We are 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 exceptional value and quality, while seeking to
maximize our return on invested capital over the course of a housing cycle.
Beazer Homes USA, Inc. was incorporated in Delaware in 1993. Our principal executive
offices are located at 1000 Abernathy Road, Suite 260, Atlanta, Georgia 30328
and our main telephone number is (770) 829-3700. We also provide information
about our company, including active communities, through our Internet website
located at www.beazer.com.
Geographic Diversification in Growth Markets. We compete in a large number
of geographic markets across the United States (U.S.) in an attempt to reduce
our exposure to any particular regional economy. Within these markets, we build
homes in a variety of new home communities. We continually review our selection
of markets based on both aggregate demographic information and our own operating
results. We use the results of these reviews to re-allocate our investments
to those markets where we believe we can maximize our profitability and return
on capital over the next several years. During the second quarter of 2015, this
review led us to the decision that we would not continue to invest in new homebuilding
assets in New Jersey.
Diversity of Product Offerings. Our product strategy aims to address the needs
of our target buyers. Within each of our markets, we determine the profile of
buyers we hope to target and design neighborhoods and homes with the specific
needs of those buyers in mind. Depending on the market, we attempt to address
one or more of the following categories of home buyers: entry-level, move-up
or retirement-oriented. Within these buyer groups, we have developed detailed
targeted buyer profiles based on demographic and psychographic data, including
information about their marital and family status, employment, age, affluence,
special interests, media consumption and distance moved. Recognizing that our
customers want to choose certain components of their new home, we offer a limited
number of free structural options on most homes (“Choice PlansTM”),
as well as other paid structural options, and utilize design studios in most
of our markets that enable our customers to further personalize their home by
allowing them to select certain non-structural options such as cabinetry, flooring,
fixtures, appliances and wall coverings.
Differentiated Process. Our sales strategy has three specific tenets: lender
choice (“Mortgage Choices”), personalization (Choice PlansTM) and
energy efficiency (refer to section entitled “Differentiating Beazer Homes”
for a further discussion). To address the homebuyers’ perceived challenge
of securing a mortgage, we facilitate the process by making available a small
number of preferred lenders who offer a comprehensive set of mortgage products,
competitive rates and outstanding customer service. In response to consumers’
desire to reflect their personal preferences and lifestyle in their homes, we
continue to evolve our floor plans based on market opportunity and demand. We
create base plans that meet most homebuyers’ needs but also give the homebuyer
the flexibility to change how the home lives through choices in structural and
design options at no additional cost. We engineer our homes for energy-efficiency,
resulting in cost savings and comfort. Using the ENERGYSTAR® standards as
our minimum performance criteria, our homes reduce the impact on the environment
while decreasing our homebuyers’ annual operating costs.
Consistent Use of National Brand. Our homebuilding and marketing activities
are conducted under the name of Beazer Homes in each of our markets. We believe
that the Beazer Homes® trademark has significant value and is an important
factor in the marketing of our homebuilding activities and business. We utilize
a single brand name across our markets in order to better leverage our national
and local marketing activities. Using a single brand has allowed us to execute
successful national marketing campaigns and online marketing practices.
We evaluate a number of factors in determining which geographic markets to
enter and remain in, as well as which consumer segments to target with our homebuilding
activities. We attempt to anticipate changes in economic and real estate conditions
by evaluating statistical information such as the historical and projected growth
of the population; the number of new jobs created or projected to be created;
the number of housing starts in previous periods; building lot availability
and price; housing inventory; level of competition; and home sale absorption
rates.
We generally seek to differentiate ourselves from our competition in a particular
market with respect to customer service, product type, incorporating energy
efficient features and design and construction quality. We maintain the flexibility
to alter our product mix within a given market, depending on market conditions.
In determining our product mix, we consider demographic trends, demand for a
particular type of product, consumer preferences, margins, timing and the economic
strength of the market. Although some of our homes are priced at the upper end
of the market and we offer a selection of amenities and home customization options,
we generally do not build “custom homes.” We aim to create efficiencies
by using standardized design plans whenever possible. In all of our home offerings,
we attempt to maximize customer satisfaction by incorporating quality and energy-efficient
materials, distinctive design features, convenient locations and competitive
prices.
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