XML 46 R35.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Supplemental Guarantor Information (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Unaudited Condensed Consolidating Balance Sheet Information | Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information March 31, 2018 (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 157,652 |  |  | $ | 7,735 |  |  | $ | 694 |  |  | $ | (7,294 | ) |  | $ | 158,787 |
Restricted cash | 11,818 |  |  | 965 |  |  | — |  |  | — |  |  | 12,783 |
Accounts receivable (net of allowance of $346) | — |  |  | 30,180 |  |  | 3 |  |  | — |  |  | 30,183 |
Income tax receivable | 112 |  |  | — |  |  | — |  |  | — |  |  | 112 |
Owned inventory | — |  |  | 1,677,361 |  |  | — |  |  | — |  |  | 1,677,361 |
Investments in unconsolidated entities | 773 |  |  | 3,520 |  |  | — |  |  | — |  |  | 4,293 |
Deferred tax assets, net | 199,229 |  |  | — |  |  | — |  |  | — |  |  | 199,229 |
Property and equipment, net | — |  |  | 20,166 |  |  | — |  |  | — |  |  | 20,166 |
Investments in subsidiaries | 737,894 |  |  | — |  |  | — |  |  | (737,894 | ) |  | — |
Intercompany | 799,150 |  |  | — |  |  | 2,329 |  |  | (801,479 | ) |  | — |
Other assets | 803 |  |  | 3,786 |  |  | — |  |  | — |  |  | 4,589 |
Total assets | $ | 1,907,431 |  |  | $ | 1,743,713 |  |  | $ | 3,026 |  |  | $ | (1,546,667 | ) |  | $ | 2,107,503 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 117,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 117,143 |
Other liabilities | 16,818 |  |  | 80,889 |  |  | 230 |  |  | — |  |  | 97,937 |
Intercompany | 2,329 |  |  | 806,444 |  |  | — |  |  | (808,773 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,321,318 |  |  | 4,139 |  |  | — |  |  | — |  |  | 1,325,457 |
Total liabilities | 1,340,465 |  |  | 1,008,615 |  |  | 230 |  |  | (808,773 | ) |  | 1,540,537 |
Stockholders’ equity | 566,966 |  |  | 735,098 |  |  | 2,796 |  |  | (737,894 | ) |  | 566,966 |
Total liabilities and stockholders’ equity | $ | 1,907,431 |  |  | $ | 1,743,713 |  |  | $ | 3,026 |  |  | $ | (1,546,667 | ) |  | $ | 2,107,503 |
Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information September 30, 2017 (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 283,191 |  |  | $ | 15,393 |  |  | $ | 724 |  |  | $ | (7,161 | ) |  | $ | 292,147 |
Restricted cash | 11,001 |  |  | 1,461 |  |  | — |  |  | — |  |  | 12,462 |
Accounts receivable (net of allowance of $330) | — |  |  | 36,322 |  |  | 1 |  |  | — |  |  | 36,323 |
Income tax receivable | 88 |  |  | — |  |  | — |  |  | — |  |  | 88 |
Owned inventory | — |  |  | 1,542,807 |  |  | — |  |  | — |  |  | 1,542,807 |
Investments in unconsolidated entities | 773 |  |  | 3,221 |  |  | — |  |  | — |  |  | 3,994 |
Deferred tax assets, net | 307,896 |  |  | — |  |  | — |  |  | — |  |  | 307,896 |
Property and equipment, net | — |  |  | 17,566 |  |  | — |  |  | — |  |  | 17,566 |
Investments in subsidiaries | 808,067 |  |  | — |  |  | — |  |  | (808,067 | ) |  | — |
Intercompany | 606,168 |  |  | — |  |  | 2,337 |  |  | (608,505 | ) |  | — |
Other assets | 599 |  |  | 7,098 |  |  | 15 |  |  | — |  |  | 7,712 |
Total assets | $ | 2,017,783 |  |  | $ | 1,623,868 |  |  | $ | 3,077 |  |  | $ | (1,423,733 | ) |  | $ | 2,220,995 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 103,484 |  |  | $ | — |  |  | $ | — |  |  | $ | 103,484 |
Other liabilities | 11,229 |  |  | 96,189 |  |  | 241 |  |  | — |  |  | 107,659 |
Intercompany | 2,337 |  |  | 613,329 |  |  | — |  |  | (615,666 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,321,777 |  |  | 5,635 |  |  | — |  |  | — |  |  | 1,327,412 |
Total liabilities | 1,335,343 |  |  | 818,637 |  |  | 241 |  |  | (615,666 | ) |  | 1,538,555 |
Stockholders’ equity | 682,440 |  |  | 805,231 |  |  | 2,836 |  |  | (808,067 | ) |  | 682,440 |
Total liabilities and stockholders’ equity | $ | 2,017,783 |  |  | $ | 1,623,868 |  |  | $ | 3,077 |  |  | $ | (1,423,733 | ) |  | $ | 2,220,995 |
Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss) | Beazer Homes USA, Inc. Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2018 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 455,178 |  |  | $ | 23 |  |  | $ | (23 | ) |  | $ | 455,178 |
Home construction and land sales expenses | 19,655 |  |  | 360,469 |  |  | — |  |  | (23 | ) |  | 380,101 |
Gross (loss) profit | (19,655 | ) |  | 94,709 |  |  | 23 |  |  | — |  |  | 75,077 |
Commissions | — |  |  | 17,334 |  |  | — |  |  | — |  |  | 17,334 |
General and administrative expenses | — |  |  | 40,823 |  |  | 29 |  |  | — |  |  | 40,852 |
Depreciation and amortization | — |  |  | 3,066 |  |  | — |  |  | — |  |  | 3,066 |
Operating (loss) income | (19,655 | ) |  | 33,486 |  |  | (6 | ) |  | — |  |  | 13,825 |
Equity in income of unconsolidated entities | — |  |  | 256 |  |  | — |  |  | — |  |  | 256 |
Other (expense) income, net | (1,650 | ) |  | 203 |  |  | (6 | ) |  | — |  |  | (1,453 | )
(Loss) income before income taxes | (21,305 | ) |  | 33,945 |  |  | (12 | ) |  | — |  |  | 12,628 |
(Benefit) expense from income taxes | (5,710 | ) |  | 6,725 |  |  | (3 | ) |  | — |  |  | 1,012 |
Equity in income of subsidiaries | 27,211 |  |  | — |  |  | — |  |  | (27,211 | ) |  | — |
Income (loss) from continuing operations | 11,616 |  |  | 27,220 |  |  | (9 | ) |  | (27,211 | ) |  | 11,616 |
Loss from discontinued operations | — |  |  | (52 | ) |  | (6 | ) |  | — |  |  | (58 | )
Equity in loss of subsidiaries from discontinued operations | (58 | ) |  | — |  |  | — |  |  | 58 |  |  | — |
Net income (loss) and comprehensive income (loss) | $ | 11,558 |  |  | $ | 27,168 |  |  | $ | (15 | ) |  | $ | (27,153 | ) |  | $ | 11,558 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2017 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 425,468 |  |  | $ | 24 |  |  | $ | (24 | ) |  | $ | 425,468 |
Home construction and land sales expenses | 19,819 |  |  | 337,993 |  |  | — |  |  | (24 | ) |  | 357,788 |
Inventory impairments and abandonments | — |  |  | 282 |  |  | — |  |  | — |  |  | 282 |
Gross (loss) profit | (19,819 | ) |  | 87,193 |  |  | 24 |  |  | — |  |  | 67,398 |
Commissions | — |  |  | 16,632 |  |  | — |  |  | — |  |  | 16,632 |
General and administrative expenses | — |  |  | 40,071 |  |  | 29 |  |  | — |  |  | 40,100 |
Depreciation and amortization | — |  |  | 3,155 |  |  | — |  |  | — |  |  | 3,155 |
Operating (loss) income | (19,819 | ) |  | 27,335 |  |  | (5 | ) |  | — |  |  | 7,511 |
Equity in income of unconsolidated entities | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Loss on extinguishment of debt | (15,563 | ) |  | — |  |  | — |  |  | — |  |  | (15,563 | )
Other (expense) income, net | (4,046 | ) |  | 114 |  |  | (8 | ) |  | — |  |  | (3,940 | )
(Loss) income before income taxes | (39,428 | ) |  | 27,482 |  |  | (13 | ) |  | — |  |  | (11,959 | )
(Benefit) expense from income taxes | (14,478 | ) |  | 10,019 |  |  | (5 | ) |  | — |  |  | (4,464 | )
Equity in income of subsidiaries | 17,455 |  |  | — |  |  | — |  |  | (17,455 | ) |  | — |
(Loss) income from continuing operations | (7,495 | ) |  | 17,463 |  |  | (8 | ) |  | (17,455 | ) |  | (7,495 | )
Loss from discontinued operations | — |  |  | (34 | ) |  | (6 | ) |  | — |  |  | (40 | )
Equity in loss of subsidiaries from discontinued operations | (40 | ) |  | — |  |  | — |  |  | 40 |  |  | — |
Net (loss) income and comprehensive (loss) income | $ | (7,535 | ) |  | $ | 17,429 |  |  | $ | (14 | ) |  | $ | (17,415 | ) |  | $ | (7,535 | )
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 827,667 |  |  | $ | 37 |  |  | $ | (37 | ) |  | $ | 827,667 |
Home construction and land sales expenses | 36,123 |  |  | 655,675 |  |  | — |  |  | (37 | ) |  | 691,761 |
Gross (loss) profit | (36,123 | ) |  | 171,992 |  |  | 37 |  |  | — |  |  | 135,906 |
Commissions | — |  |  | 31,690 |  |  | — |  |  | — |  |  | 31,690 |
General and administrative expenses | — |  |  | 78,067 |  |  | 70 |  |  | — |  |  | 78,137 |
Depreciation and amortization | — |  |  | 5,573 |  |  | — |  |  | — |  |  | 5,573 |
Operating (loss) income | (36,123 | ) |  | 56,662 |  |  | (33 | ) |  | — |  |  | 20,506 |
Equity in income of unconsolidated entities | — |  |  | 155 |  |  | — |  |  | — |  |  | 155 |
Loss on extinguishment of debt | (25,904 | ) |  | — |  |  | — |  |  | — |  |  | (25,904 | )
Other (expense) income, net | (5,085 | ) |  | 500 |  |  | (13 | ) |  | — |  |  | (4,598 | )
(Loss) income before income taxes | (67,112 | ) |  | 57,317 |  |  | (46 | ) |  | — |  |  | (9,841 | )
(Benefit) expense from income taxes | (17,897 | ) |  | 127,029 |  |  | (14 | ) |  | — |  |  | 109,118 |
Equity in loss of subsidiaries | (69,744 | ) |  | — |  |  | — |  |  | 69,744 |  |  | — |
Loss from continuing operations | (118,959 | ) |  | (69,712 | ) |  | (32 | ) |  | 69,744 |  |  | (118,959 | )
Loss from discontinued operations | — |  |  | (421 | ) |  | (9 | ) |  | — |  |  | (430 | )
Equity in loss of subsidiaries from discontinued operations | (430 | ) |  | — |  |  | — |  |  | 430 |  |  | — |
Net loss and comprehensive loss | $ | (119,389 | ) |  | $ | (70,133 | ) |  | $ | (41 | ) |  | $ | 70,174 |  |  | $ | (119,389 | )
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2017 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 764,709 |  |  | $ | 60 |  |  | $ | (60 | ) |  | $ | 764,709 |
Home construction and land sales expenses | 35,463 |  |  | 607,963 |  |  | — |  |  | (60 | ) |  | 643,366 |
Inventory impairments and abandonments | — |  |  | 282 |  |  | — |  |  | — |  |  | 282 |
Gross (loss) profit | (35,463 | ) |  | 156,464 |  |  | 60 |  |  | — |  |  | 121,061 |
Commissions | — |  |  | 29,955 |  |  | — |  |  | — |  |  | 29,955 |
General and administrative expenses | — |  |  | 76,436 |  |  | 52 |  |  | — |  |  | 76,488 |
Depreciation and amortization | — |  |  | 5,832 |  |  | — |  |  | — |  |  | 5,832 |
Operating (loss) income | (35,463 | ) |  | 44,241 |  |  | 8 |  |  | — |  |  | 8,786 |
Equity in income of unconsolidated entities | — |  |  | 55 |  |  | — |  |  | — |  |  | 55 |
Loss on extinguishment of debt | (15,563 | ) |  | — |  |  | — |  |  | — |  |  | (15,563 | )
Other (expense) income, net | (9,298 | ) |  | 171 |  |  | (9 | ) |  | — |  |  | (9,136 | )
(Loss) income before income taxes | (60,324 | ) |  | 44,467 |  |  | (1 | ) |  | — |  |  | (15,858 | )
(Benefit) expense from income taxes | (22,048 | ) |  | 15,044 |  |  | — |  |  | — |  |  | (7,004 | )
Equity in income of subsidiaries | 29,422 |  |  | — |  |  | — |  |  | (29,422 | ) |  | — |
(Loss) income from continuing operations | (8,854 | ) |  | 29,423 |  |  | (1 | ) |  | (29,422 | ) |  | (8,854 | )
Loss from discontinued operations | — |  |  | (101 | ) |  | (9 | ) |  | — |  |  | (110 | )
Equity in loss of subsidiaries and discontinued operations | (110 | ) |  | — |  |  | — |  |  | 110 |  |  | — |
Net (loss) income and comprehensive (loss) income | $ | (8,964 | ) |  | $ | 29,322 |  |  | $ | (10 | ) |  | $ | (29,312 | ) |  | $ | (8,964 | )
Unaudited Condensed Consolidating Statements of Cash Flow Information | Beazer Homes USA, Inc. Condensed Consolidating Statements of Cash Flow Information (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018 |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 68,837 |  |  | $ | (185,014 | ) |  | $ | (8 | ) |  | $ | — |  |  | $ | (116,185 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (8,192 | ) |  | — |  |  | — |  |  | (8,192 | )
Proceeds from sale of fixed assets | — |  |  | 133 |  |  | — |  |  | — |  |  | 133 |
Investments in unconsolidated entities | — |  |  | (421 | ) |  | — |  |  | — |  |  | (421 | )
Return of capital from unconsolidated entities | — |  |  | 176 |  |  | — |  |  | — |  |  | 176 |
Advances to/from subsidiaries | (186,478 | ) |  | — |  |  | (22 | ) |  | 186,500 |  |  | — |
Net cash used in investing activities | (186,478 | ) |  | (8,304 | ) |  | (22 | ) |  | 186,500 |  |  | (8,304 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (400,028 | ) |  | (1,469 | ) |  | — |  |  | — |  |  | (401,497 | )
Proceeds from issuance of new debt | 400,000 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |
Repayment of borrowings from credit facility | (25,000 | ) |  | — |  |  | — |  |  | — |  |  | (25,000 | )
Borrowings from credit facility | 25,000 |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Debt issuance costs | (5,743 | ) |  | — |  |  | — |  |  | — |  |  | (5,743 | )
Advances to/from subsidiaries | — |  |  | 186,633 |  |  | — |  |  | (186,633 | ) |  | — |
Other financing activities | (1,310 | ) |  | — |  |  | — |  |  | — |  |  | (1,310 | )
Net cash (used in) provided by financing activities | (7,081 | ) |  | 185,164 |  |  | — |  |  | (186,633 | ) |  | (8,550 | )
Decrease in cash, cash equivalents and restricted cash | (124,722 | ) |  | (8,154 | ) |  | (30 | ) |  | (133 | ) |  | (133,039 | )
Cash, cash equivalents and restricted cash at beginning of period | 294,192 |  |  | 16,854 |  |  | 724 |  |  | (7,161 | ) |  | 304,609 |
Cash, cash equivalents and restricted cash at end of period | $ | 169,470 |  |  | $ | 8,700 |  |  | $ | 694 |  |  | $ | (7,294 | ) |  | $ | 171,570 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2017 |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (44,754 | ) |  | $ | (27,243 | ) |  | $ | (65 | ) |  | $ | — |  |  | $ | (72,062 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (5,677 | ) |  | — |  |  | — |  |  | (5,677 | )
Proceeds from sale of fixed assets | — |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
Investments in unconsolidated entities | — |  |  | (2,411 | ) |  | — |  |  | — |  |  | (2,411 | )
Return of capital from unconsolidated entities | — |  |  | 1,621 |  |  | — |  |  | — |  |  | 1,621 |
Advances to/from subsidiaries | (20,019 | ) |  | — |  |  | 10 |  |  | 20,009 |  |  | — |
Net cash (used in) provided by investing activities | (20,019 | ) |  | (6,393 | ) |  | 10 |  |  | 20,009 |  |  | (6,393 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (253,000 | ) |  | (3,207 | ) |  | — |  |  | — |  |  | (256,207 | )
Proceeds from issuance of new debt | 250,000 |  |  | — |  |  | — |  |  | — |  |  | 250,000 |
Repayment of borrowings from credit facility | (25,000 | ) |  | — |  |  | — |  |  | — |  |  | (25,000 | )
Borrowings from credit facility | 25,000 |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Debt issuance costs | (4,721 | ) |  | — |  |  | — |  |  | — |  |  | (4,721 | )
Advances to/from subsidiaries | — |  |  | 20,747 |  |  | — |  |  | (20,747 | ) |  | — |
Other financing activities | (388 | ) |  | — |  |  | — |  |  | — |  |  | (388 | )
Net cash (used in) provided by financing activities | (8,109 | ) |  | 17,540 |  |  | — |  |  | (20,747 | ) |  | (11,316 | )
Decrease in cash, cash equivalents and restricted cash | (72,882 | ) |  | (16,096 | ) |  | (55 | ) |  | (738 | ) |  | (89,771 | )
Cash, cash equivalents and restricted cash at beginning of period | 228,513 |  |  | 18,404 |  |  | 859 |  |  | (4,500 | ) |  | 243,276 |
Cash, cash equivalents and restricted cash at end of period | $ | 155,631 |  |  | $ | 2,308 |  |  | $ | 804 |  |  | $ | (5,238 | ) |  | $ | 153,505 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration