0000915840-24-000049 | 10-Q | XBRL Viewer

Supplemental Cash Flow Information

9 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

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	2024		2023
Supplemental disclosure of non-cash activity:











Increase in operating lease right-of-use assets(a)	$	4,114	$	8,814
Increase in operating lease liabilities(a)	$	4,114	$	9,262

Supplemental disclosure of cash activity:
Interest payments	$	60,715	$	58,405
Income tax payments	$	10,321	$	1,450
Tax refunds received	$	—	$	9,987
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	73,212	$	276,125
Restricted cash	35,224		39,540
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	108,436	$	315,665

(a) Represents leases renewed or additional leases that commenced during the nine months ended June 30, 2024 and 2023.

Earnings Per Share

9 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted income per share adjusts the basic income 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)	2024		2023		2024		2023
Numerator:
Income from continuing operations	$	27,208	$	43,817	$	88,107	$	102,932
Income (loss) from discontinued operations, net of tax	2		—		2		(77)
Net income	$	27,210	$	43,817	$	88,109	$	102,855

Denominator:
Basic weighted-average shares	30,513		30,395		30,625		30,335
Dilutive effect of restricted stock awards	414		458		384		309
Dilutive effect of stock options	8		7		8		5
Diluted weighted-average shares(a)	30,935		30,860		31,017		30,649

Basic income per share:
Continuing operations	$	0.89	$	1.44	$	2.88	$	3.39
Discontinued operations	—		—		—		—
Total	$	0.89	$	1.44	$	2.88	$	3.39

Diluted income per share:
Continuing operations	$	0.88	$	1.42	$	2.84	$	3.36
Discontinued operations	—		—		—		—
Total	$	0.88	$	1.42	$	2.84	$	3.36

(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	2024	2023	2024	2023
Stock options	—	13	1	14
Time-based restricted stock	3	—	1	128

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1	$ 0.1
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 cost	$ 9.3	$ 6.9
Weighted average period to recognize remaining cost	1 year 9 months 18 days

Owned Inventory - Narrative (Details)	3 Months Ended		9 Months Ended
Owned Inventory - Narrative (Details)	Jun. 30, 2024 USD ($) home	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) home	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) home
Inventory Disclosure [Abstract]
Number of homes under construction \| home	2,783		2,783		2,163
Number of homes under construction, spec homes \| home	1,135		1,135		779
Total, spec homes	$ 353,300,000		$ 353,300,000		$ 218,000,000
Number of homes under construction, in-process spec homes \| home	899		899		645
In-process spec homes	$ 261,100,000		$ 261,100,000		$ 162,000,000
Number of homes under construction, finished spec homes \| home	236		236		134
Finished spec homes	$ 92,200,000		$ 92,200,000		$ 56,000,000
Threshold number of homes below a minimum threshold of profitability \| home			10
Impairment of projects in process	0	$ 0	$ 0	$ 0
Impairment charges on land held for sale	0	0	0	0
Abandonments charges	$ 200,000	$ 315,000	$ 200,000	$ 616,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
ASSETS
Cash and cash equivalents	$ 73,212	$ 345,590
Restricted cash	35,224	40,699
Accounts receivable (net of allowance of $284 and $284, respectively)	64,566	45,598
Income tax receivable	1,675	0
Owned inventory	2,171,924	1,756,203
Deferred tax assets, net	131,951	133,949
Property and equipment, net	38,135	31,144
Operating lease right-of-use assets	19,175	17,398
Goodwill	11,376	11,376
Other assets	47,308	29,076
Total assets	2,594,546	2,411,033
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	188,872	154,256
Operating lease liabilities	20,560	18,969
Other liabilities	137,391	156,961
Total debt (net of debt issuance costs of $8,734 and $5,759, respectively)	1,069,408	978,028
Total liabilities	1,416,231	1,308,214
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)	0	0
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 31,082,264 issued and outstanding and 31,351,434 issued and outstanding, respectively)	31	31
Paid-in capital	852,165	864,778
Retained earnings	326,119	238,010
Total stockholders’ equity	1,178,315	1,102,819
Total liabilities and stockholders’ equity	$ 2,594,546	$ 2,411,033

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	0	13	1	14
Time-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	3	0	1	128

Segment Information

9 Months Ended

Jun. 30, 2024

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, land and lot sales, and our title operations. Land sales revenue relates to land that does not fit within our homebuilding programs or strategic plans. We also provide title examinations for our homebuyers in certain markets. 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

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

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

(a) 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, land sales expense, title operations 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 2023 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	2024		2023		2024		2023
Revenue
West	$	369,359	$	328,347	$	953,790	$	933,575
East	123,565		133,096		310,186		339,357
Southeast	102,758		111,101		260,064		288,448
Total revenue	$	595,682	$	572,544	$	1,524,040	$	1,561,380


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Operating income
West	$	45,582	$	55,629	$	119,951	$	138,499
East	9,158		16,415		27,796		41,921
Southeast	12,755		16,930		32,848		39,126

Segment total	67,495		88,974		180,595		219,546
Corporate and unallocated(a)	(38,971)		(41,074)		(95,815)		(104,352)
Total operating income	$	28,524	$	47,900	$	84,780	$	115,194

(a) Includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, when applicable, 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 certain other amounts that are not allocated to our operating segments.

Below operating income, we recognized a gain on sale of investment of $8.6 million during the nine months ended June 30, 2024 within other income, net. We previously held a minority interest in a technology company specializing in digital marketing for new home communities, which was sold during the quarter ended March 31, 2024. In exchange for the previously held investment, we received cash in escrow along with a minority partnership interest in the acquiring company, which was recorded within other assets in our condensed consolidated balance sheets.


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Depreciation and amortization
West	$	2,520	$	1,750	$	6,283	$	5,294
East	494		402		1,109		1,063
Southeast	397		421		985		1,149

Segment total	3,411		2,573		8,377		7,506
Corporate and unallocated(a)	481		334		1,321		934
Total depreciation and amortization	$	3,892	$	2,907	$	9,698	$	8,440

(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	2024		2023
Capital expenditures
West	$	9,132	$	6,840
East	1,829		1,975
Southeast	756		1,273

Corporate and unallocated	4,974		4,034
Total capital expenditures	$	16,691	$	14,122

The following table presents assets by segment as of June 30, 2024 and September 30, 2023:


in thousands	June 30, 2024		September 30, 2023
Assets
West	$	1,220,127	$	994,597
East	477,204		356,020
Southeast	391,874		320,430
Corporate and unallocated(a)	505,341		739,986
Total assets	$	2,594,546	$	2,411,033

(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.

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+ Details

Owned Inventory

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Owned Inventory

The components of our owned inventory are as follows as of June 30, 2024 and September 30, 2023:


in thousands	As of June 30, 2024		As of September 30, 2023
Homes under construction	$	914,549	$	644,363
Land under development	1,002,720		870,740
Land held for future development	19,879		19,879
Land held for sale	14,724		18,579
Capitalized interest	126,562		112,580
Model homes	93,490		90,062
Total owned inventory	$	2,171,924	$	1,756,203

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, 2024, we had 2,783 homes under construction, including 1,135 spec homes totaling $353.3 million (899 in-process spec homes totaling $261.1 million, and 236 finished spec homes totaling $92.2 million). As of September 30, 2023, we had 2,163 homes under construction, including 779 spec homes totaling $218.0 million (645 in-process spec homes totaling $162.0 million, and 134 finished spec units totaling $56.0 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 or strategic plans in certain markets, and land is classified as held for sale once certain criteria are met (refer to Note 2 to the consolidated financial statements within our 2023 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, 2024 and September 30, 2023:


in thousands	Projects in Progress(a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
June 30, 2024
West	$	1,124,780	$	3,483	$	11,423	$	1,139,686
East	437,586		10,888		2,625		451,099
Southeast	369,549		5,508		676		375,733
Corporate and unallocated(b)	205,406		—		—		205,406
Total	$	2,137,321	$	19,879	$	14,724	$	2,171,924
September 30, 2023
West	$	914,908	$	3,483	$	14,702	$	933,093
East	325,395		10,888		3,201		339,484
Southeast	297,142		5,508		676		303,326
Corporate and unallocated(b)	180,300		—		—		180,300
Total	$	1,717,745	$	19,879	$	18,579	$	1,756,203

(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 4 to the consolidated financial statements within our 2023 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	2024		2023		2024		2023












Abandonments:
West	$	9	$	315	$	9	$	462
East	91		—		91		154
Southeast	100		—		100		—

Total abandonments charges	$	200	$	315	$	200	$	616






Total impairment and abandonment charges	$	200	$	315	$	200	$	616

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, 2024 and 2023.

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, 2024 and 2023.

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, 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 non-refundable deposit amount and any related capitalized costs in the period such decision is made.

We recognized $0.2 million of abandonment charges during the three and nine months ended June 30, 2024. We recognized $0.3 million and $0.6 million of abandonment charges during the three and nine months ended June 30, 2023, respectively. As we grow our business in the years ahead, the dollar value of abandonment charges may also grow.

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 issuance of an irrevocable letter of credit or surety bond 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, the cancellation 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, 2024 and September 30, 2023:


	As of June 30, 2024		As of September 30, 2023
in thousands


Deposits and non-refundable pre-acquisition costs incurred(a)	$	206,431	$	165,371

Remaining purchase price if lot option agreements are exercised	$	1,201,852	$	949,447

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Description of Business	9 Months Ended
Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” or 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 differentiators of Mortgage Choice, Choice Plans®, and Surprising Performance, while seeking to maximize our investment returns over the course of a housing cycle. For an additional description of our business and strategic differentiators, refer to Item 1 within our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (2023 Annual Report).

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Carrying Amount
Financial assets
Total financial assets	$ 9,362	$ 1,951
Financial liabilities
Total financial liabilities	1,024,408	978,028
Carrying Amount \| Senior Notes
Financial liabilities
Total financial liabilities	948,521	903,691
Carrying Amount \| Junior Subordinated Notes
Financial liabilities
Total financial liabilities	75,887	74,337
Fair Value
Financial assets
Total financial assets	9,582	1,986
Financial liabilities
Total financial liabilities	1,033,794	932,865
Fair Value \| Senior Notes
Financial liabilities
Total financial liabilities	957,907	858,528
Fair Value \| Junior Subordinated Notes
Financial liabilities
Total financial liabilities	$ 75,887	$ 74,337

Borrowings

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Borrowings

The Company's debt, net of unamortized debt issuance costs consisted of the following as of June 30, 2024 and September 30, 2023:


in thousands	Maturity Date	June 30, 2024		September 30, 2023

6.750% Senior Notes (2025 Notes)	March 2025	$	—	$	202,195
5.875% Senior Notes (2027 Notes)	October 2027	357,255		357,255
7.250% Senior Notes (2029 Notes)	October 2029	350,000		350,000
7.500% Senior Notes (2031 Notes)	March 2031	250,000		—

Unamortized debt issuance costs		(8,734)		(5,759)
Total Senior Notes, net		948,521		903,691
Junior Subordinated Notes (net of unamortized accretion of $24,886 and $26,436, respectively)	July 2036	75,887		74,337


Senior Unsecured Revolving Credit Facility	March 2028	45,000		—
Total debt, net		$	1,069,408	$	978,028

Senior Unsecured Revolving Credit Facility

The Senior Unsecured Revolving Credit Facility (Unsecured Facility) provides working capital and letter of credit borrowing capacity of $300.0 million. The $300.0 million capacity includes a letter of credit facility of up to $100.0 million. The Company has the right from time to time to request to increase the size of the commitments under the Unsecured Facility by up to $100.0 million for a maximum of $400.0 million. In March 2024, the Company executed an amendment to extend the termination date (Termination Date) from October 13, 2026 to March 15, 2028. The Company may borrow, repay, and reborrow amounts under the Unsecured Facility until the Termination Date.

Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Unsecured Facility and are jointly and severally liable for obligations under the Unsecured Facility. For additional discussion of the Unsecured Facility, refer to Note 7 to the consolidated financial statements within our 2023 Annual Report.

As of June 30, 2024, we had $45.0 million in borrowings and no letters of credit outstanding under the Unsecured Facility, resulting in a remaining capacity of $255.0 million. The Unsecured Facility requires compliance with certain covenants, including affirmative covenants, negative covenants and financial covenants. As of June 30, 2024, 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 Unsecured Facility). As of June 30, 2024 and September 30, 2023, the Company had letters of credit outstanding under these additional facilities of $34.9 million and $31.2 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 that 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 future secured indebtedness, to the extent of the value of the assets securing such 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. Each guarantor subsidiary is a wholly owned subsidiary of Beazer Homes. The 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.

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, 2024.

In March 2024, we issued and sold $250.0 million aggregate principal amount of the 2031 Notes at par (before underwriting and other issuance costs) through a private placement to qualified institutional buyers. Interest on the 2031 Notes is payable semiannually, beginning in September 2024. The 2031 Notes will mature in March 2031. The covenants related to the 2031 Notes are substantially consistent with our other Senior Notes.

In March 2024 we also redeemed $197.9 million of our outstanding 2025 Notes using proceeds from the issuance of the 2031 Notes, resulting in a loss on extinguishment of debt of $0.4 million. The Company terminated, cancelled, and discharged all of its obligations under the 2025 Notes as of March 31, 2024.

No debt repurchases were made during the three months ended June 30, 2024. For the nine months ended June 30, 2024, we repurchased $202.2 million of our outstanding 2025 Notes using proceeds from the issuance of the 2031 Notes and cash on hand, resulting in a loss on extinguishment of debt of $0.4 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

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.

7.500% Senior Notes

March 2024

March 2031

On or prior to March 15, 2027, we may redeem up to 35% of the aggregate principal amount of the 2031 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 107.500% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2031 Notes originally issued remains outstanding immediately after such redemption.

Callable at any time prior to March 15, 2027, 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, 2027, callable at a redemption price equal to 103.750% of the principal amount; on or after March 15, 2028, callable at a redemption price equal to 101.875% of the principal amount; on or after March 15, 2029, 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, 2024. The securities have a floating interest rate as defined in the Junior Subordinated Notes Indentures, which was a weighted-average of 8.04% as of June 30, 2024. 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, 2024, the unamortized accretion was $24.9 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 a three-month LIBOR (on and prior to June 30, 2023) plus 2.45% per annum, or three-month SOFR (on and after July 1, 2023) plus 2.71% 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, 2024, 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

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+ Details

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Income from continuing operations	$ 27,208	$ 43,817	$ 88,107	$ 102,932
Income (loss) from discontinued operations, net of tax	2	0	2	(77)
Net income	$ 27,210	$ 43,817	$ 88,109	$ 102,855
Denominator:
Basic weighted-average shares (in shares)	30,513	30,395	30,625	30,335
Dilutive effect of restricted stock awards (in shares)	414	458	384	309
Dilutive effect of stock options (in shares)	8	7	8	5
Dilutive weighted-average shares (in shares)	30,935	30,860	31,017	30,649
Basic income per share:
Continuing operations (in USD per share)	$ 0.89	$ 1.44	$ 2.88	$ 3.39
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	0.89	1.44	2.88	3.39
Diluted income per share:
Continuing operations (in USD per share)	0.88	1.42	2.84	3.36
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	$ 0.88	$ 1.42	$ 2.84	$ 3.36

Operating Leases - Schedule of 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 1,108	$ 963	$ 3,207	$ 2,920
Cash payments on lease liabilities	$ 1,399	$ 1,027	$ 3,393	$ 3,271
Weighted-average remaining lease term	6 years 8 months 12 days	7 years 2 months 12 days	6 years 8 months 12 days	7 years 2 months 12 days
Weighted-average discount rate	6.26%	5.95%	6.26%	5.95%

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Accrued compensations and benefits	$ 35,166		$ 50,242
Customer deposits	26,646		27,577
Accrued interest	17,671		23,132
Warranty reserves	11,835	$ 12,129	13,046	$ 13,266	$ 13,073	$ 13,926
Litigation accruals	8,805		9,404
Income tax liabilities	0		272
Other	37,268		33,288
Total	$ 137,391		$ 156,961

- Definition

Amount of liabilities classified as other.

+ References + Details

Contingencies

9 Months Ended

Jun. 30, 2024

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 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, which 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. 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 selling 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	2024		2023		2024		2023
Balance at beginning of period	$	12,129	$	13,073	$	13,046	$	13,926
Warranty provision	2,387		3,164		6,499		7,102
Warranty expenditures	(2,681)		(2,971)		(7,710)		(7,762)
Balance at end of period	$	11,835	$	13,266	$	11,835	$	13,266

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, if applicable. 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, if applicable.

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 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 $8.8 million and $9.4 million in other liabilities on our condensed consolidated balance sheets related to litigation matters as of June 30, 2024 and September 30, 2023, respectively.

Surety Bonds and Letters of Credit

We had outstanding letters of credit and surety bonds of $34.9 million and $265.9 million, respectively, as of June 30, 2024, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		31,081,948
Entity Central Index Key	0000915840
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q3

Borrowings - Schedule of Long-term Debt (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	$ 1,069,408,000	$ 978,028,000
Unamortized debt issuance costs	(8,734,000)	(5,759,000)
Carrying Amount
Debt Instrument [Line Items]
Total financial liabilities	1,024,408,000	978,028,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Senior Unsecured Revolving Credit Facility	45,000,000.0	0
Senior Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	948,521,000	903,691,000
Unamortized debt issuance costs	$ (8,734,000)	$ (5,759,000)
Senior Notes \| 6.750%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%	6.75%
Total outstanding borrowings of unconsolidated entities	$ 0	$ 202,195,000
Senior Notes \| 5.875%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%	5.875%
Total outstanding borrowings of unconsolidated entities	$ 357,255,000	$ 357,255,000
Senior Notes \| 7.250%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%	7.25%
Total outstanding borrowings of unconsolidated entities	$ 350,000,000	$ 350,000,000
Senior Notes \| 7.500%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.50%
Total outstanding borrowings of unconsolidated entities	$ 250,000,000	0
Junior Subordinated Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	75,887,000	74,337,000
Unamortized accretion	24,886,000	26,436,000
Junior Subordinated Notes \| Carrying Amount
Debt Instrument [Line Items]
Total financial liabilities	75,887,000	74,337,000
Senior Notes \| Carrying Amount
Debt Instrument [Line Items]
Total financial liabilities	$ 948,521,000	$ 903,691,000

Contingencies - Schedule of Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 12,129	$ 13,073	$ 13,046	$ 13,926
Warranty provision	2,387	3,164	6,499	7,102
Warranty expenditures	(2,681)	(2,971)	(7,710)	(7,762)
Balance at end of period	$ 11,835	$ 13,266	$ 11,835	$ 13,266

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings
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 and 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 and 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
Beginning balance (in shares) at Sep. 30, 2023		31,351
Beginning balance at Sep. 30, 2023	1,102,819	$ 31	864,778	238,010
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	88,109			88,109
Stock-based compensation expense	5,536		5,536
Stock option exercises (in shares)		2
Stock option exercises	16		16
Shares issued under employee stock plans, net (in shares)		383
Shares issued under employee stock plans, net	1	$ 1
Forfeiture and other settlements of restricted stock (in shares)		(26)
Common stock redeemed for tax liability (in shares)		(173)
Common stock redeemed for tax liability	$ (5,237)		(5,237)
Share repurchases (in shares)	(455)	(455)
Share repurchases	$ (12,929)	$ (1)	(12,928)
Ending balance (in shares) at Jun. 30, 2024		31,082
Ending balance at Jun. 30, 2024	1,178,315	$ 31	852,165	326,119
Beginning balance (in shares) at Mar. 31, 2024		31,547
Beginning balance at Mar. 31, 2024	1,161,577	$ 32	862,636	298,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	27,210			27,210
Stock-based compensation expense	2,474		2,474
Shares issued under employee stock plans, net (in shares)		7
Forfeiture and other settlements of restricted stock (in shares)		(16)
Common stock redeemed for tax liability (in shares)		(1)
Common stock redeemed for tax liability	$ (17)		(17)
Share repurchases (in shares)	(455)	(455)
Share repurchases	$ (12,929)	$ (1)	(12,928)
Ending balance (in shares) at Jun. 30, 2024		31,082
Ending balance at Jun. 30, 2024	$ 1,178,315	$ 31	$ 852,165	$ 326,119

Owned Inventory (Tables)

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of our owned inventory are as follows as of June 30, 2024 and September 30, 2023:


in thousands	As of June 30, 2024		As of September 30, 2023
Homes under construction	$	914,549	$	644,363
Land under development	1,002,720		870,740
Land held for future development	19,879		19,879
Land held for sale	14,724		18,579
Capitalized interest	126,562		112,580
Model homes	93,490		90,062
Total owned inventory	$	2,171,924	$	1,756,203

Schedule of Total Owned Inventory, by Segment

Total owned inventory by reportable segment is presented in the table below as of June 30, 2024 and September 30, 2023:


in thousands	Projects in Progress(a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
June 30, 2024
West	$	1,124,780	$	3,483	$	11,423	$	1,139,686
East	437,586		10,888		2,625		451,099
Southeast	369,549		5,508		676		375,733
Corporate and unallocated(b)	205,406		—		—		205,406
Total	$	2,137,321	$	19,879	$	14,724	$	2,171,924
September 30, 2023
West	$	914,908	$	3,483	$	14,702	$	933,093
East	325,395		10,888		3,201		339,484
Southeast	297,142		5,508		676		303,326
Corporate and unallocated(b)	180,300		—		—		180,300
Total	$	1,717,745	$	19,879	$	18,579	$	1,756,203

(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	2024		2023		2024		2023












Abandonments:
West	$	9	$	315	$	9	$	462
East	91		—		91		154
Southeast	100		—		100		—

Total abandonments charges	$	200	$	315	$	200	$	616






Total impairment and abandonment charges	$	200	$	315	$	200	$	616

Schedule of Interests in Lot Option Agreements

The following table provides a summary of our interests in lot option agreements as of June 30, 2024 and September 30, 2023:


	As of June 30, 2024		As of September 30, 2023
in thousands


Deposits and non-refundable pre-acquisition costs incurred(a)	$	206,431	$	165,371

Remaining purchase price if lot option agreements are exercised	$	1,201,852	$	949,447

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

Other Liabilities

9 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities include the following as of June 30, 2024 and September 30, 2023:


in thousands	As of June 30, 2024		As of September 30, 2023
Accrued compensations and benefits	35,166		$	50,242
Customer deposits	26,646		27,577
Accrued interest	17,671		23,132
Warranty reserves	11,835		13,046
Litigation accruals	8,805		9,404
Income tax liabilities	—		272
Other	37,268		33,288
Total	$	137,391	$	156,961

Contingencies (Tables)

9 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Reserves

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


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Balance at beginning of period	$	12,129	$	13,073	$	13,046	$	13,926
Warranty provision	2,387		3,164		6,499		7,102
Warranty expenditures	(2,681)		(2,971)		(7,710)		(7,762)
Balance at end of period	$	11,835	$	13,266	$	11,835	$	13,266

Interest (Tables)

9 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Schedule of 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	2024		2023		2024		2023
Capitalized interest in inventory, beginning of period	$	123,214	$	113,886	$	112,580	$	109,088
Interest incurred	20,615		18,027		58,510		53,891


Capitalized interest amortized to home construction and land sales expenses(a)	(17,267)		(17,504)		(44,528)		(48,570)
Capitalized interest in inventory, end of period	$	126,562	$	114,409	$	126,562	$	114,409

(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.

Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	May 31, 2022
Accounting Policies [Abstract]
Authorized amount repurchase of common stock			$ 50,000
Remaining authorized repurchase amount	$ 28,900	$ 28,900
Stock Repurchased During Period, Shares	455	455
Share repurchases	$ 12,929	$ 12,929
Average price per share repurchased (in USD per share)	$ 28.41	$ 28.41

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of non-cash activity:
Increase in operating lease right-of-use assets	$ 4,114	$ 8,814
Increase in operating lease liabilities	4,114	9,262
Supplemental disclosure of cash activity:
Interest payments	60,715	58,405
Income tax payments	10,321	1,450
Tax refunds received	0	9,987
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	73,212	276,125	$ 345,590
Restricted cash	35,224	39,540	40,699
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 108,436	$ 315,665	$ 386,289	$ 251,828

Stock-based Compensation (Tables)

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table presents a summary of stock-based compensation expense related to stock options and restricted stock awards for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Stock-based compensation expense	$	2,474	$	1,989	$	5,536	$	5,247

Schedule of Stock Options Outstanding

Following is a summary of stock option activity for the nine months ended June 30, 2024:


	Nine Months Ended
	June 30, 2024
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	13,575	$	9.61
Granted	50	27.73
Exercised	(2,110)	7.56


Outstanding at end of period	11,515	10.07
Exercisable at end of period	11,365	$	9.83

Schedule of Nonvested Stock Awards Activity

Following is a summary of restricted stock activity for the nine months ended June 30, 2024:


	Nine Months Ended June 30, 2024
	Performance-Based Restricted Shares	Time-Based Restricted Shares	Total Restricted Shares
Beginning of period	348,223	593,834	942,057
Granted (a)	183,396	197,831	381,227
Vested	(210,176)	(321,330)	(531,506)
Forfeited	(791)	(24,661)	(25,452)
End of period	320,652	445,674	766,326

(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 2023, we issued 108,108 shares earned above target level based on the performance level achieved under the fiscal 2021 performance-based award plan.

Income Taxes	9 Months Ended
Income Taxes	Jun. 30, 2024
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 $2.5 million and $10.4 million for the three and nine months ended June 30, 2024, respectively, compared to $6.2 million and $15.5 million for the three and nine months ended June 30, 2023, respectively. Income tax expense for the nine months ended June 30, 2024 was primarily driven by income tax expense on earnings from continuing operations and permanent differences, partially offset by energy efficiency tax credits generated from expected closings during the current year, the discrete tax benefits related to the generation of additional energy efficiency tax credits from homes closed in prior periods, and stock-based compensation activity in the period. 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 discrete tax benefits related to the generation of additional energy efficiency tax credits for homes closed in prior periods and interest received with the refund of our alternative minimum tax credit. 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, 2024, 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, 2023, and such conclusions are based on similar company specific and industry factors to those discussed in Note 12 to the consolidated financial statements within our 2023 Annual Report.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Expense from income taxes	$ 2,452	$ 6,241	$ 10,372	$ 15,488

- Definition

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

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2024
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 2024 began on October 1, 2023 and ends on September 30, 2024. Our fiscal year 2023 began on October 1, 2022 and ended on September 30, 2023.
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 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. The repurchase program has no expiration date. The Company repurchased 455 thousand shares of its common stock for $12.9 million at an average price per share of $28.41 during the three and nine months ended June 30, 2024 through open market transactions. No share repurchases were made during fiscal year 2023. All shares have been retired upon repurchase. The aggregate reduction to stockholders' equity related to share repurchases during the three and nine months ended June 30, 2024 was $12.9 million. As of June 30, 2024, the remaining availability of the share repurchase program was $28.9 million.
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 Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. Homebuilding revenue Homebuilding revenue is reported net of price concessions, including discounts on home prices, discounts on homebuilding options and option upgrades. Closing cost incentives, such as seller-paid financing or closing costs, including rate buydowns, are recognized as a cost of selling the home and are included in home construction expenses. Homebuilding revenue 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 $26.6 million and $27.6 million as of June 30, 2024 and September 30, 2023, respectively. Of the customer liabilities outstanding as of September 30, 2023, $3.5 million and $25.4 million was recognized in revenue during the three and nine months ended June 30, 2024 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 or 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 Segment Reporting. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 will be effective for our fiscal year ending September 30, 2025 and for our interim periods starting in our first quarter of fiscal 2026. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures. Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for our fiscal year ending September 30, 2026. Early adoption is permitted and the amendments in this update should be applied on a prospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-09 may have on our consolidated financial statements and 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. The fair value of assets deemed to be impaired is determined based upon the type of asset being evaluated. The 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
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-Section 50
-Paragraph 18
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-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 Interests in Lot Option Agreements (Details) - Unconsolidated Entities - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Real Estate Properties [Line Items]
Deposits and non-refundable pre-acquisition costs incurred	$ 206,431	$ 165,371
Remaining purchase price if lot option agreements are exercised	$ 1,201,852	$ 949,447

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

9 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents our total revenue disaggregated by revenue stream for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Homebuilding revenue	$	589,643	$	570,535	$	1,509,198	$	1,556,626
Land sales and other revenue	6,039		2,009		14,842		4,754
Total revenue(a)	$	595,682	$	572,544	$	1,524,040	$	1,561,380

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

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 2,474	$ 1,989	$ 5,536	$ 5,247

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 595,682	$ 572,544	$ 1,524,040	$ 1,561,380
Customer deposits	26,646		26,646		$ 27,577
Contract with customer, liability, revenue recognized	3,500		25,400
Homebuilding revenue
Disaggregation of Revenue [Line Items]
Total revenue	589,643	570,535	1,509,198	1,556,626
Land sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 6,039	$ 2,009	$ 14,842	$ 4,754

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: 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 13: 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

Operating Leases

9 Months Ended

Jun. 30, 2024

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. Some 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. The following table presents operating lease expense and cash payments on lease liabilities for the periods presented:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2024		2023		2024		2023
Operating lease expense	$	1,108	$	963	$	3,207	$	2,920
Cash payments on lease liabilities	$	1,399	$	1,027	$	3,393	$	3,271

At June 30, 2024 and 2023, the weighted-average remaining lease term and discount rate were as follows:


	As of June 30,
	2024	2023
Weighted-average remaining lease term	6.7 years	7.2 years
Weighted-average discount rate	6.26%	5.95%

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, 2024:


Fiscal Years Ending September 30,
in thousands
2024(a)	$	1,100
2025	4,572
2026	4,117
2027	3,215
2028	2,982
Thereafter	9,989
Total lease payments	25,975
Less: imputed interest	5,415
Total operating lease liabilities	$	20,560

(a) Remaining lease payments are for the period beginning July 1, 2024 through September 30, 2024.

Description of Business (Details)	9 Months Ended
Description of Business (Details)	Jun. 30, 2024 state region pillar
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
Number of strategic pillars \| pillar	3

Segment Information (Tables)

9 Months Ended

Jun. 30, 2024

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	2024		2023		2024		2023
Revenue
West	$	369,359	$	328,347	$	953,790	$	933,575
East	123,565		133,096		310,186		339,357
Southeast	102,758		111,101		260,064		288,448
Total revenue	$	595,682	$	572,544	$	1,524,040	$	1,561,380


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Operating income
West	$	45,582	$	55,629	$	119,951	$	138,499
East	9,158		16,415		27,796		41,921
Southeast	12,755		16,930		32,848		39,126

Segment total	67,495		88,974		180,595		219,546
Corporate and unallocated(a)	(38,971)		(41,074)		(95,815)		(104,352)
Total operating income	$	28,524	$	47,900	$	84,780	$	115,194


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Depreciation and amortization
West	$	2,520	$	1,750	$	6,283	$	5,294
East	494		402		1,109		1,063
Southeast	397		421		985		1,149

Segment total	3,411		2,573		8,377		7,506
Corporate and unallocated(a)	481		334		1,321		934
Total depreciation and amortization	$	3,892	$	2,907	$	9,698	$	8,440

(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	2024		2023
Capital expenditures
West	$	9,132	$	6,840
East	1,829		1,975
Southeast	756		1,273

Corporate and unallocated	4,974		4,034
Total capital expenditures	$	16,691	$	14,122

The following table presents assets by segment as of June 30, 2024 and September 30, 2023:


in thousands	June 30, 2024		September 30, 2023
Assets
West	$	1,220,127	$	994,597
East	477,204		356,020
Southeast	391,874		320,430
Corporate and unallocated(a)	505,341		739,986
Total assets	$	2,594,546	$	2,411,033

(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.

Borrowings - Narrative (Details) - USD ($)			1 Months Ended		3 Months Ended		9 Months Ended
Borrowings - Narrative (Details) - USD ($)	Jun. 01, 2022	Jun. 01, 2012	Mar. 31, 2024	Jan. 31, 2010	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 12, 2023	Sep. 30, 2023	Oct. 13, 2022
Line of Credit Facility [Abstract]
Loss on extinguishment of debt, net					$ 0	$ 18,000	$ 437,000	$ 533,000
6.750% \| Senior Notes
Line of Credit Facility [Abstract]
Extinguishment of debt			$ 197,900,000				202,200,000
Loss on extinguishment of debt, net			400,000				400,000
7.500% \| Senior Notes
Line of Credit Facility [Abstract]
Aggregate principal amount of debt			250,000,000
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt			$ 250,000,000
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					8.04%		8.04%
Junior Subordinated Debt, Modified Terms
Line of Credit Facility [Abstract]
Aggregate principal amount of debt				$ 75,000,000.0
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt				$ 75,000,000.0
Variable rate floor				4.25%
Variable rate cap				9.25%
Redemption price percentage		75.00%
Annual increase of percentage of principal amount redeemable	1.785%
Junior Subordinated Debt, Original Terms
Line of Credit Facility [Abstract]
Aggregate principal amount of debt					$ 25,800,000		$ 25,800,000
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt					25,800,000		$ 25,800,000
Basis spread on variable rate				2.71%			2.45%
Senior Unsecured Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity											$ 400,000,000
Credit facility, available increase in borrowing capacity											$ 100,000,000
Senior Unsecured Revolving Credit Facility					45,000,000.0		$ 45,000,000.0			$ 0
Letters of credit secured using cash collateral					0		0
Amount of available borrowings under the secured revolving credit facility					255,000,000.0		255,000,000.0
Senior Unsecured Revolving Credit Facility \| Senior Notes
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity									$ 300,000,000
Letter of Credit
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral					$ 34,900,000		$ 34,900,000			$ 31,200,000
Letter of Credit \| Senior Notes
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity									$ 100,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
ASSETS
Allowances for accounts receivable	$ 284	$ 284
LIABILITIES AND STOCKHOLDERS’ EQUITY
Unamortized debt issuance expense	$ 8,734	$ 5,759
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)	31,082,264	31,351,434
Common stock outstanding (in shares)	31,082,264	31,351,434

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 88,109	$ 102,855
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	9,698	8,440
Stock-based compensation expense	5,536	5,247
Inventory impairments and abandonments	200	616
Deferred and other income tax expense	10,373	15,466
(Gain) loss on disposal of fixed assets	(350)	1,178
Gain on sale of investment	(8,591)	0
Loss on extinguishment of debt, net	437	533
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(18,968)	2,695
(Increase) decrease in income tax receivable	(1,675)	9,987
Increase in inventory	(412,665)	(1,228)
Increase in other assets	(1,374)	(5,346)
Increase (decrease) in trade accounts payable	34,616	(6,828)
Decrease in other liabilities	(28,327)	(37,783)
Net cash (used in) provided by operating activities	(322,981)	95,832
Cash flows from investing activities:
Capital expenditures	(16,691)	(14,122)
Proceeds from sale of fixed assets	352	143
Purchases of investment securities	(7,536)	(7,838)
Other	0	(2)
Net cash used in investing activities	(23,875)	(21,819)
Cash flows from financing activities:
Repayment of debt	(202,195)	(4,998)
Proceeds from issuance of debt	250,000	0
Repayment of borrowings from credit facility	(150,000)	0
Borrowings from credit facility	195,000	0
Debt issuance costs	(5,653)	(2,575)
Repurchase of common stock	(12,928)	0
Tax payments for stock-based compensation awards	(5,237)	(2,615)
Stock option exercises	16	12
Net cash provided by (used in) financing activities	69,003	(10,176)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(277,853)	63,837
Cash, cash equivalents, and restricted cash at beginning of period	386,289	251,828
Cash, cash equivalents, and restricted cash at end of period	$ 108,436	$ 315,665

Interest

9 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Interest

Interest capitalized during the three and nine months ended June 30, 2024 and 2023 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	2024		2023		2024		2023
Capitalized interest in inventory, beginning of period	$	123,214	$	113,886	$	112,580	$	109,088
Interest incurred	20,615		18,027		58,510		53,891


Capitalized interest amortized to home construction and land sales expenses(a)	(17,267)		(17,504)		(44,528)		(48,570)
Capitalized interest in inventory, end of period	$	126,562	$	114,409	$	126,562	$	114,409

(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.

Supplemental Cash Flow Information (Tables)

9 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Non-cash Activity


	Nine Months Ended
	June 30,
in thousands	2024		2023
Supplemental disclosure of non-cash activity:











Increase in operating lease right-of-use assets(a)	$	4,114	$	8,814
Increase in operating lease liabilities(a)	$	4,114	$	9,262

Supplemental disclosure of cash activity:
Interest payments	$	60,715	$	58,405
Income tax payments	$	10,321	$	1,450
Tax refunds received	$	—	$	9,987
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	73,212	$	276,125
Restricted cash	35,224		39,540
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	108,436	$	315,665

(a) Represents leases renewed or additional leases that commenced during the nine months ended June 30, 2024 and 2023.

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Numerator:
Income from continuing operations	$	27,208	$	43,817	$	88,107	$	102,932
Income (loss) from discontinued operations, net of tax	2		—		2		(77)
Net income	$	27,210	$	43,817	$	88,109	$	102,855

Denominator:
Basic weighted-average shares	30,513		30,395		30,625		30,335
Dilutive effect of restricted stock awards	414		458		384		309
Dilutive effect of stock options	8		7		8		5
Diluted weighted-average shares(a)	30,935		30,860		31,017		30,649

Basic income per share:
Continuing operations	$	0.89	$	1.44	$	2.88	$	3.39
Discontinued operations	—		—		—		—
Total	$	0.89	$	1.44	$	2.88	$	3.39

Diluted income per share:
Continuing operations	$	0.88	$	1.42	$	2.84	$	3.36
Discontinued operations	—		—		—		—
Total	$	0.88	$	1.42	$	2.84	$	3.36

(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	2024	2023	2024	2023
Stock options	—	13	1	14
Time-based restricted stock	3	—	1	128

Owned Inventory - Schedule of Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Projects in Progress	$ 2,137,321	$ 1,717,745
Land Held for Future Development	19,879	19,879
Land Held for Sale	14,724	18,579
Total owned inventory	2,171,924	1,756,203
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in Progress	205,406	180,300
Land Held for Future Development	0	0
Land Held for Sale	0	0
Total owned inventory	205,406	180,300
West \| Operating Segments
Segment Reporting Information [Line Items]
Projects in Progress	1,124,780	914,908
Land Held for Future Development	3,483	3,483
Land Held for Sale	11,423	14,702
Total owned inventory	1,139,686	933,093
East \| Operating Segments
Segment Reporting Information [Line Items]
Projects in Progress	437,586	325,395
Land Held for Future Development	10,888	10,888
Land Held for Sale	2,625	3,201
Total owned inventory	451,099	339,484
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Projects in Progress	369,549	297,142
Land Held for Future Development	5,508	5,508
Land Held for Sale	676	676
Total owned inventory	$ 375,733	$ 303,326

Fair Value Measurements

9 Months Ended

Jun. 30, 2024

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. The fair value of assets deemed to be impaired is determined based upon the type of asset being evaluated. The 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, 2024

Deferred compensation plan assets(a)	$	7,616	$	—	$	—	$	7,616


As of September 30, 2023
Deferred compensation plan assets(a)	$	6,495	$	—	$	—	$	6,495

(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 assets and liabilities as of June 30, 2024 and September 30, 2023:


	As of June 30, 2024				As of September 30, 2023
in thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Certificates of deposit(a)	$	9,362	$	9,582	$	1,951	$	1,986
Total financial assets	$	9,362	$	9,582	$	1,951	$	1,986
Financial liabilities(b)
Senior Notes(c)	$	948,521	$	957,907	$	903,691	$	858,528
Junior Subordinated Notes(d)	75,887		75,887		74,337		74,337
Total financial liabilities	$	1,024,408	$	1,033,794	$	978,028	$	932,865

(a) Certificates of deposit held for investment with an original maturity greater than three months are carried at original cost plus accrued interest and reported as other assets on the condensed consolidated balance sheets. The type of certificates of deposit that the Company invests in are not considered debt securities under ASC Topic 320, Investments - Debt Securities. The estimated fair value of our certificates of deposit has been determined using quoted market rates (Level 2).

(b) Carrying amounts for financial liabilities are net of unamortized debt issuance costs or accretion.

(d) 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.

- 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.

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+ Details

Stock-based Compensation - Schedule of Stock Options Outstanding (Details) - Stock options	9 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	13,575
Granted (shares) \| shares	50
Exercised (in shares) \| shares	(2,110)
Outstanding at end of period (in shares) \| shares	11,515
Exercisable at end of period (in shares) \| shares	11,365
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period, weighted average exercise price (in USD per share) \| $ / shares	$ 9.61
Granted (in USD per share) \| $ / shares	27.73
Exercised (in USD per share) \| $ / shares	7.56
Outstanding at end of period, weighted average exercise price (in USD per share) \| $ / shares	10.07
Exercisable at end of period (in USD per share) \| $ / shares	$ 9.83

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 27,210	$ 43,817	$ 88,109	$ 102,855

- Definition

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

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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Contingencies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Standard product warranty length, minimum	1 year
Standard product warranty length, maximum	2 years
Limited product warranty length (up to)	10 years
Accrued amounts for litigation and other contingent liabilities	$ 8,805	$ 9,404
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	34,900
Outstanding performance bonds	$ 265,900

- 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

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2024

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, 2024

Deferred compensation plan assets(a)	$	7,616	$	—	$	—	$	7,616


As of September 30, 2023
Deferred compensation plan assets(a)	$	6,495	$	—	$	—	$	6,495

(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 assets and liabilities as of June 30, 2024 and September 30, 2023:


	As of June 30, 2024				As of September 30, 2023
in thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Certificates of deposit(a)	$	9,362	$	9,582	$	1,951	$	1,986
Total financial assets	$	9,362	$	9,582	$	1,951	$	1,986
Financial liabilities(b)
Senior Notes(c)	$	948,521	$	957,907	$	903,691	$	858,528
Junior Subordinated Notes(d)	75,887		75,887		74,337		74,337
Total financial liabilities	$	1,024,408	$	1,033,794	$	978,028	$	932,865

(b) Carrying amounts for financial liabilities are net of unamortized debt issuance costs or accretion.

Owned Inventory - Schedule of Inventory Impairments and Abandonment Charges, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate Properties [Line Items]
Total abandonments charges	$ 200	$ 315	$ 200	$ 616
Total impairment and abandonment charges	200	315	200	616
West \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	9	315	9	462
East \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	91	0	91	154
Southeast \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	$ 100	$ 0	$ 100	$ 0

Operating Leases (Tables)

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease, Cost

The following table presents operating lease expense and cash payments on lease liabilities for the periods presented:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands	2024		2023		2024		2023
Operating lease expense	$	1,108	$	963	$	3,207	$	2,920
Cash payments on lease liabilities	$	1,399	$	1,027	$	3,393	$	3,271

At June 30, 2024 and 2023, the weighted-average remaining lease term and discount rate were as follows:


	As of June 30,
	2024	2023
Weighted-average remaining lease term	6.7 years	7.2 years
Weighted-average discount rate	6.26%	5.95%

Schedule of Maturity Analysis of the Annual Undiscounted Cash Flows

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, 2024:


Fiscal Years Ending September 30,
in thousands
2024(a)	$	1,100
2025	4,572
2026	4,117
2027	3,215
2028	2,982
Thereafter	9,989
Total lease payments	25,975
Less: imputed interest	5,415
Total operating lease liabilities	$	20,560

(a) Remaining lease payments are for the period beginning July 1, 2024 through September 30, 2024.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Jun. 30, 2024

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 2023 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, 2024 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 2024 began on October 1, 2023 and ends on September 30, 2024. Our fiscal year 2023 began on October 1, 2022 and ended on September 30, 2023.

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. The repurchase program has no expiration date. The Company repurchased 455 thousand shares of its common stock for $12.9 million at an average price per share of $28.41 during the three and nine months ended June 30, 2024 through open market transactions. No share repurchases were made during fiscal year 2023. All shares have been retired upon repurchase. The aggregate reduction to stockholders' equity related to share repurchases during the three and nine months ended June 30, 2024 was $12.9 million. As of June 30, 2024, the remaining availability of the share repurchase program was $28.9 million.

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 Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers.

The following table presents our total revenue disaggregated by revenue stream for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Homebuilding revenue	$	589,643	$	570,535	$	1,509,198	$	1,556,626
Land sales and other revenue	6,039		2,009		14,842		4,754
Total revenue(a)	$	595,682	$	572,544	$	1,524,040	$	1,561,380

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

Homebuilding revenue

Homebuilding revenue is reported net of price concessions, including discounts on home prices, discounts on homebuilding options and option upgrades. Closing cost incentives, such as seller-paid financing or closing costs, including rate buydowns, are recognized as a cost of selling the home and are included in home construction expenses.

Homebuilding revenue 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 $26.6 million and $27.6 million as of June 30, 2024 and September 30, 2023, respectively. Of the customer liabilities outstanding as of September 30, 2023, $3.5 million and $25.4 million was recognized in revenue during the three and nine months ended June 30, 2024 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 or 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

Segment Reporting. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 will be effective for our fiscal year ending September 30, 2025 and for our interim periods starting in our first quarter of fiscal 2026. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures.

Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for our fiscal year ending September 30, 2026. Early adoption is permitted and the amendments in this update should be applied on a prospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-09 may have on our consolidated financial statements and disclosures.

Other Liabilities (Tables)

9 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

Other liabilities include the following as of June 30, 2024 and September 30, 2023:


in thousands	As of June 30, 2024		As of September 30, 2023
Accrued compensations and benefits	35,166		$	50,242
Customer deposits	26,646		27,577
Accrued interest	17,671		23,132
Warranty reserves	11,835		13,046
Litigation accruals	8,805		9,404
Income tax liabilities	—		272
Other	37,268		33,288
Total	$	137,391	$	156,961

Stock-based Compensation

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based compensation expense is included in general and administrative expenses in our condensed consolidated statements of operations. The following table presents a summary of stock-based compensation expense related to stock options and restricted stock awards for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2024		2023		2024		2023
Stock-based compensation expense	$	2,474	$	1,989	$	5,536	$	5,247

Stock Options

Following is a summary of stock option activity for the nine months ended June 30, 2024:


	Nine Months Ended
	June 30, 2024
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	13,575	$	9.61
Granted	50	27.73
Exercised	(2,110)	7.56


Outstanding at end of period	11,515	10.07
Exercisable at end of period	11,365	$	9.83

As of June 30, 2024 and September 30, 2023, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options, respectively.

Restricted Stock Awards

During the nine months ended June 30, 2024, 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, 2024:


	Nine Months Ended June 30, 2024
	Performance-Based Restricted Shares	Time-Based Restricted Shares	Total Restricted Shares
Beginning of period	348,223	593,834	942,057
Granted (a)	183,396	197,831	381,227
Vested	(210,176)	(321,330)	(531,506)
Forfeited	(791)	(24,661)	(25,452)
End of period	320,652	445,674	766,326

As of June 30, 2024 and September 30, 2023, total unrecognized compensation costs related to unvested restricted stock awards were $9.3 million and $6.9 million, respectively. The costs remaining as of June 30, 2024 are expected to be recognized over a weighted average period of 1.80 years.

Stock-based Compensation - Schedule of Nonvested Stock Awards Activity (Details) - shares	1 Months Ended	9 Months Ended
	Nov. 30, 2023	Jun. 30, 2024
Shares
Conversion basis (in shares)		1
Total Restricted Shares
Shares
Beginning of period (in shares)		942,057
Granted (in shares)		381,227
Vested (in shares)		(531,506)
Forfeited (in shares)		(25,452)
End of period (in shares)		766,326
Performance-Based Restricted Shares
Shares
Beginning of period (in shares)		348,223
Granted (in shares)		183,396
Vested (in shares)		(210,176)
Forfeited (in shares)		(791)
End of period (in shares)		320,652
Award vesting period		3 years
Performance based restricted stock settled in cash payment (in shares)	108,108
Time-based restricted stock
Shares
Beginning of period (in shares)		593,834
Granted (in shares)		197,831
Vested (in shares)		(321,330)
Forfeited (in shares)		(24,661)
End of period (in shares)		445,674

Borrowings - Schedule of Debt Instrument Redemption (Details) - Senior Notes	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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%
7.500%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.50%
Redemption percentage	35.00%
Principal amount outstanding, percentage	0.65
7.500% \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	107.50%
7.500% \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	100.00%
7.500% \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	103.75%
7.500% \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	101.875%
7.500% \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100.00%

Owned Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Homes under construction	$ 914,549		$ 644,363
Land under development	1,002,720		870,740
Land held for future development	19,879		19,879
Land held for sale	14,724		18,579
Capitalized interest	126,562	$ 123,214	112,580	$ 114,409	$ 113,886	$ 109,088
Model homes	93,490		90,062
Total owned inventory	$ 2,171,924		$ 1,756,203

Borrowings (Tables)

9 Months Ended

Jun. 30, 2024

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, 2024 and September 30, 2023:


in thousands	Maturity Date	June 30, 2024		September 30, 2023

6.750% Senior Notes (2025 Notes)	March 2025	$	—	$	202,195
5.875% Senior Notes (2027 Notes)	October 2027	357,255		357,255
7.250% Senior Notes (2029 Notes)	October 2029	350,000		350,000
7.500% Senior Notes (2031 Notes)	March 2031	250,000		—

Unamortized debt issuance costs		(8,734)		(5,759)
Total Senior Notes, net		948,521		903,691
Junior Subordinated Notes (net of unamortized accretion of $24,886 and $26,436, respectively)	July 2036	75,887		74,337


Senior Unsecured Revolving Credit Facility	March 2028	45,000		—
Total debt, net		$	1,069,408	$	978,028

Schedule of 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

5.875% Senior Notes

October 2017

October 2027

7.250% Senior Notes

September 2019

October 2029

7.500% Senior Notes

March 2024

March 2031

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 3
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-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 942
-SubTopic 470
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Total revenue	$ 595,682	$ 572,544	$ 1,524,040	$ 1,561,380
Home construction and land sales expenses	492,178	455,485	1,240,953	1,255,356
Inventory impairments and abandonments	200	315	200	616
Gross profit	103,304	116,744	282,887	305,408
Commissions	21,233	19,473	52,764	51,883
General and administrative expenses	49,655	46,464	135,645	129,891
Depreciation and amortization	3,892	2,907	9,698	8,440
Operating income	28,524	47,900	84,780	115,194
Loss on extinguishment of debt, net	0	(18)	(437)	(533)
Other income, net	1,136	2,176	14,136	3,759
Income from continuing operations before income taxes	29,660	50,058	98,479	118,420
Expense from income taxes	2,452	6,241	10,372	15,488
Income from continuing operations	27,208	43,817	88,107	102,932
Income (loss) from discontinued operations, net of tax	2	0	2	(77)
Net income	$ 27,210	$ 43,817	$ 88,109	$ 102,855
Weighted-average number of shares:
Basic (in shares)	30,513	30,395	30,625	30,335
Diluted (in shares)	30,935	30,860	31,017	30,649
Basic income per share:
Continuing operations (in USD per share)	$ 0.89	$ 1.44	$ 2.88	$ 3.39
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	0.89	1.44	2.88	3.39
Diluted income per share:
Continuing operations (in USD per share)	0.88	1.42	2.84	3.36
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	$ 0.88	$ 1.42	$ 2.84	$ 3.36

Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Interest (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 123,214	$ 113,886	$ 112,580	$ 109,088
Interest incurred	20,615	18,027	58,510	53,891
Capitalized interest amortized to home construction and land sales expenses	(17,267)	(17,504)	(44,528)	(48,570)
Capitalized interest in inventory, end of period	$ 126,562	$ 114,409	$ 126,562	$ 114,409

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2024 USD ($) state region	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) state region segment	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
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	$ 595,682	$ 572,544	$ 1,524,040	$ 1,561,380
Operating income	28,524	47,900	84,780	115,194
Gain on sale of investments	8,600		8,600
Depreciation and amortization	3,892	2,907	9,698	8,440
Capital expenditures			16,691	14,122
Assets	2,594,546		2,594,546		$ 2,411,033
Operating Segments
Segment Reporting Information [Line Items]
Operating income	67,495	88,974	180,595	219,546
Depreciation and amortization	3,411	2,573	8,377	7,506
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating income	(38,971)	(41,074)	(95,815)	(104,352)
Depreciation and amortization	481	334	1,321	934
Capital expenditures			4,974	4,034
Assets	505,341		505,341		739,986
West
Segment Reporting Information [Line Items]
Revenue	369,359	328,347	953,790	933,575
West \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	45,582	55,629	119,951	138,499
Depreciation and amortization	2,520	1,750	6,283	5,294
Capital expenditures			9,132	6,840
Assets	1,220,127		1,220,127		994,597
East
Segment Reporting Information [Line Items]
Revenue	123,565	133,096	310,186	339,357
East \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	9,158	16,415	27,796	41,921
Depreciation and amortization	494	402	1,109	1,063
Capital expenditures			1,829	1,975
Assets	477,204		477,204		356,020
Southeast
Segment Reporting Information [Line Items]
Revenue	102,758	111,101	260,064	288,448
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	12,755	16,930	32,848	39,126
Depreciation and amortization	397	$ 421	985	1,149
Capital expenditures			756	$ 1,273
Assets	$ 391,874		$ 391,874		$ 320,430

Fair Value Measurements - Schedule of Fair Value Assets Measured on a Recurring and Non-Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 7,616	$ 6,495
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	7,616	6,495
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 0	$ 0

Operating Leases - Schedule of Maturity Analysis of the Annual Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 1,100
2025	4,572
2026	4,117
2027	3,215
2028	2,982
Thereafter	9,989
Total lease payments	25,975
Less: imputed interest	5,415
Total operating lease liabilities	$ 20,560	$ 18,969