Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and six months ended
March 31, 2016.
The Company reported a net loss from continuing operations of
$1.3 million for the quarter ended March 31, 2016, which
included a $1.6 million loss on the extinguishment of debt and $1.8
million in impairment charges, compared with a net loss of $2.1
million for the quarter ended March 31, 2015.
Adjusted EBITDA rose 32.5% versus the prior year to $26.2
million, driven by substantially higher revenue. Home closings of
1,150 were up 22.9%, while ASP increased to $328.0 thousand.
The Company ended the quarter with nearly $135 million of
unrestricted cash and total available liquidity of more than $250
million. During the quarter, the Company repurchased an additional
$18.4 million of debt, bringing the year to date total to $41.3
million. The Company intends to reduce debt by a total of at least
$100 million during Fiscal 2016.
Relative to the Company’s objective to achieve $2 billion in
revenue with Adjusted EBITDA of at least $200 million, referred to
as the “2B-10” Plan, for the trailing twelve months, revenue was
$1.8 billion, up 22.3%, and Adjusted EBITDA of $160.1 million was
up more than $31.0 million, or 24.0%, compared to last year.
“Our second quarter results demonstrated our ability to
successfully grow EBITDA while reducing leverage. Although
uncertainty in the broader economy contributed to an uneven start
to the spring selling season, we were encouraged by more consistent
new home orders as the quarter progressed,” said Allan Merrill, CEO
of Beazer Homes.
Mr. Merrill continued, “We are pleased with our results for the
quarter and so far this year and look forward to further progress
on our joint “2B-10” and deleveraging objectives in the second half
of the year.”
Summary results for the three and six months ended
March 31, 2016 are as follows:
Q2 Results from
Continuing Operations (unless otherwise specified)
Three Months Ended March
31, 2016 2015
Change* New Home Orders 1,538 1,698 (9.4 )% Orders
per community per month 3.1 3.5 (11.4 )% Average active community
count 166 160 3.8 % Actual community count at month-end 163 163 — %
Cancellation rates 17.6 % 16.7 % 90 bps Total Home Closings
1,150 936 22.9 % Average selling price from closings (in thousands)
$ 328.0 $ 305.8 7.3 % Homebuilding revenue (in millions) $ 377.3 $
286.2 31.8 % Homebuilding gross margin, excluding impairments and
abandonments (I&A) 15.9 % 18.3 % -240 bps Homebuilding gross
margin, excluding I&A and interest amortized to cost of sales
20.2 % 21.7 % -150 bps Homebuilding gross margin, excluding
I&A, interest amortized to cost of sales and unexpected
warranty costs 20.2 % 21.7 % -150 bps Loss from continuing
operations before income taxes (in millions) $ (5.2 ) $ (2.0 ) $
(3.2 ) (Benefit from) provision for income taxes (in millions) $
(3.9 ) $ 0.1 $ (4.0 ) Loss from continuing operations (in millions)
$ (1.3 ) $ (2.1 ) $ 0.7
Basic and diluted loss per share from
continuing operations
$ (0.04 ) $ (0.08 ) $ 0.04 Total Company land and land
development spending (in millions) $ 83.6 $ 102.1 $ (18.5 ) Total
Company Adjusted EBITDA, excluding unexpected warranty costs and a
litigation settlement in discontinued operations (in millions) $
26.2 $ 19.7 32.5 % LTM Adjusted EBITDA, excluding unexpected
warranty costs and a litigation settlement in discontinued
operations (in millions) $ 160.1 $ 129.1 24.0 %
Six Months Ended March 31,
2016 2015
Change* New Home Orders 2,461 2,664 (7.6 )% LTM orders per
month per community 2.6 2.8 (7.1 )% Cancellation rates 20.9 % 18.5
% 240 bps Total Home Closings 2,199 1,821 20.8 % Average
sales price from closings (in thousands) $ 324.6 $ 300.8 7.9 %
Homebuilding revenue (in millions) $ 713.8 $ 547.8 30.3 %
Homebuilding gross margin, excluding impairments and abandonments
(I&A) 16.7 % 16.0 % 70 bps Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales 20.8 % 19.3 % 150
bps Homebuilding gross margin, excluding I&A, interest
amortized to cost of sales and unexpected warranty costs 20.3 %
21.8 % -150 bps Loss from continuing operations before
income taxes (in millions) $ (3.4 ) $ (20.7 ) $ 17.3 Benefit from
income taxes (in millions) $ (3.3 ) $ (0.6 ) $ (2.7 ) Loss from
continuing operations (in millions) $ (0.1 ) $ (20.1 ) $ 20.0 Basic
and diluted loss per share from continuing operations $ (0.01 ) $
(0.76 ) $ 0.75 Total Company land and land development
spending (in millions) $ 195.3 $ 247.6 $ (52.3 ) Total Company
Adjusted EBITDA, excluding unexpected warranty costs and a
litigation settlement in discontinued operations (in millions) $
52.1 $ 36.0 44.5 %
* Change is calculated using unrounded numbers.
As of March 31,
2016
As of March 31,
2016 2015
Change Backlog units 2,300 2,533 (9.2 )% Dollar value of
backlog (in millions) $ 773.0 $ 814.1 (5.1 )% ASP in backlog (in
thousands) $ 336.1 $ 321.4 4.6 % Land and lots controlled 25,132
27,794 (9.6 )%
Conference Call
The Company will hold a conference call on April 28, 2016
at 10:00 a.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 800-679-9644 or 203-369-3316 and enter the
passcode “3740” (available until 11:59 p.m. ET on May 5, 2016), 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 a geographically
diversified homebuilder with active operations in 13 states
within three geographic regions in the United States. 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's active operations are in the following states: 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) continuing severe
weather conditions or other related events could result in delays
in land development or home construction, increase our costs or
decrease demand in the impacted areas; (iv) 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; (v) our ability to reduce our
outstanding indebtedness and to comply with covenants in our debt
agreements or satisfy such obligations through repayment or
refinancing; (vi) 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; (vii) 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; (viii) 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;
(ix) 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, or an
increased number of foreclosures; (x) increased competition or
delays in reacting to changing consumer preference in home design;
(xi) 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 production and overhead cost
structure; (xii) estimates related to the potential recoverability
of our 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 these related to
the environment; (xiv) the results of litigation or government
proceedings and fulfillment of the obligations in the consent
orders with governmental authorities and other settlement
agreements; (xv) the impact of construction defect and home
warranty claims, including water intrusion issues in Florida and
New Jersey; (xvi) the cost and availability of insurance and surety
bonds; (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 do
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
BEAZER HOMES USA, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF
INCOME
($ in thousands, except per share
data)
Three Months Ended
Six Months Ended March 31, March
31, 2016 2015
2016
2015 Total revenue
$ 385,607 $ 299,359
$ 730,056 $ 565,123 Home construction and land sales
expenses
324,216 245,446
609,727 475,992 Inventory
impairments and abandonments
1,825 —
3,181 — Gross profit
59,566 53,913
117,148 89,131 Commissions
14,582 11,969
28,356 22,895 General and administrative expenses
38,898 32,727
70,567 64,168 Depreciation and
amortization
3,056 2,781
6,047
5,122 Operating income (loss)
3,030 6,436
12,178 (3,054 ) Equity in income (loss) of unconsolidated
entities
(51 ) 82
9 224 Loss on extinguishment
of debt
(1,631 ) —
(2,459 ) — Other
expense, net
(6,558 ) (8,473 )
(13,123
) (17,907 ) Loss from continuing operations before income
taxes
(5,210 ) (1,955 )
(3,395 )
(20,737 ) Expense (benefit) from income taxes
(3,898
) 105
(3,282 ) (591 ) Loss from
continuing operations
(1,312 ) (2,060 )
(113
) (20,146 ) Income (loss) from discontinued operations, net
of tax
78 64
(122 ) (4,190 ) Net
income (loss)
$ (1,234 ) $ (1,996 )
$
(235 ) $ (24,336 ) Weighted average number of shares:
Basic
31,808 26,480
31,783 26,469 Diluted
31,808 26,480
31,783 26,469 Basic income (loss) per
share: Continuing operations
$ (0.04 ) $ (0.08
)
$ (0.01 ) $ (0.76 ) Discontinued operations
$ — $ —
$ — $ (0.16 ) Total
$
(0.04 ) $ (0.08 )
$ (0.01 ) $
(0.92 ) Diluted income (loss) per share: Continuing operations
$ (0.04 ) $ (0.08 )
$ (0.01
) $ (0.76 ) Discontinued operations
$ — $ —
$ — $ (0.16 ) Total
$ (0.04 ) $
(0.08 )
$ (0.01 ) $ (0.92 )
Three
Months Ended Six Months Ended March 31,
March 31, 2016 2015
2016 2015
Capitalized interest in inventory, beginning of period
$
132,462 $ 99,868
$ 123,457 $ 87,619 Interest
incurred
30,467 30,259
60,555 60,542 Capitalized
interest impaired
(84 ) —
(84 ) —
Interest expense not qualified for capitalization and included as
other expense
(6,633 ) (7,695 )
(14,065
) (17,442 ) Capitalized interest amortized to house
construction and land sales expenses
(16,073 ) (9,956
)
(29,724 ) (18,243 ) Capitalized interest in
inventory, end of period
$ 140,139 $ 112,476
$ 140,139 $ 112,476
BEAZER HOMES USA, INC.
UNAUDITED CONSOLIDATED BALANCE
SHEETS
($ in thousands, except share and per
share data)
March 31, 2016
September 30, 2015
ASSETS Cash and cash
equivalents
$ 134,933 $ 251,583 Restricted cash
17,279 38,901 Accounts receivable (net of allowance of $872
and $1,052, respectively)
55,603 52,379 Income tax
receivable
221 419 Owned Inventory
1,750,652
1,697,590 Investments in unconsolidated entities
9,015
13,734 Deferred tax assets, net
329,644 325,373 Property and
equipment, net
20,699 22,230 Other assets
15,695
18,994 Total assets
$ 2,333,741
$ 2,421,203
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable
$ 98,556 $ 113,539 Other
liabilities
142,028 148,966 Total debt (net of discounts of
$5,272 and $3,639, respectively)
1,459,605 1,528,275
Total liabilities
$ 1,700,189 $
1,790,780 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, 33,092,278 issued and outstanding and
32,660,583 issued and outstanding, respectively)
33 33
Paid-in capital
860,917 857,553 Accumulated deficit
(227,398 ) (227,163 ) Total stockholders’ equity
633,552 630,423 Total liabilities and
stockholders’ equity
$ 2,333,741 $ 2,421,203
Inventory Breakdown Homes under construction
$ 446,698 $ 377,281 Development projects in progress
777,369 809,900 Land held for future development
260,222 270,990 Land held for sale
49,500 44,555
Capitalized interest
140,139 123,457 Model homes
76,724 71,407 Total owned inventory
$
1,750,652 $ 1,697,590
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL
DATA – CONTINUING OPERATIONS
($ in thousands, except otherwise
noted)
Three Months Ended March
31, Six Months Ended March 31,
SELECTED OPERATING DATA 2016
2015
2016 2015
Closings: West
region
554 386
1,046 702 East region
277 269
534 574 Southeast region
319 281
619 545 Total closings
1,150 936
2,199 1,821
New orders, net of
cancellations: West region
737 715
1,159 1,120
East region
391 488
639 774 Southeast region
410 495
663 770 Total new
orders, net
1,538 1,698
2,461
2,664
As of March 31, 2016 2015
Backlog
units at end of period: West region
1,068 975 East
region
592 800 Southeast region
640 758 Total
backlog units
2,300 2,533 Dollar value of
backlog at end of period (in millions)
$ 773.0
$ 814.1
Three Months Ended March 31, Six Months
Ended March 31, SUPPLEMENTAL FINANCIAL DATA 2016
2015
2016 2015
Homebuilding revenue: West region
$ 176,940 $ 108,766
$ 334,136 $ 195,084
East region
101,862 96,758
196,207 198,590 Southeast
region
98,453 80,698
183,505
154,130 Total homebuilding revenue
$ 377,255 $
286,222
$ 713,848 $ 547,804
Revenues: Homebuilding
$ 377,255 $ 286,222
$ 713,848 $ 547,804 Land sales and other
8,352
13,137
16,208 17,319 Total revenues
$ 385,607 $ 299,359
$
730,056 $ 565,123
Gross profit:
Homebuilding
$ 58,275 $ 52,379
$
116,338 $ 87,656 Land sales and other
1,291
1,534
810 1,475 Total gross profit
$
59,566 $ 53,913
$ 117,148
$ 89,131
Reconciliation of homebuilding gross profit before impairments
and abandonments and interest amortized to cost of sales and the
related gross margins 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 during the six months
ended March 31, 2016 and 2015, homebuilding gross profit is
also shown excluding these charges. Management believes that this
representation best reflects the operating characteristics of the
Company.
Three Months Ended March
31, Six Months Ended March 31,
2016 2015
2016
2015 Homebuilding gross profit
$ 58,275
15.4 % $ 52,379
18.3 %
$ 116,338 16.3 % $
87,656 16.0 % Inventory impairments and
abandonments (I&A)
1,825 —
2,613
— Homebuilding gross profit before I&A
60,100 15.9 % 52,379 18.3 %
118,951
16.7 % 87,656 16.0 % Interest amortized to cost of
sales
16,073 9,782
29,440 17,976
Homebuilding gross profit before I&A and interest
amortized to cost of sales
76,173 20.2
% 62,161 21.7 %
148,391 20.8
% 105,632 19.3 % Unexpected warranty costs related to
Florida stucco issues (net of expected insurance recoveries)
— —
(3,612 ) 13,582
Homebuilding gross profit before I&A, interest amortized to
cost of sales and unexpected warranty costs
$ 76,173
20.2 % $ 62,161 21.7 %
$
144,779 20.3 % $ 119,214 21.8 %
Reconciliation of Adjusted EBITDA (earnings before interest,
taxes, depreciation, amortization, debt extinguishment, impairments
and abandonments) to total Company net 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.
In addition, given the unusual size and nature of certain
charges recorded during the periods presented, Adjusted EBITDA is
also shown excluding these charges. Management believes that this
representation best reflects the operating characteristics of the
Company.
Three Months Ended
Six Months Ended March 31,
LTM Ended
March 31,
March 31,
March 31, (a)
2016 2015
2016
2015
2016 2015 Net income (loss)
$ (1,234 ) $ (1,996 )
$ (235
) $ (24,336 )
$ 368,195 $ 23,156 Provision
(benefit) from income taxes
(3,865 ) 103
(3,359 ) (594 )
(328,692 ) (42,392 )
Interest amortized to home construction and land sales expenses,
capitalized interest impaired and interest expense not qualified
for capitalization
22,790 17,651
43,873 35,685
94,174 82,328 Depreciation and amortization and stock
compensation amortization
5,087 4,322
9,834 8,037
21,270 16,899 Inventory impairments and abandonments (b)
1,741 —
3,097 —
6,206 7,151 Loss on debt
extinguishment
1,631 —
2,459 —
2,539 19,764 Adjusted EBITDA
$
26,150 $ 20,080
$ 55,669 $ 18,792
$
163,692 $ 106,906 Unexpected warranty costs related to
Florida stucco issues (net of expected insurance recoveries)
— —
(3,612 ) 13,582
(3,612 )
17,872 Unexpected warranty costs related to water intrusion issues
in New Jersey (net of expected insurance recoveries)
— —
— —
— 648 Litigation settlement in discontinued
operations
— (340 )
— 3,660
— 3,660 Adjusted EBITDA excluding unexpected
warranty costs and a litigation settlement in discontinued
operations
$ 26,150 $ 19,740
$
52,057 $ 36,034
$ 160,080
$ 129,086
(a) “LTM” indicates amounts for the trailing 12 months.
(b) Amounts for both the three and six months ended
March 31, 2016 exclude $84,000 in capitalized interest
impaired during the current period. This amount is included in the
line above titled “Interest amortized to home construction and land
sales expenses, capitalized interest impaired and interest expense
not qualified for capitalization.”
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160428005145/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)
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