XML 31 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Supplemental Guarantor Information
9 Months Ended
Jun. 30, 2016
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 issuances 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, Term Loan or the Facility. The guarantees are full and unconditional and the guarantor subsidiaries are 100% owned by Beazer Homes USA, Inc. The following unaudited financial information presents the line items of our unaudited consolidated financial statements separated by amounts related to the parent issuer, guarantor subsidiaries, non-guarantor subsidiaries and consolidating adjustments as of or for the periods presented.
Beazer Homes USA, Inc.
Unaudited Consolidating Balance Sheet Information
June 30, 2016
(In thousands)
 
 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
129,927

 
$
1,702

 
$
873

 
$
(5,293
)
 
$
127,209

Restricted cash
17,101

 
1,745

 

 

 
18,846

Accounts receivable (net of allowance of $866)

 
65,903

 
2

 

 
65,905

Income tax receivable
221

 

 

 

 
221

Owned inventory

 
1,731,850

 

 

 
1,731,850

Investments in unconsolidated entities
773

 
8,588

 

 

 
9,361

Deferred tax assets, net
324,763

 

 

 

 
324,763

Property and equipment, net

 
21,008

 

 

 
21,008

Investments in subsidiaries
692,387

 

 

 
(692,387
)
 

Intercompany
901,414

 

 
2,373

 
(903,787
)
 

Other assets
11,583

 
7,866

 
15

 

 
19,464

Total assets
$
2,078,169

 
$
1,838,662

 
$
3,263

 
$
(1,601,467
)
 
$
2,318,627

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Trade accounts payable
$

 
$
109,449

 
$

 
$

 
$
109,449

Other liabilities
20,068

 
117,857

 
394

 

 
138,319

Intercompany
2,373

 
906,707

 

 
(909,080
)
 

Total debt (net of discounts of $4,819)
1,414,352

 
15,131

 

 

 
1,429,483

Total liabilities
1,436,793

 
1,149,144

 
394

 
(909,080
)
 
1,677,251

Stockholders’ equity
641,376

 
689,518

 
2,869

 
(692,387
)
 
641,376

Total liabilities and stockholders’ equity
$
2,078,169

 
$
1,838,662

 
$
3,263

 
$
(1,601,467
)
 
$
2,318,627

Beazer Homes USA, Inc.
Unaudited Consolidating Balance Sheet Information
September 30, 2015
(In thousands)

 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
232,226

 
$
21,543

 
$
1,006

 
$
(3,192
)
 
$
251,583

Restricted cash
37,177

 
1,724

 

 

 
38,901

Accounts receivable (net of allowance of $1,052)

 
52,378

 
1

 

 
52,379

Income tax receivable
419

 

 

 

 
419

Owned inventory

 
1,697,590

 

 

 
1,697,590

Investments in unconsolidated entities
773

 
12,961

 

 

 
13,734

Deferred tax assets, net
325,373

 

 

 

 
325,373

Property and equipment, net

 
22,230

 

 

 
22,230

Investments in subsidiaries
649,701

 

 

 
(649,701
)
 

Intercompany
913,733

 

 
2,384

 
(916,117
)
 

Other assets
12,519

 
6,471

 
4

 

 
18,994

Total assets
$
2,171,921

 
$
1,814,897

 
$
3,395

 
$
(1,569,010
)
 
$
2,421,203

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Trade accounts payable
$

 
$
113,539

 
$

 
$

 
$
113,539

Other liabilities
31,703

 
116,718

 
545

 

 
148,966

Intercompany
2,384

 
916,925

 

 
(919,309
)
 

Total debt (net of discounts of $3,639)
1,507,411

 
20,864

 

 

 
1,528,275

Total liabilities
1,541,498

 
1,168,046

 
545

 
(919,309
)
 
1,790,780

Stockholders’ equity
630,423

 
646,851

 
2,850

 
(649,701
)
 
630,423

Total liabilities and stockholders’ equity
$
2,171,921

 
$
1,814,897

 
$
3,395

 
$
(1,569,010
)
 
$
2,421,203

Beazer Homes USA, Inc.
Unaudited Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss)
(In thousands)
 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
Three Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
Total revenue
$

 
$
459,937

 
$
28

 
$
(28
)
 
$
459,937

Home construction and land sales expenses
20,080

 
350,315

 

 
(28
)
 
370,367

Inventory impairments and abandonments
626

 
11,291

 

 

 
11,917

Gross (loss) profit
(20,706
)
 
98,331

 
28

 

 
77,653

Commissions

 
17,500

 

 

 
17,500

General and administrative expenses

 
40,435

 
22

 

 
40,457

Depreciation and amortization

 
3,387

 

 

 
3,387

Operating (loss) income
(20,706
)
 
37,009

 
6

 

 
16,309

Equity in income of unconsolidated entities

 
62

 

 

 
62

Gain on extinguishment of debt
429

 

 

 

 
429

Other (expense) income, net
(5,406
)
 
63

 
(1
)
 

 
(5,344
)
(Loss) income before income taxes
(25,683
)
 
37,134

 
5

 

 
11,456

(Benefit from) provision for income taxes
(12,533
)
 
17,880

 
2

 

 
5,349

Equity in income of subsidiaries
19,257

 

 

 
(19,257
)
 

Income from continuing operations
6,107

 
19,254

 
3

 
(19,257
)
 
6,107

Loss from discontinued operations

 
(322
)
 
(3
)
 

 
(325
)
Equity in income (loss) of subsidiaries from discontinued operations
(325
)
 

 

 
325

 

Net income and comprehensive income
$
5,782

 
$
18,932

 
$

 
$
(18,932
)
 
$
5,782

 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
Total revenue
$

 
$
429,438

 
$
33

 
$
(33
)
 
$
429,438

Home construction and land sales expenses
13,548

 
339,566

 

 
(33
)
 
353,081

Inventory impairments and abandonments

 
249

 

 

 
249

Gross (loss) profit
(13,548
)
 
89,623

 
33

 

 
76,108

Commissions

 
17,246

 

 

 
17,246

General and administrative expenses

 
37,641

 
28

 

 
37,669

Depreciation and amortization

 
3,497

 

 

 
3,497

Operating (loss) income
(13,548
)
 
31,239

 
5

 

 
17,696

Equity in income of unconsolidated entities

 
153

 

 

 
153

Other (expense) income, net
(5,955
)
 
193

 
(1
)
 

 
(5,763
)
(Loss) income before income taxes
(19,503
)
 
31,585

 
4

 

 
12,086

(Benefit from) provision for income taxes
(7,204
)
 
7,067

 
2

 

 
(135
)
Equity in income of subsidiaries
24,520

 

 

 
(24,520
)
 

Income from continuing operations
12,221

 
24,518

 
2

 
(24,520
)
 
12,221

Loss from discontinued operations

 
(43
)
 
(3
)
 

 
(46
)
Equity in loss of subsidiaries from discontinued operations
(46
)
 

 

 
46

 

Net income (loss) and comprehensive income (loss)
$
12,175

 
$
24,475

 
$
(1
)
 
$
(24,474
)
 
$
12,175


 
 
 
 
 
 
 
 
 
 
 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
Nine Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
Total revenue
$

 
$
1,189,993

 
$
128

 
$
(128
)
 
$
1,189,993

Home construction and land sales expenses
49,520

 
930,702

 

 
(128
)
 
980,094

Inventory impairments and abandonments
710

 
14,388

 

 

 
15,098

Gross (loss) profit
(50,230
)
 
244,903

 
128

 

 
194,801

Commissions

 
45,856

 

 

 
45,856

General and administrative expenses

 
110,944

 
80

 

 
111,024

Depreciation and amortization

 
9,434

 

 

 
9,434

Operating (loss) income
(50,230
)
 
78,669

 
48

 

 
28,487

Equity in income of unconsolidated entities

 
71

 

 

 
71

Loss on extinguishment of debt
(2,030
)
 

 

 

 
(2,030
)
Other (expense) income, net
(19,471
)
 
1,006

 
(2
)
 

 
(18,467
)
(Loss) income before income taxes
(71,731
)
 
79,746

 
46

 

 
8,061

(Benefit from) provision for income taxes
(34,592
)
 
36,642

 
17

 

 
2,067

Equity in income of subsidiaries
43,133

 

 

 
(43,133
)
 

Income from continuing operations
5,994

 
43,104

 
29

 
(43,133
)
 
5,994

Loss from discontinued operations

 
(437
)
 
(10
)
 

 
(447
)
Equity in loss of subsidiaries from discontinued operations
(447
)
 

 

 
447

 

Net income and comprehensive income
$
5,547

 
$
42,667

 
$
19

 
$
(42,686
)
 
$
5,547

 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
Nine Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
Total revenue
$

 
$
994,561

 
$
165

 
$
(165
)
 
$
994,561

Home construction and land sales expenses
31,524

 
797,714

 

 
(165
)
 
829,073

Inventory impairments and abandonments

 
249

 

 

 
249

Gross (loss) profit
(31,524
)
 
196,598

 
165

 

 
165,239

Commissions

 
40,141

 

 

 
40,141

General and administrative expenses

 
101,749

 
88

 

 
101,837

Depreciation and amortization

 
8,619

 

 

 
8,619

Operating (loss) income
(31,524
)
 
46,089

 
77

 

 
14,642

Equity in income of unconsolidated entities

 
377

 

 

 
377

Other (expense) income, net
(23,396
)
 
(270
)
 
(4
)
 

 
(23,670
)
(Loss) income before income taxes
(54,920
)
 
46,196

 
73

 

 
(8,651
)
(Benefit from) provision for income taxes
(20,286
)
 
19,533

 
27

 

 
(726
)
Equity in income of subsidiaries
26,709

 

 

 
(26,709
)
 

(Loss) income from continuing operations
(7,925
)
 
26,663

 
46

 
(26,709
)
 
(7,925
)
Loss from discontinued operations

 
(4,226
)
 
(10
)
 

 
(4,236
)
Equity in loss of subsidiaries and discontinued operations
(4,236
)
 

 

 
4,236

 

Net income (loss)
$
(12,161
)
 
$
22,437

 
$
36

 
$
(22,473
)
 
$
(12,161
)
Change in unrealized loss related to available-for-sale securities
1,276

 

 

 

 
1,276

Comprehensive income (loss)
$
(10,885
)
 
$
22,437

 
$
36

 
$
(22,473
)
 
$
(10,885
)
Beazer Homes USA, Inc.
 Unaudited Condensed Consolidating Statements of Cash Flows
(In thousands)
 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
Nine Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
Net cash used in operating activities
$
(50,272
)
 
$
19,547

 
$
(144
)
 
$

 
$
(30,869
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(9,718
)
 

 

 
(9,718
)
Proceeds from sale of fixed assets

 
2,549

 

 

 
2,549

Investments in unconsolidated entities

 
(3,138
)
 

 

 
(3,138
)
Proceeds from sale of unconsolidated entities

 
1,142

 

 

 
1,142

Increases in restricted cash
(2,292
)
 
(2,387
)
 

 

 
(4,679
)
Decreases in restricted cash
22,368

 
2,366

 

 

 
24,734

Advances to/from subsidiaries
26,409

 

 

 
(26,409
)
 

Net cash provided by (used in) investing activities
46,485

 
(9,186
)
 

 
(26,409
)
 
10,890

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Repayment of debt
(233,429
)
 
(5,883
)
 

 

 
(239,312
)
Proceeds from issuance of new debt
137,900

 

 

 

 
137,900

Repayment of borrowings from credit facility
(50,000
)
 

 

 

 
(50,000
)
Borrowings from credit facility
50,000

 

 

 

 
50,000

Debt issuance costs
(2,545
)
 

 

 

 
(2,545
)
Advances to/from subsidiaries

 
(24,319
)
 
11

 
24,308

 

Other financing activities
(438
)
 

 

 

 
(438
)
Net cash (used in) provided by financing activities
(98,512
)
 
(30,202
)
 
11

 
24,308

 
(104,395
)
Decrease in cash and cash equivalents
(102,299
)
 
(19,841
)
 
(133
)
 
(2,101
)
 
(124,374
)
Cash and cash equivalents at beginning of period
232,226

 
21,543

 
1,006

 
(3,192
)
 
251,583

Cash and cash equivalents at end of period
$
129,927

 
$
1,702

 
$
873

 
$
(5,293
)
 
$
127,209

 
Beazer Homes
USA, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Beazer Homes
USA, Inc.
Nine Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
Net cash used in operating activities
$
(55,814
)
 
$
(182,157
)
 
$
(169
)
 
$

 
$
(238,140
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(11,756
)
 

 

 
(11,756
)
Investments in unconsolidated entities

 
(2,651
)
 

 

 
(2,651
)
Proceeds from sale of marketable securities and unconsolidated entities

 
24,245

 

 

 
24,245

Increases in restricted cash
(2,025
)
 
(1,781
)
 

 

 
(3,806
)
Decreases in restricted cash
27,750

 
1,186

 

 

 
28,936

Advances to/from subsidiaries
(169,563
)
 

 
25

 
169,538

 

Net cash (used in) provided by investing activities
(143,838
)
 
9,243

 
25

 
169,538

 
34,968

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Repayment of debt
(10,390
)
 
(1,544
)
 

 

 
(11,934
)
Borrowings from credit facility
50,000

 

 

 

 
50,000

Repayment of borrowings from credit facility
(30,000
)
 

 

 

 
(30,000
)
Debt issuance costs
(126
)
 

 

 

 
(126
)
Dividends paid
500

 

 
(500
)
 

 

Advances to/from subsidiaries

 
170,305

 

 
(170,305
)
 

Other financing activities
(170
)
 

 

 

 
(170
)
Net cash provided by (used in) financing activities
9,814

 
168,761

 
(500
)
 
(170,305
)
 
7,770

Decrease in cash and cash equivalents
(189,838
)
 
(4,153
)
 
(644
)
 
(767
)
 
(195,402
)
Cash and cash equivalents at beginning of period
301,980

 
22,034

 
1,614

 
(1,474
)
 
324,154

Cash and cash equivalents at end of period
$
112,142

 
$
17,881

 
$
970

 
$
(2,241
)
 
$
128,752