Beazer Homes USA (BZH) 10-Q 2 Feb 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2022	Jan. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-12822
Entity Registrant Name	BEAZER HOMES USA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2086934
Entity Address, Address Line One	1000 Abernathy Road
Entity Address, Address Line Two	Suite 260
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	829-3700
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	BZH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,347,439
Entity Central Index Key	0000915840
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
ASSETS
Cash and cash equivalents	$ 120,746	$ 214,594
Restricted cash	35,899	37,234
Accounts receivable (net of allowance of $284 and $284, respectively)	24,866	35,890
Income tax receivable	9,597	9,606
Owned inventory	1,779,223	1,737,865
Deferred tax assets, net	152,769	156,358
Property and equipment, net	23,990	24,566
Operating lease right-of-use assets	8,914	9,795
Goodwill	11,376	11,376
Other assets	19,005	14,679
Total assets	2,186,385	2,251,963
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	106,824	143,641
Operating lease liabilities	10,187	11,208
Other liabilities	122,444	174,388
Total debt (net of debt issuance costs of $6,907 and $7,280, respectively)	984,330	983,440
Total liabilities	1,223,785	1,312,677
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)	0	0
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 31,347,439 issued and outstanding and 30,880,138 issued and outstanding, respectively)	31	31
Paid-in capital	858,839	859,856
Retained earnings	103,730	79,399
Total stockholders’ equity	962,600	939,286
Total liabilities and stockholders’ equity	$ 2,186,385	$ 2,251,963

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
ASSETS
Allowances for accounts receivable	$ 284	$ 284
LIABILITIES AND STOCKHOLDERS’ EQUITY
Unamortized debt issuance expense	$ 6,907	$ 7,280
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	63,000,000	63,000,000
Common stock issued (in shares)	31,347,439	30,880,138
Common stock outstanding (in shares)	31,347,439	30,880,138

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Total revenue	$ 444,928	$ 454,149
Home construction and land sales expenses	358,970	356,749
Inventory impairments and abandonments	190	0
Gross profit	85,768	97,400
Commissions	14,105	15,813
General and administrative expenses	40,648	37,767
Depreciation and amortization	2,513	2,881
Operating income	28,502	40,939
Loss on extinguishment of debt, net	(515)	0
Other income, net	576	419
Income from continuing operations before income taxes	28,563	41,358
Expense from income taxes	4,155	6,463
Income from continuing operations	24,408	34,895
Loss from discontinued operations, net of tax	(77)	(10)
Net income	$ 24,331	$ 34,885
Weighted-average number of shares:
Basic (in shares)	30,219	30,336
Diluted (in shares)	30,480	30,724
Basic income per share:
Continuing operations (in USD per share)	$ 0.81	$ 1.15
Discontinued operations (in USD per share)	0	0
Total (in USD per share)	0.81	1.15
Diluted income per share:
Continuing operations (in USD per share)	0.80	1.14
Discontinued operations (in USD per share)	0	0
Total (in USD per share)	$ 0.80	$ 1.14

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Sep. 30, 2021		31,294
Beginning balance at Sep. 30, 2021	$ 724,884	$ 31	$ 866,158	$ (141,305)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,885			34,885
Net comprehensive income	34,885			34,885
Stock-based compensation expense	2,108		2,108
Shares issued under employee stock plans, net (in shares)		517
Forfeiture and other settlements of restricted stock (in shares)		(44)
Common stock redeemed for tax liability (in shares)		(307)
Common stock redeemed for tax liability	(6,618)		(6,618)
Ending balance (in shares) at Dec. 31, 2021		31,460
Ending balance at Dec. 31, 2021	755,259	$ 31	861,648	(106,420)
Beginning balance (in shares) at Sep. 30, 2022		30,880
Beginning balance at Sep. 30, 2022	939,286	$ 31	859,856	79,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,331			24,331
Net comprehensive income	24,331			24,331
Stock-based compensation expense	1,580		1,580
Shares issued under employee stock plans, net (in shares)		672
Common stock redeemed for tax liability (in shares)		(205)
Common stock redeemed for tax liability	(2,597)		(2,597)
Ending balance (in shares) at Dec. 31, 2022		31,347
Ending balance at Dec. 31, 2022	$ 962,600	$ 31	$ 858,839	$ 103,730

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 24,331	$ 34,885
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,513	2,881
Stock-based compensation expense	1,580	2,108
Inventory impairments and abandonments	190	0
Deferred and other income tax expense	4,133	6,460
Loss (gain) on disposal of fixed assets	1,292	(83)
Loss on extinguishment of debt, net	515	0
Changes in operating assets and liabilities:
Decrease in accounts receivable	11,024	4,883
Decrease in income tax receivable	9	0
Increase in inventory	(40,489)	(79,158)
(Increase) decrease in other assets	(2,433)	209
Decrease in trade accounts payable	(36,817)	(18,690)
Decrease in other liabilities	(52,628)	(31,312)
Net cash used in operating activities	(86,780)	(77,817)
Cash flows from investing activities:
Capital expenditures	(3,245)	(2,894)
Proceeds from sale of fixed assets	16	83
Other	(2)	0
Net cash used in investing activities	(3,231)	(2,811)
Cash flows from financing activities:
Debt issuance costs	(2,575)	0
Tax payments for stock-based compensation awards	(2,597)	(6,618)
Net cash used in financing activities	(5,172)	(6,618)
Net decrease in cash, cash equivalents, and restricted cash	(95,183)	(87,246)
Cash, cash equivalents, and restricted cash at beginning of period	251,828	274,143
Cash, cash equivalents, and restricted cash at end of period	$ 156,645	$ 186,897

Description of Business

Description of Business	3 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” and the “Company”) is a geographically diversified homebuilder with active operations in 13 states within three geographic regions in the United States: the West, East, and Southeast. Our homes are designed to appeal to homeowners at different price points across various demographic segments and are generally offered for sale in advance of their construction. Our objective is to provide our customers with homes that incorporate extraordinary value at an affordable price, delivered through our three strategic pillars of Mortgage Choice, Choice Plans ® , and Surprising Performance, while seeking to maximize our return on invested capital over the course of a housing cycle.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited condensed consolidated financial state ments do not include all of the information and disclosures required by GAAP for complete financial statements. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2022 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements. The results of the Company's consolidated operations presented herein for the three months ended December 31, 2022 are not necessarily indicative of the results to be expected for the full fiscal year due to seasonal variations in our operations and other factors. Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income is equivalent to our comprehensive income, so we have not presented a separate statement of comprehensive income. In the past, we have discontinued homebu ilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented. Our fiscal year 2023 began on October 1, 2022 and ends on September 30, 2023. Our fiscal year 2022 began on October 1, 2021 and ended on September 30, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates. Share Repurchase Program In May 2022, the Company's Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. This newly authorized program replaced the prior share repurchase program authorized in the first quarter of fiscal 2019 of up to $50.0 million of common stock repurchases, pursuant to which $12.0 million of the capacity remained prior to the replacement of the program. All shares have been retired upon repurchase. No share repurchases were made during the three months ended December 31, 2022 and 2021. As of December 31, 2022, the remaining availability of the new share repurchase program was $41.8 million. Revenue Recognition We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the process specified in ASC Topic 606, Revenue from Contracts with Customers . The following table presents our total revenue disaggregated by revenue stream: Three Months Ended December 31, in thousands 2022 2021 Homebuilding revenue $ 444,084 $ 446,729 Land sales and other revenue 844 7,420 Total revenue (a) $ 444,928 $ 454,149 (a) Please see Note 14 for total revenue disaggregated by reportable segment. Homebuilding revenue Homebuilding revenue is reported net of any discounts and incentives and is generally recognized when title to and possession of the home is transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and to taled $29.6 million and $34.3 million as of December 31, 2022 and September 30, 2022, respectively. Of the customer liabilities outstanding as of September 30, 2022, $12.1 million was recognized in revenue during the three months ended December 31, 2022 upon closing of the related homes. Land sales and other revenue Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized when closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and all entities may elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 , to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. The Company is currently evaluating the impact of these accounting standards updates but do not expect that the adoption of ASU 2020-04 and ASU 2022-06 will have a material impact on our consolidated financial statements and related disclosures.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Supplemental disclosure of non-cash activity: Increase in operating lease right-of-use assets (a) $ — $ 626 Increase in operating lease liabilities (a) — 626 Supplemental disclosure of cash activity: Interest payments $ 24,524 $ 25,081 Income tax payments — 53 Tax refunds received 59 — Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 120,746 $ 157,701 Restricted cash 35,899 29,196 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 156,645 $ 186,897 (a) Represents leases renewed or additional leases commenced during the periods presented.

Owned Inventory

Owned Inventory	3 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Owned Inventory	Owned Inventory The components of our owned inventory are as follows as of December 31, 2022 and September 30, 2022: in thousands December 31, 2022 September 30, 2022 Homes under construction $ 759,545 $ 785,742 Land under development 782,628 731,190 Land held for future development 19,879 19,879 Land held for sale 18,583 15,674 Capitalized interest 113,143 109,088 Model homes 85,445 76,292 Total owned inventory $ 1,779,223 $ 1,737,865 Homes under construction include homes substantially finished and ready for delivery and homes in various stages of construction, including costs of the underlying lot, direct construction costs and capitalized indirect costs . As of December 31, 2022, we had 2,383 homes under construction, including 840 spec homes totaling $268.5 million (701 in-process spec homes totaling $211.6 million, and 139 finished spec homes totaling $56.9 million). As of September 30, 2022 , we had 2,688 homes under construction, including 887 spec homes totaling $246.5 million (793 in-process spec units totaling $208.7 million, and 94 finished spec units totaling $37.8 million). Land under development consists principally of land acquisition, land development and other common costs. These land related costs are allocated to individual lots on a pro-rata basis, and the lot costs are transferred to homes under construction when home construction begins for the respective lots. Certain of the fully developed lots in this category are reserved by a customer deposit or sales contract. Land held for future development consists of communities for which construction and development activities are expected to occur in the future or have been idled and are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. All applicable carrying costs, such as interest and real estate taxes, are expensed as incurred. Land held for sale includes land and lots that do not fit within our homebuilding programs and strategic plans in certain markets, and land is classified as held for sale once certain criteria are met (refer to Note 2 to the audited consolidated financial statements within our 2022 Annual Report). These assets are recorded at the lower of the carrying value or fair value less costs to sell (net realizable value). The amount of interest we are able to capitalize depends on our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and land under development but excludes land held for future development and land held for sale (see Note 5 for additional information on capitalized interest). Total owned inventory by reportable segment is presented in the table below as of December 31, 2022 and September 30, 2022: in thousands Projects in Progress (a) Land Held for Future Development Land Held for Sale Total Owned December 31, 2022 West $ 933,054 $ 3,483 $ 17,907 $ 954,444 East 338,743 10,888 — 349,631 Southeast 289,597 5,508 676 295,781 Corporate and unallocated (b) 179,367 — — 179,367 Total $ 1,740,761 $ 19,879 $ 18,583 $ 1,779,223 September 30, 2022 West $ 934,309 $ 3,483 $ 14,998 $ 952,790 East 313,613 10,888 — 324,501 Southeast 284,424 5,508 676 290,608 Corporate and unallocated (b) 169,966 — — 169,966 Total $ 1,702,312 $ 19,879 $ 15,674 $ 1,737,865 (a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table. (b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment. Inventory Impairments Inventory assets are assessed for recoverability periodically in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2022 Annual Report. The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Abandonments: West $ 36 $ — East 154 — Total abandonments charges $ 190 $ — Total impairments and abandonment charges $ 190 $ — Projects in Progress Impairments Projects in progress inventory includes homes under construction and land under development grouped together as communities. Projects in progress are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. We assess our projects in progress inventory for indicators of impairment at the community level on a quarterly basis. If indicators of impairment are present for a community with more than ten homes remaining to close, we perform a recoverability test by comparing the expected undiscounted cash flows for the community to its carrying value. If the aggregate undiscounted cash flows are in excess of the carrying value, the asset is considered to be recoverable and is not impaired. If the carrying value exceeds the aggregate undiscounted cash flows, we perform a discounted cash flow analysis to determine the fair value of the community, and impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. No project in progress impairments were recognized during the three months ended December 31, 2022 and 2021, respectively. Land Held for Sale Impairments We evaluate the net realizable value of a land held for sale asset when indicators of impairment are present. Impairments on land held for sale generally represent write downs of these properties to net realizable value based on sales contracts, letters of intent, current market conditions, and recent comparable land sale transactions, as applicable. Absent an executed sales contract, our assumptions related to land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions, and our estimates of sale prices could differ significantly from actual results. No land held for sale impairments were recognized during the three months ended December 31, 2022 and 2021, respectively. Abandonments From time-to-time, we may determine to abandon lots or not exercise certain option agreements that are not projected to produce adequate results or no longer fit with our long-term strategic plan. Additionally, in certain limited instances, we are forced to abandon lots due to seller non-performance, or permitting or other regulatory issues that do not allow us to build on those lots. If we intend to abandon or walk away from a property, we record an abandonment charge to earnings for the deposit amount and any related capitalized costs in the period such decision is made. $0.2 million of abandonment charges were recognized during the three months ended December 31, 2022, and no abandonment charges were recognized during the three months ended December 31, 2021. Lot Option Agreements In addition to purchasing land directly, we utilize lot option agreements that enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. The majority of our lot option agreements require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period at a specified price. Purchase of the properties under these agreements is contingent upon satisfaction of certain requirements by us and the sellers. Under lot option agreements, our liability is generally limited to forfeiture of the non-refundable deposits, letters of credit or surety bonds, and other non-refundable amounts incurred. If the Company cancels a lot option agreement, it would result in a write-off of the related deposits and pre-acquisition costs, but would not expose the Company to the overall risks or losses of the applicable entity we are purchasing from. We expect to exercise, subject to market conditions and seller satisfaction of contract terms, most of our remaining option agreements. Various factors, some of which are beyond our control, such as market conditions, weather conditions, and the timing of the completion of development activities, will have a significant impact on the timing of option exercises or whether lot options will be exercised at all. The following table provides a summary of our interests in lot option agreements as of December 31, 2022 and September 30, 2022: in thousands Deposits & Non-refundable Pre-acquisition Costs Incurred (a) Remaining As of December 31, 2022 Unconsolidated lot option agreements $ 150,878 $ 820,807 As of September 30, 2022 Unconsolidated lot option agreements $ 142,433 $ 827,600

Interest

Interest	3 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Interest	Interest Interest capitalized during the three months ended December 31, 2022 and 2021 was based upon the balance of inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Capitalized interest in inventory, beginning of period $ 109,088 $ 106,985 Interest incurred 17,830 18,311 Interest expense not qualified for capitalization and included as other expense (a) — — Capitalized interest amortized to home construction and land sales expenses (b) (13,775) (14,780) Capitalized interest in inventory, end of period $ 113,143 $ 110,516 (a) The amount of interest capitalized depends on the qualified inventory balance, which considers the status of the Company's inventory holdings. Qualified inventory balance includes the majority of homes under construction and land under development but excludes land held for future development and land held for sale. (b) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings

Borrowings	3 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company's debt, net of unamortized debt issuance costs consisted of the following as of December 31, 2022 and September 30, 2022: in thousands Maturity Date December 31, 2022 September 30, 2022 6.750% Senior Notes (2025 Notes) March 2025 $ 211,195 $ 211,195 5.875% Senior Notes (2027 Notes) October 2027 357,255 357,255 7.250% Senior Notes (2029 Notes) October 2029 350,000 350,000 Unamortized debt issuance costs (6,907) (7,280) Total Senior Notes, net 911,543 911,170 Junior Subordinated Notes (net of unamortized accretion of $27,986 and $28,503, respectively) July 2036 72,787 72,270 Secured Revolving Credit Facility February 2024 (a) N/A (c) — Senior Unsecured Revolving Credit Facility October 2026 (b) — N/A (c) Total debt, net $ 984,330 $ 983,440 (a) The Secured Revolving Credit Facility (Secured Facility) provided working capital and letter of credit capacity of $250.0 million and was scheduled to mature in February 2024; however, the Secured Facility was terminated early in October 2022 in conjunction with the Company entering into the Senior Unsecured Revolving Credit Facility. Refer to below for further discussion. As of September 30, 2022, no borrowings were outstanding, and $5.5 million letters of credit were outstanding under the Secured Facility, resulting in a remaining capacity of $244.5 million. (b) The Senior Unsecured Revolving Credit Facility was entered into on October 13, 2022. Refer to below for further discussion. (c) N/A - not applicable Senior Unsecured Revolving Credit Facility On October 13, 2022, the Company entered into a Senior Unsecured Revolving Credit Facility (Unsecured Facility), which replaced the Secured Facility. The Unsecured Facility provides working capital and letter of credit capacity of $265.0 million . The Company also will have the right from time to time to request to increase the size of the commitments under the Unsecured Facility by up to $135.0 million for a maximum of $400.0 million. The Unsecured Facility terminates on October 13, 2026 (Termination Date), and the Company may borrow, repay and reborrow amounts under the Unsecured Facility until the Termination Date. Obligations of the Company under the Unsecured Facility are jointly and severally guaranteed by certain of the Company’s existing and future direct and indirect subsidiaries, excluding, among others, certain specified unrestricted subsidiaries. For additional discussion of the Unsecured Facility, refer to Note 8 to the audited consolidated financial statements within our 2022 Annual Report. As of December 31, 2022, no borrowings and no letters of credit were outstanding under the Unsecured Facility, resulting in a remaining capacity of $265.0 million . The Unsecured Facility requires compliance with certain covenants, including affirmative covenants, negative covenants and financial covenants. As of December 31, 2022, the Company believes it was in compliance with all such covenants. Letter of Credit Facilities The Company has entered into stand-alone, cash-secured letter of credit agreements with banks to maintain pre-existing letters of credit and to provide for the issuance of new letters of credit (in addition to the letters of credit issued under the Secured Facility and the Unsecured Facility). As of December 31, 2022 and September 30, 2022, the Company had letters of credit outstanding under these additional facilities of $30.4 million and $29.7 million, respectively, all of which were secured by cash collateral in restricted accounts totaling $31.5 million an d $31.5 million, respectively. The Company may enter into additional arrangements to provide additional letter of credit capacity. Senior Notes The Company's senior notes (Senior Notes) are unsecured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Senior Notes and are jointly and severally liable for obligations under the Senior Notes and the Unsecured Facility. Each guarantor subsidiary is a wholly owned subsidiary of Beazer Homes. All unsecured Senior Notes rank equally in right of payment with all existing and future senior unsecured obligations, senior to all of the Company's existing and future subordinated indebtedness and effectively subordinated to the Company's existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness. The unsecured Senior Notes and related guarantees are structurally subordinated to all indebtedness and other liabilities of all of the Company's subsidiaries that do not guarantee these notes but are fully and unconditionally guaranteed jointly and severally on a senior basis by the Company's wholly-owned subsidiaries party to each applicable indenture. The Company's Senior Notes are issued under indentures that contain certain restrictive covenants which, among other things, restrict our ability to pay dividends, repurchase our common stock, incur certain types of additional indebtedness, and make certain investments. Compliance with the Senior Note covenants does not significantly impact the Company's operations. The Company believes it was in compliance with the covenants contained in the indentures of all of its Senior Notes as of December 31, 2022. For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes: Senior Note Description Issuance Date Maturity Date Redemption Terms 6.750% Senior Notes March 2017 March 2025 Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest. 5.875% Senior Notes October 2017 October 2027 Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest. 7.250% Senior Notes September 2019 October 2029 Callable at any time prior to October 15, 2024, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2024, callable at a redemption price equal to 103.625% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 102.417% of the principal amount; on or after October 15, 2026, callable at a redemption price equal to 101.208% of the principal amount; on or after October 15, 2027, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest. Junior Subordinated Notes The Company's unsecured junior subordinated notes (Junior Subordinated Notes) mature on July 30, 2036 and have an aggregate principal balance of $100.8 million as of December 31, 2022. The securities have a floating interest rate as defined in the Junior Subordinated Notes Indentures, wh i ch was a weighted-average of 6.86% as of December 31, 2022. The obligations relating to these notes are subordinated to the Unsecured Facility and the Senior Notes. In January 2010, the Company restructured $75.0 million of these notes (Restructured Notes) and recorded them at their then estimated fair value. Over the remaining life of the Restructured Notes, we will increase their carrying value until this carrying value equals the face value of the notes. As of December 31, 2022, the unamortized accretion was $28.0 million and will be amortized over the remaining life of the Restructured Notes. The remaining $25.8 million of the Junior Subordinated Notes are subject to the terms of the original agreement, have a floating interest rate equal to three-month LIBOR plus 2.45% per annum, resetting quarterly, and are redeemable in whole or in part at par value. The material terms of the $75.0 million Restructured Notes are identical to the terms of the original agreement except that the floating interest rate is subject to a floor of 4.25% and a cap of 9.25%. In addition, beginning on June 1, 2012, the Company has the option to redeem the $75.0 million principal balance in whole or in part at 75% of par value; beginning on June 1, 2022, the redemption price will increase by 1.785% annually. As of December 31, 2022, the Company believes it was in compliance with all covenants under the Junior Subordinated Notes.

Operating Leases

Operating Leases	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Operating Leases	Operating Leases The Company leases certain office space and equipment under operating leases for use in our operations. We recognize operating lease expense on a straight-line basis over the lease term. Certain of our lease agreements include one or more options to renew. The exercise of lease renewal options is generally at our discretion. Variable lease expense primarily relates to maintenance and other monthly expense that do not depend on an index or rate. We determine if an arrangement is a lease at contract inception. Lease and non-lease components are accounted for as a single component for all leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the expected lease term, which includes optional renewal periods if we determine it is reasonably certain that the option will be exercised. As our leases do not provide an implicit rate, the discount rate used in the present value calculation represents our incremental borrowing rate determined using information available at the commencement date. Operating lease expense is included as a component of general and administrative expenses in our condensed consolidated statements of operations. Sublease income and variable lease expenses are de minimis. For the three months ended December 31, 2022 and 2021 , operating lease expense and cash payments on lease liabilities were as follows: Three Months Ended December 31, in thousands 2022 2021 Operating lease expense $ 1,001 $ 999 Cash payments on lease liabilities $ 1,141 $ 1,086 At December 31, 2022 and 2021, the weighted-average remaining lease term and discount rate were as follows: As of December 31, 2022 2021 Weighted-average remaining lease term 4.3 years 4.7 years Weighted-average discount rate 4.41% 4.43% The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2022: Fiscal Years Ending September 30, in thousands 2023 (a) $ 2,658 2024 2,688 2025 2,299 2026 1,643 2027 702 Thereafter 1,226 Total lease payments (b) 11,216 Less: imputed interest 1,029 Total operating lease liabilities $ 10,187 (a) Remaining lease payments are for the period beginning January 1, 2023 through September 30, 2023. (b) Lease payments excludes $11.2 million legally binding minimum lease payments for an office lease signed but not yet commenced. The related ROU asset and operating lease liability are not reflected on the Company's condensed consolidated balance sheet as of December 31, 2022.

Contingencies

Contingencies	3 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Beazer Homes and certain of its subsidiaries have been and continue to be named as defendants in various construction defect claims, complaints, and other legal actions. The Company is subject to the possibility of loss contingencies related to these defects as well as others arising from its business. In determining loss contingencies, we consider the likelihood of loss and our ability to reasonably estimate the amount of such loss. An estimated loss is recorded when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated. Warranty Reserves We currently provide a limited warranty ranging from one Our homebuilding work is performed by subcontractors who typically must agree to indemnify us with regard to their work and provide certificates of insurance demonstrating that they have met our insurance requirements and have named us as an additional insured under their policies. Therefore, many claims relating to workmanship and materials that result in warranty spending are the primary responsibility of these subcontractors. Warranty reserves are included in other liabilities within the condensed consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in the condensed consolidated statements of operations. Reserves covering anticipated warranty expenses are recorded for each home closed. Management assesses the adequacy of warranty reserves each reporting period based on historical experience and the expected costs to remediate potential claims. Our review includes a quarterly analysis of the historical data and trends in warranty expense by division. An analysis by division allows us to consider market-specific factors such as warranty experience, the number of home closings, the prices of homes, product mix, and other data in estimating warranty reserves. In addition, the analysis also contemplates the existence of any non-recurring or community-specific warranty-related matters that might not be included in historical data and trends that may need to be separately estimated based on management's judgment of the ultimate cost of repair for that specific issue. While estimated warranty liabilities are adjusted each reporting period based on the results of our quarterly analyses, we may not accurately predict actual warranty costs, which could lead to significant changes in the reserve. In addition, we maintain third-party insurance, subject to applicable self-insured retentions, for most construction defects that we encounter in the normal course of business. We believe that our warranty and litigation accruals and third-party insurance are adequate to cover the ultimate resolution of our potential liabilities associated with known and anticipated warranty and construction defect related claims and litigation. However, there can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers; that we will be able to renew our insurance coverage or renew it at reasonable rates; that we will not be liable for damages, the cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence, or building related claims; or that claims will not arise out of events or circumstances not covered by insurance and/or not subject to effective indemnification agreements with our subcontractors. Changes in warranty reserves are as follows for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Balance at beginning of period $ 13,926 $ 12,931 Accruals for warranties issued (a) 2,413 2,372 Changes in liability related to warranties existing in prior periods (810) 534 Payments made (2,370) (3,094) Balance at end of period $ 13,159 $ 12,743 (a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed, and the rates of accrual per home estimated as a percentage of the selling price of the home. Insurance Recoveries The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred above specified thresholds for each period covered. Amounts recorded for anticipated insurance recoveries are reflected within the condensed consolidated statements of operations as a reduction of home construction expenses. Amounts not yet received from our insurer are recorded on a gross basis, without any reduction for the associated warranty expense, within accounts receivable on our condensed consolidated balance sheets. Litigation In the normal course of business, we and certain of our subsidiaries are subject to various lawsuits and have been named as defendants in various claims, complaints, and other legal actions, most relating to construction defects, moisture intrusion, and product liability. Certain of the liabilities resulting from these actions are covered in whole or in part by insurance. We cannot predict or determine the timing or final outcome of these lawsuits or the effect that any adverse findings or determinations in pending lawsuits may have on us. In addition, an estimate of possible loss or range of loss, if any, cannot presently be made with respect to certain of these pending matters. An unfavorable determination in any of the pending lawsuits could result in the payment by us of substantial monetary damages that may not be fully covered by insurance. Further, the legal costs associated with the lawsuits and the amount of time required to be spent by management and our Board of Directors on these matters, even if we are ultimately successful, could have a material adverse effect on our financial condition, results of operations, or cash flows. We have an accrual of $ 8.0 million and $9.8 million in other liabilities on our condensed consolidated balance sheets related to litigation matters as of December 31, 2022 and September 30, 2022, respectively. Surety Bonds and Letters of Credit We had outstanding letters of credit and surety bonds of $30.4 million and $277.5 million, r espectively, as of December 31, 2022, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and • Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability. Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recoverable. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Note 5. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3. No impairments on projects in progress or land held for sale were recognized during the three months ended December 31, 2022 and 2021. Determining within which hierarchical level an asset or liability falls requires significant judgment. We evaluate our hierarchy disclosures each quarter. The following table presents the period-end balances of assets measured at fair value on a recurring basis and the impairment-date fair value of certain assets measured at fair value on a non-recurring basis for each hierarchy level. These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented: in thousands Level 1 Level 2 Level 3 Total As of December 31, 2022 Deferred compensation plan assets (a) $ — $ 3,489 $ — $ 3,489 As of September 30, 2022 Deferred compensation plan assets (a) $ — $ 3,179 $ — $ 3,179 Land held for sale (b) $ — $ — $ 902 (c) $ 902 (a) Measured at fair value on a recurring basis. (b) Measured at fair value on a non-recurring basis, including the capitalized interest and indirect costs related to the asset. (c) Amount represents the impairment-date fair value of land held for sale assets that were impaired during the period indicated. The fair value of cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, other liabilities, and amounts due under the Unsecured Facility (if outstanding) approximate their carrying amounts due to the short maturity of these assets and liabilities. When outstanding, obligations related to land not owned under option agreements approximate fair value. The following table presents the carrying value and estimated fair value of certain other financial liabilities as of December 31, 2022 and September 30, 2022: As of December 31, 2022 As of September 30, 2022 in thousands Carrying (a) Fair Value Carrying (a) Fair Value Senior Notes (b) $ 911,543 $ 836,552 $ 911,170 $ 753,338 Junior Subordinated Notes (c) 72,787 72,787 72,270 72,270 Total $ 984,330 $ 909,339 $ 983,440 $ 825,608 (a) Carrying amounts are net of unamortized debt issuance costs o r accretion. (b) The estimated fair value for our publicly-held Senior Notes have been determined using quoted market rates (Level 2). (c) Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (Level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The Company's income tax provision for quarterly interim periods is based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. Income tax expense from continuing operations was $4.2 million for the three months ended December 31, 2022, compared to $6.5 million for the three months ended December 31, 2021. Income tax expense for the three months ended December 31, 2022 was substantially driven by (1) income from continuing operations, and (2) the discrete impact related to stock-based compensation expense as a result of current period activity, partially offset by (3) the completion of work necessary to claim an additional $3.0 million in energy efficiency tax credits related to homes closed in prior fiscal years. Income tax expense for the three months ended December 31, 2021 was substantially driven by (1) income from continuing operations, partially offset by (2) the completion of work necessary to claim an additional $3.2 million in energy efficiency tax credits related to homes closed in prior fiscal years, and (3) the discrete impact related to stock-based compensation expense as a result of current period activity. Deferred Tax Assets and Liabilities The Company continues to evaluate its deferred tax assets each period to determine if a valuation allowance is required based on whether it is more likely than not that some portion of these deferred tax assets will not be realized. As of December 31, 2022, management concluded that it is more likely than not that all of our federal and certain state deferred tax assets will be realized. As part of our analysis, we considered both positive and negative factors that impact profitability and whether those factors would lead to a change in the estimate of our deferred tax assets that may be realized in the future. At this time, our conclusions on the valuation allowance and Internal Revenue Code Section 382 limitations related to our deferred tax assets remain consistent with the determinations we made during the period ended September 30, 2022, and such conclusions are based on similar company specific and industry factors to those discussed in Note 13 to the audited consolidated financial statements within our 2022 Annual Report.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations. Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three months ended December 31, 2022 and 2021, respectively. Three Months Ended December 31, in thousands 2022 2021 Stock-based compensation expense $ 1,580 $ 2,108 Stock Options Following is a summary of stock option activity for the three months ended December 31, 2022: Three Months Ended December 31, 2022 Shares Weighted Average Outstanding at beginning of period 27,507 $ 14.31 Outstanding at end of period 27,507 14.31 Exercisable at end of period 27,271 $ 14.29 As of both December 31, 2022 and September 30, 2022, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options. The costs remaining as of December 31, 2022 are expected to be recognized over a weighted-average period of 1.19 years . Restricted Stock Awards During the three months ended December 31, 2022, the Company issued time-based and performance-based restricted stock awards. The time-based restricted shares granted to our non-employee directors vest on the first anniversary of the grant, while the time-based restricted shares granted to our executive officers and other employees generally vest ratably over two Following is a summary of restricted stock activity for the three months ended December 31, 2022: Three Months Ended December 31, 2022 Performance-Based Restricted Shares Time-Based Restricted Shares Total Restricted Shares Beginning of period 436,146 412,042 848,188 Granted (a) 249,534 422,998 672,532 Vested (334,736) (232,071) (566,807) End of period 350,944 602,969 953,913 (a) Each of our performance shares represent a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three-year performance period. Our performance stock award plans provide that any performance shares earned in excess of the target number of performance shares issued may be settled in cash or additional shares at the discretion of the Compensation Committee. In November 2022, we issued 92,104 shares earned above target level based on the performance level achieved under the fiscal 2020 performance-based award plan. As of December 31, 2022 and September 30, 2022, total unrecognized compensation costs related to unvested restricted stock awards w as $11.8 million and $7.3 million, respectively. The costs remaining as of December 31, 2022 are expected to be recognized over a weighted average period of 2.14 years .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income (loss) per share adjusts the basic income (loss) per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method. Following is a summary of the components of basic and diluted income per share for the periods presented: Three Months Ended December 31, in thousands (except per share data) 2022 2021 Numerator: Income from continuing operations $ 24,408 $ 34,895 Loss from discontinued operations, net of tax (77) (10) Net income $ 24,331 $ 34,885 Denominator: Basic weighted-average shares 30,219 30,336 Dilutive effect of restricted stock awards 257 379 Dilutive effect of stock options 4 9 Diluted weighted-average shares (a) 30,480 30,724 Basic income per share: Continuing operations $ 0.81 $ 1.15 Discontinued operations — — Total $ 0.81 $ 1.15 Diluted income per share: Continuing operations $ 0.80 $ 1.14 Discontinued operations — — Total $ 0.80 $ 1.14 (a) The following potentially dilutive shares were excluded from the calculation of diluted income per share as a result of their anti-dilutive effect. Three Months Ended December 31, in thousands 2022 2021 Stock options 13 48 Time-based restricted stock 147 —

Other Liabilities

Other Liabilities	3 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities include the following as of December 31, 2022 and September 30, 2022: in thousands December 31, 2022 September 30, 2022 Customer deposits $ 29,615 $ 34,270 Accrued compensations and benefits 22,500 57,781 Accrued interest 14,970 22,723 Warranty reserve 13,159 13,926 Litigation accruals 8,010 9,832 Income tax liabilities 914 320 Other 33,276 35,536 Total $ 122,444 $ 174,388

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows: West : Arizona, California, Nevada, and Texas (a) East : Delaware, Indiana, Maryland, New Jersey (b) , Tennessee, and Virginia Southeast : Florida, Georgia, North Carolina, and South Carolina (a) On May 20, 2022, we acquired substantially all of the assets of Imagine Homes, a private San Antonio-based homebuilder in which the Company held a one-third ownership stake for the past 16 years. The results of our San Antonio operations are reported herein within our West reportable segment. (b) During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey. Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2022 Annual Report. The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Revenue West $ 274,815 $ 257,666 East 86,190 118,169 Southeast 83,923 78,314 Total revenue $ 444,928 $ 454,149 Three Months Ended December 31, in thousands 2022 2021 Operating income West $ 37,357 $ 42,724 East 9,262 19,859 Southeast 10,679 8,200 Segment total 57,298 70,783 Corporate and unallocated (a) (28,796) (29,844) Total operating income $ 28,502 $ 40,939 (a) Includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments. Three Months Ended December 31, in thousands 2022 2021 Depreciation and amortization West $ 1,605 $ 1,599 East 273 435 Southeast 330 399 Segment total 2,208 2,433 Corporate and unallocated (a) 305 448 Total depreciation and amortization $ 2,513 $ 2,881 (a) Represents depreciation and amortization related to assets held by our corporate functions that benefit all segments. The following table presents capital expenditures by segment for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Capital expenditures West $ 1,510 $ 1,333 East 533 69 Southeast 717 355 Corporate and unallocated 485 1,137 Total capital expenditures $ 3,245 $ 2,894 The following table presents assets by segment as of December 31, 2022 and September 30, 2022: in thousands December 31, 2022 September 30, 2022 Assets West $ 996,357 $ 995,339 East 360,367 334,323 Southeast 310,918 305,443 Corporate and unallocated (a) 518,743 616,858 Total assets $ 2,186,385 $ 2,251,963 (a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income is equivalent to our comprehensive income, so we have not presented a separate statement of comprehensive income. In the past, we have discontinued homebu ilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented. Our fiscal year 2023 began on October 1, 2022 and ends on September 30, 2023. Our fiscal year 2022 began on October 1, 2021 and ended on September 30, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.
Share Repurchase Program	Share Repurchase Program In May 2022, the Company's Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. This newly authorized program replaced the prior share repurchase program authorized in the first quarter of fiscal 2019 of up to $50.0 million of common stock repurchases, pursuant to which $12.0 million of the capacity remained prior to the replacement of the program. All shares have been retired upon repurchase. No share repurchases were made during the three months ended December 31, 2022 and 2021. As of December 31, 2022, the remaining availability of the new share repurchase program was $41.8 million.
Revenue Recognition	Revenue Recognition We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the process specified in ASC Topic 606, Revenue from Contracts with Customers . Homebuilding revenue Homebuilding revenue is reported net of any discounts and incentives and is generally recognized when title to and possession of the home is transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and to taled $29.6 million and $34.3 million as of December 31, 2022 and September 30, 2022, respectively. Of the customer liabilities outstanding as of September 30, 2022, $12.1 million was recognized in revenue during the three months ended December 31, 2022 upon closing of the related homes. Land sales and other revenue Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized when closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and all entities may elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 , to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. The Company is currently evaluating the impact of these accounting standards updates but do not expect that the adoption of ASU 2020-04 and ASU 2022-06 will have a material impact on our consolidated financial statements and related disclosures.
Fair Value Measurements	As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and • Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Disaggregation of Revenue	The following table presents our total revenue disaggregated by revenue stream: Three Months Ended December 31, in thousands 2022 2021 Homebuilding revenue $ 444,084 $ 446,729 Land sales and other revenue 844 7,420 Total revenue (a) $ 444,928 $ 454,149 (a) Please see Note 14 for total revenue disaggregated by reportable segment.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental disclosure of non-cash activity	The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Supplemental disclosure of non-cash activity: Increase in operating lease right-of-use assets (a) $ — $ 626 Increase in operating lease liabilities (a) — 626 Supplemental disclosure of cash activity: Interest payments $ 24,524 $ 25,081 Income tax payments — 53 Tax refunds received 59 — Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 120,746 $ 157,701 Restricted cash 35,899 29,196 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 156,645 $ 186,897 (a) Represents leases renewed or additional leases commenced during the periods presented.

Owned Inventory (Tables)

Owned Inventory (Tables)	3 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of inventory	The components of our owned inventory are as follows as of December 31, 2022 and September 30, 2022: in thousands December 31, 2022 September 30, 2022 Homes under construction $ 759,545 $ 785,742 Land under development 782,628 731,190 Land held for future development 19,879 19,879 Land held for sale 18,583 15,674 Capitalized interest 113,143 109,088 Model homes 85,445 76,292 Total owned inventory $ 1,779,223 $ 1,737,865
Schedule of total owned inventory, by segment	Total owned inventory by reportable segment is presented in the table below as of December 31, 2022 and September 30, 2022: in thousands Projects in Progress (a) Land Held for Future Development Land Held for Sale Total Owned December 31, 2022 West $ 933,054 $ 3,483 $ 17,907 $ 954,444 East 338,743 10,888 — 349,631 Southeast 289,597 5,508 676 295,781 Corporate and unallocated (b) 179,367 — — 179,367 Total $ 1,740,761 $ 19,879 $ 18,583 $ 1,779,223 September 30, 2022 West $ 934,309 $ 3,483 $ 14,998 $ 952,790 East 313,613 10,888 — 324,501 Southeast 284,424 5,508 676 290,608 Corporate and unallocated (b) 169,966 — — 169,966 Total $ 1,702,312 $ 19,879 $ 15,674 $ 1,737,865 (a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table.
Schedule of inventory impairments and abandonment charges, by reportable segment	The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Abandonments: West $ 36 $ — East 154 — Total abandonments charges $ 190 $ — Total impairments and abandonment charges $ 190 $ —
Summary of interests in lot option agreements	The following table provides a summary of our interests in lot option agreements as of December 31, 2022 and September 30, 2022: in thousands Deposits & Non-refundable Pre-acquisition Costs Incurred (a) Remaining As of December 31, 2022 Unconsolidated lot option agreements $ 150,878 $ 820,807 As of September 30, 2022 Unconsolidated lot option agreements $ 142,433 $ 827,600

Interest (Tables)

Interest (Tables)	3 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Inventory, Capitalized Interest Costs	The following table presents certain information regarding interest for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Capitalized interest in inventory, beginning of period $ 109,088 $ 106,985 Interest incurred 17,830 18,311 Interest expense not qualified for capitalization and included as other expense (a) — — Capitalized interest amortized to home construction and land sales expenses (b) (13,775) (14,780) Capitalized interest in inventory, end of period $ 113,143 $ 110,516 (a) The amount of interest capitalized depends on the qualified inventory balance, which considers the status of the Company's inventory holdings. Qualified inventory balance includes the majority of homes under construction and land under development but excludes land held for future development and land held for sale. (b) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company's debt, net of unamortized debt issuance costs consisted of the following as of December 31, 2022 and September 30, 2022: in thousands Maturity Date December 31, 2022 September 30, 2022 6.750% Senior Notes (2025 Notes) March 2025 $ 211,195 $ 211,195 5.875% Senior Notes (2027 Notes) October 2027 357,255 357,255 7.250% Senior Notes (2029 Notes) October 2029 350,000 350,000 Unamortized debt issuance costs (6,907) (7,280) Total Senior Notes, net 911,543 911,170 Junior Subordinated Notes (net of unamortized accretion of $27,986 and $28,503, respectively) July 2036 72,787 72,270 Secured Revolving Credit Facility February 2024 (a) N/A (c) — Senior Unsecured Revolving Credit Facility October 2026 (b) — N/A (c) Total debt, net $ 984,330 $ 983,440 (a) The Secured Revolving Credit Facility (Secured Facility) provided working capital and letter of credit capacity of $250.0 million and was scheduled to mature in February 2024; however, the Secured Facility was terminated early in October 2022 in conjunction with the Company entering into the Senior Unsecured Revolving Credit Facility. Refer to below for further discussion. As of September 30, 2022, no borrowings were outstanding, and $5.5 million letters of credit were outstanding under the Secured Facility, resulting in a remaining capacity of $244.5 million. (b) The Senior Unsecured Revolving Credit Facility was entered into on October 13, 2022. Refer to below for further discussion. (c) N/A - not applicable
Debt Instrument Redemption	For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes: Senior Note Description Issuance Date Maturity Date Redemption Terms 6.750% Senior Notes March 2017 March 2025 Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest. 5.875% Senior Notes October 2017 October 2027 Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest. 7.250% Senior Notes September 2019 October 2029 Callable at any time prior to October 15, 2024, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2024, callable at a redemption price equal to 103.625% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 102.417% of the principal amount; on or after October 15, 2026, callable at a redemption price equal to 101.208% of the principal amount; on or after October 15, 2027, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease, Cost	For the three months ended December 31, 2022 and 2021 , operating lease expense and cash payments on lease liabilities were as follows: Three Months Ended December 31, in thousands 2022 2021 Operating lease expense $ 1,001 $ 999 Cash payments on lease liabilities $ 1,141 $ 1,086 At December 31, 2022 and 2021, the weighted-average remaining lease term and discount rate were as follows: As of December 31, 2022 2021 Weighted-average remaining lease term 4.3 years 4.7 years Weighted-average discount rate 4.41% 4.43%
Lessee, Operating Lease, Liability, Maturity	The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2022: Fiscal Years Ending September 30, in thousands 2023 (a) $ 2,658 2024 2,688 2025 2,299 2026 1,643 2027 702 Thereafter 1,226 Total lease payments (b) 11,216 Less: imputed interest 1,029 Total operating lease liabilities $ 10,187 (a) Remaining lease payments are for the period beginning January 1, 2023 through September 30, 2023. (b) Lease payments excludes $11.2 million legally binding minimum lease payments for an office lease signed but not yet commenced. The related ROU asset and operating lease liability are not reflected on the Company's condensed consolidated balance sheet as of December 31, 2022.

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Warranty reserves	Changes in warranty reserves are as follows for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Balance at beginning of period $ 13,926 $ 12,931 Accruals for warranties issued (a) 2,413 2,372 Changes in liability related to warranties existing in prior periods (810) 534 Payments made (2,370) (3,094) Balance at end of period $ 13,159 $ 12,743 (a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed, and the rates of accrual per home estimated as a percentage of the selling price of the home.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of fair value assets measured on a recurring and non-recurring basis	The following table presents the period-end balances of assets measured at fair value on a recurring basis and the impairment-date fair value of certain assets measured at fair value on a non-recurring basis for each hierarchy level. These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented: in thousands Level 1 Level 2 Level 3 Total As of December 31, 2022 Deferred compensation plan assets (a) $ — $ 3,489 $ — $ 3,489 As of September 30, 2022 Deferred compensation plan assets (a) $ — $ 3,179 $ — $ 3,179 Land held for sale (b) $ — $ — $ 902 (c) $ 902 (a) Measured at fair value on a recurring basis. (b) Measured at fair value on a non-recurring basis, including the capitalized interest and indirect costs related to the asset. (c) Amount represents the impairment-date fair value of land held for sale assets that were impaired during the period indicated.
Schedule of carrying values and estimated fair values of other financial assets and liabilities	The following table presents the carrying value and estimated fair value of certain other financial liabilities as of December 31, 2022 and September 30, 2022: As of December 31, 2022 As of September 30, 2022 in thousands Carrying (a) Fair Value Carrying (a) Fair Value Senior Notes (b) $ 911,543 $ 836,552 $ 911,170 $ 753,338 Junior Subordinated Notes (c) 72,787 72,787 72,270 72,270 Total $ 984,330 $ 909,339 $ 983,440 $ 825,608 (a) Carrying amounts are net of unamortized debt issuance costs o r accretion. (b) The estimated fair value for our publicly-held Senior Notes have been determined using quoted market rates (Level 2). (c) Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (Level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense	Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three months ended December 31, 2022 and 2021, respectively. Three Months Ended December 31, in thousands 2022 2021 Stock-based compensation expense $ 1,580 $ 2,108
Schedule of stock options outstanding	Following is a summary of stock option activity for the three months ended December 31, 2022: Three Months Ended December 31, 2022 Shares Weighted Average Outstanding at beginning of period 27,507 $ 14.31 Outstanding at end of period 27,507 14.31 Exercisable at end of period 27,271 $ 14.29
Schedule of nonvested stock awards activity	Following is a summary of restricted stock activity for the three months ended December 31, 2022: Three Months Ended December 31, 2022 Performance-Based Restricted Shares Time-Based Restricted Shares Total Restricted Shares Beginning of period 436,146 412,042 848,188 Granted (a) 249,534 422,998 672,532 Vested (334,736) (232,071) (566,807) End of period 350,944 602,969 953,913

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Following is a summary of the components of basic and diluted income per share for the periods presented: Three Months Ended December 31, in thousands (except per share data) 2022 2021 Numerator: Income from continuing operations $ 24,408 $ 34,895 Loss from discontinued operations, net of tax (77) (10) Net income $ 24,331 $ 34,885 Denominator: Basic weighted-average shares 30,219 30,336 Dilutive effect of restricted stock awards 257 379 Dilutive effect of stock options 4 9 Diluted weighted-average shares (a) 30,480 30,724 Basic income per share: Continuing operations $ 0.81 $ 1.15 Discontinued operations — — Total $ 0.81 $ 1.15 Diluted income per share: Continuing operations $ 0.80 $ 1.14 Discontinued operations — — Total $ 0.80 $ 1.14
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended December 31, in thousands 2022 2021 Stock options 13 48 Time-based restricted stock 147 —

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities include the following as of December 31, 2022 and September 30, 2022: in thousands December 31, 2022 September 30, 2022 Customer deposits $ 29,615 $ 34,270 Accrued compensations and benefits 22,500 57,781 Accrued interest 14,970 22,723 Warranty reserve 13,159 13,926 Litigation accruals 8,010 9,832 Income tax liabilities 914 320 Other 33,276 35,536 Total $ 122,444 $ 174,388

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of segment reporting information	The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Revenue West $ 274,815 $ 257,666 East 86,190 118,169 Southeast 83,923 78,314 Total revenue $ 444,928 $ 454,149 Three Months Ended December 31, in thousands 2022 2021 Operating income West $ 37,357 $ 42,724 East 9,262 19,859 Southeast 10,679 8,200 Segment total 57,298 70,783 Corporate and unallocated (a) (28,796) (29,844) Total operating income $ 28,502 $ 40,939 (a) Includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments. Three Months Ended December 31, in thousands 2022 2021 Depreciation and amortization West $ 1,605 $ 1,599 East 273 435 Southeast 330 399 Segment total 2,208 2,433 Corporate and unallocated (a) 305 448 Total depreciation and amortization $ 2,513 $ 2,881 (a) Represents depreciation and amortization related to assets held by our corporate functions that benefit all segments. The following table presents capital expenditures by segment for the periods presented: Three Months Ended December 31, in thousands 2022 2021 Capital expenditures West $ 1,510 $ 1,333 East 533 69 Southeast 717 355 Corporate and unallocated 485 1,137 Total capital expenditures $ 3,245 $ 2,894 The following table presents assets by segment as of December 31, 2022 and September 30, 2022: in thousands December 31, 2022 September 30, 2022 Assets West $ 996,357 $ 995,339 East 360,367 334,323 Southeast 310,918 305,443 Corporate and unallocated (a) 518,743 616,858 Total assets $ 2,186,385 $ 2,251,963 (a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.

Description of Business (Detail

Description of Business (Details)	Dec. 31, 2022 state region
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which home building segments operate | state	13
Number of regions in which entity operates | region	3

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) $ in Millions	Dec. 31, 2022	May 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Authorized amount repurchase of common stock		$ 50
Remaining authorized repurchase amount	$ 41.8		$ 12

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 444,928	$ 454,149
Customer deposits	29,615		$ 34,270
Contract with customer, liability, revenue recognized	12,100
Homebuilding revenue
Disaggregation of Revenue [Line Items]
Total revenue	444,084	446,729
Land sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 844	$ 7,420

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Increase in operating lease right-of-use assets	$ 0	$ 626
Increase in operating lease liabilities	0	626
Supplemental disclosure of cash activity:
Interest payments	24,524	25,081
Income tax payments	0	53
Tax refunds received	59	0
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	120,746	157,701	$ 214,594
Restricted cash	35,899	29,196	$ 37,234
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 156,645	$ 186,897

Owned Inventory - Schedule of I

Owned Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Inventory Disclosure [Abstract]
Homes under construction	$ 759,545	$ 785,742
Land under development	782,628	731,190
Land held for future development	19,879	19,879
Land held for sale	18,583	15,674
Capitalized interest	113,143	109,088	$ 110,516	$ 106,985
Model homes	85,445	76,292
Total owned inventory	$ 1,779,223	$ 1,737,865

Owned Inventory - Narrative (De

Owned Inventory - Narrative (Details)	3 Months Ended
	Dec. 31, 2022 USD ($) home	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) home
Inventory Disclosure [Abstract]
Number of homes under construction | home	2,383		2,688
Number of homes under construction, spec homes | home	840		887
Total, spec homes	$ 268,500,000		$ 246,500,000
Number of homes under construction, in-process spec homes | home	701		793
In-process spec homes	$ 211,600,000		$ 208,700,000
Number of homes under construction, finished spec homes | home	139		94
Finished spec homes	$ 56,900,000		$ 37,800,000
Threshold number of homes below a minimum threshold of profitability | home	10
Impairment of projects in process	$ 0	$ 0
Total impairment charges on land held for sale	0	0
Total abandonments charges	$ 190,000	$ 0

Owned Inventory - Total Owned I

Owned Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Segment Reporting Information [Line Items]
Projects in progress	$ 1,740,761	$ 1,702,312
Land held for future development	19,879	19,879
Land held for sale	18,583	15,674
Total owned inventory	1,779,223	1,737,865
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in progress	179,367	169,966
Land held for future development	0	0
Land held for sale	0	0
Total owned inventory	179,367	169,966
West | Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	933,054	934,309
Land held for future development	3,483	3,483
Land held for sale	17,907	14,998
Total owned inventory	954,444	952,790
East | Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	338,743	313,613
Land held for future development	10,888	10,888
Land held for sale	0	0
Total owned inventory	349,631	324,501
Southeast | Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	289,597	284,424
Land held for future development	5,508	5,508
Land held for sale	676	676
Total owned inventory	$ 295,781	$ 290,608

Owned Inventory - Inventory Imp

Owned Inventory - Inventory Impairments and Abandonment Charges, by Reportable Segment (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Total abandonments charges	$ 190,000	$ 0
Total impairments and abandonment charges	190,000	0
West | Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	36,000	0
East | Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	$ 154,000	$ 0

Owned Inventory - Summary of In

Owned Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Real Estate Properties [Line Items]
Deposits & Non-refundable Pre-acquisition Costs Incurred	$ 150,878	$ 142,433
Remaining Obligation, Net of Cash Deposits	$ 820,807	$ 827,600

Interest - Schedule of Capitali

Interest - Schedule of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 109,088	$ 106,985
Interest incurred	17,830	18,311
Interest expense not qualified for capitalization and included as other expense	0	0
Capitalized interest amortized to home construction and land sales expenses	(13,775)	(14,780)
Capitalized interest in inventory, end of period	$ 113,143	$ 110,516

Borrowings - Schedule of Long-t

Borrowings - Schedule of Long-term Debt (Details) - USD ($)	Dec. 31, 2022	Oct. 31, 2022	Oct. 13, 2022	Sep. 30, 2022	Sep. 30, 2019	Oct. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	$ 984,330,000			$ 983,440,000
Unamortized debt issuance costs	$ (6,907,000)			(7,280,000)
6.750% | Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%						6.75%
5.875% | Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%					5.875%
7.250% | Senior Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%				7.25%
Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 250,000,000	$ 265,000,000
Secured Revolving Credit Facility	$ 0			0
Letters of credit secured using cash collateral	0			5,500,000
Line of credit facility, remaining borrowing capacity	265,000,000			244,500,000
Senior Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	911,543,000			911,170,000
Unamortized debt issuance costs	(6,907,000)			(7,280,000)
Senior Notes | 6.750%
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	211,195,000			211,195,000
Senior Notes | 5.875%
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	357,255,000			357,255,000
Senior Notes | 7.250%
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	350,000,000			350,000,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	$ 72,787,000			$ 72,270,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)			1 Months Ended
	Jun. 01, 2022	Jun. 01, 2012	Jan. 31, 2010	Dec. 31, 2022	Oct. 31, 2022	Oct. 13, 2022	Sep. 30, 2022
Junior Subordinated Notes
Junior Subordinated Notes [Abstract]
Aggregate principle balance of notes				$ 100,800,000
Weighted average fixed interest rate of debt				6.86%
Unamortized accretion				$ 27,986,000			$ 28,503,000
Junior Subordinated Debt, Modified Terms
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt			$ 75,000,000
Redemption price percentage		75%
Annual increase of percentage of principal amount redeemable	1.785%
Junior Subordinated Debt, Modified Terms | LIBOR
Junior Subordinated Notes [Abstract]
Variable rate floor			4.25%
Variable rate cap			9.25%
Junior Subordinated Debt, Original Terms
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt				25,800,000
Junior Subordinated Debt, Original Terms | LIBOR
Junior Subordinated Notes [Abstract]
Basis spread on variable rate			2.45%
Secured Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity					$ 250,000,000	$ 265,000,000
Credit facility, available increase in borrowing capacity						135,000,000
Secured Revolving Credit Facility				0			0
Letters of credit secured using cash collateral				0			5,500,000
Amount of available borrowings under the secured revolving credit facility				265,000,000			244,500,000
Secured Revolving Credit Facility | Maximum
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity						$ 400,000,000
Letter of Credit
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral				30,400,000			29,700,000
Collateral amount				$ 31,500,000			$ 31,500,000

Borrowings - Debt Redemption (D

Borrowings - Debt Redemption (Details) - Senior Notes	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2019	Oct. 31, 2017	Mar. 31, 2017
6.750%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%			6.75%
6.750% | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	100%
6.750% | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	105.063%
6.750% | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	103.375%
6.750% | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	101.688%
6.750% | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100%
5.875%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%		5.875%
5.875% | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	100%
5.875% | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	102.938%
5.875% | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	101.958%
5.875% | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	100.979%
5.875% | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100%
7.250%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%	7.25%
7.250% | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	100%
7.250% | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	103.625%
7.250% | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	102.417%
7.250% | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	101.208%
7.250% | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price percentage	100%

Operating Leases - Lease Expens

Operating Leases - Lease Expense and Cash Payments & Weighted-Average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 1,001	$ 999
Cash payments on lease liabilities	$ 1,141	$ 1,086
Weighted-average remaining lease term	4 years 3 months 18 days	4 years 8 months 12 days
Weighted-average discount rate	4.41%	4.43%

Operating Leases - Maturity Ana

Operating Leases - Maturity Analysis of the Annual Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 2,658
2024	2,688
2025	2,299
2026	1,643
2027	702
Thereafter	1,226
Total lease payments	11,216
Less: imputed interest	1,029
Total operating lease liabilities	10,187	$ 11,208
Liabilities for leases that have not yet commenced	$ 11,200

Contingencies - Warranty (Detai

Contingencies - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Standard product warranty length, minimum	1 year
Standard product warranty length, maximum	2 years
Limited product warranty length (up to)	10 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 13,926	$ 12,931
Accruals for warranties issued	2,413	2,372
Changes in liability related to warranties existing in prior periods	(810)	534
Payments made	(2,370)	(3,094)
Balance at end of period	$ 13,159	$ 12,743

Contingencies - Litigation and

Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Loss Contingencies [Line Items]
Accrued amounts for litigation and other contingent liabilities	$ 8	$ 9.8
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	30.4
Outstanding performance bonds	$ 277.5

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Total impairment charges on land held for sale	$ 0	$ 0
Impairment of projects in process	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 3,489	$ 3,179
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	3,489	3,179
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 0	0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale		902
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale		0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale		0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale		$ 902

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 984,330	$ 983,440
Carrying Amount | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	911,543	911,170
Carrying Amount | Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	72,787	72,270
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	909,339	825,608
Fair Value | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	836,552	753,338
Fair Value | Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 72,787	$ 72,270

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Expense from income taxes	$ 4,155	$ 6,463
Deferred tax assets, tax credit carryforwards	$ 3,000	$ 3,200

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1,580	$ 2,108

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options Outstanding (Details) - Stock options - $ / shares	Dec. 31, 2022	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	27,507	27,507
Exercisable at end of period (shares)	27,271
Weighted-average exercise price of shares outstanding (in USD per share)	$ 14.31	$ 14.31
Exercisable at end of period (in USD per share)	$ 14.29

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock options award	$ 0.1	$ 0.1
Weighted average period to recognize remaining cost	1 year 2 months 8 days
Time-based restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Time-based restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Nonvested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize remaining cost	2 years 1 month 20 days
Unrecognized compensation costs related to non-vested stock awards	$ 11.8	$ 7.3

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Awards (Details) - shares	1 Months Ended	3 Months Ended
	Nov. 30, 2022	Dec. 31, 2022
Total Restricted Shares
Shares
Beginning of period (in shares)		848,188
Granted (in shares)		672,532
Vested (in shares)		(566,807)
End of period (in shares)		953,913
Performance-Based Restricted Shares
Shares
Beginning of period (in shares)		436,146
Granted (in shares)		249,534
Vested (in shares)		(334,736)
End of period (in shares)		350,944
Award vesting period		3 years
Performance based restricted stock settled in cash payment (in shares)	92,104
Time-based restricted stock
Shares
Beginning of period (in shares)		412,042
Granted (in shares)		422,998
Vested (in shares)		(232,071)
End of period (in shares)		602,969

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share. Basic and Dilutive (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Income from continuing operations	$ 24,408	$ 34,895
Loss from discontinued operations, net of tax	(77)	(10)
Net income	$ 24,331	$ 34,885
Denominator:
Basic weighted-average shares (in shares)	30,219	30,336
Dilutive effect of restricted stock awards (in shares)	257	379
Dilutive effect of stock options (in shares)	4	9
Dilutive weighted-average shares (in shares)	30,480	30,724
Basic income per share:
Continuing operations (in USD per share)	$ 0.81	$ 1.15
Discontinued operations (in USD per share)	0	0
Total (in USD per share)	0.81	1.15
Diluted income per share:
Continuing operations (in USD per share)	0.80	1.14
Discontinued operations (in USD per share)	0	0
Total (in USD per share)	$ 0.80	$ 1.14

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	13	48
Time-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	147	0

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Customer deposits	$ 29,615	$ 34,270
Accrued compensations and benefits	22,500	57,781
Accrued interest	14,970	22,723
Warranty reserve	13,159	13,926	$ 12,743	$ 12,931
Litigation accruals	8,010	9,832
Income tax liabilities	914	320
Other	33,276	35,536
Total	$ 122,444	$ 174,388

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($) state segment region	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	May 19, 2022
Segment Reporting Information [Line Items]
Number of states in which home building segments operate | state	13
Number of regions in which entity operates | region	3
Number of reportable segments | segment	3
Revenue	$ 444,928	$ 454,149
Operating income	28,502	40,939
Depreciation and amortization	2,513	2,881
Capital expenditures	3,245	2,894
Assets	2,186,385		$ 2,251,963
Imagine Homes
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage				33%
Operating Segments
Segment Reporting Information [Line Items]
Operating income	57,298	70,783
Depreciation and amortization	2,208	2,433
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating income	(28,796)	(29,844)
Depreciation and amortization	305	448
Capital expenditures	485	1,137
Assets	518,743		616,858
West
Segment Reporting Information [Line Items]
Revenue	274,815	257,666
West | Operating Segments
Segment Reporting Information [Line Items]
Operating income	37,357	42,724
Depreciation and amortization	1,605	1,599
Capital expenditures	1,510	1,333
Assets	996,357		995,339
East
Segment Reporting Information [Line Items]
Revenue	86,190	118,169
East | Operating Segments
Segment Reporting Information [Line Items]
Operating income	9,262	19,859
Depreciation and amortization	273	435
Capital expenditures	533	69
Assets	360,367		334,323
Southeast
Segment Reporting Information [Line Items]
Revenue	83,923	78,314
Southeast | Operating Segments
Segment Reporting Information [Line Items]
Operating income	10,679	8,200
Depreciation and amortization	330	399
Capital expenditures	717	$ 355
Assets	$ 310,918		$ 305,443