| 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 | |||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Large accelerated filer | ☐ | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ | |||||||||||||||||||||||||||||
| in thousands (except share and per share data) | December 31, 2021 | September 30, 2021 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
Accounts receivable (net of allowance of $ | |||||||||||
| Income tax receivable | |||||||||||
| Owned inventory | |||||||||||
| Investments in unconsolidated entities | |||||||||||
| Deferred tax assets, net | |||||||||||
| Property and equipment, net | |||||||||||
| Operating lease right-of-use assets | |||||||||||
| Goodwill | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Trade accounts payable | $ | $ | |||||||||
| Operating lease liabilities | |||||||||||
| Other liabilities | |||||||||||
Total debt (net of debt issuance costs of $ | |||||||||||
| Total liabilities | |||||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock (par value $ | |||||||||||
Common stock (par value $ | |||||||||||
| Paid-in capital | |||||||||||
| Accumulated deficit | ( | ( | |||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands (except per share data) | 2021 | 2020 | |||||||||
| Total revenue | $ | $ | |||||||||
| Home construction and land sales expenses | |||||||||||
| Inventory impairments and abandonments | |||||||||||
| Gross profit | |||||||||||
| Commissions | |||||||||||
| General and administrative expenses | |||||||||||
| Depreciation and amortization | |||||||||||
| Operating income | |||||||||||
| Equity in income (loss) of unconsolidated entities | ( | ||||||||||
| Other income (expense), net | ( | ||||||||||
| Income from continuing operations before income taxes | |||||||||||
| Expense from income taxes | |||||||||||
| Income from continuing operations | |||||||||||
| Loss from discontinued operations, net of tax | ( | ( | |||||||||
| Net income | $ | $ | |||||||||
| Weighted-average number of shares: | |||||||||||
| Basic | |||||||||||
| Diluted | |||||||||||
| Basic income per share: | |||||||||||
| Continuing operations | $ | $ | |||||||||
| Discontinued operations | |||||||||||
| Total | $ | $ | |||||||||
| Diluted income per share: | |||||||||||
| Continuing operations | $ | $ | |||||||||
| Discontinued operations | |||||||||||
| Total | $ | $ | |||||||||
| Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||
| Common Stock | Paid-in Capital | Accumulated Deficit | |||||||||||||||||||||||||||
| in thousands | Shares | Amount | Total | ||||||||||||||||||||||||||
| Balance as of September 30, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| Net income and comprehensive income | — | — | — | ||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | ||||||||||||||||||||||||||
| Shares issued under employee stock plans, net | — | — | — | — | |||||||||||||||||||||||||
| Forfeiture and other settlements of restricted stock | ( | — | — | — | — | ||||||||||||||||||||||||
| Common stock redeemed for tax liability | ( | — | ( | — | ( | ||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||
| Common Stock | Paid-in Capital | Accumulated Deficit | |||||||||||||||||||||||||||
| in thousands | Shares | Amount | Total | ||||||||||||||||||||||||||
| Balance as of September 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| Net income and comprehensive income | — | — | — | ||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | ||||||||||||||||||||||||||
| Stock option exercises | — | — | |||||||||||||||||||||||||||
| Shares issued under employee stock plans, net | — | — | — | — | |||||||||||||||||||||||||
| Common stock redeemed for tax liability | ( | — | ( | — | ( | ||||||||||||||||||||||||
| Balance as of December 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | $ | |||||||||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
| Stock-based compensation expense | |||||||||||
| Inventory impairments and abandonments | |||||||||||
| Deferred and other income tax expense | |||||||||||
| Gain on sale of fixed assets | ( | ( | |||||||||
| Change in allowance for doubtful accounts | ( | ||||||||||
| Equity in (income) loss of unconsolidated entities | ( | ||||||||||
| Cash distributions of income from unconsolidated entities | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Decrease in accounts receivable | |||||||||||
| Decrease in income tax receivable | |||||||||||
| Increase in inventory | ( | ( | |||||||||
| Decrease in other assets | |||||||||||
| Decrease in trade accounts payable | ( | ( | |||||||||
| Decrease in other liabilities | ( | ( | |||||||||
| Net cash used in operating activities | ( | ( | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | ( | ( | |||||||||
| Proceeds from sale of fixed assets | |||||||||||
| Net cash used in investing activities | ( | ( | |||||||||
| Cash flows from financing activities: | |||||||||||
| Debt issuance costs | ( | ||||||||||
| Tax payments for stock-based compensation awards | ( | ( | |||||||||
| Stock option exercises | |||||||||||
| Net cash used in financing activities | ( | ( | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | ( | ( | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Homebuilding revenue | $ | $ | |||||||||
| Land sales and other revenue | |||||||||||
Total revenue (a) | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Supplemental disclosure of non-cash activity: | |||||||||||
Increase in operating lease right-of-use assets (a) | $ | $ | |||||||||
Increase in operating lease liabilities (a) | |||||||||||
| Supplemental disclosure of cash activity: | |||||||||||
| Interest payments | $ | $ | |||||||||
| Income tax payments | |||||||||||
| Tax refunds received | |||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | $ | |||||||||
| in thousands | December 31, 2021 | September 30, 2021 | |||||||||
| Investment in unconsolidated entities | $ | $ | |||||||||
| Total equity of unconsolidated entities | |||||||||||
| Total outstanding borrowings of unconsolidated entities | |||||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Equity in income (loss) of unconsolidated entities | $ | $ | ( | ||||||||
| in thousands | December 31, 2021 | September 30, 2021 | |||||||||
| Homes under construction | $ | $ | |||||||||
| Land under development | |||||||||||
| Land held for future development | |||||||||||
| Land held for sale | |||||||||||
| Capitalized interest | |||||||||||
| Model homes | |||||||||||
| Total owned inventory | $ | $ | |||||||||
| in thousands | Projects in Progress (a) | Land Held for Future Development | Land Held for Sale | Total Owned Inventory | |||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| West | $ | $ | $ | $ | |||||||||||||||||||
| East | |||||||||||||||||||||||
| Southeast | |||||||||||||||||||||||
Corporate and unallocated (b) | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| September 30, 2021 | |||||||||||||||||||||||
| West | $ | $ | $ | $ | |||||||||||||||||||
| East | |||||||||||||||||||||||
| Southeast | |||||||||||||||||||||||
Corporate and unallocated (b) | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| in thousands | Deposits & Non-refundable Pre-acquisition Costs Incurred (a) | Remaining Obligation, Net of Deposits | |||||||||
| As of December 31, 2021 | |||||||||||
| Unconsolidated lot option agreements | $ | $ | |||||||||
| As of September 30, 2021 | |||||||||||
| Unconsolidated lot option agreements | $ | $ | |||||||||
| Three Months Ended December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Capitalized interest in inventory, beginning of period | $ | $ | |||||||||
| Interest incurred | |||||||||||
Interest expense not qualified for capitalization and included as other expense (a) | ( | ||||||||||
Capitalized interest amortized to home construction and land sales expenses (b) | ( | ( | |||||||||
| Capitalized interest in inventory, end of period | $ | $ | |||||||||
| in thousands | Maturity Date | December 31, 2021 | September 30, 2021 | ||||||||||||||
| Senior Unsecured Term Loan | September 2022 | $ | $ | ||||||||||||||
| 6 3/4% Senior Notes (2025 Notes) | March 2025 | ||||||||||||||||
| 5 7/8% Senior Notes (2027 Notes) | October 2027 | ||||||||||||||||
| 7 1/4% Senior Notes (2029 Notes) | October 2029 | ||||||||||||||||
| Unamortized debt issuance costs | ( | ( | |||||||||||||||
| Total Senior Notes, net | |||||||||||||||||
Junior Subordinated Notes (net of unamortized accretion of $ | July 2036 | ||||||||||||||||
| Revolving Credit Facility | February 2024 | ||||||||||||||||
| Total debt, net | $ | $ | |||||||||||||||
| Senior Note Description | Issuance Date | Maturity Date | Redemption Terms | |||||||||||||||||
| 6 3/4% Senior Notes | March 2017 | March 2025 | Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to | |||||||||||||||||
| 5 7/8% Senior Notes | October 2017 | October 2027 | On or prior to October 15, 2022, we may redeem up to | |||||||||||||||||
Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to | ||||||||||||||||||||
| 7 1/4% Senior Notes | September 2019 | October 2029 | On or prior to October 15, 2022, we may redeem up to | |||||||||||||||||
Callable at any time prior to October 15, 2024, in whole or in part, at a redemption price equal to | ||||||||||||||||||||
| Three Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Weighted-average remaining lease term | ||||||||
| Weighted-average discount rate | ||||||||
| Fiscal Years Ending September 30, | |||||
| in thousands | |||||
2022 (a) | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| Total lease payments | |||||
| Less: Imputed interest | |||||
| Total operating lease liabilities | $ | ||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Balance at beginning of period | $ | $ | |||||||||
Accruals for warranties issued (a) | |||||||||||
| Net changes in liability related to warranties existing in prior periods | |||||||||||
| Payments made | ( | ( | |||||||||
| Balance at end of period | $ | $ | |||||||||
| As of December 31, 2021 | As of September 30, 2021 | ||||||||||||||||||||||
| in thousands | Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | |||||||||||||||||||
Senior Notes and Term Loan (b) | $ | $ | $ | $ | |||||||||||||||||||
Junior Subordinated Notes (c) | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Stock-based compensation expense | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, 2021 | |||||||||||
| Shares | Weighted Average Exercise Price | ||||||||||
| Outstanding at beginning of period | $ | ||||||||||
| Exercised | ( | ||||||||||
| Expired | ( | ||||||||||
| Outstanding at end of period | $ | ||||||||||
| Exercisable at end of period | $ | ||||||||||
| Three Months Ended December 31, 2021 | |||||||||||||||||
| Performance-Based Restricted Shares | Time-Based Restricted Shares | Total Restricted Shares | |||||||||||||||
| Beginning of period | |||||||||||||||||
Granted (a) | |||||||||||||||||
| Vested | ( | ( | ( | ||||||||||||||
| Forfeited | ( | ( | ( | ||||||||||||||
| End of period | |||||||||||||||||
| Three Months Ended December 31, | |||||||||||
| in thousands (except per share data) | 2021 | 2020 | |||||||||
| Numerator: | |||||||||||
| Income from continuing operations | $ | $ | |||||||||
| Loss from discontinued operations, net of tax | ( | ( | |||||||||
| Net income | $ | $ | |||||||||
| Denominator: | |||||||||||
| Basic weighted-average shares | |||||||||||
| Dilutive effect of restricted stock awards | |||||||||||
| Dilutive effect of stock options | |||||||||||
Diluted weighted-average shares (a) | |||||||||||
| Basic income per share: | |||||||||||
| Continuing operations | $ | $ | |||||||||
| Discontinued operations | |||||||||||
| Total | $ | $ | |||||||||
| Diluted income per share: | |||||||||||
| Continuing operations | $ | $ | |||||||||
| Discontinued operations | |||||||||||
| Total | $ | $ | |||||||||
| Three Months Ended December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Stock options | |||||||||||
| in thousands | December 31, 2021 | September 30, 2021 | |||||||||
| Customer deposits | $ | $ | |||||||||
| Accrued compensations and benefits | |||||||||||
| Accrued interest | |||||||||||
| Warranty reserve | |||||||||||
| Litigation accruals | |||||||||||
| Income tax liabilities | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Revenue | |||||||||||
| West | $ | $ | |||||||||
| East | |||||||||||
| Southeast | |||||||||||
| Total revenue | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Operating income (loss) | |||||||||||
| West | $ | $ | |||||||||
| East | |||||||||||
| Southeast | |||||||||||
| Segment total | |||||||||||
Corporate and unallocated (a) | ( | ( | |||||||||
| Total operating income | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Depreciation and amortization | |||||||||||
| West | $ | $ | |||||||||
| East | |||||||||||
| Southeast | |||||||||||
| Segment total | |||||||||||
Corporate and unallocated (a) | |||||||||||
| Total depreciation and amortization | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Capital expenditures | |||||||||||
| West | $ | $ | |||||||||
| East | |||||||||||
| Southeast | |||||||||||
| Corporate and unallocated | |||||||||||
| Total capital expenditures | $ | $ | |||||||||
| in thousands | December 31, 2021 | September 30, 2021 | |||||||||
| Assets | |||||||||||
| West | $ | $ | |||||||||
| East | |||||||||||
| Southeast | |||||||||||
Corporate and unallocated (a) | |||||||||||
| Total assets | $ | $ | |||||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Total revenue | $ | $ | |||||||||
| Home construction and land sales expenses | ( | ( | |||||||||
| Gross profit | |||||||||||
| General and administrative expenses | |||||||||||
| Loss from discontinued operations before income taxes | ( | ( | |||||||||
| Benefit from income taxes | ( | ( | |||||||||
| Loss from discontinued operations, net of tax | $ | ( | $ | ( | |||||||
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| $ in thousands | 2021 | 2020 | |||||||||
| Revenue: | |||||||||||
| Homebuilding | $ | 446,729 | $ | 424,229 | |||||||
| Land sales and other | 7,420 | 4,310 | |||||||||
| Total | $ | 454,149 | $ | 428,539 | |||||||
| Gross profit: | |||||||||||
| Homebuilding | $ | 93,304 | $ | 74,837 | |||||||
| Land sales and other | 4,096 | 456 | |||||||||
| Total | $ | 97,400 | $ | 75,293 | |||||||
| Gross margin: | |||||||||||
Homebuilding (a) | 20.9 | % | 17.6 | % | |||||||
| Land sales and other | 55.2 | % | 10.6 | % | |||||||
| Total | 21.4 | % | 17.6 | % | |||||||
| Commissions | $ | 15,813 | $ | 16,507 | |||||||
| General and administrative expenses (G&A) | $ | 37,767 | $ | 37,976 | |||||||
| SG&A (commissions plus G&A) as a percentage of total revenue | 11.8 | % | 12.7 | % | |||||||
| G&A as a percentage of total revenue | 8.3 | % | 8.9 | % | |||||||
| Depreciation and amortization | $ | 2,881 | $ | 3,122 | |||||||
| Operating income | $ | 40,939 | $ | 17,688 | |||||||
| Operating income as a percentage of total revenue | 9.0 | % | 4.1 | % | |||||||
Effective tax rate (b) | 15.6 | % | 25.5 | % | |||||||
| Inventory impairments and abandonments | $ | — | $ | 465 | |||||||
| Equity in income (loss) of unconsolidated entities | $ | 288 | $ | (75) | |||||||
| Three Months Ended December 31, | LTM Ended December 31, (a) | ||||||||||||||||||||||||||||||||||
| in thousands | 2021 | 2020 | 21 vs 20 | 2021 | 2020 | 21 vs 20 | |||||||||||||||||||||||||||||
| Net income | $ | 34,885 | $ | 11,997 | $ | 22,888 | $ | 144,909 | $ | 61,477 | $ | 83,432 | |||||||||||||||||||||||
| Expense from income taxes | 6,460 | 4,114 | 2,346 | 23,847 | 22,006 | 1,841 | |||||||||||||||||||||||||||||
| Interest amortized to home construction and land sales expenses and capitalized interest impaired | 14,780 | 18,813 | (4,033) | 83,257 | 94,806 | (11,549) | |||||||||||||||||||||||||||||
| Interest expense not qualified for capitalization | — | 1,600 | (1,600) | 1,181 | 8,626 | (7,445) | |||||||||||||||||||||||||||||
| EBIT | 56,125 | 36,524 | 19,601 | 253,194 | 186,915 | 66,279 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 2,881 | 3,122 | (241) | 13,735 | 15,335 | (1,600) | |||||||||||||||||||||||||||||
| EBITDA | 59,006 | 39,646 | 19,360 | 266,929 | 202,250 | 64,679 | |||||||||||||||||||||||||||||
| Stock-based compensation expense | 2,108 | 3,511 | (1,403) | 10,764 | 11,236 | (472) | |||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | 2,025 | — | 2,025 | |||||||||||||||||||||||||||||
Inventory impairments and abandonments (b) | — | 465 | (465) | 388 | 2,576 | (2,188) | |||||||||||||||||||||||||||||
| Restructuring and severance expenses | — | (10) | 10 | — | 1,307 | (1,307) | |||||||||||||||||||||||||||||
| Litigation settlement in discontinued operations | — | — | — | 120 | 1,260 | (1,140) | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 61,114 | $ | 43,612 | $ | 17,502 | $ | 280,226 | $ | 218,629 | $ | 61,597 | |||||||||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||||||||||||||
| New Orders, net | Cancellation Rates | ||||||||||||||||||||||||||||
| 2021 | 2020 | 21 vs 20 | 2021 | 2020 | |||||||||||||||||||||||||
| West | 655 | 782 | (16.2) | % | 12.8 | % | 14.6 | % | |||||||||||||||||||||
| East | 236 | 320 | (26.3) | % | 13.9 | % | 8.6 | % | |||||||||||||||||||||
| Southeast | 250 | 340 | (26.5) | % | 7.1 | % | 10.1 | % | |||||||||||||||||||||
| Total | 1,141 | 1,442 | (20.9) | % | 11.8 | % | 12.3 | % | |||||||||||||||||||||
| As of December 31, | |||||||||||||||||
| 2021 | 2020 | 21 vs 20 | |||||||||||||||
| Backlog Units: | |||||||||||||||||
| West | 1,705 | 1,505 | 13.3 | % | |||||||||||||
| East | 602 | 721 | (16.5) | % | |||||||||||||
| Southeast | 601 | 611 | (1.6) | % | |||||||||||||
| Total | 2,908 | 2,837 | 2.5 | % | |||||||||||||
| Aggregate dollar value of homes in backlog (in millions) | $ | 1,405.2 | $ | 1,162.4 | 20.9 | % | |||||||||||
| ASP in backlog (in thousands) | $ | 483.2 | $ | 409.7 | 17.9 | % | |||||||||||
| Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Homebuilding Revenue | Average Selling Price | Closings | |||||||||||||||||||||||||||||||||||||||||||||||||||
| $ in thousands | 2021 | 2020 | 21 vs 20 | 2021 | 2020 | 21 vs 20 | 2021 | 2020 | 21 vs 20 | ||||||||||||||||||||||||||||||||||||||||||||
| West | $ | 256,492 | $ | 232,940 | 10.1 | % | $ | 425.4 | $ | 362.8 | 17.3 | % | 603 | 642 | (6.1) | % | |||||||||||||||||||||||||||||||||||||
| East | 114,287 | 97,964 | 16.7 | % | 466.5 | 439.3 | 6.2 | % | 245 | 223 | 9.9 | % | |||||||||||||||||||||||||||||||||||||||||
| Southeast | 75,950 | 93,325 | (18.6) | % | 444.2 | 374.8 | 18.5 | % | 171 | 249 | (31.3) | % | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | 446,729 | $ | 424,229 | 5.3 | % | $ | 438.4 | $ | 380.8 | 15.1 | % | 1,019 | 1,114 | (8.5) | % | |||||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
| $ in thousands | HB Gross Profit | HB Gross Margin | Impairments & Abandonments (I&A) | HB Gross Profit excluding I&A | HB Gross Margin excluding I&A | Interest Amortized to COS (Interest) | HB Gross Profit excluding I&A and Interest | HB Gross Margin excluding I&A and Interest | |||||||||||||||||||||||||||||||||||||||
| West | $ | 62,927 | 24.5 | % | $ | — | $ | 62,927 | 24.5 | % | $ | — | $ | 62,927 | 24.5 | % | |||||||||||||||||||||||||||||||
| East | 25,534 | 22.3 | % | — | 25,534 | 22.3 | % | — | 25,534 | 22.3 | % | ||||||||||||||||||||||||||||||||||||
| Southeast | 16,035 | 21.1 | % | — | 16,035 | 21.1 | % | — | 16,035 | 21.1 | % | ||||||||||||||||||||||||||||||||||||
Corporate & unallocated (a) | (11,192) | — | (11,192) | 14,780 | 3,588 | ||||||||||||||||||||||||||||||||||||||||||
| Total homebuilding | $ | 93,304 | 20.9 | % | $ | — | $ | 93,304 | 20.9 | % | $ | 14,780 | $ | 108,084 | 24.2 | % | |||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
| $ in thousands | HB Gross Profit | HB Gross Margin | Impairments & Abandonments (I&A) | HB Gross Profit excluding I&A | HB Gross Margin excluding I&A | Interest Amortized to COS (Interest) | HB Gross Profit excluding I&A and Interest | HB Gross Margin excluding I&A and Interest | |||||||||||||||||||||||||||||||||||||||
| West | $ | 52,874 | 22.7 | % | $ | — | $ | 52,874 | 22.7 | % | $ | — | $ | 52,874 | 22.7 | % | |||||||||||||||||||||||||||||||
| East | 19,865 | 20.3 | % | 465 | 20,330 | 20.8 | % | — | 20,330 | 20.8 | % | ||||||||||||||||||||||||||||||||||||
| Southeast | 19,822 | 21.2 | % | — | 19,822 | 21.2 | % | — | 19,822 | 21.2 | % | ||||||||||||||||||||||||||||||||||||
Corporate & unallocated (a) | (17,724) | — | (17,724) | 18,560 | 836 | ||||||||||||||||||||||||||||||||||||||||||
| Total homebuilding | $ | 74,837 | 17.6 | % | $ | 465 | $ | 75,302 | 17.8 | % | $ | 18,560 | $ | 93,862 | 22.1 | % | |||||||||||||||||||||||||||||||
| Homebuilding Gross Margin from previously impaired communities: | |||||
| Pre-impairment turn gross margin | 8.2 | % | |||
| Impact of interest amortized to COS related to these communities | 3.6 | % | |||
| Pre-impairment turn gross margin, excluding interest amortization | 11.8 | % | |||
| Impact of impairment turns | 16.5 | % | |||
| Gross margin (post impairment turns), excluding interest amortization | 28.3 | % | |||
| Land Sales and Other Revenue | Land Sales and Other Gross Profit | ||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||
| in thousands | 2021 | 2020 | 21 vs 20 | 2021 | 2020 | 21 vs 20 | |||||||||||||||||||||||||||||
| West | $ | 1,174 | $ | 3,940 | $ | (2,766) | $ | 478 | $ | 707 | $ | (229) | |||||||||||||||||||||||
| East | 3,882 | — | 3,882 | 3,407 | — | 3,407 | |||||||||||||||||||||||||||||
| Southeast | 2,364 | 370 | 1,994 | 211 | 57 | 154 | |||||||||||||||||||||||||||||
Corporate and unallocated (a) | — | — | — | — | (308) | 308 | |||||||||||||||||||||||||||||
| Total | $ | 7,420 | $ | 4,310 | $ | 3,110 | $ | 4,096 | $ | 456 | $ | 3,640 | |||||||||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||
| in thousands | 2021 | 2020 | 21 vs 20 | ||||||||||||||
| West | $ | 42,724 | $ | 33,303 | $ | 9,421 | |||||||||||
| East | 19,859 | 11,368 | 8,491 | ||||||||||||||
| Southeast | 8,200 | 10,308 | (2,108) | ||||||||||||||
Corporate and unallocated (a) | (29,844) | (37,291) | 7,447 | ||||||||||||||
| Operating income | $ | 40,939 | $ | 17,688 | $ | 23,251 | |||||||||||
| Three Months Ended December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Cash used in operating activities | $ | (77,817) | $ | (74,578) | |||||||
| Cash used in investing activities | (2,811) | (2,858) | |||||||||
| Cash used in financing activities | (6,618) | (3,044) | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | $ | (87,246) | $ | (80,480) | |||||||
| As of | |||||||||||
| in thousands | December 31, 2021 | September 30, 2021 | |||||||||
| Due from non-guarantor subsidiary | $ | 1,837 | $ | 1,532 | |||||||
| Total assets | 2,055,479 | 2,075,518 | |||||||||
| Total liabilities | 1,303,935 | 1,353,734 | |||||||||
| Three Months Ended December 31, | |||||||||||
| in thousands | 2021 | 2020 | |||||||||
| Total revenues | $ | 453,433 | $ | 428,184 | |||||||
| Gross profit | 96,868 | 75,040 | |||||||||
| Income from continuing operations | 34,839 | 11,906 | |||||||||
| Net income | 34,829 | 11,867 | |||||||||
| 22 | |||||
| 31.1 | |||||
| 31.2 | |||||
| 32.1 | |||||
| 32.2 | |||||
| 101.INS | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||
| Date: | January 27, 2022 | Beazer Homes USA, Inc. | ||||||||||||
| By: | /s/ David I. Goldberg | |||||||||||||
| Name: | David I. Goldberg | |||||||||||||
| Senior Vice President and Chief Financial Officer | ||||||||||||||
| Date: | January 27, 2022 | |||||||
| /s/ Allan P. Merrill | ||||||||
| Allan P. Merrill | ||||||||
| President and Chief Executive Officer | ||||||||
| Date: | January 27, 2022 | |||||||
| /s/ David I. Goldberg | ||||||||
| David I. Goldberg | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
| Date: | January 27, 2022 | |||||||
| /s/ Allan P. Merrill | ||||||||
| Allan P. Merrill | ||||||||
| President and Chief Executive Officer | ||||||||
| Date: | January 27, 2022 | |||||||
| /s/ David I. Goldberg | ||||||||
| David I. Goldberg | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
|---|---|---|
| ASSETS | ||
| Allowances for accounts receivable | $ 290 | $ 290 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Unamortized debt issuance expense | $ 8,592 | $ 8,983 |
| Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
| Preferred stock authorized (in shares) | 5,000,000 | 5,000,000 |
| Preferred stock issued (in shares) | 0 | 0 |
| Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
| Common stock authorized (in shares) | 63,000,000 | 63,000,000 |
| Common stock issued (in shares) | 31,459,708 | 31,294,198 |
| Common stock outstanding (in shares) | 31,459,708 | 31,294,198 |
Description of Business |
3 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business | Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” and the “Company”) is a geographically diversified homebuilder with active operations in 13 states within three geographic regions in the United States: the West, East, and Southeast. Our homes are designed to appeal to homeowners at different price points across various demographic segments and are generally offered for sale in advance of their construction. Our objective is to provide our customers with homes that incorporate exceptional value and quality, while seeking to maximize our return on invested capital over the course of a housing cycle. For an additional description of our business, refer to Item 1 within our Annual Report on Form 10-K for the fiscal year ended September 30, 2021 (2021 Annual Report).
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Basis of Presentation and Summary of Significant Accounting Policies |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of 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. The unaudited condensed consolidated financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2021 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements. The results of the Company's consolidated operations presented herein for the three months ended December 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year due to seasonal variations in our operations and other factors, such as the effects of the coronavirus (“COVID-19”) pandemic and its influence on our future results. Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income is equivalent to our comprehensive income, so we have not presented a separate statement of comprehensive income. In the past, we have discontinued homebuilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented (see Note 16 for a further discussion of our discontinued operations). Our fiscal year 2022 began on October 1, 2021 and ends on September 30, 2022. Our fiscal year 2021 began on October 1, 2020 and ended on September 30, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates. Share Repurchase Program During the first quarter of fiscal 2019, the Company's Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. As part of this program, the Company repurchased common stock during fiscal 2019 and 2020 through open market transactions, 10b5-1 plans, and accelerated share repurchase (ASR) agreements. All shares have been retired upon repurchase. The aggregate reduction to stockholders’ equity related to share repurchases during the fiscal year ended September 30, 2020 and September 30, 2019 was $3.3 million and $34.6 million, respectively. No share repurchases were made during fiscal year 2021 or the three months ended December 31, 2021. As of December 31, 2021, the remaining availability of the share repurchase program was $12.0 million. Revenue Recognition We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the following five-step process specified in ASC Topic 606, Revenue from Contracts with Customers. •Identify the contract(s) with a customer •Identify the performance obligations •Determine the transaction price •Allocate the transaction price •Recognize revenue when the performance obligations are met The following table presents our total revenue disaggregated by revenue stream:
(a) Please see Note 15 for total revenue disaggregated by reportable segment. Homebuilding revenue Homebuilding revenue is reported net of any discounts and incentives and is generally recognized when title to and possession of the home are transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $31.3 million and $28.5 million as of December 31, 2021 and September 30, 2021, respectively. Of the customer liabilities outstanding as of September 30, 2021, $10.2 million was recognized in revenue during the three months ended December 31, 2021 upon closing of the related homes. Land sales and other revenue Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and all entities may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the effect of adopting the new guidance on its consolidated financial statements and related disclosures.
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented:
(a) Represents leases renewed or additional leases commenced during the three months ended December 31, 2021 and December 31, 2020.
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Investments in Unconsolidated Entities |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Unconsolidated Entities As of December 31, 2021, the Company participated in certain joint ventures and had investments in unconsolidated entities in which it had less than a controlling interest. The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of December 31, 2021 and September 30, 2021:
Equity in income (loss) from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:
For the three months ended December 31, 2021 and 2020, there were no impairments related to investments in unconsolidated entities. Guarantees Historically, the Company's joint ventures typically obtained secured acquisition, development, and construction financing. In addition, the Company and its joint venture partners provided varying levels of guarantees of debt and other debt-related obligations for these unconsolidated entities. However, as of December 31, 2021 and September 30, 2021, the Company had no outstanding guarantees or other debt-related obligations related to our investments in unconsolidated entities. The Company and its joint venture partners generally provide unsecured environmental indemnities to land development joint venture project lenders. These indemnities obligate the Company to reimburse the project lenders for claims related to environmental matters for which they are held responsible. During the three months ended December 31, 2021 and 2020, the Company was not required to make any payments related to environmental indemnities. In assessing the need to record a liability for these guarantees, the Company considers its 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, the fair value of the collateral of unconsolidated entities is monitored to ensure that the related borrowings do not exceed the specified percentage of the value of the property securing the borrowings. As of December 31, 2021, no liability was recorded for the contingent aspects of any guarantees that were determined to be reasonably possible but not probable.
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Owned Inventory |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Owned Inventory | Owned Inventory The components of our owned inventory are as follows as of December 31, 2021 and September 30, 2021:
Homes under construction include homes substantially finished and ready for delivery and homes in various stages of construction, including costs of the underlying lot, direct construction costs and capitalized indirect costs. As of December 31, 2021, we had 3,196 homes under construction, including 744 spec homes totaling $150.8 million (711 in-process spec homes totaling $139.5 million, and 33 finished spec homes totaling $11.3 million). As of September 30, 2021, we had 2,912 homes under construction, including 576 spec homes totaling $116.4 million (542 in-process spec units totaling $105.2 million, and 34 finished spec units totaling $11.2 million). Land under development consists principally of land acquisition, land development and other common costs. These land related costs are allocated to individual lots on a pro-rata basis, and the lot costs are transferred to homes under construction when home construction begins for the respective lots. Certain of the fully developed lots in this category are reserved by a customer 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 carrying costs, such as interest and real estate taxes, are expensed as incurred. Land held for sale includes land and lots that do not fit within our homebuilding programs and strategic plans in certain markets, and land is classified as held for sale once certain criteria are met (refer to Note 2 to the audited consolidated financial statements within our 2021 Annual Report). These assets are recorded at the lower of the carrying value or fair value less costs to sell (net realizable value). The amount of interest we are able to capitalize depends on our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and land under development but excludes land held for future development and land held for sale (see Note 6 for additional information on capitalized interest). Total owned inventory by reportable segment is presented in the table below as of December 31, 2021 and September 30, 2021:
(a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table. (b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment. Inventory Impairments Inventory assets are assessed for recoverability periodically in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2021 Annual Report. Projects in Progress Impairments Projects in progress inventory includes homes under construction and land under development grouped together as communities. Projects in progress are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. We assess our projects in progress inventory for indicators of impairment at the community level on a quarterly basis. If indicators of impairment are present for a community with more than ten homes remaining to close, we perform a recoverability test by comparing the expected undiscounted cash flows for the community to its carrying value. If the aggregate undiscounted cash flows are in excess of the carrying value, the asset is considered to be recoverable and is not impaired. If the carrying value exceeds the aggregate undiscounted cash flows, we perform a discounted cash flow analysis to determine the fair value of the community, and impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. No project in progress impairments were recognized during the three months ended December 31, 2021 and 2020, respectively. Land Held for Sale Impairments We evaluate the net realizable value of a land held for sale asset when indicators of impairment are present. Impairments on land held for sale generally represent write downs of these properties to net realizable value based on sales contracts, letters of intent, current market conditions, and recent comparable land sale transactions, as applicable. Absent an executed sales contract, our assumptions related to land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions, and our estimates of sale prices could differ significantly from actual results. No land held for sales impairments were recognized during the three months ended December 31, 2021 and 2020, respectively. Abandonments From time-to-time, we may determine to abandon lots or not exercise certain option contracts that are not projected to produce adequate results or no longer fit with our long-term strategic plan. Additionally, in certain limited instances, we are forced to abandon lots due to seller non-performance, or permitting or other regulatory issues that do not allow us to build on those lots. If we intend to abandon or walk away from a property, we record an abandonment charge to earnings for the deposit amount and any related capitalized costs in the period such decision is made. No abandonment charges were recognized during the three months ended December 31, 2021, and $0.5 million abandonment charges were recognized during the three months ended December 31, 2020. Lot Option Agreements In addition to purchasing land directly, we utilize lot option agreements that 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. The majority of our lot option agreements 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 at a specified price. Purchase of the properties under these agreements is contingent upon satisfaction of certain requirements by us and the sellers. Under lot option agreements, our liability is generally limited to forfeiture of the non-refundable deposits, letters of credit and other non-refundable amounts incurred. If the Company cancels a lot option agreement, it would result in a write-off of the related deposits and pre-acquisition costs, but would not expose the Company to the overall risks or losses of the applicable entity we are purchasing from. 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 at all. The following table provides a summary of our interests in lot option agreements as of December 31, 2021 and September 30, 2021:
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| Interest | Interest Interest capitalized during the three months ended December 31, 2021 and 2020 was limited by the balance of inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented:
(a) The amount of interest capitalized depends on the qualified inventory balance, which considers the status of the Company's inventory holdings. Qualified inventory balance includes the majority of homes under construction and land under development but excludes land held for future development and land held for sale. (b) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.
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Borrowings |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Borrowings The Company's debt, net of unamortized debt issuance costs consisted of the following as of December 31, 2021 and September 30, 2021:
Secured Revolving Credit Facility The Secured Revolving Credit Facility (the Facility) provides working capital and letter of credit capacity of $250.0 million. The Facility is currently with four lenders. For additional discussion of the Facility, refer to Note 8 to the audited consolidated financial statements within our 2021 Annual Report. As of December 31, 2021 and September 30, 2021, no borrowings and no letters of credit were outstanding under the Facility, resulting in a remaining capacity of $250.0 million. The Facility requires compliance with certain covenants, including negative covenants and financial covenants. As of December 31, 2021, the Company believes it was in compliance with all such covenants. Senior Unsecured Term Loan On September 9, 2019, the Company entered into a term loan agreement, which provides for a Senior Unsecured Term Loan (the Term Loan). The principal balance as of December 31, 2021 was $50.0 million. The Term Loan (1) will mature in September 2022, with the remaining $50.0 million annual repayment installment due in September 2022; (2) bears interest at a fixed rate of 4.875%; and (3) includes an option to prepay, subject to certain conditions and the payment of certain premiums. The Term Loan contains covenants generally consistent with the covenants contained in the Facility. As of December 31, 2021, the Company believes it was in compliance with all such covenants. Letter of Credit Facilities The Company has entered into stand-alone, cash-secured letter of credit agreements with banks to maintain pre-existing letters of credit and to provide for the issuance of new letters of credit (in addition to the letters of credit issued under the Facility). As of December 31, 2021 and September 30, 2021, the Company had letters of credit outstanding under these additional facilities of $23.7 million and $21.8 million, respectively, all of which were secured by cash collateral in restricted accounts totaling $24.6 million and $22.3 million, respectively. The Company may enter into additional arrangements to provide additional letter of credit capacity. In May 2018, the Company entered into a reimbursement agreement, which provides for the issuance of performance letters of credit, and an unsecured credit agreement that provides for the issuance of up to $50.0 million of standby letters of credit to backstop the Company's obligations under the reimbursement agreement (collectively, the "Bilateral Facility"). The Bilateral Facility will terminate on June 10, 2022. As of December 31, 2021, the total stated amount of performance letters of credit issued under the reimbursement agreement was $8.2 million (and the stated amount of the backstop standby letter of credit issued under the credit agreement was $40.0 million). The Company may enter into additional arrangements to provide greater letter of credit capacity. Senior Notes The Company's Senior Notes are unsecured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Senior Notes and are jointly and severally liable for obligations under the Senior Notes and the Facility. Each guarantor subsidiary is a 100% owned subsidiary of Beazer Homes. All unsecured Senior Notes rank equally in right of payment with all existing and future senior unsecured obligations, senior to all of the Company's existing and future subordinated indebtedness and effectively subordinated to the Company's existing and future secured indebtedness, including indebtedness under the Facility, if outstanding, to the extent of the value of the assets securing such indebtedness. The unsecured Senior Notes and related guarantees are structurally subordinated to all indebtedness and other liabilities of all of the Company's subsidiaries that do not guarantee these notes but are fully and unconditionally guaranteed jointly and severally on a senior basis by the Company's wholly-owned subsidiaries party to each applicable indenture. The Company's Senior Notes are issued under indentures that contain certain restrictive covenants which, among other things, restrict our ability to pay dividends, repurchase our common stock, incur certain types of additional indebtedness, and make certain investments. Compliance with the Senior Note covenants does not significantly impact the Company's operations. The Company believes it was in compliance with the covenants contained in the indentures of all of its Senior Notes as of December 31, 2021. For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:
Junior Subordinated Notes The Company's unsecured junior subordinated notes (Junior Subordinated Notes) mature on July 30, 2036 and have an aggregate principal balance of $100.8 million as of December 31, 2021. The securities have a floating interest rate as defined in the Junior Subordinated Notes Indentures, which was a weighted-average of 3.82% as of December 31, 2021. The obligations relating to these notes are subordinated to the Facility and the Senior Notes. In January 2010, the Company restructured $75.0 million of these notes and recorded them at their then estimated fair value. Over the remaining life of the Junior Subordinated Notes, we will increase their carrying value until this carrying value equals the face value of the notes. As of December 31, 2021, the unamortized accretion was $30.1 million and will be amortized over the remaining life of the notes. The remaining $25.8 million of these notes are subject to the terms of the original agreement, have a floating interest rate equal to three-month LIBOR plus 2.45% per annum, resetting quarterly, and are redeemable in whole or in part at par value. The material terms of the $75.0 million restructured notes are identical to the terms of the original agreement except that the floating interest rate is subject to a floor of 4.25% and a cap of 9.25%. In addition, beginning on June 1, 2012, the Company has the option to redeem the $75.0 million principal balance in whole or in part at 75% of par value; beginning on June 1, 2022, the redemption price will increase by 1.785% annually. As of December 31, 2021, the Company believes it was in compliance with all covenants under the Junior Subordinated Notes.
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Operating Leases |
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| Operating Leases | Operating Leases The Company leases certain office space and equipment under operating leases for use in our operations. We recognize operating lease expense on a straight-line basis over the lease term. Certain of our lease agreements include one or more options to renew. The exercise of lease renewal options is generally at our discretion. Variable lease expense primarily relates to maintenance and other monthly expense that do not depend on an index or rate. We determine if an arrangement is a lease at contract inception. Lease and non-lease components are accounted for as a single component for all leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the expected lease term, which includes optional renewal periods if we determine it is reasonably certain that the option will be exercised. As our leases do not provide an implicit rate, the discount rate used in the present value calculation represents our incremental borrowing rate determined using information available at the commencement date. Operating lease expense is included as a component of general and administrative expenses in our condensed consolidated statements of operations. For the three months ended December 31, 2021 and 2020, we recorded operating lease expense of $1.0 million and $1.1 million, respectively. Cash payments on lease liabilities during the three months ended December 31, 2021 and 2020 totaled $1.1 million and $1.4 million, respectively. Sublease income and variable lease expenses are de minimis. At December 31, 2021 and 2020, the weighted-average remaining lease term and discount rate were as follows:
The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2021:
(a) Remaining lease payments are for the period beginning January 1, 2022 through September 30, 2022.
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Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contingencies | Contingencies Beazer Homes and certain of its subsidiaries have been and continue to be named as defendants in various construction defect claims, complaints, and other legal actions. The Company is subject to the possibility of loss contingencies related to these defects as well as others arising from its business. In determining loss contingencies, we consider the likelihood of loss and our ability to reasonably estimate the amount of such loss. An estimated loss is recorded when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated. Warranty Reserves We currently provide a limited warranty ranging from to two years covering workmanship and materials per our defined quality standards. In addition, we provide a limited warranty for up to ten years covering only certain defined structural element failures. Our homebuilding work is performed by subcontractors who typically must agree to indemnify us with regard to their work and provide certificates of insurance demonstrating that they have met our insurance requirements and have named us as an additional insured under their policies. Therefore, many claims relating to workmanship and materials that result in warranty spending are the primary responsibility of these subcontractors. Warranty reserves are included in other liabilities within the condensed consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in the condensed consolidated statements of operations. Reserves covering anticipated warranty expenses are recorded for each home closed. Management assesses the adequacy of warranty reserves each reporting period based on historical experience and the expected costs to remediate potential claims. Our review includes a quarterly analysis of the historical data and trends in warranty expense by division. An analysis by division allows us to consider market-specific factors such as warranty experience, the number of home closings, the prices of homes, product mix, and other data in estimating warranty reserves. In addition, the analysis also contemplates the existence of any non-recurring or community-specific warranty-related matters that might not be included in historical data and trends that may need to be separately estimated based on management's judgment of the ultimate cost of repair for that specific issue. While estimated warranty liabilities are adjusted each reporting period based on the results of our quarterly analyses, we may not accurately predict actual warranty costs, which could lead to significant changes in the reserve. In addition, we maintain third-party insurance, subject to applicable self-insured retentions, for most construction defects that we encounter in the normal course of business. We believe that our warranty and litigation accruals and third-party insurance are adequate to cover the ultimate resolution of our potential liabilities associated with known and anticipated warranty and construction defect related claims and litigation. However, there can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers; that we will be able to renew our insurance coverage or renew it at reasonable rates; that we will not be liable for damages, the cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence, or building related claims; or that claims will not arise out of events or circumstances not covered by insurance and/or not subject to effective indemnification agreements with our subcontractors. Changes in warranty reserves are as follows for the periods presented:
(a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed, and the rates of accrual per home estimated as a percentage of the selling price of the home. Insurance Recoveries The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred above specified thresholds for each period covered. Amounts recorded for anticipated insurance recoveries are reflected within the condensed consolidated statements of income as a reduction of home construction expenses. Amounts not yet received from our insurer are recorded on a gross basis, without any reduction for the associated warranty expense, within accounts receivable on our condensed consolidated balance sheets. Litigation In the normal course of business, we and certain of our subsidiaries are subject to various lawsuits and have been named as defendants in various claims, complaints, and other legal actions, most relating to construction defects, moisture intrusion, and product liability. Certain of the liabilities resulting from these actions are covered in whole or in part by insurance. We cannot predict or determine the timing or final outcome of these lawsuits or the effect that any adverse findings or determinations in pending lawsuits may have on us. In addition, an estimate of possible loss or range of loss, if any, cannot presently be made with respect to certain of these pending matters. An unfavorable determination in any of the pending lawsuits could result in the payment by us of substantial monetary damages that may not be fully covered by insurance. Further, the legal costs associated with the lawsuits and the amount of time required to be spent by management and our Board of Directors on these matters, even if we are ultimately successful, could have a material adverse effect on our financial condition, results of operations, or cash flows. We have an accrual of $8.7 million and $8.3 million in other liabilities on our condensed consolidated balance sheets related to litigation matters as of December 31, 2021 and September 30, 2021, respectively. Surety Bonds and Letters of Credit We had outstanding letters of credit and surety bonds of $31.9 million and $281.8 million, respectively, as of December 31, 2021, related principally to our obligations to local governments to construct roads and other improvements in various developments.
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Fair Value Measurements |
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| Fair Value Measurements | Fair Value Measurements As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows: •Level 1 – Quoted prices in active markets for identical assets or liabilities; •Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and •Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability. The fair value of our deferred compensation plan assets is measured on a recurring basis and has been determined using market-corroborated inputs (Level 2). The balance of these assets as of December 31, 2021 and September 30, 2021 was $3.0 million and $2.7 million, respectively. Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recovered. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Note 5. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3. During the three months ended December 31, 2021 and 2020, we recognized no impairments on projects in process or land held for sale. Determining within which hierarchical level an asset or liability falls requires significant judgment. We evaluate our hierarchy disclosures each quarter. The fair value of cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, other liabilities, and amounts due under the Facility (if outstanding) approximate their carrying amounts due to the short maturity of these assets and liabilities. When outstanding, obligations related to land not owned under option agreements approximate fair value. The following table presents the carrying value and estimated fair value of certain other financial liabilities as of December 31, 2021 and September 30, 2021:
(a) Carrying amounts are net of unamortized debt issuance costs or accretion. (b) The estimated fair value for our publicly-held Senior Notes and the Term Loan have been determined using quoted market rates (Level 2). (c) Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (Level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.
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Income Taxes |
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Dec. 31, 2021 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Income Tax Provision The Company's income tax provision for quarterly interim periods is based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. Income tax expense from continuing operations was $6.5 million for the three months ended December 31, 2021, compared to $4.1 million for the three months ended December 31, 2020. Income tax expense for the three months ended December 31, 2021 was substantially driven by (1) income from continuing operations, partially offset by (2) the completion of work necessary to claim an additional $3.2 million in energy efficiency tax credits related to homes closed prior fiscal years, and (3) the discrete impact related to stock-based compensation expense as a result of current period activity. Income tax expense for the three months ended December 31, 2020 was substantially driven by (1) income from continuing operations, and (2) the discrete impact related to stock-based compensation expense as a result of current period activity. Deferred Tax Assets and Liabilities The Company continues to evaluate its deferred tax assets each period to determine if a valuation allowance is required based on whether it is more likely than not that some portion of these deferred tax assets will not be realized. As of December 31, 2021, management concluded that it is more likely than not that a substantial portion of our deferred tax assets will be realized. As part of our analysis, we considered both positive and negative factors that impact profitability and whether those factors would lead to a change in the estimate of our deferred tax assets that may be realized in the future. At this time, our conclusions on the valuation allowance and Internal Revenue Code Section 382 limitations related to our deferred tax assets remain consistent with the determinations we made during the period ended September 30, 2021, and such conclusions are based on similar company specific and industry factors to those discussed in Note 13 to the audited consolidated financial statements within our 2021 Annual Report.
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Stock-based Compensation |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation | Stock-based Compensation Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations. Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three months ended December 31, 2021 and 2020, respectively.
Stock Options Following is a summary of stock option activity for the three months ended December 31, 2021:
As of both December 31, 2021 and September 30, 2021, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options. The cost remaining as of December 31, 2021 is expected to be recognized over a weighted-average period of 0.18 years. Restricted Stock Awards During the three months ended December 31, 2021, the Company issued time-based and performance-based restricted stock awards. The time-based restricted shares granted to our non-employee directors vest on the first anniversary of the grant, while the time-based restricted shares granted to our executive officers and other employees generally vest ratably over to three years from the date of grant. Performance-based restricted share awards vest subject to the achievement of performance and market conditions over a three-year performance period. Following is a summary of restricted stock activity for the three months ended December 31, 2021:
(a) Each of our performance shares represent a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three-year performance period. Our performance stock award plans provide that any performance shares earned in excess of the target number of performance shares issued may be settled in cash or additional shares at the discretion of the Compensation Committee. In November 2021, we issued 177,759 shares earned above target level based on the performance level achieved under the fiscal 2019 performance-based award plan. As of December 31, 2021 and September 30, 2021, total unrecognized compensation costs related to unvested restricted stock awards was $12.1 million and $7.2 million, respectively. The remaining costs as of December 31, 2021 are expected to be recognized over a weighted average period of 2.05 years.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income (loss) per share adjusts the basic income (loss) per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method. Following is a summary of the components of basic and diluted income per share for the periods presented:
(a) The following potentially dilutive shares were excluded from the calculation of diluted income (loss) per share as a result of their anti-dilutive effect.
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Other Liabilities |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | Other Liabilities Other liabilities include the following as of December 31, 2021 and September 30, 2021:
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows: West: Arizona, California, Nevada, and Texas East: Delaware, Indiana, Maryland, New Jersey(a), Tennessee, and Virginia Southeast: Florida, Georgia, North Carolina, and South Carolina (a) During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey. Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2021 Annual Report. The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
(a) Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments.
(a) Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments. The following table presents capital expenditures by segment for the periods presented:
The following table presents assets by segment as of December 31, 2021 and September 30, 2021:
(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.
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Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | Discontinued Operations We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase stockholder value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain of our homebuilding operations. We have classified the results of operations of our discontinued operations separately in the accompanying condensed consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of December 31, 2021 or September 30, 2021. Discontinued operations were not segregated in the condensed consolidated statements of cash flows. Therefore, amounts for certain captions in the condensed consolidated statements of cash flows will not agree with the respective data in the condensed consolidated statements of operations. The results of our discontinued operations in the condensed consolidated statements of operations for the periods presented were as follows:
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Dec. 31, 2021 | |
| Accounting Policies [Abstract] | |
| Basis of Consolidation | Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income is equivalent to our comprehensive income, so we have not presented a separate statement of comprehensive income. In the past, we have discontinued homebuilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented (see Note 16 for a further discussion of our discontinued operations). Our fiscal year 2022 began on October 1, 2021 and ends on September 30, 2022. Our fiscal year 2021 began on October 1, 2020 and ended on September 30, 2021.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.
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| Share Repurchase Program | Share Repurchase ProgramDuring the first quarter of fiscal 2019, the Company's Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. As part of this program, the Company repurchased common stock during fiscal 2019 and 2020 through open market transactions, 10b5-1 plans, and accelerated share repurchase (ASR) agreements. All shares have been retired upon repurchase. |
| Revenue Recognition | Revenue Recognition We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the following five-step process specified in ASC Topic 606, Revenue from Contracts with Customers. •Identify the contract(s) with a customer •Identify the performance obligations •Determine the transaction price •Allocate the transaction price •Recognize revenue when the performance obligations are met Homebuilding revenue Homebuilding revenue is reported net of any discounts and incentives and is generally recognized when title to and possession of the home are transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $31.3 million and $28.5 million as of December 31, 2021 and September 30, 2021, respectively. Of the customer liabilities outstanding as of September 30, 2021, $10.2 million was recognized in revenue during the three months ended December 31, 2021 upon closing of the related homes. Land sales and other revenue Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and all entities may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the effect of adopting the new guidance on its consolidated financial statements and related disclosures.
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| Fair Value Measurements | As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows: •Level 1 – Quoted prices in active markets for identical assets or liabilities; •Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and •Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability. The fair value of our deferred compensation plan assets is measured on a recurring basis and has been determined using market-corroborated inputs (Level 2). The balance of these assets as of December 31, 2021 and September 30, 2021 was $3.0 million and $2.7 million, respectively. Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recovered. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Note 5. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3.
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The following table presents our total revenue disaggregated by revenue stream:
(a) Please see Note 15 for total revenue disaggregated by reportable segment.
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Supplemental Cash Flow Information (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental disclosure of non-cash activity | The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented:
(a) Represents leases renewed or additional leases commenced during the three months ended December 31, 2021 and December 31, 2020.
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Investments in Unconsolidated Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in unconsolidated joint ventures, total equity and outstanding borrowings | The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of December 31, 2021 and September 30, 2021:
Equity in income (loss) from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:
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Owned Inventory (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of inventory | The components of our owned inventory are as follows as of December 31, 2021 and September 30, 2021:
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| Schedule of total owned inventory, by segment | Total owned inventory by reportable segment is presented in the table below as of December 31, 2021 and September 30, 2021:
(a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table. (b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment.
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| Summary of interests in lot option agreements | The following table provides a summary of our interests in lot option agreements as of December 31, 2021 and September 30, 2021:
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Interest (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Inventory, Capitalized Interest Costs | The following table presents certain information regarding interest for the periods presented:
(a) The amount of interest capitalized depends on the qualified inventory balance, which considers the status of the Company's inventory holdings. Qualified inventory balance includes the majority of homes under construction and land under development but excludes land held for future development and land held for sale. (b) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | The Company's debt, net of unamortized debt issuance costs consisted of the following as of December 31, 2021 and September 30, 2021:
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| Debt Instrument Redemption | For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:
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Operating Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost | At December 31, 2021 and 2020, the weighted-average remaining lease term and discount rate were as follows:
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| Lessee, Operating Lease, Liability, Maturity | The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2021:
(a) Remaining lease payments are for the period beginning January 1, 2022 through September 30, 2022.
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Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warranty reserves | Changes in warranty reserves are as follows for the periods presented:
(a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed, and the rates of accrual per home estimated as a percentage of the selling price of the home.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying values and estimated fair values of other financial assets and liabilities | The following table presents the carrying value and estimated fair value of certain other financial liabilities as of December 31, 2021 and September 30, 2021:
(a) Carrying amounts are net of unamortized debt issuance costs or accretion. (b) The estimated fair value for our publicly-held Senior Notes and the Term Loan have been determined using quoted market rates (Level 2). (c) Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (Level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.
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Stock-based Compensation (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of stock-based compensation expense | Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three months ended December 31, 2021 and 2020, respectively.
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| Schedule of stock options outstanding | Following is a summary of stock option activity for the three months ended December 31, 2021:
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| Schedule of nonvested stock awards activity | Following is a summary of restricted stock activity for the three months ended December 31, 2021:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of basic and diluted earnings per share | Following is a summary of the components of basic and diluted income per share for the periods presented:
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
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Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other liabilities | Other liabilities include the following as of December 31, 2021 and September 30, 2021:
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Segment Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment reporting information | The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
(a) Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments.
(a) Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments. The following table presents capital expenditures by segment for the periods presented:
The following table presents assets by segment as of December 31, 2021 and September 30, 2021:
(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.
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Discontinued Operations (Tables) |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Results of Discontinued Operations | The results of our discontinued operations in the condensed consolidated statements of operations for the periods presented were as follows:
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Description of Business (Details) |
Dec. 31, 2021
region
state
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of states in which home building segments operate | state | 13 |
| Number of regions in which entity operates | region | 3 |
Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|
| Accounting Policies [Abstract] | |||||
| Authorized amount repurchase of common stock | $ 50,000,000 | ||||
| Share repurchases | $ 3,300,000 | $ 34,600,000 | |||
| Completed common stock repurchase (in shares) | 0 | 0 | |||
| Remaining authorized repurchase amount | $ 12,000,000 | ||||
Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 454,149 | $ 428,539 | |
| Customer deposits | 31,321 | $ 28,526 | |
| Contract with customer, liability, revenue recognized | 10,200 | ||
| Homebuilding revenue | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 446,729 | 424,229 | |
| Land sales and other revenue | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 7,420 | $ 4,310 | |
Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
|
| Supplemental Cash Flow Elements [Abstract] | |||
| Increase in operating lease right-of-use assets | $ 626 | $ 1,391 | |
| Increase in operating lease liabilities | 626 | 1,391 | |
| Supplemental disclosure of cash activity: | |||
| Interest payments | 25,081 | 27,048 | |
| Income tax payments | 53 | 0 | |
| Tax refunds received | 0 | 49 | |
| Reconciliation of cash, cash equivalents, and restricted cash: | |||
| Cash and cash equivalents | 157,701 | 244,628 | $ 246,715 |
| Restricted cash | 29,196 | 17,420 | $ 27,428 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 186,897 | $ 262,048 | |
Investments in Unconsolidated Entities - Equity and Outstanding Borrowings of Unconsolidated Entities and Equity in Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Total equity of unconsolidated entities | $ 755,259 | $ 606,062 | $ 724,884 | $ 593,171 |
| Total outstanding borrowings of unconsolidated entities | 1,054,938 | 1,054,030 | ||
| Equity in income (loss) of unconsolidated entities | 288 | $ (75) | ||
| Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Investment in unconsolidated entities | 4,590 | 4,464 | ||
| Total equity of unconsolidated entities | 7,326 | 7,316 | ||
| Total outstanding borrowings of unconsolidated entities | $ 9,890 | $ 12,708 | ||
Investments in Unconsolidated Entities - Narrative (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Impairment of unconsolidated entity investments | $ 0 | $ 0 | |
| Financial Guarantee | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Outstanding guarantees | $ 0 | $ 0 | |
Owned Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
|---|---|---|---|---|
| Inventory Disclosure [Abstract] | ||||
| Homes under construction | $ 726,379 | $ 648,283 | ||
| Land under development | 646,161 | 648,404 | ||
| Land held for future development | 19,879 | 19,879 | ||
| Land held for sale | 10,822 | 9,179 | ||
| Capitalized interest | 110,516 | 106,985 | $ 119,148 | $ 119,659 |
| Model homes | 68,044 | 68,872 | ||
| Total owned inventory | $ 1,581,801 | $ 1,501,602 |
Owned Inventory - Narrative (Details) |
3 Months Ended | |
|---|---|---|
|
Dec. 31, 2021
USD ($)
home
|
Dec. 31, 2020
USD ($)
home
|
|
| Inventory Disclosure [Abstract] | ||
| Number of homes under construction | home | 3,196 | 2,912 |
| Number of homes under construction, spec homes | home | 744 | 576 |
| Total, spec homes | $ | $ 150,800,000 | $ 116,400,000 |
| Number of homes under Construction, in-process spec homes | home | 711 | 542 |
| In-process spec homes | $ | $ 139,500,000 | $ 105,200,000 |
| Number of homes under construction, finished spec homes | home | 33 | 34 |
| Finished spec homes | $ | $ 11,300,000 | $ 11,200,000 |
| Threshold number of homes below a minimum threshold of profitability | home | 10 | |
| Impairment charges on land held for sale | $ | $ 0 | 0 |
| Abandonment charges | $ | $ 0 | $ 500,000 |
Owned Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
|---|---|---|
| Real Estate Properties [Line Items] | ||
| Deposits & Non-refundable Pre-acquisition Costs Incurred (a) | $ 121,581 | $ 114,688 |
| Remaining Obligation, Net of Deposits | $ 715,350 | $ 676,149 |
Interest - Schedule of Capitalized Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ||
| Capitalized interest in inventory, beginning of period | $ 106,985 | $ 119,659 |
| Interest incurred | 18,311 | 19,902 |
| Interest expense not qualified for capitalization and included as other expense | 0 | (1,600) |
| Capitalized interest amortized to home construction and land sales expenses | (14,780) | (18,813) |
| Capitalized interest in inventory, end of period | $ 110,516 | $ 119,148 |
Operating Leases - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Leases [Abstract] | ||
| Operating lease expense | $ 1.0 | $ 1.1 |
| Operating lease payments | $ 1.1 | $ 1.4 |
Operating Leases - Weighted-Average Remaining Lease Term and Discount Rate (Details) |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted-average remaining lease term | 4 years 8 months 12 days | 5 years 1 month 6 days |
| Weighted-average discount rate | 4.43% | 4.77% |
Operating Leases - Maturity Analysis of the Annual Undiscounted Cash Flows (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
|---|---|---|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
| 2022 | $ 3,248 | |
| 2023 | 3,719 | |
| 2024 | 2,601 | |
| 2025 | 2,257 | |
| 2026 | 1,643 | |
| Thereafter | 1,928 | |
| Total lease payments | 15,396 | |
| Less: Imputed interest | 1,544 | |
| Total operating lease liabilities | $ 13,852 | $ 14,154 |
Contingencies - Warranty (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Standard product warranty length, minimum | 1 year | |
| Standard product warranty length, maximum | 2 years | |
| Limited product warranty length (up to) | 10 years | |
| Movement in Standard Product Warranty Accrual [Roll Forward] | ||
| Balance at beginning of period | $ 12,931 | $ 13,052 |
| Accruals for warranties issued | 2,372 | 2,254 |
| Net changes in liability related to warranties existing in prior periods | 534 | 377 |
| Payments made | (3,094) | (3,067) |
| Balance at end of period | $ 12,743 | $ 12,616 |
Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Sep. 30, 2021 |
|---|---|---|
| Loss Contingencies [Line Items] | ||
| Accrued amounts for litigation and other contingent liabilities | $ 8.7 | $ 8.3 |
| Performance Bonds | ||
| Loss Contingencies [Line Items] | ||
| Letters of credit secured using cash collateral | 31.9 | |
| Outstanding performance bonds | $ 281.8 |
Fair Value Measurements - Narrative (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Impairment of projects in process | $ 0 | $ 0 | |
| Impairment charges on land held for sale | 0 | $ 0 | |
| Level 2 | Fair Value, Measurements, Recurring | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Deferred compensation plan assets | $ 3,000,000 | $ 2,700,000 | |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | ||
| Expense from income taxes | $ 6,463 | $ 4,125 |
| Deferred tax assets, tax credit carryforwards | $ 3,200 | |
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Payment Arrangement [Abstract] | ||
| Stock-based compensation expense | $ 2,108 | $ 3,511 |
Stock-based Compensation - Stock Options Outstanding (Details) - Stock options |
3 Months Ended |
|---|---|
|
Dec. 31, 2021
$ / shares
shares
| |
| Shares | |
| Outstanding at beginning of period (shares) | shares | 114,259 |
| Exercised (shares) | shares | (288) |
| Expired (shares) | shares | (86,000) |
| Outstanding at end of period (shares) | shares | 27,971 |
| Exercisable at end of period (shares) | shares | 27,021 |
| Weighted Average Exercise Price | |
| Outstanding at beginning of period (in USD per share) | $ / shares | $ 17.89 |
| Exercised (in USD per share) | $ / shares | 19.95 |
| Expired (in USD per share) | $ / shares | 19.11 |
| Outstanding at end of period (in USD per share) | $ / shares | 14.13 |
| Exercisable at end of period (in USD per share) | $ / shares | $ 14.25 |
Stock-based Compensation - Restricted Stock Awards (Details) - shares |
1 Months Ended | 3 Months Ended |
|---|---|---|
Nov. 30, 2021 |
Dec. 31, 2021 |
|
| Total Restricted Shares | ||
| Shares | ||
| Beginning of period (in shares) | 1,224,729 | |
| Granted (in shares) | 516,461 | |
| Vested (in shares) | (831,318) | |
| Forfeited (in shares) | (43,992) | |
| End of period (in shares) | 865,880 | |
| Performance-Based Restricted Shares | ||
| Shares | ||
| Beginning of period (in shares) | 738,155 | |
| Granted (in shares) | 269,617 | |
| Vested (in shares) | (552,417) | |
| Forfeited (in shares) | (17,072) | |
| End of period (in shares) | 438,283 | |
| Award vesting period | 3 years | |
| Performance based restricted stock settled in cash payment (in shares) | 177,759 | |
| Time-Based Restricted Shares | ||
| Shares | ||
| Beginning of period (in shares) | 486,574 | |
| Granted (in shares) | 246,844 | |
| Vested (in shares) | (278,901) | |
| Forfeited (in shares) | (26,920) | |
| End of period (in shares) | 427,597 |
Earnings Per Share - Schedule of Earnings Per Share. Basic and Dilutive (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Numerator: | ||
| Income from continuing operations | $ 34,895 | $ 12,036 |
| Loss from discontinued operations, net of tax | (10) | (39) |
| Net income | $ 34,885 | $ 11,997 |
| Denominator: | ||
| Basic weighted-average shares (in shares) | 30,336 | 29,771 |
| Dilutive effect of restricted stock awards (in shares) | 379 | 294 |
| Dilutive effect of stock options (in shares) | 9 | 21 |
| Dilutive weighted-average shares (in shares) | 30,724 | 30,086 |
| Basic income per share: | ||
| Continuing Operations (in USD per share) | $ 1.15 | $ 0.40 |
| Discontinued operations (in USD per share) | 0 | 0 |
| Total (in USD per share) | 1.15 | 0.40 |
| Diluted income per share: | ||
| Continuing operations (in USD per share) | 1.14 | 0.40 |
| Discontinued operations (in USD per share) | 0 | 0 |
| Total (in USD per share) | $ 1.14 | $ 0.40 |
Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Stock options | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Stock options (in shares) | 47,908 | 242,793 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
|---|---|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||||
| Customer deposits | $ 31,321 | $ 28,526 | ||
| Accrued compensations and benefits | 27,286 | 54,606 | ||
| Accrued interest | 15,029 | 22,835 | ||
| Warranty reserve | 12,743 | 12,931 | $ 12,616 | $ 13,052 |
| Litigation accruals | 8,654 | 8,325 | ||
| Income tax liabilities | 262 | 0 | ||
| Other | 26,146 | 25,128 | ||
| Total | $ 121,441 | $ 152,351 |
Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Loss from discontinued operations, net of tax | $ (10) | $ (39) |
| Discontinued Operations | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Total revenue | 0 | 0 |
| Home construction and land sales expenses | (5) | (2) |
| Gross profit | 5 | 2 |
| General and administrative expenses | 18 | 52 |
| Loss from discontinued operations before income taxes | (13) | (50) |
| Benefit from income taxes | (3) | (11) |
| Loss from discontinued operations, net of tax | $ (10) | $ (39) |