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Supplemental Guarantor Information (Tables) | 6 Months Ended
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Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Unaudited Condensed Consolidating Balance Sheet Information | Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information March 31, 2020 (Unaudited)
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 291,549 |  |  | $ | 2,715 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 294,265 |
Restricted cash | 17,097 |  |  | 1,185 |  |  | — |  |  | — |  |  | 18,282 |
Accounts receivable (net of allowance of $309) | — |  |  | 20,568 |  |  | 6 |  |  | — |  |  | 20,574 |
Income tax receivable | 9,224 |  |  | — |  |  | — |  |  | — |  |  | 9,224 |
Owned inventory | — |  |  | 1,595,300 |  |  | — |  |  | — |  |  | 1,595,300 |
Investments in unconsolidated entities | 773 |  |  | 3,267 |  |  | — |  |  | — |  |  | 4,040 |
Deferred tax assets, net | 238,766 |  |  | — |  |  | — |  |  | — |  |  | 238,766 |
Property and equipment, net | — |  |  | 25,820 |  |  | — |  |  | — |  |  | 25,820 |
Operating lease right-of-use assets | — |  |  | 15,109 |  |  | — |  |  | — |  |  | 15,109 |
Investments in subsidiaries | 747,785 |  |  | — |  |  | — |  |  | (747,785 | ) |  | — |
Intercompany | 697,843 |  |  | — |  |  | 1,662 |  |  | (699,505 | ) |  | — |
Goodwill | — |  |  | 11,376 |  |  | — |  |  | — |  |  | 11,376 |
Other assets | 973 |  |  | 5,263 |  |  | 3 |  |  | — |  |  | 6,239 |
Total assets | $ | 2,004,010 |  |  | $ | 1,680,603 |  |  | $ | 1,672 |  |  | $ | (1,447,290 | ) |  | $ | 2,238,995 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 137,238 |  |  | $ | — |  |  | $ | — |  |  | $ | 137,238 |
Operating lease liabilities | — |  |  | 17,147 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,147 |
Other liabilities | 26,076 |  |  | 82,251 |  |  | 9 |  |  | — |  |  | 108,336 |
Intercompany | 1,662 |  |  | 697,843 |  |  | — |  |  | (699,505 | ) |  | — |
Total debt (net of premium and debt issuance costs) | 1,428,790 |  |  | 2 |  |  | — |  |  | — |  |  | 1,428,792 |
Total liabilities | 1,456,528 |  |  | 934,481 |  |  | 9 |  |  | (699,505 | ) |  | 1,691,513 |
Stockholders’ equity | 547,482 |  |  | 746,122 |  |  | 1,663 |  |  | (747,785 | ) |  | 547,482 |
Total liabilities and stockholders’ equity | $ | 2,004,010 |  |  | $ | 1,680,603 |  |  | $ | 1,672 |  |  | $ | (1,447,290 | ) |  | $ | 2,238,995 |
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 March 31, 2020 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 489,413 |  |  | $ | — |  |  | $ | — |  |  | $ | 489,413 |
Home construction and land sales expenses | 22,660 |  |  | 387,908 |  |  | — |  |  | — |  |  | 410,568 |
Gross (loss) profit | (22,660 | ) |  | 101,505 |  |  | — |  |  | — |  |  | 78,845 |
Commissions | — |  |  | 18,744 |  |  | — |  |  | — |  |  | 18,744 |
General and administrative expenses | — |  |  | 40,050 |  |  | — |  |  | — |  |  | 40,050 |
Depreciation and amortization | — |  |  | 3,627 |  |  | — |  |  | — |  |  | 3,627 |
Operating (loss) income | (22,660 | ) |  | 39,084 |  |  | — |  |  | — |  |  | 16,424 |
Equity in income of unconsolidated entities | — |  |  | 147 |  |  | — |  |  | — |  |  | 147 |
Other (expense) income, net | (1,928 | ) |  | 142 |  |  | — |  |  | — |  |  | (1,786 | )
(Loss) income from continuing operations before income taxes | (24,588 | ) |  | 39,373 |  |  | — |  |  | — |  |  | 14,785 |
(Benefit) expense from income taxes | (5,602 | ) |  | 9,772 |  |  | — |  |  | — |  |  | 4,170 |
Equity in income of subsidiaries | 29,601 |  |  | — |  |  | — |  |  | (29,601 | ) |  | — |
Income from continuing operations | 10,615 |  |  | 29,601 |  |  | — |  |  | (29,601 | ) |  | 10,615 |
Income (loss) from discontinued operations, net of tax | — |  |  | 8 |  |  | (9 | ) |  | — |  |  | (1 | )
Equity in loss of subsidiaries from discontinued operations | (1 | ) |  | — |  |  | — |  |  | 1 |  |  | — |
Net income (loss) | $ | 10,614 |  |  | $ | 29,609 |  |  | $ | (9 | ) |  | $ | (29,600 | ) |  | $ | 10,614 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 421,260 |  |  | $ | — |  |  | $ | — |  |  | $ | 421,260 |
Home construction and land sales expenses | 18,544 |  |  | 337,785 |  |  | — |  |  | — |  |  | 356,329 |
Inventory impairments and abandonments | 13,792 |  |  | 133,819 |  |  | — |  |  | — |  |  | 147,611 |
Gross loss | (32,336 | ) |  | (50,344 | ) |  | — |  |  | — |  |  | (82,680 | )
Commissions | — |  |  | 15,998 |  |  | — |  |  | — |  |  | 15,998 |
General and administrative expenses | — |  |  | 37,372 |  |  | — |  |  | — |  |  | 37,372 |
Depreciation and amortization | — |  |  | 2,900 |  |  | — |  |  | — |  |  | 2,900 |
Operating loss | (32,336 | ) |  | (106,614 | ) |  | — |  |  | — |  |  | (138,950 | )
Equity in income of unconsolidated entities | — |  |  | 81 |  |  | — |  |  | — |  |  | 81 |
Gain on extinguishment of debt | 216 |  |  | — |  |  | — |  |  | — |  |  | 216 |
Other (expense) income, net | (597 | ) |  | 260 |  |  | — |  |  | — |  |  | (337 | )
Loss from continuing operations before income taxes | (32,717 | ) |  | (106,273 | ) |  | — |  |  | — |  |  | (138,990 | )
Benefit from income taxes | (10,142 | ) |  | (28,016 | ) |  | — |  |  | — |  |  | (38,158 | )
Equity in loss of subsidiaries | (78,257 | ) |  | — |  |  | — |  |  | 78,257 |  |  | — |
Loss from continuing operations | (100,832 | ) |  | (78,257 | ) |  | — |  |  | 78,257 |  |  | (100,832 | )
Loss from discontinued operations, net of tax | — |  |  | (25 | ) |  | (5 | ) |  | — |  |  | (30 | )
Equity in loss of subsidiaries from discontinued operations | (30 | ) |  | — |  |  | — |  |  | 30 |  |  | — |
Net loss | $ | (100,862 | ) |  | $ | (78,282 | ) |  | $ | (5 | ) |  | $ | 78,287 |  |  | $ | (100,862 | )
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 907,217 |  |  | $ | — |  |  | $ | — |  |  | $ | 907,217 |
Home construction and land sales expenses | 42,329 |  |  | 722,906 |  |  | — |  |  | — |  |  | 765,235 |
Gross (loss) profit | (42,329 | ) |  | 184,311 |  |  | — |  |  | — |  |  | 141,982 |
Commissions | — |  |  | 34,809 |  |  | — |  |  | — |  |  | 34,809 |
General and administrative expenses | — |  |  | 79,749 |  |  | — |  |  | — |  |  | 79,749 |
Depreciation and amortization | — |  |  | 7,054 |  |  | — |  |  | — |  |  | 7,054 |
Operating (loss) income | (42,329 | ) |  | 62,699 |  |  | — |  |  | — |  |  | 20,370 |
Equity in income of unconsolidated entities | — |  |  | 134 |  |  | — |  |  | — |  |  | 134 |
Other (expense) income, net | (3,370 | ) |  | 244 |  |  | — |  |  | — |  |  | (3,126 | )
(Loss) income from continuing operations before income taxes | (45,699 | ) |  | 63,077 |  |  | — |  |  | — |  |  | 17,378 |
(Benefit) expense from income taxes | (7,502 | ) |  | 11,461 |  |  | — |  |  | — |  |  | 3,959 |
Equity in income of subsidiaries | 51,616 |  |  | — |  |  | — |  |  | (51,616 | ) |  | — |
Income from continuing operations | 13,419 |  |  | 51,616 |  |  | — |  |  | (51,616 | ) |  | 13,419 |
Loss from discontinued operations, net of tax | — |  |  | (41 | ) |  | (18 | ) |  | — |  |  | (59 | )
Equity in loss of subsidiaries from discontinued operations | (59 | ) |  | — |  |  | — |  |  | 59 |  |  | — |
Net income (loss) | $ | 13,360 |  |  | $ | 51,575 |  |  | $ | (18 | ) |  | $ | (51,557 | ) |  | $ | 13,360 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 823,300 |  |  | $ | 115 |  |  | $ | (115 | ) |  | $ | 823,300 |
Home construction and land sales expenses | 35,867 |  |  | 660,955 |  |  | — |  |  | (115 | ) |  | 696,707 |
Inventory impairments and abandonments | 13,908 |  |  | 134,710 |  |  | — |  |  | — |  |  | 148,618 |
Gross (loss) profit | (49,775 | ) |  | 27,635 |  |  | 115 |  |  | — |  |  | (22,025 | )
Commissions | — |  |  | 31,735 |  |  | — |  |  | — |  |  | 31,735 |
General and administrative expenses | — |  |  | 76,018 |  |  | (4 | ) |  | — |  |  | 76,014 |
Depreciation and amortization | — |  |  | 5,670 |  |  | — |  |  | — |  |  | 5,670 |
Operating (loss) income | (49,775 | ) |  | (85,788 | ) |  | 119 |  |  | — |  |  | (135,444 | )
Equity in income of unconsolidated entities | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
Gain on extinguishment of debt | 216 |  |  | — |  |  | — |  |  | — |  |  | 216 |
Other (expense) income, net | (839 | ) |  | 464 |  |  | (4 | ) |  | — |  |  | (379 | )
(Loss) income from continuing operations before income taxes | (50,398 | ) |  | (85,307 | ) |  | 115 |  |  | — |  |  | (135,590 | )
Expense (benefit) from income taxes | 10,241 |  |  | (52,350 | ) |  | 29 |  |  | — |  |  | (42,080 | )
Equity in loss of subsidiaries | (32,871 | ) |  | — |  |  | — |  |  | 32,871 |  |  | — |
(Loss) income from continuing operations | (93,510 | ) |  | (32,957 | ) |  | 86 |  |  | 32,871 |  |  | (93,510 | )
Loss from discontinued operations, net of tax | — |  |  | (31 | ) |  | (10 | ) |  | — |  |  | (41 | )
Equity in loss of subsidiaries and discontinued operations | (41 | ) |  | — |  |  | — |  |  | 41 |  |  | — |
Net (loss) income | $ | (93,551 | ) |  | $ | (32,988 | ) |  | $ | 76 |  |  | $ | 32,912 |  |  | $ | (93,551 | )
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, 2020 |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (14,758 | ) |  | $ | (31,029 | ) |  | $ | (126 | ) |  | $ | — |  |  | $ | (45,913 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (5,478 | ) |  | — |  |  | — |  |  | (5,478 | )
Proceeds from sale of fixed assets | — |  |  | 136 |  |  | — |  |  | — |  |  | 136 |
Advances to/from subsidiaries | (4,218 | ) |  | — |  |  | 118 |  |  | 4,100 |  |  | — |
Net cash (used in) provided by investing activities | (4,218 | ) |  | (5,342 | ) |  | 118 |  |  | 4,100 |  |  | (5,342 | )
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 | 345,000 |  |  | — |  |  | — |  |  | — |  |  | 345,000 |
Repurchase of common stock | (3,327 | ) |  | — |  |  | — |  |  | — |  |  | (3,327 | )
Tax payments for stock-based compensation awards | (2,661 | ) |  | — |  |  | — |  |  | — |  |  | (2,661 | )
Stock option exercises and other financing activities | (1,854 | ) |  | — |  |  | — |  |  | — |  |  | (1,854 | )
Advances to/from subsidiaries | — |  |  | 4,100 |  |  | — |  |  | (4,100 | ) |  | — |
Net cash provided by financing activities | 242,158 |  |  | 2,950 |  |  | — |  |  | (4,100 | ) |  | 241,008 |
Increase (decrease) in cash, cash equivalents, and restricted cash | 223,182 |  |  | (33,421 | ) |  | (8 | ) |  | — |  |  | 189,753 |
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 | $ | 308,646 |  |  | $ | 3,900 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 312,547 |
in thousands | Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (101,323 | ) |  | $ | 18,324 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | (83,034 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (11,508 | ) |  | — |  |  | — |  |  | (11,508 | )
Proceeds from sale of fixed assets | — |  |  | 94 |  |  | — |  |  | — |  |  | 94 |
Investments in unconsolidated entities | — |  |  | (4,088 | ) |  | — |  |  | — |  |  | (4,088 | )
Advances to/from subsidiaries | 44,061 |  |  | — |  |  | (533 | ) |  | (43,528 | ) |  | — |
Net cash provided by (used in) investing activities | 44,061 |  |  | (15,502 | ) |  | (533 | ) |  | (43,528 | ) |  | (15,502 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (5,062 | ) |  | — |  |  | — |  |  | — |  |  | (5,062 | )
Repayment of borrowings from credit facility | (150,000 | ) |  | — |  |  | — |  |  | — |  |  | (150,000 | )
Borrowings from credit facility | 225,000 |  |  | — |  |  | — |  |  | — |  |  | 225,000 |
Debt issuance costs | (400 | ) |  | — |  |  | — |  |  | — |  |  | (400 | )
Repurchase of common stock | (24,004 | ) |  | — |  |  | — |  |  | — |  |  | (24,004 | )
Tax payments for stock-based compensation awards | (1,886 | ) |  | — |  |  | — |  |  | — |  |  | (1,886 | )
Stock option exercises and other financing activities | 278 |  |  | — |  |  | — |  |  | — |  |  | 278 |
Advances to/from subsidiaries | — |  |  | (43,528 | ) |  | — |  |  | 43,528 |  |  | — |
Net cash provided by (used in) financing activities | 43,926 |  |  | (43,528 | ) |  | — |  |  | 43,528 |  |  | 43,926 |
Decrease in cash, cash equivalents, and restricted cash | (13,336 | ) |  | (40,706 | ) |  | (568 | ) |  | — |  |  | (54,610 | )
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 | $ | 91,460 |  |  | $ | 7,171 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 98,638 |

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