Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today: Fox Factory Holdings (FOXF) is a designer, manufacturer and marketer of suspension products used primarily on mountain bikes, side-by-side vehicles, on-road vehicles, off-road vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications and motorcycles. The Zacks Consensus Estimate for its current year earnings has been revised almost 28.3% downward over the last 60 days. Crescent Energy Company (CRGY) is an indep ...

For the quarter ended June 2024, Beazer Homes (BZH) reported revenue of $595.68 million, up 4% over the same period last year. EPS came in at $0.88, compared to $1.24 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $599.12 million, representing a surprise of -0.57%. The company delivered an EPS surprise of +4.76%, with the consensus EPS estimate being $0.84. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how t ...

Financial Data and Key Metrics Changes - For Q3 2024, the company generated 1,070 new orders, reflecting a sales pace of 2.4 sales per community per month, which was below expectations [12] - Homebuilding revenue reached $589.6 million, with an average sales price of approximately $505,000 [12] - Adjusted EBITDA was $53.5 million, and diluted earnings per share were $0.88, with book value growing to over $38 per share [4][12] Business Line Data and Key Metrics Changes - The company closed 1,167 homes during the quarter, with adjusted gross margin at 20.3% [12] - The total lot pipeline increased to over 28,000 lots, a 25% growth from the previous year, providing visibility into community growth [5] Market Data and Key Metrics Changes - The sales environment was challenging, particularly in Houston and San Antonio, which saw weak sales due to affordability issues and market-specific factors [7][8] - Excluding the weak markets, the sales pace would have been approximately 2.8 sales per community per month, aligning more closely with seasonal expectations [7] Company Strategy and Development Direction - The company remains committed to its three multiyear goals: expanding community count, deleveraging the balance sheet, and delivering superior homes [9] - The company expects to end FY 2024 with over 155 active communities, representing a 15% annual growth, and aims for more than 200 communities by FY 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for new home sales, citing a decade of underbuilding and ongoing employment and wage growth as supportive factors [9] - The company anticipates revenue growth of about 20% in FY 2025, despite a lower backlog entering the fiscal year [15][17] Other Important Information - The company spent approximately $200 million on land during the quarter, with total liquidity at $328 million [19] - The company repurchased over 450,000 shares, representing about 1.5% of the company, at an average price just above $28 [12][20] Q&A Session Summary Question: Discussion on margin pressures and incentives - Management acknowledged temporary margin pressures due to decisions made regarding inventory and indicated a cautious approach to incentives in the current market [22][23] Question: State of other geographic markets - Management reported strength in markets outside Texas, including the Mid-Atlantic and Southern California, while noting a significant shift in demand in the sub-$300,000 price point in Texas [30] Question: Fourth quarter ASP guidance - The increase in average sales price guidance for Q4 was attributed to the introduction of Zero Energy Ready homes [31] Question: Share buyback strategy - The share buyback was described as part of a consistent capital allocation model, balancing returns and risks among various options [38]

Core Insights - Beazer Homes (BZH) reported quarterly earnings of $0.88 per share, exceeding the Zacks Consensus Estimate of $0.84 per share, but down from $1.24 per share a year ago, indicating an earnings surprise of 4.76% [1] - The company posted revenues of $595.68 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.57%, compared to $572.54 million in the same quarter last year [2] - Beazer has surpassed consensus EPS estimates three times over the last four quarters, but has only topped revenue estimates once in the same period [2] Future Outlook - The immediate price movement of Beazer's stock will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Current consensus EPS estimate for the upcoming quarter is $1.83 on revenues of $910.94 million, and for the current fiscal year, it is $4.64 on revenues of $2.44 billion [7] - The estimate revisions trend for Beazer is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Building Products - Home Builders industry, to which Beazer belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Community Growth and Land Position - The company's average active community count increased by 17.2% to 146 in Q3 2024, compared to 124 in the prior year quarter, as part of its goal to reach over 200 active communities by fiscal 2026[97] - The company's land position grew by 24.9% to 28,365 controlled lots as of June 30, 2024, with 55.5% of active lots under option agreements[99] - The company controlled 28,365 lots as of June 30, 2024, with 55.5% (15,434 lots) controlled through option agreements, up from 52.2% (11,510 lots) as of June 30, 2023[172] - The total remaining purchase price, net of cash deposits, committed under all options was $1.20 billion as of June 30, 2024[173] Sales and Orders Performance - Sales per community per month decreased to 2.4 in Q3 2024 from 3.2 in the prior year quarter, with net new orders down 10.8% to 1,070[98] - Net new orders for the quarter ended June 30, 2024, decreased to 1,070, down 10.8% from 1,200 in the same period in 2023[115] - The West segment saw a 1.4% increase in net new orders to 715 for the quarter ended June 30, 2024, compared to 705 in 2023[117] - The Southeast segment experienced a 57.0% decrease in net new orders to 105 for the quarter ended June 30, 2024, down from 244 in 2023[118] Revenue and Profitability - Revenue for Q3 2024 was $595.7 million, up 4.0% from $572.5 million in the prior year quarter, while gross profit decreased to $103.3 million from $116.7 million[106] - Operating income for Q3 2024 was $28.5 million, down 40.5% from $47.9 million in the prior year quarter, with operating income as a percentage of total revenue at 4.8%[106] - Net income (GAAP) for the three months ended June 30, 2024, was $27.2 million, down from $43.8 million in the same period in 2023, a decrease of $16.6 million[110] - Adjusted EBITDA (Non-GAAP) for the three months ended June 30, 2024, was $53.5 million, compared to $72.8 million in 2023, a decrease of $19.3 million[110] - Total homebuilding revenue decreased by 3.0% to $1.51 billion for the nine months ended June 30, 2024, with a 2.0% decrease in closings to 2,954 units and a 1.1% decrease in ASP to $510.9 thousand[123] - Total homebuilding gross profit excluding impairments and abandonments and interest amortized to cost of sales (Non-GAAP) was $119.5 million with a gross margin of 20.3% for the three months ended June 30, 2024[132] - Total homebuilding gross profit excluding impairments and abandonments and interest amortized to cost of sales (Non-GAAP) was $323.4 million with a gross margin of 21.4% for the nine months ended June 30, 2024[134] - Homebuilding gross profit decreased by $13.5 million to $102.0 million for Q2 2024, with gross margin dropping 290 basis points to 17.3%[136] - Total homebuilding gross profit decreased by $23.5 million to $278.7 million for the nine months ended June 30, 2024, with gross margin dropping 90 basis points to 18.5%[140] - Operating income decreased by $19.4 million to $28.5 million for the three months ended June 30, 2024, compared to $47.9 million in the same period in 2023[149] - Operating income decreased by $30.4 million to $84.8 million for the nine months ended June 30, 2024, compared to $115.2 million in the same period in 2023[150] Segment Performance - West Segment homebuilding revenue increased by 1.6% to $945.2 million for the nine months ended June 30, 2024, driven by a 4.2% increase in closings to 1,849 units, partially offset by a 2.4% decrease in ASP to $511.2 thousand[123][126] - East Segment homebuilding revenue decreased by 10.1% to $304.6 million for the nine months ended June 30, 2024, due to an 8.2% decrease in closings to 591 units and a 2.0% decrease in ASP to $515.4 thousand[123][126] - Southeast Segment homebuilding revenue decreased by 9.8% to $259.4 million for the nine months ended June 30, 2024, primarily due to a 13.5% decrease in closings to 514 units, partially offset by a 4.2% increase in ASP to $504.7 thousand[123][127] - West Segment homebuilding revenue increased by 11.9% to $365.9 million for the three months ended June 30, 2024, driven by a 14.8% increase in closings to 728 units, partially offset by a 2.5% decrease in ASP to $502.6 thousand[124][128] - East Segment homebuilding revenue decreased by 8.7% to $121.2 million for the three months ended June 30, 2024, due to a 5.1% decrease in closings to 240 units and a 3.8% decrease in ASP to $505.2 thousand[124][128] - Southeast Segment homebuilding revenue decreased by 7.5% to $102.5 million for the three months ended June 30, 2024, primarily due to a 13.5% decrease in closings to 199 units, partially offset by a 6.9% increase in ASP to $515.1 thousand[125][128] - West segment homebuilding gross margin decreased to 20.6% in Q2 2024, down from 24.9% in the prior year quarter[137] - East segment homebuilding gross margin decreased to 16.3% in Q2 2024, down from 19.6% in the prior year quarter[137] - Southeast segment homebuilding gross margin decreased to 21.4% in Q2 2024, down from 23.5% in the prior year quarter[138] - West segment homebuilding gross margin decreased to 21.2% for the nine months ended June 30, 2024, down from 22.8% in the prior year period[141] - East segment homebuilding gross margin decreased to 17.8% for the nine months ended June 30, 2024, down from 20.3% in the prior year period[141] - Southeast segment homebuilding gross margin decreased to 22.1% for the nine months ended June 30, 2024, down from 22.4% in the prior year period[142] - West segment operating income decreased by $10.0 million for the three months ended June 30, 2024, compared to the same period in 2023[151] - East segment operating income decreased by $7.3 million for the three months ended June 30, 2024, compared to the same period in 2023[151] - Southeast segment operating income decreased by $4.2 million for the three months ended June 30, 2024, compared to the same period in 2023[151] Backlog and Pricing - Total backlog units as of June 30, 2024, were 1,949, a slight increase of 0.4% compared to 1,941 in 2023[121] - The aggregate dollar value of homes in backlog as of June 30, 2024, was $1.0465 billion, up 3.6% from $1.0098 billion in 2023[121] - The average selling price (ASP) in backlog increased by 3.2% to $536.9 thousand as of June 30, 2024, compared to $520.3 thousand in 2023[121] - Average Selling Price (ASP) for homes closed in Q3 2024 was $505.3 thousand, down 1.1% from $510.8 thousand in the prior year quarter[100] SG&A and Operating Expenses - SG&A as a percentage of total revenue increased to 11.9% in Q3 2024 from 11.5% in the prior year quarter, driven by higher commissions and sales and marketing costs[103] - SG&A as a percentage of total revenue increased by 40 basis points to 11.9% for the three months ended June 30, 2024, compared to 11.5% in the same period in 2023[149] - SG&A as a percentage of total revenue increased by 80 basis points to 12.4% for the nine months ended June 30, 2024, compared to 11.6% in the same period in 2023[150] - Corporate and unallocated net expenses decreased by $2.1 million for the three months ended June 30, 2024, compared to the same period in 2023[152] Energy Efficiency and Tax Strategy - The company is transitioning to Zero Energy Ready homes, with 93% of starts meeting this standard in Q3 2024, ahead of its 100% target by the end of 2025[95] - The Inflation Reduction Act increased energy efficiency tax credits to $5,000 per single family home meeting Zero Energy Ready qualifications, benefiting the company's tax strategy[107] Debt and Liquidity - Total debt to total capitalization ratio (GAAP) was 47.6% as of June 30, 2024, compared to 48.4% in 2023[113] - Net debt to net capitalization ratio (Non-GAAP) was 45.8% as of June 30, 2024, compared to 40.3% in 2023[113] - The company's liquidity position as of June 30, 2024, consisted of $73.2 million in cash and cash equivalents and $255.0 million of remaining capacity under the Unsecured Facility[163] - The company had variable rate debt outstanding totaling approximately $75.9 million as of June 30, 2024, with a one percent increase in interest rates resulting in an additional $1.0 million in interest expense over the next twelve months[182] - The estimated fair value of the company's fixed-rate debt as of June 30, 2024 was $957.9 million, compared to a carrying amount of $948.5 million[182] - A hypothetical one-percentage point decrease in the estimated discount rates would increase the estimated fair value of the fixed rate debt instruments from $957.9 million to $997.8 million as of June 30, 2024[182] Share Repurchase and Capital Allocation - The company repurchased 455 thousand shares of its common stock for $12.9 million at an average price per share of $28.41 during the three and nine months ended June 30, 2024[170] - As of June 30, 2024, the remaining availability of the share repurchase program was $28.9 million[170] Land Sales and Other Revenue - Land sales and other revenue increased by $4.0 million to $6.0 million for Q2 2024, with gross profit remaining flat at $1.3 million[147] - Land sales and other revenue increased by $10.1 million to $14.8 million for the nine months ended June 30, 2024, with gross profit increasing by $1.0 million to $4.2 million[147] Cash Flow and Operating Activities - Net cash used in operating activities was $323.0 million for the nine months ended June 30, 2024, compared to $95.8 million provided by operating activities in the same period in 2023[158] Letters of Credit and Surety Bonds - The company had outstanding letters of credit and surety bonds of $34.9 million and $265.9 million, respectively, as of June 30, 2024[175]

[Press Release Summary](index=1&type=section&id=Press%20Release%20Summary) Overview of Q3 FY2024 performance, featuring CEO commentary and key financial highlights [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted healthy results, strategic progress in lot control and Zero Energy Ready homes, and an optimistic outlook despite market challenges - Despite challenges, the company generated **$53.5 million** in Adjusted EBITDA and **$0.88** EPS, and repurchased approximately **450,000** shares[1](index=1&type=chunk) - Strategic progress includes a significant increase in the controlled lot position, primarily through options, enhancing visibility for community count growth[1](index=1&type=chunk) - Over **90%** of quarterly starts met the Zero Energy Ready standard, with the company becoming the largest certifier of such homes under the DOE's national program[1](index=1&type=chunk) [Third Quarter Fiscal 2024 Highlights](index=1&type=section&id=Beazer%20Homes%20Fiscal%20Third%20Quarter%202024%20Highlights%20and%20Comparison%20to%20Fiscal%20Third%20Quarter%202023) Third-quarter fiscal 2024 saw homebuilding revenue increase by **3.3%** to **$589.6 million**, despite declines in net income and Adjusted EBITDA due to a **290 basis point** drop in gross margin Q3 FY2024 Key Financial Metrics vs. Q3 FY2023 | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Income from Continuing Operations | $27.2 million | $43.8 million | -37.9% | | Diluted EPS | $0.88 | $1.42 | -38.0% | | Adjusted EBITDA | $53.5 million | $72.8 million | -26.5% | | Homebuilding Revenue | $589.6 million | $570.5 million | +3.3% | | Home Closings | 1,167 | 1,117 | +4.5% | | Average Selling Price (ASP) | $505.3 thousand | $510.8 thousand | -1.1% | | Homebuilding Gross Margin | 17.3% | 20.2% | -290 bps | | Net New Orders | 1,070 | 1,200 | -10.8% | | Backlog Dollar Value | $1.05 billion | $1.01 billion | +3.6% | - The company repurchased **$12.9 million** of its common stock and increased land acquisition and development spending by **52.7%** to **$201.1 million**[1](index=1&type=chunk) [Detailed Financial and Operational Performance (Q3 FY2024)](index=1&type=section&id=Detailed%20Financial%20and%20Operational%20Performance) Detailed Q3 FY2024 financial and operational performance, covering profitability, orders, revenue, and capital management [Profitability](index=1&type=section&id=Profitability) Third-quarter profitability declined year-over-year, with net income from continuing operations at **$27.2 million**, or **$0.88** per diluted share, primarily due to a lower operating margin Q3 FY2024 Profitability vs. Q3 FY2023 | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Income from Continuing Operations | $27.2 million | $43.8 million | -37.9% | | Diluted EPS | $0.88 | $1.42 | -38.0% | | Adjusted EBITDA | $53.5 million | $72.8 million | -26.5% | [Orders and Backlog](index=1&type=section&id=Orders%20and%20Backlog) Net new orders for Q3 decreased by **10.8%** to **1,070**, as a **17.2%** increase in average community count was offset by a **23.9%** decrease in sales pace - Net new orders fell to **1,070** from **1,200** in the prior year, with the sales pace dropping to **2.4** from **3.2** orders per community per month[2](index=2&type=chunk) - The cancellation rate increased to **18.6%** from **16.1%** in Q3 2023[2](index=2&type=chunk) - Backlog dollar value stood at **$1.05 billion** (**1,949** homes) with an ASP of **$536.9 thousand**, up from **$1.01 billion** (**1,941** homes) with an ASP of **$520.3 thousand** a year ago[2](index=2&type=chunk)[18](index=18&type=chunk) [Homebuilding Revenue and Gross Margin](index=2&type=section&id=Homebuilding%20Revenue%20and%20Gross%20Margin) Homebuilding revenue increased **3.3%** to **$589.6 million**, driven by a **4.5%** rise in home closings, though gross margin declined by **310 basis points** to **20.3%** - Homebuilding revenue rose to **$589.6 million**, driven by **1,167** home closings, up **4.5%** year-over-year[3](index=3&type=chunk) - Homebuilding gross margin, excluding impairments, abandonments, and amortized interest, decreased to **20.3%** from **23.4%** year-over-year[3](index=3&type=chunk) - The margin decline was caused by a higher share of speculative home closings, changes in product/community mix, and an increase in closing cost incentives[3](index=3&type=chunk) [SG&A Expenses](index=2&type=section&id=SG%26A%20Expenses) Selling, general, and administrative (SG&A) expenses as a percentage of total revenue increased by **40 basis points** year-over-year to **11.9%**, primarily due to higher commissions and marketing costs - SG&A as a percentage of total revenue was **11.9%**, up **40 basis points** from the prior year[4](index=4&type=chunk) - The increase was driven by higher commissions and sales and marketing costs for new community activations[4](index=4&type=chunk) [Land Position and Investment](index=2&type=section&id=Land%20Position%20and%20Investment) The company significantly increased its investment in future growth, with land acquisition and development spending rising **52.7%** year-over-year to **$201.1 million** - Land acquisition and development spending was **$201.1 million**, a **52.7%** increase year-over-year[4](index=4&type=chunk) - Total controlled lots grew **24.9%** to **28,365**, with **55.5%** controlled via option agreements, up from **52.2%** a year ago[4](index=4&type=chunk) [Capital Management and Liquidity](index=2&type=section&id=Capital%20Management%20and%20Liquidity) During the quarter, the company repurchased **$12.9 million** of its common stock, with total available liquidity at quarter-end standing at **$328.2 million** - Repurchased **$12.9 million** of common stock at an average price of **$28.41** per share[4](index=4&type=chunk) - Total liquidity at quarter-end was **$328.2 million**, consisting of **$73.2 million** in unrestricted cash and **$255.0 million** in credit facility capacity[5](index=5&type=chunk) Debt Ratios | Ratio | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Total debt to total capitalization | 47.6% | 48.4% | | Net debt to net capitalization | 45.8% | 40.3% | [Corporate Developments](index=2&type=section&id=Corporate%20Developments) Recent corporate developments, including management and board changes, and ongoing ESG commitments [Management and Board Changes](index=2&type=section&id=Management%20and%20Board%20Changes) The company announced key leadership changes, promoting Michael Dunn to Senior Vice President, General Counsel, and Corporate Secretary, and appointing John J. Kelley III to the Board of Directors - Michael Dunn was appointed SVP, General Counsel, and Corporate Secretary, succeeding Keith L. Belknap, who is retiring[5](index=5&type=chunk)[6](index=6&type=chunk) - John J. Kelley III, Chief Legal Officer of Equifax Inc., was appointed to the Board of Directors[7](index=7&type=chunk)[8](index=8&type=chunk) [Commitment to ESG Initiatives](index=3&type=section&id=Commitment%20to%20ESG%20Initiatives) Beazer Homes reaffirmed its commitment to ESG, highlighting its industry-first pledge to make every new home start Zero Energy Ready by the end of 2025 - The company is on track for its goal that by the end of **2025**, every new home started will be Zero Energy Ready, with **93%** of new home starts in Q3 meeting this standard[9](index=9&type=chunk) - Beazer Homes has certified more homes to the DOE's Single Family National Program requirements than any other home builder[9](index=9&type=chunk) - Key achievements from the **2023** Sustainability Report include being an **8-time** EPA ENERGY STAR Partner of the Year, achieving **100%** Indoor airPLUS qualification, completing its first GHG inventory, and receiving a **95%** customer recommendation rating[10](index=10&type=chunk) [Financial Statements and Supplemental Data](index=4&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) Detailed financial statements and supplemental data, including summary tables, balance sheets, regional data, and non-GAAP adjustments [Summary Financial Data Tables (Q3 & 9M FY2024)](index=4&type=section&id=Summary%20Financial%20Data%20Tables%20%28Q3%20%26%209M%20FY2024%29) This section provides detailed comparative financial and operational data for the three and nine months ended June 30, 2024, versus the same periods in 2023 Q3 FY2024 vs Q3 FY2023 Summary | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | New home orders, net | 1,070 | 1,200 | -10.8% | | Total home closings | 1,167 | 1,117 | +4.5% | | Homebuilding revenue | $589.6 million | $570.5 million | +3.3% | | Homebuilding gross margin | 17.3% | 20.2% | -290 bps | | Diluted EPS from cont. ops | $0.88 | $1.42 | -38.0% | | Adjusted EBITDA | $53.5 million | $72.8 million | -26.5% | Nine Months FY2024 vs FY2023 Summary | Metric | 9M 2024 | 9M 2023 | Change | | :--- | :--- | :--- | :--- | | New home orders, net | 3,192 | 2,863 | +11.5% | | Total home closings | 2,954 | 3,013 | -2.0% | | Homebuilding revenue | $1,509.2 million | $1,556.6 million | -3.0% | | Homebuilding gross margin | 18.5% | 19.4% | -90 bps | | Diluted EPS from cont. ops | $2.84 | $3.36 | -15.5% | | Adjusted EBITDA | $150.3 million | $182.1 million | -17.5% | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statement of operations shows a total revenue of **$595.7 million** for Q3 2024, a slight increase from **$572.5 million** in Q3 2023, though net income decreased to **$27.2 million** Statement of Operations Highlights (in thousands) | Account | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $595,682 | $572,544 | $1,524,040 | $1,561,380 | | Gross profit | $103,304 | $116,744 | $282,887 | $305,408 | | Operating income | $28,524 | $47,900 | $84,780 | $115,194 | | Net income | $27,210 | $43,817 | $88,109 | $102,855 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, the company's balance sheet shows total assets of **$2.59 billion**, an increase from **$2.41 billion** at September 30, 2023, driven by a significant increase in owned inventory Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $73,212 | $345,590 | | Owned inventory | $2,171,924 | $1,756,203 | | Total assets | $2,594,546 | $2,411,033 | | Total debt | $1,069,408 | $978,028 | | Total liabilities | $1,416,231 | $1,308,214 | | Total stockholders' equity | $1,178,315 | $1,102,819 | [Selected Operating and Financial Data by Region](index=10&type=section&id=Selected%20Operating%20and%20Financial%20Data%20by%20Region) Regional data for Q3 2024 shows the West region as the primary driver of performance, with the highest number of net new orders and closings, while the Southeast saw declines Q3 2024 Net New Orders by Region | Region | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | West | 715 | 705 | | East | 250 | 251 | | Southeast | 105 | 244 | | **Total** | **1,070** | **1,200** | Q3 2024 Closings by Region | Region | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | West | 728 | 634 | | East | 240 | 253 | | Southeast | 199 | 230 | | **Total** | **1,167** | **1,117** | Backlog Units by Region (as of June 30) | Region | 2024 | 2023 | | :--- | :--- | :--- | | West | 1,292 | 1,066 | | East | 417 | 433 | | Southeast | 240 | 442 | | **Total** | **1,949** | **1,941** | [Reconciliation of Non-GAAP Financial Measures](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides reconciliations of non-GAAP financial measures to their most comparable GAAP counterparts, including adjustments for homebuilding gross margin, EBIT, EBITDA, Adjusted EBITDA, and net debt to net capitalization Reconciliation of Homebuilding Gross Margin (Q3) (in thousands) | (in thousands) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Homebuilding gross profit (GAAP) | $101,983 (17.3%) | $115,493 (20.2%) | | Homebuilding gross profit excluding I&A and interest (Non-GAAP) | $119,450 (20.3%) | $133,312 (23.4%) | Reconciliation of Net Income to Adjusted EBITDA (Q3) (in thousands) | (in thousands) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net income (GAAP) | $27,210 | $43,817 | | Adjusted EBITDA (Non-GAAP) | $53,496 | $72,791 | Reconciliation of Debt to Capitalization Ratio | (as of June 30) | 2024 | 2023 | | :--- | :--- | :--- | | Total debt to total capitalization ratio (GAAP) | 47.6% | 48.4% | | Net debt to net capitalization ratio (Non-GAAP) | 45.8% | 40.3% |

vary from 5.99% to 34.99% APR for terms ranging from 3 to 48 months, depending on a consumer's creditworthiness. The fintech firm has been on the upswing, more than quadrupling in value so far this year. The stock has a market cap of roughly $500 million and a P/E ratio approaching 40. Sezzle is growing at a robust pace, and the Q1 2024 earnings report highlights the company's acceleration. Large-cap stocks regularly capture headlines. These corporations have delivered exceptional returns for many years and ...

Beazer Homes (BZH) shares soared 5.1% in the last trading session to close at $30.76. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.7% gain over the past four weeks. Beazer Homes has been benefiting from healthy demand characterized by sustained low levels of resale inventory and favorable demographic trends. Also, BZH's three strategic pillars and long-term strategic business objectives bode well. This homebuilder is expecte ...

Kirpal Kooner Nearly two years ago, in July of 2022, I wrote an article discussing the investment worthiness of homebuilder Beazer Homes USA (NYSE:BZH). At that time, I acknowledged that investors were right to be wary of the housing market. Rising interest rates and high inflation do not bode well for housing demand. But even in spite of that, shares of the company looked attractively priced, so much so that I could not help but to rate the company a 'buy'. This was in spite of the fact that the firm was a ...

Beazer Homes USA, Inc. (NYSE:BZH), the homebuilder based in the United States, has reported three quarters worth of financials after my previous article on the stock. The performance has mainly continued to perform in line with my prior expectations. In the previous article, titled "Beazer Homes: Better Resilience Than I Expected", I upgraded my rating on Beazer Homes into Buy as the company demonstrated better earnings resilience than I previously anticipated, making the valuation attractive. Since the art ...