0000915840-13-000033.txt : 20130801 0000915840-13-000033.hdr.sgml : 20130801 20130801083218 ACCESSION NUMBER: 0000915840-13-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130801 DATE AS OF CHANGE: 20130801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAZER HOMES USA INC CENTRAL INDEX KEY: 0000915840 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 582086934 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12822 FILM NUMBER: 131001002 BUSINESS ADDRESS: STREET 1: 1000 ABERNATHY ROAD STREET 2: STE 260 CITY: ATLANTA STATE: GA ZIP: 30328 BUSINESS PHONE: 7708293700 MAIL ADDRESS: STREET 1: 1000 ABERNATHY ROAD STREET 2: STE 260 CITY: ATLANTA STATE: GA ZIP: 30328 8-K 1 a8kcover-63013pressrelease.htm 8-K 8K cover - 6.30.13 Press Release


__________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest reported event): August 1, 2013
 
BEAZER HOMES USA, INC.
(Exact name of registrant as specified in its charter)
  
 
 
 
 
 
 
DELAWARE
 
001-12822
 
54-2086934
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
1000 Abernathy Road, Suite 260
Atlanta Georgia 30328
(Address of Principal Executive Offices)
(770) 829-3700
(Registrant’s telephone number, including area code)
None
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
__________________________________________________________________________________________




Item 2.02.
Results of Operations and Financial Condition
On August 1, 2013, Beazer Homes USA, Inc. issued a press release announcing results of operations for the three and nine months ended June 30, 2013. A copy of the press release is attached hereto as exhibit 99.1.

Item 9.01
Financial Statements and Exhibits
(d) Exhibits
 
99.1
Earnings Press Release dated August 1, 2013




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BEAZER HOMES USA, INC.
 
 
 
 
Date: August 1, 2013
 
 
 
By:
 
/s/ Kenneth F. Khoury
 
 
 
 
 
 
 
 
Kenneth F. Khoury Executive Vice President, Chief Administrative Officer and General Counsel


 EX-99.1 2 exhibit991-63013.htm PRESS RELEASE DATED 8.1.13 Exhibit 99.1 - 6.30.13


  
Exhibit 99.1
PRESS RELEASE


Beazer Homes Reports Improved Third Quarter Results Highlighted by Higher Margins and Faster Sales Pace

ATLANTA, August 1, 2013 - Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial results for the quarter and nine months ended June 30, 2013.

The Company's third quarter results included notable progress on its Path-to-Profitability strategies, including increased margins and higher sales per active community. Adjusted EBITDA was $21.8 million for the quarter, up from $4.0 million in the third quarter of Fiscal 2012. Year-to-date orders were up slightly over last year, while orders for the third quarter were down year-over-year due to an expected decline in community count. With an aggressive land acquisition strategy underway, the Company expects a materially higher community count by the end of Fiscal 2014.

“We were pleased with the continued improvement in both our key operational metrics and our financial results for the third quarter,” said Allan Merrill, CEO of Beazer Homes.  “With improved homebuilding gross margins, higher average sales prices and strict control over operating expenses, we are poised to report positive net income in our fiscal fourth quarter and expect to report our first full year of profitability in nearly a decade for fiscal 2014.”

Summary results for the quarter and nine months ended June 30, 2013 are as follows (per share amounts are calculated after giving effect to a 1-for-5 reverse stock split completed on October 11, 2012, as applicable):

Q3 Results from Continuing Operations (unless otherwise specified)
 
 
Quarter Ended June 30,
 
 
2013
 
2012
 
Change
New Home Orders
 
1,381

 
1,555

 
(11.2
)%
LTM orders per month per community
 
2.7

 
2.2

 
22.7
 %
Cancellation rates
 
20.0
%
 
24.5
%
 
-450 bps

 
 
 
 
 
 
 
Total Home Closings
 
1,234

 
1,109

 
11.3
 %
Average sales price from closings (in thousands)
 
$
253.8

 
$
227.3

 
11.7
 %
Homebuilding revenue (in millions)
 
$
313.1

 
$
252.1

 
24.2
 %
Homebuilding gross profit margin, excluding impairments and abandonments (I&A)
 
17.1
%
 
10.5
%
 
660 bps

Homebuilding gross profit margin, excluding I&A and interest amortized to cost of sales
 
20.3
%
 
16.7
%
 
360 bps

 
 
 
 
 
 
 
Loss from continuing operations before income taxes (in millions)
 
$
(5.9
)
 
$
(37.9
)
 
$
32.0

Benefit from (provision for) income taxes (in millions)
 
$
0.4

 
$
(0.1
)
 
$
0.5

Net loss from continuing operations (in millions)
 
$
(5.4
)
 
$
(38.0
)
 
$
32.6

Basic Loss Per Share
 
$
(0.22
)
 
$
(1.92
)
 
$
1.70

Inventory impairments (in millions)
 
$
—

 
$
(5.8
)
 
$
5.8

Net loss from continuing operations excluding inventory impairments (in millions)
 
$
(5.4
)
 
$
(32.2
)
 
$
26.8

Land and land development spending (in millions)
 
$
161.8

 
$
40.5

 
$
121.3

Total Company Adjusted EBITDA (in millions)
 
$
21.8

 
$
4.0

 
$
17.8






Nine Month Results from Continuing Operations (unless otherwise specified)

 
 
Nine Months Ended June 30,
 
 
2013
 
2012
 
Change
New Home Orders
 
3,834

 
3,791

 
1.1
%
LTM orders per month per community
 
2.7

 
2.2

 
22.7
%
Cancellation rates
 
21.1
%
 
26.0
%
 
-490 bps

 
 
 
 
 
 
 
Total Home Closings
 
3,399

 
2,820

 
20.5
%
Average sales price from closings (in thousands)
 
$
248.0

 
$
222.9

 
11.3
%
Homebuilding revenue (in millions)
 
$
843.0

 
$
628.5

 
34.1
%
Homebuilding gross profit margin, excluding impairments and abandonments (I&A) (a)
 
16.0
%
 
11.4
%
 
460 bps

Homebuilding gross profit margin, excluding I&A and interest amortized to cost of sales (a)
 
19.3
%
 
18.0
%
 
130 bps

 
 
 
 
 
 
 
Loss from continuing operations before income taxes (in millions)
 
$
(44.5
)
 
$
(111.7
)
 
$
67.2

Benefit from income taxes (in millions)
 
$
1.0

 
$
36.4

 
$
(35.4
)
Net loss from continuing operations (in millions)
 
$
(43.5
)
 
$
(75.3
)
 
$
31.8

Basic Loss Per Share
 
$
(1.77
)
 
$
(4.48
)
 
$
2.71

Loss on debt extinguishment (in millions)
 
$
(3.6
)
 
$
(2.7
)
 
$
(0.9
)
Inventory impairments (in millions)
 
$
(2.2
)
 
$
(10.5
)
 
$
8.3

Net loss from continuing operations excluding inventory impairments and loss on debt extinguishment (in millions)
 
$
(37.7
)
 
$
(62.1
)
 
$
24.4

Land and land development spending (in millions)
 
$
314.4

 
$
140.6

 
$
173.8

Total Company Adjusted EBITDA (in millions)
 
$
44.7

 
$
6.8

 
$
37.9


(a) This homebuilding gross profit for the nine months ended June 30, 2012 includes an $11.0 million warranty recovery which contributed 180 bps to this margin.

As of June 30, 2013

•
Total cash and cash equivalents: $544.4 million, including unrestricted cash of approximately $298.3 million
•
Stockholders' equity: $228.0 million
•
Total backlog from continuing operations: 2,358 homes with a sales value of $646.1 million, compared to 2,421 homes with a sales value of $572.8 million as of June 30, 2012
•
Land and lots controlled: 26,966 lots (79.4% owned), an increase of 7.5% from June 30, 2012


Conference Call

The Company will hold a conference call on August 1, 2013 at 10:00 am ET to discuss these results.  Interested parties may listen to the conference call and view the Company's slide presentation over the internet on the "Investor Relations" page of the Company's website, www.beazer.com. In addition, the conference call will be available by telephone at 800-619-8639 (for international callers, dial 312-470-7002). To be admitted to the call, verbally supply the pass code "BZH". A replay of the conference call will be available, until 5:00 PM ET on August 8, 2013, at 888-566-0432 (for international callers, dial 203-369-3046) with pass code “3740.”  A replay of the webcast will be available at www.beazer.com for approximately 30 days.

Headquartered in Atlanta, Beazer Homes is one of the country's 10 largest single-family homebuilders. The Company's homes meet or exceed the benchmark for energy-efficient home construction as established by ENERGY STAR® and are designed with flexible floorplan options to meet the personal preferences and lifestyles of its buyers. In addition, the Company is committed to providing a range of preferred lender choices to facilitate transparent competition between lenders and enhanced customer




service. The Company offers homes in 16 states, including Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Beazer Homes is listed on the New York Stock Exchange under the ticker symbol “BZH.” For more info visit Beazer.com, or check out Beazer on Facebook and Twitter.

This press release contains forward-looking statements. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, (i) economic changes nationally or in local markets, including changes in consumer confidence, changes in the level of housing starts, declines in employment levels, inflation and changes in the demand and prices of new homes and resale homes in the market; (ii) a slower economic rebound than anticipated, coupled with persistently high unemployment and additional foreclosures; (iii) estimates related to homes to be delivered in the future (backlog) are imprecise as they are subject to various cancellation risks which cannot be fully controlled; (iv) a substantial increase in mortgage interest rates, increased disruption in the availability of mortgage financing or a change in tax laws regarding the deductibility of mortgage interest; (v) factors affecting margins such as decreased land values underlying lot option agreements, increased land development costs on communities under development or delays or difficulties in implementing initiatives to reduce production and overhead cost structure; (vi) the final outcome of various putative class action lawsuits, multi-party suits and similar proceedings as well as the results of any other litigation or government proceedings and fulfillment of the obligations in the Deferred Prosecution Agreement and consent orders with governmental authorities and other settlement agreements; (vii) our cost of and ability to access capital and otherwise meet our ongoing liquidity needs including the impact of any downgrades of our credit ratings or reductions in our tangible net worth or liquidity levels; (viii) our ability to comply with covenants in our debt agreements or satisfy such obligations through repayment or refinancing; (ix) estimates related to the potential recoverability of our deferred tax assets; (x) increased competition or delays in reacting to changing consumer preference in home design; (xi) shortages of or increased prices for labor, land or raw materials used in housing production; (xii) additional asset impairment charges or writedowns; (xiii) the impact of construction defect and home warranty claims; (xiv) the cost and availability of insurance and surety bonds; (xv) delays in land development or home construction resulting from adverse weather conditions; (xvi) potential delays or increased costs in obtaining necessary permits and possible penalties for failure to comply with laws, regulations and governmental policies; (xvii) the performance of our joint ventures and our joint venture partners; (xviii) potential exposure related to additional repurchase claims on mortgages and loans originated by Beazer Mortgage Corp.; (xix) effects of changes in accounting policies, standards, guidelines or principles; or (xx) terrorist acts, acts of war and other factors over which the Company has little or no control. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.



CONTACT: Beazer Homes USA, Inc.
Carey Phelps
Director, Investor Relations & Corporate Communications
770-829-3700
investor.relations@beazer.com


-Tables Follow-








                    
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per share data)
 
Three Months Ended
 
Nine Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Total revenue
$
314,439

 
$
254,555

 
$
849,243

 
$
634,746

Home construction and land sales expenses
260,324

 
227,505

 
712,930

 
560,564

Inventory impairments and option contract abandonments
—

 
5,819

 
2,229

 
10,492

Gross profit
54,115

 
21,231

 
134,084

 
63,690

Commissions
13,078

 
10,776

 
35,406

 
27,522

General and administrative expenses
29,612

 
27,867

 
84,735

 
82,380

Depreciation and amortization
2,953

 
3,743

 
8,761

 
9,336

Operating income (loss)
8,472

 
(21,155
)
 
5,182

 
(55,548
)
Equity in (loss) income of unconsolidated entities
(310
)
 
48

 
(206
)
 
(25
)
Loss on extinguishment of debt
—

 
—

 
(3,638
)
 
(2,747
)
Other expense, net
(14,036
)
 
(16,804
)
 
(45,858
)
 
(53,342
)
Loss from continuing operations before income taxes
(5,874
)
 
(37,911
)
 
(44,520
)
 
(111,662
)
(Benefit from) provision for income taxes
(432
)
 
145

 
(1,028
)
 
(36,438
)
Loss from continuing operations
(5,442
)
 
(38,056
)
 
(43,492
)
 
(75,224
)
Loss from discontinued operations, net of tax
(346
)
 
(1,828
)
 
(2,324
)
 
(3,869
)
Net loss
$
(5,788
)
 
$
(39,884
)
 
$
(45,816
)
 
$
(79,093
)
Weighted average number of shares:
 
 
 
 
 
 
 
Basic and Diluted
24,770

 
19,810

 
24,571

 
16,777

Basic and Diluted loss per share:
 
 
 
 
 
 
 
Continuing Operations
$
(0.22
)
 
$
(1.92
)
 
$
(1.77
)
 
$
(4.48
)
Discontinued Operations
$
(0.01
)
 
$
(0.09
)
 
$
(0.09
)
 
$
(0.23
)
Total
$
(0.23
)
 
$
(2.01
)
 
$
(1.86
)
 
$
(4.71
)

 
 
Three Months Ended
 
Nine Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Capitalized interest in inventory, beginning of period
$
45,501

 
$
47,242

 
$
38,190

 
$
45,973

Interest incurred
28,766

 
31,235

 
86,361

 
95,950

Capitalized interest impaired
—

 
(222
)
 
—

 
(275
)
Interest expense not qualified for capitalization and included as other expense
(14,252
)
 
(17,233
)
 
(46,709
)
 
(55,147
)
Capitalized interest amortized to house construction and land sales expenses
(9,996
)
 
(15,649
)
 
(27,823
)
 
(41,128
)
Capitalized interest in inventory, end of period
$
50,019

 
$
45,373

 
$
50,019

 
$
45,373






BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands, except share and per share data)
 
 
June 30, 2013
 
September 30, 2012
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
298,346

 
$
487,795

Restricted cash
 
246,013

 
253,260

Accounts receivable (net of allowance of $2,045 and $2,235, respectively)
 
26,066

 
24,599

Income tax receivable
 
3,080

 
6,372

Inventory
 
 
 
 
Owned inventory
 
1,265,112

 
1,099,132

Land not owned under option agreements
 
7,880

 
12,420

Total inventory
 
1,272,992

 
1,111,552

Investments in unconsolidated entities
 
42,477

 
42,078

Deferred tax assets, net
 
7,076

 
6,848

Property, plant and equipment, net
 
16,734

 
18,974

Other assets
 
30,133

 
30,740

Total assets
 
$
1,942,917

 
$
1,982,218

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Trade accounts payable
 
$
79,625

 
$
69,268

Other liabilities
 
126,746

 
147,718

Obligations related to land not owned under option agreements
 
2,904

 
4,787

Total debt (net of discounts of $2,341 and $3,082, respectively)
 
1,505,656

 
1,498,198

Total liabilities
 
$
1,714,931

 
$
1,719,971

 
 
 
 
 
Stockholders’ equity:
 
 
 
 
Preferred stock (par value $.01 per share, 5,000,000 shares authorized, no shares issued)
 
$
—

 
$
—

Common stock (par value $0.001 per share, 63,000,000 shares authorized, 25,090,653 and 24,601,830 issued and outstanding, respectively)
 
25

 
25

Paid-in capital
 
845,549

 
833,994

Accumulated deficit
 
(617,588
)
 
(571,772
)
Total stockholders’ equity
 
227,986

 
262,247

Total liabilities and stockholders’ equity
 
$
1,942,917

 
$
1,982,218

 
 
 
 
 
Inventory Breakdown
 
 
 
 
Homes under construction
 
$
324,619

 
$
251,828

Development projects in progress
 
498,363

 
391,019

Land held for future development
 
341,995

 
367,102

Land held for sale
 
10,648

 
10,149

Capitalized interest
 
50,019

 
38,190

Model homes
 
39,468

 
40,844

Land not owned under option agreements
 
7,880

 
12,420

Total inventory
 
$
1,272,992

 
$
1,111,552




 




BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS
($ in thousands, except otherwise noted)
 
 
Quarter Ended June 30,
 
Nine Months Ended June 30,
SELECTED OPERATING DATA
 
2013
 
2012
 
2013
 
2012
Closings:
 
 
 
 
 
 
 
 
West region
 
550

 
455

 
1,553

 
1,194

East region
 
370

 
382

 
1,106

 
984

Southeast region
 
314

 
272

 
740

 
642

Total closings
 
1,234

 
1,109

 
3,399

 
2,820

 
 
 
 
 
 
 
 
 
New orders, net of cancellations:
 
 
 
 
 
 
 
 
West region
 
614

 
730

 
1,696

 
1,688

East region
 
389

 
486

 
1,140

 
1,237

Southeast region
 
378

 
339

 
998

 
866

Total new orders
 
1,381

 
1,555

 
3,834

 
3,791

 
 
 
 
 
 
 
 
 
Backlog units at end of period:
 
 
 
 
 
 
 
 
West region
 
982

 
1,064

 
982

 
1,064

East region
 
781

 
891

 
781

 
891

Southeast region
 
595

 
466

 
595

 
466

Total backlog units
 
2,358

 
2,421

 
2,358

 
2,421

 
 
 
 
 
 
 
 
 
Dollar value of backlog at end of period (in millions)
 
$
646.1

 
$
572.8

 
$
646.1

 
$
572.8

 
 
 
 
 
 
 
 
 
Homebuilding Revenue:
 
 
 
 
 
 
 
 
West region
 
$
132,803

 
$
97,356

 
$
360,052

 
$
245,420

East region
 
111,333

 
98,850

 
324,334

 
255,519

Southeast region
 
68,993

 
55,865

 
158,639

 
127,601

Total homebuilding revenue
 
$
313,129

 
$
252,071

 
$
843,025

 
$
628,540



 
 
Quarter Ended June 30,
 
Nine Months Ended June 30,
SUPPLEMENTAL FINANCIAL DATA
 
2013
 
2012
 
2013
 
2012
Revenues:
 
 
 
 
 
 
 
 
Homebuilding
 
$
313,129

 
$
252,071

 
$
843,025

 
$
628,540

Land sales and other
 
1,310

 
2,484

 
6,218

 
6,206

Total
 
$
314,439

 
$
254,555

 
$
849,243

 
$
634,746

 
 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
 
Homebuilding
 
$
53,588

 
$
20,656

 
$
132,471

 
$
61,475

Land sales and other
 
527

 
575

 
1,613

 
2,215

Total
 
$
54,115

 
$
21,231

 
$
134,084

 
$
63,690





Reconciliation of homebuilding gross profit before impairments and abandonments and interest amortized to cost of sales and the related gross margins to homebuilding gross profit and gross margin, the most directly comparable GAAP measure, is provided for each period discussed below. Management believes that this information assists investors in comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies' respective level of impairments and level of debt. Homebuilding gross profit for the nine months ended June 30, 2012 included an $11.0 million warranty recovery which added 180 basis points to homebuilding gross profit before impairments and abandonments and interest amortized to cost of sales.
 
Quarter Ended June 30,
 
Nine Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Homebuilding gross profit
$
53,588

17.1
%
 
$
20,656

8.2
%
 
$
132,471

15.7
%
 
$
61,475

9.8
%
Inventory impairments and lot option abandonments (I&A)
—

 
 
5,819

 
 
2,229

 
 
10,492

 
Homebuilding gross profit before I&A
53,588

17.1
%
 
26,475

10.5
%
 
134,700

16.0
%
 
71,967

11.4
%
Interest amortized to cost of sales
9,996

 
 
15,649

 
 
27,823

 
 
41,128

 
Homebuilding gross profit before I&A and interest amortized to cost of sales
$
63,584

20.3
%
 
$
42,124

16.7
%
 
$
162,523

19.3
%
 
$
113,095

18.0
%
Reconciliation of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, debt extinguishment, impairments and abandonments) to total company net loss (including discontinued operations), the most directly comparable GAAP measure, is provided for each period discussed below. Management believes that Adjusted EBITDA assists investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies' respective capitalization, tax position and level of impairments.  
 
 
Quarter Ended June 30,
 
Nine Months Ended June 30,
 
 
2013
 
2012
 
2013
 
2012
Net loss
 
$
(5,788
)
 
$
(39,884
)
 
$
(45,816
)
 
$
(79,093
)
Benefit from income taxes
 
(470
)
 
150

 
(1,097
)
 
(36,846
)
Interest amortized to home construction and land sales expenses, capitalized interest impaired, and interest expense not qualified for capitalization
 
24,248

 
33,104

 
74,532

 
96,550

Depreciation and amortization and stock compensation amortization
 
3,590

 
4,456

 
11,036

 
12,582

Inventory impairments and option contract abandonments
 
—

 
6,142

 
2,246

 
10,796

Loss on debt extinguishment
 
—

 
—

 
3,638

 
2,747

Joint venture impairment and abandonment charges
 
181

 
—

 
181

 
36

Adjusted EBITDA
 
$
21,761

 
$
3,968

 
$
44,720

 
$
6,772