Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and six months ended
March 31, 2022.
“We generated very strong second quarter financial results,”
said Allan P. Merrill, the Company’s Chairman and Chief Executive
Officer. “Increases in both home prices and margins allowed us to
significantly improve profitability despite continuing supply chain
challenges. We also increased our lot position and reduced leverage
as we continued to demonstrate positive results from our Balanced
Growth strategy.”
Commenting on market conditions and updated fiscal 2022
full-year expectations, Mr. Merrill said, “While supply chain
challenges are expected to continue to impact the level of housing
starts and construction cycle times, the larger issue is worsening
home affordability as both home prices and mortgage rates have
moved higher this year. Although new home orders have not been
significantly impacted to date, we expect future periods to present
a more challenging sales environment.
However, with the size of our backlog, we have excellent
visibility into full year financial results. We now expect to
generate fiscal year 2022 earnings per share of at least $6.00,
inclusive of previously disclosed tax benefits of approximately
$0.40 per share. We also expect to reduce debt below $1 billion by
year end, even as we further expand our active lot position.”
Looking further out, Mr. Merrill concluded, “We remain confident
in the multi-year growth of our business and the new home industry.
The fundamental disconnect between the demand for homes and the
likely supply of homes – which has given rise to a multimillion
home deficit over the past decade – remains in place. As such, we
expect to be able to work through affordability challenges to
deliver improving profitability and returns from our less leveraged
and more efficient balance sheet, while expanding our ESG
activities to create durable value for all of our
stakeholders.”
Beazer Homes Fiscal Second Quarter 2022
Highlights and Comparison to Fiscal Second Quarter 2021
- Net income from continuing operations of $44.7 million, or
$1.45 per diluted share, compared to net income from continuing
operations of $24.6 million, or $0.81 per diluted share, in fiscal
second quarter 2021
- Adjusted EBITDA of $77.4 million, up 20.5%
- Homebuilding revenue of $507.2 million, down 7.3% on a 22.3%
decrease in home closings to 1,078, partially offset by a 19.3%
increase in average selling price to $470.5 thousand
- Homebuilding gross margin was 23.5%, up 570 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 26.8%, up 460 basis points
- SG&A as a percentage of total revenue was 12.2%, up 120
basis points year-over-year
- Net new orders of 1,291, down 30.4% on a 9.2% decrease in
average community count to 119 and a 23.4% decrease in
orders/community/month to 3.6
- Backlog dollar value of $1,583.5 million, up 14.2% on a 20.9%
increase in average selling price of homes in backlog to $507.4
thousand, partially offset by a 5.5% decrease in backlog units to
3,121
- Controlled lots of 23,516, up 24.7% from 18,851
- Land acquisition and land development spending was $132.6
million, up 36.3% from $97.3 million
- Repurchased a total of $6.0 million of debt
- Unrestricted cash at quarter end was $163.9 million; total
liquidity was $413.9 million
The following provides additional details on the Company's
performance during the fiscal second quarter 2022:
Profitability. Net income from continuing operations was $44.7
million, generating diluted earnings per share of $1.45. This
included the impact of energy efficiency tax credits of $3.0
million, or $0.10 per share. Second quarter adjusted EBITDA of
$77.4 million was up $13.2 million, or 20.5%, year-over-year. The
increase in profitability was primarily driven by higher
homebuilding gross margin.
Orders. Net new orders for the second quarter decreased to
1,291, down 30.4% from 1,854 in the prior year period. The decrease
in net new orders was driven by a 9.2% decrease in average
community count to 119 and a 23.4% decrease in sales pace to 3.6
orders per community per month, down from 4.7 in the prior year
period, as the Company proactively limited sales pace to align with
the pace of production, manage lot supply, optimize margins and
ensure a positive customer experience. Sales pace remained strong
compared to the historical average of 3.4 over the last 10 years
for the second quarter. The cancellation rate for the quarter was
12.2%, up from 10.0% in the prior year period.
Backlog. The dollar value of homes in backlog as of March 31,
2022 increased 14.2% to $1,583.5 million, representing 3,121 homes,
compared to $1,386.4 million, representing 3,303 homes, at the same
time last year. The average selling price of homes in backlog was
$507.4 thousand, up 20.9% versus the previous year.
Homebuilding Revenue. Second quarter homebuilding revenue was
$507.2 million, down 7.3% year-over-year. The decrease in
homebuilding revenue was driven by a 22.3% decrease in home
closings to 1,078 homes, partially offset by a 19.3% increase in
the average selling price to $470.5 thousand.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 26.8% for the
second quarter, up 460 basis points year-over-year, driven
primarily by pricing increases and lower sales incentives.
SG&A Expenses. Selling, general and administrative expenses
as a percentage of total revenue was 12.2% for the quarter, up 120
basis points year-over-year primarily due to decreases in closings
and revenue. SG&A on an absolute dollar basis increased by $1.5
million, or 2.4%, year-over-year primarily due to increased
personnel expense.
Land Position. Controlled lots increased 24.7% to 23,516,
compared to 18,851 in the prior year. Excluding land held for
future development and land held for sale lots, active controlled
lots were 22,728, up 24.7% year-over-year. The Company had 11,551
lots, or 50.8% of its total active lots, under option contracts
compared to 8,381 lots, or 46.0% of its total active lots, under
option contracts a year ago.
Debt Repurchases. The Company repurchased $6.0 million of its
outstanding 5.875% unsecured Senior Notes due October 2027 at an
average price of $101.888 per $100 principal amount.
Liquidity. At the close of the second quarter, the Company had
approximately $413.9 million of available liquidity, including
$163.9 million of unrestricted cash and a fully undrawn revolving
credit facility capacity of $250.0 million.
Imagine Homes Acquisition
The Company also announced today that it had entered into an
agreement to acquire substantially all of the assets of Imagine
Homes, a private San Antonio-based homebuilder. Imagine Homes, a
champion of green building practices since its inception in 2006,
has been recognized as a leader in energy efficient new
construction, earning local and national accolades including the
EPA’s Energy Star Certified Homes Market Leader Award and six NAHB
Green Building AwardsTM. Terms of the transaction were not
disclosed.
For the past 16 years, Beazer has held a one-third ownership
stake in Imagine Homes. The transaction reiterates Beazer’s
commitment to leading the industry in energy efficiency initiatives
and expands the Company’s footprint in Texas, which already
includes the Dallas and Houston markets.
Commitment to ESG
In December 2021, the Company published its inaugural ESG
Summary, which contains detailed disclosures of environmental,
social and governance (ESG) initiatives, as well as metrics that
are responsive to sustainability accounting standards promulgated
by the Sustainability Accounting Standards Board (SASB) for
companies within the homebuilding industry. The ESG Summary
represents another step forward in the Company's commitment to
increased ESG accountability and provides a foundation to build
increased transparency by directly reporting on relevant
sustainability issues, risks and opportunities that impact the
business.
Demonstrating recognition for the Company's efforts to create
and sustain a strong reputation among employees, shareholders,
customers and other partners, Beazer Homes was ranked first among
construction companies in Newsweek's inaugural list of America's
Most Trusted Companies 2022. This award was presented to the
Company in April 2022 by Newsweek and Statista Inc. America's Most
Trusted Companies 2022 were identified based on an independent
survey of approximately 50,000 U.S. residents who rated companies
they knew from the perspective of customers, investors and
employees.
Summary results for the three and six months ended March 31,
2022 are as follows:
Three Months Ended March
31,
2022
2021
Change*
New home orders, net of cancellations
1,291
1,854
(30.4
)%
Orders per community per month
3.6
4.7
(23.4
)%
Average active community count
119
131
(9.2
)%
Actual community count at quarter-end
119
132
(9.8
)%
Cancellation rates
12.2
%
10.0
%
220 bps
Total home closings
1,078
1,388
(22.3
)%
Average selling price (ASP) from closings
(in thousands)
$
470.5
$
394.4
19.3
%
Homebuilding revenue (in millions)
$
507.2
$
547.4
(7.3
)%
Homebuilding gross margin
23.5
%
17.8
%
570 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
23.6
%
17.8
%
580 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
26.8
%
22.2
%
460 bps
Income from continuing operations before
income taxes (in millions)
$
54.8
$
32.3
69.3
%
Expense from income taxes (in
millions)
$
10.1
$
7.7
30.7
%
Income from continuing operations, net of
tax (in millions)
$
44.7
$
24.6
81.3
%
Basic income per share from continuing
operations
$
1.46
$
0.82
78.0
%
Diluted income per share from continuing
operations
$
1.45
$
0.81
79.0
%
Net income
$
44.7
$
24.5
82.1
%
Land and land development spending (in
millions)
$
132.6
$
97.3
36.3
%
Adjusted EBITDA (in millions)
$
77.4
$
64.2
20.5
%
LTM Adjusted EBITDA (in millions)
$
293.4
$
238.9
22.8
%
* Change and totals are calculated using
unrounded numbers.
"LTM" indicates amounts for the trailing
12 months.
Six Months Ended March
31,
2022
2021
Change*
New home orders, net of cancellations
2,432
3,296
(26.2
)%
LTM orders per community per month
3.3
3.8
(13.2
)%
Cancellation rates
12.0
%
11.0
%
100 bps
Total home closings
2,097
2,502
(16.2
)%
ASP from closings (in thousands)
$
454.9
$
388.3
17.2
%
Homebuilding revenue (in millions)
$
953.9
$
971.6
(1.8
)%
Homebuilding gross margin
22.3
%
17.7
%
460 bps
Homebuilding gross margin, excluding
I&A
22.3
%
17.8
%
450 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
25.6
%
22.2
%
340 bps
Income from continuing operations before
income taxes (in millions)
$
96.1
$
48.5
98.1
%
Expense from income taxes (in
millions)
$
16.5
$
11.8
39.8
%
Income from continuing operations, net of
tax (in millions)
$
79.6
$
36.7
116.9
%
Basic income per share from continuing
operations
$
2.61
$
1.23
112.2
%
Diluted income per share from continuing
operations
$
2.59
$
1.22
112.3
%
Net income
$
79.6
$
36.5
117.8
%
Land and land development spending (in
millions)
$
263.3
$
206.9
27.2
%
Adjusted EBITDA (in millions)
$
138.5
$
107.8
28.5
%
* Change and totals are calculated using
unrounded numbers.
"LTM" indicates amounts for the trailing
12 months.
As of March 31,
2022
2021
Change
Backlog units
3,121
3,303
(5.5
)%
Dollar value of backlog (in millions)
$
1,583.5
$
1,386.4
14.2
%
ASP in backlog (in thousands)
$
507.4
$
419.7
20.9
%
Land and lots controlled
23,516
18,851
24.7
%
Conference Call
The Company will hold a conference call on April 28, 2022 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 May 5, 2022 at 866-511-1891 (for
international callers, dial 203-369-1946) 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, saving 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 cyclical nature of the homebuilding industry and a
potential deterioration in homebuilding industry conditions; (ii)
increases in mortgage interest rates and reduced availability of
mortgage financing due to, among other factors, recent and likely
continued actions by the Federal Reserve to address sharp increases
in inflation; (iii) other economic changes nationally and in local
markets, including changes in consumer confidence, wage levels,
declines in employment levels, and an increase in the number of
foreclosures, each of which is outside our control and affects the
affordability of, and demand for, the homes we sell; (iv) potential
negative impacts of the COVID-19 pandemic, which, in addition to
exacerbating each of the risks listed above and 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,
including lumber, 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; (v) supply chain challenges
negatively impacting our homebuilding production, including
shortages of raw materials and other critical components such as
windows, doors, and appliances; (vi) shortages of or increased
costs for labor used in housing production, and the level of
quality and craftsmanship provided by such labor; (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) 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, 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; (x) market perceptions regarding any capital raising
initiatives we may undertake (including future issuances of equity
or debt capital); (xi) terrorist acts, protests and civil unrest,
political uncertainty, natural disasters, acts of war or other
factors over which the Company has no control; (xii) inaccurate
estimates related to homes to be delivered in the future (backlog),
as they are subject to various cancellation risks that cannot be
fully controlled; (xiii) changes in tax laws or otherwise regarding
the deductibility of mortgage interest expenses and real estate
taxes; (xiv) increased competition or delays in reacting to
changing consumer preferences in home design; (xv) 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; (xvi) the potential
recoverability of our deferred tax assets; (xvii) increases in
corporate tax rates; (xviii) 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;
(xix) the results of litigation or government proceedings and
fulfillment of any related obligations; (xx) the impact of
construction defect and home warranty claims; (xxi) the cost and
availability of insurance and surety bonds, as well as the
sufficiency of these instruments to cover potential losses
incurred; (xxii) the impact of information technology failures,
cybersecurity issues or data security breaches; (xxiii) the impact
of governmental regulations on homebuilding in key markets, such as
regulations limiting the availability of water; and (xxiv) the
success of our ESG initiatives, including our ability to meet our
goal that every home we build will be Net Zero Energy Ready by 2025
as well as the success of any other related partnerships or pilot
programs we may enter into in order to increase the energy
efficiency of our homes and prepare for a Net Zero future.
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
Six Months Ended
March 31,
March 31,
in thousands (except per share data)
2022
2021
2022
2021
Total revenue
$
508,506
$
549,889
$
962,655
$
978,428
Home construction and land sales
expenses
387,821
451,963
744,570
804,744
Inventory impairments and abandonments
935
—
935
465
Gross profit
119,750
97,926
217,150
173,219
Commissions
16,578
20,884
32,391
37,391
General and administrative expenses
45,530
39,741
83,297
77,717
Depreciation and amortization
3,031
3,683
5,912
6,805
Operating income
54,611
33,618
95,550
51,306
Equity in income of unconsolidated
entities
163
186
451
111
Loss on extinguishment of debt, net
(164
)
(563
)
(164
)
(563
)
Other income (expense), net
140
(894
)
271
(2,346
)
Income from continuing operations before
income taxes
54,750
32,347
96,108
48,508
Expense from income taxes
10,072
7,704
16,535
11,829
Income from continuing operations
44,678
24,643
79,573
36,679
Loss from discontinued operations, net of
tax
(6
)
(115
)
(16
)
(154
)
Net income
$
44,672
$
24,528
$
79,557
$
36,525
Weighted-average number of shares:
Basic
30,594
29,953
30,464
29,862
Diluted
30,823
30,215
30,772
30,150
Basic income (loss) per share:
Continuing operations
$
1.46
$
0.82
$
2.61
$
1.23
Discontinued operations
—
—
—
(0.01
)
Total
$
1.46
$
0.82
$
2.61
$
1.22
Diluted income (loss) per share:
Continuing operations
$
1.45
$
0.81
$
2.59
$
1.22
Discontinued operations
—
—
—
(0.01
)
Total
$
1.45
$
0.81
$
2.59
$
1.21
Three Months Ended
Six Months Ended
March 31,
March 31,
Capitalized Interest in
Inventory
2022
2021
2022
2021
Capitalized interest in inventory,
beginning of period
$
110,516
$
119,148
$
106,985
$
119,659
Interest incurred
18,253
19,345
36,564
39,247
Interest expense not qualified for
capitalization and included as other expense
—
(969
)
—
(2,569
)
Capitalized interest amortized to home
construction and land sales expenses
(16,083
)
(24,110
)
(30,863
)
(42,923
)
Capitalized interest in inventory, end of
period
$
112,686
$
113,414
$
112,686
$
113,414
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
in thousands (except share and per share
data)
March 31, 2022
September 30, 2021
ASSETS
Cash and cash equivalents
$
163,905
$
246,715
Restricted cash
33,343
27,428
Accounts receivable (net of allowance of
$290 and $290, respectively)
24,289
25,685
Income tax receivable
9,866
9,929
Owned inventory
1,676,972
1,501,602
Investments in unconsolidated entities
4,667
4,464
Deferred tax assets, net
190,876
204,766
Property and equipment, net
23,168
22,885
Operating lease right-of-use assets
11,301
12,344
Goodwill
11,376
11,376
Other assets
10,241
11,616
Total assets
$
2,160,004
$
2,078,810
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
147,257
$
133,391
Operating lease liabilities
12,912
14,154
Other liabilities
147,583
152,351
Total debt (net of debt issuance costs of
$8,151 and $8,983, respectively)
1,049,895
1,054,030
Total liabilities
1,357,647
1,353,926
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, 31,457,627 issued and outstanding and
31,294,198 issued and outstanding, respectively)
31
31
Paid-in capital
864,074
866,158
Accumulated deficit
(61,748
)
(141,305
)
Total stockholders’ equity
802,357
724,884
Total liabilities and stockholders’
equity
$
2,160,004
$
2,078,810
Inventory Breakdown
Homes under construction
$
838,139
$
648,283
Land under development
619,385
648,404
Land held for future development
19,879
19,879
Land held for sale
14,167
9,179
Capitalized interest
112,686
106,985
Model homes
72,716
68,872
Total owned inventory
$
1,676,972
$
1,501,602
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND
FINANCIAL DATA – CONTINUING OPERATIONS
Three Months Ended March
31,
Six Months Ended March
31,
SELECTED OPERATING DATA
2022
2021
2022
2021
Closings:
West region
665
757
1,268
1,399
East region
252
321
497
544
Southeast region
161
310
332
559
Total closings
1,078
1,388
2,097
2,502
New orders, net of
cancellations:
West region
832
1,116
1,487
1,898
East region
284
357
520
677
Southeast region
175
381
425
721
Total new orders, net
1,291
1,854
2,432
3,296
As of March 31,
Backlog units:
2022
2021
West region
1,872
1,864
East region
634
757
Southeast region
615
682
Total backlog units
3,121
3,303
Aggregate dollar value of homes in backlog
(in millions)
$
1,583.5
$
1,386.4
ASP in backlog (in thousands)
$
507.4
$
419.7
in thousands
Three Months Ended March
31,
Six Months Ended March
31,
SUPPLEMENTAL FINANCIAL DATA
2022
2021
2022
2021
Homebuilding revenue:
West region
$
302,887
$
277,843
$
559,379
$
510,783
East region
128,424
151,993
242,711
249,957
Southeast region
75,897
117,581
151,847
210,906
Total homebuilding revenue
$
507,208
$
547,417
$
953,937
$
971,646
Revenue:
Homebuilding
$
507,208
$
547,417
$
953,937
$
971,646
Land sales and other
1,298
2,472
8,718
6,782
Total revenue
$
508,506
$
549,889
$
962,655
$
978,428
Gross profit:
Homebuilding
$
119,402
$
97,456
$
212,706
$
172,293
Land sales and other
348
470
4,444
926
Total gross profit
$
119,750
$
97,926
$
217,150
$
173,219
Reconciliation of homebuilding gross profit and the related
gross margin excluding 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. These measures should not be considered alternative
to homebuilding gross profit and gross margin determined in
accordance with GAAP as an indicator of operating performance.
Three Months Ended March
31,
Six Months Ended March
31,
in thousands
2022
2021
2022
2021
Homebuilding gross profit/margin
$
119,402
23.5
%
$
97,456
17.8
%
$
212,706
22.3
%
$
172,293
17.7
%
Inventory impairments and abandonments
(I&A)
495
—
495
465
Homebuilding gross profit/margin excluding
I&A
119,897
23.6
%
97,456
17.8
%
213,201
22.3
%
172,758
17.8
%
Interest amortized to cost of sales
16,083
24,110
30,863
42,670
Homebuilding gross profit/margin excluding
I&A and interest amortized to cost of sales
$
135,980
26.8
%
$
121,566
22.2
%
$
244,064
25.6
%
$
215,428
22.2
%
Reconciliation of Adjusted EBITDA to total company net 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 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
2022
2021
2022
2021
2022
2021
Net income
$
44,672
$
24,528
$
79,557
$
36,525
$
165,053
$
75,391
Expense from income taxes
10,071
7,672
16,531
11,786
26,246
25,508
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
16,083
24,110
30,863
42,923
75,230
96,256
Interest expense not qualified for
capitalization
—
969
—
2,569
212
7,667
EBIT
70,826
57,279
126,951
93,803
266,741
204,822
Depreciation and amortization
3,031
3,683
5,912
6,805
13,083
15,391
EBITDA
73,857
60,962
132,863
100,608
279,824
220,213
Stock-based compensation expense
2,424
2,549
4,532
6,060
10,639
12,886
Loss on extinguishment of debt
164
563
164
563
1,626
563
Inventory impairments and abandonments
(b)
935
—
935
465
1,323
2,576
Restructuring and severance expenses
—
—
—
(10
)
—
1,307
Litigation settlement in discontinued
operations
—
120
—
120
—
1,380
Adjusted EBITDA
$
77,380
$
64,194
$
138,494
$
107,806
$
293,412
$
238,925
(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/20220428006025/en/
Beazer Homes USA, Inc. David I. Goldberg Sr. Vice President
& Chief Financial Officer 770-829-3700
investor.relations@beazer.com
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