Supplemental Guarantor Information (Tables)
|
12 Months Ended |
Sep. 30, 2012
|
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Consolidating Balance Sheet Information |
| | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | ASSETS | | | | | | | | | | Cash and cash equivalents | $ | 481,394 |
| | $ | 8,215 |
| | $ | 646 |
| | $ | (2,460 | ) | | $ | 487,795 |
| Restricted cash | 252,900 |
| | 360 |
| | — |
| | — |
| | 253,260 |
| Accounts receivable (net of allowance of $2,235) | — |
| | 24,594 |
| | 5 |
| | — |
| | 24,599 |
| Income tax receivable | 6,372 |
| | — |
| | — |
| | — |
| | 6,372 |
| Owned inventory | — |
| | 1,099,132 |
| | — |
| | — |
| | 1,099,132 |
| Consolidated inventory not owned | — |
| | 12,420 |
| | — |
| | — |
| | 12,420 |
| Investments in unconsolidated entities | 773 |
| | 41,305 |
| | — |
| | — |
| | 42,078 |
| Deferred tax assets, net | 6,848 |
| | — |
| | — |
| | — |
| | 6,848 |
| Property, plant and equipment, net | — |
| | 18,974 |
| | — |
| | — |
| | 18,974 |
| Previously owned rental homes, net | — |
| | — |
| | — |
| | — |
| | — |
| Investments in subsidiaries | 63,120 |
| | — |
| | — |
| | (63,120 | ) | | — |
| Intercompany | 969,425 |
| | — |
| | 3,001 |
| | (972,426 | ) | | — |
| Other assets | 21,307 |
| | 7,783 |
| | 1,650 |
| | — |
| | 30,740 |
| Total assets | $ | 1,802,139 |
| | $ | 1,212,783 |
| | $ | 5,302 |
| | $ | (1,038,006 | ) | | $ | 1,982,218 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | Trade accounts payable | $ | — |
| | $ | 69,268 |
| | $ | — |
| | $ | — |
| | $ | 69,268 |
| Other liabilities | 49,354 |
| | 96,389 |
| | 1,975 |
| | — |
| | 147,718 |
| Intercompany | 1,098 |
| | 973,788 |
| | — |
| | $ | (974,886 | ) | | — |
| Obligations related to land not owned under option agreements | — |
| | 4,787 |
| | — |
| | — |
| | 4,787 |
| Total debt (net of discounts of $3,082) | 1,489,440 |
| | 8,758 |
| | — |
| | — |
| | 1,498,198 |
| Total liabilities | 1,539,892 |
| | 1,152,990 |
| | 1,975 |
| | $ | (974,886 | ) | | 1,719,971 |
| Stockholders’ equity | 262,247 |
| | 59,793 |
| | 3,327 |
| | (63,120 | ) | | 262,247 |
| Total liabilities and stockholders’ equity | $ | 1,802,139 |
| | $ | 1,212,783 |
| | $ | 5,302 |
| | $ | (1,038,006 | ) | | $ | 1,982,218 |
|
| | | | | | | | | | | | | | | | | | | | | | 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 entities | 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 |
|
|
Consolidating Statement of Operations Information |
| | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Fiscal Year Ended September 30, 2012 | | | | | | | | | | Total revenue | $ | — |
| | $ | 1,005,677 |
| | $ | 941 |
| | $ | (941 | ) | | $ | 1,005,677 |
| Home construction and land sales expenses | 60,952 |
| | 828,368 |
| | — |
| | (941 | ) | | 888,379 |
| Inventory impairments and option contract abandonments | 275 |
| | 11,935 |
| | — |
| | — |
| | 12,210 |
| Gross (loss) profit | (61,227 | ) | | 165,374 |
| | 941 |
| | — |
| | 105,088 |
| Commissions | — |
| | 43,585 |
| | — |
| | — |
| | 43,585 |
| General and administrative expenses | — |
| | 109,937 |
| | 114 |
| | — |
| | 110,051 |
| Depreciation and amortization | — |
| | 13,510 |
| | — |
| | — |
| | 13,510 |
| Operating (loss) income | (61,227 | ) | | (1,658 | ) | | 827 |
| | — |
| | (62,058 | ) | Equity in loss of unconsolidated entities | — |
| | 304 |
| | — |
| | — |
| | 304 |
| Loss on extinguishment of debt | (45,097 | ) | | — |
| | — |
| | — |
| | (45,097 | ) | Other (expense) income, net | (71,474 | ) | | 2,328 |
| | 27 |
| | — |
| | (69,119 | ) | (Loss) income before income taxes | (177,798 | ) | | 974 |
| | 854 |
| | — |
| | (175,970 | ) | (Benefit from) provision for income taxes | (68,026 | ) | | 27,380 |
| | 299 |
| | — |
| | (40,347 | ) | Equity in loss of subsidiaries | (25,851 | ) | | — |
| | — |
| | 25,851 |
| | — |
| (Loss) income from continuing operations | (135,623 | ) | | (26,406 | ) | | 555 |
| | 25,851 |
| | (135,623 | ) | Loss from discontinued operations | — |
| | (9,695 | ) | | (8 | ) | |
|
| | (9,703 | ) | Equity in loss of subsidiaries | (9,703 | ) | | — |
| | — |
| | 9,703 |
| | — |
| Net (loss) income | $ | (145,326 | ) | | $ | (36,101 | ) | | $ | 547 |
| | $ | 35,554 |
| | $ | (145,326 | ) | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Fiscal Year Ended September 30, 2011 | | | | | | | | | | Total revenue | $ | — |
| | $ | 742,405 |
| | $ | 1,102 |
| | $ | (1,102 | ) | | $ | 742,405 |
| Home construction and land sales expenses | 46,382 |
| | 616,571 |
| | — |
| | (1,102 | ) | | 661,851 |
| Inventory impairments and option contract abandonments | 1,907 |
| | 30,552 |
| | — |
| | — |
| | 32,459 |
| Gross (loss) profit | (48,289 | ) | | 95,282 |
| | 1,102 |
| | — |
| | 48,095 |
| Commissions | — |
| | 32,711 |
| | — |
| | — |
| | 32,711 |
| General and administrative expenses | — |
| | 137,261 |
| | 115 |
| | — |
| | 137,376 |
| Depreciation and amortization | — |
| | 10,253 |
| | — |
| | — |
| | 10,253 |
| Operating (loss) income | (48,289 | ) | | (84,943 | ) | | 987 |
| | — |
| | (132,245 | ) | Equity in income of unconsolidated entities | — |
| | 560 |
| | — |
| | — |
| | 560 |
| Loss on extinguishment of debt | (2,909 | ) | | — |
| | — |
| | — |
| | (2,909 | ) | Other (expense) income, net | (73,440 | ) | | 11,145 |
| | 71 |
| | — |
| | (62,224 | ) | (Loss) income before income taxes | (124,638 | ) | | (73,238 | ) | | 1,058 |
| | — |
| | (196,818 | ) | (Benefit from) provision for income taxes | (46,540 | ) | | 49,536 |
| | 370 |
| | — |
| | 3,366 |
| Equity in loss of subsidiaries | (122,086 | ) | | — |
| | — |
| | 122,086 |
| | — |
| (Loss) income from continuing operations | (200,184 | ) | | (122,774 | ) | | 688 |
| | 122,086 |
| | (200,184 | ) | Loss from discontinued operations | — |
| | (4,672 | ) | | (3 | ) | | — |
| | (4,675 | ) | Equity in loss of subsidiaries | (4,675 | ) | | — |
| | — |
| | 4,675 |
| | — |
| Net (loss) income | $ | (204,859 | ) | | $ | (127,446 | ) | | $ | 685 |
| | $ | 126,761 |
| | $ | (204,859 | ) |
Beazer Homes USA, Inc. Consolidating Statement of Operations Information (in thousands)
| | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Fiscal Year Ended September 30, 2010 | | | | | | | | | | Total revenue | $ | — |
| | $ | 989,350 |
| | $ | 1,802 |
| | $ | — |
| | $ | 991,152 |
| Home construction and land sales expenses | 52,243 |
| | 805,714 |
| | — |
| | — |
| | 857,957 |
| Inventory impairments and option contract abandonments | 2,313 |
| | 47,253 |
| | — |
| | — |
| | 49,566 |
| Gross (loss) profit | (54,556 | ) | | 136,383 |
| | 1,802 |
| | — |
| | 83,629 |
| Commissions | — |
| | 43,279 |
| | — |
| | — |
| | 43,279 |
| General and administrative expenses | — |
| | 141,005 |
| | 110 |
| | — |
| | 141,115 |
| Depreciation and amortization | — |
| | 12,669 |
| | — |
| | — |
| | 12,669 |
| Operating (loss) income | (54,556 | ) | | (60,570 | ) | | 1,692 |
| | — |
| | (113,434 | ) | Equity in loss of unconsolidated entities | — |
| | (8,807 | ) | | — |
| | — |
| | (8,807 | ) | Gain on extinguishment of debt | 43,625 |
| | 276 |
| | — |
| | — |
| | 43,901 |
| Other (expense) income, net | (74,215 | ) | | 4,551 |
| | 79 |
| | — |
| | (69,585 | ) | (Loss) income before income taxes | (85,146 | ) | | (64,550 | ) | | 1,771 |
| | — |
| | (147,925 | ) | (Benefit from) provision for income taxes | (32,143 | ) | | (86,832 | ) | | 620 |
| | — |
| | (118,355 | ) | Equity in income of subsidiaries | 23,433 |
| | — |
| | — |
| | (23,433 | ) | | — |
| (Loss) income from continuing operations | (29,570 | ) | | 22,282 |
| | 1,151 |
| | (23,433 | ) | | (29,570 | ) | Loss from discontinued operations | — |
| | (4,474 | ) | | (5 | ) | | — |
| | (4,479 | ) | Equity in loss of subsidiaries | (4,479 | ) | | — |
| | — |
| | 4,479 |
| | — |
| Net (loss) income | $ | (34,049 | ) | | $ | 17,808 |
| | $ | 1,146 |
| | $ | (18,954 | ) | | $ | (34,049 | ) |
|
Consolidating Statements of Cash Flow Information |
| | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Fiscal Year Ended September 30, 2012 | | | | | | | | | | Net cash (used in) provided by operating activities | $ | (110,429 | ) | | $ | 88,806 |
| | $ | 778 |
| | $ | — |
| | $ | (20,845 | ) | Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (17,363 | ) | | — |
| | — |
| | (17,363 | ) | Investments in unconsolidated entities | — |
| | (2,407 | ) | | — |
| | — |
| | (2,407 | ) | Return of capital from unconsolidated entities | — |
| | 610 |
| | — |
| | — |
| | 610 |
| Increases in restricted cash | (2,100 | ) | | (1,160 | ) | | — |
| | — |
| | (3,260 | ) | Decreases in restricted cash | 25,919 |
| | 1,139 |
| | — |
| | — |
| | 27,058 |
| Net cash provided by (used in) investing activities | 23,819 |
| | (19,181 | ) | | — |
| | — |
| | 4,638 |
| Cash flows from financing activities: | | | | | | | | | | Repayment of debt | (309,063 | ) | | (1,324 | ) | | — |
| | — |
| | (310,387 | ) | Proceeds from issuance of new debt | 300,000 |
| | — |
| | — |
| | — |
| | 300,000 |
| Debt issuance costs | (10,845 | ) | | — |
| | — |
| | — |
| | (10,845 | ) | Proceeds from issuance of common stock | 60,340 |
| | — |
| | — |
| | — |
| | 60,340 |
| Proceeds from issuance of TEU prepaid stock purchase contracts, net | 88,361 |
| | — |
| | — |
| | — |
| | 88,361 |
| Proceeds from issuance of TEU amortizing notes | 23,500 |
| | — |
| | — |
| | — |
| | 23,500 |
| Settlement of unconsolidated entity debt obligations | (15,862 | ) | | — |
| | — |
| | — |
| | (15,862 | ) | Payments for other financing activities | (1,508 | ) | | — |
| | — |
| | — |
| | (1,508 | ) | Dividends paid | 2,300 |
| | — |
| | (2,300 | ) | | — |
| | — |
| Advances to/from subsidiaries | 70,058 |
| | (70,574 | ) | | 1,750 |
| | (1,234 | ) | | — |
| Net cash provided by (used in) financing activities | 207,281 |
| | (71,898 | ) | | (550 | ) | | (1,234 | ) | | 133,599 |
| (Decrease) increase in cash and cash equivalents | 120,671 |
| | (2,273 | ) | | 228 |
| | (1,234 | ) | | 117,392 |
| 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 | $ | 481,394 |
| | $ | 8,215 |
| | $ | 646 |
| | $ | (2,460 | ) | | $ | 487,795 |
| | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Fiscal Year Ended September 30, 2011 | | | | | | | | | | Net cash (used in) provided by operating activities | $ | (53,850 | ) | | $ | (126,090 | ) | | $ | 1,004 |
| | $ | — |
| | $ | (178,936 | ) | Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (20,514 | ) | | — |
| | — |
| | (20,514 | ) | Investments in unconsolidated entities | — |
| | (1,924 | ) | | — |
| | — |
| | (1,924 | ) | Increases in restricted cash | (249,728 | ) | | (1,111 | ) | | — |
| | — |
| | (250,839 | ) | Decreases in restricted cash | 11,832 |
| | 1,149 |
| | — |
| | — |
| | 12,981 |
| Net cash used in investing activities | (237,896 | ) | | (22,400 | ) | | — |
| | — |
| | (260,296 | ) | Cash flows from financing activities: | | | | | | | | | | Repayment of debt | (214,005 | ) | | (1,371 | ) | | — |
| | — |
| | (215,376 | ) | Proceeds from issuance of new debt | 246,387 |
| | — |
| | — |
| | — |
| | 246,387 |
| Proceeds from issuance of cash secured loan | 247,368 |
| | — |
| | — |
| | — |
| | 247,368 |
| Debt issuance costs | (5,172 | ) | | — |
| | — |
| | — |
| | (5,172 | ) | Payments for other financing activities | (693 | ) | | — |
| | — |
| | — |
| | (693 | ) | Dividends paid | 850 |
| | — |
| | (850 | ) | | — |
| | — |
| Advances to/from subsidiaries | (153,113 | ) | | 152,006 |
| | 64 |
| | 1,043 |
| | — |
| Net cash provided by (used in) financing activities | 121,622 |
| | 150,635 |
| | (786 | ) | | 1,043 |
| | 272,514 |
| (Decrease) increase in cash and cash equivalents | (170,124 | ) | | 2,145 |
| | 218 |
| | 1,043 |
| | (166,718 | ) | 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 | $ | 360,723 |
| | $ | 10,488 |
| | $ | 418 |
| | $ | (1,226 | ) | | $ | 370,403 |
|
Beazer Homes USA, Inc. Consolidating Statements of Cash Flow Information (in thousands)
| | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Fiscal Year Ended September 30, 2010 | | | | | | | | | | Net cash (used in) provided by operating activities | $ | (88,344 | ) | | $ | 159,953 |
| | $ | (1,924 | ) | | $ | — |
| | $ | 69,685 |
| Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (10,849 | ) | | — |
| | — |
| | (10,849 | ) | Investments in unconsolidated entities | — |
| | (5,602 | ) | | — |
| | — |
| | (5,602 | ) | Increases in restricted cash | (36,345 | ) | | (1,094 | ) | | — |
| | — |
| | (37,439 | ) | Decreases in restricted cash | 46,477 |
| | 1,223 |
| | — |
| | — |
| | 47,700 |
| Net cash used in investing activities | 10,132 |
| | (16,322 | ) | | — |
| | — |
| | (6,190 | ) | Cash flows from financing activities: | | | | | | | | | | Repayment of debt | (616,858 | ) | | (2,948 | ) | | — |
| | — |
| | (619,806 | ) | Proceeds from issuance of new debt | 357,500 |
| | 1,200 |
| | — |
| | — |
| | 358,700 |
| Debt issuance costs | (9,234 | ) | | — |
| | — |
| | — |
| | (9,234 | ) | Proceeds from issuance of common stock, net | 166,718 |
| | — |
| | — |
| | — |
| | 166,718 |
| Proceeds from issuance of TEU prepaid stock purchase contracts, net | 57,429 |
| | — |
| | — |
| | — |
| | 57,429 |
| Proceeds from issuance of TEU amortizing notes | 15,738 |
| | — |
| | — |
| | — |
| | 15,738 |
| Payments for other financing activities | (3,258 | ) | | — |
| | — |
| | — |
| | (3,258 | ) | Advances to/from subsidiaries | 145,332 |
| | (145,022 | ) | | (791 | ) | | 481 |
| | — |
| Net cash provided by (used in) financing activities | 113,367 |
| | (146,770 | ) | | (791 | ) | | 481 |
| | (33,713 | ) | (Decrease) increase in cash and cash equivalents | 35,155 |
| | (3,139 | ) | | (2,715 | ) | | 481 |
| | 29,782 |
| Cash and cash equivalents at beginning of period | 495,692 |
| | 11,482 |
| | 2,915 |
| | (2,750 | ) | | 507,339 |
| Cash and cash equivalents at end of period | $ | 530,847 |
| | $ | 8,343 |
| | $ | 200 |
| | $ | (2,269 | ) | | $ | 537,121 |
|
|