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BEAZER HOMES Beazer Homes Reports Strong Third Quarter Fiscal 2021 Results July 29 , 2021 ATLANTA -- ( BUSINESS WIRE ) -- Jul . 29 , 2021-- Beazer Homes USA , Inc. ( NYSE : BZH ) ( www.beazer.com ) today announced its financial results for the three and nine months ended June 30 , 2021 . " We had a very successful third quarter , driven by strong operational execution and continued strength in the housing market , " said Allan P. Merrill , the company's Chairman and Chief Executive Officer . " We generated significant gains in operating margin and adjusted EBITDA , leading to quarterly net income that was more than double the same period last year . At the same time , we grew our total active lot position while continuing to reduce leverage . " Commenting on fiscal 2021 full - year expectations , Mr. Merrill said , " With our outstanding performance in the third quarter and our confidence in fourth quarter results , we now expect fiscal 2021 earnings per share to be above $ 3.25 . " Looking at fiscal 2022 , Mr. Merrill concluded , " We are positioned to generate double - digit growth in earnings per share for shareholders while expanding our ESG activities to create durable value for all of our stakeholders . " Beazer Homes Fiscal Third Quarter 2021 Highlights and Comparison to Fiscal Third Quarter 2020 • Net income from continuing operations of $ 37.1 million , or $ 1.22 per diluted share , compared to net income from continuing operations of $ 15.3 million , or $ 0.51 per diluted share , in fiscal third quarter 2020 • Adjusted EBITDA of $ 78.8 million , up 45.9 % • Homebuilding revenue of $ 566.9 million , up 6.5 % on a 5.5 % increase in average selling price to $ 411.4 thousand and a 0.9 % increase in home closings to 1,378 • Homebuilding gross margin was 20.2 % , up 320 basis points . Excluding impairments , abandonments and amortized interest , homebuilding gross margin was 24.2 % , up 300 basis points • SG & A as a percentage of total revenue was 11.1 % , down 60 basis points year - over - year • Net new orders of 1,199 , down 12.6 % on a 18.6 % increase in orders / community / month to 3.2 and a 26.3 % decrease in average community count to 123 • Dollar value of backlog of $ 1,354.6 million , up 53.1 % • Unrestricted cash at quarter end was $ 358.3 million ; total liquidity was $ 608.3 million The following provides additional details on the Company's performance during the fiscal third quarter 2021 : Profitability . Net income from continuing operations was $ 37.1 million , generating diluted earnings per share of $ 1.22 . Third quarter adjusted EBITDA of $ 78.8 million was up $ 24.8 million year - over - year . The increase in profitability was primarily driven by higher revenue , homebuilding gross margin and improved SG & A leverage . Orders . Net new orders for the third quarter decreased to 1,199 , down 12.6 % from the prior year . The decrease in net new orders was driven by a 26.3 % decrease in average community count to 123 , partially offset by a 18.6 % increase in sales pace to 3.2 orders per community per month , up from 2.7 in the previous year . In a number of communities , we proactively limited sales pace to align with the pace of production , optimize margins and ensure a positive customer experience . The cancellation rate for the quarter was 10.9 % , an improvement of 1,020 basis points year - over - year . Backlog . The dollar value of homes in backlog as of June 30 , 2021 increased 53.1 % to $ 1,354.6 million , representing 3,124 homes , compared to $ 884.9 million , representing 2,237 homes , at the same time last year . The average selling price of homes in backlog was $ 433.6 thousand , up 9.6 % year - over - year . Homebuilding Revenue . Third quarter homebuilding revenue was $ 566.9 million , up 6.5 % year - over - year . The increase in homebuilding revenue was driven by a 5.5 % increase in the average selling price to $ 411.4 thousand and a 0.9 % increase in home closings to 1,378 homes . Homebuilding Gross Margin . Homebuilding gross margin ( excluding impairments , abandonments and amortized interest ) was 24.2 % for the third quarter , up 300 basis points year - over - year , driven primarily by lower sales incentives and pricing increases . Gross margin was up across each of our geographic segments . SG & A Expenses . Selling , general and administrative expenses as a percentage of total revenue was 11.1 % for the quarter , down 60 basis points year - over - year as a result of the Company's continued focus on overhead cost management while driving revenue growth . Liquidity . At the close of the third quarter , the Company had approximately $ 608.3 million of available liquidity , including $ 358.3 million of unrestricted cash and a fully undrawn revolving credit facility capacity of $ 250.0 million . Debt Repurchases . The Company repurchased $ 14.0 million of its outstanding 5.875 % unsecured Senior Notes due October 2027 at an average price of $ 106.545 per $ 100 principal amount . Commitment to Net Zero Energy Ready