XML 43 R36.htm IDEA: XBRL DOCUMENT
v3.19.1

Supplemental Guarantor Information (Tables) | 3 Months Ended
--- | ---
Dec. 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 December 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 | $ | 82,115 |  |  | $ | 2,267 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 84,399 |
Restricted cash | 11,897 |  |  | 740 |  |  | — |  |  | — |  |  | 12,637 |
Accounts receivable (net of allowance of $378) | — |  |  | 19,349 |  |  | — |  |  | — |  |  | 19,349 |
Owned inventory | — |  |  | 1,722,120 |  |  | — |  |  | — |  |  | 1,722,120 |
Investments in unconsolidated entities | 773 |  |  | 2,877 |  |  | — |  |  | — |  |  | 3,650 |
Deferred tax assets, net | 218,025 |  |  | — |  |  | — |  |  | — |  |  | 218,025 |
Property and equipment, net | — |  |  | 24,408 |  |  | — |  |  | — |  |  | 24,408 |
Investments in subsidiaries | 636,800 |  |  | — |  |  | — |  |  | (636,800 | ) |  | — |
Intercompany | 963,614 |  |  | (6,858 | ) |  | 1,686 |  |  | (958,442 | ) |  | — |
Goodwill | — |  |  | 10,605 |  |  | — |  |  | — |  |  | 10,605 |
Other assets | 982 |  |  | 7,215 |  |  | — |  |  | — |  |  | 8,197 |
Total assets | $ | 1,914,206 |  |  | $ | 1,782,723 |  |  | $ | 1,703 |  |  | $ | (1,595,242 | ) |  | $ | 2,103,390 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 99,864 |  |  | $ | — |  |  | $ | — |  |  | $ | 99,864 |
Other liabilities | 24,261 |  |  | 88,359 |  |  | 13 |  |  | — |  |  | 112,633 |
Intercompany | 1,686 |  |  | 956,756 |  |  | — |  |  | (958,442 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,253,150 |  |  | 2,634 |  |  | — |  |  | — |  |  | 1,255,784 |
Total liabilities | 1,279,097 |  |  | 1,147,613 |  |  | 13 |  |  | (958,442 | ) |  | 1,468,281 |
Stockholders’ equity | 635,109 |  |  | 635,110 |  |  | 1,690 |  |  | (636,800 | ) |  | 635,109 |
Total liabilities and stockholders’ equity | $ | 1,914,206 |  |  | $ | 1,782,723 |  |  | $ | 1,703 |  |  | $ | (1,595,242 | ) |  | $ | 2,103,390 |
Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information September 30, 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 | $ | 93,875 |  |  | $ | 45,355 |  |  | $ | 575 |  |  | $ | — |  |  | $ | 139,805 |
Restricted cash | 10,921 |  |  | 2,522 |  |  | — |  |  | — |  |  | 13,443 |
Accounts receivable (net of allowance of $378) | — |  |  | 24,647 |  |  | — |  |  | — |  |  | 24,647 |
Owned inventory | — |  |  | 1,692,284 |  |  | — |  |  | — |  |  | 1,692,284 |
Investments in unconsolidated entities | 773 |  |  | 3,262 |  |  | — |  |  | — |  |  | 4,035 |
Deferred tax assets, net | 213,955 |  |  | — |  |  | — |  |  | — |  |  | 213,955 |
Property and equipment, net | — |  |  | 20,843 |  |  | — |  |  | — |  |  | 20,843 |
Investments in subsidiaries | 645,086 |  |  | — |  |  | — |  |  | (645,086 | ) |  | — |
Intercompany | 922,525 |  |  | — |  |  | 2,304 |  |  | (924,829 | ) |  | — |
Goodwill | — |  |  | 9,751 |  |  | — |  |  | — |  |  | 9,751 |
Other assets | 694 |  |  | 8,626 |  |  | 19 |  |  | — |  |  | 9,339 |
Total assets | $ | 1,887,829 |  |  | $ | 1,807,290 |  |  | $ | 2,898 |  |  | $ | (1,569,915 | ) |  | $ | 2,128,102 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 126,432 |  |  | $ | — |  |  | $ | — |  |  | $ | 126,432 |
Other liabilities | 14,357 |  |  | 111,906 |  |  | 126 |  |  | — |  |  | 126,389 |
Intercompany | 2,304 |  |  | 922,525 |  |  | — |  |  | (924,829 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,227,141 |  |  | 4,113 |  |  | — |  |  | — |  |  | 1,231,254 |
Total liabilities | 1,243,802 |  |  | 1,164,976 |  |  | 126 |  |  | (924,829 | ) |  | 1,484,075 |
Stockholders’ equity | 644,027 |  |  | 642,314 |  |  | 2,772 |  |  | (645,086 | ) |  | 644,027 |
Total liabilities and stockholders’ equity | $ | 1,887,829 |  |  | $ | 1,807,290 |  |  | $ | 2,898 |  |  | $ | (1,569,915 | ) |  | $ | 2,128,102 |
Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss) | Beazer Homes USA, Inc. Consolidating Statements of Operations (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended December 31, 2018 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 402,040 |  |  | $ | 115 |  |  | $ | (115 | ) |  | $ | 402,040 |
Home construction and land sales expenses | 17,323 |  |  | 323,170 |  |  | — |  |  | (115 | ) |  | 340,378 |
Inventory impairments and abandonments | 115 |  |  | 892 |  |  | — |  |  | — |  |  | 1,007 |
Gross (loss) profit | (17,438 | ) |  | 77,978 |  |  | 115 |  |  | — |  |  | 60,655 |
Commissions | — |  |  | 15,737 |  |  | — |  |  | — |  |  | 15,737 |
General and administrative expenses | — |  |  | 38,646 |  |  | (4 | ) |  | — |  |  | 38,642 |
Depreciation and amortization | — |  |  | 2,770 |  |  | — |  |  | — |  |  | 2,770 |
Operating (loss) income | (17,438 | ) |  | 20,825 |  |  | 119 |  |  | — |  |  | 3,506 |
Equity in loss of unconsolidated entities | — |  |  | (64 | ) |  | — |  |  | — |  |  | (64 | )
Other (expense) income, net | (242 | ) |  | 204 |  |  | (4 | ) |  | — |  |  | (42 | )
(Loss) income from continuing operations before income taxes | (17,680 | ) |  | 20,965 |  |  | 115 |  |  | — |  |  | 3,400 |
Expense (benefit) from income taxes | 20,385 |  |  | (24,336 | ) |  | 29 |  |  | — |  |  | (3,922 | )
Equity in income of subsidiaries | 45,387 |  |  | — |  |  | — |  |  | (45,387 | ) |  | — |
Income from continuing operations | 7,322 |  |  | 45,301 |  |  | 86 |  |  | (45,387 | ) |  | 7,322 |
Loss from discontinued operations, net of tax | — |  |  | (7 | ) |  | (4 | ) |  | — |  |  | (11 | )
Equity in loss of subsidiaries from discontinued operations | (11 | ) |  | — |  |  | — |  |  | 11 |  |  | — |
Net income | $ | 7,311 |  |  | $ | 45,294 |  |  | $ | 82 |  |  | $ | (45,376 | ) |  | $ | 7,311 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended December 31, 2017 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 372,489 |  |  | $ | 14 |  |  | $ | (14 | ) |  | $ | 372,489 |
Home construction and land sales expenses | 16,468 |  |  | 295,206 |  |  | — |  |  | (14 | ) |  | 311,660 |
Gross (loss) profit | (16,468 | ) |  | 77,283 |  |  | 14 |  |  | — |  |  | 60,829 |
Commissions | — |  |  | 14,356 |  |  | — |  |  | — |  |  | 14,356 |
General and administrative expenses | — |  |  | 37,244 |  |  | 41 |  |  | — |  |  | 37,285 |
Depreciation and amortization | — |  |  | 2,507 |  |  | — |  |  | — |  |  | 2,507 |
Operating (loss) income | (16,468 | ) |  | 23,176 |  |  | (27 | ) |  | — |  |  | 6,681 |
Equity in loss of unconsolidated entities | — |  |  | (101 | ) |  | — |  |  | — |  |  | (101 | )
Loss on extinguishment of debt | (25,904 | ) |  | — |  |  | — |  |  | — |  |  | (25,904 | )
Other (expense) income, net | (3,435 | ) |  | 296 |  |  | (6 | ) |  | — |  |  | (3,145 | )
(Loss) income from continuing operations before income taxes | (45,807 | ) |  | 23,371 |  |  | (33 | ) |  | — |  |  | (22,469 | )
(Benefit) expense from income taxes | (12,185 | ) |  | 120,303 |  |  | (12 | ) |  | — |  |  | 108,106 |
Equity in loss of subsidiaries | (96,953 | ) |  | — |  |  | — |  |  | 96,953 |  |  | — |
Loss from continuing operations | (130,575 | ) |  | (96,932 | ) |  | (21 | ) |  | 96,953 |  |  | (130,575 | )
Loss from discontinued operations | — |  |  | (369 | ) |  | (3 | ) |  | — |  |  | (372 | )
Equity in loss of subsidiaries from discontinued operations | (372 | ) |  | — |  |  | — |  |  | 372 |  |  | — |
Net loss | $ | (130,947 | ) |  | $ | (97,301 | ) |  | $ | (24 | ) |  | $ | 97,325 |  |  | $ | (130,947 | )
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.
Three Months Ended December 31, 2018 |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (31,908 | ) |  | $ | (22,756 | ) |  | $ | (26 | ) |  | $ | — |  |  | $ | (54,690 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (6,354 | ) |  | — |  |  | — |  |  | (6,354 | )
Proceeds from sale of fixed assets | — |  |  | 54 |  |  | — |  |  | — |  |  | 54 |
Return of capital from unconsolidated entities | 532 |  |  | — |  |  | (532 | ) |  | — |  |  | — |
Advances to/from subsidiaries | 21,204 |  |  | — |  |  | — |  |  | (21,204 | ) |  | — |
Net cash provided by (used in) investing activities | 21,736 |  |  | (6,300 | ) |  | (532 | ) |  | (21,204 | ) |  | (6,300 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (11 | ) |  | (1,468 | ) |  | — |  |  | — |  |  | (1,479 | )
Repayment of borrowings from credit facility | (75,000 | ) |  | — |  |  | — |  |  | — |  |  | (75,000 | )
Borrowings from credit facility | 100,000 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |
Debt issuance costs | (400 | ) |  | — |  |  | — |  |  | — |  |  | (400 | )
Repurchase of common stock | (16,500 | ) |  | — |  |  | — |  |  | — |  |  | (16,500 | )
Tax payments for stock-based compensation awards | (1,850 | ) |  | — |  |  | — |  |  | — |  |  | (1,850 | )
Advances to/from subsidiaries | — |  |  | (21,204 | ) |  | — |  |  | 21,204 |  |  | — |
Other financing activities | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Net cash provided by (used in) financing activities | 6,246 |  |  | (22,672 | ) |  | — |  |  | 21,204 |  |  | 4,778 |
Decrease in cash, cash equivalents, and restricted cash | (3,926 | ) |  | (51,728 | ) |  | (558 | ) |  | — |  |  | (56,212 | )
Cash, cash equivalents, and restricted cash at beginning of period | 104,796 |  |  | 47,877 |  |  | 575 |  |  | — |  |  | 153,248 |
Cash, cash equivalents, and restricted cash at end of period | $ | 100,870 |  |  | $ | (3,851 | ) |  | $ | 17 |  |  | $ | — |  |  | $ | 97,036 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended December 31, 2017 |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 91,465 |  |  | $ | (193,721 | ) |  | $ | 32 |  |  | $ | — |  |  | $ | (102,224 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (3,702 | ) |  | — |  |  | — |  |  | (3,702 | )
Proceeds from sale of fixed assets | — |  |  | 84 |  |  | — |  |  | — |  |  | 84 |
Investments in unconsolidated entities | — |  |  | (421 | ) |  | — |  |  | — |  |  | (421 | )
Advances to/from subsidiaries | (187,451 | ) |  | — |  |  | (26 | ) |  | 187,477 |  |  | — |
Net cash used in investing activities | (187,451 | ) |  | (4,039 | ) |  | (26 | ) |  | 187,477 |  |  | (4,039 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (400,012 | ) |  | (1,469 | ) |  | — |  |  | — |  |  | (401,481 | )
Proceeds from issuance of new debt | 400,000 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |
Debt issuance costs | (5,649 | ) |  | — |  |  | — |  |  | — |  |  | (5,649 | )
Tax payments for stock-based compensation awards | (1,322 | ) |  | — |  |  | — |  |  | — |  |  | (1,322 | )
Advances to/from subsidiaries | — |  |  | 186,563 |  |  | — |  |  | (186,563 | ) |  | — |
Other financing activities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash (used in) provided by financing activities | (6,983 | ) |  | 185,094 |  |  | — |  |  | (186,563 | ) |  | (8,452 | )
(Decrease) increase in cash, cash equivalents, and restricted cash | (102,969 | ) |  | (12,666 | ) |  | 6 |  |  | 914 |  |  | (114,715 | )
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 | $ | 191,223 |  |  | $ | 4,188 |  |  | $ | 730 |  |  | $ | (6,247 | ) |  | $ | 189,894 |

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