Supplemental Guarantor Information (Tables)

6 Months Ended

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