10-Q - BEAZER HOMES USA INC (0000915840) (Filer)

Thu, May 1, 8:53 PM (11 days ago)

**Beazer Homes USA, Inc. (BZH) Q2 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $565.3 million (Q2 2025) vs. $541.5 million (Q2 2024), a 4.4% increase. - **Net Income:** $12.8 million (Q2 2025) vs. $39.2 million (Q2 2024), a 67.3% decrease. - **Gross Profit Margin:** 15.2% (Q2 2025) vs. 18.8% (Q2 2024), a 3.6 percentage point decrease. - **Operating Income:** $13.4 million (Q2 2025) vs. $36.0 million (Q2 2024), a 62.8% decrease. - **Cash Flow from Operations:** -$155.9 million (H1 2025) vs. -$239.6 million (H1 2024), a 35.0% improvement. **Key Metrics and Trends:** - **Homebuilding Revenue:** $556.0 million (Q2 2025) vs. $538.6 million (Q2 2024), a 3.2% increase. - **Land Sales and Other Revenue:** $9.3 million (Q2 2025) vs. $2.9 million (Q2 2024), a 217.2% increase. - **Average Selling Price (ASP):** $515.3 thousand (Q2 2025) vs. $515.9 thousand (Q2 2024), a 0.1% decrease. - **Closings:** 1,079 homes (Q2 2025) vs. 1,044 homes (Q2 2024), a 3.4% increase. - **Backlog:** 1,526 units (Q2 2025) vs. 2,046 units (Q2 2024), a 25.4% decrease. - **Backlog ASP:** $544.9 thousand (Q2 2025) vs. $525.5 thousand (Q2 2024), a 3.7% increase. **Uncertainties and Future Operations:** - **Market Conditions:** Slower housing market due to macroeconomic uncertainty, impacting consumer sentiment and demand. - **Share Repurchases:** Accelerated share repurchases due to stock trading at a significant discount to book value. - **Multi-Year Goals:** Updated goals include reaching over 200 active communities by the end of fiscal 2027, reducing net debt to net capitalization ratio to the low 30% range, and achieving double-digit compound annual growth in book value per share from the end of fiscal 2024 through fiscal 2027. - **Liquidity:** Sufficient liquidity with $85.1 million in cash and $292.6 million remaining capacity under the Unsecured Facility.