Supplemental Guarantor Information (Tables)

9 Months Ended

Jun. 30, 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

June 30, 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	$	130,457	$	9,087	$	631	$	(3,877	)	$	136,298
Restricted cash	10,970		1,197		—		—			12,167
Accounts receivable (net of allowance of $392)			28,003		2		—			28,005
Income tax receivable	119		—		—		—			119
Owned inventory			1,767,983		—		—			1,767,983
Investments in unconsolidated entities	773		3,464		—		—			4,237
Deferred tax assets, net	195,145		—		—		—			195,145
Property and equipment, net			22,212		—		—			22,212
Investments in subsidiaries	615,081		—		—		(615,081		)	—
Intercompany	978,478		—		2,312		(980,790		)	—
Other assets	809		10,033		19		—			10,861
Total assets	$	1,931,832	$	1,841,979	$	2,964	$	(1,599,748	)	$	2,177,027
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	143,135	$	—				$	143,135
Other liabilities	24,476		100,056		190					124,722
Intercompany	2,312		982,355		—		(984,667		)	—
Total debt (net of premium and debt issuance costs)	1,322,377		4,126		—					1,326,503
Total liabilities	1,349,165		1,229,672		190		(984,667		)	1,594,360
Stockholders’ equity	582,667		612,307		2,774		(615,081		)	582,667
Total liabilities and stockholders’ equity	$	1,931,832	$	1,841,979	$	2,964	$	(1,599,748	)	$	2,177,027

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 June 30, 2018
Total revenue	$	—		$	511,521		$	23		$	(23	)	$	511,521
Home construction and land sales expenses	22,441			405,691			—			(23		)	428,109
Gross (loss) profit	(22,441		)	105,662			23			—			83,244
Commissions	—			19,535			—			—			19,535
General and administrative expenses	—			42,445			28			—			42,473
Depreciation and amortization	—			3,656			—			—			3,656
Operating (loss) income	(22,441		)	40,026			(5		)	—			17,580
Equity in income of unconsolidated entities	—			147			—			—			147
Other (expense) income, net	(204		)	187			(13		)	—			(30		)
(Loss) income before income taxes	(22,645		)	40,360			(18		)	—			17,697
(Benefit) expense from income taxes	(6,069		)	10,341			(4		)	—			4,268
Equity in income of subsidiaries	30,005			—			—			(30,005		)	—
Income (loss) from continuing operations	13,429			30,019			(14		)	(30,005		)	13,429
Loss from discontinued operations, net of tax				(11		)	(9		)				(20		)
Equity in loss of subsidiaries from discontinued operations	(20		)							20
Net income (loss) and comprehensive income (loss)	$	13,409		$	30,008		$	(23	)	$	(29,985	)	$	13,409
in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended June 30, 2017
Total revenue	$	—		$	478,588		$	24		$	(24	)	$	478,588
Home construction and land sales expenses	21,895			377,804			—			(24		)	399,675
Inventory impairments and abandonments	—			470			—			—			470
Gross (loss) profit	(21,895		)	100,314			24			—			78,443
Commissions	—			18,773			—			—			18,773
General and administrative expenses	—			40,767			27			—			40,794
Depreciation and amortization	—			3,307			—			—			3,307
Operating (loss) income	(21,895		)	37,467			(3		)	—			15,569
Equity in income of unconsolidated entities	—			158			—			—			158
Other (expense) income, net	(2,934		)	71			(8		)	—			(2,871		)
(Loss) income before income taxes	(24,829		)	37,696			(11		)	—			12,856
(Benefit) expense from income taxes	(9,100		)	14,846			(4		)	—			5,742
Equity in income of subsidiaries	22,843			—			—			(22,843		)	—
Income (loss) from continuing operations	7,114			22,850			(7		)	(22,843		)	7,114
Income (loss) from discontinued operations, net of tax	—			17			(8		)	—			9
Equity in income of subsidiaries from discontinued operations	9			—			—			(9		)	—
Net income (loss) and comprehensive income (loss)	$	7,123		$	22,867		$	(15	)	$	(22,852	)	$	7,123

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2018
Total revenue	$	—		$	1,339,188		$	60		$	(60	)	$	1,339,188
Home construction and land sales expenses	58,564			1,061,366			—			(60		)	1,119,870
Gross (loss) profit	(58,564		)	277,654			60			—			219,150
Commissions	—			51,225			—			—			51,225
General and administrative expenses	—			120,513			97			—			120,610
Depreciation and amortization	—			9,229			—			—			9,229
Operating (loss) income	(58,564		)	96,687			(37		)	—			38,086
Equity in income of unconsolidated entities	—			302			—			—			302
Loss on extinguishment of debt	(25,904		)	—			—			—			(25,904		)
Other (expense) income, net	(5,289		)	687			(26		)	—			(4,628		)
(Loss) income before income taxes	(89,757		)	97,676			(63		)	—			7,856
(Benefit) expense from income taxes	(23,966		)	137,370			(18		)	—			113,386
Equity in loss of subsidiaries	(39,739		)	—			—			39,739			—
Loss from continuing operations	(105,530		)	(39,694		)	(45		)	39,739			(105,530		)
Loss from discontinued operations, net of tax	—			(432		)	(18		)	—			(450		)
Equity in loss of subsidiaries from discontinued operations	(450		)	—			—			450			—
Net loss and comprehensive loss	$	(105,980	)	$	(40,126	)	$	(63	)	$	40,189		$	(105,980	)
in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2017
Total revenue	$	—		$	1,243,297		$	84		$	(84	)	$	1,243,297
Home construction and land sales expenses	57,358			985,767			—			(84		)	1,043,041
Inventory impairments and abandonments	—			752			—			—			752
Gross (loss) profit	(57,358		)	256,778			84			—			199,504
Commissions	—			48,728			—			—			48,728
General and administrative expenses	—			117,204			78			—			117,282
Depreciation and amortization	—			9,139			—			—			9,139
Operating (loss) income	(57,358		)	81,707			6			—			24,355
Equity in income of unconsolidated entities	—			213			—			—			213
Loss on extinguishment of debt	(15,563		)	—			—			—			(15,563		)
Other (expense) income, net	(12,231		)	241			(17		)	—			(12,007		)
(Loss) income before income taxes	(85,152		)	82,161			(11		)	—			(3,002		)
(Benefit) expense from income taxes	(31,148		)	29,890			(4		)	—			(1,262		)
Equity in income of subsidiaries	52,264			—			—			(52,264		)	—
(Loss) income from continuing operations	(1,740		)	52,271			(7		)	(52,264		)	(1,740		)
Loss from discontinued operations, net of tax	—			(84		)	(17		)	—			(101		)
Equity in loss of subsidiaries and discontinued operations	(101		)	—			—			101			—
Net (loss) income and comprehensive (loss) income	$	(1,841	)	$	52,187		$	(24	)	$	(52,163	)	$	(1,841	)

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.
Nine Months Ended June 30, 2018
Net cash provided by (used in) operating activities	$	64,319		$	(197,707	)	$	(88	)	$	—		$	(133,476	)
Cash flows from investing activities:
Capital expenditures	—			(13,894		)	—			—			(13,894		)
Proceeds from sale of fixed assets	—			226			—			—			226
Investments in unconsolidated entities	—			(421		)	—			—			(421		)
Return of capital from unconsolidated entities	—			176			—			—			176
Advances to/from subsidiaries	(208,328		)	—			(6		)	208,334			—
Net cash used in investing activities	(208,328		)	(13,913		)	(6		)	208,334			(13,913		)
Cash flows from financing activities:
Repayment of debt	(401,509		)	—			—			—			(401,509		)
Proceeds from issuance of new debt	400,000			—			—			—			400,000
Repayment of borrowings from credit facility	(75,000		)	—			—			—			(75,000		)
Borrowings from credit facility	75,000			—			—			—			75,000
Debt issuance costs	(5,743		)	—			—			—			(5,743		)
Advances to/from subsidiaries	—			205,050			—			(205,050		)	—
Other financing activities	(1,503		)	—			—			—			(1,503		)
Net cash (used in) provided by financing activities	(8,755		)	205,050			—			(205,050		)	(8,755		)
Decrease in cash, cash equivalents, and restricted cash	(152,764		)	(6,570		)	(94		)	3,284			(156,144		)
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	$	141,428		$	10,284		$	630		$	(3,877	)	$	148,465
in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2017
Net cash (used in) provided by operating activities	$	(40,966	)	$	1,061		$	(3	)	$	—		$	(39,908	)
Cash flows from investing activities:
Capital expenditures	—			(8,661		)	—			—			(8,661		)
Proceeds from sale of fixed assets	—			126			—			—			126
Investments in unconsolidated entities	—			(3,005		)	—			—			(3,005		)
Return of capital from unconsolidated entities	—			1,621			—			—			1,621
Advances to/from subsidiaries	1,293			—			22			(1,315		)	—
Net cash provided by (used in) investing activities	1,293			(9,919		)	22			(1,315		)	(9,919		)
Cash flows from financing activities:
Repayment of debt	(253,000		)	(4,173		)	—			—			(257,173		)
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	(4,757		)	—			—			—			(4,757		)
Advances to/from subsidiaries	—			1,553			—			(1,553		)	—
Other financing activities	(403		)	—			—			—			(403		)
Net cash used in financing activities	(8,160		)	(2,620		)	—			(1,553		)	(12,333		)
(Decrease) increase in cash, cash equivalents, and restricted cash	(47,833		)	(11,478		)	19			(2,868		)	(62,160		)
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	$	180,680		$	6,926		$	878		$	(7,368	)	$	181,116