Beazer Homes USA(US:BZH)2025-05-01 20:16Financial Performance - Net income for the second quarter was $12.8 million, or $0.42 per diluted share, down 67.4% from $39.2 million, or $1.26 per diluted share, in the same quarter last year [2]. - Adjusted EBITDA decreased by 34.0% to $38.8 million, down $20.0 million compared to the prior year [3]. - Income from continuing operations, net of tax, fell to $15.9 million, a decrease of 73.9% from $60.9 million [20]. - Adjusted EBITDA decreased to $61.9 million, down 36.1% from $96.8 million [20]. - Net income for the three months ended March 31, 2025, was $12,778 thousand, compared to $39,171 thousand in the same period of 2024, a decrease of 67.4% [37]. - Adjusted EBITDA for the three months ended March 31, 2025, was $38,813 thousand, down from $58,776 thousand in Q1 2024, a decline of 34.0% [37]. Revenue and Orders - Homebuilding revenue increased by 3.2% to $556.0 million, driven by a 3.4% rise in home closings to 1,079 homes [6]. - Homebuilding revenue increased to $1,016.5 million, reflecting a 10.5% growth from $919.6 million [20]. - Total homebuilding revenue for the three months ended March 31, 2025, was $556,032 thousand, up from $538,636 thousand in the same period of 2024, representing an increase of 3.7% [33]. - New home orders decreased to 2,030, down 4.3% from 2,122 in the previous year [20]. - Total new orders, net of cancellations, decreased to 1,098 units in Q1 2025 from 1,299 units in Q1 2024, a decline of 15.5% [33]. Backlog and Cancellations - The backlog dollar value was $831.5 million, down 22.7% from $1,075.1 million a year ago, with an average selling price of homes in backlog at $544.9 thousand, up 3.7% [5]. - Backlog units decreased to 1,526, down 25.4% from 2,046 [22]. - Dollar value of backlog declined to $831.5 million, a decrease of 22.7% from $1,075.1 million [22]. - Cancellation rates increased to 16.7%, up 170 basis points from 15.0% [20]. - Net new orders fell by 15.5% to 1,098, with a cancellation rate of 16.9%, up from 12.2% in the prior year [4]. Costs and Expenses - Homebuilding gross margin was 15.1%, down 360 basis points year-over-year, while excluding impairments, it was 18.3%, down 340 basis points [7]. - Selling, general and administrative expenses as a percentage of total revenue increased to 12.0%, up 50 basis points from the previous year [8]. - Homebuilding gross profit for Q1 2025 was $84,132 thousand, down from $100,774 thousand in Q1 2024, a decline of 16.6% [35]. Assets and Capitalization - Total assets increased to $2,654,745 thousand as of March 31, 2025, compared to $2,591,527 thousand on September 30, 2024, reflecting a growth of 2.4% [32]. - Total debt as of March 31, 2025, was $1,082,231 thousand, an increase from $1,025,349 thousand as of September 30, 2024, reflecting a rise of 5.5% [32]. - The total stockholders' equity decreased slightly to $1,228,067 thousand as of March 31, 2025, from $1,232,111 thousand on September 30, 2024, a decrease of 0.3% [32]. - Total capitalization reached $2,310,298 thousand, an increase from $2,184,888 thousand year-over-year [39]. - Net debt increased to $997,149 thousand, up from $890,444 thousand in the previous year [39]. - Net debt to net capitalization ratio improved to 44.8% from 43.4% year-over-year [39]. - Cash and cash equivalents decreased to $85,082 thousand from $132,867 thousand [39]. - Total debt to total capitalization ratio remained stable at 46.8% [39]. - Net capitalization increased to $2,225,216 thousand from $2,052,021 thousand year-over-year [39]. Land and Development - The company controlled 28,290 lots, a 5.2% increase from 26,887 lots in the prior year [9]. - Land acquisition and development spending increased to $408.3 million, a rise of 3.0% from $396.5 million [20]. - The average selling price (ASP) in backlog increased to $544.9 thousand as of March 31, 2025, compared to $525.5 thousand in 2024, an increase of 3.9% [33].