Supplemental Guarantor Information (Tables)

6 Months Ended

Mar. 31, 2019

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, 2019

(Unaudited)

in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	80,363	$	6,071	$	7	$	—		$	86,441
Restricted cash	11,097		1,100		—		—			12,197
Accounts receivable (net of allowance of $373)	—		18,481		5		—			18,486
Owned inventory	—		1,634,399		—		—			1,634,399
Investments in unconsolidated entities	773		2,953		—		—			3,726
Deferred tax assets, net	256,347		—		—		—			256,347
Property and equipment, net	—		26,662		—		—			26,662
Investments in subsidiaries	636,795		—		—		(636,795		)	—
Intercompany	859,697		—		1,688		(861,385		)	—
Goodwill	—		10,605		—		—			10,605
Other assets	870		5,604		4		—			6,478
Total assets	$	1,845,942	$	1,705,875	$	1,704	$	(1,498,180	)	$	2,055,341
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	125,403	$	—	$	—		$	125,403
Other liabilities	15,958		83,043		19		—			99,020
Intercompany	1,688		859,697		—		(861,385		)	—
Total debt (net of premium and debt issuance costs)	1,299,138		2,622		—		—			1,301,760
Total liabilities	1,316,784		1,070,765		19		(861,385		)	1,526,183
Stockholders’ equity	529,158		635,110		1,685		(636,795		)	529,158
Total liabilities and stockholders’ equity	$	1,845,942	$	1,705,875	$	1,704	$	(1,498,180	)	$	2,055,341

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

September 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	$	93,875	$	45,355	$	575	$	—		$	139,805
Restricted cash	10,921		2,522		—		—			13,443
Accounts receivable (net of allowance of $378)	—		24,647		—		—			24,647
Owned inventory	—		1,692,284		—		—			1,692,284
Investments in unconsolidated entities	773		3,262		—		—			4,035
Deferred tax assets, net	213,955		—		—		—			213,955
Property and equipment, net	—		20,843		—		—			20,843
Investments in subsidiaries	645,086		—		—		(645,086		)	—
Intercompany	922,525		—		2,304		(924,829		)	—
Goodwill	—		9,751		—		—			9,751
Other assets	694		8,626		19		—			9,339
Total assets	$	1,887,829	$	1,807,290	$	2,898	$	(1,569,915	)	$	2,128,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	126,432	$	—	$	—		$	126,432
Other liabilities	14,357		111,906		126		—			126,389
Intercompany	2,304		922,525		—		(924,829		)	—
Total debt (net of premium and debt issuance costs)	1,227,141		4,113		—		—			1,231,254
Total liabilities	1,243,802		1,164,976		126		(924,829		)	1,484,075
Stockholders’ equity	644,027		642,314		2,772		(645,086		)	644,027
Total liabilities and stockholders’ equity	$	1,887,829	$	1,807,290	$	2,898	$	(1,569,915	)	$	2,128,102

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

Beazer Homes USA, Inc.

Condensed Consolidating Statements of Operations

(Unaudited)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2019
Total revenue	$	—		$	421,260		$	—		$	—		$	421,260
Home construction and land sales expenses	18,544			337,785			—			—			356,329
Inventory impairments and abandonments	13,792			133,819			—			—			147,611
Gross loss	(32,336		)	(50,344		)	—			—			(82,680		)
Commissions	—			15,998			—			—			15,998
General and administrative expenses	—			37,372			—			—			37,372
Depreciation and amortization	—			2,900			—			—			2,900
Operating loss	(32,336		)	(106,614		)	—			—			(138,950		)
Equity in income of unconsolidated entities	—			81			—			—			81
Gain on extinguishment of debt	216			—			—			—			216
Other (expense) income, net	(597		)	260			—			—			(337		)
Loss from continuing operations before income taxes	(32,717		)	(106,273		)	—			—			(138,990		)
Benefit from income taxes	(10,142		)	(28,016		)	—			—			(38,158		)
Equity in loss of subsidiaries	(78,257		)	—			—			78,257			—
Loss from continuing operations	(100,832		)	(78,257		)	—			78,257			(100,832		)
Loss from discontinued operations, net of tax	—			(25		)	(5		)	—			(30		)
Equity in loss of subsidiaries from discontinued operations	(30		)	—			—			30			—
Net loss	$	(100,862	)	$	(78,282	)	$	(5	)	$	78,287		$	(100,862	)
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 from continuing operations 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, net of tax	—			(52		)	(6		)	—			(58		)
Equity in loss of subsidiaries from discontinued operations	(58		)	—			—			58			—
Net 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.
Six Months Ended March 31, 2019
Total revenue	$	—		$	823,300		$	115		$	(115	)	$	823,300
Home construction and land sales expenses	35,867			660,955			—			(115		)	696,707
Inventory impairments and abandonments	13,908			134,710			—			—			148,618
Gross (loss) profit	(49,775		)	27,635			115			—			(22,025		)
Commissions	—			31,735			—			—			31,735
General and administrative expenses	—			76,018			(4		)	—			76,014
Depreciation and amortization	—			5,670			—			—			5,670
Operating (loss) income	(49,775		)	(85,788		)	119			—			(135,444		)
Equity in income of unconsolidated entities	—			17			—			—			17
Gain on extinguishment of debt	216			—			—			—			216
Other (expense) income, net	(839		)	464			(4		)	—			(379		)
(Loss) income from continuing operations before income taxes	(50,398		)	(85,307		)	115			—			(135,590		)
Expense (benefit) from income taxes	10,241			(52,350		)	29			—			(42,080		)
Equity in loss of subsidiaries	(32,871		)	—			—			32,871			—
(Loss) income from continuing operations	(93,510		)	(32,957		)	86			32,871			(93,510		)
Loss from discontinued operations, net of tax	—			(31		)	(10		)	—			(41		)
Equity in loss of subsidiaries from discontinued operations	(41		)	—			—			41			—
Net (loss) income	$	(93,551	)	$	(32,988	)	$	76		$	32,912		$	(93,551	)
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 from continuing operations 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, net of tax	—			(421		)	(9		)	—			(430		)
Equity in loss of subsidiaries and discontinued operations	(430		)	—			—			430			—
Net loss	$	(119,389	)	$	(70,133	)	$	(41	)	$	70,174		$	(119,389	)

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, 2019
Net cash (used in) provided by operating activities	$	(101,323	)	$	18,324		$	(35	)	$	—		$	(83,034	)
Cash flows from investing activities:
Capital expenditures	—			(11,508		)	—			—			(11,508		)
Proceeds from sale of fixed assets	—			94			—			—			94
Cash used for business acquisition, net of cash acquired	—			(4,088		)	—			—			(4,088		)
Advances to/from subsidiaries	44,061			—			(533		)	(43,528		)	—
Net cash provided by (used in) investing activities	44,061			(15,502		)	(533		)	(43,528		)	(15,502		)
Cash flows from financing activities:
Repayment of debt	(5,062		)	—			—			—			(5,062		)
Repayment of borrowings from credit facility	(150,000		)	—			—			—			(150,000		)
Borrowings from credit facility	225,000			—			—			—			225,000
Debt issuance costs	(400		)	—			—			—			(400		)
Repurchase of common stock	(24,004		)	—			—			—			(24,004		)
Tax payments for stock-based compensation awards	(1,886		)	—			—			—			(1,886		)
Stock option exercises	278			—			—			—			278
Advances to/from subsidiaries	—			(43,528		)	—			43,528			—
Net cash provided by (used in) financing activities	43,926			(43,528		)	—			43,528			43,926
Decrease in cash, cash equivalents, and restricted cash	(13,336		)	(40,706		)	(568		)	—			(54,610		)
Cash, cash equivalents, and restricted cash at beginning of period	104,796			47,877			575			—			153,248
Cash, cash equivalents, and restricted cash at end of period	$	91,460		$	7,171		$	7		$	—		$	98,638
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
Borrowings from credit facility	25,000			—			—			—			25,000
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Debt issuance costs	(5,743		)	—			—			—			(5,743		)
Tax payments for stock-based compensation awards	(1,323		)	—			—			—			(1,323		)
Stock option exercises	13			—			—			—			13
Advances to/from subsidiaries	—			186,633			—			(186,633		)	—
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