Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three months ended March
31, 2023.
“Against a backdrop of improving homebuyer confidence and
stabilizing interest rates, we generated strong second quarter
results,” said Allan P. Merrill, the Company’s Chairman and Chief
Executive Officer. “Revenue growth and careful management of
overheads led to $62 million in Adjusted EBITDA and $1.13 of
earnings per share.”
Commenting on current market conditions, Mr. Merrill
said, “While home affordability remains quite challenging,
homebuyers appear to be adjusting to a higher interest rate
environment aided by both wage growth and moderating home prices.
From a production perspective, supply chain issues are greatly
improved, allowing us to decrease cycle times and pursue direct
cost savings.”
Looking further out, Mr. Merrill concluded, “We remain
confident in the multi-year growth of our business and the new home
industry. The gap between the structural demand for homes and the
likely supply of homes – which has given rise to a multimillion
home deficit over the past decade – remains in place. With a
seasoned operating team, an ample supply of lots and a more
efficient and less leveraged balance sheet, we remain confident
that we will be able to create durable value for our stakeholders
in the years ahead.”
Beazer Homes Fiscal Second Quarter 2023
Highlights and Comparison to Fiscal Second Quarter 2022
- Net income from continuing operations of $34.7 million, or
$1.13 per diluted share, compared to net income from continuing
operations of $44.7 million, or $1.45 per diluted share, in fiscal
second quarter 2022
- Adjusted EBITDA of $62.1 million, down 19.7%
- Homebuilding revenue of $542.0 million, up 6.9% on a 8.4%
increase in average selling price to $509.9 thousand, partially
offset by a 1.4% decrease in home closings to 1,063
- Homebuilding gross margin was 18.7%, down 480 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 22.0%, down 480 basis points
- SG&A as a percentage of total revenue was 11.2%, down 100
basis points
- Net new orders of 1,181, down 8.5% on a 11.7% decrease in
orders per community per month to 3.2, partially offset by a 3.6%
increase in average community count to 123
- Backlog dollar value of $987.2 million, down 37.7% on a 40.5%
decrease in backlog units to 1,858, partially offset by a 4.7%
increase in average selling price of homes in backlog to $531.3
thousand
- Controlled lots of 23,820, up 1.3% from 23,516
- Land acquisition and land development spending was $113.0
million, down 14.8% from $132.6 million
- Unrestricted cash at quarter end was $240.8 million; total
liquidity was $505.8 million
The following provides additional details on the Company's
performance during the fiscal second quarter 2023:
Profitability. Net income from continuing operations was $34.7
million, generating diluted earnings per share of $1.13. This
included the impact of energy efficiency tax credits of $5.6
million or $0.18 per share compared to $3.0 million of such credits
or $0.10 per share in the prior year quarter. Second quarter
adjusted EBITDA of $62.1 million was down $15.3 million, or 19.7%,
primarily due to lower gross margin.
Orders. Net new orders for the second quarter were 1,181, down
8.5% from 1,291 in the prior year quarter, driven by a 11.7%
decrease in sales pace to 3.2 orders per community per month, down
from 3.6 in the prior year quarter.
Cancellations. The cancellation rate for the quarter was 18.6%,
up from 12.2% in the prior year quarter. Although up
year-over-year, the cancellation rate was well within our
historical normal range and down sequentially from 37.1% in fiscal
first quarter 2023, reflecting an improved sales environment.
Backlog. The dollar value of homes in backlog as of March 31,
2023 was $987.2 million, representing 1,858 homes, compared to $1.6
billion, representing 3,121 homes, at the same time last year. The
average selling price of homes in backlog was $531.3 thousand, up
4.7% versus the prior year quarter.
Homebuilding Revenue. Second quarter homebuilding revenue was
$542.0 million, up 6.9% year-over-year. The increase in
homebuilding revenue was driven by an 8.4% increase in the average
selling price to $509.9 thousand, which was offset by a 1.4%
decrease in home closings to 1,063 homes.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 22.0% for the
second quarter, down from 26.8% in the prior year quarter. Although
down versus the prior year quarter, homebuilding gross margin was
above second quarter historical averages and in line with
expectations.
SG&A Expenses. Selling, general and administrative expenses
as a percentage of total revenue was 11.2% for the quarter, down
100 basis points year-over-year as a result of the Company's
continued focus on overhead cost management while benefiting from
higher revenue driven by growth in average selling price. SG&A
on an absolute dollar basis decreased by $1.0 million, or 1.6%
year-over-year.
Land Position. Controlled lots increased 1.3% to 23,820,
compared to 23,516 from the prior year quarter. Excluding land held
for future development and land held for sale lots, active lots
controlled were 23,091, up 1.6% year-over-year. Through the
expansion of lot option agreements, 54.0% of total active lots, or
12,460 lots, were under option agreements compared to 50.8% of
total active lots, or 11,551 lots, as of March 31, 2022.
Liquidity. At the close of the second quarter, the Company had
$505.8 million of available liquidity, including $240.8 million of
unrestricted cash and $265.0 million of remaining capacity under
the unsecured revolving credit facility.
Debt Repurchases. Subsequent to the end of the quarter, the
Company repurchased $5.0 million of its outstanding 6.750%
unsecured Senior Notes due March 2025.
Commitment to ESG Initiatives
During the quarter, the Company was recognized for its continued
leadership and commitment to advancing ESG.
In February, Beazer Homes earned the 2023 Top Workplaces USA
award, issued by Energage, powered by 16 years of surveying data
from more than 27 million employees across 70,000 organizations.
Participating companies are measured on anonymous employee feedback
comparing the survey’s research-based statements, including 15
Culture Drivers that are proven to predict high performance against
industry benchmarks.
In March, the Company received the 2023 ENERGY STAR Partner of
the Year Award with Sustained Excellence for the eighth consecutive
year. This award highlights the Company’s dedication to continually
enhancing the energy efficiency of its homes in support of its
industry-first pledge that, by the end of 2025, every home the
Company builds will be Net Zero Energy Ready with a gross HERS®
index score of 45 or less.
Also in March, Beazer Homes was recognized on Newsweek’s list of
America’s Most Trustworthy Companies 2023. This award identified
companies based on an independent survey of approximately 25,000
U.S. residents who rated companies they knew from the perspective
of customers, investors and employees.
Summary results for the three and six months ended March 31,
2023 are as follows:
Three Months Ended March
31,
2023
2022
Change*
New home orders, net of cancellations
1,181
1,291
(8.5
)%
Orders per community per month
3.2
3.6
(11.7
)%
Average active community count
123
119
3.6
%
Active community count at quarter-end
121
119
1.7
%
Cancellation rates
18.6
%
12.2
%
640 bps
Total home closings
1,063
1,078
(1.4
)%
Average selling price (ASP) from closings
(in thousands)
$
509.9
$
470.5
8.4
%
Homebuilding revenue (in millions)
$
542.0
$
507.2
6.9
%
Homebuilding gross margin
18.7
%
23.5
%
(480) bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
18.8
%
23.6
%
(480) bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
22.0
%
26.8
%
(480) bps
Income from continuing operations before
income taxes (in millions)
$
39.8
$
54.8
(27.3
)%
Expense from income taxes (in
millions)
$
5.1
$
10.1
(49.4
)%
Income from continuing operations, net of
tax (in millions)
$
34.7
$
44.7
(22.3
)%
Basic income per share from continuing
operations
$
1.14
$
1.46
(21.9
)%
Diluted income per share from continuing
operations
$
1.13
$
1.45
(22.1
)%
Net income (in millions)
$
34.7
$
44.7
(22.3
)%
Land acquisition and land development
spending (in millions)
$
113.0
$
132.6
(14.8
)%
Adjusted EBITDA (in millions)
$
62.1
$
77.4
(19.7
)%
LTM Adjusted EBITDA (in millions)
$
340.9
$
293.4
16.2
%
* Change and totals are calculated using
unrounded numbers.
"LTM" indicates amounts for the trailing
12 months.
Six Months Ended March
31,
2023
2022
Change*
New home orders, net of cancellations
1,663
2,432
(31.6
)%
LTM orders per community per month
2.2
3.3
(33.3
)%
Cancellation rates
25.0
%
12.0
%
1,300 bps
Total home closings
1,896
2,097
(9.6
)%
ASP from closings (in thousands)
$
520.1
$
454.9
14.3
%
Homebuilding revenue (in millions)
$
986.1
$
953.9
3.4
%
Homebuilding gross margin
18.9
%
22.3
%
(340) bps
Homebuilding gross margin, excluding
I&A
19.0
%
22.3
%
(330) bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
22.1
%
25.6
%
(350) bps
Income from continuing operations before
income taxes (in millions)
$
68.4
$
96.1
(28.9
)%
Expense from income taxes (in
millions)
$
9.2
$
16.5
(44.1
)%
Income from continuing operations, net of
tax (in millions)
$
59.1
$
79.6
(25.7
)%
Basic income per share from continuing
operations
$
1.94
$
2.61
(25.7
)%
Diluted income per share from continuing
operations
$
1.93
$
2.59
(25.5
)%
Net income (in millions)
$
59.0
$
79.6
(25.8
)%
Land acquisition and land development
spending (in millions)
$
227.7
$
263.3
(13.5
)%
Adjusted EBITDA (in millions)
$
109.3
$
138.5
(21.1
)%
* Change and totals are calculated using
unrounded numbers.
"LTM" indicates amounts for the trailing
12 months.
As of March 31,
2023
2022
Change
Backlog units
1,858
3,121
(40.5
)%
Dollar value of backlog (in millions)
$
987.2
$
1,583.5
(37.7
)%
ASP in backlog (in thousands)
$
531.3
$
507.4
4.7
%
Land and lots controlled
23,820
23,516
1.3
%
Conference Call
The Company will hold a conference call on April 27, 2023 at
5:00 p.m. ET to discuss these results. Interested parties may
listen to the conference call and view the Company's slide
presentation on the "Investor Relations" page of the Company's
website, www.beazer.com. In addition, the conference call
will be available by telephone at 800-475-0542 (for international
callers, dial 630-395-0227). To be admitted to the call, enter the
pass code “8571348". A replay of the conference call will be
available, until 10:00 PM ET on May 4, 2023 at 866-378-0632 (for
international callers, dial 203-369-0313) 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:
- the cyclical nature of the homebuilding industry and further
deterioration in homebuilding industry conditions;
- continued increases in mortgage interest rates and reduced
availability of mortgage financing due to, among other factors,
recent and likely continued actions by the Federal Reserve to
address sharp increases in inflation;
- other economic changes nationally and in local markets,
including changes in consumer confidence, wage levels, declines in
employment levels, and an increase in the number of foreclosures,
each of which is outside our control and affects the affordability
of, and demand for, the homes we sell;
- continued supply chain challenges negatively impacting our
homebuilding production, including shortages of raw materials and
other critical components such as windows, doors, and
appliances;
- continued shortages of or increased costs for labor used in
housing production, and the level of quality and craftsmanship
provided by such labor;
- 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;
- financial institution disruptions, such as recent bank
failures;
- 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 agreement abandonments;
- factors affecting margins, such as adjustments to home pricing,
increased sales incentives and mortgage rate buy down programs in
order to remain competitive; decreased revenues; 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 cycle times
and production and overhead cost structures; not being able to pass
on cost increases (including cost increases due to increasing the
energy efficiency of our homes) through pricing increases;
- 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;
- our ability to raise debt and/or equity capital, due to factors
such as limitations in the capital markets (including market
volatility), adverse credit market conditions and financial
institution disruptions, 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;
- market perceptions regarding any capital raising initiatives we
may undertake (including future issuances of equity or debt
capital);
- changes in tax laws or otherwise regarding the deductibility of
mortgage interest expenses and real estate taxes;
- increased competition or delays in reacting to changing
consumer preferences in home design;
- 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;
- the potential recoverability of our deferred tax assets;
- increases in corporate tax rates;
- 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;
- the results of litigation or government proceedings and
fulfillment of any related obligations;
- the impact of construction defect and home warranty
claims;
- the cost and availability of insurance and surety bonds, as
well as the sufficiency of these instruments to cover potential
losses incurred;
- the impact of information technology failures, cybersecurity
issues or data security breaches;
- the impact of governmental regulations on homebuilding in key
markets, such as regulations limiting the availability of water and
electricity (including availability of electrical equipment such as
transformers and meters);
- the success of our ESG initiatives, including our ability to
meet our goal that by 2025 every home we build will be Net Zero
Energy Ready, 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; and
- terrorist acts, protests and civil unrest, political
uncertainty, acts of war or other factors over which the Company
has no control.
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.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
in thousands (except per share data)
2023
2022
2023
2022
Total revenue
$
543,908
$
508,506
$
988,836
$
962,655
Home construction and land sales
expenses
440,901
387,821
799,871
744,570
Inventory impairments and abandonments
111
935
301
935
Gross profit
102,896
119,750
188,664
217,150
Commissions
18,305
16,578
32,410
32,391
General and administrative expenses
42,779
45,530
83,427
83,297
Depreciation and amortization
3,020
3,031
5,533
5,912
Operating income
38,792
54,611
67,294
95,550
Loss on extinguishment of debt, net
—
(164
)
(515
)
(164
)
Other income, net
1,007
303
1,583
722
Income from continuing operations before
income taxes
39,799
54,750
68,362
96,108
Expense from income taxes
5,092
10,072
9,247
16,535
Income from continuing operations
34,707
44,678
59,115
79,573
Loss from discontinued operations, net of
tax
—
(6
)
(77
)
(16
)
Net income
$
34,707
$
44,672
$
59,038
$
79,557
Weighted-average number of shares:
Basic
30,394
30,594
30,464
30,464
Diluted
30,610
30,823
30,702
30,772
Basic income per share:
Continuing operations
$
1.14
$
1.46
$
1.94
$
2.61
Discontinued operations
—
—
—
—
Total
$
1.14
$
1.46
$
1.94
$
2.61
Diluted income per share:
Continuing operations
$
1.13
$
1.45
$
1.93
$
2.59
Discontinued operations
—
—
—
—
Total
$
1.13
$
1.45
$
1.93
$
2.59
Three Months Ended
Six Months Ended
March 31,
March 31,
Capitalized Interest in
Inventory
2023
2022
2023
2022
Capitalized interest in inventory,
beginning of period
$
113,143
$
110,516
$
109,088
$
106,985
Interest incurred
18,034
18,253
35,864
36,564
Interest expense not qualified for
capitalization and included as other expense
—
—
—
—
Capitalized interest amortized to home
construction and land sales expenses
(17,291
)
(16,083
)
(31,066
)
(30,863
)
Capitalized interest in inventory, end of
period
$
113,886
$
112,686
$
113,886
$
112,686
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
in thousands (except share and per share
data)
March 31, 2023
September 30, 2022
ASSETS
Cash and cash equivalents
$
240,829
$
214,594
Restricted cash
38,321
37,234
Accounts receivable (net of allowance of
$284 and $284, respectively)
28,461
35,890
Income tax receivable
307
9,606
Owned inventory
1,741,956
1,737,865
Deferred tax assets, net
147,598
156,358
Property and equipment, net
25,540
24,566
Operating lease right-of-use assets
15,101
9,795
Goodwill
11,376
11,376
Other assets
18,607
14,679
Total assets
$
2,268,096
$
2,251,963
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
125,240
$
143,641
Operating lease liabilities
16,674
11,208
Other liabilities
141,977
174,388
Total debt (net of debt issuance costs of
$6,533 and $7,280, respectively)
985,220
983,440
Total liabilities
1,269,111
1,312,677
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, 31,347,050 issued and outstanding and
30,880,138 issued and outstanding, respectively)
31
31
Paid-in capital
860,517
859,856
Retained earnings
138,437
79,399
Total stockholders’ equity
998,985
939,286
Total liabilities and stockholders’
equity
$
2,268,096
$
2,251,963
Inventory Breakdown
Homes under construction
$
724,193
$
785,742
Land under development
774,994
731,190
Land held for future development
19,879
19,879
Land held for sale
20,253
15,674
Capitalized interest
113,886
109,088
Model homes
88,751
76,292
Total owned inventory
$
1,741,956
$
1,737,865
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND
FINANCIAL DATA – CONTINUING OPERATIONS
Three Months Ended March
31,
Six Months Ended March
31,
SELECTED OPERATING DATA
2023
2022
2023
2022
Closings:
West region
631
665
1,141
1,268
East region
236
252
391
497
Southeast region
196
161
364
332
Total closings
1,063
1,078
1,896
2,097
New orders, net of
cancellations:
West region
631
832
879
1,487
East region
296
284
416
520
Southeast region
254
175
368
425
Total new orders, net
1,181
1,291
1,663
2,432
As of March 31,
Backlog units:
2023
2022
West region
995
1,872
East region
435
634
Southeast region
428
615
Total backlog units
1,858
3,121
Aggregate dollar value of homes in backlog
(in millions)
$
987.2
$
1,583.5
ASP in backlog (in thousands)
$
531.3
$
507.4
in thousands
Three Months Ended March
31,
Six Months Ended March
31,
SUPPLEMENTAL FINANCIAL DATA
2023
2022
2023
2022
Homebuilding revenue:
West region
$
328,961
$
302,887
$
603,283
$
559,379
East region
119,869
128,424
205,900
242,711
Southeast region
93,177
75,897
176,908
151,847
Total homebuilding revenue
$
542,007
$
507,208
$
986,091
$
953,937
Revenue:
Homebuilding
$
542,007
$
507,208
$
986,091
$
953,937
Land sales and other
1,901
1,298
2,745
8,718
Total revenue
$
543,908
$
508,506
$
988,836
$
962,655
Gross profit:
Homebuilding
$
101,588
$
119,402
$
186,702
$
212,706
Land sales and other
1,308
348
1,962
4,444
Total gross profit
$
102,896
$
119,750
$
188,664
$
217,150
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 alternative
to homebuilding gross profit and gross margin determined in
accordance with GAAP as an indicator of operating performance.
Three Months Ended March
31,
Six Months Ended March
31,
in thousands
2023
2022
2023
2022
Homebuilding gross profit/margin
$
101,588
18.7
%
$
119,402
23.5
%
$
186,702
18.9
%
$
212,706
22.3
%
Inventory impairments and abandonments
(I&A)
111
495
301
495
Homebuilding gross profit/margin excluding
I&A
101,699
18.8
%
119,897
23.6
%
187,003
19.0
%
213,201
22.3
%
Interest amortized to cost of sales
17,291
16,083
31,066
30,863
Homebuilding gross profit/margin excluding
I&A and interest amortized to cost of sales
$
118,990
22.0
%
$
135,980
26.8
%
$
218,069
22.1
%
$
244,064
25.6
%
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.
Three Months Ended March
31,
Six Months Ended March
31,
LTM Ended March 31,
(a)
in thousands
2023
2022
2023
2022
2023
2022
Net income
$
34,707
$
44,672
$
59,038
$
79,557
$
200,185
$
165,053
Expense from income taxes
5,092
10,071
9,225
16,531
45,961
26,246
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
17,291
16,083
31,066
30,863
72,261
75,230
Interest expense not qualified for
capitalization
—
—
—
—
—
212
EBIT
57,090
70,826
99,329
126,951
318,407
266,741
Depreciation and amortization
3,020
3,031
5,533
5,912
12,981
13,083
EBITDA
60,110
73,857
104,862
132,863
331,388
279,824
Stock-based compensation expense
1,678
2,424
3,258
4,532
7,204
10,639
Loss on extinguishment of debt
—
164
515
164
42
1,626
Inventory impairments and
abandonments(b)
111
935
301
935
1,890
1,323
Severance expenses
224
—
335
—
335
—
Adjusted EBITDA
$
62,123
$
77,380
$
109,271
$
138,494
$
340,859
$
293,412
(a)
"LTM" indicates amounts for the trailing
12 months.
(b)
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."
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005819/en/
Beazer Homes USA, Inc. David I. Goldberg Sr. Vice President
& Chief Financial Officer 770-829-3700
investor.relations@beazer.com
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