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    James 'Jay' McCanless

    Managing Director of Equity Research at Wedbush Securities

    James 'Jay' McCanless is a Managing Director of Equity Research at Wedbush Securities, specializing in coverage of homebuilders and building products companies, including major names like Lennar Corporation, KB Home, and LGI Homes. He is recognized for a strong track record, ranking among the top 300 Wall Street analysts with a one-year success rate exceeding 66% and an average return of 17.7% per rating, and alternate platforms report success rates as high as 82% with average returns approaching 35%. McCanless began his career in financial services over 14 years ago, having covered REITs, building products, and home furnishings for several sell-side firms before joining Wedbush, and he holds both a B.S.M. in Finance from Tulane University and an MBA from Belmont University. He is FINRA-registered and maintains Series 7, 63, 86, and 87 licenses, reflecting his professional expertise and regulatory credentials.

    James 'Jay' McCanless's questions to BEAZER HOMES USA (BZH) leadership

    James 'Jay' McCanless's questions to BEAZER HOMES USA (BZH) leadership • Q1 2025

    Question

    James 'Jay' McCanless of Wedbush Securities asked about a range of topics, including the margin difference between spec and to-be-built homes, the long-term target for this mix, details on a new rate-lock program, and the sustainability of order growth in the West. He also sought to confirm changes to the full-year guidance.

    Answer

    CEO Allan Merrill stated the margin gap between to-be-built and spec homes is 3-5 points and the long-term target mix is likely 60% to-be-built and 40% spec. He explained the new rate-lock program reallocates existing incentive dollars to make to-be-built homes more competitive. CFO David Goldberg and CEO Allan Merrill confirmed the primary guidance change was pointing to the low end of the gross margin range (19.5%). Merrill also noted the $3,000 cost saving represents just over 1% of a home's build cost.

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