Supplemental Guarantor Information

3 Months Ended

6 Months Ended

Mar. 31, 2012

Mar. 31, 2012

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	252,555	$	5,002	$	745	$	(1,274	)	$	257,028
Restricted cash	276,934		461		—		—			277,395
Accounts receivable (net of allowance of $4,099)	—		21,690		11		—			21,701
Income tax receivable	2,399		—		—		—			2,399
Owned inventory	—		1,191,572		—		—			1,191,572
Consolidated inventory not owned	—		14,405		—		—			14,405
Investments in unconsolidated joint ventures	773		20,618		—		—			21,391
Deferred tax assets, net	6,145		—		—		—			6,145
Property, plant and equipment, net	—		21,895		—		—			21,895
Previously owned rental homes, net	—		18,980		—		—			18,980
Investments in subsidiaries	100,068		—		—		(100,068		)	—
Intercompany	1,055,867		—		3,008		(1,058,875		)	—
Other assets	16,083		6,680		2,270		—			25,033
Total assets	$	1,710,824	$	1,301,303	$	6,034	$	(1,160,217	)	$	1,857,944
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	54,947	$	—	$	—		$	54,947
Other liabilities	59,525		82,786		2,478		—			144,789
Intercompany	1,106		1,059,043		—		$	(1,060,149	)	—
Obligations related to land not owned under option agreements	—		6,260		—		—			6,260
Total debt (net of discounts of $21,313)	1,431,827		1,755		—		—			1,433,582
Total liabilities	1,492,458		1,204,791		2,478		$	(1,060,149	)	1,639,578
Stockholders’ equity	218,366		96,512		3,556		(100,068		)	218,366
Total liabilities and stockholders’ equity	$	1,710,824	$	1,301,303	$	6,034	$	(1,160,217	)	$	1,857,944

	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	360,723	$	10,488	$	418	$	(1,226	)	$	370,403
Restricted cash	276,678		380		—		—			277,058
Accounts receivable (net of allowance of $3,872)	—		28,292		11		—			28,303
Income tax receivable	4,823		—		—		—			4,823
Owned inventory	—		1,192,380		—		—			1,192,380
Consolidated inventory not owned	—		11,753		—		—			11,753
Investments in unconsolidated joint ventures	773		8,694		—		—			9,467
Deferred tax assets	2,760		—		—		—			2,760
Property, plant and equipment, net	—		22,613		—		—			22,613
Previously owned rental homes, net	—		11,347		—		—			11,347
Investments in subsidiaries	100,996		—		—		(100,996		)	—
Intercompany	1,013,753		—		4,773		(1,018,526		)	—
Other assets	18,550		25,190		2,830		—			46,570
Total assets	$	1,779,056	$	1,311,137	$	8,032	$	(1,120,748	)	$	1,977,477
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	72,695	$	—	$	—		$	72,695
Other liabilities	93,047		116,210		2,930		—			212,187
Intercompany	1,072		1,018,680		—		(1,019,752		)	—
Obligations related to consolidated inventory not owned	—		5,389		—		—			5,389
Total debt (net of discounts of $23,243)	1,486,557		2,269		—		—			1,488,826
Total liabilities	1,580,676		1,215,243		2,930		(1,019,752		)	1,779,097
Stockholders’ equity	198,380		95,894		5,102		(100,996		)	198,380
Total liabilities and stockholders’ equity	$	1,779,056	$	1,311,137	$	8,032	$	(1,120,748	)	$	1,977,477

	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments				Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2012
Total revenue	$	—		$	191,643		$	241		$	(241	)		$	191,643
Home construction and land sales expenses	12,636			157,888			—			(241		)		170,283
Inventory impairments and option contract abandonments	25			1,145			—			—				1,170
Gross (loss) profit	(12,661		)	32,610			241			—				20,190
Commissions	—			8,375			—			—				8,375
General and administrative expenses	—			26,285			34			—				26,319
Depreciation and amortization	—			3,190			—			—				3,190
Operating (loss) income	(12,661		)	(5,240		)	207			—				(17,694		)
Equity in income of unconsolidated joint ventures	—			4			—			—				4
Loss on extinguishment of debt	(2,747		)	—			—			—				(2,747		)
Other (expense) income, net	(18,798		)	524			9			—				(18,265		)
(Loss) income before income taxes	(34,206		)	(4,712		)	216			—				(38,702		)
(Benefit from) provision for income taxes	(13,296		)	12,385			75			—				(836		)
Equity in (loss) income of subsidiaries	(16,956		)	—			—			16,956			16,956	—
(Loss) income from continuing operations	(37,866		)	(17,097		)	141			16,956				(37,866		)
Loss from discontinued operations	—			(2,078		)	(4		)	—				(2,082		)
Equity in (loss) income of subsidiaries	(2,082		)	—			—			2,082				—
Net (loss) income	$	(39,948	)	$	(19,175	)	$	137		$	19,038			$	(39,948	)
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments				Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2011
Total revenue	$	—		$	125,716		$	282		$	(282	)		$	125,716
Home construction and land sales expenses	8,279			101,241			—			(282		)		109,238
Inventory impairments and option contract abandonments	1,409			16,413			—			—				17,822
Gross (loss) profit	(9,688		)	8,062			282			—				(1,344		)
Commissions	—			5,233			—			—				5,233
General and administrative expenses	—			36,036			32			—				36,068
Depreciation and amortization	—			2,062			—			—				2,062
Operating (loss) income	(9,688		)	(35,269		)	250			—				(44,707		)
Equity in income of unconsolidated joint ventures	—			71			—			—				71
Loss on extinguishment of debt	(102		)	—			—			—				(102		)
Other (expense) income, net	(19,058		)	7,575			17			—				(11,466		)
(Loss) income before income taxes	(28,848		)	(27,623		)	267			—				(56,204		)
(Benefit from) provision for income taxes	(11,213		)	8,694			93			—				(2,426		)
Equity in (loss) income of subsidiaries	(36,143		)	—			—			36,143				—
(Loss) income from continuing operations	(53,778		)	(36,317		)	174			36,143				(53,778		)
Income (loss) from discontinued operations	—			26			(3		)	—				23
Equity in income (loss) of subsidiaries	23			—			—			(23		)		—
Net (loss) income	$	(53,755	)	$	(36,291	)	$	171		$	36,120			$	(53,755	)

Beazer Homes USA, Inc.

Unaudited Consolidating Statement of Operations Information

(in thousands)

	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2012
Total revenue	$	—		$	380,191		$	460		$	(460	)	$	380,191
Home construction and land sales expenses	25,479			308,040			—			(460		)	333,059
Inventory impairments and option contract abandonments	53			4,620			—			—			4,673
Gross (loss) profit	(25,532		)	67,531			460			—			42,459
Commissions	—			16,746			—			—			16,746
General and administrative expenses	—			54,451			62			—			54,513
Depreciation and amortization	—			5,593			—			—			5,593
Operating (loss) income	(25,532		)	(9,259		)	398			—			(34,393		)
Equity in loss of unconsolidated joint ventures	—			(73		)	—			—			(73		)
Loss on extinguishment of debt	(2,747		)	—			—			—			(2,747		)
Other (expense) income, net	(37,914		)	1,357			19			—			(36,538		)
(Loss) income before income taxes	(66,193		)	(7,975		)	417			—			(73,751		)
(Benefit from) provision for income taxes	(25,729		)	(11,000		)	146			—			(36,583		)
Equity in income (loss) of subsidiaries	3,296			—			—			(3,296		)	—
(Loss) income from continuing operations	(37,168		)	3,025			271			(3,296		)	(37,168		)
(Loss) from discontinued operations	—			(2,034		)	(7		)	—			(2,041		)
Equity in loss of subsidiaries	(2,041		)	—			—			2,041			—
Net income	$	(39,209	)	$	991		$	264		$	(1,255	)	$	(39,209	)
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2011
Total revenue	$	—		$	234,668		$	533		$	(533	)	$	234,668
Home construction and land sales expenses	15,173			191,649			—			(533		)	206,289
Inventory impairments and option contract abandonments	1,409			17,052			—			—			18,461
Gross (loss) profit	(16,582		)	25,967			533			—			9,918
Commissions	—			10,223			—			—			10,223
General and administrative expenses	—			68,507			64			—			68,571
Depreciation and amortization	—			3,967			—			—			3,967
Operating (loss) income	(16,582		)	(56,730		)	469			—			(72,843		)
Equity in income of unconsolidated joint ventures	—			309			—			—			309
Loss on extinguishment of debt	(3,004		)	—			—			—			(3,004		)
Other (expense) income, net	(37,981		)	8,406			44			—			(29,531		)
(Loss) income before income taxes	(57,567		)	(48,015		)	513			—			(105,069		)
(Benefit from) provision for income taxes	(22,376		)	19,178			179			—			(3,019		)
Equity in (loss) income of subsidiaries	(66,859		)	—			—			66,859			—
(Loss) income from continuing operations	(102,050		)	(67,193		)	334			66,859			(102,050		)
Loss from discontinued operations	—			(507		)	(6		)	—			(513		)
Equity in loss of subsidiaries	(513		)	—			—			513			—
Net (loss) income	$	(102,563	)	$	(67,700	)	$	328		$	67,372		$	(102,563	)

	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2012
Net cash (used in) provided by operating activities	$	(102,064	)	$	21,676		$	362		$	—		$	(80,026	)
Cash flows from investing activities:
Capital expenditures	—			(12,488		)	—			—			(12,488		)
Investments in unconsolidated joint ventures	—			(810		)	—			—			(810		)
Return of capital from joint ventures	—			428			—			—			428
Increases in restricted cash	(255		)	(633		)	—			—			(888		)
Decreases in restricted cash	551			—			—			—			551
Net cash provided by (used in) investing activities	296			(13,503		)	—			—			(13,207		)
Cash flows from financing activities:
Repayment of debt	(2,385		)	(514		)	—			—			(2,899		)
Settlement of unconsolidated JV debt obligations	(15,862		)	—			—			—			(15,862		)
Debt issuance costs	(97		)	—			—			—			(97		)
Equity issuance costs	(1,212		)	—			—			—			(1,212		)
Common stock redeemed	(34		)	—			—			—			(34		)
Excess tax benefit from equity-based compensation	(38		)	—			—			—			(38		)
Dividends paid	(1,800		)	—			1,800			—			—
Advances to/from subsidiaries	15,028			(13,145		)	(1,835		)	(48		)	—
Net cash used in financing activities	(6,400		)	(13,659		)	(35		)	(48		)	(20,142		)
(Decrease) increase in cash and cash equivalents	(108,168		)	(5,486		)	327			(48		)	(113,375		)
Cash and cash equivalents at beginning of period	360,723			10,488			418			(1,226		)	370,403
Cash and cash equivalents at end of period	$	252,555		$	5,002		$	745		$	(1,274	)	$	257,028
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2011
Net cash (used in) provided by operating activities	$	(14,602	)	$	(172,292	)	$	182		$	—		$	(186,712	)
Cash flows from investing activities:
Capital expenditures	—			(5,001		)	—			—			(5,001		)
Investments in unconsolidated joint ventures	—			(1,431		)	—			—			(1,431		)
Increases in restricted cash	(33,742		)	(340		)	—			—			(34,082		)
Decreases in restricted cash	1,894			370			—			—			2,264
Net cash used in investing activities	(31,848		)	(6,402		)	—			—			(38,250		)
Cash flows from financing activities:
Repayment of debt	(199,700		)	(464		)	—			—			(200,164		)
Proceeds from issuance of new debt	246,388			—			—			—			246,388
Proceeds from issuance of cash secured loan	32,591			—			—			—			32,591
Debt issuance costs	(5,130		)	—			—			—			(5,130		)
Common stock redeemed	(64		)	—			—			—			(64		)
Excess tax benefit from equity-based compensation	(3,584		)	—			—			—			(3,584		)
Advances to/from subsidiaries	(169,519		)	172,118			11			(2,610		)	—
Net cash (used in) provided by financing activities	(99,018		)	171,654			11			(2,610		)	70,037
(Decrease) increase in cash and cash equivalents	(145,468		)	(7,040		)	193			(2,610		)	(154,925		)
Cash and cash equivalents at beginning of period	530,847			8,343			200			(2,269		)	537,121
Cash and cash equivalents at end of period	$	385,379		$	1,303		$	393		$	(4,879	)	$	382,196

Supplemental Guarantor Information

As discussed in Note 7, our obligations to pay principal, premium, if any, and interest under certain debt are guaranteed on a joint and several basis by substantially all of our subsidiaries. Certain of our immaterial subsidiaries do not guarantee our Senior Notes or our Secured Revolving Credit Facility. The guarantees are full and unconditional and the guarantor subsidiaries are 100% owned by Beazer Homes USA, Inc. We have revised the prior period presentation for intercompany amounts included in the financial statements below to be consistent with the current year presentation.