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Beazer Homes USA (BZH)

Beazer Homes USA Inc., headquartered in Atlanta, is one of the nation's top homebuilders with homes for sale across the United States. The Company builds homes that meet and exceed ENERGY STAR® requirements while appealing to homebuyers at various price points across various demographic segments. In addition to saving energy, its homes allow personalization through the Company's Choice Plans™ and design upgrades. Beazer Homes USA Inc. long-term business strategy focuses on providing its customers with quality homes, while seeking to maximizeits return on invested capital over time. Beazer Homes’ legacy includes building homes for America’s families for over 50 years.

Company profile

Ticker
BZH
Exchange
Website
CEO
Allan Merrill
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Beazer Charity Foundation, Inc. • Beazer Clarksburg, LLC • Beazer Employee Disaster Assistance Corp. • Beazer Gain, LLC • Beazer General Services, Inc. • Beazer Homes Holdings, LLC • Beazer Homes Indiana Holdings Corp. • Beazer Homes Investments, LLC • Beazer Homes, LLC • Beazer Homes Sales, Inc. ...
IRS number
582086934

BZH stock data

Analyst ratings and price targets

Last 3 months

Calendar

28 Apr 22
2 Jul 22
30 Sep 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Sep 21 Sep 20 Sep 19 Sep 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 197.25M 197.25M 197.25M 197.25M 197.25M 197.25M
Cash burn (monthly) (no burn) 14.7M (no burn) (no burn) (no burn) 6.38M
Cash used (since last report) n/a 45.08M n/a n/a n/a 19.57M
Cash remaining n/a 152.17M n/a n/a n/a 177.67M
Runway (months of cash) n/a 10.3 n/a n/a n/a 27.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Nov 21 Keith L Belknap Jr Common Stock Payment of exercise Dispose F No No 22.18 2,817 62.48K 134,803
16 Nov 21 David I Goldberg Common Stock Payment of exercise Dispose F No No 22.18 1,268 28.12K 72,306
16 Nov 21 Allan P Merrill Common Stock Payment of exercise Dispose F No No 22.18 8,717 193.34K 996,542
16 Nov 21 Pei Sun Common Stock Payment of exercise Dispose F No No 22.18 133 2.95K 13,847
16 Nov 21 Keith L Belknap Jr Common Stock Payment of exercise Dispose F No No 22.18 2,817 62.48K 132,521
15 Nov 21 Keith L Belknap Jr Common Stock Payment of exercise Dispose F No No 21.49 2,555 54.91K 137,620
15 Nov 21 Keith L Belknap Jr Common Stock Payment of exercise Dispose F No No 21.49 2,024 43.5K 140,175
15 Nov 21 Keith L Belknap Jr Common Stock Payment of exercise Dispose F No No 21.49 27,178 584.06K 142,199
15 Nov 21 David I Goldberg Common Stock Payment of exercise Dispose F No No 21.49 586 12.59K 73,574
15 Nov 21 David I Goldberg Common Stock Payment of exercise Dispose F No No 21.49 696 14.96K 74,160
75.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 136 147 -7.5%
Opened positions 23 29 -20.7%
Closed positions 34 16 +112.5%
Increased positions 46 37 +24.3%
Reduced positions 45 57 -21.1%
13F shares Current Prev Q Change
Total value 448.68M 4.19B -89.3%
Total shares 23.81M 24.13M -1.3%
Total puts 628.5K 755.9K -16.9%
Total calls 499.3K 744.1K -32.9%
Total put/call ratio 1.3 1.0 +23.9%
Largest owners Shares Value Change
BLK Blackrock 2.4M $36.48M -13.7%
Vanguard 1.76M $26.78M +6.6%
Capital World Investors 1.66M $25.26M 0.0%
Donald Smith & Co. 1.48M $22.54M +21.6%
Towle & Co 1.24M $18.88M -19.3%
Dimensional Fund Advisors 1.01M $15.42M +0.5%
Acadian Asset Management 868.03K $13.21M +7.6%
Timelo Investment Management 743.31K $11.31M +98.5%
STT State Street 701.19K $10.67M +2.5%
Jacobs Levy Equity Management 674.6K $10.27M -1.6%
Largest transactions Shares Bought/sold Change
IVZ Invesco 626.48K -587.68K -48.4%
Arrowstreet Capital, Limited Partnership 0 -424.21K EXIT
BLK Blackrock 2.4M -379.7K -13.7%
Timelo Investment Management 743.31K +368.83K +98.5%
Millennium Management 307.58K -350.78K -53.3%
Intrinsic Edge Capital Management 310K +310K NEW
Towle & Co 1.24M -296.26K -19.3%
Donald Smith & Co. 1.48M +263.54K +21.6%
Susquehanna International 247.61K +204.25K +471.1%
Ci Investments 302.02K +139.78K +86.2%

Financial report summary

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Risks
  • A number of conditions that affect demand for the homes we sell are outside of our control. Many of these conditions, such as interest rates, inflation, employment levels, wage levels and governmental actions also impact consumer confidence, upon which our business is highly dependent.
  • If we are unsuccessful in competing against our competitors, our market share could decline or our growth could be impeded and, as a result, our financial condition and results of operations could suffer.
  • The homebuilding industry is cyclical. A downturn in the industry could adversely affect our business, financial condition and results of operations.
  • The market value of our land and/or homes may decline, leading to impairments or other charges and reduced profitability.
  • Negative publicity or poor relations with the residents of our communities could negatively impact sales, which could cause our revenues or results of operations to decline.
  • Supply shortages and other risks related to the demand for skilled labor and building materials could increase costs, delay deliveries and could adversely affect our financial condition and results of operations.
  • Our long-term success depends on our ability to acquire finished lots and undeveloped land suitable for residential homebuilding at reasonable prices, in accordance with our land investment criteria.
  • Reduced numbers of home sales extend the time it takes us to recover land purchase and property development costs, negatively impacting profitability and our results of operations.
  • We could experience a reduction in home sales and revenues due to our inability to acquire and develop land for our communities if we are unable to obtain reasonably priced financing.
  • An increase in cancellation rates may negatively impact our business and lead to imprecise estimates related to homes to be delivered in the future (backlog).
  • Inflation may adversely affect us by increasing costs beyond what we can recover through price increases.
  • Natural disasters and other related events could result in delays in land development or home construction, increase our costs or decrease demand in the impacted areas.
  • We may incur additional operating expenses or longer construction cycle times due to compliance programs or fines, penalties and remediation costs pertaining to environmental regulations within our markets. Additionally, any violations of such regulations could harm our reputation, thereby negatively impacting our financial condition and results of operations.
  • We are subject to extensive government regulation, which could cause us to incur significant liabilities or restrict our business activities.
  • At any given time, we are the subject of pending civil litigation that could require us to pay substantial damages or could otherwise have a material adverse effect on us.
  • Our operating expenses could increase if we are required to pay higher insurance premiums or litigation costs for various claims, which could negatively impact our financial condition and results of operations. Additionally, our insurance policies may not offset our entire expense due to limitation in coverages, amounts payable under the policies or other related restrictions.
  • We are dependent on the services of certain key employees and the loss of their services could hurt our business.
  • Terrorist attacks or acts of war against the United States or increased domestic or international instability could have an adverse effect on our operations.
  • Information technology failures, cybersecurity breaches or data security breaches could harm our business.
  • Our access to capital and our ability to obtain additional financing could be affected by any downgrade of our credit ratings, as well as limitations in the capital markets or adverse credit market conditions.
  • Our senior notes, revolving credit facility, letter of credit facilities and certain other debt impose significant restrictions and obligations on us. Restrictions on our ability to borrow could adversely affect our liquidity. In addition, our substantial indebtedness could adversely affect our financial condition, limit our growth and make it more difficult for us to satisfy our debt obligations.
  • The tax benefits of our pre-ownership change net operating loss carryforwards and built-in losses were substantially limited since we experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code, and portions of our deferred income tax asset have been written off since they were not fully realizable. Any subsequent ownership change, should it occur, could have a further impact on these tax attributes.
  • Our stock price is volatile and could decline.
  • We experience fluctuations and variability in our operating results on a quarterly basis and, as a result, our historical performance may not be a meaningful indicator of future results.
Management Discussion
  • Our homebuilding gross profit increased by $40.4 million to $212.7 million for the six months ended March 31, 2022, from $172.3 million in the prior year period. The increase in gross profit was primarily driven by an increase in gross margin of 460 basis points to 22.3%, partially offset by a decrease in homebuilding revenue of $17.7 million. However, similar to the three-month period discussed above, the comparability of our gross profit and gross margin for the six-month period was impacted by impairment and abandonment charges which increased by less than $0.1 million, and interest amortized to homebuilding cost of sales which decreased by $11.8 million period-over-period (refer to Note 5 and Note 6 of the notes to the condensed consolidated financial statements in this Form 10-Q for additional details). When excluding the impact of impairment and abandonment charges and interest amortized to homebuilding cost of sales, homebuilding gross profit increased by $28.6 million compared to the prior year period, while homebuilding gross margin increased by 340 basis points to 25.6%. The year-over-year improvement in gross margin for the six months ended March 31, 2022 was primarily driven by lower sales incentives and pricing increases, although cost pressures and the availability of labor may temper gross margin expansion in the future.

Content analysis

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