owned inventory, by segment

Total owned inventory by reportable segment is presented in the table below as of June 30, 2023 and September 30, 2022:


in thousands	Projects in Progress(a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
June 30, 2023
West	$	889,585	$	3,483	$	16,088	$	909,156
East	339,573		10,888		—		350,461
Southeast	293,706		5,508		676		299,890
Corporate and unallocated(b)	182,144		—		—		182,144
Total	$	1,705,008	$	19,879	$	16,764	$	1,741,651
September 30, 2022
West	$	934,309	$	3,483	$	14,998	$	952,790
East	313,613		10,888		—		324,501
Southeast	284,424		5,508		676		290,608
Corporate and unallocated(b)	169,966		—		—		169,966
Total	$	1,702,312	$	19,879	$	15,674	$	1,737,865

(a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table.(b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment.

Schedule of inventory impairments and abandonment charges, by reportable segment

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:



	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2023		2022		2023		2022






Land Held for Sale:
West	$	—	$	—	$	—	$	440



Total impairment charges on land held for sale	$	—	$	—	$	—	$	440
Abandonments:
West	$	315	$	—	$	462	$	12
East	—		—		154		—
Southeast	—		—		—		483

Total abandonments charges	$	315	$	—	$	616	$	495






Total impairments and abandonment charges	$	315	$	—	$	616	$	935

Summary of interests in lot option agreements

The following table provides a summary of our interests in lot option agreements as of June 30, 2023 and September 30, 2022:


	June 30, 2023		September 30, 2022
in thousands


Deposits and non-refundable pre-acquisition costs incurred(a)	$	144,746	$	142,433

Remaining purchase price if lot option agreements are exercised	$	747,900	$	827,600

(a) Amount is included as a component of land under development within our owned inventory in the condensed consolidated balance sheets.

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 981,128	$ 983,440
Carrying Amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	907,308	911,170
Carrying Amount \| Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	73,820	72,270
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	960,987	825,608
Fair Value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	887,167	753,338
Fair Value \| Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 73,820	$ 72,270

Stock-based Compensation

9 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations. Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three and nine months ended June 30, 2023 and 2022, respectively.


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Stock-based compensation expense	$	1,989	$	1,983	$	5,247	$	6,515

Stock Options

Following is a summary of stock option activity for the nine months ended June 30, 2023:


	Nine Months Ended June 30, 2023
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	27,507	$	14.31

Exercised	(1,576)	7.66

Forfeited	(236)	16.58
Outstanding at end of period	25,695	$	14.70
Exercisable at end of period	25,695	$	14.70

As of June 30, 2023, there was no remaining unrecognized compensation costs related to unvested stock options.

Restricted Stock Awards

During the nine months ended June 30, 2023, the Company issued time-based and performance-based restricted stock awards. The time-based restricted shares granted to our non-employee directors vest on the first anniversary of the grant, while the time-based restricted shares granted to our executive officers and other employees generally vest ratably over two to three years from the date of grant. Performance-based restricted share awards vest subject to the achievement of performance and market conditions over a three-year performance period.

Following is a summary of restricted stock activity for the nine months ended June 30, 2023:


	Nine Months Ended June 30, 2023
	Performance-Based Restricted Shares	Time-Based Restricted Shares	Total Restricted Shares
Beginning of period	436,146	412,042	848,188
Granted (a)	249,534	425,398	674,932
Vested	(334,736)	(234,218)	(568,954)
Forfeited	(2,721)	(9,388)	(12,109)
End of period	348,223	593,834	942,057

(a) Each of our performance shares represent a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three-year performance period. Our performance stock award plans provide that any performance shares earned in excess of the target number of performance shares issued may be settled in cash or additional shares at the discretion of the Compensation Committee. In November 2022, we issued 92,104 shares earned above target level based on the performance level achieved under the fiscal 2020 performance-based award plan.

As of June 30, 2023 and September 30, 2022, total unrecognized compensation costs related to unvested restricted stock awards was $8.4 million and $7.3 million, respectively. The costs remaining as of June 30, 2023 are expected to be recognized over a weighted average period of 1.79 years.

Operating Leases

9 Months Ended

Jun. 30, 2023

Leases [Abstract]

Operating Leases

The Company leases certain office space and equipment under operating leases for use in our operations. We recognize operating lease expense on a straight-line basis over the lease term. Certain of our lease agreements include one or more options to renew. The exercise of lease renewal options is generally at our discretion. Variable lease expense primarily relates to maintenance and other monthly expenses that do not depend on an index or rate.

We determine if an arrangement is a lease at contract inception. Lease and non-lease components are accounted for as a single component for all leases. Operating lease right to use (ROU) assets and liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the expected lease term, which includes optional renewal periods if we determine it is reasonably certain that the option will be exercised. As our leases do not provide an implicit rate, the discount rate used in the present value calculation represents our incremental borrowing rate determined using information available at the commencement date.

Operating lease expense is included as a component of general and administrative expenses in our condensed consolidated statements of operations. Sublease income and variable lease expenses are de minimis. For the three and nine months ended June 30, 2023 and 2022, operating lease expense and cash payments on lease liabilities were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2023		2022		2023		2022
Operating lease expense	$	963	$	986	$	2,920	$	2,964
Cash payments on lease liabilities	$	1,027	$	1,083	$	3,271	$	3,259

At June 30, 2023 and 2022, the weighted-average remaining lease term and discount rate were as follows:


	As of June 30,
	2023	2022
Weighted-average remaining lease term	7.2 years	4.4 years
Weighted-average discount rate	5.95%	4.45%

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2023:


Fiscal Years Ending September 30,
in thousands
2023(a)	$	977
2024	3,836
2025	3,550
2026	2,924
2027	2,016
Thereafter	9,360
Total lease payments(b)	22,663
Less: imputed interest	4,998
Total operating lease liabilities	$	17,665

(a) Remaining lease payments are for the period beginning July 1, 2023 through September 30, 2023.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
ASSETS
Allowances for accounts receivable	$ 284	$ 284
LIABILITIES AND STOCKHOLDERS’ EQUITY
Unamortized debt issuance expense	$ 6,142	$ 7,280
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	63,000,000	63,000,000
Common stock issued (in shares)	31,339,214	30,880,138
Common stock outstanding (in shares)	31,339,214	30,880,138

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income is equivalent to our comprehensive income, so we have not presented a separate statement of comprehensive income. In the past, we have discontinued homebuilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented. Our fiscal year 2023 began on October 1, 2022 and ends on September 30, 2023. Our fiscal year 2022 began on October 1, 2021 and ended on September 30, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.
Share Repurchase Program	Share Repurchase ProgramIn May 2022, the Company's Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. This share repurchase program replaced the prior share repurchase program, authorized in the first quarter of fiscal 2019 of up to $50.0 million of common stock repurchases, pursuant to which $12.0 million of the capacity remained prior to the replacement of the program. No share repurchases were made during the three and nine months ended June 30, 2023. As of June 30, 2023, the remaining availability of the new share repurchase program was $41.8 million. The repurchase program has no expiration date. Previously repurchased shares under the program have been retired.
Revenue Recognition	Revenue Recognition We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the process specified in ASC Topic 606, Revenue from Contracts with Customers. Homebuilding revenue Homebuilding revenue is reported net of discounts and is generally recognized when title to and possession of the home is transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $32.9 million and $34.3 million as of June 30, 2023 and September 30, 2022, respectively. Of the customer liabilities outstanding as of September 30, 2022, $6.2 million and $28.4 million was recognized in revenue during the three and nine months ended June 30, 2023 upon closing of the related homes. Land sales and other revenue Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized when closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and all entities may elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. The Company is currently evaluating the impact of these accounting standards updates but does not expect that the adoption of ASU 2020-04 and ASU 2022-06 will have a material impact on our consolidated financial statements and related disclosures.
Fair Value Measurements	As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows: •Level 1 – Quoted prices in active markets for identical assets or liabilities; •Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and •Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability. Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recoverable. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Note 4. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Owned Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Homes under construction	$ 719,231		$ 785,742
Land under development	785,752		731,190
Land held for future development	19,879		19,879
Land held for sale	16,764		15,674
Capitalized interest	114,409	$ 113,886	109,088	$ 115,735	$ 112,686	$ 106,985
Model homes	85,616		76,292
Total owned inventory	$ 1,741,651		$ 1,737,865

Interest

9 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

Interest

Interest capitalized during the three and nine months ended June 30, 2023 and 2022 was based upon the balance of inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2023		2022		2023		2022
Capitalized interest in inventory, beginning of period	$	113,886	$	112,686	$	109,088	$	106,985
Interest incurred	18,027		18,728		53,891		55,292


Capitalized interest amortized to home construction and land sales expenses(a)	(17,504)		(15,679)		(48,570)		(46,542)
Capitalized interest in inventory, end of period	$	114,409	$	115,735	$	114,409	$	115,735

(a) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Other Liabilities

9 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities include the following as of June 30, 2023 and September 30, 2022:


in thousands	June 30, 2023		September 30, 2022
Accrued compensations and benefits	36,897		$	57,781
Customer deposits	32,852		34,270
Accrued interest	15,020		22,723
Warranty reserve	13,266		13,926
Litigation accruals	8,231		9,832
Income tax liabilities	120		320
Other	31,821		35,536
Total	$	138,207	$	174,388

Supplemental Cash Flow Information (Tables)

9 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental disclosure of non-cash activity


	Nine Months Ended
	June 30,
in thousands	2023		2022
Supplemental disclosure of non-cash activity:











Increase in operating lease right-of-use assets(a)	$	8,814	$	811
Increase in operating lease liabilities(a)	9,262		811
Derecognition of investment in unconsolidated entities (b)	$	—	$	3,641
Supplemental disclosure of cash activity:
Interest payments	$	58,405	$	60,052
Income tax payments	1,450		3,783
Tax refunds received	9,987		—
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	276,125	$	42,039
Restricted cash	39,540		39,762
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	315,665	$	81,801

(a) Represents leases renewed or additional leases commenced during the nine months ended June 30, 2023 and 2022.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 43,817	$ 54,324	$ 102,855	$ 133,881

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 572,544	$ 526,666	$ 1,561,380	$ 1,489,321
Customer deposits	32,852		32,852		$ 34,270
Contract with customer, liability, revenue recognized	6,200		28,400
Homebuilding revenue
Disaggregation of Revenue [Line Items]
Total revenue	570,535	523,229	1,556,626	1,477,166
Land sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,009	$ 3,437	$ 4,754	$ 12,155

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stock-based Compensation (Tables)

9 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense

Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three and nine months ended June 30, 2023 and 2022, respectively.


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Stock-based compensation expense	$	1,989	$	1,983	$	5,247	$	6,515

Schedule of stock options outstanding

Following is a summary of stock option activity for the nine months ended June 30, 2023:


	Nine Months Ended June 30, 2023
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	27,507	$	14.31

Exercised	(1,576)	7.66

Forfeited	(236)	16.58
Outstanding at end of period	25,695	$	14.70
Exercisable at end of period	25,695	$	14.70

Schedule of nonvested stock awards activity

Following is a summary of restricted stock activity for the nine months ended June 30, 2023:


	Nine Months Ended June 30, 2023
	Performance-Based Restricted Shares	Time-Based Restricted Shares	Total Restricted Shares
Beginning of period	436,146	412,042	848,188
Granted (a)	249,534	425,398	674,932
Vested	(334,736)	(234,218)	(568,954)
Forfeited	(2,721)	(9,388)	(12,109)
End of period	348,223	593,834	942,057

Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) $ in Millions	Jun. 30, 2023	May 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Authorized amount repurchase of common stock		$ 50.0
Remaining authorized repurchase amount	$ 41.8		$ 12.0

Owned Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Projects in progress	$ 1,705,008	$ 1,702,312
Land held for future development	19,879	19,879
Land held for sale	16,764	15,674
Total owned inventory	1,741,651	1,737,865
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in progress	182,144	169,966
Land held for future development	0	0
Land held for sale	0	0
Total owned inventory	182,144	169,966
West \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	889,585	934,309
Land held for future development	3,483	3,483
Land held for sale	16,088	14,998
Total owned inventory	909,156	952,790
East \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	339,573	313,613
Land held for future development	10,888	10,888
Land held for sale	0	0
Total owned inventory	350,461	324,501
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	293,706	284,424
Land held for future development	5,508	5,508
Land held for sale	676	676
Total owned inventory	$ 299,890	$ 290,608

Earnings Per Share

9 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income (loss) per share adjusts the basic income (loss) per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method.

Following is a summary of the components of basic and diluted income per share for the periods presented:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands (except per share data)	2023		2022		2023		2022
Numerator:
Income from continuing operations	$	43,817	$	54,312	$	102,932	$	133,885
Gain (loss) from discontinued operations, net of tax	—		12		(77)		(4)
Net income	$	43,817	$	54,324	$	102,855	$	133,881

Denominator:
Basic weighted-average shares	30,395		30,512		30,335		30,480
Dilutive effect of restricted stock awards	458		354		309		319
Dilutive effect of stock options	7		6		5		7
Diluted weighted-average shares(a)	30,860		30,872		30,649		30,806

Basic income per share:
Continuing operations	$	1.44	$	1.78	$	3.39	$	4.39
Discontinued operations	—		—		—		—
Total	$	1.44	$	1.78	$	3.39	$	4.39

Diluted income per share:
Continuing operations	$	1.42	$	1.76	$	3.36	$	4.35
Discontinued operations	—		—		—		—
Total	$	1.42	$	1.76	$	3.36	$	4.35

(a) The following potentially dilutive shares were excluded from the calculation of diluted income per share as a result of their anti-dilutive effect.


	Three Months Ended June 30,		Nine Months Ended June 30,
in thousands	2023	2022	2023	2022
Stock options	13	13	14	25
Time-based restricted stock	—	187	128	—

Stock-based Compensation - Restricted Stock Awards (Details) - shares	1 Months Ended	9 Months Ended
	Nov. 30, 2022	Jun. 30, 2023
Total Restricted Shares
Shares
Beginning of period (in shares)		848,188
Granted (in shares)		674,932
Vested (in shares)		(568,954)
Forfeited (in shares)		(12,109)
End of period (in shares)		942,057
Performance-Based Restricted Shares
Shares
Beginning of period (in shares)		436,146
Granted (in shares)		249,534
Vested (in shares)		(334,736)
Forfeited (in shares)		(2,721)
End of period (in shares)		348,223
Award vesting period		3 years
Performance based restricted stock settled in cash payment (in shares)	92,104
Time-based restricted stock
Shares
Beginning of period (in shares)		412,042
Granted (in shares)		425,398
Vested (in shares)		(234,218)
Forfeited (in shares)		(9,388)
End of period (in shares)		593,834

Operating Leases - Lease Expense and Cash Payments & Weighted-Average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 963	$ 986	$ 2,920	$ 2,964
Cash payments on lease liabilities	$ 1,027	$ 1,083	$ 3,271	$ 3,259
Weighted-average remaining lease term	7 years 2 months 12 days	4 years 4 months 24 days	7 years 2 months 12 days	4 years 4 months 24 days
Weighted-average discount rate	5.95%	4.45%	5.95%	4.45%

Owned Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated Entities - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Real Estate Properties [Line Items]
Deposits and non-refundable pre-acquisition costs incurred	$ 144,746	$ 142,433
Remaining purchase price if lot option agreements are exercised	$ 747,900	$ 827,600

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	13	13	14	25
Time-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	0	187	128	0

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Following is a summary of the components of basic and diluted income per share for the periods presented:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands (except per share data)	2023		2022		2023		2022
Numerator:
Income from continuing operations	$	43,817	$	54,312	$	102,932	$	133,885
Gain (loss) from discontinued operations, net of tax	—		12		(77)		(4)
Net income	$	43,817	$	54,324	$	102,855	$	133,881

Denominator:
Basic weighted-average shares	30,395		30,512		30,335		30,480
Dilutive effect of restricted stock awards	458		354		309		319
Dilutive effect of stock options	7		6		5		7
Diluted weighted-average shares(a)	30,860		30,872		30,649		30,806

Basic income per share:
Continuing operations	$	1.44	$	1.78	$	3.39	$	4.39
Discontinued operations	—		—		—		—
Total	$	1.44	$	1.78	$	3.39	$	4.39

Diluted income per share:
Continuing operations	$	1.42	$	1.76	$	3.36	$	4.35
Discontinued operations	—		—		—		—
Total	$	1.42	$	1.76	$	3.36	$	4.35

(a) The following potentially dilutive shares were excluded from the calculation of diluted income per share as a result of their anti-dilutive effect.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Nine Months Ended June 30,
in thousands	2023	2022	2023	2022
Stock options	13	13	14	25
Time-based restricted stock	—	187	128	—

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents our total revenue disaggregated by revenue stream:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Homebuilding revenue	$	570,535	$	523,229	$	1,556,626	$	1,477,166
Land sales and other revenue	2,009		3,437		4,754		12,155
Total revenue(a)	$	572,544	$	526,666	$	1,561,380	$	1,489,321

(a) Please see Note 14 for total revenue disaggregated by reportable segment.

Contingencies - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Contingencies - Warranty (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Standard product warranty length, minimum			1 year
Standard product warranty length, maximum			2 years
Limited product warranty length (up to)			10 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 13,073	$ 12,681	$ 13,926	$ 12,931
Accruals for warranties issued	3,298	2,842	8,783	8,025
Changes in liability related to warranties existing in prior periods	(134)	536	(1,681)	558
Payments made	(2,971)	(3,039)	(7,762)	(8,494)
Balance at end of period	$ 13,266	$ 13,020	$ 13,266	$ 13,020

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Time-based restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Time-based restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Nonvested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock awards	$ 8.4	$ 7.3
Weighted average period to recognize remaining cost	1 year 9 months 14 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Sep. 30, 2021		31,294
Beginning balance at Sep. 30, 2021	$ 724,884	$ 31	$ 866,158	$ (141,305)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	133,881			133,881
Net comprehensive income	133,881			133,881
Stock-based compensation expense	6,515		6,515
Stock option exercises (in shares)		1
Stock option exercises	5		5
Shares issued under employee stock plans, net (in shares)		518
Forfeiture and other settlements of restricted stock (in shares)		(55)
Common stock redeemed for tax liability (in shares)		(308)
Common stock redeemed for tax liability	(6,631)		(6,631)
Share repurchases (in shares)		(175)
Share repurchases	(2,527)		(2,527)
Ending balance (in shares) at Jun. 30, 2022		31,275
Ending balance at Jun. 30, 2022	856,127	$ 31	863,520	(7,424)
Beginning balance (in shares) at Mar. 31, 2022		31,458
Beginning balance at Mar. 31, 2022	802,357	$ 31	864,074	(61,748)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,324			54,324
Net comprehensive income	54,324			54,324
Stock-based compensation expense	1,983		1,983
Stock option exercises	1		1
Shares issued under employee stock plans, net (in shares)		1
Forfeiture and other settlements of restricted stock (in shares)		(8)
Common stock redeemed for tax liability (in shares)		(1)
Common stock redeemed for tax liability	(11)		(11)
Share repurchases (in shares)		(175)
Share repurchases	(2,527)		(2,527)
Ending balance (in shares) at Jun. 30, 2022		31,275
Ending balance at Jun. 30, 2022	856,127	$ 31	863,520	(7,424)
Beginning balance (in shares) at Sep. 30, 2022		30,880
Beginning balance at Sep. 30, 2022	939,286	$ 31	859,856	79,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	102,855			102,855
Net comprehensive income	102,855			102,855
Stock-based compensation expense	5,247		5,247
Stock option exercises (in shares)		2
Stock option exercises	12		12
Shares issued under employee stock plans, net (in shares)		675
Forfeiture and other settlements of restricted stock (in shares)		(12)
Common stock redeemed for tax liability (in shares)		(206)
Common stock redeemed for tax liability	(2,615)		(2,615)
Ending balance (in shares) at Jun. 30, 2023		31,339
Ending balance at Jun. 30, 2023	1,044,785	$ 31	862,500	182,254
Beginning balance (in shares) at Mar. 31, 2023		31,347
Beginning balance at Mar. 31, 2023	998,985	$ 31	860,517	138,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,817			43,817
Net comprehensive income	43,817			43,817
Stock-based compensation expense	1,989		1,989
Stock option exercises (in shares)		2
Stock option exercises	12		12
Forfeiture and other settlements of restricted stock (in shares)		(9)
Common stock redeemed for tax liability (in shares)		(1)
Common stock redeemed for tax liability	(18)		(18)
Ending balance (in shares) at Jun. 30, 2023		31,339
Ending balance at Jun. 30, 2023	$ 1,044,785	$ 31	$ 862,500	$ 182,254

Income Taxes	9 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The Company's income tax provision for quarterly interim periods is based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. We recognized income tax expense from continuing operations of $6.2 million and $15.5 million for the three and nine months ended June 30, 2023, compared to $13.2 million and $29.7 million for the three and nine months ended June 30, 2022. Income tax expense for the nine months ended June 30, 2023 was primarily driven by income tax expense on earnings from continuing operations, permanent differences and the discrete tax expense related to stock-based compensation activity in the period, partially offset by the generation of additional federal tax credits and interest received with the refund of our alternative minimum tax credit. Income tax expense for the nine months ended June 30, 2022 was primarily driven by income tax expense on earnings from continuing operations and permanent differences, partially offset by the generation of additional federal tax credits and the discrete tax benefit related to stock-based compensation activity in the period. Deferred Tax Assets and Liabilities The Company continues to evaluate its deferred tax assets each period to determine if a valuation allowance is required based on whether it is more likely than not that some portion of these deferred tax assets will not be realized. As of June 30, 2023, management concluded that it is more likely than not that all of our federal and certain state deferred tax assets will be realized. As part of our analysis, we considered both positive and negative factors that impact profitability and whether those factors would lead to a change in the estimate of our deferred tax assets that may be realized in the future. At this time, our conclusions on the valuation allowance and Internal Revenue Code Section 382 limitations related to our deferred tax assets remain consistent with the determinations we made during the period ended September 30, 2022, and such conclusions are based on similar company specific and industry factors to those discussed in Note 13 to the audited consolidated financial statements within our 2022 Annual Report.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Operating Leases - Maturity Analysis of the Annual Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 977
2024	3,836
2025	3,550
2026	2,924
2027	2,016
Thereafter	9,360
Total lease payments	22,663
Less: imputed interest	4,998
Total operating lease liabilities	17,665	$ 11,208
Liabilities for leases that have not yet commenced	$ 3,300

Segment Information

9 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows:

West: Arizona, California, Nevada, and Texas(a)

East: Delaware, Indiana, Maryland, New Jersey(b), Tennessee, and Virginia

Southeast: Florida, Georgia, North Carolina, and South Carolina

(a) On May 20, 2022, we acquired substantially all of the assets of Imagine Homes, a private San Antonio-based homebuilder in which the Company held a one-third ownership stake for the previous 16 years. The results of our San Antonio operations are reported herein within our West reportable segment.

(b) During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.

Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2022 Annual Report.

The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Revenue
West	$	328,347	$	324,679	$	933,575	$	885,837
East	133,096		112,519		339,357		359,623
Southeast	111,101		89,468		288,448		243,861
Total revenue	$	572,544	$	526,666	$	1,561,380	$	1,489,321


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Operating income
West	$	55,629	$	65,106	$	138,499	$	165,933
East	16,415		20,935		41,921		64,866
Southeast	16,930		14,476		39,126		32,683

Segment total	88,974		100,517		219,546		263,482
Corporate and unallocated(a)	(41,074)		(33,278)		(104,352)		(100,693)
Total operating income	$	47,900	$	67,239	$	115,194	$	162,789

(a) Includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments.


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Depreciation and amortization
West	$	1,750	$	2,067	$	5,294	$	5,476
East	402		311		1,063		1,113
Southeast	421		371		1,149		1,144

Segment total	2,573		2,749		7,506		7,733
Corporate and unallocated(a)	334		440		934		1,368
Total depreciation and amortization	$	2,907	$	3,189	$	8,440	$	9,101

(a) Represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.

The following table presents capital expenditures by segment for the periods presented:


	Nine Months Ended
	June 30,
in thousands	2023		2022
Capital expenditures
West	$	6,840	$	6,353
East	1,975		723
Southeast	1,273		843

Corporate and unallocated	4,034		3,273
Total capital expenditures	$	14,122	$	11,192

The following table presents assets by segment as of June 30, 2023 and September 30, 2022:


in thousands	June 30, 2023		September 30, 2022
Assets
West	$	961,637	$	995,339
East	364,157		334,323
Southeast	315,993		305,443
Corporate and unallocated(a)	676,811		616,858
Total assets	$	2,318,598	$	2,251,963

(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Borrowings - Schedule of Long-term Debt (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Oct. 31, 2022	Oct. 13, 2022	Sep. 30, 2022	Sep. 30, 2019	Oct. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	$ 981,128,000		$ 981,128,000				$ 983,440,000
Unamortized debt issuance costs	(6,142,000)		(6,142,000)				(7,280,000)
Loss on extinguishment of debt, net	18,000	$ (86,000)	$ 533,000	$ 78,000
Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt, net	$ 100,000			$ 100,000
6.750% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%		6.75%							6.75%
Loss on extinguishment of debt, net		$ 100,000
5.875% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%		5.875%						5.875%
7.250% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%		7.25%					7.25%
Secured Revolving Credit Facility
Debt Instrument [Line Items]
Secured Revolving Credit Facility	$ 0		$ 0				0
Credit facility, maximum borrowing capacity					$ 250,000,000	$ 265,000,000
Loss on extinguishment of debt, net			500,000
Letters of credit secured using cash collateral	0		0				5,500,000
Line of credit facility, remaining borrowing capacity	265,000,000		265,000,000				244,500,000
Senior Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	907,308,000		907,308,000				911,170,000
Unamortized debt issuance costs	(6,142,000)		(6,142,000)				(7,280,000)
Senior Notes \| 6.750%
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	206,195,000		206,195,000				211,195,000
Senior Notes \| 5.875%
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	357,255,000		357,255,000				357,255,000
Senior Notes \| 7.250%
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	350,000,000		350,000,000				350,000,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	$ 73,820,000		$ 73,820,000				$ 72,270,000

Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Cash and Cash Equivalents [Line Items]
Increase in operating lease right-of-use assets	$ 8,814	$ 811
Increase in operating lease liabilities	9,262	811
Supplemental disclosure of cash activity:
Interest payments	58,405	60,052
Income tax payments	1,450	3,783
Tax refunds received	9,987	0
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	276,125	42,039	$ 214,594
Restricted cash	39,540	39,762	$ 37,234
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	315,665	81,801
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Cash and Cash Equivalents [Line Items]
Derecognition of investment in unconsolidated entities	$ 0	$ 3,641

Owned Inventory - Inventory Impairments and Abandonment Charges, by Reportable Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Properties [Line Items]
Total impairment charges on land held for sale	$ 0	$ 0	$ 0	$ 440,000
Total abandonments charges	315,000	0	616,000	495,000
Total impairments and abandonment charges	315,000	0	616,000	935,000
West \| Operating Segments
Real Estate Properties [Line Items]
Total impairment charges on land held for sale	0	0	0	440,000
Total abandonments charges	315,000	0	462,000	12,000
East \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	0	0	154,000	0
Southeast \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	$ 0	$ 0	$ 0	$ 483,000

Segment Information (Tables)

9 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Revenue
West	$	328,347	$	324,679	$	933,575	$	885,837
East	133,096		112,519		339,357		359,623
Southeast	111,101		89,468		288,448		243,861
Total revenue	$	572,544	$	526,666	$	1,561,380	$	1,489,321


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Operating income
West	$	55,629	$	65,106	$	138,499	$	165,933
East	16,415		20,935		41,921		64,866
Southeast	16,930		14,476		39,126		32,683

Segment total	88,974		100,517		219,546		263,482
Corporate and unallocated(a)	(41,074)		(33,278)		(104,352)		(100,693)
Total operating income	$	47,900	$	67,239	$	115,194	$	162,789


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2023		2022		2023		2022
Depreciation and amortization
West	$	1,750	$	2,067	$	5,294	$	5,476
East	402		311		1,063		1,113
Southeast	421		371		1,149		1,144

Segment total	2,573		2,749		7,506		7,733
Corporate and unallocated(a)	334		440		934		1,368
Total depreciation and amortization	$	2,907	$	3,189	$	8,440	$	9,101

(a) Represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.

The following table presents capital expenditures by segment for the periods presented:


	Nine Months Ended
	June 30,
in thousands	2023		2022
Capital expenditures
West	$	6,840	$	6,353
East	1,975		723
Southeast	1,273		843

Corporate and unallocated	4,034		3,273
Total capital expenditures	$	14,122	$	11,192

The following table presents assets by segment as of June 30, 2023 and September 30, 2022:


in thousands	June 30, 2023		September 30, 2022
Assets
West	$	961,637	$	995,339
East	364,157		334,323
Southeast	315,993		305,443
Corporate and unallocated(a)	676,811		616,858
Total assets	$	2,318,598	$	2,251,963

(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.

Interest (Tables)

9 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

Real Estate Inventory, Capitalized Interest Costs

The following table presents certain information regarding interest for the periods presented:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2023		2022		2023		2022
Capitalized interest in inventory, beginning of period	$	113,886	$	112,686	$	109,088	$	106,985
Interest incurred	18,027		18,728		53,891		55,292


Capitalized interest amortized to home construction and land sales expenses(a)	(17,504)		(15,679)		(48,570)		(46,542)
Capitalized interest in inventory, end of period	$	114,409	$	115,735	$	114,409	$	115,735

(a) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.