Beazer Homes Reports Strong Fourth Quarter and Full Fiscal 2021 Results

Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial results for the quarter and fiscal year ended September 30, 2021.

“We had a very successful fiscal year, driven by strong operational execution and continued strength in the housing market,” said Allan P. Merrill, the Company’s Chairman and Chief Executive Officer. “We generated significant gains in operating margin and adjusted EBITDA, leading to full year net income that was more than double the prior year. We also significantly grew our total active lot position and reduced leverage.”

Commenting on market conditions and fiscal 2022 full-year expectations, Mr. Merrill said, “The new home market continues to be characterized by strong demand and limited supply, supported by growth in both employment and household income. While affordability and supply chain challenges are expected to persist, we believe our strong backlog and operational momentum will allow us to generate earnings per share above $5.00. We also expect further growth in our active lot position and to achieve our multi-year goal of reducing total debt below $1 billion.”

Looking further out, Mr. Merrill concluded, “We believe we are positioned to continue growing book value and return on capital while expanding our ESG activities to create durable value for all of our stakeholders.”

Beazer Homes Fiscal 2021 Highlights and Comparison to Fiscal 2020

  • Net income from continuing operations of $122.2 million, or $4.01 per diluted share, compared to net income from continuing operations of $53.3 million, or $1.78 per diluted share, in fiscal 2020
  • Adjusted EBITDA of $262.7 million, up 28.5%
  • Homebuilding revenue of $2.1 billion, up 0.5% on a 4.4% increase in average selling price to $402.4 thousand, partially offset by a 3.7% decrease in home closings to 5,287
  • Homebuilding gross margin was 18.9%, up 250 basis points. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 23.0%, up 200 basis points
  • SG&A as a percentage of total revenue was 11.4%, down 50 basis points
  • Net new orders of 5,564, down 11.6% on a 22.3% decrease in average community count to 127, partially offset by a 13.8% increase in sales/community/month to 3.7
  • Backlog dollar value of $1,284.0 million, up 29.0% on a 11.0% increase in backlog units to 2,786 and a 16.2% increase in average selling price of homes in backlog to $460.9 thousand
  • Land acquisition and land development spending was $595.5 million, up 35.1% from $440.8 million
  • Repurchased a total of $80.7 million of debt, which consisted of a $50.0 million repayment of the Senior Unsecured Term Loan and $30.7 million of repurchases of the 5.875% Unsecured Senior Notes due October 2027

Beazer Homes Fiscal Fourth Quarter 2021 Highlights and Comparison to Fiscal Fourth Quarter 2020

  • Net income from continuing operations of $48.4 million, or $1.57 per diluted share, compared to net income from continuing operations of $24.6 million, or $0.82 per diluted share, in fiscal fourth quarter 2020
  • Adjusted EBITDA of $76.1 million, down 1.3%
  • Homebuilding revenue of $589.1 million, down 13.2% on a 19.0% decrease in home closings to 1,407, partially offset by a 7.1% increase in average selling price to $418.7 thousand
  • Homebuilding gross margin was 19.5%, up 240 basis points. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 23.2%, up 150 basis points
  • SG&A as a percentage of total revenue was 11.0%, down 10 basis points
  • Net new orders of 1,069, down 46.8% on a 32.1% decrease in sales/community/month to 3.0 and a 21.6% decrease in average community count to 119
  • Controlled lots of 21,987, up 23.3% from 17,830
  • Repurchased a total of $57.0 million of debt
  • Unrestricted cash at quarter end was $246.7 million; total liquidity was $496.7 million

The following provides additional details on the Company’s performance during the fiscal fourth quarter 2021:

Profitability. Net income from continuing operations was $48.4 million, generating diluted earnings per share of $1.57. This included the impact of energy efficiency tax credits of $12.0 million, a loss on debt extinguishment of $0.4 million and inventory abandonments of $0.2 million. Operating income of $46.9 million increased by $11.3 million, or 31.7%, compared to $35.6 million in the previous year primarily driven by increased homebuilding gross margin and improved SG&A leverage. Fourth quarter Adjusted EBITDA of $76.1 million was down $1.0 million compared to the same period last year, primarily driven by lower home closings, partially offset by an increase in homebuilding gross margin.

Orders. Net new orders for the fourth quarter decreased to 1,069, down 46.8% from the prior year. The decrease in net new orders was driven by a 21.6% decrease in average community count to 119 and a 32.1% decrease in sales pace to 3.0 orders per community per month, down from 4.4 in the previous year which was the highest fourth quarter level in more than a decade. The reduction in sales pace is partially driven by our actions to moderate sales to better align with our production capacity given ongoing supply chain and labor pressures. The cancellation rate for the quarter was 11.7%, down 50 basis points from the previous year.

Backlog. The dollar value of homes in backlog as of September 30, 2021 increased 29.0% to $1,284.0 million, or 2,786 homes, compared to $995.3 million, or 2,509 homes, at the same time last year. The average selling price of homes in backlog was $460.9 thousand, up 16.2% year-over-year.

Homebuilding Revenue. Fourth quarter homebuilding revenue was $589.1 million, down 13.2% year-over-year. The decline in homebuilding revenue was primarily driven by a 19.0% decrease in home closings to 1,407 homes as a result of longer construction cycle times due to supply chain disruptions.

Homebuilding Gross Margin. Homebuilding gross margin (excluding impairments, abandonments, and amortized interest) was 23.2% for the fourth quarter, up 150 basis points year-over-year, driven primarily by pricing increases and lower sales incentives.

SG&A Expenses. Selling, general and administrative expenses as a percentage of total revenue was 11.0% for the quarter, down 10 basis points year-over-year. SG&A on an absolute dollar basis was down 14.5%.

Land Position. Controlled lots increased 23.3% to 21,987, compared to 17,830 from the prior year. Excluding land held for future development and land held for sale lots, active controlled lots was 21,422, up 26.7% year-over-year. Through the expansion of lot option agreements, 46.6% of total active lots, or 9,992 lots, were under contract compared to 34.8% of total active lots, or 5,878 lots, as of September 30, 2020.

Liquidity. At the close of the fourth quarter, the Company had $496.7 million of available liquidity, including $246.7 million of unrestricted cash and a fully undrawn revolving credit facility capacity of $250.0 million.

Debt Repurchases. During the quarter, the Company reduced debt by $57.0 million, which consisted of a $50.0 million repayment of its Senior Unsecured Term Loan and $7.0 million of repurchases of the Company's 5.875% Unsecured Senior Notes due October 2027 at an average price of $104.96 per $100 principal amount.

Commitment to Energy Efficiency

In December 2020, Beazer became the first national builder to publicly commit to ensuring that by the end of 2025 every home the Company builds will be Net Zero Energy Ready. Net Zero Energy Ready means that each home will have a gross HERS® index score (before any benefit of renewable energy production) of 45 or less, and homeowners will be able to achieve net zero energy consumption by attaching a properly sized renewable energy system.

Summary results for the fiscal year ended September 30, 2021 and 2020 are as follows:

Year Ended September 30,

2021

2020

Change*

New home orders, net of cancellations

5,564

6,293

(11.6

)%

Orders per community per month

3.7

3.2

13.8

%

Average active community count

127

163

(22.3

)%

Cancellation rates

11.1

%

15.8

%

-470 bps

Total home closings

5,287

5,492

(3.7

)%

Average selling price (ASP) from closings (in thousands)

$

402.4

$

385.5

4.4

%

Homebuilding revenue (in millions)

$

2,127.7

$

2,116.9

0.5

%

Homebuilding gross margin

18.9

%

16.4

%

250 bps

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

18.9

%

16.5

%

240 bps

Homebuilding gross margin, excluding I&A and interest amortized to cost of sales

23.0

%

21.0

%

200 bps

Income from continuing operations before income taxes (in millions)

$

143.7

$

71.3

$

72.4

Expense from income taxes (in millions)

$

21.5

$

18.0

$

3.6

Income from continuing operations (in millions)

$

122.2

$

53.3

$

68.9

Basic income per share from continuing operations

$

4.08

$

1.80

$

2.28

Diluted income per share from continuing operations

$

4.01

$

1.78

$

2.23

Net income (in millions)

$

122.0

$

52.2

$

69.8

Land acquisition and land development spending (in millions)

$

595.5

$

440.8

$

154.7

Adjusted EBITDA (in millions)

$

262.7

$

204.4

$

58.3

* Change is calculated using unrounded numbers.

Summary results for the quarter ended September 30, 2021 and 2020 are as follows:

Quarter Ended September 30,

2021

2020

Change*

New home orders, net of cancellations

1,069

2,009

(46.8

)%

Orders per community per month

3.0

4.4

(32.1

)%

Average active community count

119

151

(21.6

)%

Actual community count at quarter-end

117

145

(19.3

)%

Cancellation rates

11.7

%

12.2

%

-50 bps

Total home closings

1,407

1,737

(19.0

)%

ASP from closings (in thousands)

$

418.7

$

390.9

7.1

%

Homebuilding revenue (in millions)

$

589.1

$

679.1

(13.2

)%

Homebuilding gross margin

19.5

%

17.1

%

240 bps

Homebuilding gross margin, excluding I&A

19.5

%

17.2

%

230 bps

Homebuilding gross margin, excluding I&A and interest amortized to cost of sales

23.2

%

21.7

%

150 bps

Income from continuing operations before income taxes (in millions)

$

47.3

$

33.7

$

13.6

(Benefit) expense from income taxes (in millions)

$

(1.1

)

$

9.0

$

(10.1

)

Income from continuing operations (in millions)

$

48.4

$

24.6

$

23.7

Basic income per share from continuing operations

$

1.61

$

0.83

$

0.78

Diluted income per share from continuing operations

$

1.57

$

0.82

$

0.75

Net income (in millions)

$

48.4

$

23.7

$

24.7

Land acquisition and land development spending (in millions)

$

245.5

$

116.1

$

129.5

Adjusted EBITDA (in millions)

$

76.1

$

77.1

$

(1.0

)

* Change is calculated using unrounded numbers.

As of September 30,

2021

2020

Change

Backlog units

2,786

2,509

11.0

%

Dollar value of backlog (in millions)

$

1,284.0

$

995.3

29.0

%

ASP in backlog (in thousands)

$

460.9

$

396.7

16.2

%

Land position and lots controlled

21,987

17,830

23.3

%

Conference Call

The Company will hold a conference call on November 10, 2021 at 5:00 p.m. ET to discuss these results. The public may listen to the conference call and view the Company’s slide presentation on the “Investor Relations” page of the Company’s website at www.beazer.com. In addition, the conference call will be available by telephone at 800-475-0542 (for international callers, dial 517-308-9429). To be admitted to the call, enter the passcode “8571348.” A replay of the conference call will be available, until 10:00 PM ET on November 17, 2021 at 866-359-6498 (for international callers, dial 203-369-0155) with pass code “3740.”

About Beazer Homes

Headquartered in Atlanta, Beazer Homes (NYSE: BZH) is one of the country’s largest homebuilders. Every Beazer home is designed and built to provide Surprising Performance, giving you more quality and more comfort from the moment you move in – saving you money every month. With Beazer's Choice Plans™, you can personalize your primary living areas – giving you a choice of how you want to live in the home, at no additional cost. And unlike most national homebuilders, we empower our customers to shop and compare loan options. Our Mortgage Choice program gives you the resources to easily compare multiple loan offers and choose the best lender and loan offer for you, saving you thousands over the life of your loan.

We build our homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas, and Virginia. For more information, visit beazer.com, or check out Beazer on Facebook, Instagram and Twitter.

This press release contains forward-looking statements. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things: (i) the cyclical nature of the homebuilding industry and a potential deterioration in homebuilding industry conditions; (ii) economic changes nationally or in local markets, changes in consumer confidence, wage levels, declines in employment levels, inflation and governmental actions, each of which is outside our control and affects the affordability of, and demand for, the homes we sell; (iii) potential negative impacts of the COVID-19 pandemic, which, in addition to exacerbating each of the risks listed above and below, may include a significant decrease in demand for our homes or consumer confidence generally with respect to purchasing a home, an inability to sell and build homes in a typical manner or at all, increased costs or decreased supply of building materials, including lumber, or the availability of subcontractors, housing inspectors, and other third-parties we rely on to support our operations, and recognizing charges in future periods, which may be material, for goodwill impairments, inventory impairments and/or land option contract abandonments; (iv) supply chain challenges negatively impacting our homebuilding production, including shortages of raw materials and other critical components such as windows, doors, and appliances; (v) shortages of or increased costs for labor used in housing production, and the level of quality and craftsmanship provided by such labor; (vi) the availability and cost of land and the risks associated with the future value of our inventory, such as asset impairment charges we took on select California assets during the second quarter of fiscal 2019; (vii) factors affecting margins, such as decreased land values underlying land option agreements, increased land development costs in communities under development or delays or difficulties in implementing initiatives to reduce our production and overhead cost structure; (viii) our ability to raise debt and/or equity capital, due to factors such as limitations in the capital markets (including market volatility) or adverse credit market conditions, and our ability to otherwise meet our ongoing liquidity needs (which could cause us to fail to meet the terms of our covenants and other requirements under our various debt instruments and therefore trigger an acceleration of a significant portion or all of our outstanding debt obligations), including the impact of any downgrades of our credit ratings or reduction in our liquidity levels; (ix) market perceptions regarding any capital raising initiatives we may undertake (including future issuances of equity or debt capital); (x) terrorist acts, protests and civil unrest, political uncertainty, natural disasters, acts of war or other factors over which the Company has no control; (xi) inaccurate estimates related to homes to be delivered in the future (backlog), as they are subject to various cancellation risks that cannot be fully controlled; (xii) increases in mortgage interest rates, increased disruption in the availability of mortgage financing, changes in tax laws or otherwise regarding the deductibility of mortgage interest expenses and real estate taxes or an increased number of foreclosures; (xiii) increased competition or delays in reacting to changing consumer preferences in home design; (xiv) natural disasters or other related events that could result in delays in land development or home construction, increase our costs or decrease demand in the impacted areas; (xv) the potential recoverability of our deferred tax assets; (xvi) increases in corporate tax rates; (xvii) potential delays or increased costs in obtaining necessary permits as a result of changes to, or complying with, laws, regulations or governmental policies, and possible penalties for failure to comply with such laws, regulations or governmental policies, including those related to the environment; (xviii) the results of litigation or government proceedings and fulfillment of any related obligations; (xix) the impact of construction defect and home warranty claims; (xx) the cost and availability of insurance and surety bonds, as well as the sufficiency of these instruments to cover potential losses incurred; (xxi) the impact of information technology failures, cybersecurity issues or data security breaches; (xxii) the impact of governmental regulations on homebuilding in key markets, such as regulations limiting the availability of water; and (xxiii) the success of our ESG initiatives, including our ability to meet our goal that every home we build will be Net Zero Energy Ready by 2025 as well as the success of any other related partnerships or pilot programs we may enter into in order to increase the energy efficiency of our homes and prepare for a Net Zero future.

Any forward-looking statement, including any statement expressing confidence regarding future outcomes, speaks only as of the date on which such statement is made and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all such factors.

-Tables Follow-

BEAZER HOMES USA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

Three Months Ended

Fiscal Year Ended

September 30,

September 30,

in thousands (except per share data)

2021

2020

2021

2020

Total revenue

$

590,943

$

686,748

$

2,140,303

$

2,127,077

Home construction and land sales expenses

475,273

569,511

1,735,195

1,776,534

Inventory impairments and abandonments

157

637

853

2,903

Gross profit

115,513

116,600

404,255

347,640

Commissions

21,779

26,847

80,125

82,507

General and administrative expenses

43,382

49,361

163,285

170,386

Depreciation and amortization

3,482

4,806

13,976

15,640

Operating income

46,870

35,586

146,869

79,107

Equity in income of unconsolidated entities

170

209

594

347

Loss on extinguishment of debt, net

(412

)

(2,025

)

Other income (expense), net

644

(2,135

)

(1,712

)

(8,165

)

Income from continuing operations before income taxes

47,272

33,660

143,726

71,289

(Benefit) expense from income taxes

(1,087

)

9,033

21,546

17,973

Income from continuing operations

48,359

24,627

122,180

53,316

Income (loss) from discontinued operations, net of tax

2

(949

)

(159

)

(1,090

)

Net income

$

48,361

$

23,678

$

122,021

$

52,226

Weighted-average number of shares:

Basic

30,069

29,603

29,954

29,704

Diluted

30,867

30,005

30,437

29,948

Basic income (loss) per share:

Continuing operations

$

1.61

$

0.83

$

4.08

$

1.80

Discontinued operations

(0.03

)

(0.01

)

(0.04

)

Total

$

1.61

$

0.80

$

4.07

$

1.76

Diluted income (loss) per share:

Continuing operations

$

1.57

$

0.82

$

4.01

$

1.78

Discontinued operations

(0.03

)

(0.04

)

Total

$

1.57

$

0.79

$

4.01

$

1.74

Three Months Ended

Fiscal Year Ended

September 30,

September 30,

Capitalized Interest in Inventory

2021

2020

2021

2020

Capitalized interest in inventory, beginning of period

$

109,943

$

132,096

$

119,659

$

136,565

Interest incurred

18,880

20,385

77,397

87,224

Capitalized interest impaired

(792

)

Interest expense not qualified for capitalization and included as other expense

(2,095

)

(2,781

)

(8,468

)

Capitalized interest amortized to home construction and land sales expenses

(21,838

)

(30,727

)

(87,290

)

(94,870

)

Capitalized interest in inventory, end of period

$

106,985

$

119,659

$

106,985

$

119,659

BEAZER HOMES USA, INC.

CONSOLIDATED BALANCE SHEETS

 

in thousands (except share and per share data)

September 30, 2021

September 30, 2020

ASSETS

Cash and cash equivalents

$

246,715

$

327,693

Restricted cash

27,428

14,835

Accounts receivable (net of allowance of $290 and $358, respectively)

25,685

19,817

Income tax receivable

9,929

9,252

Owned inventory

1,501,602

1,350,738

Investments in unconsolidated entities

4,464

4,003

Deferred tax assets, net

204,766

225,143

Property and equipment, net

22,885

22,280

Operating lease right-of-use assets

12,344

13,103

Goodwill

11,376

11,376

Other assets

11,616

9,240

Total assets

$

2,078,810

$

2,007,480

LIABILITIES AND STOCKHOLDERS’ EQUITY

Trade accounts payable

$

133,391

$

132,192

Operating lease liabilities

14,154

15,333

Other liabilities

152,351

135,983

Total debt (net of debt issuance costs of $8,983 and $10,891, respectively)

1,054,030

1,130,801

Total liabilities

1,353,926

1,414,309

Stockholders’ equity:

Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)

Common stock (par value $0.001 per share, 63,000,000 shares authorized, 31,294,198 issued and outstanding and 31,012,326 issued and outstanding, respectively)

31

31

Paid-in capital

866,158

856,466

Accumulated deficit

(141,305

)

(263,326

)

Total stockholders’ equity

724,884

593,171

Total liabilities and stockholders’ equity

$

2,078,810

$

2,007,480

Inventory Breakdown

Homes under construction

$

648,283

$

525,021

Land under development

648,404

589,763

Land held for future development

19,879

28,531

Land held for sale

9,179

12,622

Capitalized interest

106,985

119,659

Model homes

68,872

75,142

Total owned inventory

$

1,501,602

$

1,350,738

BEAZER HOMES USA, INC.

CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS

 

Quarter Ended September 30,

Fiscal Year Ended September 30,

SELECTED OPERATING DATA

2021

2020

2021

2020

Closings:

West region

781

958

2,945

3,206

East region

311

398

1,185

1,045

Southeast region

315

381

1,157

1,241

Total closings

1,407

1,737

5,287

5,492

New orders, net of cancellations:

West region

620

1,124

3,233

3,589

East region

232

457

1,172

1,328

Southeast region

217

428

1,159

1,376

Total new orders, net

1,069

2,009

5,564

6,293

Fiscal Year Ended September 30,

Backlog units at end of period:

2021

2020

West region

1,653

1,365

East region

611

624

Southeast region

522

520

Total backlog units

2,786

2,509

Dollar value of backlog at end of period (in millions)

$

1,284.0

$

995.3

 

Quarter Ended September 30,

Fiscal Year Ended September 30,

SUPPLEMENTAL FINANCIAL DATA

2021

2020

2021

2020

Homebuilding revenue:

West region

$

304,591

$

355,448

$

1,110,208

$

1,180,577

East region

155,639

180,385

565,989

476,167

Southeast region

128,894

143,227

451,503

460,166

Total homebuilding revenue

$

589,124

$

679,060

$

2,127,700

$

2,116,910

Revenues:

Homebuilding

$

589,124

$

679,060

$

2,127,700

$

2,116,910

Land sales and other

1,819

7,688

12,603

10,167

Total revenues

$

590,943

$

686,748

$

2,140,303

$

2,127,077

Gross profit:

Homebuilding

$

114,717

$

115,976

$

401,720

$

348,110

Land sales and other

796

624

2,535

(470

)

Total gross profit

$

115,513

$

116,600

$

404,255

$

347,640

Reconciliation of homebuilding gross profit and the related gross margin excluding impairments and abandonments and interest amortized to cost of sales to homebuilding gross profit and gross margin, the most directly comparable GAAP measure, is provided for each period discussed below. Management believes that this information assists investors in comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies' respective level of impairments and level of debt. These measures should not be considered alternatives to homebuilding gross profit and gross margin determined in accordance with GAAP as an indicator of operating performance.

Quarter Ended September 30,

Fiscal Year Ended September 30,

2021

2020

2021

2020

Homebuilding gross profit/margin

$

114,717

19.5

%

$

115,976

17.1

%

$

401,720

18.9

%

$

348,110

16.4

%

Inventory impairments and abandonments (I&A)

157

637

853

1,646

Homebuilding gross profit/margin excluding I&A

114,874

19.5

%

116,613

17.2

%

402,573

18.9

%

349,756

16.5

%

Interest amortized to cost of sales

21,838

30,701

87,037

94,844

Homebuilding gross profit/margin excluding I&A and interest amortized to cost of sales

$

136,712

23.2

%

$

147,314

21.7

%

$

489,610

23.0

%

$

444,600

21.0

%

Reconciliation of Adjusted EBITDA to total company net income, the most directly comparable GAAP measure, is provided for each period discussed below. Management believes that Adjusted EBITDA assists investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies' respective capitalization, tax position, and level of impairments. These EBITDA measures should not be considered alternatives to net income determined in accordance with GAAP as an indicator of operating performance.

Quarter Ended September 30,

Fiscal Year Ended September 30,

2021

2020

2021

2020

Net income

$

48,361

$

23,678

$

122,021

$

52,226

(Benefit) expense from income taxes

(1,086

)

8,764

21,501

17,664

Interest amortized to home construction and land sales expenses and capitalized interest impaired

21,838

30,727

87,290

95,662

Interest expense not qualified for capitalization

2,095

2,781

8,468

EBIT

69,113

65,264

233,593

174,020

Depreciation and amortization

3,482

4,806

13,976

15,640

EBITDA

72,595

70,070

247,569

189,660

Stock-based compensation expense

2,913

5,167

12,167

10,036

Loss on extinguishment of debt

412

2,025

Inventory impairments and abandonments (a)

157

637

853

2,111

Restructuring and severance expenses

(44

)

(10

)

1,317

Litigation settlement in discontinued operations

1,260

120

1,260

Adjusted EBITDA

$

76,077

$

77,090

$

262,724

$

204,384

(a)

In periods during which we impaired certain of our inventory assets, capitalized interest that is impaired is included in the line above titled “Interest amortized to home construction and land sales expenses and capitalized interest impaired."

Contacts:

Beazer Homes USA, Inc.
David I. Goldberg
Sr. Vice President & Chief Financial Officer
770-829-3700
investor.relations@beazer.com

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