Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and six months ended
March 31, 2019.
“We had a strong second quarter of fiscal 2019, with our results
surpassing our expectations across nearly every operational metric.
We benefited from the decrease in mortgage rates, which has
contributed to improved affordability and a more favorable demand
environment,” said Allan P. Merrill, President and CEO of Beazer
Homes. “At the same time, as part of our ongoing stock and debt
repurchase program, we bought back an additional $7.5 million, or
652 thousand shares, of stock and retired more than $5.0 million of
our outstanding Senior Notes.”
“During the quarter, we also took impairments on several of our
California assets. In response to recent changes in market
conditions, we concluded that it had become necessary to reduce
prices in some of our active communities, all of which were
previously classified as land held for future development.
Additionally, after a thorough review of our California assets, we
made a strategic decision to sell or activate all of the remaining
assets which were still classified as land held for future
development. Although these decisions led to an impairment this
quarter, our actions will enable us to increase our sales pace,
generate cash more quickly and redeploy this capital to more
attractive investments.”
Beazer Homes Fiscal Second Quarter 2019
Highlights and Comparison to Fiscal Second Quarter 2018
- Net loss from continuing operations of
$100.8 million, compared to net income of $11.6 million in fiscal
second quarter 2018
- Excluding impairment charges and gain
on debt extinguishment recognized during the quarter, net income
from continuing operations was $6.2 million compared to $11.6
million in fiscal second quarter 2018
- Impairment on certain California assets
of $147.6 million
- Adjusted EBITDA of $32.6 million, down
17.6%
- Homebuilding revenue of $420.9 million,
down 4.6%, on a 10.4% decrease in home closings to 1,134 and a 6.5%
increase in average selling price to $371.2 thousand
- Homebuilding gross margin excluding
impairments and abandonments was 15.4%, down 150 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 19.8%, also down 150 basis
points
- SG&A as a percentage of total
revenue was 12.7%, down 10 basis points
- Unit orders of 1,598, down 4.8% on a
12.0% decrease in sales/community/month to 3.3 and an 8.2% increase
in average community count to 163
- Dollar value of backlog of $783.3
million, down 11.5%
- Unrestricted cash at quarter end was
$86.4 million
- Repurchases of 652.2 thousand shares of
common stock for $7.5 million
- Repurchases of $5.1 million of Senior
Notes
Profitability. Net loss from continuing operations was $100.8
million, including an impairment charge of $147.6 million on select
California assets, as discussed above. After adjusting for
impairment charges and gain on debt extinguishment taken during the
quarter, the Company generated net income from continuing
operations of $6.2 million. Second quarter Adjusted EBITDA of $32.6
million was down $6.9 million, or 17.6%, compared to the same
period last year.
Impairments. Of the total impairments during the quarter, $109.0
million related to 9 formerly land held for future development
communities that are currently generating sales or are under
development in Southern California and reflected the deterioration
in conditions that occurred in their respective markets.
Concurrently, the Company performed a strategic review of its
remaining land held for future development assets in California and
now plans to sell all of these parcels. As a result, land held for
sale impairment charges totaling $38.6 million were recognized on 6
of these communities. The Company no longer has any land held for
future development assets in California.
Orders. Net new orders for the second quarter decreased 4.8%
from the prior year period, to 1,598. The drop in net new orders
was driven by a decrease in the absorption rate to 3.3 sales per
community per month, down from 3.7 the previous year, but equal to
the Company’s average second quarter absorption rate over the
previous five years. The cancellation rate for the quarter was
14.5%, down 40 basis points year-over-year and was the lowest
recorded in the past five years in any quarter.
Homebuilding Revenue. Second quarter home closings of 1,134
homes were down 10.4% from the same period last year. This was
partially offset by a 6.5% increase in the average selling price to
$371.2 thousand, leading to homebuilding revenue of $420.9 million,
down 4.6% from the prior year period.
Backlog. The dollar value of homes in backlog as of March 31,
2019 decreased 11.5% to $783.3 million, or 1,989 homes, which
compared to $885.4 million, or 2,312 homes, at the same time last
year. The average selling price of homes in backlog rose 2.8% year
over year to $393.8 thousand.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 19.8% for the
second quarter, down 150 basis points from the same period in
fiscal 2018. The reduction in gross margin reflected the Company's
efforts to respond to weak demand in the first quarter. Gross
margin benefited from approximately 60 bps of construction
reimbursements and other benefits that we do not expect to recur in
the near term.
SG&A Expenses. Selling, general and administrative expenses,
as a percentage of total revenue, were 12.7% for the quarter, an
improvement of 10 basis points compared to the prior year
period.
Liquidity. At the close of the second quarter, the Company had
approximately $221.4 million of available liquidity, including
$86.4 million of unrestricted cash and $135.0 million available on
its secured revolving credit facility after accounting for
borrowings.
Capital Allocation Update. Earlier this fiscal year, the Company
announced its Board of Directors had authorized the repurchase of
up to $50.0 million of common stock. As part of this program, the
Company repurchased $7.5 million of its common stock during the
second quarter, bringing the total year-to-date repurchases to
$24.0 million. Further, the Company repurchased $5.1 million of
debt during the second quarter. In line with its commitment to
repurchase debt in excess of its share repurchases by the end of
the current fiscal year, the Company plans to retire at least $25.0
million or more in debt, plus additional amounts based on future
share repurchases, during the second half of fiscal 2019.
Gatherings.
The Company continued the rollout of its Gatherings active-adult
communities during the second quarter of fiscal 2019 as Dallas'
Gatherings at Mercer Crossing began construction on its second
building, with its first building scheduled to be completed in
April. Subsequent to the end of the second fiscal quarter, the
Company approved two new communities in Charleston and Maryland. In
addition, the Company now has ongoing Gatherings activity in
Houston, Orlando, Dallas, and Nashville.
Summary results for the three and six months ended
March 31, 2019 are as follows:
Three Months Ended March 31, 2019 2018
Change* New home orders, net of cancellations
1,598 1,679 (4.8 )% Orders per community per month
3.3 3.7 (12.0 )% Average active community count
163
151 8.2 % Actual community count at quarter-end
166 153 8.5
% Cancellation rates
14.5 % 14.9 % -40 bps
Total home closings
1,134 1,266 (10.4 )% Average selling
price (ASP) from closings (in thousands)
$ 371.2 $
348.4 6.5 % Homebuilding revenue (in millions)
$
420.9 $ 441.1 (4.6 )% Homebuilding gross margin
(10.5
)% 16.9 % -2740 bps Homebuilding gross margin, excluding
impairments and abandonments (I&A)
15.4 % 16.9 %
-150 bps Homebuilding gross margin, excluding I&A and interest
amortized to cost of sales
19.8 % 21.3 %
-150 bps
(Loss) income from continuing operations before income taxes
(in millions)
$ (139.0 ) $ 12.6 $ (151.6 )
(Benefit) expense from income taxes (in millions)
$
(38.2 ) $ 1.0 $ (39.2 ) (Loss) income from continuing
operations (in millions)
$ (100.8 ) $ 11.6 $
(112.4 ) Basic and diluted (loss) income per share from continuing
operations
$ (3.28 ) $ 0.36 $ (3.64 )
(Loss) income from continuing operations before income taxes (in
millions)
$ (139.0 ) $ 12.6 $ (151.6 ) Gain on
debt extinguishment (in millions)
$ (0.2 ) $ —
$ (0.2 ) Inventory impairments and abandonments (in millions)
$ 147.6 $ — $ 147.6 Income from continuing operations
excluding gain on debt extinguishment and inventory impairments and
abandonments before income taxes (in millions)
$ 8.4
$ 12.6 $ (4.2 ) Income from continuing operations excluding gain on
debt extinguishment and inventory impairments and abandonments (in
millions)+
$ 6.2 $ 11.6 $ (5.4 ) Net (loss)
income
$ (100.9 ) $ 11.6 $ (112.5 )
Land and land development spending (in millions)
$
139.9 $ 143.4 $ (3.5 ) Adjusted EBITDA (in millions)
$ 32.6 $ 39.5 $ (6.9 ) LTM Adjusted EBITDA (in
millions)
$ 196.2 $ 189.1 $ 7.1
*
Change and totals are calculated using
unrounded numbers.
(+)
For the three months ended March 31, 2019,
gain on debt extinguishment and inventory impairments and
abandonments were tax-effected at the effective tax rate of 27.5%.
There were no debt extinguishment and inventory impairments and
abandonments for the three months ended March 31, 2018.
“LTM” indicates amounts for the trailing
12 months.
Six Months Ended March 31, 2019
2018
Change* New home orders, net of cancellations
2,574 2,789 (7.7 )% LTM orders per community per month
2.8 3.1 (9.7 )% Cancellation rates
16.6 % 16.5
% 10 bps Total home closings
2,217 2,332 (4.9 )% ASP
from closings (in thousands)
$ 370.7 $ 346.9 6.9 %
Homebuilding revenue (in millions)
$ 821.9 $ 808.9
1.6 % Homebuilding gross margin
2.0 % 16.6 % -1460
bps Homebuilding gross margin, excluding impairments and
abandonments (I&A)
15.4 % 16.6 % -120 bps
Homebuilding gross margin, excluding I&A and interest amortized
to cost of sales
19.8 % 21.1 % -130 bps Loss
from continuing operations before income taxes (in millions)
$ (135.6 ) $ (9.8 ) $ (125.8 ) (Benefit)
expense from income taxes (in millions)
$ (42.1
) $ 109.1 $ (151.2 ) Loss from continuing operations (in
millions)
$ (93.5 ) $ (119.0 ) $ 25.5 Basic
and diluted loss per share from continuing operations
$
(2.99 ) $ (3.71 ) $ 0.72 Loss from continuing
operations before income taxes (in millions)
$ (135.6
) $ (9.8 ) $ (125.8 ) (Gain) loss on debt extinguishment (in
millions)
$ (0.2 ) $ 25.9 $ (26.1 ) Inventory
impairments and abandonments (in millions)
$ 148.6 $
— $ 148.6 Income from continuing operations excluding (gain) loss
on debt extinguishment and inventory impairments and abandonments
before income taxes (in millions)
$ 12.8 $ 16.1 $
(3.3 ) Income from continuing operations excluding (gain) loss on
debt extinguishment, inventory impairments and abandonments, and
remeasurement of deferred tax assets due to Tax Act (in millions)+
$ 14.1 $ 14.3 $ (0.2 ) Net loss
$
(93.6 ) $ (119.4 ) $ 25.8 Land and land
development spending (in millions)
$ 260.9 $ 285.1 $
(24.2 ) Adjusted EBITDA (in millions)
$ 59.4 $
67.9 $ (8.5 )
*
Change and totals are calculated using
unrounded numbers.
+
For the six months ended March 31, 2019,
gain on debt extinguishment and inventory impairments and
abandonments were tax-effected at the effective tax rate of 27.5%.
For the prior year quarter, loss on debt extinguishment was
tax-effected at the effective tax rate of 26.8%, which excludes the
impact of the $112.6 million provisional tax expense that was
recognized due to the remeasurement of our deferred tax assets as a
result of the enactment of the Tax Cut and Jobs Act (Tax Act) in
December 2017.
As of March 31, 2019 2018
Change
Backlog units
1,989 2,312 (14.0 )% Dollar value of backlog
(in millions)
$ 783.3 $ 885.4 (11.5 )% ASP in backlog
(in thousands)
$ 393.8 $ 383.0 2.8 % Land and lots
controlled
22,383 22,092 1.3 %
Conference Call
The Company will hold a conference call on May 2, 2019 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 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, enter the
passcode “7072668.” A replay of the call will be available shortly
after the conclusion of the live call. To directly access the
replay, dial 866-492-3844 or 203-369-1740 and enter the passcode
“3740” (available until 5:59 p.m. ET on May 9, 2019), 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
(NYSE:BZH) is one of the country’s largest homebuilders. All
Beazer homes are built to provide Surprising Performance, meaning
more quality, more comfort and more savings from the moment
homeowners move in. Designed with Choice PlansTM,
owners get more floor plan flexibility at no additional cost. In
addition, Beazer Homes is committed to providing a range of lender
and financing choices to facilitate transparent competition among
lenders and enhance customer service. Beazer Homes builds homes in
Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland,
Nevada, North Carolina, South Carolina, Tennessee, Texas, and
Virginia. For more information, visit beazer.com, or
check out Beazer on Facebook, Instagram
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, and wage levels, 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 asset
impairment charges we took on select California assets during the
second quarter of fiscal 2019; (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) increases
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 ability to
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) our ability to implement and complete our capital
allocation plans, including our share and debt repurchase programs;
(xi) increased competition or delays in reacting to changing
consumer preferences in home design; (xii) 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; (xiii) 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; (xiv) 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; (xv) the results of litigation or
government proceedings and fulfillment of any related obligations;
(xvi) the impact of construction defect and home warranty claims;
(xvii) the cost and availability of insurance and surety bonds, as
well as the sufficiency of these instruments to cover potential
losses incurred; (xviii) the performance of our unconsolidated
entities and our unconsolidated entity partners; (xix) the impact
of information technology failures or data security breaches; (xx)
terrorist acts, natural disasters, acts of war or other factors
over which we have little or no control; or (xxi) 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 to predict all such factors.
-Tables Follow-
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended March
31, March 31, in thousands (except per share data)
2019 2018
2019 2018 Total revenue
$ 421,260 $ 455,178
$ 823,300 $ 827,667
Home construction and land sales expenses
356,329 380,101
696,707 691,761 Inventory impairments and abandonments
147,611 —
148,618 — Gross
(loss) profit
(82,680 ) 75,077
(22,025
) 135,906 Commissions
15,998 17,334
31,735
31,690 General and administrative expenses
37,372 40,852
76,014 78,137 Depreciation and amortization
2,900
3,066
5,670 5,573 Operating
(loss) income
(138,950 ) 13,825
(135,444
) 20,506 Equity in income of unconsolidated entities
81 256
17 155 Gain (loss) on extinguishment of debt
216 —
216 (25,904 ) Other expense, net
(337
) (1,453 )
(379 ) (4,598 ) (Loss) income from
continuing operations before income taxes
(138,990 )
12,628
(135,590 ) (9,841 ) (Benefit) expense from
income taxes
(38,158 ) 1,012
(42,080
) 109,118 (Loss) income from continuing operations
(100,832 ) 11,616
(93,510 ) (118,959 )
Loss from discontinued operations, net of tax
(30 )
(58 )
(41 ) (430 ) Net (loss) income
$
(100,862 ) $ 11,558
$ (93,551
) $ (119,389 ) Weighted average number of shares: Basic
30,714 32,140
31,263 32,097 Diluted
30,714
32,721
31,263 32,097 Basic (loss) earnings per share:
Continuing operations
$ (3.28 ) $ 0.36
$ (2.99 ) $ (3.71 ) Discontinued operations
— —
— (0.01 ) Total
$
(3.28 ) $ 0.36
$ (2.99 )
$ (3.72 ) Diluted (loss) earnings per share: Continuing operations
$ (3.28 ) $ 0.36
$ (2.99
) $ (3.71 ) Discontinued operations
— (0.01 )
— (0.01 ) Total
$ (3.28 ) $ 0.35
$ (2.99 ) $ (3.72 )
Three Months Ended Six Months Ended March 31,
March 31, Capitalized Interest in Inventory
2019 2018
2019 2018 Capitalized interest in
inventory, beginning of period
$ 151,886 $ 144,847
$ 144,645 $ 139,203 Interest incurred
25,803
25,492
50,724 51,047 Capitalized interest impaired
(13,792 ) —
(13,907 ) — Interest
expense not qualified for capitalization and included as other
expense
(597 ) (1,650 )
(839 ) (5,085 )
Capitalized interest amortized to home construction and land sales
expenses
(18,544 ) (19,655 )
(35,867 )
(36,131 ) Capitalized interest in inventory, end of period
$
144,756 $ 149,034
$ 144,756
$ 149,034
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
in thousands (except share and per share data)
March 31,
2019 September 30, 2018
ASSETS Cash and cash equivalents
$ 86,441 $ 139,805 Restricted cash
12,197
13,443 Accounts receivable (net of allowance of $373 and $378,
respectively)
18,486 24,647 Owned inventory
1,634,399
1,692,284 Investments in unconsolidated entities
3,726 4,035
Deferred tax assets, net
256,347 213,955 Property and
equipment, net
26,662 20,843 Goodwill
10,605 9,751
Other assets
6,478 9,339 Total assets
$
2,055,341 $ 2,128,102
LIABILITIES AND
STOCKHOLDERS’ EQUITY Trade accounts payable
$
125,403 $ 126,432 Other liabilities
99,020 126,389
Total debt (net of premium of $2,254 and $2,640, respectively, and
debt issuance costs of $12,911 and $14,336, respectively)
1,301,760 1,231,254 Total liabilities
1,526,183 1,484,075 Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares
authorized, no shares issued)
— — Common stock (par value
$0.001 per share, 63,000,000 shares authorized, 32,043,664 issued
and outstanding and 33,522,046 issued and outstanding,
respectively)
32 34 Paid-in capital
858,709 880,025
Accumulated deficit
(329,583 ) (236,032 ) Total
stockholders’ equity
529,158 644,027 Total
liabilities and stockholders’ equity
$ 2,055,341
$ 2,128,102
Inventory Breakdown Homes
under construction
$ 536,039 $ 476,752 Development
projects in progress
836,829 907,793 Land held for future
development
28,531 83,173 Land held for sale
12,926
7,781 Capitalized interest
144,756 144,645 Model homes
75,318 72,140 Total owned inventory
$
1,634,399 $ 1,692,284
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL
DATA – CONTINUING OPERATIONS
Three Months Ended March 31,
Six Months Ended March 31, SELECTED OPERATING DATA
2019
2018
2019 2018
Closings: West region
606
652
1,207 1,178 East region
213
279
401 504 Southeast region
315
335
609 650 Total closings
1,134
1,266
2,217 2,332
New orders, net of
cancellations: West region
806
906
1,325 1,440 East region
334
321
535 580 Southeast region
458
452
714 769 Total new orders, net
1,598
1,679
2,574 2,789
As of March
31, Backlog units at end of period: 2019 2018
West region
976 1,141 East region
415 489 Southeast
region
598 682 Total backlog units
1,989
2,312 Dollar value of backlog at end of period (in millions)
$ 783.3 $ 885.4 in thousands
Three Months Ended March 31, Six Months Ended March
31, SUPPLEMENTAL FINANCIAL DATA 2019 2018
2019 2018
Homebuilding revenue: West region
$
210,430 $ 224,361
$
419,374
$ 400,917 East region
93,751 103,731
181,516 189,419
Southeast region
116,764 113,023
221,037 218,533 Total homebuilding revenue
$
420,945 $ 441,115
$
821,927
$ 808,869
Revenue: Homebuilding
$
420,945 $ 441,115
$
821,927
$ 808,869 Land sales and other
315 14,063
1,373 18,798 Total revenues
$
421,260 $ 455,178
$
823,300
$ 827,667
Gross (loss) profit: Homebuilding
$ (44,148 ) $ 74,366
$
16,471
$ 134,598 Land sales and other
(38,532 ) 711
(38,496 ) 1,308 Total gross loss
$
(82,680 ) $ 75,077
$
(22,025
) $ 135,906
Reconciliation of homebuilding gross profit and the related
gross margin before impairments and abandonments and interest
amortized to cost of sales to homebuilding gross (loss) 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.
Three Months Ended March 31, Six Months
Ended March 31, in thousands
2019 2018
2019 2018 Homebuilding gross (loss) profit/margin
$ (44,148 ) (10.5 )% $
74,366 16.9 %
$ 16,471
2.0 % $ 134,598 16.6 % Inventory
impairments and abandonments (I&A)
109,023 —
110,030 — Homebuilding gross
profit/margin before I&A
64,875 15.4 %
74,366 16.9 %
126,501 15.4 % 134,598 16.6 %
Interest amortized to cost of sales
18,544 19,655
35,867 36,123 Homebuilding gross
profit/margin before I&A and interest amortized to cost of
sales
$ 83,419 19.8 % $ 94,021
21.3 %
$ 162,368 19.8 % $
170,721 21.1 %
Reconciliation of Adjusted EBITDA to total company net (loss)
income, 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 (loss) income determined in
accordance with GAAP as an indicator of operating performance.
Three Months Ended March 31, Six
Months Ended March 31, LTM Ended March 31,(a) in
thousands
2019 2018
2019 2018
2019 2018 Net (loss) income
$ (100,862
) $ 11,558
$ (93,551 ) $ (119,389 )
$ (19,537 ) $ (78,612 ) (Benefit) expense from
income taxes
(38,168 ) 993
(42,092 )
108,972
(56,691 ) 118,665 Interest amortized to home
construction and land sales expenses and capitalized interest
impaired
32,336 19,655
49,774 36,131
106,756
89,488 Interest expense not qualified for capitalization
597
1,650
839 5,085
1,079
11,423 EBIT
(106,097 ) 33,856
(85,030 ) 30,799
31,607 140,964 Depreciation
and amortization and stock-based compensation amortization
5,080 5,664
9,964 10,781
23,248 22,600 EBITDA
(101,017 )
39,520
(75,066 ) 41,580
54,855 163,564 (Gain)
loss on extinguishment of debt
(216 ) —
(216
) 25,904
1,719 22,971 Inventory impairments and
abandonments (b)
133,819 —
134,711 450
139,249
2,557 Joint venture impairment and abandonment charges
—
—
— —
341 —
Adjusted EBITDA
$ 32,586 $ 39,520
$ 59,429 $ 67,934
$
196,164 $ 189,092
(a) “LTM” indicates amounts for the
trailing 12 months.
(b) In periods during which we impaired
certain of our inventory assets, capitalized interest that is
impaired is included in the line above titled “Interest amortized
to home construction and land sales expenses and capitalized
interest impaired.” During the three, six, and twelve months ended
March 31, 2019, we impaired capitalized interest of $13.8 million,
$13.9 million, and $15.9 million, respectively, compared to
capitalized interest impairments of less than $0.1 million for the
three, six, and twelve months ended March 31, 2018.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190502005841/en/
Beazer Homes USA, Inc.David I. GoldbergVice President of
Treasury and Investor
Relations770-829-3700investor.relations@beazer.com
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