Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced that its Board of Directors has approved a new share repurchase program authorizing management to repurchase up to $50 million of the Company’s outstanding common stock. This new authorization replaces a prior share repurchase authorization pursuant to which $12 million of capacity was remaining. Importantly, the Company also reiterated its expectation to achieve a Net Debt to Net Capitalization ratio below 50% and its commitment to bring total debt below $1 billion by the end of fiscal 2022.

“The decision to authorize a new repurchase program reflects our disciplined approach to capital allocation,” said David Goldberg, Senior Vice President and CFO. “While investing in new land to grow our business remains our priority, we believe buying shares at a significant discount to book value represents an attractive investment opportunity and reflects our confidence in the business.”

Under the repurchase program, the Company intends to purchase shares from time to time on the open market, through privately negotiated transactions or otherwise. Repurchases of such shares may be made under a Rule 10b5-1 plan, which would permit repurchases when the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of repurchase transactions is subject to the Company’s discretion and will depend on a variety of factors, including market and business conditions, compliance with the Company’s debt agreements, and other considerations. The Company expects to fund repurchases under the share repurchase program with cash on hand and cash generated from operations. The Company is not obligated to acquire any particular number of shares under its repurchase program and the program may be suspended or discontinued at any time.

About Beazer Homes

Headquartered in Atlanta, Beazer Homes (NYSE: BZH) is one of the country’s largest homebuilders. Every Beazer home is designed and built to provide Surprising Performance, giving you more quality and more comfort from the moment you move in – saving you money every month. With Beazer's Choice Plans™, you can personalize your primary living areas – giving you a choice of how you want to live in the home, at no additional cost. And unlike most national homebuilders, we empower our customers to shop and compare loan options. Our Mortgage Choice program gives you the resources to easily compare multiple loan offers and choose the best lender and loan offer for you, saving you thousands over the life of your loan.

We build our homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas, and Virginia. For more information, visit beazer.com, or check out Beazer on Facebook, Instagram and Twitter.

This press release contains forward-looking statements. These forward-looking statements represent our beliefs or expectations concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things: (i) our ability to complete repurchases under the share repurchase program in the amount authorized, or at all; (ii) the impact of the share repurchase program on our business and financial condition; (iii) the cyclical nature of the homebuilding industry and a potential deterioration in homebuilding industry conditions; (iv) increases in mortgage interest rates and reduced availability of mortgage financing due to, among other factors, recent and likely continued actions by the Federal Reserve to address sharp increases in inflation; (v) other economic changes nationally and in local markets, including changes in consumer confidence, wage levels, declines in employment levels, and an increase in the number of foreclosures, each of which is outside our control and affects the affordability of, and demand for, the homes we sell; (vi) potential negative impacts of the COVID-19 pandemic, which, in addition to exacerbating each of the risks listed above and below, may include a significant decrease in demand for our homes or consumer confidence generally with respect to purchasing a home, an inability to sell and build homes in a typical manner or at all, increased costs or decreased supply of building materials, including lumber, or the availability of subcontractors, housing inspectors, and other third-parties we rely on to support our operations, and recognizing charges in future periods, which may be material, for goodwill impairments, inventory impairments and/or land option contract abandonments; (vii) supply chain challenges negatively impacting our homebuilding production, including shortages of raw materials and other critical components such as windows, doors, and appliances; (viii) shortages of or increased costs for labor used in housing production, and the level of quality and craftsmanship provided by such labor; (ix) the availability and cost of land and the risks associated with the future value of our inventory, such as asset impairment charges we took on select California assets during the second quarter of fiscal 2019; (x) factors affecting margins, such as decreased land values underlying land option agreements, increased land development costs in communities under development or delays or difficulties in implementing initiatives to reduce our production and overhead cost structure; (xi) our ability to raise debt and/or equity capital, due to factors such as limitations in the capital markets (including market volatility) or adverse credit market conditions, and our ability to otherwise meet our ongoing liquidity needs (which could cause us to fail to meet the terms of our covenants and other requirements under our various debt instruments and therefore trigger an acceleration of a significant portion or all of our outstanding debt obligations), including the impact of any downgrades of our credit ratings or reduction in our liquidity levels; (xii) market perceptions regarding any capital raising initiatives we may undertake (including future issuances of equity or debt capital); (xiii) terrorist acts, protests and civil unrest, political uncertainty, natural disasters, acts of war or other factors over which the Company has no control; (xiv) inaccurate estimates related to homes to be delivered in the future (backlog), as they are subject to various cancellation risks that cannot be fully controlled; (xv) changes in tax laws or otherwise regarding the deductibility of mortgage interest expenses and real estate taxes; (xvi) increased competition or delays in reacting to changing consumer preferences in home design; (xvii) natural disasters or other related events that could result in delays in land development or home construction, increase our costs or decrease demand in the impacted areas; (xviii) the potential recoverability of our deferred tax assets; (xix) increases in corporate tax rates; (xx) potential delays or increased costs in obtaining necessary permits as a result of changes to, or complying with, laws, regulations or governmental policies, and possible penalties for failure to comply with such laws, regulations or governmental policies, including those related to the environment; (xxi) the results of litigation or government proceedings and fulfillment of any related obligations; (xxii) the impact of construction defect and home warranty claims; (xxiii) the cost and availability of insurance and surety bonds, as well as the sufficiency of these instruments to cover potential losses incurred; (xxiv) the impact of information technology failures, cybersecurity issues or data security breaches; (xxv) the impact of governmental regulations on homebuilding in key markets, such as regulations limiting the availability of water; and (xxvi) the success of our current initiatives, such as our Balanced Growth strategy and our ESG initiatives, including our ability to meet our goal that every home we build will be Net Zero Energy Ready by 2025 as well as the success of any other related partnerships or pilot programs we may enter into in order to increase the energy efficiency of our homes and prepare for a Net Zero future. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021 and in other periodic and current reports filed with or furnished to the U.S. Securities and Exchange Commission from time to time.

Any forward-looking statement, including any statement expressing confidence regarding future outcomes, speaks only as of the date on which such statement is made and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all such factors.

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