Supplemental Guarantor Information (Tables)

6 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Unaudited Condensed Consolidating Balance Sheet Information

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

March 31, 2018

(Unaudited)

in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	157,652	$	7,735	$	694	$	(7,294	)	$	158,787
Restricted cash	11,818		965		—		—			12,783
Accounts receivable (net of allowance of $346)	—		30,180		3		—			30,183
Income tax receivable	112		—		—		—			112
Owned inventory	—		1,677,361		—		—			1,677,361
Investments in unconsolidated entities	773		3,520		—		—			4,293
Deferred tax assets, net	199,229		—		—		—			199,229
Property and equipment, net	—		20,166		—		—			20,166
Investments in subsidiaries	737,894		—		—		(737,894		)	—
Intercompany	799,150		—		2,329		(801,479		)	—
Other assets	803		3,786		—		—			4,589
Total assets	$	1,907,431	$	1,743,713	$	3,026	$	(1,546,667	)	$	2,107,503
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	117,143	$	—	$	—		$	117,143
Other liabilities	16,818		80,889		230		—			97,937
Intercompany	2,329		806,444		—		(808,773		)	—
Total debt (net of premium and debt issuance costs)	1,321,318		4,139		—		—			1,325,457
Total liabilities	1,340,465		1,008,615		230		(808,773		)	1,540,537
Stockholders’ equity	566,966		735,098		2,796		(737,894		)	566,966
Total liabilities and stockholders’ equity	$	1,907,431	$	1,743,713	$	3,026	$	(1,546,667	)	$	2,107,503

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

September 30, 2017

(Unaudited)

in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	283,191	$	15,393	$	724	$	(7,161	)	$	292,147
Restricted cash	11,001		1,461		—		—			12,462
Accounts receivable (net of allowance of $330)	—		36,322		1		—			36,323
Income tax receivable	88		—		—		—			88
Owned inventory	—		1,542,807		—		—			1,542,807
Investments in unconsolidated entities	773		3,221		—		—			3,994
Deferred tax assets, net	307,896		—		—		—			307,896
Property and equipment, net	—		17,566		—		—			17,566
Investments in subsidiaries	808,067		—		—		(808,067		)	—
Intercompany	606,168		—		2,337		(608,505		)	—
Other assets	599		7,098		15		—			7,712
Total assets	$	2,017,783	$	1,623,868	$	3,077	$	(1,423,733	)	$	2,220,995
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	103,484	$	—	$	—		$	103,484
Other liabilities	11,229		96,189		241		—			107,659
Intercompany	2,337		613,329		—		(615,666		)	—
Total debt (net of premium and debt issuance costs)	1,321,777		5,635		—		—			1,327,412
Total liabilities	1,335,343		818,637		241		(615,666		)	1,538,555
Stockholders’ equity	682,440		805,231		2,836		(808,067		)	682,440
Total liabilities and stockholders’ equity	$	2,017,783	$	1,623,868	$	3,077	$	(1,423,733	)	$	2,220,995

Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss)

Beazer Homes USA, Inc.

Consolidating Statements of Income (Loss) and Comprehensive Income (Loss)

(Unaudited)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2018
Total revenue	$	—		$	455,178		$	23		$	(23	)	$	455,178
Home construction and land sales expenses	19,655			360,469			—			(23		)	380,101
Gross (loss) profit	(19,655		)	94,709			23			—			75,077
Commissions	—			17,334			—			—			17,334
General and administrative expenses	—			40,823			29			—			40,852
Depreciation and amortization	—			3,066			—			—			3,066
Operating (loss) income	(19,655		)	33,486			(6		)	—			13,825
Equity in income of unconsolidated entities	—			256			—			—			256
Other (expense) income, net	(1,650		)	203			(6		)	—			(1,453		)
(Loss) income before income taxes	(21,305		)	33,945			(12		)	—			12,628
(Benefit) expense from income taxes	(5,710		)	6,725			(3		)	—			1,012
Equity in income of subsidiaries	27,211			—			—			(27,211		)	—
Income (loss) from continuing operations	11,616			27,220			(9		)	(27,211		)	11,616
Loss from discontinued operations	—			(52		)	(6		)	—			(58		)
Equity in loss of subsidiaries from discontinued operations	(58		)	—			—			58			—
Net income (loss) and comprehensive income (loss)	$	11,558		$	27,168		$	(15	)	$	(27,153	)	$	11,558
in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2017
Total revenue	$	—		$	425,468		$	24		$	(24	)	$	425,468
Home construction and land sales expenses	19,819			337,993			—			(24		)	357,788
Inventory impairments and abandonments	—			282			—			—			282
Gross (loss) profit	(19,819		)	87,193			24			—			67,398
Commissions	—			16,632			—			—			16,632
General and administrative expenses	—			40,071			29			—			40,100
Depreciation and amortization	—			3,155			—			—			3,155
Operating (loss) income	(19,819		)	27,335			(5		)	—			7,511
Equity in income of unconsolidated entities	—			33			—			—			33
Loss on extinguishment of debt	(15,563		)	—			—			—			(15,563		)
Other (expense) income, net	(4,046		)	114			(8		)	—			(3,940		)
(Loss) income before income taxes	(39,428		)	27,482			(13		)	—			(11,959		)
(Benefit) expense from income taxes	(14,478		)	10,019			(5		)	—			(4,464		)
Equity in income of subsidiaries	17,455			—			—			(17,455		)	—
(Loss) income from continuing operations	(7,495		)	17,463			(8		)	(17,455		)	(7,495		)
Loss from discontinued operations	—			(34		)	(6		)	—			(40		)
Equity in loss of subsidiaries from discontinued operations	(40		)	—			—			40			—
Net (loss) income and comprehensive (loss) income	$	(7,535	)	$	17,429		$	(14	)	$	(17,415	)	$	(7,535	)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018
Total revenue	$	—		$	827,667		$	37		$	(37	)	$	827,667
Home construction and land sales expenses	36,123			655,675			—			(37		)	691,761
Gross (loss) profit	(36,123		)	171,992			37			—			135,906
Commissions	—			31,690			—			—			31,690
General and administrative expenses	—			78,067			70			—			78,137
Depreciation and amortization	—			5,573			—			—			5,573
Operating (loss) income	(36,123		)	56,662			(33		)	—			20,506
Equity in income of unconsolidated entities	—			155			—			—			155
Loss on extinguishment of debt	(25,904		)	—			—			—			(25,904		)
Other (expense) income, net	(5,085		)	500			(13		)	—			(4,598		)
(Loss) income before income taxes	(67,112		)	57,317			(46		)	—			(9,841		)
(Benefit) expense from income taxes	(17,897		)	127,029			(14		)	—			109,118
Equity in loss of subsidiaries	(69,744		)	—			—			69,744			—
Loss from continuing operations	(118,959		)	(69,712		)	(32		)	69,744			(118,959		)
Loss from discontinued operations	—			(421		)	(9		)	—			(430		)
Equity in loss of subsidiaries from discontinued operations	(430		)	—			—			430			—
Net loss and comprehensive loss	$	(119,389	)	$	(70,133	)	$	(41	)	$	70,174		$	(119,389	)
in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2017
Total revenue	$	—		$	764,709		$	60		$	(60	)	$	764,709
Home construction and land sales expenses	35,463			607,963			—			(60		)	643,366
Inventory impairments and abandonments	—			282			—			—			282
Gross (loss) profit	(35,463		)	156,464			60			—			121,061
Commissions	—			29,955			—			—			29,955
General and administrative expenses	—			76,436			52			—			76,488
Depreciation and amortization	—			5,832			—			—			5,832
Operating (loss) income	(35,463		)	44,241			8			—			8,786
Equity in income of unconsolidated entities	—			55			—			—			55
Loss on extinguishment of debt	(15,563		)	—			—			—			(15,563		)
Other (expense) income, net	(9,298		)	171			(9		)	—			(9,136		)
(Loss) income before income taxes	(60,324		)	44,467			(1		)	—			(15,858		)
(Benefit) expense from income taxes	(22,048		)	15,044			—			—			(7,004		)
Equity in income of subsidiaries	29,422			—			—			(29,422		)	—
(Loss) income from continuing operations	(8,854		)	29,423			(1		)	(29,422		)	(8,854		)
Loss from discontinued operations	—			(101		)	(9		)	—			(110		)
Equity in loss of subsidiaries and discontinued operations	(110		)	—			—			110			—
Net (loss) income and comprehensive (loss) income	$	(8,964	)	$	29,322		$	(10	)	$	(29,312	)	$	(8,964	)

Unaudited Condensed Consolidating Statements of Cash Flow Information

Beazer Homes USA, Inc.

Condensed Consolidating Statements of Cash Flow Information

(Unaudited)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018
Net cash provided by (used in) operating activities	$	68,837		$	(185,014	)	$	(8	)	$	—		$	(116,185	)
Cash flows from investing activities:
Capital expenditures	—			(8,192		)	—			—			(8,192		)
Proceeds from sale of fixed assets	—			133			—			—			133
Investments in unconsolidated entities	—			(421		)	—			—			(421		)
Return of capital from unconsolidated entities	—			176			—			—			176
Advances to/from subsidiaries	(186,478		)	—			(22		)	186,500			—
Net cash used in investing activities	(186,478		)	(8,304		)	(22		)	186,500			(8,304		)
Cash flows from financing activities:
Repayment of debt	(400,028		)	(1,469		)	—			—			(401,497		)
Proceeds from issuance of new debt	400,000			—			—			—			400,000
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Borrowings from credit facility	25,000			—			—			—			25,000
Debt issuance costs	(5,743		)	—			—			—			(5,743		)
Advances to/from subsidiaries	—			186,633			—			(186,633		)	—
Other financing activities	(1,310		)	—			—			—			(1,310		)
Net cash (used in) provided by financing activities	(7,081		)	185,164			—			(186,633		)	(8,550		)
Decrease in cash, cash equivalents and restricted cash	(124,722		)	(8,154		)	(30		)	(133		)	(133,039		)
Cash, cash equivalents and restricted cash at beginning of period	294,192			16,854			724			(7,161		)	304,609
Cash, cash equivalents and restricted cash at end of period	$	169,470		$	8,700		$	694		$	(7,294	)	$	171,570
in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2017
Net cash used in operating activities	$	(44,754	)	$	(27,243	)	$	(65	)	$	—		$	(72,062	)
Cash flows from investing activities:
Capital expenditures	—			(5,677		)	—			—			(5,677		)
Proceeds from sale of fixed assets	—			74			—			—			74
Investments in unconsolidated entities	—			(2,411		)	—			—			(2,411		)
Return of capital from unconsolidated entities	—			1,621			—			—			1,621
Advances to/from subsidiaries	(20,019		)	—			10			20,009			—
Net cash (used in) provided by investing activities	(20,019		)	(6,393		)	10			20,009			(6,393		)
Cash flows from financing activities:
Repayment of debt	(253,000		)	(3,207		)	—			—			(256,207		)
Proceeds from issuance of new debt	250,000			—			—			—			250,000
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Borrowings from credit facility	25,000			—			—			—			25,000
Debt issuance costs	(4,721		)	—			—			—			(4,721		)
Advances to/from subsidiaries	—			20,747			—			(20,747		)	—
Other financing activities	(388		)	—			—			—			(388		)
Net cash (used in) provided by financing activities	(8,109		)	17,540			—			(20,747		)	(11,316		)
Decrease in cash, cash equivalents and restricted cash	(72,882		)	(16,096		)	(55		)	(738		)	(89,771		)
Cash, cash equivalents and restricted cash at beginning of period	228,513			18,404			859			(4,500		)	243,276
Cash, cash equivalents and restricted cash at end of period	$	155,631		$	2,308		$	804		$	(5,238	)	$	153,505