Beazer Homes USA(US:BZH)2025-11-13 21:22Financial Performance - Net income from continuing operations for Q4 2025 was $30.0 million, or $1.02 per diluted share, down from $52.1 million, or $1.69 per diluted share in Q4 2024[3] - Adjusted EBITDA for Q4 2025 was $63.8 million, down 31.5% from the previous year, primarily due to lower operating margin[4] - Income from continuing operations for the fiscal year was $45.6 million, a significant decline of 67.5% from $140.2 million in 2024[20] - Adjusted EBITDA for the fiscal year was $157.7 million, a decrease of 35.2% from $243.4 million in 2024[20] - Net income for the three months ended September 30, 2025, was $30.0 million, compared to $52.1 million in the same period of 2024, representing a decline of 42.4%[36] - The company reported a basic income per share of $1.03 for the three months ended September 30, 2025, down from $1.72 in the same period of 2024[36] Revenue and Orders - Homebuilding revenue for Q4 2025 was $750.8 million, a decrease of 4.2% year-over-year, driven by a 6.0% decrease in home closings to 1,406 homes[7] - New home orders for the fiscal year ended September 30, 2025, were 3,890, a decrease of 7.8% compared to 4,221 in 2024[20] - Total revenue for the three months ended September 30, 2025, was $791.9 million, a decrease of 1.6% from $806.2 million in the same period of 2024[36] - Homebuilding revenue increased slightly to $2,302.6 million, a 0.4% rise from $2,293.0 million in 2024[20] - Net new orders for Q4 2025 decreased to 999, down 2.9% from the prior year, with a cancellation rate of 17.9%, improved from 21.9%[5] Backlog and Inventory - The dollar value of homes in backlog as of September 30, 2025, was $516.5 million, down 35.2% year-over-year, with an average selling price of $546.5 thousand, up 1.6%[6] - Backlog units as of September 30, 2025, decreased by 36.2% to 945 units, with a dollar value of backlog at $516.5 million, down 35.2%[23] - Total backlog units at the end of Q3 2025 were 945, down from 1,482 in Q3 2024, a reduction of 36.2%[39] - Aggregate dollar value of homes in backlog decreased to $516.5 million in Q3 2025 from $797.2 million in Q3 2024, a decline of 35.2%[39] - Owned inventory decreased to $2.03 billion as of September 30, 2025, from $2.04 billion in 2024[38] Debt and Liquidity - Total debt to total capitalization ratio was 45.2% at fiscal year-end, slightly down from 45.4% a year ago[12] - The company had $538.3 million of available liquidity at the end of Q4 2025, compared to $503.9 million a year ago[11] - Total debt as of September 30, 2025, was $1.03 billion, slightly up from $1.03 billion in 2024[38] - Total debt increased slightly to $1,029.1 million in FY 2025 from $1,025.3 million in FY 2024, reflecting a stable leverage position[45] - Net debt to net capitalization ratio improved to 39.5% in FY 2025 from 40.0% in FY 2024, indicating better financial health[45] Operational Metrics - Total home closings for the fiscal year were 4,427, down 0.5% from 4,450 in the previous year[20] - The average selling price (ASP) from closings rose to $520.1 thousand, reflecting a 0.9% increase from $515.3 thousand[20] - The company reported a homebuilding gross margin of 14.3%, down 370 basis points from 18.0% in the previous year[20] - Total closings decreased to 1,406 in Q3 2025 from 1,496 in Q3 2024, representing a decline of 6.0%[39] - Gross profit for homebuilding in Q3 2025 was $102.8 million, a decrease of 23.8% from $134.9 million in Q3 2024[41] Future Outlook and Initiatives - By the end of fiscal 2027, the company expects to reach more than 200 active communities and grow book value per share into the mid-$50s[2] - The company launched a new marketing campaign in October 2025 to highlight its energy-efficient home features[18] - The company is focused on sustainability initiatives and partnerships to enhance energy efficiency in homes[31] - The company plans to hold a conference call on November 13, 2025, to discuss these results[24]