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BZH Beazer Homes USA

Beazer Homes USA, Inc. engages in the design and sale of single-family and multi-family homes. It operates through the following geographical segments: West, East, and Southeast. The West segment includes Arizona, California, Nevada, and Texas. The East segment consists of Delaware, Indiana, Maryland, Tennessee, and Virginia. The Southeast segment includes Florida, Georgia, North Carolina, and South Carolina. The company was founded in 1993 and is headquartered in Atlanta, GA.

Company profile

Ticker
BZH
Exchange
Website
CEO
Allan Merrill
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
582086934

BZH stock data

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Calendar

29 Apr 21
19 Jun 21
30 Sep 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Sep 20 Sep 19 Sep 18 Sep 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 May 21 Robert L. Salomon Common Stock Payment of exercise Dispose F No No 24 26,189 628.54K 168,601
4 May 21 Robert L. Salomon Common Stock Sell Dispose S No No 24 4,011 96.26K 194,790
4 May 21 Robert L. Salomon Common Stock Option exercise Aquire M No No 19.11 30,200 577.12K 198,801
4 May 21 Robert L. Salomon Stock Option Right to Buy Common Stock Option exercise Dispose M No No 19.11 30,200 577.12K 30,200
20 Apr 21 Robert L. Salomon Common Stock Sell Dispose S No Yes 19.9266 10,000 199.27K 168,601
16 Mar 21 Robert L. Salomon Common Stock Sell Dispose S No Yes 21.02 10,000 210.2K 178,601
3 Mar 21 Robert L. Salomon Common Stock Sell Dispose S No Yes 18.7974 10,000 187.97K 188,601

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

76.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 141 131 +7.6%
Opened positions 27 20 +35.0%
Closed positions 17 24 -29.2%
Increased positions 41 43 -4.7%
Reduced positions 46 45 +2.2%
13F shares
Current Prev Q Change
Total value 958.22M 1.04B -7.5%
Total shares 23.92M 24.21M -1.2%
Total puts 214.5K 204.4K +4.9%
Total calls 530.19K 481.2K +10.2%
Total put/call ratio 0.4 0.4 -4.8%
Largest owners
Shares Value Change
BLK Blackrock 2.78M $58.21M +8.0%
Capital World Investors 1.66M $34.72M 0.0%
Donald Smith & Co. 1.58M $32.99M -27.6%
Vanguard 1.51M $31.51M -3.8%
Towle & Co 1.46M $30.52M -3.0%
IVZ Invesco 1.39M $29.11M +19.8%
Acadian Asset Management 1.15M $24M +1.1%
Dimensional Fund Advisors 694.5K $14.53M +11.0%
STT State Street 615.76K $12.88M -16.8%
Royce & Associates 590.98K $12.36M -11.3%
Largest transactions
Shares Bought/sold Change
Donald Smith & Co. 1.58M -602.04K -27.6%
Arrowstreet Capital, Limited Partnership 0 -385.81K EXIT
NTRS Northern Trust 499.58K -246.53K -33.0%
IVZ Invesco 1.39M +230.26K +19.8%
Pacific Asset Management 418.31K +220.82K +111.8%
MS Morgan Stanley 359.08K +210.33K +141.4%
Essex Investment Management 0 -209.85K EXIT
BLK Blackrock 2.78M +206.69K +8.0%
Nuveen Asset Management 333.78K +196K +142.3%
Matarin Capital Management 0 -169.27K EXIT

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.
  • 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.
  • 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.
  • 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).
  • 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.
  • Inflation may adversely affect us by increasing costs beyond what we can recover through price increases.
  • 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
  • West Segment: Homebuilding revenue increased by 4.0% for the three months ended March 31, 2021 compared to the prior year quarter due to a 3.0% increase in closings and a 0.9% increase in ASP. Compared to the prior year quarter, homebuilding gross profit increased by $8.8 million due to the increase in homebuilding revenue and higher gross margin. Homebuilding gross margin increased to 23.6%, up from 21.3% in the prior year quarter. The increase in gross margin was driven primarily by lower sales incentives and pricing increases. The $9.3 million increase in operating income compared to the prior year quarter was primarily due to the increase in gross profit and lower SG&A expenses in the segment.
Content analysis
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