x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 58-2086934 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer Identification no.) |
1000 Abernathy Road, Suite 260, Atlanta, Georgia | 30328 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ¨ | Accelerated filer | x |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Class | Outstanding at July 31, 2013 | |
Common Stock, $0.001 par value | 25,088,909 |
• | 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; |
• | a slower economic rebound than anticipated, coupled with persistently high unemployment and additional foreclosures; |
• | 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; |
• | 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; |
• | factors affecting margins such as decreased land values underlying land option agreements, increased land development costs on communities under development or delays or difficulties in implementing initiatives to reduce production and overhead cost structure; |
• | 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; |
• | 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; |
• | our ability to comply with covenants in our debt agreements or satisfy such obligations through repayment or refinancing; |
• | estimates related to the potential recoverability of our deferred tax assets; |
• | increased competition or delays in reacting to changing consumer preference in home design; |
• | shortages of or increased prices for labor, land or raw materials used in housing production; |
• | additional asset impairment charges or writedowns; |
• | the impact of construction defect and home warranty claims; |
• | the cost and availability of insurance and surety bonds; |
• | delays in land development or home construction resulting from adverse weather conditions; |
• | potential delays or increased costs in obtaining necessary permits as a result of changes to, or complying with, laws, regulations, or governmental policies and possible penalties for failure to comply with such laws, regulations and governmental policies; |
• | the performance of our unconsolidated entities and our unconsolidated entity partners; |
• | potential exposure related to additional repurchase claims on mortgages and loans originated by Beazer Mortgage Corporation; |
• | effects of changes in accounting policies, standards, guidelines or principles; or |
• | terrorist acts, acts of war and other factors over which the Company has little or no control. |
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 |
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 | ) |
Nine Months Ended | |||||||
June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (45,816 | ) | $ | (79,093 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 8,761 | 9,371 | |||||
Stock-based compensation expense | 2,275 | 3,211 | |||||
Inventory impairments and option contract abandonments | 2,246 | 11,071 | |||||
Deferred and other income tax benefit | (485 | ) | (36,378 | ) | |||
Provision for doubtful accounts | (190 | ) | (1,678 | ) | |||
Equity in loss of unconsolidated entities | 207 | 62 | |||||
Cash distributions of income from unconsolidated entities | 336 | — | |||||
Loss on extinguishment of debt | 1,517 | 2,747 | |||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in accounts receivable | (1,277 | ) | 9,381 | ||||
Decrease in income tax receivable | 3,292 | 2,425 | |||||
(Increase) decrease in inventory | (159,753 | ) | 4,091 | ||||
Decrease in other assets | 559 | 5,442 | |||||
Increase in trade accounts payable | 10,357 | 778 | |||||
Decrease in other liabilities | (20,274 | ) | (37,813 | ) | |||
Other changes | 51 | (29 | ) | ||||
Net cash used in operating activities | (198,194 | ) | (106,412 | ) | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (6,572 | ) | (15,117 | ) | |||
Investments in unconsolidated entities | (1,374 | ) | (2,075 | ) | |||
Return of capital from unconsolidated entities | 432 | 440 | |||||
Increases in restricted cash | (1,788 | ) | (1,679 | ) | |||
Decreases in restricted cash | 9,035 | 6,955 | |||||
Net cash used in investing activities | (267 | ) | (11,476 | ) | |||
Cash flows from financing activities: | |||||||
Repayment of debt | (185,431 | ) | (3,369 | ) | |||
Proceeds from issuance of new debt | 200,000 | — | |||||
Debt issuance costs | (4,935 | ) | (274 | ) | |||
Equity issuance costs | — | (1,296 | ) | ||||
Settlement of unconsolidated entity debt obligation | (500 | ) | (15,862 | ) | |||
Payments for other financing activities | (122 | ) | (98 | ) | |||
Net cash provided by (used in) financing activities | 9,012 | (20,899 | ) | ||||
Decrease in cash and cash equivalents | (189,449 | ) | (138,787 | ) | |||
Cash and cash equivalents at beginning of period | 487,795 | 370,403 | |||||
Cash and cash equivalents at end of period | $ | 298,346 | $ | 231,616 |
(In thousands) | June 30, 2013 | September 30, 2012 | |||||
Income tax liabilities | $ | 22,029 | $ | 22,225 | |||
Accrued warranty expenses | 13,445 | 15,477 | |||||
Accrued interest | 16,534 | 28,673 | |||||
Accrued and deferred compensation | 20,489 | 24,612 | |||||
Customer deposits | 13,724 | 8,830 | |||||
Other | 40,525 | 47,901 | |||||
Total | $ | 126,746 | $ | 147,718 |
Nine Months Ended | |||||||
June 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Supplemental disclosure of non-cash activity: | |||||||
(Decrease) increase in obligations related to land not owned under option agreements | $ | (1,883 | ) | $ | 640 | ||
Decrease in future land purchase rights | — | (11,651 | ) | ||||
Contribution of future land purchase rights to unconsolidated entities | — | 11,651 | |||||
Decrease in debt related to conversion of Mandatory Convertible Subordinated Notes and Tangible Equity Units for common stock | (9,402 | ) | (55,308 | ) | |||
Contribution of pre-owned net assets for investment in unconsolidated entity | — | (19,670 | ) | ||||
Non-cash land acquisitions | — | 7,813 | |||||
Supplemental disclosure of cash activity: | |||||||
Interest payments | 92,742 | 109,691 | |||||
Income tax payments | 133 | 751 | |||||
Tax refunds received | 3,925 | 2,565 |
(In thousands) | June 30, 2013 | September 30, 2012 | |||||
Beazer’s investment in unconsolidated entities | $ | 42,477 | $ | 42,078 | |||
Total equity of unconsolidated entity | 442,291 | 383,482 | |||||
Total outstanding borrowings of unconsolidated entities | 66,632 | 64,912 | |||||
Beazer’s estimate of its maximum exposure to our repayment guarantees | — | 696 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Continuing operations: | |||||||||||||||
(Loss) income from unconsolidated entity activity | $ | (129 | ) | $ | 48 | $ | (25 | ) | $ | (25 | ) | ||||
Impairment of unconsolidated entity investment | (181 | ) | — | (181 | ) | — | |||||||||
Equity in (loss) income of unconsolidated entities - continuing operations | $ | (310 | ) | $ | 48 | $ | (206 | ) | $ | (25 | ) |
(In thousands) | June 30, 2013 | September 30, 2012 | |||||
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 | |||||
Total owned inventory | $ | 1,265,112 | $ | 1,099,132 |
(In thousands) | Projects in Progress | Held for Future Development | Land Held for Sale | Total Owned Inventory | |||||||||||
June 30, 2013 | |||||||||||||||
West Segment | $ | 335,239 | $ | 292,881 | $ | 3,639 | $ | 631,759 | |||||||
East Segment | 325,765 | 25,493 | 2,195 | 353,453 | |||||||||||
Southeast Segment | 173,784 | 23,621 | 2,096 | 199,501 | |||||||||||
Unallocated and Other | 77,681 | — | 2,718 | 80,399 | |||||||||||
Total | $ | 912,469 | $ | 341,995 | $ | 10,648 | $ | 1,265,112 | |||||||
September 30, 2012 | |||||||||||||||
West Segment | $ | 261,239 | $ | 318,351 | $ | 2,553 | $ | 582,143 | |||||||
East Segment | 279,954 | 25,130 | 3,204 | 308,288 | |||||||||||
Southeast Segment | 118,853 | 23,621 | 1,675 | 144,149 | |||||||||||
Unallocated and Other | 61,835 | — | 2,717 | 64,552 | |||||||||||
Total | $ | 721,881 | $ | 367,102 | $ | 10,149 | $ | 1,099,132 |
($ in thousands) | Undiscounted Cash Flow Analyses Prepared | |||||||||||
Segment | # of Communities on Watch List | # of Communities | Pre-analysis Book Value (BV) | Aggregate Undiscounted Cash Flow as a % of BV | ||||||||
Quarter Ended June 30, 2012 | ||||||||||||
West | 5 | 1 | $ | 6,196 | 81.3 | % | ||||||
East | 4 | 1 | 7,144 | 57.1 | % | |||||||
Southeast | 3 | 1 | 3,087 | 79.0 | % | |||||||
Unallocated | — | — | 1,228 | n/a | ||||||||
Total | 12 | 3 | $ | 17,655 | 72.4 | % |
($ in thousands) | Communities Impaired As a Result of Discounted Cash Flow Analyses Prepared | ||||||||||||||||||||||||||
Segment | # of Communities Impaired | # of Lots Impaired | Impairment Charge | Estimated Fair Value of Impaired Inventory at Period End | # of Communities Impaired | # of Lots Impaired | Impairment Charge | Estimated Fair Value of Impaired Inventory at Period End | |||||||||||||||||||
Quarter Ended June 30, 2012 | Nine Months Ended June 30, 2012 | ||||||||||||||||||||||||||
West | 1 | 65 | $ | 1,590 | $ | 4,680 | 2 | 116 | $ | 3,788 | $ | 11,058 | |||||||||||||||
East | 1 | 68 | 3,122 | 4,050 | 2 | 93 | 3,809 | 7,342 | |||||||||||||||||||
Southeast | 1 | 37 | 630 | 2,457 | 1 | 37 | 794 | 2,457 | |||||||||||||||||||
Unallocated | — | — | 389 | — | — | — | 473 | — | |||||||||||||||||||
Continuing Operations | 3 | 170 | $ | 5,731 | $ | 11,187 | 5 | 246 | 8,864 | 20,857 | |||||||||||||||||
Discontinued Operations | — | — | 42 | — | — | — | 60 | — | |||||||||||||||||||
Total | 3 | 170 | $ | 5,773 | $ | 11,187 | 5 | 246 | $ | 8,924 | $ | 20,857 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Development projects and homes in process (Held for Development) | |||||||||||||||
West | $ | — | $ | 1,590 | $ | 46 | $ | 3,788 | |||||||
East | — | 3,122 | 13 | 3,809 | |||||||||||
Southeast | — | 630 | — | 794 | |||||||||||
Unallocated | — | 389 | — | 473 | |||||||||||
Subtotal | $ | — | $ | 5,731 | $ | 59 | $ | 8,864 | |||||||
Land Held for Sale | |||||||||||||||
West | $ | — | $ | — | $ | — | $ | — | |||||||
East | — | — | — | — | |||||||||||
Southeast | — | — | 1,778 | 208 | |||||||||||
Subtotal | $ | — | $ | — | $ | 1,778 | $ | 208 | |||||||
Lot Option Abandonments | |||||||||||||||
West | $ | — | $ | 19 | $ | 104 | $ | 191 | |||||||
East | — | 10 | 20 | 574 | |||||||||||
Southeast | — | 59 | 268 | 653 | |||||||||||
Unallocated | — | — | — | 2 | |||||||||||
Subtotal | $ | — | $ | 88 | $ | 392 | $ | 1,420 | |||||||
Continuing Operations | $ | — | $ | 5,819 | $ | 2,229 | $ | 10,492 | |||||||
Discontinued Operations | |||||||||||||||
Held for Development | $ | — | $ | 42 | $ | — | $ | 60 | |||||||
Land Held for Sale | — | 503 | 17 | 503 | |||||||||||
Lot Option Abandonments | — | — | — | 16 | |||||||||||
Subtotal | $ | — | $ | 545 | $ | 17 | $ | 579 | |||||||
Total Company | $ | — | $ | 6,364 | $ | 2,246 | $ | 11,071 |
(In thousands) | Deposits & Non-refundable Preacquisition Costs Incurred | Remaining Obligation | Land Not Owned Under Option Agreements | ||||||||
As of June 30, 2013 | |||||||||||
Consolidated VIEs | $ | 4,900 | $ | 2,649 | $ | 7,549 | |||||
Other consolidated lot option agreements (a) | 76 | 255 | 331 | ||||||||
Unconsolidated lot option agreements | 25,323 | 281,739 | — | ||||||||
Total lot option agreements | $ | 30,299 | $ | 284,643 | $ | 7,880 | |||||
As of September 30, 2012 | |||||||||||
Consolidated VIEs | $ | 7,203 | $ | 3,346 | $ | 10,549 | |||||
Other consolidated lot option agreements (a) | 430 | 1,441 | 1,871 | ||||||||
Unconsolidated lot option agreements | 17,290 | 193,711 | — | ||||||||
Total lot option agreements | $ | 24,923 | $ | 198,498 | $ | 12,420 |
(a) | Represents lot option agreements with non-VIE entities that we have deemed to be “financing arrangements” pursuant to ASC 470-40, Product Financing Arrangements. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In thousands) | 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 |
(In thousands) | Maturity Date | June 30, 2013 | September 30, 2012 | ||||||
6 7/8% Senior Notes | July 2015 | $ | — | $ | 172,454 | ||||
8 1/8% Senior Notes | June 2016 | 172,879 | 172,879 | ||||||
6 5/8% Senior Secured Notes | April 2018 | 300,000 | 300,000 | ||||||
9 1/8% Senior Notes | June 2018 | 298,000 | 300,000 | ||||||
9 1/8% Senior Notes | May 2019 | 235,000 | 235,000 | ||||||
7 1/4% Senior Notes | February 2023 | 200,000 | — | ||||||
TEU Senior Amortizing Notes | August 2013 | 81 | 316 | ||||||
TEU Senior Amortizing Notes | August 2015 | 18,028 | 23,500 | ||||||
Unamortized debt discounts | (2,341 | ) | (3,082 | ) | |||||
Total Senior Notes, net | 1,221,647 | 1,201,067 | |||||||
Mandatory Convertible Subordinated Notes | January 2013 | — | 9,402 | ||||||
Junior subordinated notes | July 2036 | 53,153 | 51,603 | ||||||
Cash Secured Loan | November 2017 | 222,368 | 227,368 | ||||||
Other secured notes payable | Various Dates | 8,488 | 8,758 | ||||||
Total debt, net | $ | 1,505,656 | $ | 1,498,198 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Balance at beginning of period | $ | 13,601 | $ | 16,133 | $ | 15,477 | $ | 17,916 | |||||||
Accruals for warranties issued | 1,398 | 1,963 | 4,128 | 5,191 | |||||||||||
Changes in liability related to warranties existing in prior periods | 256 | (565 | ) | (1,483 | ) | (1,916 | ) | ||||||||
Payments made | (1,810 | ) | (1,497 | ) | (4,677 | ) | (5,157 | ) | |||||||
Balance at end of period | $ | 13,445 | $ | 16,034 | $ | 13,445 | $ | 16,034 |
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Nine Months Ended June 30, 2013 | |||||||||||||
Land held for sale | — | — | $ | 2,013 | $ | 2,013 | |||||||
Nine Months Ended June 30, 2012 | |||||||||||||
Development projects in progress | — | — | $ | 20,857 | $ | 20,857 | |||||||
Land held for sale | — | — | $ | 1,780 | $ | 1,780 |
(In thousands) | As of June 30, 2013 | As of September 30, 2012 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Senior Notes | $ | 1,221,707 | $ | 1,270,003 | $ | 1,201,067 | $ | 1,228,745 | |||||||
Mandatory Convertible Subordinated Notes | — | — | 9,402 | 7,465 | |||||||||||
Junior Subordinated Notes | 53,153 | 53,153 | 51,603 | 51,603 | |||||||||||
$ | 1,274,860 | $ | 1,323,156 | $ | 1,262,072 | $ | 1,287,813 |
Expected life of options | 5.0 years | ||
Expected volatility | 46.15 | % | |
Expected discrete dividends | — | ||
Weighted average risk-free interest rate | 0.63 | % | |
Weighted average fair value | $ | 5.48 |
Three Months Ended | Nine Months Ended | ||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||
Shares | Weighted- Average Exercise Price | Shares | Weighted- Average Exercise Price | ||||||||||
Outstanding at beginning of period | 574,165 | $ | 32.75 | 429,965 | $ | 40.80 | |||||||
Granted | 5,086 | 20.58 | 160,651 | 13.56 | |||||||||
Exercised | (503 | ) | 10.80 | (608 | ) | 10.80 | |||||||
Expired | — | — | (7,703 | ) | 96.45 | ||||||||
Forfeited | (763 | ) | 12.56 | (4,320 | ) | 17.86 | |||||||
Outstanding at end of period | 577,985 | $ | 32.69 | 577,985 | $ | 32.69 | |||||||
Exercisable at end of period | 325,396 | $ | 47.52 | 325,396 | $ | 47.52 | |||||||
Vested or expected to vest in the future | 574,752 | $ | 32.79 | 574,752 | $ | 32.79 |
Three Months Ended | Nine Months Ended | ||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||
Beginning of period | 374,753 | $ | 18.19 | 323,335 | $ | 19.61 | |||||||
Granted | 6,104 | 20.58 | 99,413 | 10.95 | |||||||||
Vested | (94,471 | ) | 33.22 | (126,124 | ) | 27.59 | |||||||
Forfeited | (3,615 | ) | 13.30 | (13,853 | ) | 13.92 | |||||||
End of period | 282,771 | $ | 13.29 | 282,771 | $ | 13.29 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||||
West | $ | 133,519 | $ | 99,092 | $ | 362,641 | $ | 247,726 | |||||||
East | 111,556 | 98,930 | 325,224 | 255,940 | |||||||||||
Southeast | 69,364 | 56,328 | 161,378 | 129,966 | |||||||||||
Pre-Owned | — | 205 | — | 1,114 | |||||||||||
Continuing Operations | $ | 314,439 | $ | 254,555 | $ | 849,243 | $ | 634,746 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Operating income/(loss) | |||||||||||||||
West | $ | 15,313 | $ | 2,719 | $ | 33,716 | $ | 5,505 | |||||||
East | 7,714 | 197 | 24,215 | 344 | |||||||||||
Southeast | 7,644 | 3,339 | 12,024 | 5,304 | |||||||||||
Pre-Owned | — | (29 | ) | — | (229 | ) | |||||||||
Segment total | 30,671 | 6,226 | 69,955 | 10,924 | |||||||||||
Corporate and unallocated (a) | (22,199 | ) | (27,381 | ) | (64,773 | ) | (66,472 | ) | |||||||
Total 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 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Depreciation and amortization | |||||||||||||||
West | $ | 1,263 | $ | 1,685 | $ | 3,470 | $ | 3,555 | |||||||
East | 750 | 728 | 2,333 | 2,038 | |||||||||||
Southeast | 411 | 486 | 1,068 | 1,199 | |||||||||||
Pre-Owned | — | 57 | — | 330 | |||||||||||
Segment total | 2,424 | 2,956 | 6,871 | 7,122 | |||||||||||
Corporate and unallocated (a) | 529 | 787 | 1,890 | 2,214 | |||||||||||
Continuing Operations | $ | 2,953 | $ | 3,743 | $ | 8,761 | $ | 9,336 |
Nine Months Ended | |||||||
June 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Capital Expenditures | |||||||
West | $ | 2,979 | $ | 2,131 | |||
East | 881 | 2,890 | |||||
Southeast | 1,087 | 1,620 | |||||
Pre-Owned (b) | — | 7,932 | |||||
Corporate and unallocated | 1,625 | 544 | |||||
Consolidated total | $ | 6,572 | $ | 15,117 |
(In thousands) | June 30, 2013 | September 30, 2012 | |||||
Assets | |||||||
West | $ | 663,865 | $ | 618,805 | |||
East | 364,753 | 320,404 | |||||
Southeast | 212,340 | 160,868 | |||||
Corporate and unallocated (c) | 701,959 | 882,141 | |||||
Consolidated total | $ | 1,942,917 | $ | 1,982,218 |
(a) | Corporate and unallocated includes amortization of capitalized interest and numerous shared services functions that benefit all segments, the costs of which are not allocated to the operating segments reported above including information technology, national sourcing and purchasing, treasury, corporate finance, legal, branding and other national marketing costs. For the nine months ended June 30, 2012, corporate and unallocated also includes an $11 million recovery related to old water intrusion warranty and related legal expenditures. |
(b) | Capital expenditures represent the purchase of previously owned homes during the nine months ended June 30, 2012. |
(c) | Primarily consists of cash and cash equivalents, consolidated inventory not owned, deferred taxes, capitalized interest and other items that are not allocated to the segments. |
Beazer Homes USA, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated Beazer Homes USA, Inc. | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 295,769 | $ | 5,729 | $ | 888 | $ | (4,040 | ) | $ | 298,346 | ||||||||
Restricted cash | 245,651 | 362 | — | — | 246,013 | ||||||||||||||
Accounts receivable (net of allowance of $2,045) | — | 26,059 | 7 | — | 26,066 | ||||||||||||||
Income tax receivable | 3,080 | — | — | — | 3,080 | ||||||||||||||
Land not owned under option agreements | — | 1,265,112 | — | — | 1,265,112 | ||||||||||||||
Consolidated inventory not owned | — | 7,880 | — | — | 7,880 | ||||||||||||||
Investments in unconsolidated entities | 773 | 41,704 | — | — | 42,477 | ||||||||||||||
Deferred tax assets, net | 7,076 | — | — | — | 7,076 | ||||||||||||||
Property, plant and equipment, net | — | 16,734 | — | — | 16,734 | ||||||||||||||
Investments in subsidiaries | 93,173 | — | — | (93,173 | ) | — | |||||||||||||
Intercompany | 1,096,356 | — | 2,771 | (1,099,127 | ) | — | |||||||||||||
Other assets | 21,260 | 7,693 | 1,180 | — | 30,133 | ||||||||||||||
Total assets | $ | 1,763,138 | $ | 1,371,273 | $ | 4,846 | $ | (1,196,340 | ) | $ | 1,942,917 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Trade accounts payable | $ | — | $ | 79,625 | $ | — | $ | — | $ | 79,625 | |||||||||
Other liabilities | 36,911 | 88,426 | 1,409 | — | 126,746 | ||||||||||||||
Intercompany | 1,073 | 1,102,094 | — | (1,103,167 | ) | — | |||||||||||||
Obligations related to land not owned under option agreements | — | 2,904 | — | — | 2,904 | ||||||||||||||
Total debt (net of discounts of $2,341) | 1,497,168 | 8,488 | — | — | 1,505,656 | ||||||||||||||
Total liabilities | 1,535,152 | 1,281,537 | 1,409 | $ | (1,103,167 | ) | 1,714,931 | ||||||||||||
Stockholders’ equity | 227,986 | 89,736 | 3,437 | (93,173 | ) | 227,986 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,763,138 | $ | 1,371,273 | $ | 4,846 | $ | (1,196,340 | ) | $ | 1,942,917 |
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 | ||||||||||||||
Land not owned under option agreements | — | 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 | ||||||||||||||
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. | |||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Total revenue | $ | — | $ | 314,439 | $ | 173 | $ | (173 | ) | $ | 314,439 | ||||||||
Home construction and land sales expenses | 9,996 | 250,501 | — | (173 | ) | 260,324 | |||||||||||||
Gross (loss) profit | (9,996 | ) | 63,938 | 173 | — | 54,115 | |||||||||||||
Commissions | — | 13,078 | — | — | 13,078 | ||||||||||||||
General and administrative expenses | — | 29,570 | 42 | — | 29,612 | ||||||||||||||
Depreciation and amortization | — | 2,953 | — | — | 2,953 | ||||||||||||||
Operating (loss) income | (9,996 | ) | 18,337 | 131 | — | 8,472 | |||||||||||||
Equity in loss of unconsolidated entities | — | (310 | ) | — | — | (310 | ) | ||||||||||||
Other (expense) income, net | (14,252 | ) | 211 | 5 | — | (14,036 | ) | ||||||||||||
(Loss) income before income taxes | (24,248 | ) | 18,238 | 136 | — | (5,874 | ) | ||||||||||||
(Benefit from) provision for income taxes | (1,937 | ) | 1,457 | 48 | — | (432 | ) | ||||||||||||
Equity in income of subsidiaries | 16,869 | — | — | (16,869 | ) | — | |||||||||||||
(Loss) income from continuing operations | (5,442 | ) | 16,781 | 88 | (16,869 | ) | (5,442 | ) | |||||||||||
Loss from discontinued operations | — | (344 | ) | (2 | ) | — | (346 | ) | |||||||||||
Equity in loss of subsidiaries | (346 | ) | — | — | 346 | — | |||||||||||||
Net (loss) income | $ | (5,788 | ) | $ | 16,437 | $ | 86 | $ | (16,523 | ) | $ | (5,788 | ) | ||||||
Beazer Homes USA, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated Beazer Homes USA, Inc. | |||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||
Total revenue | $ | — | $ | 254,555 | $ | 240 | $ | (240 | ) | $ | 254,555 | ||||||||
Home construction and land sales expenses | 15,649 | 212,096 | — | (240 | ) | 227,505 | |||||||||||||
Inventory impairments and option contract abandonments | 222 | 5,597 | — | — | 5,819 | ||||||||||||||
Gross (loss) profit | (15,871 | ) | 36,862 | 240 | — | 21,231 | |||||||||||||
Commissions | — | 10,776 | — | — | 10,776 | ||||||||||||||
General and administrative expenses | — | 27,840 | 27 | — | 27,867 | ||||||||||||||
Depreciation and amortization | — | 3,743 | — | — | 3,743 | ||||||||||||||
Operating (loss) income | (15,871 | ) | (5,497 | ) | 213 | — | (21,155 | ) | |||||||||||
Equity in income of unconsolidated entities | — | 48 | — | — | 48 | ||||||||||||||
Other (expense) income, net | (17,233 | ) | 414 | 15 | — | (16,804 | ) | ||||||||||||
(Loss) income before income taxes | (33,104 | ) | (5,035 | ) | 228 | — | (37,911 | ) | |||||||||||
(Benefit from) provision for income taxes | (12,868 | ) | 12,936 | 77 | — | 145 | |||||||||||||
Equity in (loss) income of subsidiaries | (17,820 | ) | — | — | 17,820 | — | |||||||||||||
(Loss) income from continuing operations | (38,056 | ) | (17,971 | ) | 151 | 17,820 | (38,056 | ) | |||||||||||
Loss from discontinued operations | — | (1,820 | ) | (8 | ) | — | (1,828 | ) | |||||||||||
Equity in loss of subsidiaries | (1,828 | ) | — | — | 1,828 | — | |||||||||||||
Net (loss) income | $ | (39,884 | ) | $ | (19,791 | ) | $ | 143 | $ | 19,648 | $ | (39,884 | ) |
Beazer Homes USA, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated Beazer Homes USA, Inc. | |||||||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||||
Total revenue | $ | — | $ | 849,243 | $ | 563 | $ | (563 | ) | $ | 849,243 | ||||||||
Home construction and land sales expenses | 27,823 | 685,670 | — | (563 | ) | 712,930 | |||||||||||||
Inventory impairments and option contract abandonments | — | 2,229 | — | — | 2,229 | ||||||||||||||
Gross (loss) profit | (27,823 | ) | 161,344 | 563 | — | 134,084 | |||||||||||||
Commissions | — | 35,406 | — | — | 35,406 | ||||||||||||||
General and administrative expenses | — | 84,633 | 102 | — | 84,735 | ||||||||||||||
Depreciation and amortization | — | 8,761 | — | — | 8,761 | ||||||||||||||
Operating (loss) income | (27,823 | ) | 32,544 | 461 | — | 5,182 | |||||||||||||
Equity in loss of unconsolidated entities | — | (206 | ) | — | — | (206 | ) | ||||||||||||
Loss on extinguishment of debt | (3,638 | ) | — | — | — | (3,638 | ) | ||||||||||||
Other (expense) income, net | (46,709 | ) | 839 | 12 | — | (45,858 | ) | ||||||||||||
(Loss) income before income taxes | (78,170 | ) | 33,177 | 473 | — | (44,520 | ) | ||||||||||||
(Benefit from) provision for income taxes | (2,074 | ) | 880 | 166 | — | (1,028 | ) | ||||||||||||
Equity in income of subsidiaries | 32,604 | — | — | (32,604 | ) | — | |||||||||||||
(Loss) income from continuing operations | (43,492 | ) | 32,297 | 307 | (32,604 | ) | (43,492 | ) | |||||||||||
(Loss) income from discontinued operations | — | (2,354 | ) | 30 | — | (2,324 | ) | ||||||||||||
Equity in loss of subsidiaries | (2,324 | ) | — | — | 2,324 | — | |||||||||||||
Net (loss) income | $ | (45,816 | ) | $ | 29,943 | $ | 337 | $ | (30,280 | ) | $ | (45,816 | ) | ||||||
Beazer Homes USA, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated Beazer Homes USA, Inc. | |||||||||||||||
Nine Months Ended June 30, 2012 | |||||||||||||||||||
Total revenue | $ | — | $ | 634,746 | $ | 701 | $ | (701 | ) | $ | 634,746 | ||||||||
Home construction and land sales expenses | 41,128 | 520,137 | — | (701 | ) | 560,564 | |||||||||||||
Inventory impairments and option contract abandonments | 275 | 10,217 | — | — | 10,492 | ||||||||||||||
Gross (loss) profit | (41,403 | ) | 104,392 | 701 | — | 63,690 | |||||||||||||
Commissions | — | 27,522 | — | — | 27,522 | ||||||||||||||
General and administrative expenses | — | 82,291 | 89 | — | 82,380 | ||||||||||||||
Depreciation and amortization | — | 9,336 | — | — | 9,336 | ||||||||||||||
Operating (loss) income | (41,403 | ) | (14,757 | ) | 612 | — | (55,548 | ) | |||||||||||
Equity in loss of unconsolidated entities | — | (25 | ) | — | — | (25 | ) | ||||||||||||
Loss on extinguishment of debt | (2,747 | ) | — | — | — | (2,747 | ) | ||||||||||||
Other (expense) income, net | (55,147 | ) | 1,780 | 25 | — | (53,342 | ) | ||||||||||||
(Loss) income before income taxes | (99,297 | ) | (13,002 | ) | 637 | — | (111,662 | ) | |||||||||||
(Benefit from) provision for income taxes | (38,597 | ) | 1,936 | 223 | — | (36,438 | ) | ||||||||||||
Equity in (loss) income of subsidiaries | (14,524 | ) | — | — | 14,524 | — | |||||||||||||
(Loss) income from continuing operations | (75,224 | ) | (14,938 | ) | 414 | 14,524 | (75,224 | ) | |||||||||||
Loss from discontinued operations | — | (3,858 | ) | (11 | ) | — | (3,869 | ) | |||||||||||
Equity in loss of subsidiaries | (3,869 | ) | — | — | 3,869 | — | |||||||||||||
Net (loss) income | $ | (79,093 | ) | $ | (18,796 | ) | $ | 403 | $ | 18,393 | $ | (79,093 | ) |
Beazer Homes USA, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated Beazer Homes USA, Inc. | |||||||||||||||
Nine Months Ended June 30, 2013 | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (53,663 | ) | $ | (144,770 | ) | $ | 239 | $ | — | $ | (198,194 | ) | ||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (6,572 | ) | — | — | (6,572 | ) | ||||||||||||
Investments in unconsolidated entities | — | (1,374 | ) | — | — | (1,374 | ) | ||||||||||||
Return of capital from unconsolidated entities | — | 432 | — | — | 432 | ||||||||||||||
Increases in restricted cash | (1,237 | ) | (551 | ) | — | — | (1,788 | ) | |||||||||||
Decreases in restricted cash | 8,487 | 548 | — | — | 9,035 | ||||||||||||||
Net cash provided by (used in) investing activities | 7,250 | (7,517 | ) | — | — | (267 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of debt | (185,161 | ) | (270 | ) | — | — | (185,431 | ) | |||||||||||
Proceeds from issuance of new debt | 200,000 | — | — | — | 200,000 | ||||||||||||||
Settlement of unconsolidated entity debt obligations | — | (500 | ) | — | — | (500 | ) | ||||||||||||
Debt issuance costs | (4,935 | ) | — | — | — | (4,935 | ) | ||||||||||||
Advances to/from subsidiaries | (148,994 | ) | 150,571 | 3 | (1,580 | ) | — | ||||||||||||
Payments for other financing activities | (122 | ) | — | — | — | (122 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (139,212 | ) | 149,801 | 3 | (1,580 | ) | 9,012 | ||||||||||||
(Decrease) increase in cash and cash equivalents | (185,625 | ) | (2,486 | ) | 242 | (1,580 | ) | (189,449 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 481,394 | 8,215 | 646 | (2,460 | ) | 487,795 | |||||||||||||
Cash and cash equivalents at end of period | $ | 295,769 | $ | 5,729 | $ | 888 | $ | (4,040 | ) | $ | 298,346 | ||||||||
Beazer Homes USA, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated Beazer Homes USA, Inc. | |||||||||||||||
Nine Months Ended June 30, 2012 | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (109,339 | ) | $ | 2,225 | $ | 702 | $ | — | $ | (106,412 | ) | |||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (15,117 | ) | — | — | (15,117 | ) | ||||||||||||
Investments in unconsolidated entities | — | (2,075 | ) | — | — | (2,075 | ) | ||||||||||||
Return of capital from unconsolidated entities | — | 440 | — | — | 440 | ||||||||||||||
Increases in restricted cash | (645 | ) | (1,034 | ) | — | — | (1,679 | ) | |||||||||||
Decreases in restricted cash | 5,878 | 1,077 | — | — | 6,955 | ||||||||||||||
Net cash provided by (used in) investing activities | 5,233 | (16,709 | ) | — | — | (11,476 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of debt | (2,460 | ) | (909 | ) | — | — | (3,369 | ) | |||||||||||
Settlement of unconsolidated entity obligations | (15,862 | ) | — | — | — | (15,862 | ) | ||||||||||||
Debt issuance costs | (274 | ) | — | — | — | (274 | ) | ||||||||||||
Equity issuance costs | (1,296 | ) | — | — | — | (1,296 | ) | ||||||||||||
Dividends paid | (1,800 | ) | — | 1,800 | — | — | |||||||||||||
Advances to/from subsidiaries | (9,202 | ) | 11,527 | (1,847 | ) | (478 | ) | — | |||||||||||
Payments for other financing activities | (98 | ) | — | — | — | (98 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (30,992 | ) | 10,618 | (47 | ) | (478 | ) | (20,899 | ) | ||||||||||
(Decrease) increase in cash and cash equivalents | (135,098 | ) | (3,866 | ) | 655 | (478 | ) | (138,787 | ) | ||||||||||
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 | $ | 225,625 | $ | 6,622 | $ | 1,073 | $ | (1,704 | ) | $ | 231,616 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Total revenue | $ | — | $ | 2,207 | $ | 288 | $ | 5,681 | |||||||
Home construction and land sales expenses | 37 | 2,509 | (29 | ) | 5,444 | ||||||||||
Inventory impairments and lot option abandonments | — | 545 | 17 | 579 | |||||||||||
Gross (loss) profit | (37 | ) | (847 | ) | 300 | (342 | ) | ||||||||
Commissions | — | 46 | — | 217 | |||||||||||
General and administrative expenses | 346 | 919 | 2,761 | 3,636 | |||||||||||
Depreciation and amortization | — | 10 | — | 35 | |||||||||||
Operating loss | (383 | ) | (1,822 | ) | (2,461 | ) | (4,230 | ) | |||||||
Other (loss) income, net | (1 | ) | (1 | ) | 68 | (47 | ) | ||||||||
Loss from discontinued operations before income taxes | (384 | ) | (1,823 | ) | (2,393 | ) | (4,277 | ) | |||||||
(Benefit from) provision for income taxes | (38 | ) | 5 | (69 | ) | (408 | ) | ||||||||
Loss from discontinued operations, net of tax | $ | (346 | ) | $ | (1,828 | ) | $ | (2,324 | ) | $ | (3,869 | ) |
• | Drive sales per community per month; |
• | Gradually expand our community count; |
• | Generate higher gross margins; and |
• | Further leverage our fixed costs. |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
($ in thousands) | 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 | |||||||
Gross margin: | |||||||||||||||
Homebuilding | 17.1 | % | 8.2 | % | 15.7 | % | 9.8 | % | |||||||
Land sales and other | 40.2 | % | 23.1 | % | 25.9 | % | 35.7 | % | |||||||
Total | 17.2 | % | 8.3 | % | 15.8 | % | 10.0 | % | |||||||
Commissions | $ | 13,078 | $ | 10,776 | $ | 35,406 | $ | 27,522 | |||||||
General and administrative expenses (G&A): | $ | 29,612 | $ | 27,867 | $ | 84,735 | $ | 82,380 | |||||||
G&A as a percentage of total revenue | 9.4 | % | 10.9 | % | 10.0 | % | 13.0 | % | |||||||
Depreciation and amortization | $ | 2,953 | $ | 3,743 | $ | 8,761 | $ | 9,336 | |||||||
Operating income (loss) | $ | 8,472 | $ | (21,155 | ) | $ | 5,182 | $ | (55,548 | ) | |||||
Operating income (loss) as a percentage of total revenue | 2.7 | % | (8.3 | )% | 0.6 | % | (8.8 | )% | |||||||
Effective Tax Rate | 7.4 | % | (0.4 | )% | 2.3 | % | 32.6 | % | |||||||
Equity in (loss) income of unconsolidated entities | $ | (310 | ) | $ | 48 | $ | (206 | ) | $ | (25 | ) | ||||
Loss on extinguishment of debt | $ | — | $ | — | $ | (3,638 | ) | $ | (2,747 | ) |
Three Months Ended June 30, | ||||||||||||||
New Orders, net | Cancellation Rates | |||||||||||||
2013 | 2012 | 13 v 12 | 2013 | 2012 | ||||||||||
West | 614 | 730 | (15.9 | )% | 20.2 | % | 22.1 | % | ||||||
East | 389 | 486 | (20.0 | )% | 23.6 | % | 31.0 | % | ||||||
Southeast | 378 | 339 | 11.5 | % | 15.6 | % | 19.1 | % | ||||||
Total | 1,381 | 1,555 | (11.2 | )% | 20.0 | % | 24.5 | % | ||||||
Nine Months Ended June 30, | ||||||||||||||
New Orders, net | Cancellation Rates | |||||||||||||
2013 | 2012 | 13 v 12 | 2013 | 2012 | ||||||||||
West | 1,696 | 1,688 | 0.5 | % | 22.1 | % | 24.2 | % | ||||||
East | 1,140 | 1,237 | (7.8 | )% | 24.4 | % | 32.4 | % | ||||||
Southeast | 998 | 866 | 15.2 | % | 15.2 | % | 19.1 | % | ||||||
Total | 3,834 | 3,791 | 1.1 | % | 21.1 | % | 26.0 | % |
As of June 30, | ||||||||||
2013 | 2012 | 13 v 12 | ||||||||
Backlog Units: | ||||||||||
West | 982 | 1,064 | (7.7 | )% | ||||||
East | 781 | 891 | (12.3 | )% | ||||||
Southeast | 595 | 466 | 27.7 | % | ||||||
Total | 2,358 | 2,421 | (2.6 | )% | ||||||
Aggregate dollar value of homes in backlog (in millions) | $ | 646.1 | $ | 572.8 | 12.8 | % | ||||
ASP in backlog (in thousands) | $ | 274.0 | $ | 236.6 | 15.8 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||
Homebuilding Revenues | Average Selling Price | Closings | ||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | |||||||||||||||||||||
West | $ | 132,803 | $ | 97,356 | 36.4 | % | $ | 241.5 | $ | 214.0 | 12.9 | % | 550 | 455 | 20.9 | % | ||||||||||||||
East | 111,333 | 98,850 | 12.6 | % | 300.9 | 258.8 | 16.3 | % | 370 | 382 | (3.1 | )% | ||||||||||||||||||
Southeast | 68,993 | 55,865 | 23.5 | % | 219.7 | 205.4 | 7.0 | % | 314 | 272 | 15.4 | % | ||||||||||||||||||
Total | $ | 313,129 | $ | 252,071 | 24.2 | % | $ | 253.8 | $ | 227.3 | 11.7 | % | 1,234 | 1,109 | 11.3 | % | ||||||||||||||
Nine Months Ended June 30, | ||||||||||||||||||||||||||||||
Homebuilding Revenues | Average Selling Price | Closings | ||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | |||||||||||||||||||||
West | $ | 360,052 | $ | 245,420 | 46.7 | % | $ | 231.8 | $ | 205.5 | 12.8 | % | 1,553 | 1,194 | 30.1 | % | ||||||||||||||
East | 324,334 | 255,519 | 26.9 | % | 293.2 | 259.7 | 12.9 | % | 1,106 | 984 | 12.4 | % | ||||||||||||||||||
Southeast | 158,639 | 127,601 | 24.3 | % | 214.4 | 198.8 | 7.8 | % | 740 | 642 | 15.3 | % | ||||||||||||||||||
Total | $ | 843,025 | $ | 628,540 | 34.1 | % | $ | 248.0 | $ | 222.9 | 11.3 | % | 3,399 | 2,820 | 20.5 | % |
($ in thousands) | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||
HB Gross Profit (Loss) | HB Gross Margin | Impairments & Abandonments (I&A) | HB Gross Profit w/o I&A | HB Gross Margin w/o I&A | Interest Amortized to COS | HB Gross Profit w/o I&A and Interest | HB Gross Margin w/o I&A and Interest | |||||||||||||||||||||
West | $ | 28,747 | 21.6 | % | $ | — | $ | 28,747 | 21.6 | % | $ | — | $ | 28,747 | 21.6 | % | ||||||||||||
East | 19,115 | 17.2 | % | — | 19,115 | 17.2 | % | — | 19,115 | 17.2 | % | |||||||||||||||||
Southeast | 13,979 | 20.3 | % | — | 13,979 | 20.3 | % | — | 13,979 | 20.3 | % | |||||||||||||||||
Corporate & unallocated | (8,253 | ) | — | (8,253 | ) | 9,996 | 1,743 | |||||||||||||||||||||
Total homebuilding | $ | 53,588 | 17.1 | % | $ | — | $ | 53,588 | 17.1 | % | $ | 9,996 | $ | 63,584 | 20.3 | % | ||||||||||||
($ in thousands) | Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||
HB Gross Profit (Loss) | HB Gross Margin | Impairments & Abandonments (I&A) | HB Gross Profit w/o I&A | HB Gross Margin w/o I&A | Interest Amortized to COS | HB Gross Profit w/o I&A and Interest | HB Gross Margin w/o I&A and Interest | |||||||||||||||||||||
West | $ | 14,707 | 15.1 | % | $ | 1,609 | $ | 16,316 | 16.8 | % | $ | — | $ | 16,316 | 16.8 | % | ||||||||||||
East | 11,075 | 11.2 | % | 3,132 | 14,207 | 14.4 | % | — | 14,207 | 14.4 | % | |||||||||||||||||
Southeast | 9,163 | 16.4 | % | 689 | 9,852 | 17.6 | % | — | 9,852 | 17.6 | % | |||||||||||||||||
Corporate & unallocated | (14,289 | ) | 389 | (13,900 | ) | 15,649 | 1,749 | |||||||||||||||||||||
Total homebuilding | $ | 20,656 | 8.2 | % | $ | 5,819 | $ | 26,475 | 10.5 | % | $ | 15,649 | $ | 42,124 | 16.7 | % | ||||||||||||
($ in thousands) | Nine Months Ended June 30, 2013 | |||||||||||||||||||||||||||
HB Gross Profit (Loss) | HB Gross Margin | Impairments & Abandonments (I&A) | HB Gross Profit w/o I&A | HB Gross Margin w/o I&A | Interest Amortized to COS | HB Gross Profit w/o I&A and Interest | HB Gross Margin w/o I&A and Interest | |||||||||||||||||||||
West | $ | 70,797 | 19.7 | % | $ | 150 | $ | 70,947 | 19.7 | % | $ | — | $ | 70,947 | 19.7 | % | ||||||||||||
East | 57,776 | 17.8 | % | 33 | 57,809 | 17.8 | % | — | 57,809 | 17.8 | % | |||||||||||||||||
Southeast | 28,999 | 18.3 | % | 2,046 | 31,045 | 19.6 | % | — | 31,045 | 19.6 | % | |||||||||||||||||
Corporate & unallocated | (25,101 | ) | — | (25,101 | ) | 27,823 | 2,722 | |||||||||||||||||||||
Total homebuilding | $ | 132,471 | 15.7 | % | $ | 2,229 | $ | 134,700 | 16.0 | % | $ | 27,823 | $ | 162,523 | 19.3 | % | ||||||||||||
($ in thousands) | Nine Months Ended June 30, 2012 | |||||||||||||||||||||||||||
HB Gross Profit (Loss) | HB Gross Margin | Impairments & Abandonments (I&A) | HB Gross Profit w/o I&A | HB Gross Margin w/o I&A | Interest Amortized to COS | HB Gross Profit w/o I&A and Interest | HB Gross Margin w/o I&A and Interest | |||||||||||||||||||||
West | $ | 37,564 | 15.3 | % | $ | 3,979 | $ | 41,543 | 16.9 | % | $ | — | $ | 41,543 | 16.9 | % | ||||||||||||
East | 30,431 | 11.9 | % | 4,383 | 34,814 | 13.6 | % | — | 34,814 | 13.6 | % | |||||||||||||||||
Southeast | 21,277 | 16.7 | % | 1,655 | 22,932 | 18.0 | % | — | 22,932 | 18.0 | % | |||||||||||||||||
Corporate & unallocated | (27,797 | ) | 475 | (27,322 | ) | 41,128 | 13,806 | |||||||||||||||||||||
Total homebuilding | $ | 61,475 | 9.8 | % | $ | 10,492 | $ | 71,967 | 11.4 | % | $ | 41,128 | $ | 113,095 | 18.0 | % | ||||||||||||
Homebuilding Gross Margin from previously impaired communities: | ||
Pre-impairment turn gross margin | (6.8 | )% |
Impact of interest amortized to COS related to these communities | 4.4 | % |
Pre-impairment turn gross margin, excluding interest amortization | (2.4 | )% |
Impact of impairment turns | 20.3 | % |
Gross margin (post impairment turns), excluding interest amortization | 17.9 | % |
($ in thousands) | Estimated Fair Value of Impaired Inventory at Period End | Lots Impaired | Communities Impaired | ||||||||||||||||
Quarter Ended | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
June 30 | $ | — | $ | 11,187 | — | 170 | — | 3 | |||||||||||
March 31 | $ | — | $ | 3,292 | — | 25 | — | 1 | |||||||||||
December 31 | $ | — | $ | 6,377 | — | 51 | — | 1 |
Land Sales & Other Revenues | Land Sales and Other Gross Profit (Loss) | ||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | |||||||||||||||
West | $ | 716 | $ | 1,736 | (58.8 | )% | $ | 103 | $ | 2 | n/m | ||||||||||
East | 223 | 80 | 178.8 | % | 53 | (8 | ) | n/m | |||||||||||||
Southeast | 371 | 463 | (19.9 | )% | 371 | 466 | (20.4 | )% | |||||||||||||
Pre-Owned | — | 205 | (100.0 | )% | — | 115 | (100.0 | )% | |||||||||||||
Total | $ | 1,310 | $ | 2,484 | (47.3 | )% | $ | 527 | $ | 575 | (8.3 | )% | |||||||||
Land Sales & Other Revenues | Land Sales and Other Gross Profit (Loss) | ||||||||||||||||||||
Nine Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | ||||||||||||||||
West | $ | 2,589 | $ | 2,306 | 12.3 | % | $ | 291 | $ | 62 | 369.4 | % | |||||||||
East | 890 | 421 | 111.4 | % | 190 | 63 | 201.6 | % | |||||||||||||
Southeast | 2,739 | 2,365 | 15.8 | % | 1,132 | 1,476 | (23.3 | )% | |||||||||||||
Pre-Owned | — | 1,114 | (100.0 | )% | — | 614 | (100.0 | )% | |||||||||||||
Total | $ | 6,218 | $ | 6,206 | 0.2 | % | $ | 1,613 | $ | 2,215 | (27.2 | )% |
(In thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | 13 v 12 | 2013 | 2012 | 13 v 12 | ||||||||||||||||||
West | $ | 15,313 | $ | 2,719 | $ | 12,594 | $ | 33,716 | $ | 5,505 | $ | 28,211 | |||||||||||
East | 7,714 | 197 | 7,517 | 24,215 | 344 | 23,871 | |||||||||||||||||
Southeast | 7,644 | 3,339 | 4,305 | 12,024 | 5,304 | 6,720 | |||||||||||||||||
Pre-Owned | — | (29 | ) | 29 | — | (229 | ) | 229 | |||||||||||||||
Corporate and Unallocated | (22,199 | ) | (27,381 | ) | 5,182 | (64,773 | ) | (66,472 | ) | 1,699 | |||||||||||||
Operating Income (Loss) | $ | 8,472 | $ | (21,155 | ) | $ | 29,627 | $ | 5,182 | $ | (55,548 | ) | $ | 60,730 |
31.1 | Certification pursuant to 17 CFR 240.13a-14 promulgated under Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification pursuant to 17 CFR 240.13a-14 promulgated under Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | The following financial statements from Beazer Homes USA, Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2013, filed on August 1, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Consolidated Statements of Operations, (iii) Unaudited Condensed Consolidated Statements of Cash Flows and (iv) Notes to Unaudited Condensed Consolidated Financial Statements. |
Date: | August 1, 2013 | Beazer Homes USA, Inc. | ||
By: | /s/ ROBERT L. SALOMON | |||
Name: | Robert L. Salomon | |||
Executive Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Beazer Homes USA, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
1. | I have reviewed this quarterly report on Form 10-Q of Beazer Homes USA, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 1, 2013 | |
/s/ Allan P. Merrill | ||
Allan P. Merrill | ||
President and Chief Executive Officer |
Date: | August 1, 2013 | |
/s/ Robert L. Salomon | ||
Robert L. Salomon | ||
Executive Vice President and Chief Financial Officer |
Segment Information
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We have three homebuilding segments operating in 16 states. Beginning in the second quarter of fiscal 2011, through May 2, 2012, we operated our Pre-Owned Homes business in Arizona and Nevada. The results below include operating results of our Pre-Owned segment through May 2, 2012. Effective May 3, 2012, we contributed our Pre-Owned Homes business for an investment in an unconsolidated entity (see Note 3 for additional information). Revenues in our homebuilding segments are derived from the sale of homes which we construct and from land and lot sales. Revenues from our Pre-Owned segment were derived from the rental of previously owned homes purchased and improved by the Company. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. The reportable homebuilding segments and all other homebuilding operations, not required to be reported separately, include operations conducting business in the following states: West: Arizona, California, Nevada and Texas East: Delaware, Indiana, Maryland, New Jersey, New York, Pennsylvania, Tennessee (Nashville) and Virginia Southeast: Florida, Georgia, North Carolina (Raleigh) and South Carolina Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding, land sale and other revenues less home construction, land development and land sales expense, commission expense, depreciation and amortization and certain general and administrative expenses which are incurred by or allocated to our homebuilding segments. Operating income for our Pre-Owned segment was historically defined as rental revenues less home repairs and operating expenses, home sales expense, depreciation and amortization and certain general and administrative expenses which are incurred by or allocated to the segment. The accounting policies of our segments are those described in Note 1 above and Note 1 to our consolidated financial statements in our 2012 Annual Report.
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Unaudited Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Income Statement [Abstract] | ||||
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 | 0 | 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 | 0 | 0 | (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: | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 24,770 | 19,810 | 24,571 | 16,777 |
Earnings Per Share [Abstract] | ||||
Loss from Continuing Operations, Per Basic and Diluted Share | $ (0.22) | $ (1.92) | $ (1.77) | $ (4.48) |
Loss from Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ (0.01) | $ (0.09) | $ (0.09) | $ (0.23) |
Earnings Per Share, Basic and Diluted | $ (0.23) | $ (2.01) | $ (1.86) | $ (4.71) |
Interest
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Jun. 30, 2013
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Real Estate Inventory Capitalized Interest Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest Our ability to capitalize all interest incurred during the three and nine months ended June 30, 2013 and 2012 has been limited by our inventory eligible for capitalization. The following table sets forth certain information regarding interest:
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Inventory (Tables)
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Jun. 30, 2013
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory |
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Schedule of Total Owned Inventory, by Segment | Total owned inventory, by reportable segment, is set forth in the table below:
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Recoverability Schedule of Inventory assets Held for Development, by Reportable Segment | The following tables represent the results, by reportable segment, of our community level review of the recoverability of our inventory assets held for development as of June 30, 2012. We have elected to aggregate our disclosure at the reportable segment level because we believe this level of disclosure is most meaningful to the readers of our financial statements. The aggregate undiscounted cash flow fair value as a percentage of book value for the communities represented below is consistent with our expectations given our “watch list” methodology.
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Summary of Discounted Cash Flow Analysis | The table below summarizes the results of our discounted cash flow analysis for the three and nine months ended June 30, 2012. The impairment charges below include impairments taken as a result of these discounted cash flow analyses and impairment charges recorded for individual homes sold and in backlog with net contribution margins below a minimum threshold of profitability in communities that were not otherwise impaired through our discounted cash flow analyses. The estimated fair value of the impaired inventory is determined immediately after a community’s impairment.
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Schedule of Inventory Impairments and Lot Option Abandonment Charges, by Reportable Homebuilding Segment | The following table sets forth, by reportable homebuilding segment, the inventory impairments and lot option abandonment charges recorded for the three and nine months ended June 30, 2013 and 2012, as applicable:
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Summary of Interests in Lot Option Agreements | The following provides a summary of our interests in lot option agreements as of June 30, 2013 and September 30, 2012:
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Supplemental Guarantor Information
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Jun. 30, 2013
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor information | 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.
Beazer Homes USA, Inc. Unaudited Consolidating Statement of Operations Information (In thousands)
Beazer Homes USA, Inc. Unaudited Consolidating Statement of Operations Information (In thousands)
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Borrowings - Narrative (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Sep. 30, 2012
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Sep. 30, 2012
Tangible Equity Units
TEUs
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Jun. 30, 2013
Senior Notes
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Sep. 30, 2012
Senior Notes
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Jun. 30, 2013
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
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Feb. 01, 2013
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
|
Sep. 30, 2012
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
|
Jun. 30, 2013
Senior Notes
6.625% Senior Secured Notes
|
Sep. 30, 2012
Senior Notes
6.625% Senior Secured Notes
|
Jun. 30, 2013
Senior Notes
9 1/8% Senior Notes Maturing May 2019
|
Sep. 30, 2012
Senior Notes
9 1/8% Senior Notes Maturing May 2019
|
Jun. 30, 2013
Senior Notes
6 7/8% Senior Notes Maturing July 2015
|
Sep. 30, 2012
Senior Notes
6 7/8% Senior Notes Maturing July 2015
|
Jun. 30, 2013
Senior Notes
9 1/8% Senior Notes Maturing June 2018
|
Sep. 30, 2012
Senior Notes
9 1/8% Senior Notes Maturing June 2018
|
Jun. 30, 2013
Senior Notes
8 1/8% Senior Notes Maturing June 2016
|
Sep. 30, 2012
Senior Notes
8 1/8% Senior Notes Maturing June 2016
|
Jun. 30, 2012
Senior Notes
Tangible Equity Units
|
Jul. 17, 2012
Senior Notes
Tangible Equity Units
TEUs
|
Mar. 31, 2012
Senior Notes
Tangible Equity Units
TEUs
|
May 31, 2010
Senior Notes
Tangible Equity Units
TEUs
|
Jun. 30, 2013
Convertible Subordinated Debt
|
Sep. 30, 2012
Convertible Subordinated Debt
|
Jun. 30, 2012
Convertible Subordinated Debt
7 1/2% Mandatory Convertible Subordinated Notes [Member]
|
Mar. 31, 2012
Convertible Subordinated Debt
7 1/2% Mandatory Convertible Subordinated Notes [Member]
|
Jun. 30, 2013
Convertible Subordinated Debt
7 1/2% Mandatory Convertible Subordinated Notes [Member]
|
Jan. 12, 2010
Convertible Subordinated Debt
7 1/2% Mandatory Convertible Subordinated Notes [Member]
|
Jun. 30, 2013
Junior Subordinated Notes
|
Sep. 30, 2012
Junior Subordinated Notes
|
Jan. 15, 2010
Junior Subordinated Notes
|
Jun. 15, 2006
Junior Subordinated Notes
|
Jun. 30, 2013
Cash Secured Loan
|
Sep. 30, 2012
Cash Secured Loan
|
Jun. 30, 2013
Other Secured Notes Payable
|
Sep. 30, 2012
Other Secured Notes Payable
|
Jun. 30, 2013
Secured Revolving Credit Facility
|
Sep. 30, 2012
Secured Revolving Credit Facility
|
Jun. 30, 2012
Secured Revolving Credit Facility
|
Jun. 30, 2013
Letter of Credit
|
Sep. 30, 2012
Letter of Credit
|
Jun. 30, 2013
Minimum [Member]
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
|
Jun. 30, 2013
Maximum
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
|
Jun. 30, 2013
Common Stock
|
Jun. 30, 2012
Common Stock
|
Mar. 31, 2012
Common Stock
|
Jun. 30, 2013
In Compliance [Member]
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
|
Jun. 30, 2013
Optional Redemption Under Indenture [Member]
Senior Notes
7 1/4% Senior Notes Maturing February 2023 [Member]
|
Jun. 30, 2013
Optional Redemption Under Indenture [Member]
Senior Notes
6 7/8% Senior Notes Maturing July 2015
|
Jun. 30, 2013
Subsequent Event
Common Stock
|
Mar. 31, 2013
Subsequent Event
Common Stock
|
Jun. 30, 2013
Debt Instrument, Convertible, Stock Price Trigger Range One [Member]
7 1/2% Mandatory Convertible Subordinated Notes [Member]
|
Jun. 30, 2013
Debt Instrument, Convertible, Stock Price Trigger, Range Two [Member]
7 1/2% Mandatory Convertible Subordinated Notes [Member]
|
|
Line of Credit Facility [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility borrowing capacity | $ 150,000,000 | $ 22,000,000 | $ 220,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of available borrowings under the Secured Revolving Credit Facility | 150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory assets pledged as collateral | 1,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding borrowings under the Secured Revolving Credit Facility | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit secured using cash collateral | 22,700,000 | 24,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beazer homes' ownership interest in guarantor subsidiaries (less than 10% in Inspirada Builders LLC) | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of original debt amount required to be offered for repurchase (percent) | 35.00% | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum consolidated tangible net worth | 85,000,000 | 85,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of original debt that could be repurchased | 27,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated tangible net worth | 202,400,000 | 202,400,000 | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount of debt | 57,500,000 | 75,000,000 | 103,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument stated interest rate (percent) | 7.25% | 7.25% | 0.00% | 6.625% | 6.625% | 9.125% | 9.125% | 6.875% | 6.875% | 9.125% | 9.125% | 8.125% | 8.125% | 7.50% | 7.25% | 7.987% | ||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | (3,638,000) | (2,747,000) | (3,600,000) | (700,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding debt instrument principal amount redeemed | 2,000,000 | 5,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares exchanged for common stock | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Stock Price Trigger | $ 14.50 | $ 17.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Equity Units (TEUs) issued during period, (units) | 4,600,000 | 4,600,000 | 2,800,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior amortizing notes exchanged for Tangible Equity Units | 7,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Subordinated Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed conversion ratio (shares per $25) | 0.8909 | 1.72414 | 1.40746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock exchanged for debt (shares) | 0.6 | 2.2 | 2.2 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Value of convertible debt exchanged for common stock | 48,100,000 | 48,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement expense recognized | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Notes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective period of debt instrument interest rate | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price (percent) | 100.00% | 100.00% | 103.625% | 101.00% | 107.25% | 101.146% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized accretion | 2,341,000 | 2,341,000 | 3,082,000 | 2,341,000 | 3,082,000 | (47,600,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Secured Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three-month LIBOR | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ 1,505,656,000 | $ 1,505,656,000 | $ 1,498,198,000 | $ 1,221,647,000 | $ 1,201,067,000 | $ 0 | $ 9,402,000 | $ 9,400,000 | $ 53,153,000 | $ 51,603,000 | $ 222,368,000 | $ 227,368,000 | $ 8,488,000 | $ 8,758,000 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average fixed interest rate of debt (percent) | 3.91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.40% |
Inventory - Schedule of Inventory (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Mar. 31, 2013
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Sep. 30, 2011
|
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Real Estate [Abstract] | ||||||
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 | 45,501 | 38,190 | 45,373 | 47,242 | 45,973 |
Model homes | 39,468 | 40,844 | ||||
Total owned inventory | $ 1,265,112 | $ 1,099,132 |
Contingencies (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty reserves | Our warranty reserves are as follows:
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Borrowings (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | At June 30, 2013 and September 30, 2012 we had the following long-term debt, net of discounts:
|
Earnings Per Share - Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||
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Jun. 30, 2013
|
Sep. 30, 2012
|
Jun. 30, 2013
Common Stock
|
Jun. 30, 2012
Common Stock
|
Mar. 31, 2012
Common Stock
|
Jun. 30, 2013
TEU Senior Amortizing Notes Maturing August 2013 [Member]
|
Jun. 30, 2012
7 1/2% Mandatory Convertible Subordinated Notes [Member]
Convertible Subordinated Debt
|
Mar. 31, 2012
7 1/2% Mandatory Convertible Subordinated Notes [Member]
Convertible Subordinated Debt
|
Jun. 30, 2013
Tangible Equity Units
|
Sep. 30, 2012
Tangible Equity Units
TEUs
|
Jul. 17, 2012
Tangible Equity Units
Senior Notes
TEUs
|
Mar. 31, 2012
Tangible Equity Units
Senior Notes
TEUs
|
May 31, 2010
Tangible Equity Units
Senior Notes
TEUs
|
Jun. 30, 2013
Subsequent Event
Common Stock
|
Mar. 31, 2013
Subsequent Event
Common Stock
|
Dec. 31, 2012
Pre-adjustment shares [Member]
|
Jun. 30, 2013
Post-adjustment Shares [Member]
|
|
Earnings Per Share [Line Items] | |||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 600,000 | 2,200,000 | 2,200,000 | 400,000 | 400,000 | ||||||||||||
Value of convertible debt exchanged for common stock | $ 48.1 | $ 48.1 | |||||||||||||||
Shares exchanged for common stock | 2,800,000 | ||||||||||||||||
Tangible Equity Units (TEUs) issued during period, (units) | 4,600,000 | 4,600,000 | 2,800,000 | 3,000,000 | |||||||||||||
Tangible Equity Units outstanding | 18,100,000 | 4,800,000 | |||||||||||||||
Shares of common stock issuable upon conversion | 8,100,000 | ||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 8,100,000 | ||||||||||||||||
Common Stock, Shares Authorized | 63,000,000 | 63,000,000 | 100,000,000 | 63,000,000 |
Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Non-cash Land Acquisitions | $ 0 | $ 7,813 |
Contribution of Pre-Owned Net Assets for Investment in Unconsolidated REIT | 0 | (19,670) |
Decrease in debt related to conversion of Mandatory Convertible Subordinated Notes and Tangible Equity Units for common stock | (9,402) | (55,308) |
(Decrease) increase in obligations related to land not owned under option agreements | (1,883) | 640 |
Decrease in future land purchase rights | 0 | (11,651) |
Contribution of future land purchase rights to unconsolidated entities | 0 | 11,651 |
Supplemental disclosure of cash activity: [Abstract] | ||
Interest payments | 92,742 | 109,691 |
Income tax payments | 133 | 751 |
Tax refunds received | $ 3,925 | $ 2,565 |
Income Taxes - Narrative (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Income Tax Disclosure [Line Items] | ||||
(Benefit from) provision for income taxes | $ (432,000) | $ 145,000 | $ (1,028,000) | $ (36,438,000) |
Accrued interest and penalties | 2,500,000 | 2,500,000 | ||
Valuation allowance | (505,300,000) | (505,300,000) | ||
Maximum
|
||||
Income Tax Disclosure [Line Items] | ||||
Limit on operating loss carryforwards and recognition | 11,400,000 | 11,400,000 | ||
Limit on operating loss carryforwards and recognition, tax-effected | 4,000,000 | 4,000,000 | ||
Certain Components Likely To Be Subject To Annual Limitation [Member] | Maximum
|
||||
Income Tax Disclosure [Line Items] | ||||
Deferred Tax Assets, Net | 453,600,000 | 453,600,000 | ||
Certain Components Likely To Be Subject To Annual Limitation [Member] | Minimum [Member]
|
||||
Income Tax Disclosure [Line Items] | ||||
Deferred Tax Assets, Net | 394,600,000 | 394,600,000 | ||
Subject To Annual Limitation [Member]
|
||||
Income Tax Disclosure [Line Items] | ||||
Deferred Tax Assets, Gross | $ 87,400,000 | $ 87,400,000 |
Supplemental Guarantor Information (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Consolidating Balance Sheet Information |
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Unaudited Consolidating Income Statement |
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Unaudited Consolidating Statements of Cash Flow |
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Interest (Tables)
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Jun. 30, 2013
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Real Estate Inventory Capitalized Interest Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Inventory, Capitalized Interest Costs | The following table sets forth certain information regarding interest:
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Summary of Significant Accounting Policies
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Beazer Homes USA, Inc. (Beazer Homes, Beazer or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Such financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In our opinion, all adjustments (consisting primarily of normal recurring accruals) necessary for a fair presentation have been included in the accompanying financial statements. The results of our consolidated operations presented herein for the three and nine months ended June 30, 2013 are not necessarily indicative of the results to be expected for the full year due to seasonal variations in operations and other items. For further information and a discussion of our significant accounting policies other than as discussed below, refer to our audited consolidated financial statements appearing in Beazer Homes’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012 (the 2012 Annual Report). Over the past few years, we have discontinued homebuilding operations in certain of our markets. Results from our title services business and our exit markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented (see Note 14 for further discussion of our Discontinued Operations). In October 2012, the Company announced the effectiveness of a one-for-five reverse stock split. As applicable, all historic share and per share information, including earnings per share, in this Form 10-Q have been retroactively adjusted to reflect this reverse stock split. Certain items in prior period financial statements have been revised to conform to the current presentation. Our net loss is equivalent to our comprehensive loss so we have not presented a separate statement of comprehensive loss. We evaluated events that occurred after the balance sheet date but before the financial statements were issued or were available to be issued for accounting treatment and disclosure. Inventory Valuation — We assess our inventory assets no less than quarterly for recoverability in accordance with the policies as described in Notes 1 and 4 to the consolidated financial statements in our 2012 Annual Report. Our homebuilding inventories that are accounted for as held for development include land and home construction assets grouped together as communities. Homebuilding inventories held for development are stated at cost (including direct construction costs, capitalized indirect costs, capitalized interest and real estate taxes) unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. For those communities for which construction and development activities are expected to occur in the future or have been idled (land held for future development), all applicable interest and real estate taxes are expensed as incurred and the inventory is stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. We record assets held for sale at the lower of the carrying value or fair value less costs to sell. Other Liabilities. Other liabilities include the following:
Recent Accounting Pronouncements. In May 2011, the Financial Accounting Standard Board (FASB) issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 clarifies some existing concepts, eliminates wording differences between GAAP and International Financial Reporting Standards (IFRS), and in some limited cases, changes some principles to achieve convergence between GAAP and IFRS. ASU 2011-04 results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between GAAP and IFRS. ASU 2011-04 also expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. The adoption of ASU 2011-04 effective with our second quarter of fiscal 2012 did not have a material effect on our operating results or financial position. |
Investments in Unconsolidated Entities
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Jun. 30, 2013
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Entities As of June 30, 2013, we participated in certain land development joint ventures and other unconsolidated entities in which Beazer Homes had less than a controlling interest. The following table presents our investment in our unconsolidated entities, the total equity and outstanding borrowings of these unconsolidated entities, and our guarantees of these borrowings, as of June 30, 2013 and September 30, 2012:
For the three and nine months ended June 30, 2013 and 2012, our (loss) income from unconsolidated entity activities, the impairments of our investments in certain of our unconsolidated entities, and the overall equity in (loss) income of unconsolidated entities is as follows:
South Edge/Inspirada The Company holds a minority (less than 10%) interest in Inspirada Builders LLC which was formed in connection with the bankruptcy and subsequent plan of reorganization of the South Edge joint venture. During the quarter ended December 31, 2011, we paid $15.9 million in connection with this plan of reorganization. Our right to acquire land in Las Vegas, Nevada from Inspirada is a component of our investment. As such, we have recorded an investment in Inspirada, which includes the $11.7 million we previously estimated for our future right to purchase land and our cash contributions to the joint venture, primarily for organization costs. In addition to our initial payment, we, as a member of the Inspirada joint venture, will have obligations for a portion of future infrastructure and other development costs. At this time, these costs cannot be quantified due to, among other things, uncertainty over the future development configuration of the project and the related costs, market conditions, uncertainty over the remaining infrastructure costs and potential recoveries from previously filed bankruptcies of certain other South Edge members. In addition, there are uncertainties with respect to the location and density of the land we will receive as a result of our investment in Inspirada, the products we will build on such land and the estimated selling prices of such homes. Because there are uncertainties with respect to development costs, in future periods, we may be required to record adjustments to the carrying value of this Inspirada investment as better information becomes available. Pre-Owned Rental Homes Effective May 3, 2012, we contributed $0.3 million in cash and our Pre-Owned Homes business at cost, including 190 homes in Arizona and Nevada, of which 187 were leased, for an initial 23.5% equity method investment in an unconsolidated real estate investment trust (the REIT). After subsequent offerings by the REIT and as of June 30, 2013, we held a 15.14% investment in the REIT. The Company previously received grants of restricted units in the REIT, one-third of which vested prior to June 30, 2013. Our remaining unvested restricted units will vest as follows: 25% in May 2014, 25% in May 2015 and 50% upon the REIT's achievement of certain performance criteria. Vesting of the restricted units will increase our investment in the REIT to approximately 18% (assuming no other share issuances by the REIT). Subsequent to the initial REIT offering, we entered into a transition services agreement with the REIT under which we agreed to provide interim Chief Financial Officer (CFO) and various back office and administrative support on an as needed basis. During the quarter ended June 30, 2013, the REIT hired a CFO. In the future, we may continue to provide services including treasury operations, cash management, accounting and financial reporting support, legal services, human resources support, environmental and safety services, and tax support on an as needed basis. Fees received related to the transition services agreement billed at our cost and recognized as other income were not material to our consolidated financial results. Guarantees Our land development joint ventures typically obtain secured acquisition, development and construction financing. Generally, Beazer and our land development joint venture partners provide varying levels of guarantees of debt and other obligations for these unconsolidated entities. As of September 30, 2012, we had recorded $0.7 million in Other Liabilities related to one repayment guarantee. During the nine months ended June 30, 2013, we entered into a guarantee release agreement and paid $0.5 million to settle our liability and recognized the remaining $0.2 million as other income. We and our joint venture partners generally provide unsecured environmental indemnities to land development joint venture project lenders. In each case, we have performed due diligence on potential environmental risks. These indemnities obligate us to reimburse the project lenders for claims related to environmental matters for which they are held responsible. During the three and nine months ended June 30, 2013 and 2012, we were not required to make any payments related to environmental indemnities. In assessing the need to record a liability for the contingent aspect of these guarantees, we consider our historical experience in being required to perform under the guarantees, the fair value of the collateral underlying these guarantees and the financial condition of the applicable unconsolidated entities. In addition, we monitor the fair value of the collateral of these unconsolidated entities to ensure that the related borrowings do not exceed the specified percentage of the value of the property securing the borrowings. We have not recorded a liability for the contingent aspects of any guarantees that we determined were reasonably possible but not probable. |
Earnings Per Share
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9 Months Ended |
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share In computing diluted loss per share for the three and nine ended June 30, 2013 and 2012, all common stock equivalents were excluded from the computation of diluted loss per share as a result of their anti-dilutive effect. For the quarter ended June 30, 2013, these excluded common stock equivalents included options/stock-settled appreciation rights (SSARs) to purchase 0.6 million shares of common stock and 8.1 million shares issuable upon the conversion of our Tangible Equity Unit (TEU) prepaid stock purchase contracts (based on the maximum potential shares upon conversion). During the nine months ended June 30, 2013, our stockholders approved the Company's proposal to amend our Amended and Restated Certificate of Incorporation to decrease the authorized number of shares of our common stock from 100 million to 63 million. Such decrease is reflected on our unaudited condensed consolidated balance sheet. During the quarter ended March 31, 2012, we exchanged 2.2 million shares of our common stock for $48.1 million of our Mandatory Convertible Subordinated Notes and 2.8 million shares of our common stock for 2.8 million TEUs comprised of prepaid stock purchase contracts and senior amortizing notes. During the quarter ended September 30, 2012, we issued an additional 4.6 million TEUs. As of June 30, 2013, there were 4.8 million TEUs outstanding (including $18.1 million of amortizing notes). In January 2013, we issued 0.4 million shares of our common stock upon conversion of the Mandatory Convertible Subordinated Notes. If the remaining TEU instruments were converted at the maximum settlement factor under their respective agreements, we would be required to issue approximately 8.1 million shares of common stock to the instrument holders upon conversion. See Note 7 below for additional information related to the March 2012 conversion transactions and July 2012 TEU issuance. |
Inventory
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Jun. 30, 2013
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory
Homes under construction includes homes finished and ready for delivery and homes in various stages of construction. We had 85 ($20.9 million) and 174 ($39.7 million) substantially completed homes that were not subject to a sales contract (spec homes at June 30, 2013 and September 30, 2012, respectively. Development projects in progress consist principally of land and land improvement costs. Certain of the fully developed lots in this category are reserved by a deposit or sales contract. Land held for future development consists of communities for which construction and development activities are expected to occur in the future or have been idled and are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. All applicable interest and real estate taxes on land held for future development are expensed as incurred. Land held for sale in Unallocated and Other includes land held for sale in the markets we have decided to exit including Jacksonville, Florida, Charlotte, North Carolina and Detroit, Michigan. Total owned inventory, by reportable segment, is set forth in the table below:
Inventory Impairments. When conducting our community level review for the recoverability of our homebuilding inventories held for development, we establish a quarterly “watch list” of communities with more than 10 homes remaining that carry profit margins in backlog and in our forecast that are below a minimum threshold of profitability. Assets on the quarterly watch list are subject to substantial additional financial and operational analyses and review that consider the competitive environment and other factors contributing to profit margins below our threshold. For communities where the current competitive and market dynamics indicate that these factors may be other than temporary, which may call into question the recoverability of our investment, a formal impairment analysis is performed. The formal impairment analysis consists of both qualitative competitive market analyses and a quantitative analysis reflecting market and asset specific information. As of June 30, 2013, there were no communities on our quarterly watch list and therefore we did not perform any impairment analyses for the quarter ended June 30, 2013. In our impairment analyses for the quarter ended June 30, 2012, we assumed limited market improvements in some communities beginning in fiscal 2014 and continuing improvement in these communities in subsequent years. For any communities scheduled to close out in fiscal 2013, we did not assume any market improvements. The discount rate used may be different for each community and ranged from 14.6% to 16.3% for the quarter ended June 30, 2012. The following tables represent the results, by reportable segment, of our community level review of the recoverability of our inventory assets held for development as of June 30, 2012. We have elected to aggregate our disclosure at the reportable segment level because we believe this level of disclosure is most meaningful to the readers of our financial statements. The aggregate undiscounted cash flow fair value as a percentage of book value for the communities represented below is consistent with our expectations given our “watch list” methodology.
There were no impairments recorded during the three and nine months ended June 30, 2013. The table below summarizes the results of our discounted cash flow analysis for the three and nine months ended June 30, 2012. The impairment charges below include impairments taken as a result of these discounted cash flow analyses and impairment charges recorded for individual homes sold and in backlog with net contribution margins below a minimum threshold of profitability in communities that were not otherwise impaired through our discounted cash flow analyses. The estimated fair value of the impaired inventory is determined immediately after a community’s impairment.
Our assumptions about future home sales prices and absorption rates require significant judgment because the residential homebuilding industry is cyclical and is highly sensitive to changes in economic conditions. During the quarter ended June 30, 2012, for certain communities we determined that it was prudent to reduce sales prices or further increase sales incentives in response to factors, including competitive market conditions in those specific submarkets for the product and locations of these communities. Because the projected cash flows used to evaluate the fair value of inventory are significantly impacted by changes in market conditions, including decreased sales prices, the change in sales prices and changes in absorption estimates based on current market conditions and management’s assumptions relative to future results led to impairments in three communities during the quarter ended June 30, 2012. Market deterioration that exceeds our estimates may lead us to incur additional impairment charges on previously impaired homebuilding assets in addition to homebuilding assets not currently impaired but for which indicators of impairment may arise if markets deteriorate. The impairments on land held for sale generally represent further write downs of these properties to net realizable value, less estimated costs to sell and are based on current market conditions and our review of recent comparable transactions at the applicable period end. For the nine months ended June 30, 2013, the land held for sale impairment in the Southeast Segment related to our decision to reposition one community in South Carolina to address consumer demand, including the decision to sell a portion of the lots in this community. Our assumptions about land sales prices require significant judgment because the current market is highly sensitive to changes in economic conditions. We calculated the estimated fair values of land held for sale based on current market conditions and assumptions made by management, which may differ materially from actual results and may result in additional impairments if market conditions deteriorate. Also, we have determined the proper course of action with respect to a number of communities within each homebuilding segment was to not exercise certain options and to write-off the deposits securing the option takedowns and pre-acquisition costs, as applicable. In determining whether to abandon a lot option contract, we evaluate the lot option primarily based upon the expected cash flows from the property that is the subject of the option. If we intend to abandon or walk-away from a lot option contract, we record a charge to earnings in the period such decision is made for the deposit amount and any related capitalized costs associated with the lot option contract. Abandonment charges relate to our decision to abandon or not exercise certain option contracts that are not projected to produce adequate results or no longer fit in our long-term strategic plan. The following table sets forth, by reportable homebuilding segment, the inventory impairments and lot option abandonment charges recorded for the three and nine months ended June 30, 2013 and 2012, as applicable:
Lot Option Agreements and Variable Interest Entities (VIEs). As previously discussed, we also have access to land inventory through lot option contracts, which generally enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. A majority of our lot option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period of time at a certain price. Under lot option contracts, purchase of the properties is contingent upon satisfaction of certain requirements by us and the sellers. Our liability under option contracts is generally limited to forfeiture of the non-refundable deposits, letters of credit and other non-refundable amounts incurred. We expect to exercise, subject to market conditions and seller satisfaction of contract terms, most of our remaining option contracts. Various factors, some of which are beyond our control, such as market conditions, weather conditions and the timing of the completion of development activities, will have a significant impact on the timing of option exercises or whether lot options will be exercised. For the VIEs in which we are the primary beneficiary, we have consolidated the VIE and reflected such assets and liabilities as land not owned under option agreements in our balance sheets. For VIEs we were required to consolidate, we recorded the remaining contractual purchase price under the applicable lot option agreement to land not owned under option agreements with an offsetting increase to obligations related to land not owned under option agreements. Also, to reflect the purchase price of this inventory consolidated, we present the related option deposits as land not owned under option agreement in the accompanying unaudited condensed consolidated balance sheets. Consolidation of these VIEs has no impact on the Company’s results of operations or cash flows. The following provides a summary of our interests in lot option agreements as of June 30, 2013 and September 30, 2012:
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Inventory - Results of Discounted Cash Flow Analysis (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
lot
Community
|
|
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 5 | |||
Number of lots impaired | 246 | |||
Impairment Charges | $ 8,924 | |||
Estimated fair value of impaired inventory | 20,857 | |||
Continuing Operations
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 5 | |||
Number of lots impaired | 246 | |||
Impairment Charges | 0 | 5,731 | 59 | 8,864 |
Estimated fair value of impaired inventory | 20,857 | |||
Continuing Operations | Unallocated
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 0 | |||
Number of lots impaired | 0 | |||
Impairment Charges | 0 | 389 | 0 | 473 |
Estimated fair value of impaired inventory | 0 | |||
Continuing Operations | West Segment
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Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 2 | |||
Number of lots impaired | 116 | |||
Impairment Charges | 0 | 1,590 | 46 | 3,788 |
Estimated fair value of impaired inventory | 11,058 | |||
Continuing Operations | East Segment
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 2 | |||
Number of lots impaired | 93 | |||
Impairment Charges | 0 | 3,122 | 13 | 3,809 |
Estimated fair value of impaired inventory | 7,342 | |||
Continuing Operations | Southeast Segment
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 1 | |||
Number of lots impaired | 37 | |||
Impairment Charges | 0 | 630 | 0 | 794 |
Estimated fair value of impaired inventory | 2,457 | |||
Discontinued Operations
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 0 | |||
Number of lots impaired | 0 | |||
Impairment Charges | 0 | 42 | 0 | 60 |
Estimated fair value of impaired inventory | 0 | |||
Discounted Cash Flow Analysis [Member]
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 3 | |||
Number of lots impaired | 170 | |||
Impairment Charges | 5,773 | |||
Estimated fair value of impaired inventory | 11,187 | |||
Discounted Cash Flow Analysis [Member] | Continuing Operations
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 3 | |||
Number of lots impaired | 170 | |||
Impairment Charges | 5,731 | |||
Estimated fair value of impaired inventory | 11,187 | |||
Discounted Cash Flow Analysis [Member] | Continuing Operations | Unallocated
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 0 | |||
Number of lots impaired | 0 | |||
Impairment Charges | 389 | |||
Estimated fair value of impaired inventory | 0 | |||
Discounted Cash Flow Analysis [Member] | Continuing Operations | West Segment
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 1 | |||
Number of lots impaired | 65 | |||
Impairment Charges | 1,590 | |||
Estimated fair value of impaired inventory | 4,680 | |||
Discounted Cash Flow Analysis [Member] | Continuing Operations | East Segment
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 1 | |||
Number of lots impaired | 68 | |||
Impairment Charges | 3,122 | |||
Estimated fair value of impaired inventory | 4,050 | |||
Discounted Cash Flow Analysis [Member] | Continuing Operations | Southeast Segment
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 1 | |||
Number of lots impaired | 37 | |||
Impairment Charges | 630 | |||
Estimated fair value of impaired inventory | 2,457 | |||
Discounted Cash Flow Analysis [Member] | Discontinued Operations
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||||
Real Estate, Write-down or Reserve [Line Items] | ||||
Number of communities impaired | 0 | |||
Number of lots impaired | 0 | |||
Impairment Charges | 42 | |||
Estimated fair value of impaired inventory | $ 0 |
Fair Value Measurements (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value assets measured on a non-recurring basis | The following table presents our assets measured at fair value on a non-recurring basis for each hierarchy level and represents only those assets whose carrying values were adjusted to fair value during the nine months ended June 30, 2013 and 2012:
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Schedule of carrying values and estimated fair values of other financial assets and liabilities | The carrying values and estimated fair values of other financial assets and liabilities were as follows:
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Discontinued Operations (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Results of Discontinued Operations | The results of our discontinued operations in the unaudited condensed consolidated statements of operations for the three and nine months ended June 30, 2013 and 2012 were as follows:
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Investments in Unconsolidated Entities Narrative (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Sep. 30, 2012
|
Jun. 30, 2013
South Edge
|
Jun. 30, 2013
Inspirada
|
May 03, 2012
Inspirada
|
Jun. 30, 2013
the REIT
|
May 03, 2012
the REIT
home
|
Sep. 30, 2012
Other Liabilities [Member]
|
Jun. 30, 2013
Vesting Period One [Member]
Restricted Stock [Member]
|
Jun. 30, 2013
Vesting Period Two [Member]
Restricted Stock [Member]
|
Jun. 30, 2013
Vesting PeriodThree [Member]
Restricted Stock [Member]
|
|
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Beazer homes' ownership interest in guarantor subsidiaries (less than 10% in Inspirada Builders LLC) | 100.00% | 100.00% | 10.00% | 15.14% | 23.50% | ||||||||
Share-based Compensation Arranagement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | 25.00% | 50.00% | ||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 18.00% | ||||||||||||
Settlement of unconsolidated entity debt obligation | $ 500,000 | $ 15,862,000 | $ 15,900,000 | ||||||||||
Decrease in future land purchase rights | 0 | (11,651,000) | 11,700,000 | ||||||||||
Equity Method Investments | 300,000 | ||||||||||||
Number of pre-owned homes owned | 190 | ||||||||||||
Number of Pre-owned homes owned and leased | 187 | ||||||||||||
Repayment guarantee included in Other Liabilities | 0 | 0 | 696,000 | 700,000 | |||||||||
Payment to settle repayment guarantee obligation | 500,000 | ||||||||||||
Other income recorded on settlement of guarantee obligation | $ 200,000 |
Segment Information (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
state
|
Jun. 30, 2012
|
Jun. 30, 2013
segment
state
|
Jun. 30, 2012
|
Sep. 30, 2012
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Segment Reporting Information [Line Items] | ||||||||||||||||
Number of homebuilding segments | 3 | |||||||||||||||
Number of states in which home building segments operate | 16 | 16 | ||||||||||||||
Revenue | $ 314,439,000 | $ 254,555,000 | $ 849,243,000 | $ 634,746,000 | ||||||||||||
Total operating income (loss) | 8,472,000 | (21,155,000) | 5,182,000 | (55,548,000) | ||||||||||||
Equity in (loss) income of unconsolidated entities | (310,000) | 48,000 | (206,000) | (25,000) | ||||||||||||
Loss on extinguishment of debt | 0 | 0 | (3,638,000) | (2,747,000) | ||||||||||||
Other expense, net | (14,036,000) | (16,804,000) | (45,858,000) | (53,342,000) | ||||||||||||
Loss from continuing operations before income taxes | (5,874,000) | (37,911,000) | (44,520,000) | (111,662,000) | ||||||||||||
Depreciation and amortization | 2,953,000 | 3,743,000 | 8,761,000 | 9,336,000 | ||||||||||||
Capital Expenditures | 6,572,000 | 15,117,000 | ||||||||||||||
Assets | 1,942,917,000 | 1,942,917,000 | 1,982,218,000 | |||||||||||||
Operating Segments
|
||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total operating income (loss) | 30,671,000 | 6,226,000 | 69,955,000 | 10,924,000 | ||||||||||||
Depreciation and amortization | 2,424,000 | 2,956,000 | 6,871,000 | 7,122,000 | ||||||||||||
West Segment
|
||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue | 133,519,000 | 99,092,000 | 362,641,000 | 247,726,000 | ||||||||||||
Total operating income (loss) | 15,313,000 | 2,719,000 | 33,716,000 | 5,505,000 | ||||||||||||
Depreciation and amortization | 1,263,000 | 1,685,000 | 3,470,000 | 3,555,000 | ||||||||||||
Capital Expenditures | 2,979,000 | 2,131,000 | ||||||||||||||
Assets | 663,865,000 | 663,865,000 | 618,805,000 | |||||||||||||
East Segment
|
||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue | 111,556,000 | 98,930,000 | 325,224,000 | 255,940,000 | ||||||||||||
Total operating income (loss) | 7,714,000 | 197,000 | 24,215,000 | 344,000 | ||||||||||||
Depreciation and amortization | 750,000 | 728,000 | 2,333,000 | 2,038,000 | ||||||||||||
Capital Expenditures | 881,000 | 2,890,000 | ||||||||||||||
Assets | 364,753,000 | 364,753,000 | 320,404,000 | |||||||||||||
Southeast Segment
|
||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue | 69,364,000 | 56,328,000 | 161,378,000 | 129,966,000 | ||||||||||||
Total operating income (loss) | 7,644,000 | 3,339,000 | 12,024,000 | 5,304,000 | ||||||||||||
Depreciation and amortization | 411,000 | 486,000 | 1,068,000 | 1,199,000 | ||||||||||||
Capital Expenditures | 1,087,000 | 1,620,000 | ||||||||||||||
Assets | 212,340,000 | 212,340,000 | 160,868,000 | |||||||||||||
Pre-Owned Segment
|
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Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue | 0 | 205,000 | 0 | 1,114,000 | ||||||||||||
Total operating income (loss) | 0 | (29,000) | 0 | (229,000) | ||||||||||||
Depreciation and amortization | 0 | 57,000 | 0 | 330,000 | ||||||||||||
Capital Expenditures | 0 | [1] | 7,932,000 | [1] | ||||||||||||
Corporate and unallocated
|
||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Recovery Related Warranty and Legal Expenditures | 11,000,000 | |||||||||||||||
Total operating income (loss) | (22,199,000) | [2] | (27,381,000) | [2] | (64,773,000) | [2] | (66,472,000) | [2] | ||||||||
Depreciation and amortization | 529,000 | [2] | 787,000 | [2] | 1,890,000 | [2] | 2,214,000 | [2] | ||||||||
Capital Expenditures | 1,625,000 | 544,000 | ||||||||||||||
Assets | $ 701,959,000 | [3] | $ 701,959,000 | [3] | $ 882,141,000 | [3] | ||||||||||
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