Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and nine months ended
June 30, 2020.
“We generated very strong results in the third quarter, as
improvements in home closings and margins allowed us to
substantially improve profitability,” said Allan P. Merrill,
Chairman and Chief Executive Officer of Beazer Homes. “After
weathering difficult sales conditions in April, we experienced much
stronger demand in the second half of the quarter, culminating in
our best June sales month in more than ten years. We also took
steps to adjust to the new operating environment by enhancing our
liquidity, re-underwriting proposed land acquisition transactions
and improving our cost structure. Looking forward, we’re optimistic
about the prospects for new home demand as well as our ability to
execute on our Balanced Growth strategy.”
Beazer Homes Fiscal Third Quarter 2020
Highlights and Comparison to Fiscal Third Quarter 2019
- Net income from continuing operations of $15.3 million,
compared to net income from continuing operations of $11.6 million
in fiscal third quarter 2019
- Adjusted EBITDA of $54.0 million, up 39.6%
- Homebuilding revenue of $532.5 million, up 10.4% on a 7.6%
increase in home closings to 1,366 and a 2.6% increase in average
selling price to $389.8 thousand
- Homebuilding gross margin was 17.0%, up 210 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 21.2%, up 180 basis points
- SG&A as a percentage of total revenue was 11.7%, down 50
basis points year-over-year
- Unit orders of 1,372, down 11.1% on a decrease in
orders/community/month to 2.7 and a decrease in average community
count to 167
- Dollar value of backlog of $884.9 million, which was
essentially flat
- Unrestricted cash at quarter end was $152.3 million; total
liquidity was $402.3 million
The following provides additional details on the Company's
performance during the fiscal third quarter 2020:
Profitability. Third quarter net income from continuing
operations was $15.3 million, generating diluted earnings per share
of $0.51. This included impairment charges of $2.3 million and
restructuring and severance charges of $1.4 million. Adjusted
EBITDA of $54.0 million was up $15.3 million year-over-year.
Orders. Net new orders for the third quarter decreased 11.1%
year-over-year, to 1,372. The decrease in net new orders was driven
by a decrease in the absorption rate to 2.7 sales per community per
month, down from 3.0 in the previous year, and a decrease in
average community count to 167, down from 174 in the previous year.
Net orders improved sequentially each month with April orders down,
May orders essentially flat, and June orders up more than 40%
year-over-year. The cancellation rate for the quarter was 21.1%, up
590 basis points year-over-year. Early in the quarter, the
cancellation rate spiked from a combination of declining orders and
increasing cancellations. As conditions improved, the cancellation
rate normalized, ending with a June cancellation rate of 13.9%.
Homebuilding Revenue. Third quarter closings rose 7.6% to 1,366
homes. Combined with a 2.6% increase in the average selling price
to $389.8 thousand, homebuilding revenue was $532.5 million, up
10.4% year-over-year.
Backlog. The dollar value of homes in backlog as of June 30,
2020 was $884.9 million, or 2,237 homes, essentially flat compared
to $881.6 million, or 2,264 homes, at the same time last year. The
average selling price of homes in backlog was $395.6 thousand, up
1.6% year-over-year.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 21.2% for the
third quarter, up 180 basis points year-over-year. The increase in
homebuilding gross margin was primarily driven by margin
improvement on spec homes and reduced incentives.
SG&A Expenses. Selling, general and administrative expenses
as a percentage of total revenue was 11.7% for the quarter, down 50
basis points year-over-year.
Liquidity. At the close of the third quarter, the Company had
approximately $402.3 million of available liquidity, including
$152.3 million of unrestricted cash and $250.0 million available on
its secured revolving credit facility.
Succession Plan for Chief Financial
Officer
The Company also announced the retirement and succession plans
for Robert L. Salomon, Executive Vice President and Chief Financial
Officer. Mr. Salomon has decided to retire after a 28-year career
in homebuilding following the filing of the Company’s 10-K for the
fiscal year ending September 30, 2020 in November. Mr. Salomon
joined the Company as Chief Accounting Officer in February 2008 and
was promoted to Executive Vice President and Chief Financial
Officer in June 2011. Upon Mr. Salomon’s retirement, the Company
will be appointing David I. Goldberg to serve as Senior Vice
President and Chief Financial Officer. Mr. Goldberg currently
serves as the Company’s Vice President and Treasurer, positions he
has held since joining the Company in March 2015.
“Bob has been an indispensable part of our management team from
the day he joined the Company,” said Mr. Merrill. “He’s been my
valued business partner as well as a mentor to operational and
corporate leaders across the Company. Since joining us, he has
successfully led or managed our financial reporting, internal
audit, business planning, capital markets and treasury activities,
and in recent years he has overseen crucial corporate functions
including land acquisition and information technology. While we
will miss his contributions after the end of our fiscal year, he
has established a deep and talented finance team, led by David
Goldberg. I am very confident that David, working closely with our
experienced Senior Leadership Team, will allow us to complete a
smooth and successful leadership transition in fiscal 2021.”
Summary results for the three and nine months ended June 30,
2020 are as follows:
Three Months Ended June
30,
2020
2019
Change*
New home orders, net of cancellations
1,372
1,544
(11.1)
%
Orders per community per month
2.7
3.0
(7.4)
%
Average active community count
167
174
(4.0)
%
Actual community count at quarter-end
164
173
(5.2)
%
Cancellation rates
21.1
%
15.2
%
590 bps
Total home closings
1,366
1,269
7.6
%
Average selling price (ASP) from closings
(in thousands)
$
389.8
$
380.1
2.6
%
Homebuilding revenue (in millions)
$
532.5
$
482.3
10.4
%
Homebuilding gross margin
17.0
%
14.9
%
210 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
17.1
%
14.9
%
220 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
21.2
%
19.4
%
180 bps
Income from continuing operations before
income taxes (in millions)
$
20.3
$
9.4
$
10.8
Expense (benefit) from income taxes (in
millions)
$
5.0
$
(2.2)
$
7.2
Income from continuing operations (in
millions)
$
15.3
$
11.6
$
3.6
Basic income per share from continuing
operations
$
0.51
$
0.38
$
0.13
Diluted income per share from continuing
operations
$
0.51
$
0.38
$
0.13
Income from continuing operations before
income taxes (in millions)
$
20.3
$
9.4
$
10.8
Gain on debt extinguishment (in
millions)
$
—
$
0.4
$
(0.4)
Inventory impairments and abandonments (in
millions)
$
(2.3)
$
—
$
(2.3)
Restructuring and severance charges
$
(1.4)
$
—
$
(1.4)
Income from continuing operations
excluding gain on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges before income
taxes (in millions)
$
24.0
$
9.0
$
15.0
Income from continuing operations
excluding gain on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges after income
taxes (in millions)+
$
17.6
$
11.2
$
6.4
Net income
$
15.2
$
11.6
$
3.6
Land and land development spending (in
millions)
$
55.7
$
102.8
$
(47.1)
Adjusted EBITDA (in millions)
$
54.0
$
38.7
$
15.3
LTM Adjusted EBITDA (in millions)
$
209.4
$
188.2
$
21.1
*
Change and totals are calculated using
unrounded numbers.
+
For the three months ended June 30, 2020,
inventory impairments and abandonments and restructuring and
severance charges were tax-effected at the effective tax rate of
26.4%. For the three months ended June 20, 2019, gain on debt
extinguishment was tax-effected at the effective tax rate of
25.7%.
"LTM" indicates amounts for the trailing 12 months.
Nine Months Ended June
30,
2020
2019
Change*
New home orders, net of cancellations
4,284
4,118
4.0
%
LTM orders per community per month
2.9
2.7
7.4
%
Cancellation rates
17.3
%
16.1
%
120 bps
Total home closings
3,755
3,486
7.7
%
ASP from closings (in thousands)
$
382.9
$
374.1
2.4
%
Homebuilding revenue (in millions)
$
1,437.9
$
1,304.2
10.2
%
Homebuilding gross margin
16.1
%
6.8
%
930 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
16.2
%
15.2
%
100 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
20.7
%
19.6
%
110 bps
Income (loss) from continuing operations
before income taxes (in millions)
$
37.6
$
(126.1)
$
163.8
Expense (benefit) from income taxes (in
millions)
$
8.9
$
(44.3)
$
53.2
Income (loss) from continuing operations
(in millions)
$
28.7
$
(81.9)
$
110.6
Basic income (loss) per share from
continuing operations
$
0.96
$
(2.65)
$
3.61
Basic income (loss) per share from
continuing operations
$
0.95
$
(2.65)
$
3.60
Income (loss) from continuing operations
before income taxes (in millions)
$
37.6
$
(126.1)
$
163.8
Gain on debt extinguishment (in
millions)
$
—
$
0.6
$
(0.6)
Inventory impairments and abandonments (in
millions)
$
(2.3)
$
(148.6)
$
146.4
Restructuring and severance charges
$
(1.4)
$
—
$
(1.4)
Income from continuing operations
excluding gain on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges before income
taxes (in millions)
$
41.3
$
21.9
$
19.4
Income from continuing operations
excluding gain on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges after income
taxes (in millions)+
$
31.4
$
25.5
$
5.9
Net income (loss)
$
28.5
$
(81.9)
$
110.5
Land and land development spending (in
millions)
$
324.7
$
363.6
$
(38.9)
Adjusted EBITDA (in millions)
$
127.3
$
98.1
$
29.2
*
Change and totals are calculated using
unrounded numbers.
+
For the nine months ended June 30, 2020,
inventory impairments and abandonments and restructuring and
severance charges were tax-effected at the effective tax rate of
26.4%. For the nine months ended June 30, 2019, gain on debt
extinguishment and inventory impairments and abandonments were
tax-effected at the effective tax rate of 25.7%.
“LTM” indicates amounts for the trailing 12 months.
As of June 30,
2020
2019
Change
Backlog units
2,237
2,264
(1.2)
%
Dollar value of backlog (in millions)
$
884.9
$
881.6
0.4
%
ASP in backlog (in thousands)
$
395.6
$
389.4
1.6
%
Land and lots controlled
18,093
21,717
(16.7)
%
Conference Call
The Company will hold a conference call on July 30, 2020 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 on
the "Investor Relations" page of the Company's website,
www.beazer.com. In addition,
the conference call will be available by telephone at 800-475-0542
(for international callers, dial 517-308-9429). To be admitted to
the call, enter the pass code “8571348". A replay of the conference
call will be available, until 10:00 PM ET on August 7, 2020 at
886-463-2180 (for international callers, dial 203-369-1377) with
pass code “3740”.
About Beazer Homes
Headquartered in Atlanta, Beazer Homes (NYSE: BZH) is one of
the country’s largest homebuilders. Every Beazer home is designed
and built to provide Surprising Performance, giving you more
quality and more comfort from the moment you move in – saving you
money every month. With Beazer's Choice Plans™, you can personalize
your primary living areas – giving you a choice of how you want to
live in the home, at no additional cost. And unlike most national
homebuilders, we empower our customers to shop and compare loan
options. Our Mortgage Choice program gives you the resources to
easily compare multiple loan offers and choose the best lender and
loan offer for you, which will save you thousands over the life of
your loan.
We build our 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) the potential negative impact of the ongoing COVID-19
pandemic, which, in addition to exacerbating each of the risks
listed below, may include a significant decrease in demand for our
homes or consumer confidence generally with respect to purchasing a
home, an inability to sell and build homes in a typical manner or
at all, increased costs or decreased supply of building materials
or the availability of subcontractors, housing inspectors, and
other third-parties we rely on to support our operations, and
recognizing charges in future periods, which may be material, for
goodwill impairments, inventory impairments and/or land option
contract abandonments; (ii) our ability to raise debt and/or equity
capital, due to factors such as limitations in the capital markets
(including market volatility) or adverse credit market conditions,
which have worsened and may continue to worsen as a result of the
COVID-19 pandemic, and our ability to otherwise meet our ongoing
liquidity needs (which could cause us to fail to meet the terms of
our covenants and other requirements under our various debt
instruments and therefore trigger an acceleration of a significant
portion or all of our outstanding debt obligations), including the
impact of any downgrades of our credit ratings or reduction in our
liquidity levels; (iii) market perceptions regarding any capital
raising initiatives we may undertake (including future issuances of
equity or debt capital); (iv) the cyclical nature of the
homebuilding industry and a potential deterioration in homebuilding
industry conditions; (v) economic changes nationally or in local
markets, changes in consumer confidence, 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;
(vi) 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; (vii) 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; (viii) factors affecting margins, such as decreased
land values underlying land option agreements, increased land
development costs in communities under development or delays or
difficulties in implementing initiatives to reduce our production
and overhead cost structure; (ix) 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; (x) increases in mortgage interest rates, increased
disruption in the availability of mortgage financing, changes in
tax laws or otherwise regarding the deductibility of mortgage
interest expenses and real estate taxes or an increased number of
foreclosures; (xi) increased competition or delays in reacting to
changing consumer preferences in home design; (xii) natural
disasters 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) the potential
recoverability of our 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 impact of information technology failures,
cybersecurity issues 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, including any statement
expressing confidence regarding future outcomes, 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
Nine Months Ended
June 30,
June 30,
in thousands (except per share data)
2020
2019
2020
2019
Total revenue
$
533,112
$
482,738
$
1,440,329
$
1,306,038
Home construction and land sales
expenses
441,788
410,974
1,207,023
1,107,681
Inventory impairments and abandonments
2,266
—
2,266
148,618
Gross profit
89,058
71,764
231,040
49,739
Commissions
20,851
18,230
55,660
49,965
General and administrative expenses
41,276
40,749
121,025
116,763
Depreciation and amortization
3,780
3,242
10,834
8,912
Operating income (loss)
23,151
9,543
43,521
(125,901)
Equity in income of unconsolidated
entities
4
299
138
316
Gain on extinguishment of debt
—
358
—
574
Other expense, net
(2,904)
(755)
(6,030)
(1,134)
Income (loss) from continuing operations
before income taxes
20,251
9,445
37,629
(126,145)
Expense (benefit) from income taxes
4,981
(2,180)
8,940
(44,260)
Income (loss) from continuing
operations
15,270
11,625
28,689
(81,885)
Loss from discontinued operations, net of
tax
(82)
(23)
(141)
(64)
Net income (loss)
$
15,188
$
11,602
$
28,548
$
(81,949)
Weighted average number of shares:
Basic
29,597
30,250
29,738
30,926
Diluted
29,674
30,489
30,014
30,926
Basic income (loss) per share:
Continuing operations
$
0.51
$
0.38
$
0.96
$
(2.65)
Discontinued operations
—
—
—
—
Total
$
0.51
$
0.38
$
0.96
$
(2.65)
Diluted income (loss) per share:
Continuing operations
$
0.51
$
0.38
$
0.95
$
(2.65)
Discontinued operations
—
—
—
—
Total
$
0.51
$
0.38
$
0.95
$
(2.65)
Three Months Ended
Nine Months Ended
June 30,
June 30,
Capitalized Interest in
Inventory
2020
2019
2020
2019
Capitalized interest in inventory,
beginning of period
$
134,693
$
144,756
$
136,565
$
144,645
Interest incurred
23,012
26,782
66,839
77,506
Capitalized interest impaired
(792)
—
(792)
(13,907)
Interest expense not qualified for
capitalization and included as other expense
(3,003)
(961)
(6,373)
(1,800)
Capitalized interest amortized to home
construction and land sales expenses
(21,814)
(21,752)
(64,143)
(57,619)
Capitalized interest in inventory, end of
period
$
132,096
$
148,825
$
132,096
$
148,825
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
in thousands (except share and per share
data)
June 30, 2020
September 30, 2019
ASSETS
Cash and cash equivalents
$
152,266
$
106,741
Restricted cash
13,086
16,053
Accounts receivable (net of allowance of
$298 and $304, respectively)
17,846
26,395
Income tax receivable
9,224
4,935
Owned inventory
1,511,560
1,504,248
Investments in unconsolidated entities
4,044
3,962
Deferred tax assets, net
233,986
246,957
Property and equipment, net
24,078
27,421
Operating lease right-of-use assets
14,060
—
Goodwill
11,376
11,376
Other assets
10,637
9,556
Total assets
$
2,002,163
$
1,957,644
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
131,200
$
131,152
Operating lease liabilities
16,292
—
Other liabilities
110,630
109,429
Obligations related to land not owned
under option agreements
—
—
Total debt (net of debt issuance costs of
$11,450 and $12,470, respectively)
1,179,725
1,178,309
Total liabilities
1,437,847
1,418,890
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, 31,020,066 issued and outstanding and
30,933,110 issued and outstanding, respectively)
31
31
Paid-in capital
851,289
854,275
Accumulated deficit
(287,004)
(315,552)
Total stockholders’ equity
564,316
538,754
Total liabilities and stockholders’
equity
$
2,002,163
$
1,957,644
Inventory Breakdown
Homes under construction
$
607,731
$
507,542
Development projects in progress
647,583
738,201
Land held for future development
28,531
28,531
Land held for sale
16,863
12,662
Capitalized interest
132,096
136,565
Model homes
78,756
80,747
Total owned inventory
$
1,511,560
$
1,504,248
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND
FINANCIAL DATA – CONTINUING OPERATIONS
Three Months Ended June
30,
Nine Months Ended June
30,
SELECTED OPERATING DATA
2020
2019
2020
2019
Closings:
West region
819
674
2,248
1,881
East region
220
246
647
647
Southeast region
327
349
860
958
Total closings
1,366
1,269
3,755
3,486
New orders, net of
cancellations:
West region
775
850
2,465
2,175
East region
287
334
871
869
Southeast region
310
360
948
1,074
Total new orders, net
1,372
1,544
4,284
4,118
As of June 30,
Backlog units at end of period:
2020
2019
West region
1,199
1,152
East region
565
503
Southeast region
473
609
Total backlog units
2,237
2,264
Dollar value of backlog at end of period
(in millions)
$
884.9
$
881.6
in thousands
Three Months Ended June
30,
Nine Months Ended June
30,
SUPPLEMENTAL FINANCIAL DATA
2020
2019
2020
2019
Homebuilding revenue:
West region
$
303,500
$
238,723
$
825,129
$
658,097
East region
108,126
117,934
295,782
299,450
Southeast region
120,839
125,659
316,939
346,696
Total homebuilding revenue
$
532,465
$
482,316
$
1,437,850
$
1,304,243
Revenue:
Homebuilding
$
532,465
$
482,316
$
1,437,850
$
1,304,243
Land sales and other
647
422
2,479
1,795
Total revenue
$
533,112
$
482,738
$
1,440,329
$
1,306,038
Gross profit (loss):
Homebuilding
$
90,282
$
71,719
$
232,134
$
88,190
Land sales and other
(1,224)
45
(1,094)
(38,451)
Total gross profit (loss)
$
89,058
$
71,764
$
231,040
$
49,739
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.
Three Months Ended June
30,
Nine Months Ended June
30,
in thousands
2020
2019
2020
2019
Homebuilding gross profit/margin
$
90,282
17.0
%
$
71,719
14.9
%
$
232,134
16.1
%
$
88,190
6.8
%
Inventory impairments and abandonments
(I&A)
1,009
—
1,009
110,030
Homebuilding gross profit/margin before
I&A
91,291
17.1
%
71,719
14.9
%
233,143
16.2
%
198,220
15.2
%
Interest amortized to cost of sales
21,814
21,752
64,143
57,619
Homebuilding gross profit/margin before
I&A and interest amortized to cost of sales
$
113,105
21.2
%
$
93,471
19.4
%
$
297,286
20.7
%
$
255,839
19.6
%
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 (loss) 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 prior year, as it reclassifies
stock-based compensation expense from an adjustment within EBITDA
to an adjustment within Adjusted EBITDA in order to accurately
present EBITDA per its definition.
Three Months Ended June
30,
Nine Months Ended June
30,
LTM Ended
in thousands
2020
2019
2020
2019
2020
2019
Net income (loss)
$
15,188
$
11,602
$
28,548
$
(81,949)
$
30,977
$
(21,344)
Expense (benefit) from income taxes
4,958
(2,187)
8,900
(44,279)
15,934
(63,139)
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
22,606
21,752
64,935
71,526
102,350
106,058
Interest expense not qualified for
capitalization
3,003
961
6,373
1,800
7,682
1,835
EBIT
45,755
32,128
108,756
(52,902)
156,943
23,410
Depreciation and amortization
3,780
3,242
10,834
8,912
16,681
13,490
EBITDA
49,535
35,370
119,590
(43,990)
173,624
36,900
Stock-based compensation expense
1,659
3,699
4,869
7,993
7,402
10,559
(Gain) loss on extinguishment of debt
—
(358)
—
(574)
25,494
1,361
Inventory impairments and abandonments
(b)
1,474
—
1,474
134,711
1,474
139,081
Restructuring and severance expenses
1,361
—
1,361
—
1,361
—
Adjusted EBITDA
$
54,029
$
38,711
$
127,294
$
98,140
$
209,355
$
188,242
(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.”
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730005893/en/
Beazer Homes USA, Inc. David I. Goldberg Vice President of
Treasury and Investor Relations 770-829-3700
investor.relations@beazer.com
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