Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the quarter and fiscal year
ended September 30, 2017.
“Our fourth quarter results contributed to an exceptionally
productive year for the Company,” said Allan Merrill, President and
CEO of Beazer Homes. “We generated improvements in virtually every
operational metric - including ASP, sales pace, gross margin and
overhead leverage - which led to substantially higher
profitability, and we launched our Gatherings business in multiple
markets. We also increased our balance sheet flexibility and
reduced cash interest expense - highlighted by a major capital
markets transaction that was announced in the last week of the
fiscal year.”
“Looking into Fiscal 2018, we expect additional growth in
profitability, likely culminating in the achievement of our ‘2B-10’
goals, further expansion of our Gatherings business, and the
completion of our multi-year debt reduction program.”
Beazer Homes Fiscal 2017 Highlights and
Comparison to Fiscal 2016
- Net income from continuing operations
of $32.0 million
- Adjusted EBITDA of $178.8 million, up
14.4%
- Homebuilding revenue of $1.9 billion,
up 6.2%
- 5,525 new home deliveries, up 2.0%
- Average selling price of $343.1
thousand, up 4.2%
- Homebuilding gross margin was 16.5%.
Excluding impairments, abandonments, amortized interest, unexpected
warranty costs and additional insurance recoveries, homebuilding
gross margin was 21.2%, up 60 basis points
- SG&A as a percentage of total
revenue was 12.2%, down 10 basis points. This excludes a $2.7
million charge related to the write-off of a legacy investment in
the first quarter of Fiscal 2017
- Unit orders of 5,464, up 3.2%. Average
community count was 155, down 6.7%
- Dollar value of backlog of $665.8
million, up 2.0%
Beazer Homes Fiscal Fourth Quarter 2017
Highlights and Comparison to Fiscal Fourth Quarter 2016
- Net income from continuing operations
of $33.7 million
- Adjusted EBITDA of $76.9 million, up
16.6%
- Homebuilding revenue of $665.5 million,
up 7.3%
- 1,904 new home deliveries, up 2.6%
- Average selling price of $349.5
thousand, up 4.6%
- Homebuilding gross margin was 17.0%.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 22.0%, up 120 basis points
- SG&A as a percentage of total
revenue was 10.5%, down 10 basis points
- Unit orders of 1,315, down 2.3%.
Average community count was 154, down 4.9%
- Unrestricted cash at quarter end was
$292.1 million
Orders. Net new orders for the fourth quarter decreased 2.3%
versus the prior year. This slight decline was anticipated, as
several markets were negatively impacted by Hurricanes Harvey and
Irma during the closing weeks of the fiscal year. Even with the
impact from these storms, the Company generated an absorption rate
of 2.85 sales per community per month, up 2.8% from the previous
year. This partially offset a 4.9% year over year decline in the
average community count to 154 communities. The cancellation rate
was 20.6%, relatively flat compared to the fourth quarter of last
year and in line with historical levels.
Homebuilding Revenue. Homebuilding revenue for the fourth
quarter increased 7.3% over the prior year to $665.5 million, as
the average selling price rose 4.6% to $349.5 thousand. Despite
temporary delays caused by the recent storms, fourth quarter
closings of 1,904 homes were 2.6% above the level achieved in the
same period last year.
Backlog. The dollar value of homes in backlog as of September
30, 2017 increased 2.0% to $665.8 million, or 1,855 homes, which
compared to $652.7 million, or 1,916 homes, for the same period
last year. The decrease in backlog units was more than offset by a
5.4% increase in the average selling price of homes in backlog to
$358.9 thousand.
Homebuilding Gross Margin. Homebuilding gross margin for the
fourth quarter was 17.0%. Excluding impairments, abandonments and
amortized interest, homebuilding gross margin was 22.0%, up 120
basis points versus the prior year. The fourth quarter gross margin
benefited from a number of one-time items, which added
approximately 70 basis points to our overall margin
improvement.
SG&A Expenses. Selling, general and administrative expenses,
as a percentage of total revenue, were 10.5%, down 10 basis points
versus the prior year. The improvement in operating leverage was
attributable to both the strong top line growth achieved and a
continued focus on overhead cost management. For the full year,
SG&A as a percentage of total revenue was 12.2%. This excludes
a $2.7 million charge related to the write-off of a legacy
investment in the first quarter. Including this charge, SG&A as
a percentage of total revenue would have been 12.4%.
Taxes. The Company’s fourth quarter income tax provision
included non-cash benefits of approximately $9.5 million, of which
$6.0 million related to Federal tax credits from energy-efficient
homebuilding, with the remaining $3.5 million related to a change
to our valuation allowance. The Company’s effective annual tax
rate, excluding one-time benefits, was in line with past guidance
of 38%.
Liquidity. The Company ended the quarter with approximately
$437.4 million of available liquidity, including $292.1 million of
unrestricted cash and $145.3 million available on its secured
revolving credit facility. Subsequent to its fiscal year-end, the
Company announced it had increased the capacity of its secured
revolving credit facility to $200 million from $180 million and
extended the maturity by one year to February 2020.
Capital Markets. On September 25, 2017, the Company announced it
would issue $400 million of 5.875% unsecured Senior Notes due 2027.
The transaction closed in early October and the proceeds, combined
with cash on the balance sheet, were used to retire $225 million of
its 5.750% Senior Notes due 2019 and $175 million of its 7.250%
Senior Notes due 2023 in a leverage-neutral refinancing
transaction.
Gatherings
During the fourth quarter, the Company approved its second
Gatherings community in the Dallas market. For the full year,
Gatherings sites representing more than 400 future sales were
approved in Dallas, Atlanta and Virginia. The Company is currently
reviewing a large pipeline of potential communities which exceeds
2,000 homes and is spread across its geographic footprint.
Summary results for the three and twelve months ended September
30, 2017 are as follows:
Q4 Results from
Continuing Operations
Quarter Ended September 30, 2017
2016 Change* New home
orders, net of cancellations
1,315 1,346 (2.3 )% Orders per
community per month
2.85 2.77 2.8 % Average active community
count
154 162 (4.9 )% Actual community count at quarter-end
155 161 (3.7 )% Cancellation rates
20.6 % 20.4
% 20 bps Total home closings
1,904 1,856 2.6 %
Average selling price (ASP) from closings (in thousands)
$
349.5 $ 334.0 4.6 % Homebuilding revenue (in millions)
$ 665.5 $ 620.0 7.3 % Homebuilding gross margin
17.0 % 16.2 % 80 bps Homebuilding gross margin,
excluding impairments and abandonments (I&A)
17.2
% 16.2 % 100 bps Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
22.0
% 20.8 % 120 bps Income from continuing operations
before income taxes (in millions)
$ 37.7 $ 13.6 $
24.0 Expense from income taxes (in millions)
$ 4.0 $
14.4 $ (10.5 ) Income (loss) from continuing operations (in
millions)
$ 33.7 $ (0.8 ) $ 34.5 Basic income (loss)
per share from continuing operations $ 1.05 $ (0.03 ) $ 1.08
Diluted income (loss) per share from continuing operations $ 1.03 $
(0.03 ) $ 1.06 Income from continuing operations before
income taxes (in millions)
$ 37.7 $ 13.6 $ 24.0 Gain
(loss) on debt extinguishment (in millions)
$ 2.9 $
(11.4 ) $ 14.3 Inventory impairments and abandonments (in millions)
$ 1.7 $ 0.2 $ 1.5 Income from continuing operations
excluding gain on debt extinguishment and inventory impairments and
abandonments before income taxes (in millions)
$ 36.5
$ 25.2 $ 11.3 Net income (loss)
$ 33.7 $ (0.9
) $ 34.5 Land and land development spending (in millions)
$ 136.4 $ 69.0 $ 67.4 Adjusted EBITDA (in
millions)
$ 76.9 $ 66.0 $ 10.9
* Change and totals are calculated using
unrounded numbers.
Fiscal Year
Results from Continuing Operations
Year Ended September 30, 2017
2016 Change* New home
orders, net of cancellations
5,464 5,297 3.2 % Orders per
community per month
2.94 2.66 10.5 % Cancellation rates
18.5 % 20.4 % -190 bps Total home closings
5,525 5,419 2.0 % ASP from closings (in thousands)
$
343.1 $ 329.4 4.2 % Homebuilding revenue (in millions)
$ 1,895.9 $ 1,784.8 6.2 % Homebuilding gross margin
16.5 % 16.5 % 0 bps Homebuilding gross margin,
excluding I&A
16.6 % 17.3 % -70 bps Homebuilding
gross margin, excluding I&A and interest amortized to cost of
sales
21.2 % 21.6 % -40 bps Homebuilding gross
margin, excluding I&A, interest amortized to cost of sales,
unexpected warranty costs and additional insurance recoveries from
a third-party insurer
21.2 % 20.6 % 60 bps
Income from continuing operations before income taxes (in millions)
$ 34.6 $ 21.7 $ 12.9 Expense from income taxes (in
millions)
$ 2.7 $ 16.5 $ (13.8 ) Income from
continuing operations (in millions)
$ 32.0 $ 5.2 $
26.7 Basic income per share from continuing operations
$
1.00 $ 0.16 $ 0.84 Diluted income per share from continuing
operations
$ 0.99 $ 0.16 $ 0.83 Income
from continuing operations before income taxes (in millions)
$ 34.6 $ 21.7 $ 12.9 Loss on debt extinguishment (in
millions)
$ 12.6 $ 13.4 $ (0.8 ) Inventory
impairments and abandonments (in millions)
$ 2.4 $
15.3 $ (12.8 ) Unexpected warranty costs related to Florida stucco
issues, net of recoveries (in millions)
$ — $ 3.6 $
(3.6 ) Additional insurance recoveries from a third-party insurer
(in millions)
$ — $ 15.5 $ (15.5 ) Write-off of
deposit on legacy land investment
$ 2.7 $ — $ 2.7
Income from continuing operations excluding loss on debt
extinguishment, inventory impairments and abandonments, unexpected
warranty costs (net of recoveries), additional insurance recoveries
and write-off of deposit before income taxes (in millions)
$
52.3 $ 31.3 $ 21.0 Net income
$ 31.8 $
4.7 $ 27.1
Land and land development spending (in millions)
$
446.4 $ 336.9 $ 109.5 Adjusted EBITDA (in millions)
$ 178.8 $ 156.3 $ 22.5
* Change and totals are calculated using
unrounded numbers.
As of September 30, 2017 2016
Change Backlog units
1,855 1,916 (3.2 )% Dollar value
of backlog (in millions)
$ 665.8 $ 652.7 2.0 % ASP in
backlog (in thousands)
$ 358.9 $ 340.6 5.4 % Land and
lots controlled
21,507 23,356 (7.9 )%
Conference Call
The Company will hold a conference call on November 14, 2017 at
5:00 p.m. ET to discuss these results. Interested parties may
listen to the conference call and view the Company’s slide
presentation over the Internet by visiting the “Investor Relations”
section of the Company’s website at www.beazer.com. To access the
conference call by telephone, listeners should dial 800-619-8639
(for international callers, dial 312-470-7002). To be admitted to
the call, verbally supply the passcode “BZH.” A replay of the call
will be available shortly after the conclusion of the live call. To
directly access the replay, dial 866-463-2174 or 203-369-1373 and
enter the passcode “3740” (available until 10:59 p.m. ET on
November 21, 2017), or visit www.beazer.com. A replay of the
webcast will be available at www.beazer.com for at least 30
days.
Headquartered in Atlanta, Beazer Homes is one of the
country’s largest single-family homebuilders. The Company’s homes
meet or exceed the benchmark for energy-efficient home construction
as established by ENERGY STAR® and are designed with Choice Plans
to meet the personal preferences and lifestyles of its buyers.
In addition, the Company is committed to providing a range of
preferred lender choices to facilitate transparent competition
between lenders and enhanced customer service. The Company
offers homes in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, North Carolina, South Carolina,
Tennessee, Texas and Virginia. Beazer Homes is listed on the
New York Stock Exchange under the ticker symbol “BZH.” For more
info visit Beazer.com, or check out Beazer on
Facebook and Twitter.
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things: (i) economic changes nationally or in local markets,
changes in consumer confidence, declines in employment levels,
inflation or increases in the quantity and decreases in the price
of new homes and resale homes on the market; (ii) the cyclical
nature of the homebuilding industry and a potential deterioration
in homebuilding industry conditions; (iii) factors affecting
margins, such as decreased land values underlying land option
agreements, increased land development costs on communities under
development or delays or difficulties in implementing initiatives
to reduce our production and overhead cost structure; (iv) the
availability and cost of land and the risks associated with the
future value of our inventory, such as additional asset impairment
charges or writedowns; (v) shortages of or increased prices for
labor, land or raw materials used in housing production, and the
level of quality and craftsmanship provided by our subcontractors;
(vi) estimates related to homes to be delivered in the future
(backlog) are imprecise, as they are subject to various
cancellation risks that cannot be fully controlled; (vii) a
substantial increase in mortgage interest rates, increased
disruption in the availability of mortgage financing, a change in
tax laws regarding the deductibility of mortgage interest for tax
purposes or an increased number of foreclosures; (viii) our cost of
and ability to access capital, due to factors such as limitations
in the capital markets or adverse credit market conditions, and
otherwise meet our ongoing liquidity needs, including the impact of
any downgrades of our credit ratings or reductions in our tangible
net worth or liquidity levels; (ix) our ability to reduce our
outstanding indebtedness and to comply with covenants in our debt
agreements or satisfy such obligations through repayment or
refinancing; (x) increased competition or delays in reacting to
changing consumer preferences in home design; (xi) weather
conditions or other related events that could result in delays in
land development or home construction, increase our costs or
decrease demand in the impacted areas; (xii) estimates related to
the potential recoverability of our deferred tax assets, and a
potential reduction in corporate tax rates that could reduce the
usefulness of our existing deferred tax assets; (xiii) potential
delays or increased costs in obtaining necessary permits as a
result of changes to, or complying with, laws, regulations or
governmental policies, and possible penalties for failure to comply
with such laws, regulations or governmental policies, including
those related to the environment; (xiv) the results of litigation
or government proceedings and fulfillment of any related
obligations; (xv) the impact of construction defect and home
warranty claims, including water intrusion issues in Florida; (xvi)
the cost and availability of insurance and surety bonds, as well as
the sufficiency of these instruments to cover potential losses
incurred; (xvii) the performance of our unconsolidated entities and
our unconsolidated entity partners; (xviii) the impact of
information technology failures or data security breaches; (xix)
terrorist acts, natural disasters, acts of war or other factors
over which the Company has little or no control; or (xx) the impact
on homebuilding in key markets of governmental regulations limiting
the availability of water.
Any forward-looking statement speaks only as of the date on
which such statement is made and, except as required by law, we
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time-to-time, and it is not
possible for management to predict all such factors.
-Tables Follow-
BEAZER HOMES USA, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per share
data)
Three Months Ended
Fiscal Year Ended September 30, September 30,
2017 2016
2017 2016 Total
revenue
$ 672,981 $ 632,121
$ 1,916,278
$ 1,822,114 Home construction and land sales expenses
557,928 529,531
1,600,969 1,509,625 Inventory
impairments and abandonments
1,693 184
2,445 15,282 Gross profit
113,360 102,406
312,864 297,207 Commissions
26,083 24,604
74,811 70,460 General and
administrative expenses
44,624 42,604
161,906 153,628
Depreciation and amortization
4,870
4,360
14,009 13,794
Operating income
37,783 30,838
62,138 59,325 Equity
in income of unconsolidated entities
158 60
371 131
Loss on extinguishment of debt
2,933 (11,393 )
(12,630 ) (13,423 ) Other expense, net
(3,223 ) (5,863 )
(15,230
) (24,330 ) Income from continuing operations before
income taxes
37,651 13,642
34,649 21,703 Expense from
income taxes
3,958 14,431
2,696 16,498 Income (loss) from
continuing operations
33,693 (789 )
31,953 5,205 Loss
from discontinued operations, net of tax
(39 )
(65 )
(140 ) (512 ) Net income
(loss)
$ 33,654 $ (854 )
$
31,813 $ 4,693 Weighted average number of
shares: Basic
31,974 31,815
31,952 31,798 Diluted
32,576 31,815
32,426 31,803 Basic income (loss) per
share: Continuing operations
$ 1.05 $ (0.03 )
$ 1.00 $ 0.16 Discontinued operations
$
— $ —
$ — $ (0.01 ) Total
$ 1.05
$ (0.03 )
$ 1.00 $ 0.15 Diluted income (loss) per
share: Continuing operations
$ 1.03 $ (0.03 )
$ 0.99 $ 0.16 Discontinued operations
$
— $ —
$ — $ (0.01 ) Total
$ 1.03
$ (0.03 )
$ 0.99 $ 0.15
Three Months
Ended Fiscal Year Ended September 30,
September 30, Capitalized Interest in Inventory
2017 2016
2017 2016 Capitalized interest in
inventory, beginning of period
$ 148,329 $ 142,398
$ 138,108 $ 123,457 Interest incurred
25,739
30,047
105,551 119,360 Capitalized interest impaired
(56 ) —
(56 ) (710 ) Interest expense
not qualified for capitalization and included as other expense
(3,404 ) (5,917 )
(15,636 ) (25,388 )
Capitalized interest amortized to home construction and land sales
expenses
(31,405 ) (28,420 )
(88,764 ) (78,611 ) Capitalized interest in
inventory, end of period
$ 139,203 $ 138,108
$ 139,203 $ 138,108
BEAZER HOMES USA, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per
share data)
September 30, 2017
September 30, 2016
ASSETS Cash and cash equivalents
$
292,147 $ 228,871 Restricted cash
12,462 14,405
Accounts receivable (net of allowance of $330 and $354,
respectively)
36,323 53,226 Income tax receivable
88
292 Owned inventory
1,542,807 1,569,279 Investments in
unconsolidated entities
3,994 10,470 Deferred tax assets,
net
307,896 309,955 Property and equipment, net
17,566 19,138 Other assets
7,712
7,522 Total assets
$ 2,220,995 $
2,213,158
LIABILITIES AND STOCKHOLDERS’ EQUITY Trade
accounts payable
$ 103,484 $ 104,174 Other
liabilities
107,659 134,253 Total debt (net of premium of
$3,413 and $2,362, respectively, and debt issuance costs of $14,800
and $15,514, respectively)
1,327,412
1,331,878 Total liabilities
$ 1,538,555
$ 1,570,305 Stockholders’ equity: Preferred stock (par value
$.01 per share, 5,000,000 shares authorized, no shares issued)
$ — $ — Common stock (par value $0.001 per share,
63,000,000 shares authorized, 33,515,768 issued and outstanding and
33,071,331 issued and outstanding, respectively)
34 33
Paid-in capital
873,063 865,290 Accumulated deficit
(190,657 ) (222,470 ) Total stockholders’
equity
682,440 642,853 Total
liabilities and stockholders’ equity
$ 2,220,995
$ 2,213,158
Inventory Breakdown Homes
under construction
$ 419,312 $ 377,191 Development
projects in progress
785,777 742,417 Land held for future
development
112,565 213,006 Land held for sale
17,759
29,696 Capitalized interest
139,203 138,108 Model homes
68,191 68,861 Total owned
inventory
$ 1,542,807 $ 1,569,279
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL
DATA – CONTINUING OPERATIONS
Quarter Ended September 30,
Fiscal Year Ended September 30, SELECTED OPERATING
DATA 2017 2016
2017
2016
Closings: West region
832 842
2,527 2,508
East region
533 466
1,382 1,373 Southeast region
539 548
1,616 1,538 Total
closings
1,904 1,856
5,525 5,419
New orders, net of cancellations: West region
637 561
2,578 2,381 East region
324 348
1,351 1,330 Southeast region
354 437
1,535 1,586 Total new orders, net
1,315 1,346
5,464 5,297
Fiscal Year Ended September 30, Backlog units at end of
period: 2017 2016 West region
879 828 East region
413 444 Southeast region
563 644 Total
backlog units
1,855 1,916 Dollar value of
backlog at end of period (in millions)
$ 665.8 $
652.7
Quarter Ended September 30, Fiscal
Year Ended September 30, SUPPLEMENTAL FINANCIAL DATA
2017 2016
2017 2016
Homebuilding revenue: West
region
$ 286,564 $ 281,987
$ 851,472 $
817,971 East region
209,301 172,787
533,585 505,198
Southeast region
169,594 165,178
510,798 461,608 Total homebuilding revenue
$
665,459 $ 619,952
$ 1,895,855 $ 1,784,777
Revenues: Homebuilding
$ 665,459 $
619,952
$ 1,895,855 $ 1,784,777 Land sales and other
7,522 12,169
20,423
37,337 Total revenues
$ 672,981 $ 632,121
$
1,916,278 $ 1,822,114
Gross profit:
Homebuilding
$ 113,011 $ 100,719
$
312,201 $ 293,860 Land sales and other
349
1,687
663 3,347 Total gross profit
$ 113,360 $ 102,406
$ 312,864 $ 297,207
Reconciliation of homebuilding gross profit and the related
gross margin before impairments and abandonments and interest
amortized to cost of sales to homebuilding gross profit and gross
margin, the most directly comparable GAAP measure, is provided for
each period discussed below. Management believes that this
information assists investors in comparing the operating
characteristics of homebuilding activities by eliminating many of
the differences in companies’ respective level of impairments and
level of debt.
In addition, given the unusual size and nature of the charges
recorded related to the Florida stucco issues, as well as
additional insurance recoveries from a third-party insurer,
homebuilding gross profit and gross margin is also shown excluding
these charges. Management believes that this representation best
reflects the operating characteristics of the Company.
Quarter Ended September 30,
Fiscal Year Ended September 30, 2017
2016
2017 2016 Homebuilding gross
profit/margin
$ 113,011 17.0
% $ 100,719 16.2 %
$ 312,201
16.5 % $ 293,860 16.5 %
Inventory impairments and abandonments (I&A)
1,693 —
1,881 14,512
Homebuilding gross profit/margin before I&A
114,704
17.2 % 100,719 16.2 %
314,082 16.6
% 308,372 17.3 % Interest amortized to cost of sales
31,405 28,421
88,764 77,941
Homebuilding gross profit/margin before I&A and interest
amortized to cost of sales
146,109 22.0
% 129,140 20.8 %
402,846 21.2
% 386,313 21.6 % Unexpected warranty costs
related to Florida stucco issues (net of expected insurance
recoveries)
— —
— (3,612 ) Additional insurance
recoveries from a third-party insurer
— —
— (15,500 ) Homebuilding gross profit/margin
before I&A, interest amortized to cost of sales, unexpected
warranty costs and additional insurance recoveries from a
third-party insurer
$ 146,109 22.0 % $
129,140 20.8 %
$ 402,846 21.2 % $
367,201 20.6 %
Reconciliation of Adjusted EBITDA to total company net income
(loss), the most directly comparable GAAP measure, is provided for
each period discussed below. Management believes that Adjusted
EBITDA assists investors in understanding and comparing the
operating characteristics of homebuilding activities by eliminating
many of the differences in companies’ respective capitalization,
tax position and level of impairments. These EBITDA measures should
not be considered alternatives to net income determined in
accordance with GAAP as an indicator of operating performance.
The reconciliation of Adjusted EBITDA to total company net
income (loss) below differs from the prior year, as it provides a
more simplified presentation of EBIT, EBITDA and Adjusted EBITDA
that excludes certain non-recurring amounts recorded during the
periods presented. Management believes that this presentation best
reflects the operating characteristics of the Company.
Quarter EndedSeptember
30,
Fiscal Year EndedSeptember
30,
2017 2016
2017 2016 Net
income (loss)
$ 33,654 $ (854 )
$
31,813 $ 4,693 Expense from income taxes
3,953 14,415
2,621 16,224 Interest amortized to home construction and
land sales expenses and capitalized interest impaired
31,462
28,421
88,820 79,322 Interest expense not qualified for
capitalization
3,404 5,917
15,636 25,388 EBIT
72,473 47,899
138,890 125,627 Depreciation and amortization and stock
compensation amortization
5,702 6,474
22,173 21,752 EBITDA
78,175 54,373
161,063 147,379 (Gain) loss on
extinguishment of debt
(2,933 ) 11,393
12,630
13,423 Inventory impairments and abandonments
1,637 184
2,389 14,572 Unexpected warranty costs related to Florida
stucco issues (net of expected insurance recoveries)
— —
— (3,612 ) Additional insurance recoveries from third-party
insurer
— —
— (15,500 ) Write-off of deposit on
legacy land investment
— —
2,700 — Adjusted EBITDA
$
76,879 $ 65,950
$ 178,782 $
156,262
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171114006374/en/
Beazer Homes USA, Inc.David I. Goldberg, 770-829-3700Vice
President of Treasury and Investor
Relationsinvestor.relations@beazer.com
Beazer Homes USA (NYSE:BZH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Beazer Homes USA (NYSE:BZH)
Historical Stock Chart
From Apr 2023 to Apr 2024