Beazer Homes USA (BZH) 10-Q1 May 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2002 Summit Boulevard NE
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30319
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		31,547,284
Entity Central Index Key	0000915840
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
ASSETS
Cash and cash equivalents	$ 132,867	$ 345,590
Restricted cash	32,527	40,699
Accounts receivable (net of allowance of $284 and $284, respectively)	54,226	45,598
Income tax receivable	246	0
Owned inventory	2,057,461	1,756,203
Deferred tax assets, net	132,521	133,949
Property and equipment, net	36,839	31,144
Operating lease right-of-use assets	15,867	17,398
Goodwill	11,376	11,376
Other assets	41,480	29,076
Total assets	2,515,410	2,411,033
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	168,669	154,256
Operating lease liabilities	17,543	18,969
Other liabilities	144,310	156,961
Total debt (net of debt issuance costs of $9,314 and $5,759, respectively)	1,023,311	978,028
Total liabilities	1,353,833	1,308,214
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, 31,547,284 issued and outstanding and 31,351,434 issued and outstanding, respectively)	32	31
Paid-in capital	862,636	864,778
Retained earnings	298,909	238,010
Total stockholders’ equity	1,161,577	1,102,819
Total liabilities and stockholders’ equity	$ 2,515,410	$ 2,411,033

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
ASSETS
Allowances for accounts receivable	$ 284	$ 284
LIABILITIES AND STOCKHOLDERS’ EQUITY
Unamortized debt issuance expense	$ 9,314	$ 5,759
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)	31,547,284	31,351,434
Common stock outstanding (in shares)	31,547,284	31,351,434

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Total revenue	$ 541,540	$ 543,908	$ 928,358	$ 988,836
Home construction and land sales expenses	439,687	440,901	748,775	799,871
Inventory impairments and abandonments	0	111	0	301
Gross profit	101,853	102,896	179,583	188,664
Commissions	18,285	18,305	31,531	32,410
General and administrative expenses	44,004	42,779	85,990	83,427
Depreciation and amortization	3,573	3,020	5,806	5,533
Operating income	35,991	38,792	56,256	67,294
Loss on extinguishment of debt, net	(424)	0	(437)	(515)
Other income, net	10,343	1,007	13,000	1,583
Income from continuing operations before income taxes	45,910	39,799	68,819	68,362
Expense from income taxes	6,739	5,092	7,920	9,247
Income from continuing operations	39,171	34,707	60,899	59,115
Loss from discontinued operations, net of tax	0	0	0	(77)
Net income	$ 39,171	$ 34,707	$ 60,899	$ 59,038
Weighted-average number of shares:
Basic (in shares)	30,769	30,394	30,681	30,464
Diluted (in shares)	31,133	30,610	31,064	30,702
Basic income per share:
Continuing operations (in USD per share)	$ 1.27	$ 1.14	$ 1.98	$ 1.94
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	1.27	1.14	1.98	1.94
Diluted income per share:
Continuing operations (in USD per share)	1.26	1.13	1.96	1.93
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	$ 1.26	$ 1.13	$ 1.96	$ 1.93

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings
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 and comprehensive income	59,038			59,038
Stock-based compensation expense	3,258		3,258
Shares issued under employee stock plans, net (in shares)		675
Forfeiture and other settlements of restricted stock (in shares)		(3)
Common stock redeemed for tax liability (in shares)		(205)
Common stock redeemed for tax liability	(2,597)		(2,597)
Ending balance (in shares) at Mar. 31, 2023		31,347
Ending balance at Mar. 31, 2023	998,985	$ 31	860,517	138,437
Beginning balance (in shares) at Dec. 31, 2022		31,347
Beginning balance at Dec. 31, 2022	962,600	$ 31	858,839	103,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	34,707			34,707
Stock-based compensation expense	1,678		1,678
Shares issued under employee stock plans, net (in shares)		3
Forfeiture and other settlements of restricted stock (in shares)		(3)
Ending balance (in shares) at Mar. 31, 2023		31,347
Ending balance at Mar. 31, 2023	998,985	$ 31	860,517	138,437
Beginning balance (in shares) at Sep. 30, 2023		31,351
Beginning balance at Sep. 30, 2023	1,102,819	$ 31	864,778	238,010
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	60,899			60,899
Stock-based compensation expense	3,062		3,062
Stock option exercises (in shares)		2
Stock option exercises	16		16
Shares issued under employee stock plans, net (in shares)		376
Shares issued under employee stock plans, net	1	$ 1
Forfeiture and other settlements of restricted stock (in shares)		(10)
Common stock redeemed for tax liability (in shares)		(172)
Common stock redeemed for tax liability	(5,220)		(5,220)
Ending balance (in shares) at Mar. 31, 2024		31,547
Ending balance at Mar. 31, 2024	1,161,577	$ 32	862,636	298,909
Beginning balance (in shares) at Dec. 31, 2023		31,533
Beginning balance at Dec. 31, 2023	1,121,011	$ 32	861,241	259,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	39,171			39,171
Stock-based compensation expense	1,389		1,389
Stock option exercises (in shares)		2
Stock option exercises	16		16
Shares issued under employee stock plans, net (in shares)		14
Forfeiture and other settlements of restricted stock (in shares)		(2)
Common stock redeemed for tax liability	(10)		(10)
Ending balance (in shares) at Mar. 31, 2024		31,547
Ending balance at Mar. 31, 2024	$ 1,161,577	$ 32	$ 862,636	$ 298,909

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 60,899	$ 59,038
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	5,806	5,533
Stock-based compensation expense	3,062	3,258
Inventory impairments and abandonments	0	301
Deferred and other income tax expense	7,920	9,225
(Gain) loss on disposal of fixed assets	(194)	1,265
Gain on sale of investment	(8,591)	0
Loss on extinguishment of debt, net	437	515
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(8,628)	7,429
(Increase) decrease in income tax receivable	(246)	9,667
Increase in inventory	(299,116)	(2,275)
Decrease (increase) in other assets	4,350	(1,755)
Increase (decrease) in trade accounts payable	14,413	(18,401)
Decrease in other liabilities	(19,685)	(33,532)
Net cash (used in) provided by operating activities	(239,573)	40,268
Cash flows from investing activities:
Capital expenditures	(11,501)	(7,824)
Proceeds from sale of fixed assets	194	52
Purchases of investment securities	(7,454)	0
Other	0	(2)
Net cash used in investing activities	(18,761)	(7,774)
Cash flows from financing activities:
Repayment of debt	(202,195)	0
Proceeds from issuance of debt	250,000	0
Repayment of borrowings from credit facility	(115,000)	0
Borrowings from credit facility	115,000	0
Debt issuance costs	(5,162)	(2,575)
Tax payments for stock-based compensation awards	(5,220)	(2,597)
Stock option exercises	16	0
Net cash provided by (used in) financing activities	37,439	(5,172)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(220,895)	27,322
Cash, cash equivalents, and restricted cash at beginning of period	386,289	251,828
Cash, cash equivalents, and restricted cash at end of period	$ 165,394	$ 279,150

Description of Business

Description of Business	6 Months Ended
Description of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” or 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 differentiators of Mortgage Choice, Choice Plans ® , and Surprising Performance, while seeking to maximize our investment returns over the course of a housing cycle.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2024
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 2023 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 and six months ended March 31, 2024 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 2024 began on October 1, 2023 and ends on September 30, 2024. Our fiscal year 2023 began on October 1, 2022 and ended on September 30, 2023. 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 share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. This share repurchase 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. No share repurchases were made during the three and six months ended March 31, 2024 and 2023 . As of March 31, 2024, the remaining availability of the new share repurchase program was $41.8 million. The repurchase program has no expiration date. Previously repurchased shares under the program have been retired. 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 Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers . The following table presents our total revenue disaggregated by revenue stream for the periods presented: Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Homebuilding revenue $ 538,636 $ 542,007 $ 919,555 $ 986,091 Land sales and other revenue 2,904 1,901 8,803 2,745 Total revenue (a) $ 541,540 $ 543,908 $ 928,358 $ 988,836 (a) Please see Note 14 for total revenue disaggregated by reportable segment. Homebuilding revenue Homebuilding revenue is reported net of discounts 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 totaled $28.7 million and $27.6 million as of March 31, 2024 and September 30, 2023, respectively. Of the customer liabilities outstanding as of September 30, 2023, $10.1 million and $21.9 million was recognized in revenue during the three and six months ended March 31, 2024 upon closing of the related homes. Land sales and oth er revenue Land sales revenue relates to land that does not fit within our homebuilding programs or 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 Segment Reporting. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 will be effective for our fiscal year ending September 30, 2025 and for our interim periods starting in our first quarter of fiscal 2026. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures. Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for our fiscal year ending September 30, 2026. Early adoption is permitted and the amendments in this update should be applied on a prospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-09 may have on our consolidated financial statements and disclosures.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2024
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: Six Months Ended March 31, in thousands 2024 2023 Supplemental disclosure of non-cash activity: Increase in operating lease right-of-use assets (a) $ — $ 7,034 Increase in operating lease liabilities (a) $ — $ 7,482 Supplemental disclosure of cash activity: Interest payments $ 34,555 $ 33,406 Income tax payments $ 7,010 $ 378 Tax refunds received $ — $ 9,667 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 132,867 $ 240,829 Restricted cash 32,527 38,321 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 165,394 $ 279,150 (a) Represents leases renewed or additional leases commenced during the six months ended March 31, 2024 and 2023.

Owned Inventory

Owned Inventory	6 Months Ended
Owned Inventory	Mar. 31, 2024
Inventory Disclosure [Abstract]
Owned Inventory	Owned Inventory The components of our owned inventory are as follows as of March 31, 2024 and September 30, 2023: in thousands As of March 31, 2024 As of September 30, 2023 Homes under construction $ 851,278 $ 644,363 Land under development 951,221 870,740 Land held for future development 19,879 19,879 Land held for sale 18,264 18,579 Capitalized interest 123,214 112,580 Model homes 93,605 90,062 Total owned inventory $ 2,057,461 $ 1,756,203 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 March 31, 2024, we had 2,829 homes under construction, including 1,084 spec homes totaling $309.0 million (903 in-process spec homes totaling $234.9 million, and 181 finished spec homes totaling $74.1 million). As of September 30, 2023 , we had 2,163 homes under construction, including 779 spec homes totaling $218.0 million (645 in-process spec homes totaling $162.0 million, and 134 finished spec units totaling $56.0 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 or strategic plans in certain markets, and land is classified as held for sale once certain criteria are met (refer to Note 2 to the consolidated financial statements within our 2023 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 March 31, 2024 and September 30, 2023: in thousands Projects in Progress (a) Land Held for Future Development Land Held for Sale Total Owned March 31, 2024 West $ 1,076,824 $ 3,483 $ 13,004 $ 1,093,311 East 392,848 10,888 4,584 408,320 Southeast 349,560 5,508 676 355,744 Corporate and unallocated (b) 200,086 — — 200,086 Total $ 2,019,318 $ 19,879 $ 18,264 $ 2,057,461 September 30, 2023 West $ 914,908 $ 3,483 $ 14,702 $ 933,093 East 325,395 10,888 3,201 339,484 Southeast 297,142 5,508 676 303,326 Corporate and unallocated (b) 180,300 — — 180,300 Total $ 1,717,745 $ 19,879 $ 18,579 $ 1,756,203 (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 4 to the consolidated financial statements within our 2023 Annual Report. The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented: Three Months Ended March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Abandonments: West $ — $ 111 $ — $ 147 East — — — 154 Total abandonments charges $ — $ 111 $ — $ 301 Total impairment and abandonment charges $ — $ 111 $ — $ 301 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 and six months ended March 31, 2024 and 2023. Land Held for Sale Impairments We evaluate the net realizable value (fair value less cost to sell) 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 and six months ended March 31, 2024 and 2023. 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, 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 non-refundable deposit amount and any related capitalized costs in the period such decision is made. No abandonment charges were recognized during the three and six months ended March 31, 2024. We recognized $0.1 million and $0.3 million of abandonment charges during the three and six months ended March 31, 2023, respectively. As we grow our business in the years ahead, the dollar value of abandonment charges may also grow. 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 issuance of an irrevocable letter of credit or surety bond 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, the cancellation 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 March 31, 2024 and September 30, 2023: As of March 31, 2024 As of September 30, 2023 in thousands Deposits and non-refundable pre-acquisition costs incurred (a) $ 174,602 $ 165,371 Remaining purchase price if lot option agreements are exercised $ 989,420 $ 949,447 (a)

Interest

Interest	6 Months Ended
Interest	Mar. 31, 2024
Real Estate [Abstract]
Interest	Interest Interest capitalized during the three and six months ended March 31, 2024 and 2023 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 March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Capitalized interest in inventory, beginning of period $ 119,596 $ 113,143 $ 112,580 $ 109,088 Interest incurred 19,689 18,034 37,895 35,864 Capitalized interest amortized to home construction and land sales expenses (a) (16,071) (17,291) (27,261) (31,066) Capitalized interest in inventory, end of period $ 123,214 $ 113,886 $ 123,214 $ 113,886 (a) 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	6 Months Ended
Borrowings	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company's debt, net of unamortized debt issuance costs consisted of the following as of March 31, 2024 and September 30, 2023: in thousands Maturity Date March 31, 2024 September 30, 2023 6.750% Senior Notes (2025 Notes) March 2025 $ — $ 202,195 5.875% Senior Notes (2027 Notes) October 2027 357,255 357,255 7.250% Senior Notes (2029 Notes) October 2029 350,000 350,000 7.500% Senior Notes (2031 Notes) March 2031 250,000 — Unamortized debt issuance costs (9,314) (5,759) Total Senior Notes, net 947,941 903,691 Junior Subordinated Notes (net of unamortized accretion of $25,403 and $26,436, respectively) July 2036 75,370 74,337 Senior Unsecured Revolving Credit Facility March 2028 — — Total debt, net $ 1,023,311 $ 978,028 Senior Unsecured Revolving Credit Facility The Senior Unsecured Revolving Credit Facility (Unsecured Facility) provides working capital and letter of credit borrowing capacity of $300.0 million. The $300.0 million capacity includes a letter of credit facility of up to $100.0 million. The Company has the right from time to time to request to increase the size of the commitments under the Unsecured Facility by up to $100.0 million for a maximum of $400.0 million. In March 2024, the Company executed an amendment to extend the termination date (Termination Date) from October 13, 2026 to March 15, 2028. The Company may borrow, repay, and reborrow amounts under the Unsecured Facility until the Termination Date. Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Unsecured Facility and are jointly and severally liable for obligations under the Unsecured Facility. For additional discussion of the Unsecured Facility, refer to Note 7 to the consolidated financial statements within our 2023 Annual Report. As of March 31, 2024, no borrowings and no letters of credit were outstanding under the Unsecured Facility, resulting in a remaining capacity of $300.0 million. The Unsecured Facility requires compliance with certain covenants, including affirmative covenants, negative covenants and financial covenants. As of March 31, 2024, the Company believes it was in compliance with all such covenants. Letter of Credit Facilities The Company has entered into stand-alone letter of credit agreements with banks, secured with cash or certificates of deposit, 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 Unsecured Facility). As of March 31, 2024 and September 30, 2023, the Company had letters of credit outstanding under these additional facilities of $34.8 million and $31.2 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 that 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 future secured indebtedness, to the extent of the value of the assets securing such 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. Each guarantor subsidiary is a wholly owned subsidiary of Beazer Homes. The 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. The Company's Senior Notes are issued under indentures that contain certai n 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 March 31, 2024. In March 2024, we issued and sold $250.0 million aggregate principal amount of the 2031 Notes at par (before underwriting and other issuance costs) through a private placement to qualified institutional buyers. Interest on the 2031 Notes is payable semiannually, beginning in September 2024. The 2031 Notes will mature in March 2031. The covenants related to the 2031 Notes are substantially consistent with our other Senior Notes. During the three months ended December 31, 2023, we repurchased $4.3 million of our outstanding 2025 Notes using cash on hand, resulting in a loss on extinguishment of debt of less than $0.1 million. In March 2024, we also redeemed the remaining $197.9 million of our outstanding 2025 Notes using proceeds from the issuance of the 2031 Notes, resulting in a loss on extinguishment of debt of $0.4 million. The Company has terminated, cancelled, and discharged all of its obligations under the 2025 Notes as of March 31, 2024. 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 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. 7.500% Senior Notes March 2024 March 2031 On or prior to March 15, 2027, we may redeem up to 35% of the aggregate principal amount of the 2031 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 107.500% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2031 Notes originally issued remains outstanding immediately after such redemption. Callable at any time prior to March 15, 2027, 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, 2027, callable at a redemption price equal to 103.750% of the principal amount; on or after March 15, 2028, callable at a redemption price equal to 101.875% of the principal amount; on or after March 15, 2029, 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 March 31, 2024. The securities have a floating interest rate as defined in the Junior Subordinated Notes Indentures, wh i ch was a weighted-average of 8.03% as of March 31, 2024. 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 March 31, 2024, the unamortized accretion was $25.4 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 a three-month LIBOR (on and prior to June 30, 2023) plus 2.45% per annum, or three-month SOFR (on and after July 1, 2023) plus 2.71% 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 increased by 1.785% annually. As of March 31, 2024, the Company believes it was in compliance with all covenants under the Junior Subordinated Notes.

Operating Leases

Operating Leases	6 Months Ended
Operating Leases	Mar. 31, 2024
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 expenses 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 right to use (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. The following table presents operating lease expense and cash payments on lease liabilities for the periods presented: Three Months Ended March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Operating lease expense $ 1,018 $ 956 $ 2,099 $ 1,957 Cash payments on lease liabilities $ 1,021 $ 1,103 $ 1,994 $ 2,244 At March 31, 2024 and 2023, the weighted-average remaining lease term and discount rate were as follows: As of March 31, 2024 2023 Weighted-average remaining lease term 6.8 years 7.3 years Weighted-average discount rate 6.07% 5.79% The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2024: Fiscal Years Ending September 30, in thousands 2024 (a) $ 2,131 2025 4,004 2026 3,393 2027 2,467 2028 2,212 Thereafter 7,967 Total lease payments (b) 22,174 Less: imputed interest 4,631 Total operating lease liabilities $ 17,543 (a) Remaining lease payments are for the period beginning April 1, 2024 through September 30, 2024. (b) Lease payments exclude $3.5 million of legally binding minimum lease payments for office leases 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 March 31, 2024.

Contingencies

Contingencies	6 Months Ended
Contingencies	Mar. 31, 2024
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, which 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. Management assesses the adequacy of warranty reserves each reporting period based on historical experience and the expected costs to remediate potential claims. Our review in cludes 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 selling 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 Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Balance at beginning of period $ 12,348 $ 13,159 $ 13,046 $ 13,926 Warranty provision 2,208 2,335 4,112 3,938 Warranty expenditures (2,427) (2,421) (5,029) (4,791) Balance at end of period $ 12,129 $ 13,073 $ 12,129 $ 13,073 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, if applicable. 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, if applicable. 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 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 $ 8.8 million and $9.4 million in other liabilities on our condensed consolidated balance sheets related to litigation matters as of March 31, 2024 and September 30, 2023, respectively. Surety Bonds and Letters of Credit We had outstanding letters of credit and surety bonds of $34.8 million and $255.4 million, r espectively, as of March 31, 2024, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Mar. 31, 2024
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. The fair value of assets deemed to be impaired is determined based upon the type of asset being evaluated. The fair value of our owned inventory assets, when required to be calculated, is further discussed within Note 4. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3. 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 for each hierarchy level: in thousands Level 1 Level 2 Level 3 Total As of March 31, 2024 Deferred compensation plan assets (a) $ 7,500 $ — $ — $ 7,500 As of September 30, 2023 Deferred compensation plan assets (a) $ 6,495 $ — $ — $ 6,495 (a) Amount is measured at fair value on a recurring basis and included in other assets within the condensed consolidated balance sheets. 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 assets and liabilities as of March 31, 2024 and September 30, 2023: As of March 31, 2024 As of September 30, 2023 in thousands Carrying Fair Value Carrying Fair Value Financial assets Certificates of deposit (a) $ 9,279 $ 9,579 $ 1,951 $ 1,986 Total financial assets $ 9,279 $ 9,579 $ 1,951 $ 1,986 Financial liabilities (b) Senior Notes (c) $ 947,941 $ 958,980 $ 903,691 $ 858,528 Junior Subordinated Notes (d) 75,370 75,370 74,337 74,337 Total financial liabilities $ 1,023,311 $ 1,034,350 $ 978,028 $ 932,865 (a) Certificates of deposit held for investment with an original maturity greater than three months are carried at original cost plus accrued interest and reported as other assets on the condensed consolidated balance sheets. The type of certificates of deposit that the Company invests in are not considered debt securities under ASC Topic 320, Investments - Debt Securities . The estimated fair value of our certificates of deposit has been determined using quoted market rates (Level 2). (b) Carrying amounts for financial liabilities are net of unamortized debt issuance costs o r accretion. (c) The estimated fair value of our publicly-held Senior Notes has been determined using quoted market rates (Level 2). (d) 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	6 Months Ended
Income Taxes	Mar. 31, 2024
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. We recognized income tax expense from continuing operations of $6.7 million and $7.9 million for the three and six months ended March 31, 2024, compared to $5.1 million and $9.2 million for the three and six months ended March 31, 2023. Income tax expense for the six months ended March 31, 2024 was primarily driven by income tax expense on earnings from continuing operations and permanent differences, partially offset by both energy efficiency tax credits generated from expected closings during the current year and the discrete tax benefits related to the generation of additional energy efficiency tax credits from homes closed in prior periods, as well as stock-based compensation activity in the period. Income tax expense for the six months ended March 31, 2023 was primarily driven by income tax expense on earnings from continuing operations, permanent differences, and the discrete tax expense related to stock-based compensation activity in the period, partially offset by the discrete tax benefits related to the generation of additional energy efficiency tax credits for homes closed in prior periods and interest received with the refund of our alternative minimum tax credit. 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 March 31, 2024, 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, 2023, and such conclusions are based on similar company specific and industry factors to those discussed in Note 12 to the consolidated financial statements within our 2023 Annual Report.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense is included in general and administrative expenses in our condensed consolidated statements of operations. The f ollowing table presents a summary of stock-based compensation expense related to stock options and restricted stock awards for the periods presented: Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Stock-based compensation expense $ 1,389 $ 1,678 $ 3,062 $ 3,258 Stock Options Following is a summary of stock option activity for the six months ended March 31, 2024: Six Months Ended March 31, 2024 Shares Weighted Average Outstanding at beginning of period 13,575 $ 9.61 Exercised (2,110) 7.56 Outstanding at end of period 11,465 9.99 Exercisable at end of period 11,365 $ 9.83 As of March 31, 2024 and September 30, 2023, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options, respectively. Restricted Stock Awards During the six months ended March 31, 2024, 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 six months ended March 31, 2024: Six Months Ended March 31, 2024 Performance-Based Restricted Shares Time-Based Restricted Shares Total Restricted Shares Beginning of period 348,223 593,834 942,057 Granted (a) 180,144 194,498 374,642 Vested (210,176) (319,828) (530,004) Forfeited (791) (9,106) (9,897) End of period 317,400 459,398 776,798 (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 2023, we issued 108,108 shares earned above target level based on the performance level achieved under the fiscal 2021 performance-based award plan. As of March 31, 2024 and September 30, 2023, total unrecognized compensation costs related to unvested restricted stock awards were $10.5 million and $6.9 million, respectively. The costs remaining as of March 31, 2024 are expected to be recognized over a weighted average period of 1.95 years .

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted income per share adjusts the basic income 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 March 31, Six Months Ended March 31, in thousands (except per share data) 2024 2023 2024 2023 Numerator: Income from continuing operations $ 39,171 $ 34,707 $ 60,899 $ 59,115 Loss from discontinued operations, net of tax — — — (77) Net income $ 39,171 $ 34,707 $ 60,899 $ 59,038 Denominator: Basic weighted-average shares 30,769 30,394 30,681 30,464 Dilutive effect of restricted stock awards 357 211 375 234 Dilutive effect of stock options 7 5 8 4 Diluted weighted-average shares (a) 31,133 30,610 31,064 30,702 Basic income per share: Continuing operations $ 1.27 $ 1.14 $ 1.98 $ 1.94 Discontinued operations — — — — Total $ 1.27 $ 1.14 $ 1.98 $ 1.94 Diluted income per share: Continuing operations $ 1.26 $ 1.13 $ 1.96 $ 1.93 Discontinued operations — — — — Total $ 1.26 $ 1.13 $ 1.96 $ 1.93 (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 March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Stock options — 12 — 12 Time-based restricted stock 1 119 2 134

Other Liabilities

Other Liabilities	6 Months Ended
Other Liabilities	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities include the following as of March 31, 2024 and September 30, 2023: in thousands As of March 31, 2024 As of September 30, 2023 Accrued compensations and benefits 32,335 $ 50,242 Customer deposits 28,716 27,577 Accrued interest 24,328 23,132 Warranty reserves 12,129 13,046 Litigation accruals 8,775 9,404 Income tax liabilities — 272 Other 38,027 33,288 Total $ 144,310 $ 156,961

Segment Information

Segment Information	6 Months Ended
Segment Information	Mar. 31, 2024
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, land and lot sales, and our title operations. Land sales revenue relates to land that does not fit within our homebuilding programs or strategic plans. We also provide title examinations for our homebuyers in certain markets. 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 East : Delaware, Indiana, Maryland, New Jersey (a) , Tennessee, and Virginia Southeast : Florida, Georgia, North Carolina, and South Carolina (a) 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, land sales expense, title operations 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 2023 Annual Report. The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented: Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Revenue West $ 347,338 $ 330,413 $ 584,431 $ 605,228 East 111,844 120,071 186,621 206,261 Southeast 82,358 93,424 157,306 177,347 Total revenue $ 541,540 $ 543,908 $ 928,358 $ 988,836 Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Operating income West $ 46,030 $ 45,513 $ 74,369 $ 82,870 East 12,282 16,244 18,638 25,506 Southeast 10,953 11,517 20,093 22,196 Segment total 69,265 73,274 113,100 130,572 Corporate and unallocated (a) (33,274) (34,482) (56,844) (63,278) Total operating income $ 35,991 $ 38,792 $ 56,256 $ 67,294 (a) Includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, when applicable, 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 certain other amounts that are not allocated to our operating segments. Below operating income, we recognized a gain on sale of investment of $8.6 million during the three and six months ended March 31, 2024 within other income, net. We previously held a minority interest in a technology company specializing in digital marketing for new home communities, which was sold d uring the quarter ended March 31, 2024 . In exchange for the previously held investment, we received cash in escrow along with a minority partnership interest in the acquiring company, which was recorded within other asset s in our condensed consolidated balance sheets. Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Depreciation and amortization West $ 2,452 $ 1,939 $ 3,763 $ 3,544 East 406 388 615 661 Southeast 268 398 588 728 Segment total 3,126 2,725 4,966 4,933 Corporate and unallocated (a) 447 295 840 600 Total depreciation and amortization $ 3,573 $ 3,020 $ 5,806 $ 5,533 (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: Six Months Ended March 31, in thousands 2024 2023 Capital expenditures West $ 6,873 $ 3,086 East 865 1,239 Southeast 462 925 Corporate and unallocated 3,301 2,574 Total capital expenditures $ 11,501 $ 7,824 The following table presents assets by segment as of March 31, 2024 and September 30, 2023: in thousands As of March 31, 2024 As of September 30, 2023 Assets West $ 1,157,508 $ 994,597 East 432,585 356,020 Southeast 372,324 320,430 Corporate and unallocated (a) 552,993 739,986 Total assets $ 2,515,410 $ 2,411,033 (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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 39,171	$ 34,707	$ 60,899	$ 59,038

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans During the fiscal quarter ended March 31, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” except as follows: Name and Title Action Date Plan Arrangement Total Number of Securities Being Sold Plan Expiration Date Rule 10b5-1 Non-Rule 10b5-1 Keith L. Belknap, Executive Vice President, General Counsel and Corporate Secretary Adoption 02/05/24 X — 174,903 05/30/25
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Keith L. Belknap [Member]
Trading Arrangements, by Individual
Name	Keith L. Belknap
Title	Executive Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	480 days
Aggregate Available	174,903	174,903

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2024
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 2024 began on October 1, 2023 and ends on September 30, 2024. Our fiscal year 2023 began on October 1, 2022 and ended on September 30, 2023.
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 share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. This share repurchase 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. No share repurchases were made during the three and six months ended March 31, 2024 and 2023
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 Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers . Homebuilding revenue Homebuilding revenue is reported net of discounts 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 totaled $28.7 million and $27.6 million as of March 31, 2024 and September 30, 2023, respectively. Of the customer liabilities outstanding as of September 30, 2023, $10.1 million and $21.9 million was recognized in revenue during the three and six months ended March 31, 2024 upon closing of the related homes. Land sales and oth er revenue Land sales revenue relates to land that does not fit within our homebuilding programs or 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 Segment Reporting. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 will be effective for our fiscal year ending September 30, 2025 and for our interim periods starting in our first quarter of fiscal 2026. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures. Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for our fiscal year ending September 30, 2026. Early adoption is permitted and the amendments in this update should be applied on a prospective basis. The Company is currently evaluating the impact that the adoption of ASU 2023-09 may have on our consolidated financial statements and 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)	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Disaggregation of Revenue	The following table presents our total revenue disaggregated by revenue stream for the periods presented: Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Homebuilding revenue $ 538,636 $ 542,007 $ 919,555 $ 986,091 Land sales and other revenue 2,904 1,901 8,803 2,745 Total revenue (a) $ 541,540 $ 543,908 $ 928,358 $ 988,836 (a) Please see Note 14 for total revenue disaggregated by reportable segment.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Mar. 31, 2024
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: Six Months Ended March 31, in thousands 2024 2023 Supplemental disclosure of non-cash activity: Increase in operating lease right-of-use assets (a) $ — $ 7,034 Increase in operating lease liabilities (a) $ — $ 7,482 Supplemental disclosure of cash activity: Interest payments $ 34,555 $ 33,406 Income tax payments $ 7,010 $ 378 Tax refunds received $ — $ 9,667 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 132,867 $ 240,829 Restricted cash 32,527 38,321 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 165,394 $ 279,150 (a) Represents leases renewed or additional leases commenced during the six months ended March 31, 2024 and 2023.

Owned Inventory (Tables)

Owned Inventory (Tables)	6 Months Ended
Owned Inventory (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of inventory	The components of our owned inventory are as follows as of March 31, 2024 and September 30, 2023: in thousands As of March 31, 2024 As of September 30, 2023 Homes under construction $ 851,278 $ 644,363 Land under development 951,221 870,740 Land held for future development 19,879 19,879 Land held for sale 18,264 18,579 Capitalized interest 123,214 112,580 Model homes 93,605 90,062 Total owned inventory $ 2,057,461 $ 1,756,203
Schedule of total owned inventory, by segment	Total owned inventory by reportable segment is presented in the table below as of March 31, 2024 and September 30, 2023: in thousands Projects in Progress (a) Land Held for Future Development Land Held for Sale Total Owned March 31, 2024 West $ 1,076,824 $ 3,483 $ 13,004 $ 1,093,311 East 392,848 10,888 4,584 408,320 Southeast 349,560 5,508 676 355,744 Corporate and unallocated (b) 200,086 — — 200,086 Total $ 2,019,318 $ 19,879 $ 18,264 $ 2,057,461 September 30, 2023 West $ 914,908 $ 3,483 $ 14,702 $ 933,093 East 325,395 10,888 3,201 339,484 Southeast 297,142 5,508 676 303,326 Corporate and unallocated (b) 180,300 — — 180,300 Total $ 1,717,745 $ 19,879 $ 18,579 $ 1,756,203 (a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table. (b)
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 March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Abandonments: West $ — $ 111 $ — $ 147 East — — — 154 Total abandonments charges $ — $ 111 $ — $ 301 Total impairment and abandonment charges $ — $ 111 $ — $ 301
Summary of interests in lot option agreements	The following table provides a summary of our interests in lot option agreements as of March 31, 2024 and September 30, 2023: As of March 31, 2024 As of September 30, 2023 in thousands Deposits and non-refundable pre-acquisition costs incurred (a) $ 174,602 $ 165,371 Remaining purchase price if lot option agreements are exercised $ 989,420 $ 949,447 (a)

Interest (Tables)

Interest (Tables)	6 Months Ended
Interest (Tables)	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Inventory, Capitalized Interest Costs	The following table presents certain information regarding interest for the periods presented: Three Months Ended March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Capitalized interest in inventory, beginning of period $ 119,596 $ 113,143 $ 112,580 $ 109,088 Interest incurred 19,689 18,034 37,895 35,864 Capitalized interest amortized to home construction and land sales expenses (a) (16,071) (17,291) (27,261) (31,066) Capitalized interest in inventory, end of period $ 123,214 $ 113,886 $ 123,214 $ 113,886 (a) 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)	6 Months Ended
Borrowings (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company's debt, net of unamortized debt issuance costs consisted of the following as of March 31, 2024 and September 30, 2023: in thousands Maturity Date March 31, 2024 September 30, 2023 6.750% Senior Notes (2025 Notes) March 2025 $ — $ 202,195 5.875% Senior Notes (2027 Notes) October 2027 357,255 357,255 7.250% Senior Notes (2029 Notes) October 2029 350,000 350,000 7.500% Senior Notes (2031 Notes) March 2031 250,000 — Unamortized debt issuance costs (9,314) (5,759) Total Senior Notes, net 947,941 903,691 Junior Subordinated Notes (net of unamortized accretion of $25,403 and $26,436, respectively) July 2036 75,370 74,337 Senior Unsecured Revolving Credit Facility March 2028 — — Total debt, net $ 1,023,311 $ 978,028
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 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. 7.500% Senior Notes March 2024 March 2031 On or prior to March 15, 2027, we may redeem up to 35% of the aggregate principal amount of the 2031 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 107.500% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2031 Notes originally issued remains outstanding immediately after such redemption. Callable at any time prior to March 15, 2027, 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, 2027, callable at a redemption price equal to 103.750% of the principal amount; on or after March 15, 2028, callable at a redemption price equal to 101.875% of the principal amount; on or after March 15, 2029, 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)	6 Months Ended
Operating Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	operating lease expense and cash payments on lease liabilities for the periods presented: Three Months Ended March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Operating lease expense $ 1,018 $ 956 $ 2,099 $ 1,957 Cash payments on lease liabilities $ 1,021 $ 1,103 $ 1,994 $ 2,244 At March 31, 2024 and 2023, the weighted-average remaining lease term and discount rate were as follows: As of March 31, 2024 2023 Weighted-average remaining lease term 6.8 years 7.3 years Weighted-average discount rate 6.07% 5.79%
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 March 31, 2024: Fiscal Years Ending September 30, in thousands 2024 (a) $ 2,131 2025 4,004 2026 3,393 2027 2,467 2028 2,212 Thereafter 7,967 Total lease payments (b) 22,174 Less: imputed interest 4,631 Total operating lease liabilities $ 17,543 (a) Remaining lease payments are for the period beginning April 1, 2024 through September 30, 2024. (b) Lease payments exclude $3.5 million of legally binding minimum lease payments for office leases 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 March 31, 2024.

Contingencies (Tables)

Contingencies (Tables)	6 Months Ended
Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Warranty reserves	Changes in warranty reserves are as follows for the periods presented: Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Balance at beginning of period $ 12,348 $ 13,159 $ 13,046 $ 13,926 Warranty provision 2,208 2,335 4,112 3,938 Warranty expenditures (2,427) (2,421) (5,029) (4,791) Balance at end of period $ 12,129 $ 13,073 $ 12,129 $ 13,073

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
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 for each hierarchy level: in thousands Level 1 Level 2 Level 3 Total As of March 31, 2024 Deferred compensation plan assets (a) $ 7,500 $ — $ — $ 7,500 As of September 30, 2023 Deferred compensation plan assets (a) $ 6,495 $ — $ — $ 6,495 (a) Amount is measured at fair value on a recurring basis and included in other assets within the condensed consolidated balance sheets.
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 assets and liabilities as of March 31, 2024 and September 30, 2023: As of March 31, 2024 As of September 30, 2023 in thousands Carrying Fair Value Carrying Fair Value Financial assets Certificates of deposit (a) $ 9,279 $ 9,579 $ 1,951 $ 1,986 Total financial assets $ 9,279 $ 9,579 $ 1,951 $ 1,986 Financial liabilities (b) Senior Notes (c) $ 947,941 $ 958,980 $ 903,691 $ 858,528 Junior Subordinated Notes (d) 75,370 75,370 74,337 74,337 Total financial liabilities $ 1,023,311 $ 1,034,350 $ 978,028 $ 932,865 (a) Certificates of deposit held for investment with an original maturity greater than three months are carried at original cost plus accrued interest and reported as other assets on the condensed consolidated balance sheets. The type of certificates of deposit that the Company invests in are not considered debt securities under ASC Topic 320, Investments - Debt Securities . The estimated fair value of our certificates of deposit has been determined using quoted market rates (Level 2). (b) Carrying amounts for financial liabilities are net of unamortized debt issuance costs o r accretion. (c) The estimated fair value of our publicly-held Senior Notes has been determined using quoted market rates (Level 2). (d) 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)	6 Months Ended
Stock-based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense	The f ollowing table presents a summary of stock-based compensation expense related to stock options and restricted stock awards for the periods presented: Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Stock-based compensation expense $ 1,389 $ 1,678 $ 3,062 $ 3,258
Schedule of stock options outstanding	Following is a summary of stock option activity for the six months ended March 31, 2024: Six Months Ended March 31, 2024 Shares Weighted Average Outstanding at beginning of period 13,575 $ 9.61 Exercised (2,110) 7.56 Outstanding at end of period 11,465 9.99 Exercisable at end of period 11,365 $ 9.83
Schedule of nonvested stock awards activity	Following is a summary of restricted stock activity for the six months ended March 31, 2024: Six Months Ended March 31, 2024 Performance-Based Restricted Shares Time-Based Restricted Shares Total Restricted Shares Beginning of period 348,223 593,834 942,057 Granted (a) 180,144 194,498 374,642 Vested (210,176) (319,828) (530,004) Forfeited (791) (9,106) (9,897) End of period 317,400 459,398 776,798 (a)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
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 March 31, Six Months Ended March 31, in thousands (except per share data) 2024 2023 2024 2023 Numerator: Income from continuing operations $ 39,171 $ 34,707 $ 60,899 $ 59,115 Loss from discontinued operations, net of tax — — — (77) Net income $ 39,171 $ 34,707 $ 60,899 $ 59,038 Denominator: Basic weighted-average shares 30,769 30,394 30,681 30,464 Dilutive effect of restricted stock awards 357 211 375 234 Dilutive effect of stock options 7 5 8 4 Diluted weighted-average shares (a) 31,133 30,610 31,064 30,702 Basic income per share: Continuing operations $ 1.27 $ 1.14 $ 1.98 $ 1.94 Discontinued operations — — — — Total $ 1.27 $ 1.14 $ 1.98 $ 1.94 Diluted income per share: Continuing operations $ 1.26 $ 1.13 $ 1.96 $ 1.93 Discontinued operations — — — — Total $ 1.26 $ 1.13 $ 1.96 $ 1.93 (a)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended March 31, Six Months Ended March 31, in thousands 2024 2023 2024 2023 Stock options — 12 — 12 Time-based restricted stock 1 119 2 134

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
Other Liabilities (Tables)	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities include the following as of March 31, 2024 and September 30, 2023: in thousands As of March 31, 2024 As of September 30, 2023 Accrued compensations and benefits 32,335 $ 50,242 Customer deposits 28,716 27,577 Accrued interest 24,328 23,132 Warranty reserves 12,129 13,046 Litigation accruals 8,775 9,404 Income tax liabilities — 272 Other 38,027 33,288 Total $ 144,310 $ 156,961

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Mar. 31, 2024
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 Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Revenue West $ 347,338 $ 330,413 $ 584,431 $ 605,228 East 111,844 120,071 186,621 206,261 Southeast 82,358 93,424 157,306 177,347 Total revenue $ 541,540 $ 543,908 $ 928,358 $ 988,836 Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Operating income West $ 46,030 $ 45,513 $ 74,369 $ 82,870 East 12,282 16,244 18,638 25,506 Southeast 10,953 11,517 20,093 22,196 Segment total 69,265 73,274 113,100 130,572 Corporate and unallocated (a) (33,274) (34,482) (56,844) (63,278) Total operating income $ 35,991 $ 38,792 $ 56,256 $ 67,294 (a) Includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, when applicable, 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 certain other amounts that are not allocated to our operating segments. Below operating income, we recognized a gain on sale of investment of $8.6 million during the three and six months ended March 31, 2024 within other income, net. We previously held a minority interest in a technology company specializing in digital marketing for new home communities, which was sold d uring the quarter ended March 31, 2024 . In exchange for the previously held investment, we received cash in escrow along with a minority partnership interest in the acquiring company, which was recorded within other asset s in our condensed consolidated balance sheets. Three Months Ended Six Months Ended March 31, March 31, in thousands 2024 2023 2024 2023 Depreciation and amortization West $ 2,452 $ 1,939 $ 3,763 $ 3,544 East 406 388 615 661 Southeast 268 398 588 728 Segment total 3,126 2,725 4,966 4,933 Corporate and unallocated (a) 447 295 840 600 Total depreciation and amortization $ 3,573 $ 3,020 $ 5,806 $ 5,533 (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: Six Months Ended March 31, in thousands 2024 2023 Capital expenditures West $ 6,873 $ 3,086 East 865 1,239 Southeast 462 925 Corporate and unallocated 3,301 2,574 Total capital expenditures $ 11,501 $ 7,824 The following table presents assets by segment as of March 31, 2024 and September 30, 2023: in thousands As of March 31, 2024 As of September 30, 2023 Assets West $ 1,157,508 $ 994,597 East 432,585 356,020 Southeast 372,324 320,430 Corporate and unallocated (a) 552,993 739,986 Total assets $ 2,515,410 $ 2,411,033 (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)	6 Months Ended
Description of Business (Details)	Mar. 31, 2024 state region pillar
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
Number of strategic pillars \| pillar	3

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) $ in Millions	Mar. 31, 2024	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		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 541,540	$ 543,908	$ 928,358	$ 988,836
Customer deposits	28,716		28,716		$ 27,577
Contract with customer, liability, revenue recognized	10,100		21,900
Homebuilding revenue
Disaggregation of Revenue [Line Items]
Total revenue	538,636	542,007	919,555	986,091
Land sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,904	$ 1,901	$ 8,803	$ 2,745

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of non-cash activity:
Increase in operating lease right-of-use assets	$ 0	$ 7,034
Increase in operating lease liabilities	0	7,482
Supplemental disclosure of cash activity:
Interest payments	34,555	33,406
Income tax payments	7,010	378
Tax refunds received	0	9,667
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	132,867	240,829	$ 345,590
Restricted cash	32,527	38,321	40,699
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 165,394	$ 279,150	$ 386,289	$ 251,828

Owned Inventory - Schedule of I

Owned Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Inventory Disclosure [Abstract]
Homes under construction	$ 851,278		$ 644,363
Land under development	951,221		870,740
Land held for future development	19,879		19,879
Land held for sale	18,264		18,579
Capitalized interest	123,214	$ 119,596	112,580	$ 113,886	$ 113,143	$ 109,088
Model homes	93,605		90,062
Total owned inventory	$ 2,057,461		$ 1,756,203

Owned Inventory - Narrative (De

Owned Inventory - Narrative (Details)	3 Months Ended		6 Months Ended
Owned Inventory - Narrative (Details)	Mar. 31, 2024 USD ($) home	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) home	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) home
Inventory Disclosure [Abstract]
Number of homes under construction \| home	2,829		2,829		2,163
Number of homes under construction, spec homes \| home	1,084		1,084		779
Total, spec homes	$ 309,000,000		$ 309,000,000		$ 218,000,000
Number of homes under construction, in-process spec homes \| home	903		903		645
In-process spec homes	$ 234,900,000		$ 234,900,000		$ 162,000,000
Number of homes under construction, finished spec homes \| home	181		181		134
Finished spec homes	$ 74,100,000		$ 74,100,000		$ 56,000,000
Threshold number of homes below a minimum threshold of profitability \| home			10
Impairment of projects in process	0	$ 0	$ 0	$ 0
Impairment charges on land held for sale	0	0	0	0
Abandonments charges	$ 0	$ 111,000	$ 0	$ 301,000

Owned Inventory - Total Owned I

Owned Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Projects in progress	$ 2,019,318	$ 1,717,745
Land held for future development	19,879	19,879
Land held for sale	18,264	18,579
Total owned inventory	2,057,461	1,756,203
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in progress	200,086	180,300
Land held for future development	0	0
Land held for sale	0	0
Total owned inventory	200,086	180,300
West \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	1,076,824	914,908
Land held for future development	3,483	3,483
Land held for sale	13,004	14,702
Total owned inventory	1,093,311	933,093
East \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	392,848	325,395
Land held for future development	10,888	10,888
Land held for sale	4,584	3,201
Total owned inventory	408,320	339,484
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	349,560	297,142
Land held for future development	5,508	5,508
Land held for sale	676	676
Total owned inventory	$ 355,744	$ 303,326

Owned Inventory - Inventory Imp

Owned Inventory - Inventory Impairments and Abandonment Charges, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Real Estate Properties [Line Items]
Total abandonments charges	$ 0	$ 111	$ 0	$ 301
Total impairment and abandonment charges	0	111	0	301
West \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	0	111	0	147
East \| Operating Segments
Real Estate Properties [Line Items]
Total abandonments charges	$ 0	$ 0	$ 0	$ 154

Owned Inventory - Summary of In

Owned Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated Entities - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Real Estate Properties [Line Items]
Deposits and non-refundable pre-acquisition costs incurred	$ 174,602	$ 165,371
Remaining purchase price if lot option agreements are exercised	$ 989,420	$ 949,447

Interest (Details)

Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Interest (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 119,596	$ 113,143	$ 112,580	$ 109,088
Interest incurred	19,689	18,034	37,895	35,864
Capitalized interest amortized to home construction and land sales expenses	(16,071)	(17,291)	(27,261)	(31,066)
Capitalized interest in inventory, end of period	$ 123,214	$ 113,886	$ 123,214	$ 113,886

Borrowings - Schedule of Long-t

Borrowings - Schedule of Long-term Debt (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	$ 1,023,311,000	$ 978,028,000
Unamortized debt issuance costs	(9,314,000)	(5,759,000)
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Senior Unsecured Revolving Credit Facility	0	0
Senior Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	947,941,000	903,691,000
Unamortized debt issuance costs	$ (9,314,000)	$ (5,759,000)
Senior Notes \| 6.750%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	6.75%	6.75%
Total outstanding borrowings of unconsolidated entities	$ 0	$ 202,195,000
Senior Notes \| 5.875%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%	5.875%
Total outstanding borrowings of unconsolidated entities	$ 357,255,000	$ 357,255,000
Senior Notes \| 7.250%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.25%	7.25%
Total outstanding borrowings of unconsolidated entities	$ 350,000,000	$ 350,000,000
Senior Notes \| 7.500%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.50%
Total outstanding borrowings of unconsolidated entities	$ 250,000,000	0
Junior Subordinated Notes
Debt Instrument [Line Items]
Total outstanding borrowings of unconsolidated entities	75,370,000	74,337,000
Unamortized accretion	$ 25,403,000	$ 26,436,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)			1 Months Ended		3 Months Ended			6 Months Ended
Borrowings - Narrative (Details) - USD ($)	Jun. 01, 2022	Jun. 01, 2012	Mar. 31, 2024	Jan. 31, 2010	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Oct. 12, 2023	Sep. 30, 2023	Oct. 13, 2022
Line of Credit Facility [Abstract]
Loss on extinguishment of debt, net					$ 424,000		$ 0	$ 437,000	$ 515,000
Senior Notes
Line of Credit Facility [Abstract]
Aggregate principal amount of debt			$ 250,000,000		250,000,000			250,000,000
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt			250,000,000		250,000,000			250,000,000
6.750% \| Senior Notes
Line of Credit Facility [Abstract]
Extinguishment of debt			197,900,000			$ 4,300,000
Loss on extinguishment of debt, net			400,000			$ 100,000
Junior Subordinated Notes
Junior Subordinated Notes [Abstract]
Aggregate principle balance of notes			$ 100,800,000		$ 100,800,000			$ 100,800,000
Weighted average fixed interest rate of debt			8.03%		8.03%			8.03%
Junior Subordinated Debt, Modified Terms
Line of Credit Facility [Abstract]
Aggregate principal amount of debt				$ 75,000,000
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
Line of Credit Facility [Abstract]
Aggregate principal amount of debt			$ 25,800,000		$ 25,800,000			$ 25,800,000
Junior Subordinated Notes [Abstract]
Aggregate principal amount of debt			25,800,000		25,800,000			$ 25,800,000
Junior Subordinated Debt, Original Terms \| LIBOR
Junior Subordinated Notes [Abstract]
Basis spread on variable rate				2.71%				2.45%
Senior Unsecured Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity												$ 400,000,000
Credit facility, available increase in borrowing capacity												$ 100,000,000
Senior Unsecured Revolving Credit Facility			0		0			$ 0			$ 0
Letters of credit secured using cash collateral			0		0			0
Amount of available borrowings under the secured revolving credit facility			300,000,000		300,000,000			300,000,000
Senior Unsecured Revolving Credit Facility \| Senior Notes
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity										$ 300,000,000
Letter of Credit
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral			$ 34,800,000		$ 34,800,000			$ 34,800,000			$ 31,200,000
Letter of Credit \| Senior Notes
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity										$ 100,000,000

Borrowings - Debt Redemption (D

Borrowings - Debt Redemption (Details) - Senior Notes	6 Months Ended
Borrowings - Debt Redemption (Details) - Senior Notes	Mar. 31, 2024	Sep. 30, 2023
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%
7.500%
Debt Instrument [Line Items]
Stated interest rate on debt instrument	7.50%
Redemption percentage	35%
Principal amount outstanding, percentage	0.65
7.500% \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	107.50%
7.500% \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	100%
7.500% \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage	103.75%
7.500% \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage	101.875%
7.500% \| 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		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 1,018	$ 956	$ 2,099	$ 1,957
Cash payments on lease liabilities	$ 1,021	$ 1,103	$ 1,994	$ 2,244
Weighted-average remaining lease term	6 years 9 months 18 days	7 years 3 months 18 days	6 years 9 months 18 days	7 years 3 months 18 days
Weighted-average discount rate	6.07%	5.79%	6.07%	5.79%

Operating Leases - Maturity Ana

Operating Leases - Maturity Analysis of the Annual Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 2,131
2025	4,004
2026	3,393
2027	2,467
2028	2,212
Thereafter	7,967
Total lease payments	22,174
Less: imputed interest	4,631
Total operating lease liabilities	17,543	$ 18,969
Liabilities for leases that have not yet commenced	$ 3,500

Contingencies - Warranty (Detai

Contingencies - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Contingencies - Warranty (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
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	$ 12,348	$ 13,159	$ 13,046	$ 13,926
Accruals for warranties issued	2,208	2,335	4,112	3,938
Warranty expenditures	(2,427)	(2,421)	(5,029)	(4,791)
Balance at end of period	$ 12,129	$ 13,073	$ 12,129	$ 13,073

Contingencies - Litigation and

Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Accrued amounts for litigation and other contingent liabilities	$ 8,775	$ 9,404
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	34,800
Outstanding performance bonds	$ 255,400

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 7,500	$ 6,495
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	7,500	6,495
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Carrying Amount
Financial assets
Total financial assets	$ 9,279	$ 1,951
Financial liabilities
Total financial liabilities	1,023,311	978,028
Carrying Amount \| Senior Notes
Financial liabilities
Total financial liabilities	947,941	903,691
Carrying Amount \| Junior Subordinated Notes
Financial liabilities
Total financial liabilities	75,370	74,337
Fair Value
Financial assets
Total financial assets	9,579	1,986
Financial liabilities
Total financial liabilities	1,034,350	932,865
Fair Value \| Senior Notes
Financial liabilities
Total financial liabilities	958,980	858,528
Fair Value \| Junior Subordinated Notes
Financial liabilities
Total financial liabilities	$ 75,370	$ 74,337

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Expense from income taxes	$ 6,739	$ 5,092	$ 7,920	$ 9,247

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1,389	$ 1,678	$ 3,062	$ 3,258

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options Outstanding (Details) - Stock options - $ / shares	6 Months Ended
	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (shares)	13,575
Exercised (shares)	(2,110)
Outstanding at end of period (shares)	11,465
Exercisable at end of period (shares)	11,365
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period, weighted average exercise price (in USD per share)	$ 9.61
Exercised (in USD per share)	7.56
Outstanding at end of period, weighted average exercise price (in USD per share)	9.99
Exercisable at end of period (in USD per share)	$ 9.83

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1	$ 0.1
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]
Unrecognized compensation cost	$ 10.5	$ 6.9
Weighted average period to recognize remaining cost	1 year 11 months 12 days

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Awards (Details) - shares	1 Months Ended	6 Months Ended
	Nov. 30, 2023	Mar. 31, 2024
Total Restricted Shares
Shares
Beginning of period (in shares)		942,057
Granted (in shares)		374,642
Vested (in shares)		(530,004)
Forfeited (in shares)		(9,897)
End of period (in shares)		776,798
Performance-Based Restricted Shares
Shares
Beginning of period (in shares)		348,223
Granted (in shares)		180,144
Vested (in shares)		(210,176)
Forfeited (in shares)		(791)
End of period (in shares)		317,400
Award vesting period		3 years
Performance based restricted stock settled in cash payment (in shares)	108,108
Time-based restricted stock
Shares
Beginning of period (in shares)		593,834
Granted (in shares)		194,498
Vested (in shares)		(319,828)
Forfeited (in shares)		(9,106)
End of period (in shares)		459,398

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		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Income from continuing operations	$ 39,171	$ 34,707	$ 60,899	$ 59,115
Loss from discontinued operations, net of tax	0	0	0	(77)
Net income	$ 39,171	$ 34,707	$ 60,899	$ 59,038
Denominator:
Basic weighted-average shares (in shares)	30,769	30,394	30,681	30,464
Dilutive effect of restricted stock awards (in shares)	357	211	375	234
Dilutive effect of stock options (in shares)	7	5	8	4
Dilutive weighted-average shares (in shares)	31,133	30,610	31,064	30,702
Basic income per share:
Continuing operations (in USD per share)	$ 1.27	$ 1.14	$ 1.98	$ 1.94
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	1.27	1.14	1.98	1.94
Diluted income per share:
Continuing operations (in USD per share)	1.26	1.13	1.96	1.93
Discontinued operations (in USD per share)	0	0	0	0
Total (in USD per share)	$ 1.26	$ 1.13	$ 1.96	$ 1.93

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	0	12	0	12
Time-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	1	119	2	134

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Accrued compensations and benefits	$ 32,335		$ 50,242
Customer deposits	28,716		27,577
Accrued interest	24,328		23,132
Warranty reserves	12,129	$ 12,348	13,046	$ 13,073	$ 13,159	$ 13,926
Litigation accruals	8,775		9,404
Income tax liabilities	0		272
Other	38,027		33,288
Total	$ 144,310		$ 156,961

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) state region	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) state region segment	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of states in which home building segments operate \| state	13		13
Number of regions in which entity operates \| region	3		3
Number of reportable segments \| segment			3
Revenue	$ 541,540	$ 543,908	$ 928,358	$ 988,836
Operating income	35,991	38,792	56,256	67,294
Depreciation and amortization	3,573	3,020	5,806	5,533
Capital expenditures			11,501	7,824
Assets	2,515,410		2,515,410		$ 2,411,033
Gain on sale of investments	8,600		8,600
Operating Segments
Segment Reporting Information [Line Items]
Operating income	69,265	73,274	113,100	130,572
Depreciation and amortization	3,126	2,725	4,966	4,933
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating income	(33,274)	(34,482)	(56,844)	(63,278)
Depreciation and amortization	447	295	840	600
Capital expenditures			3,301	2,574
Assets	552,993		552,993		739,986
West
Segment Reporting Information [Line Items]
Revenue	347,338	330,413	584,431	605,228
West \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	46,030	45,513	74,369	82,870
Depreciation and amortization	2,452	1,939	3,763	3,544
Capital expenditures			6,873	3,086
Assets	1,157,508		1,157,508		994,597
East
Segment Reporting Information [Line Items]
Revenue	111,844	120,071	186,621	206,261
East \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	12,282	16,244	18,638	25,506
Depreciation and amortization	406	388	615	661
Capital expenditures			865	1,239
Assets	432,585		432,585		356,020
Southeast
Segment Reporting Information [Line Items]
Revenue	82,358	93,424	157,306	177,347
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	10,953	11,517	20,093	22,196
Depreciation and amortization	268	$ 398	588	728
Capital expenditures			462	$ 925
Assets	$ 372,324		$ 372,324		$ 320,430