Beazer Homes USA, Inc. 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."