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Supplemental Guarantor Information | 3 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Supplemental Guarantor Information | Supplemental Guarantor Information As discussed in Note 7, the Company's obligations to pay principal, premium, if any, and interest under certain debt agreements are guaranteed on a joint and several basis by substantially all of the Company's subsidiaries. Some of the immaterial subsidiaries do not guarantee the Senior Notes or the Facility. The guarantees are full and unconditional, and the guarantor subsidiaries are 100% owned by Beazer Homes USA, Inc. The following unaudited financial information presents the line items of the Company's unaudited condensed consolidated financial statements separated by amounts related to the parent issuer, guarantor subsidiaries, non-guarantor subsidiaries, and consolidating adjustments as of or for the periods presented. Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information December 31, 2019 (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 35,258 |  |  | $ | 6,007 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 41,277 |
Restricted cash | 17,847 |  |  | 912 |  |  | — |  |  | — |  |  | 18,759 |
Accounts receivable (net of allowance of $313) | — |  |  | 19,439 |  |  | — |  |  | — |  |  | 19,439 |
Income tax receivable | 4,612 |  |  | — |  |  | — |  |  | — |  |  | 4,612 |
Owned inventory | — |  |  | 1,574,280 |  |  | — |  |  | — |  |  | 1,574,280 |
Investments in unconsolidated entities | 773 |  |  | 3,157 |  |  | — |  |  | — |  |  | 3,930 |
Deferred tax assets, net | 247,382 |  |  | — |  |  | — |  |  | — |  |  | 247,382 |
Property and equipment, net | — |  |  | 26,623 |  |  | — |  |  | — |  |  | 26,623 |
Operating lease right-of-use assets | — |  |  | 12,975 |  |  | — |  |  | — |  |  | 12,975 |
Investments in subsidiaries | 711,246 |  |  | — |  |  | — |  |  | (711,246 | ) |  | — |
Intercompany | 748,246 |  |  | — |  |  | 1,676 |  |  | (749,922 | ) |  | — |
Goodwill | — |  |  | 11,376 |  |  | — |  |  | — |  |  | 11,376 |
Other assets | 1,098 |  |  | 6,353 |  |  | — |  |  | — |  |  | 7,451 |
Total assets | $ | 1,766,462 |  |  | $ | 1,661,122 |  |  | $ | 1,688 |  |  | $ | (1,461,168 | ) |  | $ | 1,968,104 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 110,153 |  |  | $ | — |  |  | $ | — |  |  | $ | 110,153 |
Operating lease liabilities | — |  |  | 15,158 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,158 |
Other liabilities | 17,444 |  |  | 77,991 |  |  | 16 |  |  | — |  |  | 95,451 |
Intercompany | 1,676 |  |  | 748,246 |  |  | — |  |  | (749,922 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,208,062 |  |  | — |  |  | — |  |  | — |  |  | 1,208,062 |
Total liabilities | 1,227,182 |  |  | 951,548 |  |  | 16 |  |  | (749,922 | ) |  | 1,428,824 |
Stockholders’ equity | 539,280 |  |  | 709,574 |  |  | 1,672 |  |  | (711,246 | ) |  | 539,280 |
Total liabilities and stockholders’ equity | $ | 1,766,462 |  |  | $ | 1,661,122 |  |  | $ | 1,688 |  |  | $ | (1,461,168 | ) |  | $ | 1,968,104 |
Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information September 30, 2019 (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 70,617 |  |  | $ | 36,115 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 106,741 |
Restricted cash | 14,847 |  |  | 1,206 |  |  | — |  |  | — |  |  | 16,053 |
Accounts receivable (net of allowance of $304) | — |  |  | 26,394 |  |  | 1 |  |  | — |  |  | 26,395 |
Income tax receivable | 4,935 |  |  | — |  |  | — |  |  | — |  |  | 4,935 |
Owned inventory | — |  |  | 1,504,248 |  |  | — |  |  | — |  |  | 1,504,248 |
Investments in unconsolidated entities | 773 |  |  | 3,189 |  |  | — |  |  | — |  |  | 3,962 |
Deferred tax assets, net | 246,957 |  |  | — |  |  | — |  |  | — |  |  | 246,957 |
Property and equipment, net | — |  |  | 27,421 |  |  | — |  |  | — |  |  | 27,421 |
Investments in subsidiaries | 636,791 |  |  | — |  |  | — |  |  | (636,791 | ) |  | — |
Intercompany | 753,769 |  |  | — |  |  | 1,680 |  |  | (755,449 | ) |  | — |
Goodwill | — |  |  | 11,376 |  |  | — |  |  | — |  |  | 11,376 |
Other assets | 1,235 |  |  | 8,317 |  |  | 4 |  |  | — |  |  | 9,556 |
Total assets | $ | 1,729,924 |  |  | $ | 1,618,266 |  |  | $ | 1,694 |  |  | $ | (1,392,240 | ) |  | $ | 1,957,644 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 131,152 |  |  | $ | — |  |  | $ | — |  |  | $ | 131,152 |
Other liabilities | 12,335 |  |  | 97,081 |  |  | 13 |  |  | — |  |  | 109,429 |
Intercompany | 1,680 |  |  | 753,769 |  |  | — |  |  | (755,449 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,177,155 |  |  | 1,154 |  |  | — |  |  | — |  |  | 1,178,309 |
Total liabilities | 1,191,170 |  |  | 983,156 |  |  | 13 |  |  | (755,449 | ) |  | 1,418,890 |
Stockholders’ equity | 538,754 |  |  | 635,110 |  |  | 1,681 |  |  | (636,791 | ) |  | 538,754 |
Total liabilities and stockholders’ equity | $ | 1,729,924 |  |  | $ | 1,618,266 |  |  | $ | 1,694 |  |  | $ | (1,392,240 | ) |  | $ | 1,957,644 |
Beazer Homes USA, Inc. Condensed 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, 2019 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 417,804 |  |  | $ | — |  |  | $ | — |  |  | $ | 417,804 |
Home construction and land sales expenses | 19,669 |  |  | 334,998 |  |  | — |  |  | — |  |  | 354,667 |
Gross (loss) profit | (19,669 | ) |  | 82,806 |  |  | — |  |  | — |  |  | 63,137 |
Commissions | — |  |  | 16,065 |  |  | — |  |  | — |  |  | 16,065 |
General and administrative expenses | — |  |  | 39,699 |  |  | — |  |  | — |  |  | 39,699 |
Depreciation and amortization | — |  |  | 3,427 |  |  | — |  |  | — |  |  | 3,427 |
Operating (loss) income | (19,669 | ) |  | 23,615 |  |  | — |  |  | — |  |  | 3,946 |
Equity in income of unconsolidated entities | — |  |  | (13 | ) |  | — |  |  | — |  |  | (13 | )
Other (expense) income, net | (1,442 | ) |  | 102 |  |  | — |  |  | — |  |  | (1,340 | )
(Loss) income from continuing operations before income taxes | (21,111 | ) |  | 23,704 |  |  | — |  |  | — |  |  | 2,593 |
(Benefit) expense from income taxes | (1,900 | ) |  | 1,689 |  |  | — |  |  | — |  |  | (211 | )
Equity in income of subsidiaries | 22,015 |  |  | — |  |  | — |  |  | (22,015 | ) |  | — |
Income from continuing operations | 2,804 |  |  | 22,015 |  |  | — |  |  | (22,015 | ) |  | 2,804 |
Loss from discontinued operations, net of tax | — |  |  | (49 | ) |  | (9 | ) |  | — |  |  | (58 | )
Equity in loss of subsidiaries from discontinued operations | (58 | ) |  | — |  |  | — |  |  | 58 |  |  | — |
Net income (loss) | $ | 2,746 |  |  | $ | 21,966 |  |  | $ | (9 | ) |  | $ | (21,957 | ) |  | $ | 2,746 |
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 income 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 |
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, 2019 |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (35,926 | ) |  | $ | (48,490 | ) |  | $ | (114 | ) |  | $ | — |  |  | $ | (84,530 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (2,632 | ) |  | — |  |  | — |  |  | (2,632 | )
Proceeds from sale of fixed assets | — |  |  | 66 |  |  | — |  |  | — |  |  | 66 |
Return of capital from unconsolidated entities | — |  |  | 19 |  |  | — |  |  | — |  |  | 19 |
Advances to/from subsidiaries | (21,906 | ) |  | — |  |  | 117 |  |  | 21,789 |  |  | — |
Net cash (used in) provided by investing activities | (21,906 | ) |  | (2,547 | ) |  | 117 |  |  | 21,789 |  |  | (2,547 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | — |  |  | (1,150 | ) |  | — |  |  | — |  |  | (1,150 | )
Repayment of borrowings from credit facility | (95,000 | ) |  | — |  |  | — |  |  | — |  |  | (95,000 | )
Borrowings from credit facility | 125,000 |  |  | — |  |  | — |  |  | — |  |  | 125,000 |
Tax payments for stock-based compensation awards | (2,646 | ) |  | — |  |  | — |  |  | — |  |  | (2,646 | )
Stock option exercises and other financing activities | (1,885 | ) |  | — |  |  | — |  |  | — |  |  | (1,885 | )
Advances to/from subsidiaries | — |  |  | 21,789 |  |  | — |  |  | (21,789 | ) |  | — |
Net cash provided by financing activities | 25,469 |  |  | 20,639 |  |  | — |  |  | (21,789 | ) |  | 24,319 |
Decrease in cash, cash equivalents, and restricted cash | (32,363 | ) |  | (30,398 | ) |  | 3 |  |  | — |  |  | (62,758 | )
Cash, cash equivalents, and restricted cash at beginning of period | 85,464 |  |  | 37,321 |  |  | 9 |  |  | — |  |  | 122,794 |
Cash, cash equivalents, and restricted cash at end of period | $ | 53,101 |  |  | $ | 6,923 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 60,036 |
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 | )
Proceeds from issuance of new debt | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings from credit facility | 100,000 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |
Repurchase of common stock | (16,500 | ) |  | — |  |  | — |  |  | — |  |  | (16,500 | )
Repayment of borrowings from credit facility | (75,000 | ) |  | — |  |  | — |  |  | — |  |  | (75,000 | )
Debt issuance costs | (400 | ) |  | — |  |  | — |  |  | — |  |  | (400 | )
Tax payments for stock-based compensation awards | (1,850 | ) |  | — |  |  | — |  |  | — |  |  | (1,850 | )
Stock option exercises and other financing activities | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Advances to/from subsidiaries | — |  |  | (21,204 | ) |  | — |  |  | 21,204 |  |  | — |
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 |

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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