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Supplemental Guarantor Information (Tables) | 3 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Unaudited Condensed Consolidating Balance Sheet Information | 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 |
Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss) | 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 |
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, 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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