0000915840-24-000069 | 10-K | XBRL Viewer

Contingencies

12 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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 alleged 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 consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in the 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:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Balance at beginning of period	$	13,046	$	13,926	$	12,931
Warranty provision	9,483		9,672		13,093

Warranty expenditures	(9,812)		(10,552)		(12,098)
Balance at end of period	$	12,717	$	13,046	$	13,926

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 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 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 $9.3 million and $9.4 million in other liabilities on our consolidated balance sheets related to litigation matters as of September 30, 2024 and 2023, respectively.

Surety Bonds and Letters of Credit

We had outstanding letters of credit and surety bonds of $36.4 million and $332.2 million, respectively, as of September 30, 2024, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Segment Information

12 Months Ended

Sep. 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(a)

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

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

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

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

Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, 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.

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Revenue
West	$	1,467,287	$	1,297,005	$	1,331,553
East	501,206		505,844		560,747
Southeast	361,704		403,936		424,688

Total revenue	$	2,330,197	$	2,206,785	$	2,316,988


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Operating income
West	$	189,739	$	205,850	$	253,961
East	52,898		65,021		102,146
Southeast	45,666		57,326		68,726

Segment total	288,303		328,197		424,833
Corporate and unallocated(a)	(145,277)		(150,944)		(152,342)
Total operating income	$	143,026	$	177,253	$	272,491

(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 fiscal year ended September 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 in March 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 consolidated balance sheets.


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Depreciation and amortization
West	$	9,820	$	7,550	$	8,178
East	1,792		1,662		1,649
Southeast	1,478		1,655		1,843

Segment total	13,090		10,867		11,670
Corporate and unallocated(a)	1,777		1,331		1,690
Total depreciation and amortization	$	14,867	$	12,198	$	13,360

(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:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Capital expenditures
West	$	11,956	$	9,909	$	7,755
East	2,559		2,578		1,208
Southeast	1,526		1,452		1,215

Corporate and unallocated	6,312		6,395		4,870
Total capital expenditures	$	22,353	$	20,334	$	15,048

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


in thousands	September 30, 2024		September 30, 2023
Assets
West	$	1,114,450	$	994,597
East	454,255		356,020
Southeast	389,058		320,430

Corporate and unallocated(a)	633,764		739,986
Total assets	$	2,591,527	$	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

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 82,374	$ 67,581
Less: Accumulated depreciation	(43,746)	(36,437)
Property and equipment, net	38,628	31,144
Model furnishings and sales office improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,179	24,736
Information systems
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,140	25,745
Furniture, fixtures and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,447	12,692
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,226	3,026
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,382	$ 1,382

Contingencies - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
Contingencies - Warranty (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 13,046	$ 13,926	$ 12,931
Warranty provision	9,483	9,672	13,093
Warranty expenditures	(9,812)	(10,552)	(12,098)
Balance at end of period	$ 12,717	$ 13,046	$ 13,926

Stock-Based Compensation - Schedule of Nonvested Stock Awards and Performance Shares (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock
Shares
Beginning of period (in shares)	942,057	848,188	1,224,729
Granted (in shares)	385,438	674,932	516,461
Vested (in shares)	(546,997)	(568,954)	(838,599)
Forfeited (in shares)	(60,999)	(12,109)	(54,403)
End of period (in shares)	719,499	942,057	848,188
Weighted- Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 14.91	$ 18.13	$ 13.59
Granted (in dollars per share)	24.12	12.83	20.14
Vested (in dollars per share)	14.70	17.30	11.42
Forfeited (in dollars per share)	18.22	14.56	16.77
End of period (in dollars per share)	$ 19.72	$ 14.91	$ 18.13
Performance-based restricted stock
Shares
Beginning of period (in shares)	348,223	436,146	738,155
Granted (in shares)	183,396	249,534	269,617
Vested (in shares)	(210,176)	(334,736)	(552,417)
Forfeited (in shares)	(17,731)	(2,721)	(19,209)
End of period (in shares)	303,712	348,223	436,146
Weighted- Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 16.20	$ 17.76	$ 13.45
Granted (in dollars per share)	20.80	14.17	18.98
Vested (in dollars per share)	15.24	16.80	10.50
Forfeited (in dollars per share)	18.96	15.20	17.27
End of period (in dollars per share)	$ 19.48	$ 16.20	$ 17.76
Granted and vested in period (in shares)	108,108	92,104	177,759
Time-based restricted stock
Shares
Beginning of period (in shares)	593,834	412,042	486,574
Granted (in shares)	202,042	425,398	246,844
Vested (in shares)	(336,821)	(234,218)	(286,182)
Forfeited (in shares)	(43,268)	(9,388)	(35,194)
End of period (in shares)	415,787	593,834	412,042
Weighted- Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 14.15	$ 18.52	$ 13.79
Granted (in dollars per share)	27.14	12.05	21.40
Vested (in dollars per share)	14.37	18.02	13.21
Forfeited (in dollars per share)	17.92	14.38	16.49
End of period (in dollars per share)	$ 19.89	$ 14.15	$ 18.52

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	(Accumulated Deficit) Retained Earnings
Beginning balance (in shares) at Sep. 30, 2021		31,294,000
Beginning balance at Sep. 30, 2021	$ 724,884	$ 31	$ 866,158	$ (141,305)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	220,704			220,704
Stock-based compensation expense	8,478		8,478
Stock option exercises (in shares)		1,000
Stock option exercises	5		5
Shares issued under employee stock plans, net (in shares)		518,000
Forfeiture and other settlements of restricted stock (in shares)		(55,000)
Forfeiture and other settlements of restricted stock	0		0
Common stock redeemed for tax liability (in shares)		(308,000)
Common stock redeemed for tax liability	$ (6,631)		(6,631)
Share repurchases (in shares)	(570,000)	(570,000)
Share repurchases	$ (8,154)		(8,154)
Ending balance (in shares) at Sep. 30, 2022		30,880,000
Ending balance at Sep. 30, 2022	939,286	$ 31	859,856	79,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	158,611			158,611
Stock-based compensation expense	7,275		7,275
Stock option exercises (in shares)		14,000
Stock option exercises	262		262
Shares issued under employee stock plans, net (in shares)		675,000
Forfeiture and other settlements of restricted stock (in shares)		(12,000)
Forfeiture and other settlements of restricted stock	0		0
Common stock redeemed for tax liability (in shares)		(206,000)
Common stock redeemed for tax liability	$ (2,615)		(2,615)
Share repurchases (in shares)	0
Ending balance (in shares) at Sep. 30, 2023		31,351,000
Ending 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	140,175			140,175
Stock-based compensation expense	7,391		7,391
Stock option exercises (in shares)		3,000
Stock option exercises	20		20
Shares issued under employee stock plans, net (in shares)		387,000
Shares issued under employee stock plans, net	1	$ 1
Forfeiture and other settlements of restricted stock (in shares)		(61,000)
Forfeiture and other settlements of restricted stock	0		0
Common stock redeemed for tax liability (in shares)		(177,000)
Common stock redeemed for tax liability	$ (5,366)		(5,366)
Share repurchases (in shares)	(455,000)	(455,000)
Share repurchases	$ (12,929)	$ (1)	(12,928)
Ending balance (in shares) at Sep. 30, 2024		31,048,000
Ending balance at Sep. 30, 2024	$ 1,232,111	$ 31	$ 853,895	$ 378,185

Retirement and Deferred Compensation Plan	12 Months Ended
Retirement and Deferred Compensation Plan	Sep. 30, 2024
Retirement Benefits [Abstract]
Retirement and Deferred Compensation Plan	Retirement and Deferred Compensation Plans 401(k) Retirement Plan The Company sponsors a defined-contribution plan that is a tax-qualified retirement plan under section 401(k) of the Internal Revenue Code (the Plan). Substantially all employees are eligible for participation in the Plan. Participants may defer and contribute from 1% to 80% of their salary to the Plan, with certain limitations on highly compensated individuals. The Company matches up to 50% of the participant's contributions limited to 6% of the participant's earnings. The participant's contributions vest immediately, while the Company's contributions vest over five years. The total Company contributions for the fiscal years ended September 30, 2024, 2023 and 2022 were $3.5 million, $3.2 million and $3.5 million, respectively. During fiscal 2024, 2023 and 2022, participants forfeited $0.9 million, $0.7 million and $0.3 million, respectively, of unvested matching contributions. Deferred Compensation Plan The Beazer Homes USA, Inc. Deferred Compensation Plan (the DCP) is a non-qualified deferred compensation plan for a select group of executives and highly compensated employees. The DCP allows the executives to defer current compensation on a pre-tax basis to a future year, until termination of employment. The objectives of the DCP are to assist executives with financial planning and capital accumulation and to provide the Company with a method of attracting, rewarding and retaining executives. Participation in the DCP is voluntary. The Company may voluntarily make a contribution to the participants' DCP accounts. For the years ended September 30, 2024, 2023 and 2022, the Company contributed $0.2 million, $0.2 million and $0.2 million, respectively, to the participants' DCP accounts in the form of voluntary contributions, which was recorded as compensation expense within general and administrative expenses in our consolidated statements of operations. DCP assets of $8.1 million and $6.5 million as of September 30, 2024 and 2023, respectively, are included in other assets on our consolidated balance sheets and are recorded at fair value. Realized and unrealized gains and losses on DCP assets are recorded in other income, net within our consolidated statement of operations. DCP liabilities of $8.1 million and $6.5 million as of September 30, 2024 and 2023, respectively, are included in other liabilities on our consolidated balance sheets.

Borrowings - Schedule of Long-term Debt (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total debt, net	$ 1,025,349,000	$ 978,028,000
Unamortized debt issuance costs	(8,310,000)	(5,759,000)
Revolving Credit Facility
Debt Instrument [Line Items]
Secured Revolving Credit Facility	0	0
Senior Notes
Debt Instrument [Line Items]
Total debt, net	948,945,000	903,691,000
Unamortized debt issuance costs	(8,310,000)	(5,759,000)
Junior Subordinated Notes
Debt Instrument [Line Items]
Total debt, net	76,404,000	74,337,000
Unamortized discount	$ 24,369,000	$ 26,436,000
6.750% Senior Notes (2025 Notes) \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%	6.75%
Total debt, net	$ 0	$ 202,195,000
5.875% Senior Notes (2027 Notes) \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%	5.875%
Total debt, net	$ 357,255,000	$ 357,255,000
7.250% Senior Notes (2029 Notes) \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%	7.25%
Total debt, net	$ 350,000,000	$ 350,000,000
7.500% Senior Notes (2031 Notes) \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.50%	7.50%
Total debt, net	$ 250,000,000	$ 0
Junior Subordinated Notes
Debt Instrument [Line Items]
Unamortized discount	$ 24,400,000

Borrowings (Tables)

12 Months Ended

Sep. 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 September 30, 2024 and 2023:


in thousands	Maturity Date	September 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		(8,310)		(5,759)
Total Senior Notes, net		948,945		903,691
Junior Subordinated Notes (net of unamortized accretion of $24,369 and $26,436, respectively)	July 2036	76,404		74,337

Senior Unsecured Revolving Credit Facility	March 2028	—		—
Total debt, net		$	1,025,349	$	978,028

Schedule of maturities of long-term debt

As of September 30, 2024, the future maturities of our borrowings were as follows:


Fiscal Years Ending September 30,
in thousands
2025	$	—
2026	—
2027	—
2028	357,255
2029	—
Thereafter	700,773
Total	$	1,058,028

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

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.

- 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.

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+ Details

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax computed at statutory rate	$ 33,408	$ 38,356	$ 57,538
State income taxes, net of federal benefit	3,273	2,874	4,482
Permanent differences	9,140	2,037	3,341
Stock-based compensation	1,055	179	(389)
Tax credits	(27,918)	(20,287)	(12,081)
Deferred rate change	53	665	346
Other, net	(101)	134	34
Total expense from income taxes	$ 18,910	$ 23,958	$ 53,271

- Definition

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

+ References

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+ Details

Operating Leases - Weighted-Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term	6 years 7 months 6 days	7 years
Weighted-average discount rate	6.30%	5.98%

Other Liabilities

12 Months Ended

Sep. 30, 2024

Other Liabilities [Abstract]

Other Liabilities

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


in thousands	September 30, 2024		September 30, 2023
Accrued compensations and benefits	$	45,335	$	50,242
Customer deposits	18,669		27,577
Accrued interest	23,369		23,132
Warranty reserves	12,717		13,046
Litigation accruals	9,297		9,404
Income tax liabilities	2,399		272
Other	38,114		33,288
Total	$	149,900	$	156,961

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

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


	Fiscal Year Ended September 30,
in thousands (except per share data)	2024		2023		2022
Numerator:
Income from continuing operations	$	140,175	$	158,688	$	220,718
Loss from discontinued operations, net of tax	—		(77)		(14)
Net income	$	140,175	$	158,611	$	220,704

Denominator:
Basic weighted-average shares	30,548		30,353		30,432
Dilutive effect of restricted stock awards	397		388		357
Dilutive effect of stock options	8		6		7


Diluted weighted-average shares(a)	30,953		30,747		30,796

Basic income per share:
Continuing operations	$	4.59	$	5.23	$	7.25
Discontinued operations	—		—		—
Total	$	4.59	$	5.23	$	7.25

Diluted income per share:
Continuing operations	$	4.53	$	5.16	$	7.17
Discontinued operations	—		—		—
Total	$	4.53	$	5.16	$	7.17

(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


	Fiscal Year Ended September 30,
in thousands	2024	2023	2022
Stock options	—	11	22
Time-based restricted stock	2	—	—

Operating Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2025	$ 4,572
2026	4,117
2027	3,215
2028	2,982
2029	2,905
Thereafter	7,084
Total lease payments	24,875
Less: imputed interest	5,097
Total operating lease liabilities	$ 19,778	$ 18,969

Borrowings

12 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

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


in thousands	Maturity Date	September 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		(8,310)		(5,759)
Total Senior Notes, net		948,945		903,691
Junior Subordinated Notes (net of unamortized accretion of $24,369 and $26,436, respectively)	July 2036	76,404		74,337

Senior Unsecured Revolving Credit Facility	March 2028	—		—
Total debt, net		$	1,025,349	$	978,028

As of September 30, 2024, the future maturities of our borrowings were as follows:


Fiscal Years Ending September 30,
in thousands
2025	$	—
2026	—
2027	—
2028	357,255
2029	—
Thereafter	700,773
Total	$	1,058,028

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.

As of September 30, 2024, we had no borrowings and no letters of credit outstanding under the Unsecured Facility, resulting in a remaining capacity of $300.0 million. The Unsecured Facility requires compliance with certain covenants, including affirmative covenants, negative covenants and financial covenants. As of September 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 September 30, 2024 and 2023, the Company had letters of credit outstanding under these additional facilities of $36.4 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 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 September 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 and began 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.

During the fiscal year ended September 30, 2024, we also repurchased $4.3 million and redeemed the remaining $197.9 million of our outstanding 2025 Notes using cash on hand and 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.

During the fiscal year ended September 30, 2023, we repurchased $9.0 million of our outstanding 2025 Notes using cash on hand, resulting in a net loss on extinguishment of debt of less than $0.1 million.

During the fiscal year ended September 30, 2022, we repurchased $6.0 million of our outstanding 2027 Notes and $18.4 million of our outstanding 2025 Notes using cash on hand, resulting in a gain on extinguishment of debt of $0.3 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

7.250% Senior Notes

September 2019

October 2029

7.500% Senior Notes

March 2024

March 2031

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 September 30, 2024. The securities have a floating interest rate as defined in the Junior Subordinated Notes Indentures, which was a weighted-average of 7.97% as of September 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 September 30, 2024, the unamortized accretion was $24.4 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 September 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Interest (Details) - USD ($) $ in Thousands	12 Months Ended
Interest (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 112,580	$ 109,088	$ 106,985
Interest incurred	79,835	71,981	74,161
Capitalized interest impaired	0	0	(439)
Capitalized interest amortized to home construction and land sales expenses	(68,233)	(68,489)	(71,619)
Capitalized interest in inventory, end of period	$ 124,182	$ 112,580	$ 109,088

Supplemental Cash Flow Information (Tables)

12 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosure of non-cash activity

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Supplemental disclosure of non-cash activity:











Increase in operating lease right-of-use assets(a)	$	4,114	$	10,829	$	835
Increase in operating lease liabilities(a)	$	4,114	$	11,276	$	835
Derecognition of investment in unconsolidated entities(b)	$	—	$	—	$	3,641
Supplemental disclosure of cash activity:
Interest payments	$	75,226	$	67,342	$	70,132
Income tax payments	$	11,359	$	1,956	$	4,216
Tax refunds received	$	—	$	9,987	$	—

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	203,907	$	345,590	$	214,594
Restricted cash	38,703		40,699		37,234
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	242,610	$	386,289	$	251,828

(a) Represents leases renewed or additional leases that commenced during the fiscal years ended September 30, 2024, 2023 and 2022.

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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Consolidation

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), and present the consolidated financial position, income, stockholders' equity, and cash flows 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 consolidated statements of operations for all periods presented.

Our fiscal year 2024 began on October 1, 2023 and ended on September 30, 2024. Our fiscal year 2023 began on October 1, 2022 and ended on September 30, 2023. Our fiscal year 2022 began on October 1, 2021 and ended on September 30, 2022.

Reclassification

Certain prior period amounts have been reclassified to conform to current period presentation.

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 consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.

Cash and Cash Equivalents and Restricted Cash

We consider highly liquid investments with maturities of three months or less when acquired to be cash equivalents. As of September 30, 2024, the majority of our cash and cash equivalents were on demand deposits with major banks. These assets were valued at par and had no withdrawal restrictions. Restricted cash includes cash restricted by state law or a contractual requirement, including cash collateral for our outstanding cash-secured letters of credit (refer to Note 7).

Accounts Receivable and Allowance

Accounts receivable include receivables from municipalities related to the development of utilities or other infrastructure, land banker reimbursements to be received related to land development costs, rebates to be received from our suppliers, escrow proceeds to be received from title companies associated with closed homes, and other miscellaneous receivables. Generally, we receive cash from title companies within a few days of the home being closed. We regularly review our receivable balances for collectability and record an allowance for expected credit losses.

Owned Inventory

Owned inventory includes land acquisition costs, land development costs, home construction costs, capitalized interest, real estate taxes, direct overhead costs and capitalized indirect costs incurred during land development and home construction, and common costs that benefit the entire community, less impairments, if any. Land acquisition, land development and other common costs (both incurred and estimated to be incurred) are allocated to individual lots on a pro-rata basis, and the cost of individual lots is transferred to homes under construction when home construction begins. Changes in estimated land and other common costs to be incurred in a community are generally allocated to the remaining lots on a prospective basis. Home construction costs are accumulated on a per-home basis. Cost of home closings includes the specific construction costs of the home and the allocated lot costs. Refer to Note 4 for further discussion of our inventory balance.

Inventory Valuation - Projects in Progress

Projects in progress inventory includes homes under construction and land under development grouped together as communities. Generally, upon the commencement of land development activities, it may take three to five years (depending on, among other things, the size of the community and its sales pace) to fully develop, sell, construct and close all the homes in a typical community. 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. We evaluate, among other things, the average sales price and margins on recent home closings, homes in backlog and expected future home sales for each community. 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. This undiscounted cash flow analysis requires important assumptions including, among other things, the current and future home sale prices, margins and the pace of closings to occur in the future. For those communities whose carrying values exceed 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.

The assumptions used in the determination of fair value of projects in progress communities are based on factors known to us at the time such estimates are made and our expectations of future operations and market conditions. The fair value of the community is estimated using the present value of the estimated future cash flows using discount rates commensurate with the risk associated with the underlying community. Should the estimates or expectations used in determining estimated fair values deteriorate in the future, we may be required to recognize additional impairment charges and write-offs related to these assets, and such amounts could be material.

Inventory Valuation - Land Held for Future Development

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. All applicable carrying costs, such as interest and real estate taxes, are expensed as incurred. Land held for future development is stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable, such as the future enactment of a development plan or the occurrence of outside events. We evaluate the potential plans for each community in land held for future development if changes in facts and circumstances occur that would give rise to a more detailed analysis for a change in the status of a community.

Inventory Valuation - Land Held for Sale

Land held for sale includes land and lots that do not fit within our homebuilding programs or strategic plans in certain markets. We record land held for sale at the lower of the asset's carrying value or fair value less costs to sell (net realizable value). Land is classified as held for sale when the following criteria are met:

•management has the authority and commits to a plan to sell the land;

•the land is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of land assets;

•there is an active program to locate a buyer and the plan to sell the property has been initiated;

•the sale of the land is probable within one year;

•the property is being actively marketed at a reasonable sale price relative to its current fair value; and

•it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made.

We evaluate the net realizable value of a land held for sale asset when indicators of impairment are present. In determining the fair value of the assets less cost to sell, we consider factors including current sales prices for comparable assets in the area, recent market analysis studies, appraisals, any recent legitimate offers and listing prices of similar properties. If the current carrying value of the asset exceeds the estimated fair value less cost to sell, the asset is impaired and written down to its estimated fair value less cost to sell.

Due to uncertainties in the estimation process, it is reasonably possible that actual results could differ from the estimates used in our analysis. Our assumptions about land sales prices require significant judgment because the market is highly sensitive to changes in economic conditions. We calculate the estimated fair values of land held for sale based on current market conditions and assumptions made by management, which may differ materially from actual results and may result in additional impairments if market conditions deteriorate.

Lot Option Agreements and Variable Interest Entities (VIE)

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 September 30, 2024 and 2023:


	September 30, 2024		September 30, 2023
in thousands
Deposits and non-refundable pre-acquisition costs incurred(a)	$	227,770	$	165,371
Remaining purchase price if lot option agreements are exercised	$	1,458,679	$	949,447

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

In accordance with Accounting Standards Codification (ASC) Topic 810, Consolidation (ASC 810), if the entity holding the land under option is a VIE, the Company's deposit represents a variable interest in that entity. ASC 810 requires a company to consolidate a VIE if the company is determined to be the primary beneficiary. To determine whether we are the primary beneficiary of the VIE, we first evaluate whether we have the ability to control the activities of the VIE that most significantly impact its economic performance. Such activities include, but are not limited to, (1) the ability to determine the budget and scope of land development work, if any; (2) the ability to control financing decisions for the VIE; (3) the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with Beazer; and (4) the ability to change or amend the existing option agreement with the VIE. If we are not determined to control such activities, we are not considered the primary beneficiary of the VIE and thus do not consolidate the VIE. If we do have the ability to control such activities, we will continue our analysis by determining if we are expected to absorb a potentially significant amount of the VIE's losses or, if no party absorbs the majority of such losses, if we will benefit from potentially a significant amount of the VIE's expected gains.

If we are the primary beneficiary of the VIE, we will consolidate the VIE even though creditors of the VIE have no recourse against the Company. For those we consolidate, we record the remaining contractual purchase price under the applicable lot option agreement, net of option deposits already paid, to consolidated inventory not owned with an offsetting increase to obligations related to consolidated inventory not owned on our consolidated balance sheets. Also, to reflect the total purchase price of this inventory on a consolidated basis, we present the related option deposits as consolidated inventory not owned. No VIEs required consolidation as of September 2024 and 2023 because we have determined that we were not the primary beneficiary of any VIEs.

Property and Equipment, Net

Our property and equipment is recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings and improvements						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets from the businesses that we acquire. The Company's entire goodwill balance is recorded in our Southeast reportable segment. The Company evaluates goodwill for impairment at the reporting unit level annually during the fourth quarter or more often if indicators of impairment exist.

The Company has the option to perform a qualitative or quantitative assessment to determine whether the fair value of a reporting unit exceeds its carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. If after assessing these qualitative factors, the Company determines it is more likely than not that the fair value of the reporting unit is less than the carrying value, then a quantitative assessment is performed.

The fair value of the reporting unit is estimated using a combination of the income approach, utilizing the discounted cash flow method, and the market approach, utilizing readily available market valuation multiples. If the estimated fair value of the reporting unit is less than its carrying value, an impairment will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Determining the fair value of a reporting unit under the quantitative goodwill impairment assessment requires the Company to make estimates and assumptions regarding future operating results, cash flows (including timing), discount rates, expected growth rates, capital expenditures and cost of capital, similar to those a market participant would use to assess fair value. We also make certain assumptions about future economic conditions and other data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods.

During the fourth quarter of 2024, the Company performed its annual goodwill impairment analysis and concluded our goodwill was not impaired.

Other Assets

Our other assets principally include prepaid expenses, assets related to our deferred compensation plan (refer to Note 14 for a discussion of our deferred compensation plan), investment securities, unamortized debt issuance costs on our Senior Unsecured Revolving Credit Facility, and certificates of deposit used to secure our stand-alone letters of credit facilities (refer to Note 7 for a discussion of our credit facilities) .

Other Liabilities

Our other liabilities principally include accrued compensations and benefits, accrued interest on our outstanding borrowings, customer deposits, warranty reserves, litigation accruals, income tax liabilities and other accruals related to our operations. Refer to Note 11 for details of our other liabilities.

Income Taxes

Our provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities result from deductible or taxable amounts in future years when such assets and liabilities are recovered or settled and are measured using the enacted tax rates and laws that are expected to be in effect when the assets and liabilities are recovered or settled. We include any estimated interest and penalties on tax related matters in income taxes payable. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. We record interest and penalties related to unrecognized tax benefits in income tax expense within our consolidated statements of operations. Changes in recognition of measurement are recorded in the period in which the change in judgment occurs. Refer to Note 12 for a detailed discussion of our tax provision, deferred tax assets and valuation allowance.

Our income tax receivable for fiscal 2022 included the refundable portion of our alternative minimum tax (AMT) credit. We received payment of $9.2 million AMT credit refund as well as interest payment of $0.4 million during our fiscal 2023.

Revenue Recognition

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

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Homebuilding revenue	$	2,292,984	$	2,198,400	$	2,302,520
Land sales and other revenue	37,213		8,385		14,468
Total revenue(a)	$	2,330,197	$	2,206,785	$	2,316,988

(a) Please see Note 17 for total revenue disaggregated by reportable segment.

Homebuilding revenue

Homebuilding revenue is reported net of discounts and is generally recognized when title to and possession of the home is transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $18.7 million and $27.6 million as of September 30, 2024 and 2023, respectively. Of the customer liabilities outstanding as of September 30, 2023, $25.8 million was recognized in revenue during the fiscal year ended September 30, 2024 upon closing of the related homes, and $1.6 million was refunded to or forfeited by the buyer.

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.

Home Construction Expenses

Home construction expenses include the specific construction costs of the home and the allocated lot costs (land acquisition, land development and other common costs are allocated to individual lots on a pro-rata basis based on the number of lots remaining to close within the community). All home closing costs are charged to home construction expenses in the period when the revenues from home closing are recognized.

Sales discounts and incentives include discounts on home prices, discounts on home building options and option upgrades, and seller-paid financing or closing costs, including rate buydowns. Home price discounts and option discounts are accounted for as a reduction in the sale price of the home, thereby decreasing the amount of revenue we recognize on that closing. All other sales incentives are recognized as a cost of selling the home and are included in home construction expenses.

Estimated future warranty costs are charged to home construction expense in the period when the revenues from home closings are recognized. Such estimated warranty costs generally range from 0.3% to 1.1% of total revenue recognized for each home closed. Additional warranty costs are charged to home construction expenses as necessary based on management's estimate of the costs to remediate existing claims. See Note 8 for a more detailed discussion of warranty costs and related reserves.

Advertising Costs

Advertising costs related to continuing operations of $19.9 million, $15.1 million and $14.4 million for our fiscal years 2024, 2023 and 2022, respectively, were expensed as incurred and were included in general and administrative (G&A) expenses in the consolidated statements of operations.

Fair Value Measurements

Certain of our assets are required to be recorded at fair value on a recurring basis, for example, the fair value of our deferred compensation plan assets is based on quoted market prices (Level 1) or market-corroborated inputs (Level 2). 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 may not be recovered (Level 3). For example, we review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value is based on estimated cash flows discounted for market risks associated with the long-lived assets. The fair value of certain of our financial instruments approximates their carrying amounts due to the short maturity of these assets and liabilities or the variable interest rates on such obligations. The fair value of our publicly-held debt is generally estimated based on quoted bid prices for these instruments (Level 2). Certain of our other financial liabilities are estimated by discounting scheduled cash flows through maturity or using market rates currently being offered on loans with similar terms and credit quality. See Note 9 for additional discussion of our fair value measurements.

Stock-Based Compensation

We use the Black-Scholes option-pricing model to value our stock option grants. Restricted stock awards with market conditions are valued using the Monte Carlo valuation method. Other restricted stock awards without market conditions are valued based on the market price of the Company's common stock on the date of the grant. In addition, we reflect the benefits of tax deductions in excess of recognized compensation cost as an operating cash outflow. Compensation cost arising from all stock-based compensation awards is recognized as expense using the straight-line method over the vesting period and is included in G&A in our consolidated statements of operations. See Note 15 for additional discussion of our stock-based compensation.

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.

Income Statement Disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of additional information about specific expense categories in the notes to the financial statements. ASU 2024-03 will be effective for our fiscal year ending September 30, 2028. Early adoption is permitted and the amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	11	22
Time-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2	0	0

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2024 USD ($) home	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Summary of Significant Accounting Policies [Line Items]
Threshold number of homes below a minimum threshold of profitability \| home	10
Measurement threshold of likelihood of being realized (percent)	50.00%
AMT tax refund received		$ 9,200
Interest payment received		400
Customer deposits	$ 18,669	27,577
Contract with customer, liability, revenue recognized	25,800
Refunded by buyer	1,600
Advertising costs	$ 19,900	$ 15,100	$ 14,400
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated time to develop, sell, construct and close all homes (in years)	3 years
Estimated future warranty costs as a percentage or revenue (percent)	0.30%
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated time to develop, sell, construct and close all homes (in years)	5 years
Estimated future warranty costs as a percentage or revenue (percent)	1.10%

Fair Value Measurements - Fair Value Assets Measured on a Recurring and Non-recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 8,115	$ 6,495	$ 3,179
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	8,115	6,495	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0	3,179
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 0	$ 0	$ 0

Contingencies (Tables)

12 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of warranty reserves

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Balance at beginning of period	$	13,046	$	13,926	$	12,931
Warranty provision	9,483		9,672		13,093

Warranty expenditures	(9,812)		(10,552)		(12,098)
Balance at end of period	$	12,717	$	13,046	$	13,926

Segment Information (Tables)

12 Months Ended

Sep. 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:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Revenue
West	$	1,467,287	$	1,297,005	$	1,331,553
East	501,206		505,844		560,747
Southeast	361,704		403,936		424,688

Total revenue	$	2,330,197	$	2,206,785	$	2,316,988


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Operating income
West	$	189,739	$	205,850	$	253,961
East	52,898		65,021		102,146
Southeast	45,666		57,326		68,726

Segment total	288,303		328,197		424,833
Corporate and unallocated(a)	(145,277)		(150,944)		(152,342)
Total operating income	$	143,026	$	177,253	$	272,491


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Depreciation and amortization
West	$	9,820	$	7,550	$	8,178
East	1,792		1,662		1,649
Southeast	1,478		1,655		1,843

Segment total	13,090		10,867		11,670
Corporate and unallocated(a)	1,777		1,331		1,690
Total depreciation and amortization	$	14,867	$	12,198	$	13,360

(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:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Capital expenditures
West	$	11,956	$	9,909	$	7,755
East	2,559		2,578		1,208
Southeast	1,526		1,452		1,215

Corporate and unallocated	6,312		6,395		4,870
Total capital expenditures	$	22,353	$	20,334	$	15,048

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


in thousands	September 30, 2024		September 30, 2023
Assets
West	$	1,114,450	$	994,597
East	454,255		356,020
Southeast	389,058		320,430

Corporate and unallocated(a)	633,764		739,986
Total assets	$	2,591,527	$	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.

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

12 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Consolidation

Use of Estimates

Cash and Cash Equivalents and Restricted Cash

Accounts Receivables and Allowance

Accounts Receivable and Allowance

Owned Inventory

Inventory Valuation - Projects in Progress

Inventory Valuation - Land Held for Future Development and Sale

Inventory Valuation - Land Held for Future Development

Inventory Valuation - Land Held for Sale

•management has the authority and commits to a plan to sell the land;

•the land is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of land assets;

•there is an active program to locate a buyer and the plan to sell the property has been initiated;

•the sale of the land is probable within one year;

•the property is being actively marketed at a reasonable sale price relative to its current fair value; and

•it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made.

Lot Option Agreements and Variable Interest Entities (VIE)

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


	September 30, 2024		September 30, 2023
in thousands
Deposits and non-refundable pre-acquisition costs incurred(a)	$	227,770	$	165,371
Remaining purchase price if lot option agreements are exercised	$	1,458,679	$	949,447

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

Property and Equipment, Net

Our property and equipment is recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings and improvements						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

Our provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities result from deductible or taxable amounts in future years when such assets and liabilities are recovered or settled and are measured using the enacted tax rates and laws that are expected to be in effect when the assets and liabilities are recovered or settled. We include any estimated interest and penalties on tax related matters in income taxes payable. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. We record interest and penalties related to unrecognized tax benefits in income tax expense within our consolidated statements of operations. Changes in recognition of measurement are recorded in the period in which the change in judgment occurs. Our income tax receivable for fiscal 2022 included the refundable portion of our alternative minimum tax (AMT) credit.

Revenue Recognition

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Homebuilding revenue	$	2,292,984	$	2,198,400	$	2,302,520
Land sales and other revenue	37,213		8,385		14,468
Total revenue(a)	$	2,330,197	$	2,206,785	$	2,316,988

(a) Please see Note 17 for total revenue disaggregated by reportable segment.

Homebuilding revenue

Land sales and other revenue

Home Construction Expenses

Advertising Costs

Fair Value Measurements

Stock-Based Compensation

Recent Accounting Pronouncements

Interest

12 Months Ended

Sep. 30, 2024

Real Estate Inventory Capitalized Interest Costs [Abstract]

Interest

Interest capitalized during the fiscal years ended September 30, 2024, 2023 and 2022 was based upon the balance of inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Capitalized interest in inventory, beginning of period	$	112,580	$	109,088	$	106,985
Interest incurred	79,835		71,981		74,161
Capitalized interest impaired	—		—		(439)

Capitalized interest amortized to home construction and land sales expenses(a)	(68,233)		(68,489)		(71,619)
Capitalized interest in inventory, end of period	$	124,182	$	112,580	$	109,088

(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.

Owned Inventory (Tables)

12 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of inventory

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


in thousands	September 30, 2024		September 30, 2023
Homes under construction	$	754,705	$	644,363
Land under development	1,023,188		870,740
Land held for future development	19,879		19,879
Land held for sale	19,086		18,579
Capitalized interest	124,182		112,580
Model homes	99,600		90,062
Total owned inventory	$	2,040,640	$	1,756,203

Schedule of total inventory by segment

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


in thousands	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2024
West	$	1,023,140	$	3,483	$	17,110	$	1,043,733
East	411,914		10,888		1,300		424,102
Southeast	365,676		5,508		676		371,860
Corporate and unallocated(b)	200,945		—		—		200,945
Total	$	2,001,675	$	19,879	$	19,086	$	2,040,640
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 lot option abandonment charges

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022






Land Held for Sale:
West	$	—	$	—	$	1,303


Corporate and unallocated(a)	—		—		565
Total impairment charges on land held for sale	$	—	$	—	$	1,868
Abandonments:
West	$	1,805	$	487	$	289
East	91		154		143
Southeast	100		—		663

Total abandonments charges	$	1,996	$	641	$	1,095






Total impairment and abandonment charges	$	1,996	$	641	$	2,963

(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Supplemental disclosure of non-cash activity:
Increase in operating leases right-of-use assets	$ 4,114	$ 10,829	$ 835
Increase in operating leases liabilities	4,114	11,276	835
Derecognition of investment in unconsolidated entities	0	0	3,641
Supplemental disclosure of cash activity:
Interest payments	75,226	67,342	70,132
Income tax payments	11,359	1,956	4,216
Tax refunds received	0	9,987	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	203,907	345,590	214,594
Restricted cash	38,703	40,699	37,234
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 242,610	$ 386,289	$ 251,828	$ 274,143

Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 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
Litigation accruals	$ 9,297	$ 9,404
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	36,400
Outstanding performance bonds	$ 332,200

- 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

Stock-Based Compensation

12 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company has shares available for grant under the Amended and Restated 2014 Beazer Homes USA, Inc. Long-Term Incentive Plan, as amended. We issue new shares upon the exercise of stock options and the grant of restricted stock awards. In cases of forfeitures and cancellations, those shares are returned to the share pool for future issuance. As of September 30, 2024, we had 3.0 million shares of common stock available for future issuances under our equity incentive plan, of which 11,150 shares are to be issued upon exercise of outstanding options.

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Stock options expense	$	1	$	—	$	1
Restricted stock awards expense	7,390		7,275		8,477
Stock-based compensation expense	$	7,391	$	7,275	$	8,478

Stock Options

Stock options have an exercise price equal to the fair market value of the common stock on the grant date, generally vest two or three years after the date of grant, and may be exercised thereafter until their expiration, subject to forfeiture upon termination of employment as provided in the applicable plan. Under certain conditions of retirement, eligible participants may receive a partial vesting of stock options. Stock options generally expire on the eighth anniversary from the date such options were granted, depending on the terms of the award.

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model (Black-Scholes Model). As of both September 30, 2024 and 2023, there was less than $0.1 million of total unrecognized compensation cost related to unvested stock options. The cost remaining as of September 30, 2024 is expected to be recognized over a weighted-average period of 1.3 years.

During fiscal 2018, the Compensation Committee of our Board of Directors approved the Employee Stock Option Program (ESOP). This program is available to all full-time employees and is designed to enable employees to share in potential price appreciation of the Company's stock. The ESOP matches stock purchases made by eligible employees meeting certain conditions with an option to purchase an additional share of the Company's shares on a one-to-one basis. The exercise price of the options granted is equal to the closing price of the Company's stock on the day the underlying shares are purchased by the employee, which is also the ESOP grant date. The options will vest on the second anniversary of the date of grant but are forfeited if (1) the eligible employee no longer works for the Company or (2) the underlying shares are sold before the two-year vesting period is over. The total number of options available under the ESOP is limited to 100,000, each for one share of the Company's common stock, of which 32,118 options were granted through the end of fiscal 2024.

During the fiscal years ended September 30, 2024, 2023, and 2022, we issued 50, 100, and 236 stock options, respectively. All were issued under the ESOP.

Following is a summary of stock option activity for the periods presented:


	Fiscal Year Ended September 30,
	2024			2023			2022
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	13,575	$	9.61	27,507	$	14.31	114,259	$	17.89
Granted	50	27.73		100	27.98		236	16.58
Exercised	(2,475)	8.08		(13,796)	19.00		(988)	11.32
Expired	—	—		—	—		(86,000)	19.11

Forfeited	—	—		(236)	16.58		—	—
Outstanding at end of period	11,150	$	10.04	13,575	$	9.61	27,507	$	14.31
Exercisable at end of period	11,000	$	9.79	13,475	$	9.48	27,271	$	14.29

Restricted Stock Awards

The fair value of each restricted stock award with market conditions is estimated on the date of grant using the Monte Carlo valuation method. The fair value of restricted stock awards without market conditions is based on the market price of the Company's common stock on the date of grant. If applicable, the cash-settled component of any awards granted to employees is accounted for as a liability, which is adjusted to fair value each reporting period until vested.

Compensation cost arising from restricted stock awards granted to employees is recognized as an expense using the straight-line method over the vesting period. As of September 30, 2024 and 2023, there was $6.8 million and $6.9 million, respectively, of total unrecognized compensation cost related to unvested restricted stock awards. The cost remaining as of September 30, 2024 is expected to be recognized over a weighted-average period of 1.7 years.

During fiscal 2024, we issued time-based restricted stock awards and performance-based restricted stock awards with a payout subject to certain performance and market conditions. Each award type is discussed below.

Performance-Based Restricted Stock Awards

During the fiscal year ended September 30, 2024, we issued 75,288 shares of performance-based restricted stock (2024 Performance Shares), containing market conditions, to our executive officers and certain other employees. The 2024 Performance Shares are structured to be awarded based on the Company's performance under three pre-determined financial and operational metrics at the end of the three-year performance period. After determining the number of shares earned based on the financial and operational metrics, which can range from 0% to 175% of the targeted number of shares, the award will be subject to further upward or downward adjustment by as much as 30% based on the Company's relative total shareholder return (TSR) compared against a selected small to mid-cap homebuilder peers during the three-year performance period. The 2024 Performance Shares were valued using the Monte Carlo valuation model due to the existence of the TSR market condition and had an estimated fair value of $28.69 per share on the date of grant.

A Monte Carlo valuation model requires the following inputs: (1) the expected dividend yield on the underlying stock; (2) the expected price volatility of the underlying stock; (3) the risk-free interest rate for the period corresponding with the expected term of the award; and (4) the fair value of the underlying stock. For the Company and each member of the peer group, the following inputs were used, as applicable, in the Monte Carlo valuation model to determine the fair value as of the grant date for performance-based restricted stock granted in each of the fiscal years ended.


	Fiscal Year Ended September 30,
	2024		2023		2022
Expected volatility range	32.5% - 84.6%		41.5% - 86.9%		41.0% - 89.0%
Risk-free interest rate	4.57	%	4.26	%	0.81	%
Dividend yield	—		—		—
Grant-date stock price range	$9.81 - $142.79		$10.31 - $93.50		$21.40 - $142.99

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 Human Capital Committee. We have no current plans to cash settle any additional performance-based restricted shares in the future.

The performance criteria of the 2022 Performance Share grant were satisfied as of September 30, 2024. Based on the actual performance level achieved, 71,470 performance-based restricted stock awards from the 2022 Performance Share grant cliff vested at the end of the three-year vesting period on November 12, 2024. Of the total $2.1 million compensation cost related to these awards, we have recognized $0.4 million, $1.0 million and $0.6 million during the fiscal years ended September 30, 2024, 2023 and 2022, respectively. The remaining $0.1 million of unrecognized compensation cost will be recognized in the first quarter of fiscal 2025.

Time-Based Restricted Stock Awards

During the fiscal year ended September 30, 2024, we also issued 202,042 shares of time-based restricted stock (Restricted Shares) to our directors, executive officers, and certain other employees. Restricted Shares are valued based on the market price of the Company's common stock on the date of the grant. The Restricted Shares granted to our non-employee directors vest on the first anniversary of the grant, while the Restricted Shares granted to our executive officers and other employees generally vest ratably over three years from the date of grant.

Activity relating to all restricted stock awards for the periods presented is as follows:


	Fiscal Year Ended September 30, 2024
	Performance-Based(a)			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	348,223	$	16.20	593,834	$	14.15	942,057	$	14.91
Granted	183,396	20.80		202,042	27.14		385,438	24.12
Vested	(210,176)	15.24		(336,821)	14.37		(546,997)	14.70
Forfeited	(17,731)	18.96		(43,268)	17.92		(60,999)	18.22
End of period	303,712	$	19.48	415,787	$	19.89	719,499	$	19.72

(a) Grant and vesting activity during the fiscal year ended September 30, 2024 include 108,108 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.


	Fiscal Year Ended September 30, 2023
	Performance-Based(a)			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	436,146	$	17.76	412,042	$	18.52	848,188	$	18.13
Granted	249,534	14.17		425,398	12.05		674,932	12.83
Vested	(334,736)	16.80		(234,218)	18.02		(568,954)	17.30
Forfeited	(2,721)	15.20		(9,388)	14.38		(12,109)	14.56
End of period	348,223	$	16.20	593,834	$	14.15	942,057	$	14.91

(a) Grant and vesting activity during the fiscal year ended September 30, 2023 include 92,104 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.


	Fiscal Year Ended September 30, 2022
	Performance-Based(a)			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	738,155	$	13.45	486,574	$	13.79	1,224,729	$	13.59
Granted	269,617	18.98		246,844	21.40		516,461	20.14
Vested	(552,417)	10.50		(286,182)	13.21		(838,599)	11.42
Forfeited	(19,209)	17.27		(35,194)	16.49		(54,403)	16.77
End of period	436,146	$	17.76	412,042	$	18.52	848,188	$	18.13

(a) Grant and vesting activity during the fiscal year ended September 30, 2022 include 177,759 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
ASSETS
Cash and cash equivalents	$ 203,907	$ 345,590
Restricted cash	38,703	40,699
Accounts receivable (net of allowance of $284 and $284, respectively)	65,423	45,598
Owned inventory	2,040,640	1,756,203
Deferred tax assets, net	128,525	133,949
Property and equipment, net	38,628	31,144
Operating lease right-of-use assets	18,356	17,398
Goodwill	11,376	11,376
Other assets	45,969	29,076
Total assets	2,591,527	2,411,033
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	164,389	154,256
Operating lease liabilities	19,778	18,969
Other liabilities	149,900	156,961
Total debt (net of debt issuance costs of $8,310 and $5,759, respectively)	1,025,349	978,028
Total liabilities	1,359,416	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, 31,047,510 issued and outstanding and 31,351,434 issued and outstanding, respectively)	31	31
Paid-in capital	853,895	864,778
Retained earnings	378,185	238,010
Total stockholders’ equity	1,232,111	1,102,819
Total liabilities and stockholders’ equity	$ 2,591,527	$ 2,411,033

Owned Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Projects in Progress	$ 2,001,675	$ 1,717,745
Land Held for Future Development	19,879	19,879
Land Held for Sale	19,086	18,579
Total owned inventory	2,040,640	1,756,203
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in Progress	200,945	180,300
Land Held for Future Development	0	0
Land Held for Sale	0	0
Total owned inventory	200,945	180,300
West \| Operating Segments
Segment Reporting Information [Line Items]
Projects in Progress	1,023,140	914,908
Land Held for Future Development	3,483	3,483
Land Held for Sale	17,110	14,702
Total owned inventory	1,043,733	933,093
East \| Operating Segments
Segment Reporting Information [Line Items]
Projects in Progress	411,914	325,395
Land Held for Future Development	10,888	10,888
Land Held for Sale	1,300	3,201
Total owned inventory	424,102	339,484
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Projects in Progress	365,676	297,142
Land Held for Future Development	5,508	5,508
Land Held for Sale	676	676
Total owned inventory	$ 371,860	$ 303,326

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
ASSETS
Allowances for accounts receivable	$ 284	$ 284
LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt issuance costs	$ 8,310	$ 5,759
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	63,000,000	63,000,000
Common stock, shares issued (in shares)	31,047,510	31,351,434
Common stock, shares outstanding (in shares)	31,047,510	31,351,434

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Summary of Significant Accounting Policies [Line Items]
Total revenue	$ 2,330,197	$ 2,206,785	$ 2,316,988
Homebuilding revenue
Summary of Significant Accounting Policies [Line Items]
Total revenue	2,292,984	2,198,400	2,302,520
Land sales and other revenue
Summary of Significant Accounting Policies [Line Items]
Total revenue	$ 37,213	$ 8,385	$ 14,468

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (i)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-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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-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Interest (Tables)

12 Months Ended

Sep. 30, 2024

Real Estate Inventory Capitalized Interest Costs [Abstract]

Schedule of capitalized interest costs

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Capitalized interest in inventory, beginning of period	$	112,580	$	109,088	$	106,985
Interest incurred	79,835		71,981		74,161
Capitalized interest impaired	—		—		(439)

Capitalized interest amortized to home construction and land sales expenses(a)	(68,233)		(68,489)		(71,619)
Capitalized interest in inventory, end of period	$	124,182	$	112,580	$	109,088

(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.

Operating Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 4.4	$ 4.0	$ 4.0
Operating lease payments	$ 4.2	$ 4.3	$ 4.4

Operating Leases (Tables)

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease, Cost

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


	September 30,
	2024	2023
Weighted-average remaining lease term	6.6 years	7.0 years
Weighted-average discount rate	6.30%	5.98%

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 September 30, 2024:


Fiscal Years Ending September 30,
in thousands
2025	$	4,572
2026	4,117
2027	3,215
2028	2,982
2029	2,905
Thereafter	7,084
Total lease payments	24,875
Less: imputed interest	5,097
Total operating lease liabilities	$	19,778

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Tax Credit Carryforward [Line Items]
Federal net operating loss carryforwards	$ 21,300
Federal and state net operating loss and tax credit carryforwards	126,547	$ 138,856
State net operating loss carryforwards	33,600
Valuation allowance	(27,578)	(30,438)
Pre-tax income required to realize deferred tax assets prior to expiration	654,800
Unrecognized tax benefits	2,420	$ 3,358	$ 3,358	$ 3,358
Uncertain tax positions that will reverse within next twelve months	400
Federal tax authority
Tax Credit Carryforward [Line Items]
Federal and state net operating loss and tax credit carryforwards	$ 74,100

Retirement and Deferred Compensation Plan - Deferred Compensation Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued compensations and benefits	$ 45,335	$ 50,242
Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution to deferred compensation plan	200	200	$ 200
Deferred compensation plan assets	8,100	6,500
Accrued compensations and benefits	$ 8,100	$ 6,500

Owned Inventory - Narrative (Details)	12 Months Ended
Owned Inventory - Narrative (Details)	Sep. 30, 2024 USD ($) home	Sep. 30, 2023 USD ($) home	Sep. 30, 2022 USD ($) community
Segment Reporting Information [Line Items]
Number of homes under construction \| home	2,315	2,163
Number of homes under construction, spec homes \| home	1,154	779
Total, spec homes	$ 360,900,000	$ 218,000,000.0
Number of homes under construction, in-process spec homes \| home	827	645
In-process spec homes	$ 231,400,000	$ 162,000,000.0
Number of homes under construction, finished spec homes \| home	327	134
Finished spec homes	$ 129,500,000	$ 56,000,000.0
Threshold number of homes below a minimum threshold of profitability \| home	10
Impairment of projects in process	$ 0	0	$ 0
Land held for sale	0	0	1,868,000
Fair value of impaired long-lived assets to be disposed of			900,000
Abandonments	$ 1,996,000	$ 641,000	$ 1,095,000
West
Segment Reporting Information [Line Items]
Number of communities \| community			2

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 30, 2024	Nov. 08, 2024	Mar. 31, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--09-30
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 Blvd 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 979,468,319
Entity Common Stock, Shares Outstanding		31,050,227
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K to the extent stated herein. The Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended September 30, 2024.
Entity Central Index Key	0000915840
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock The Company currently has no shares of preferred stock outstanding. Common Stock As of September 30, 2024, the Company had 63,000,000 shares of common stock authorized and 31,047,510 shares both issued and outstanding. Common Stock Repurchases 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. During the fiscal year ended September 30, 2024, the Company repurchased 455 thousand shares of its common stock for $12.9 million at an average price per share of $28.41 through open market transactions. All shares have been retired upon repurchase. The aggregate reduction to stockholders’ equity related to share repurchases during the fiscal year ended September 30, 2024 was $12.9 million. As of September 30, 2024, the remaining availability of the share repurchase program was $28.9 million. No share repurchases were made during fiscal year 2023. During the fiscal year ended September 30, 2022, the Company repurchased 570 thousand shares of its common stock for $8.2 million at an average price per share of $14.33 through open market transactions. The aggregate reduction to stockholders’ equity related to share repurchases during the fiscal year ended September 30, 2022 was $8.2 million. Dividends The indentures under which our Senior Notes were issued contain certain restrictive covenants, including limitations on our payment of dividends. There were no dividends paid during our fiscal 2024, 2023 or 2022. Section 382 Rights Agreement Our certificate of incorporation prohibits certain transfers of our common stock that could result in an ownership change as defined in Section 382. In addition, we are currently party to a rights agreement intended to act as a deterrent to any person desiring to acquire 4.95% or more of our common stock. These instruments are designed to preserve the value of certain tax assets associated with our net operating loss carryforwards, tax credits and built-in losses under Section 382. In February 2022, our stockholders approved an extension of these protective provisions in our certificate of incorporation and the rights agreement. The rights agreement is scheduled to expire in November 2025.

- Definition

The entire disclosure for equity.

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+ Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 3,358	$ 3,358	$ 3,358
Additions for tax positions related to current year	0	0	0
Additions for tax positions related to prior years	0	0	0
Reductions in tax positions of prior years	0	0	0
Lapse of statute of limitations	(938)	0	0
Balance at end of year	$ 2,420	$ 3,358	$ 3,358

Fair Value Measurements

12 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

As of the dates presented, we had assets on our 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 Notes 2 and 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 September 30, 2024

Deferred compensation plan assets(a)	$	8,115	$	—	$	—	$	8,115



As of September 30, 2023

Deferred compensation plan assets(a)	$	6,495	$	—	$	—	$	6,495



As of September 30, 2022

Deferred compensation plan assets(a)	$	—	$	3,179	$	—	$	3,179

(a) Amount is measured at fair value on a recurring basis and included in other assets within the 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 September 30, 2024 and 2023:


	As of September 30, 2024				As of September 30, 2023
in thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Certificates of deposit(a)	$	9,449	$	9,584	$	1,951	$	1,986
Total financial assets	$	9,449	$	9,584	$	1,951	$	1,986
Financial liabilities(b)
Senior Notes(c)	$	948,945	$	976,494	$	903,691	$	858,528
Junior Subordinated Notes(d)	76,404		76,404		74,337		74,337
Total financial liabilities	$	1,025,349	$	1,052,898	$	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

Earnings Per Share

12 Months Ended

Sep. 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:


	Fiscal Year Ended September 30,
in thousands (except per share data)	2024		2023		2022
Numerator:
Income from continuing operations	$	140,175	$	158,688	$	220,718
Loss from discontinued operations, net of tax	—		(77)		(14)
Net income	$	140,175	$	158,611	$	220,704

Denominator:
Basic weighted-average shares	30,548		30,353		30,432
Dilutive effect of restricted stock awards	397		388		357
Dilutive effect of stock options	8		6		7


Diluted weighted-average shares(a)	30,953		30,747		30,796

Basic income per share:
Continuing operations	$	4.59	$	5.23	$	7.25
Discontinued operations	—		—		—
Total	$	4.59	$	5.23	$	7.25

Diluted income per share:
Continuing operations	$	4.53	$	5.16	$	7.17
Discontinued operations	—		—		—
Total	$	4.53	$	5.16	$	7.17

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


	Fiscal Year Ended September 30,
in thousands	2024	2023	2022
Stock options	—	11	22
Time-based restricted stock	2	—	—

Stock-Based Compensation - Schedule of Assumptions for Stock Options Granted (Details) - Performance-based restricted stock - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum (percentage)	32.50%	41.50%	41.00%
Expected volatility, maximum (percentage)	84.60%	86.90%	89.00%
Risk-free interest rate	4.57%	4.26%	0.81%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date stock price (in dollars per share)	$ 9.81	$ 10.31	$ 21.40
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date stock price (in dollars per share)	$ 142.79	$ 93.50	$ 142.99

- Definition

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

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Borrowings - Schedule of Future Debt Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	0
2027	0
2028	357,255
2029	0
Thereafter	700,773
Total	$ 1,058,028

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Other Liabilities [Abstract]
Accrued compensations and benefits	$ 45,335	$ 50,242
Customer deposits	18,669	27,577
Accrued interest	23,369	23,132
Warranty reserves	12,717	13,046	$ 13,926	$ 12,931
Litigation accruals	9,297	9,404
Income tax liabilities	2,399	272
Other	38,114	33,288
Total	$ 149,900	$ 156,961

- Definition

Amount of liabilities classified as other.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 140,175	$ 158,611	$ 220,704
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	14,867	12,198	13,360
Stock-based compensation expense	7,391	7,275	8,478
Inventory impairments and abandonments	1,996	641	2,963
Deferred and other income tax expense	18,910	23,936	53,267
(Gain) loss on disposal of fixed assets	(426)	1,113	(332)
Gain on sale of investment	(8,591)	0	0
Loss (gain) on extinguishment of debt, net	437	546	(309)
Changes in operating assets and liabilities:
Increase in accounts receivable	(19,825)	(9,708)	(10,205)
Decrease in income tax receivable	0	9,987	0
Increase in inventory	(282,061)	(14,749)	(231,445)
Decrease (increase) in other assets	341	(2,784)	(2,761)
Increase in trade accounts payable	10,133	10,615	10,250
(Decrease) increase in other liabilities	(20,892)	(19,624)	17,104
Net cash (used in) provided by operating activities	(137,545)	178,057	81,074
Cash flows from investing activities:
Capital expenditures	(22,353)	(20,334)	(15,048)
Proceeds from sale of fixed assets	428	445	339
Purchases of investment securities	(8,087)	(9,779)	0
Other	0	(2)	0
Net cash used in investing activities	(30,012)	(29,670)	(14,709)
Cash flows from financing activities:
Repayment of debt	(202,195)	(8,998)	(73,900)
Proceeds from issuance of debt	250,000	0	0
Repayment of borrowings from credit facility	(280,000)	0	(195,000)
Borrowings from credit facility	280,000	0	195,000
Debt issuance costs	(5,653)	(2,575)	0
Repurchase of common stock	(12,928)	0	(8,154)
Tax payments for stock-based compensation awards	(5,366)	(2,615)	(6,631)
Stock option exercises	20	262	5
Net cash provided by (used in) financing activities	23,878	(13,926)	(88,680)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(143,679)	134,461	(22,315)
Cash, cash equivalents, and restricted cash at beginning of period	386,289	251,828	274,143
Cash, cash equivalents, and restricted cash at end of period	$ 242,610	$ 386,289	$ 251,828

Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,391	$ 7,275	$ 8,478
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1	0	1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,390	$ 7,275	$ 8,477

- 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

Owned Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Abstract]
Homes under construction	$ 754,705	$ 644,363
Land under development	1,023,188	870,740
Land held for future development	19,879	19,879
Land held for sale	19,086	18,579
Capitalized interest	124,182	112,580	$ 109,088	$ 106,985
Model homes	99,600	90,062
Total owned inventory	$ 2,040,640	$ 1,756,203

Borrowings - Narrative (Details) - USD ($)			1 Months Ended	9 Months Ended	12 Months Ended
Borrowings - Narrative (Details) - USD ($)	Jun. 01, 2022	Jun. 01, 2012	Jan. 31, 2010	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2024
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt					$ (437,000)	$ (546,000)	$ 309,000
Senior Notes
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt							300,000
7.500% Senior Notes (2031 Notes) \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt								$ 250,000,000
6.750% Senior Notes (2025 Notes) \| Senior Notes
Debt Instrument [Line Items]
Extinguishment of debt					4,300,000	9,000,000	18,400,000
Redemption of debt					197,900,000
Gain (loss) on extinguishment of debt					(400,000)	(100,000)
5.875% Senior Notes (2027 Notes) \| Senior Notes
Debt Instrument [Line Items]
Extinguishment of debt							$ 6,000,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principle balance of notes					$ 100,800,000
Weighted average fixed interest rate of debt					7.97%
Unamortized discount					$ 24,400,000
Junior Subordinated Debt, Modified Terms
Debt Instrument [Line Items]
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
Debt Instrument [Line Items]
Aggregate principal amount of debt					25,800,000
Basis spread on variable rate			2.71%	2.45%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					400,000,000
Credit facility, available increase in borrowing capacity					100,000,000
Line of credit					0	0
Letters of credit secured using cash collateral					0
Amount of available borrowings under the secured revolving credit facility					300,000,000.0
Revolving Credit Facility \| Senior Notes
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					300,000,000
Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					100,000,000.0
Letters of credit secured using cash collateral					$ 36,400,000	$ 31,200,000

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Real Estate Properties [Line Items]
Deposits and non-refundable pre-acquisition costs incurred	$ 227,770	$ 165,371
Remaining purchase price if lot option agreements are exercised	$ 1,458,679	$ 949,447

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value assets measured on a 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 September 30, 2024

Deferred compensation plan assets(a)	$	8,115	$	—	$	—	$	8,115



As of September 30, 2023

Deferred compensation plan assets(a)	$	6,495	$	—	$	—	$	6,495



As of September 30, 2022

Deferred compensation plan assets(a)	$	—	$	3,179	$	—	$	3,179

(a) Amount is measured at fair value on a recurring basis and included in other assets within the 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 September 30, 2024 and 2023:


	As of September 30, 2024				As of September 30, 2023
in thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Certificates of deposit(a)	$	9,449	$	9,584	$	1,951	$	1,986
Total financial assets	$	9,449	$	9,584	$	1,951	$	1,986
Financial liabilities(b)
Senior Notes(c)	$	948,945	$	976,494	$	903,691	$	858,528
Junior Subordinated Notes(d)	76,404		76,404		74,337		74,337
Total financial liabilities	$	1,025,349	$	1,052,898	$	978,028	$	932,865

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

Property and Equipment (Tables)

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings and improvements						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

The following table presents our property and equipment as of September 30, 2024 and 2023:


in thousands	September 30, 2024		September 30, 2023
Model furnishings and sales office improvements	$	32,179	$	24,736
Information systems	30,140		25,745
Furniture, fixtures and office equipment	15,447		12,692
Leasehold improvements	3,226		3,026
Buildings and improvements	1,382		1,382
Property and equipment, gross	82,374		67,581
Less: Accumulated depreciation	(43,746)		(36,437)
Property and equipment, net	$	38,628	$	31,144

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	34

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Sep. 30, 2024 state region pillar
Description of Business [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

Other Liabilities (Tables)

12 Months Ended

Sep. 30, 2024

Other Liabilities [Abstract]

Schedule of other liabilities

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


in thousands	September 30, 2024		September 30, 2023
Accrued compensations and benefits	$	45,335	$	50,242
Customer deposits	18,669		27,577
Accrued interest	23,369		23,132
Warranty reserves	12,717		13,046
Litigation accruals	9,297		9,404
Income tax liabilities	2,399		272
Other	38,114		33,288
Total	$	149,900	$	156,961

Earnings Per Share - Schedule of Earnings Per Share, Basic and Dilutive (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Income from continuing operations	$ 140,175	$ 158,688	$ 220,718
Loss from discontinued operations, net of tax	0	(77)	(14)
Net income	$ 140,175	$ 158,611	$ 220,704
Denominator:
Basic weighted-average shares (in shares)	30,548	30,353	30,432
Dilutive effect of restricted stock awards (in shares)	397	388	357
Dilutive effect of stock options (in shares)	8	6	7
Diluted weighted-average shares (in shares)	30,953	30,747	30,796
Basic income per share:
Continuing operations (in dollars per share)	$ 4.59	$ 5.23	$ 7.25
Discontinued operations (in dollars per share)	0	0	0
Total (in dollars per share)	4.59	5.23	7.25
Diluted income per share:
Continuing operations (in dollars per share)	4.53	5.16	7.17
Discontinued operations (in dollars per share)	0	0	0
Total (in dollars per share)	$ 4.53	$ 5.16	$ 7.17

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Current federal	$ 8,377	$ 0	$ 0
Current state	5,101	1,896	4,859
Deferred federal	6,317	18,997	47,239
Deferred state	(885)	3,065	1,173
Total expense from income taxes	$ 18,910	$ 23,958	$ 53,271

- Definition

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

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	Sep. 30, 2024
Buildings and improvements \| Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	25 years
Buildings and improvements \| Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	30 years
Information systems
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Furniture, fixtures and computer and office equipment \| Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Furniture, fixtures and computer and office equipment \| Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	7 years

Property and Equipment

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

The following table presents our property and equipment as of September 30, 2024 and 2023:


in thousands	September 30, 2024		September 30, 2023
Model furnishings and sales office improvements	$	32,179	$	24,736
Information systems	30,140		25,745
Furniture, fixtures and office equipment	15,447		12,692
Leasehold improvements	3,226		3,026
Buildings and improvements	1,382		1,382
Property and equipment, gross	82,374		67,581
Less: Accumulated depreciation	(43,746)		(36,437)
Property and equipment, net	$	38,628	$	31,144

Owned Inventory - Inventory Impairments and Lot Option Abandonment Charges, by Reportable Segment (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Real Estate, Write-down or Reserve [Line Items]
Land held for sale	$ 0	$ 0	$ 1,868,000
Abandonments	1,996,000	641,000	1,095,000
Total impairment and abandonment charges	1,996,000	641,000	2,963,000
Corporate and unallocated
Real Estate, Write-down or Reserve [Line Items]
Land held for sale	0	0	565,000
West \| Operating Segments
Real Estate, Write-down or Reserve [Line Items]
Land held for sale	0	0	1,303,000
Abandonments	1,805,000	487,000	289,000
East \| Operating Segments
Real Estate, Write-down or Reserve [Line Items]
Abandonments	91,000	154,000	143,000
Southeast \| Operating Segments
Real Estate, Write-down or Reserve [Line Items]
Abandonments	$ 100,000	$ 0	$ 663,000

Borrowings - Schedule of Debt Redemption (Details)	12 Months Ended
Borrowings - Schedule of Debt Redemption (Details)	Sep. 30, 2024	Sep. 30, 2023
5.875% Senior Notes (2027 Notes) \| Senior Notes
Debt Instrument, Redemption [Line Items]
Stated interest rate on debt instrument	5.875%	5.875%
7.250% Senior Notes (2029 Notes) \| Senior Notes
Debt Instrument, Redemption [Line Items]
Stated interest rate on debt instrument	7.25%	7.25%
7.500% Senior Notes (2031 Notes) \| Senior Notes
Debt Instrument, Redemption [Line Items]
Stated interest rate on debt instrument	7.50%	7.50%
Percentage of principal amount outstanding	0.65
Percentage of principal amount redeemed	35.00%
7.500% Senior Notes (2031 Notes) \| Debt Instrument, Redemption, Period One \| Senior Notes
Debt Instrument, Redemption [Line Items]
Redemption price percentage	107.50%
7.500% Senior Notes (2031 Notes) \| Debt Instrument, Redemption, Period Two \| Senior Notes
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%
7.500% Senior Notes (2031 Notes) \| Debt Instrument, Redemption, Period Three \| Senior Notes
Debt Instrument, Redemption [Line Items]
Redemption price percentage	103.75%
7.500% Senior Notes (2031 Notes) \| Debt Instrument, Redemption, Period Four \| Senior Notes
Debt Instrument, Redemption [Line Items]
Redemption price percentage	101.875%
7.500% Senior Notes (2031 Notes) \| Debt Instrument, Redemption, Period Five \| Senior Notes
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%
Senior Notes \| 5.875% Senior Notes (2027 Notes) \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%
Senior Notes \| 5.875% Senior Notes (2027 Notes) \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Redemption price percentage	102.938%
Senior Notes \| 5.875% Senior Notes (2027 Notes) \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Redemption price percentage	101.958%
Senior Notes \| 5.875% Senior Notes (2027 Notes) \| Debt Instrument, Redemption, Period Four
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.979%
Senior Notes \| 5.875% Senior Notes (2027 Notes) \| Debt Instrument, Redemption, Period Five
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%
Senior Notes \| 7.250% Senior Notes (2029 Notes) \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%
Senior Notes \| 7.250% Senior Notes (2029 Notes) \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Redemption price percentage	103.625%
Senior Notes \| 7.250% Senior Notes (2029 Notes) \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Redemption price percentage	102.417%
Senior Notes \| 7.250% Senior Notes (2029 Notes) \| Debt Instrument, Redemption, Period Four
Debt Instrument, Redemption [Line Items]
Redemption price percentage	101.208%
Senior Notes \| 7.250% Senior Notes (2029 Notes) \| Debt Instrument, Redemption, Period Five
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The Company's expense from income taxes from continuing operations consists of the following for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Current federal	$	8,377	$	—	$	—
Current state	5,101		1,896		4,859
Deferred federal	6,317		18,997		47,239
Deferred state	(885)		3,065		1,173
Total expense from income taxes	$	18,910	$	23,958	$	53,271

Schedule of effective income tax rate reconciliation

The Company's expense from income taxes from continuing operations differs from the amount computed by applying the federal income tax statutory rate as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Income tax computed at statutory rate	$	33,408	$	38,356	$	57,538
State income taxes, net of federal benefit	3,273		2,874		4,482




Permanent differences	9,140		2,037		3,341
Stock-based compensation	1,055		179		(389)
Tax credits	(27,918)		(20,287)		(12,081)
Deferred rate change	53		665		346
Other, net	(101)		134		34
Total expense from income taxes	$	18,910	$	23,958	$	53,271

Schedule of deferred tax assets and liabilities

The tax effects of significant temporary differences that give rise to the net deferred tax assets are as follows as of September 30, 2024 and 2023:


in thousands	September 30, 2024		September 30, 2023
Deferred tax assets:
Federal and state net operating loss and tax credit carryforwards	$	126,547	$	138,856
Incentive compensation	8,621		11,422
Warranty and other reserves	6,613		6,918
Inventory adjustments	7,914		3,942

Property, equipment and other assets	6,199		5,458
Uncertain tax positions	705		705
Other	4,816		2,504
Total deferred tax assets	161,415		169,805
Valuation allowance	(27,578)		(30,438)
Total deferred tax assets, net of valuation allowance	$	133,837	$	139,367
Deferred tax liabilities:

Operating lease right-of-use assets	$	(4,286)	$	(4,182)
Intangible assets	(1,026)		(1,236)
Total deferred tax liabilities	(5,312)		(5,418)
Net deferred tax assets	$	128,525	$	133,949

Schedule of unrecognized tax benefits roll forward

A reconciliation of our unrecognized tax benefits is as follows for the beginning and end of each period presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Balance at beginning of year	$	3,358	$	3,358	$	3,358
Additions for tax positions related to current year	—		—		—
Additions for tax positions related to prior years	—		—		—
Reductions in tax positions of prior years	—		—		—

Lapse of statute of limitations	(938)		—		—
Balance at end of year	$	2,420	$	3,358	$	3,358

Stock-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of allocation of share-based compensation costs by plan

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Stock options expense	$	1	$	—	$	1
Restricted stock awards expense	7,390		7,275		8,477
Stock-based compensation expense	$	7,391	$	7,275	$	8,478

Schedule of stock options activity

Following is a summary of stock option activity for the periods presented:


	Fiscal Year Ended September 30,
	2024			2023			2022
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	13,575	$	9.61	27,507	$	14.31	114,259	$	17.89
Granted	50	27.73		100	27.98		236	16.58
Exercised	(2,475)	8.08		(13,796)	19.00		(988)	11.32
Expired	—	—		—	—		(86,000)	19.11

Forfeited	—	—		(236)	16.58		—	—
Outstanding at end of period	11,150	$	10.04	13,575	$	9.61	27,507	$	14.31
Exercisable at end of period	11,000	$	9.79	13,475	$	9.48	27,271	$	14.29

Schedule of assumptions for stock option activity

For the Company and each member of the peer group, the following inputs were used, as applicable, in the Monte Carlo valuation model to determine the fair value as of the grant date for performance-based restricted stock granted in each of the fiscal years ended.


	Fiscal Year Ended September 30,
	2024		2023		2022
Expected volatility range	32.5% - 84.6%		41.5% - 86.9%		41.0% - 89.0%
Risk-free interest rate	4.57	%	4.26	%	0.81	%
Dividend yield	—		—		—
Grant-date stock price range	$9.81 - $142.79		$10.31 - $93.50		$21.40 - $142.99

Schedule of nonvested stock awards and performance shares

Activity relating to all restricted stock awards for the periods presented is as follows:


	Fiscal Year Ended September 30, 2024
	Performance-Based(a)			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	348,223	$	16.20	593,834	$	14.15	942,057	$	14.91
Granted	183,396	20.80		202,042	27.14		385,438	24.12
Vested	(210,176)	15.24		(336,821)	14.37		(546,997)	14.70
Forfeited	(17,731)	18.96		(43,268)	17.92		(60,999)	18.22
End of period	303,712	$	19.48	415,787	$	19.89	719,499	$	19.72


	Fiscal Year Ended September 30, 2023
	Performance-Based(a)			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	436,146	$	17.76	412,042	$	18.52	848,188	$	18.13
Granted	249,534	14.17		425,398	12.05		674,932	12.83
Vested	(334,736)	16.80		(234,218)	18.02		(568,954)	17.30
Forfeited	(2,721)	15.20		(9,388)	14.38		(12,109)	14.56
End of period	348,223	$	16.20	593,834	$	14.15	942,057	$	14.91


	Fiscal Year Ended September 30, 2022
	Performance-Based(a)			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	738,155	$	13.45	486,574	$	13.79	1,224,729	$	13.59
Granted	269,617	18.98		246,844	21.40		516,461	20.14
Vested	(552,417)	10.50		(286,182)	13.21		(838,599)	11.42
Forfeited	(19,209)	17.27		(35,194)	16.49		(54,403)	16.77
End of period	436,146	$	17.76	412,042	$	18.52	848,188	$	18.13

Description of Business	12 Months Ended
Description of Business	Sep. 30, 2024
Description of Business [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.

Stockholders' Equity (Details) - USD ($)	12 Months Ended
Stockholders' Equity (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	May 31, 2022
Equity [Abstract]
Preferred stock outstanding (in shares)	0
Common stock authorized (in shares)	63,000,000	63,000,000
Common stock issued (in shares)	31,047,510	31,351,434
Common stock outstanding (in shares)	31,047,510	31,351,434
Authorized amount repurchase of common stock				$ 50,000,000
Share repurchases (in shares)	455,000	0	570,000
Aggregate repurchased value	$ 12,929,000		$ 8,154,000
Shares repurchased, average price per share (in usd per share)	$ 28.41		$ 14.33
Remaining availability repurchase amount	$ 28,900,000
Dividends paid	$ 0	$ 0	$ 0
382 ownership limitation	4.95%

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Carrying Amount
Financial assets
Total financial assets	$ 9,449	$ 1,951
Financial liabilities
Total financial liabilities	1,025,349	978,028
Carrying Amount \| Certificates of Deposit
Financial assets
Certificates of deposit	9,449	1,951
Carrying Amount \| Senior Notes
Financial liabilities
Notes	948,945	903,691
Carrying Amount \| Junior Subordinated Notes
Financial liabilities
Notes	76,404	74,337
Fair Value
Financial assets
Total financial assets	9,584	1,986
Financial liabilities
Total financial liabilities	1,052,898	932,865
Fair Value \| Certificates of Deposit
Financial assets
Certificates of deposit	9,584	1,986
Fair Value \| Senior Notes
Financial liabilities
Notes	976,494	858,528
Fair Value \| Junior Subordinated Notes
Financial liabilities
Notes	$ 76,404	$ 74,337

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended				36 Months Ended	84 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2018	Sep. 30, 2022	Sep. 30, 2024	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance under plan (in shares)	3,000,000.0					3,000,000.0
Stock conversion basis (in shares)				1
Granted (in shares)	50
ESOP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available under ESOP (in shares)	100,000					100,000
Granted (in shares)						32,118
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding share (In shares)	11,150	13,575	27,507		27,507	11,150	114,259
Unrecognized compensation cost	$ 0.1	$ 0.1				$ 0.1
Weighted average period to recognize remaining cost	1 year 3 months 18 days
Granted (in shares)	50	100	236
Stock options \| 2014 Plan and the 2010 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Stock options \| 2014 Plan and the 2010 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock options \| ESOP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 6.8	$ 6.9				$ 6.8
Weighted average period to recognize remaining cost	1 year 8 months 12 days
Estimated fair value of nonvested stock (in dollars per share)	$ 24.12	$ 12.83	$ 20.14
Performance share awards to be vested (in shares)	719,499	942,057	848,188		848,188	719,499	1,224,729
Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock awards granted in period (in shares)	75,288
Estimated fair value of nonvested stock (in dollars per share)	$ 20.80	$ 14.17	$ 18.98
Performance share awards to be vested (in shares)	303,712	348,223	436,146		436,146	303,712	738,155
Performance-based restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	0.00%
Performance-based restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	175.00%
Performance-based restricted stock \| 2020 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Unrecognized compensation cost	$ 0.1					$ 0.1
Performance share awards to be vested (in shares)	71,470					71,470
Compensation cost related to performance based awards	$ 0.4	$ 1.0	$ 0.6		$ 2.1
Total Shareholder Return Performance Share
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	30.00%
Estimated fair value of nonvested stock (in dollars per share)	$ 28.69
Time-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Estimated fair value of nonvested stock (in dollars per share)	$ 27.14	$ 12.05	$ 21.40
Performance share awards to be vested (in shares)	415,787	593,834	412,042		412,042	415,787	486,574

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Deferred tax assets:
Federal and state net operating loss and tax credit carryforwards	$ 126,547	$ 138,856
Incentive compensation	8,621	11,422
Warranty and other reserves	6,613	6,918
Inventory adjustments	7,914	3,942
Property, equipment and other assets	6,199	5,458
Uncertain tax positions	705	705
Other	4,816	2,504
Total deferred tax assets	161,415	169,805
Valuation allowance	(27,578)	(30,438)
Total deferred tax assets, net of valuation allowance	133,837	139,367
Operating lease right-of-use assets	(4,286)	(4,182)
Intangible assets	(1,026)	(1,236)
Total deferred tax liabilities	(5,312)	(5,418)
Net deferred tax assets	$ 128,525	$ 133,949

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2024 USD ($) state region segment	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	May 19, 2022
Segment Reporting [Abstract]
Number of states with active operations \| state	13
Number of regions in which entity operates \| region	3
Number of reportable segments \| segment	3
Segment Reporting Information [Line Items]
Total revenue	$ 2,330,197	$ 2,206,785	$ 2,316,988
Total operating income	143,026	177,253	272,491
Depreciation and amortization	14,867	12,198	13,360
Capital expenditures	22,353	20,334	15,048
Assets	2,591,527	2,411,033
Gain on sale of investment	8,591	0	0
Imagine Homes
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage				33.00%
Operating Segments
Segment Reporting Information [Line Items]
Total operating income	288,303	328,197	424,833
Depreciation and amortization	13,090	10,867	11,670
Corporate and unallocated
Segment Reporting Information [Line Items]
Total operating income	(145,277)	(150,944)	(152,342)
Depreciation and amortization	1,777	1,331	1,690
Capital expenditures	6,312	6,395	4,870
Assets	633,764	739,986
West
Segment Reporting Information [Line Items]
Total revenue	1,467,287	1,297,005	1,331,553
West \| Operating Segments
Segment Reporting Information [Line Items]
Total operating income	189,739	205,850	253,961
Depreciation and amortization	9,820	7,550	8,178
Capital expenditures	11,956	9,909	7,755
Assets	1,114,450	994,597
East
Segment Reporting Information [Line Items]
Total revenue	501,206	505,844	560,747
East \| Operating Segments
Segment Reporting Information [Line Items]
Total operating income	52,898	65,021	102,146
Depreciation and amortization	1,792	1,662	1,649
Capital expenditures	2,559	2,578	1,208
Assets	454,255	356,020
Southeast
Segment Reporting Information [Line Items]
Total revenue	361,704	403,936	424,688
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Total operating income	45,666	57,326	68,726
Depreciation and amortization	1,478	1,655	1,843
Capital expenditures	1,526	1,452	$ 1,215
Assets	$ 389,058	$ 320,430

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 140,175	$ 158,611	$ 220,704

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Retirement and Deferred Compensation Plan - 401(k) Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution percentage	50.00%
Percentage of maximum contributions per employee	6.00%
Contribution vesting period	5 years
Employer contribution amount	$ 3.5	$ 3.2	$ 3.5
Total matching contributions forfeited by plan participants during period	$ 0.9	$ 0.7	$ 0.3
Minimum
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee deferral or contribution	1.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee deferral or contribution	80.00%

Stock-Based Compensation - Schedule of Stock Options Activity (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Shares
Granted (in shares)	50
Employee Stock Option
Shares
Outstanding at beginning of period (in shares)	13,575	27,507	114,259
Granted (in shares)	50	100	236
Exercised (in shares)	(2,475)	(13,796)	(988)
Expired (in shares)	0	0	(86,000)
Forfeited (in shares)	0	(236)	0
Outstanding at end of period (in shares)	11,150	13,575	27,507
Exercisable at end of period (in shares)	11,000	13,475	27,271
Weighted- Average Exercise Price
Outstanding at beginning or period (in dollars per share)	$ 9.61	$ 14.31	$ 17.89
Granted (in dollars per share)	27.73	27.98	16.58
Exercised (in dollars per share)	8.08	19.00	11.32
Expired (in dollars per share)	0	0	19.11
Forfeited (in dollars per share)	0	16.58	0
Outstanding at end of period (in dollars per share)	10.04	9.61	14.31
Exercisable at end of period (in dollars per share)	$ 9.79	$ 9.48	$ 14.29

Income Taxes

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company's expense from income taxes from continuing operations consists of the following for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Current federal	$	8,377	$	—	$	—
Current state	5,101		1,896		4,859
Deferred federal	6,317		18,997		47,239
Deferred state	(885)		3,065		1,173
Total expense from income taxes	$	18,910	$	23,958	$	53,271

The Company's expense from income taxes from continuing operations differs from the amount computed by applying the federal income tax statutory rate as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Income tax computed at statutory rate	$	33,408	$	38,356	$	57,538
State income taxes, net of federal benefit	3,273		2,874		4,482




Permanent differences	9,140		2,037		3,341
Stock-based compensation	1,055		179		(389)
Tax credits	(27,918)		(20,287)		(12,081)
Deferred rate change	53		665		346
Other, net	(101)		134		34
Total expense from income taxes	$	18,910	$	23,958	$	53,271

The principal differences between our effective tax rate and the U.S. federal statutory rate for fiscal years 2024, 2023 and 2022 relate to state taxes, permanent differences and tax credits. Due to the effects of tax credits, our income tax expense is not always directly correlated to the amount of pre-tax income for the associated periods.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of our assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax assets are as follows as of September 30, 2024 and 2023:


in thousands	September 30, 2024		September 30, 2023
Deferred tax assets:
Federal and state net operating loss and tax credit carryforwards	$	126,547	$	138,856
Incentive compensation	8,621		11,422
Warranty and other reserves	6,613		6,918
Inventory adjustments	7,914		3,942

Property, equipment and other assets	6,199		5,458
Uncertain tax positions	705		705
Other	4,816		2,504
Total deferred tax assets	161,415		169,805
Valuation allowance	(27,578)		(30,438)
Total deferred tax assets, net of valuation allowance	$	133,837	$	139,367
Deferred tax liabilities:

Operating lease right-of-use assets	$	(4,286)	$	(4,182)
Intangible assets	(1,026)		(1,236)
Total deferred tax liabilities	(5,312)		(5,418)
Net deferred tax assets	$	128,525	$	133,949

As of September 30, 2024, our gross deferred tax assets included $21.3 million of federal net operating loss (NOL) carryforwards, $74.1 million of federal tax credits, and $33.6 million of state NOL carryforwards. The majority of our federal NOL carryforwards expire in our fiscal 2030, our federal tax credits expire at various dates through our fiscal 2044, and our state NOL carryforwards expire at various dates through our fiscal 2044. As of September 30, 2024, valuation allowance of $27.6 million remains on various state NOL carryforwards for which the Company has concluded that it is more likely than not that these attributes will not be realized.

We experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code (Section 382) as of January 12, 2010. Section 382 contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss carryforwards, tax credits and certain built-in losses or deductions recognized during the five-year period after the ownership change to offset future taxable income. Because the five-year period has expired, we have determined the actual impact and final classification of those amounts, which are properly reflected in the amounts presented above. There can be no assurance that another ownership change, as defined in the tax law, will not occur. If another “ownership change” occurs, a new annual limitation on the utilization of net operating loss carryforwards, tax credits and built-in losses would be determined as of that date. This limitation, should one be required in the future, is subject to assumptions and estimates that could differ from actual results.

Valuation Allowance

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, we assess the need to establish valuation allowances for deferred tax assets periodically based on the more-likely-than-not realization threshold criterion. In our assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with operating loss carryforwards and tax credit carryforwards not expiring unused, the Section 382 limitation on our ability to carryforward pre-ownership change net operating losses, recognized built-in losses or deductions, and tax planning alternatives. Our assessment, while rooted in actual Company performance, are highly subjective and rely on certain estimates, including forecasts, which could differ materially from actual results.

In fiscal 2024, our conclusions about our ability to more likely than not realize all of our federal and certain state tax attributes remain consistent with our prior determinations. We considered positive factors including our recent earnings levels, interest savings from our debt reduction strategies, shortage in housing supply, and our backlog. The negative factors included the overall health of the broader economy, elevated mortgage interest rates, and softening housing demand due to affordability challenges. As of September 30, 2024, the Company will have to cumulatively generate $654.8 million in pre-tax income over the course of its carryforward period to realize its deferred tax assets prior to their expiration, which, as previously discussed, is the Company's fiscal 2044.

Unrecognized Tax Benefits

A reconciliation of our unrecognized tax benefits is as follows for the beginning and end of each period presented:


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Balance at beginning of year	$	3,358	$	3,358	$	3,358
Additions for tax positions related to current year	—		—		—
Additions for tax positions related to prior years	—		—		—
Reductions in tax positions of prior years	—		—		—

Lapse of statute of limitations	(938)		—		—
Balance at end of year	$	2,420	$	3,358	$	3,358

If we were to recognize our $2.4 million gross unrecognized tax benefits remaining as of September 30, 2024, substantially all would result in adjustments to other tax accounts, primarily deferred taxes. Additionally, we had no accrued interest or penalties as of September 30, 2024, 2023 and 2022. If applicable, we would record interest and penalties related to unrecognized tax benefits in income tax expense within our consolidated statements of operations.

In the normal course of business, we are subject to audits by federal and state tax authorities regarding various tax liabilities. The statute of limitations for our major tax jurisdictions remains open for examination for fiscal year 2007 and subsequent years. As of September 30, 2024, we expect $0.4 million of our uncertain tax positions will reverse within the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

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

12 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of interests in lot option agreements

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


	September 30, 2024		September 30, 2023
in thousands
Deposits and non-refundable pre-acquisition costs incurred(a)	$	227,770	$	165,371
Remaining purchase price if lot option agreements are exercised	$	1,458,679	$	949,447

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

Schedule of estimated useful lives

Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings and improvements						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

The following table presents our property and equipment as of September 30, 2024 and 2023:


in thousands	September 30, 2024		September 30, 2023
Model furnishings and sales office improvements	$	32,179	$	24,736
Information systems	30,140		25,745
Furniture, fixtures and office equipment	15,447		12,692
Leasehold improvements	3,226		3,026
Buildings and improvements	1,382		1,382
Property and equipment, gross	82,374		67,581
Less: Accumulated depreciation	(43,746)		(36,437)
Property and equipment, net	$	38,628	$	31,144

Schedule of revenue recognition

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Homebuilding revenue	$	2,292,984	$	2,198,400	$	2,302,520
Land sales and other revenue	37,213		8,385		14,468
Total revenue(a)	$	2,330,197	$	2,206,785	$	2,316,988

(a) Please see Note 17 for total revenue disaggregated by reportable segment.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Total revenue	$ 2,330,197	$ 2,206,785	$ 2,316,988
Home construction and land sales expenses	1,903,907	1,763,449	1,776,518
Inventory impairments and abandonments	1,996	641	2,963
Gross profit	424,294	442,695	537,507
Commissions	80,056	73,450	74,336
General and administrative expenses	186,345	179,794	177,320
Depreciation and amortization	14,867	12,198	13,360
Operating income	143,026	177,253	272,491
(Loss) gain on extinguishment of debt, net	(437)	(546)	309
Other income, net	16,496	5,939	1,189
Income from continuing operations before income taxes	159,085	182,646	273,989
Expense from income taxes	18,910	23,958	53,271
Income from continuing operations	140,175	158,688	220,718
Loss from discontinued operations, net of tax	0	(77)	(14)
Net income	$ 140,175	$ 158,611	$ 220,704
Weighted-average number of shares:
Basic (in shares)	30,548	30,353	30,432
Diluted (in shares)	30,953	30,747	30,796
Basic income per share:
Continuing operations (in dollars per share)	$ 4.59	$ 5.23	$ 7.25
Discontinued operations (in dollars per share)	0	0	0
Total (in dollars per share)	4.59	5.23	7.25
Diluted income per share:
Continuing operations (in dollars per share)	4.53	5.16	7.17
Discontinued operations (in dollars per share)	0	0	0
Total (in dollars per share)	$ 4.53	$ 5.16	$ 7.17

Supplemental Cash Flow Information

12 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022
Supplemental disclosure of non-cash activity:











Increase in operating lease right-of-use assets(a)	$	4,114	$	10,829	$	835
Increase in operating lease liabilities(a)	$	4,114	$	11,276	$	835
Derecognition of investment in unconsolidated entities(b)	$	—	$	—	$	3,641
Supplemental disclosure of cash activity:
Interest payments	$	75,226	$	67,342	$	70,132
Income tax payments	$	11,359	$	1,956	$	4,216
Tax refunds received	$	—	$	9,987	$	—

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	203,907	$	345,590	$	214,594
Restricted cash	38,703		40,699		37,234
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	242,610	$	386,289	$	251,828

(a) Represents leases renewed or additional leases that commenced during the fiscal years ended September 30, 2024, 2023 and 2022.

Operating Leases

12 Months Ended

Sep. 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. Certain of our lease agreements include one or more options to renew. The exercise of lease renewal options is generally at our discretion. Variable lease expense primarily relates to maintenance and other monthly expense 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 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 consolidated statements of operations. Sublease income and variable lease expenses are de minimis. For the fiscal years ended September 30, 2024, 2023 and 2022, we recorded operating lease expense of $4.4 million, $4.0 million and $4.0 million, respectively. Cash payments on lease liabilities during the fiscal years ended September 30, 2024, 2023 and 2022 totaled $4.2 million, $4.3 million and $4.4 million, respectively.

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


	September 30,
	2024	2023
Weighted-average remaining lease term	6.6 years	7.0 years
Weighted-average discount rate	6.30%	5.98%

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of September 30, 2024:


Fiscal Years Ending September 30,
in thousands
2025	$	4,572
2026	4,117
2027	3,215
2028	2,982
2029	2,905
Thereafter	7,084
Total lease payments	24,875
Less: imputed interest	5,097
Total operating lease liabilities	$	19,778

Owned Inventory

12 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Owned Inventory

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


in thousands	September 30, 2024		September 30, 2023
Homes under construction	$	754,705	$	644,363
Land under development	1,023,188		870,740
Land held for future development	19,879		19,879
Land held for sale	19,086		18,579
Capitalized interest	124,182		112,580
Model homes	99,600		90,062
Total owned inventory	$	2,040,640	$	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 September 30, 2024, we had 2,315 homes under construction, including 1,154 spec homes totaling $360.9 million (827 in-process spec homes totaling $231.4 million, and 327 finished spec homes totaling $129.5 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 homes 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). 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 September 30, 2024 and 2023:


in thousands	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2024
West	$	1,023,140	$	3,483	$	17,110	$	1,043,733
East	411,914		10,888		1,300		424,102
Southeast	365,676		5,508		676		371,860
Corporate and unallocated(b)	200,945		—		—		200,945
Total	$	2,001,675	$	19,879	$	19,086	$	2,040,640
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

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


	Fiscal Year Ended September 30,
in thousands	2024		2023		2022






Land Held for Sale:
West	$	—	$	—	$	1,303


Corporate and unallocated(a)	—		—		565
Total impairment charges on land held for sale	$	—	$	—	$	1,868
Abandonments:
West	$	1,805	$	487	$	289
East	91		154		143
Southeast	100		—		663

Total abandonments charges	$	1,996	$	641	$	1,095






Total impairment and abandonment charges	$	1,996	$	641	$	2,963

(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Projects in Progress Impairments

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 fiscal years ended September 30, 2024, 2023 and 2022.

Land Held for Sale Impairments

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 impairment charges were recognized during the fiscal years ended September 30, 2024 and 2023. During the fiscal year ended September 30, 2022, we recognized $1.9 million land held for sale impairment charges related to two held for sale communities in the West segment. The fair value of land held for sale inventory is measured on a nonrecurring basis and has been determined using unobservable inputs (Level 3). The impairment-date fair value of land held for sale assets that were impaired during the fiscal year ended September 30, 2022 was $0.9 million. Refer to Note 9 for further discussion on fair value measurements and fair value hierarchy.

Abandonments

From time to time, we may determine to abandon lots or not exercise certain option agreements that are not projected to produce adequate results or no longer fit with our long-term strategic plan. Additionally, in certain limited instances, we are forced to abandon lots due to seller non-performance, 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. During the fiscal years ended September 30, 2024, 2023 and 2022, we recognized $2.0 million, $0.6 million and 1.1 million in abandonment charges, respectively. As we grow our business in the years ahead, the dollar value of abandonment charges may also grow.