Beazer Homes USA(BZH) - 2025 Q1 - Quarterly Results

Financial Performance - Net income from continuing operations for Q1 2025 was $3.1 million, or$0.10 per diluted share, down from $21.7 million, or$0.70 per diluted share in Q1 2024[3] - Adjusted EBITDA for Q1 2025 was $23.0 million, a decrease of 39.4$38.0 million in Q1 2024[3] - Operating income for the quarter was $2.138 million, a significant decrease from$20.265 million in the same quarter of 2023[26] - Net income (GAAP) for Q4 2024 was $3,130,000, a decrease from$21,728,000 in Q4 2023[32] - Adjusted EBITDA (Non-GAAP) for the trailing 12 months ended December 31, 2024, was $228,444,000, down from$262,901,000 in the previous year[32] - EBIT (Non-GAAP) for Q4 2024 was $17,076,000, down from$34,099,000 in Q4 2023[32] - EBITDA (Non-GAAP) for Q4 2024 was $21,131,000, a decrease from$36,332,000 in Q4 2023[32] Revenue and Sales - Homebuilding revenue increased by 20.9% year-over-year to $460.4 million, driven by a 22.1$468.953 million, an increase of 21.3% compared to $386.818 million in the same period of 2023[26] - Total closings increased to 907 units, a rise of 22.1$291.863 million, up 24.5% from $234.409 million in the prior year[29] Backlog and Orders - Net new orders increased to 932, up 13.2$816.0 million, down 12.5% from $932.8 million a year ago, with an average selling price (ASP) of$541.5 thousand, up 4.0%[5] - The aggregate dollar value of homes in backlog decreased to $816.0 million from$932.8 million, reflecting a decline of 12.5%[29] Assets and Liabilities - Total debt as of December 31, 2024, was $1.071 billion, an increase from$1.025 billion at the end of September 2024[28] - Cash and cash equivalents decreased significantly to $80.379 million from$203.907 million[28] - Total debt (GAAP) increased to $1,071,290,000 as of December 31, 2024, compared to$974,644,000 in 2023[34] - Net debt (Non-GAAP) rose to $990,911,000 in 2024, up from$870,418,000 in 2023[34] - Net debt to net capitalization ratio (Non-GAAP) was 44.5% as of December 31, 2024, compared to 43.7% in the previous year[34] Equity and Capitalization - Stockholders' equity (GAAP) increased to $1,234,048,000 in 2024 from$1,121,011,000 in 2023[34] - Total capitalization (GAAP) increased to $2,305,338,000 in 2024 from$2,095,655,000 in 2023[34] Community and Sustainability Initiatives - The active community count at the end of the quarter was 163, up 19.9% from 136 in the prior year[4] - The company aims to end fiscal year 2025 with approximately 180 active communities and control land for 200 active communities by the end of fiscal year 2026[2] - 98% of home starts in Q1 2025 were built to Zero Energy Ready standards, with a goal of 100% by December 2025[11] - The company aims for every home started by the end of 2025 to be Zero Energy Ready, as part of its sustainability initiatives[24] Land Acquisition and Development - Land acquisition and development spending was $211.3 million, an increase of 6.3$198.7 million in the prior year[9] - Controlled lots increased by 9.5% to 28,874 compared to 26,374 in the prior year[9] One-time Gains - The company recognized a one-time gain of $8.6 million from the sale of a minority interest in a technology company, which was excluded from Adjusted EBITDA[32]