Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial
results for the quarter and fiscal year ended September 30,
2020.
“Fiscal 2020 was an extraordinary year for Beazer Homes,” said
Allan P. Merrill, the company’s Chairman and Chief Executive
Officer. “While successfully adopting new health and safety
procedures to allow us to continue selling, building and delivering
homes during the pandemic, we achieved all of the financial
objectives we outlined last fall and exited the year positioned to
generate higher earnings in fiscal 2021. These results would not
have been possible without the creative and tireless efforts of our
entire team.”
Related to fiscal 2020, Mr. Merrill continued, “For the full
year, we generated $53.3 million of net income from continuing
operations, grew Adjusted EBITDA by more than 10%, produced a
return on assets above 10% and brought our Debt to Adjusted EBITDA
ratio below 5 times, fulfilling the financial objectives we
established prior to the onset of the pandemic.”
Commenting on fiscal 2021, Mr. Merrill said, “We enter fiscal
2021 with the dollar value of our backlog nearly 50% higher than
this time last year and expectations for substantially lower
interest expense, providing us visibility into double-digit growth
in earnings per share – even as we confront a short-term reduction
in community count that has been exacerbated by the recent strength
in new home orders.”
Looking beyond fiscal 2021, Mr. Merrill concluded, “With our
deleveraging objective of reducing debt below $1 billion clearly in
sight, we expect increased land and development spending during
2021 will allow us to increase the number of lots we own or control
through options by year end, which we believe positions us for top
and bottom line growth in the years ahead.”
Beazer Homes Fiscal 2020 Highlights and
Comparison to Fiscal 2019
- Net income from continuing operations of $53.3 million. Net
income in fiscal 2020 and fiscal 2019 included one-time items
related to loss on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges. Excluding
these items, the Company generated net income from continuing
operations of $56.5 million, compared to net income from continuing
operations of $38.7 million in fiscal 2019
- Homebuilding revenue of $2.1 billion, up 1.9%
- 5,492 new home closings, essentially flat year-over-year
- Average selling price of $385.5 thousand, up 2.1%
- Homebuilding gross margin was 16.4%, up 650 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 21.0%, up 130 basis points
- SG&A as a percentage of total revenue was 11.9%, up 30
basis points
- Net new orders of 6,293, up 12.9% on a 14.8% increase in
sales/community/month to 3.2 and a 1.7% decrease in average
community count to 163
- Dollar value of backlog of $995.3 million, up 49.6%
Beazer Homes Fiscal Fourth Quarter 2020
Highlights and Comparison to Fiscal Fourth Quarter 2019
- Net income from continuing operations of $24.6 million. Net
income in fiscal 2020 and fiscal 2019 included one-time items
related to loss on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges. Excluding
these items, the Company generated net income from continuing
operations of $25.6 million, compared to net income from continuing
operations of $23.8 in fiscal fourth quarter 2019
- Homebuilding revenue of $679.1 million, down 12.2% on a 13.8%
decrease in home closings to 1,737 and a 1.8% increase in average
selling price to $390.9 thousand
- Homebuilding gross margin was 17.1%, up 190 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 21.7%, up 180 basis points
- SG&A as a percentage of total revenue was 11.1%, up 160
basis points year-over-year
- Net new orders of 2,009, up 37.8% on a 52.6% increase in
sales/community/month to 4.4 and a 9.7% decrease in average
community count to 151
- Unrestricted cash at quarter end was $327.7 million; total
liquidity was $577.7 million
The following provides additional details on the Company's
performance during the fiscal fourth quarter 2020:
Profitability. Net income from continuing operations was $24.6
million, generating diluted earnings per share of $0.82. Fourth
quarter Adjusted EBITDA of $77.1 million was down $5.0 million
compared to the same period last year, primarily driven by lower
home closings, partially offset by an increase in homebuilding
gross margin.
Orders. Due to the high demand experienced during the fourth
quarter, net new orders increased to 2,009, up 37.8% from the prior
year, achieving the highest fourth quarter level in more than a
decade. The increase in net new orders was driven by an increase in
the absorption rate to 4.4 sales per community per month, up from
2.9 in the previous year, partially offset by a 9.7% decrease in
average community count to 151. The cancellation rate for the
quarter was 12.2%, down 410 basis points from the previous
year.
Backlog. The dollar value of homes in backlog as of September
30, 2020 increased 49.6% to $995.3 million, or 2,509 homes,
compared to $665.1 million, or 1,708 homes, at the same time last
year. The average selling price of homes in backlog was $396.7
thousand, up 1.9% year-over-year.
Homebuilding Revenue. Fourth quarter homebuilding revenue was
$679.1 million, down 12.2% from the same period last year. The
decline in homebuilding revenue was primarily driven by a 13.8%
decrease in home closings to 1,737 homes, which is attributed to
the decrease in demand during March and April as a result of the
COVID-19 pandemic.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 21.7% for the
fourth quarter, up 180 basis points year-over-year, driven
primarily by lower sales incentives and pricing increases.
SG&A Expenses. Selling, general and administrative expenses
as a percentage of total revenue was 11.1% for the quarter, up 160
basis points compared to the prior year. This increase was
primarily driven by the decrease in home closings and homebuilding
revenue in the quarter, while SG&A on an absolute dollar basis
was relatively flat.
Liquidity. At the close of the fourth quarter, the Company had
$577.7 million of available liquidity, including $327.7 million of
unrestricted cash and $250.0 million available on its secured
revolving credit facility.
Fiscal Year
Results from Continuing Operations
Year Ended September
30,
2020
2019
Change*
New home orders, net of cancellations
6,293
5,576
12.9
%
Orders per community per month
3.2
2.8
14.8
%
Average active community count
163
166
(1.7
)%
Cancellation rates
15.8
%
16.1
%
-30 bps
Total home closings
5,492
5,500
(0.1
)%
ASP from closings (in thousands)
$
385.5
$
377.7
2.1
%
Homebuilding revenue (in millions)
$
2,116.9
$
2,077.2
1.9
%
Homebuilding gross margin
16.4
%
9.9
%
650 bps
Homebuilding gross margin, excluding
I&A
16.5
%
15.2
%
130 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
21.0
%
19.7
%
130 bps
Income (loss) from continuing operations
before income taxes (in millions)
$
71.3
$
(116.6
)
$
187.9
Expense (benefit) from income taxes (in
millions)
$
18.0
$
(37.2
)
$
55.2
Net income (loss) from continuing
operations (in millions)
$
53.3
$
(79.4
)
$
132.7
Basic income (loss) per share from
continuing operations
$
1.80
$
(2.59
)
$
4.39
Diluted income (loss) per share from
continuing operations
$
1.78
$
(2.59
)
$
4.37
Income (loss) from continuing operations
before income taxes (in millions)
$
71.3
$
(116.6
)
$
187.9
Loss on debt extinguishment, net (in
millions)
$
—
$
(24.9
)
$
24.9
Inventory impairments and abandonments (in
millions)
$
(2.9
)
$
(148.6
)
$
145.7
Restructuring and severance charges (in
millions)
$
(1.3
)
$
—
$
(1.3
)
Income from continuing operations
excluding loss on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges before income
taxes (in millions) (a)
$
75.5
$
56.9
$
18.6
Net income from continuing operations
excluding loss on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges after income
taxes (in millions) (b)
$
56.5
$
38.7
$
17.8
Net income (loss) (in millions)
$
52.2
$
(79.5
)
$
131.7
Land and land development spending (in
millions)
$
440.8
$
469.9
$
(29.1
)
Adjusted EBITDA (in millions)
$
204.4
$
180.2
$
24.2
* Change and totals are calculated using unrounded numbers.
(a)
Management believes that this measure
assists investors in understanding and comparing the operating
characteristics of homebuilding activities by eliminating the
differences in companies' respective level of debt and level of
impairments. This measure should not be considered an alternative
to income (loss) from continuing operations before income taxes
determined in accordance with GAAP as an indicator of operating
performance.
(b)
For the year ended September 30, 2020,
inventory impairments and abandonments and restructuring and
severance charges were tax-effected at the effective tax rate of
25.2%. For the year ended September 30, 2019, loss on debt
extinguishment and inventory impairments and abandonments were
tax-effected at the effective tax rate of 31.9%.
Q4 Results from
Continuing Operations
Quarter Ended September
30,
2020
2019
Change*
New home orders, net of cancellations
2,009
1,458
37.8
%
Orders per community per month
4.4
2.9
52.6
%
Average active community count
151
168
(9.7
)%
Actual community count at quarter-end
145
166
(12.7
)%
Cancellation rates
12.2
%
16.3
%
-410 bps
Total home closings
1,737
2,014
(13.8
)%
Average selling price (ASP) from closings
(in thousands)
$
390.9
$
383.8
1.8
%
Homebuilding revenue (in millions)
$
679.1
$
773.0
(12.2
)%
Homebuilding gross margin
17.1
%
15.2
%
190 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
17.2
%
15.2
%
200 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
21.7
%
19.9
%
180 bps
Income from continuing operations before
income taxes (in millions)
$
33.7
$
9.5
$
24.2
Expense from income taxes (in
millions)
$
9.0
$
7.0
$
2.0
Net income from continuing operations (in
millions)
$
24.6
$
2.5
$
22.2
Basic income per share from continuing
operations
$
0.83
$
0.08
$
0.75
Diluted income per share from continuing
operations
$
0.82
$
0.08
$
0.74
Income from continuing operations before
income taxes (in millions)
$
33.7
$
9.5
$
24.2
Loss on debt extinguishment (in
millions)
$
—
$
(25.5
)
$
25.5
Inventory impairments and abandonments (in
millions)
$
(0.6
)
$
—
$
(0.6
)
Income from continuing operations
excluding loss on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges before income
taxes (in millions)(a)
$
34.3
$
35.0
$
(0.7
)
Net income from continuing operations
excluding loss on debt extinguishment, inventory impairments and
abandonments, and restructuring and severance charges after income
taxes (in millions)(b)
$
25.6
$
23.8
$
1.8
Net income (in millions)
$
23.7
$
2.4
$
21.2
Land and land development spending (in
millions)
$
116.1
$
106.3
$
9.8
Adjusted EBITDA (in millions)
$
77.1
$
82.1
$
(5.0
)
* Change and totals are calculated using unrounded numbers.
(a)
Management believes that this measure
assists investors in understanding and comparing the operating
characteristics of homebuilding activities by eliminating the
differences in companies' respective level of debt and level of
impairments. This measure should not be considered an alternative
to income from continuing operations before income taxes determined
in accordance with GAAP as an indicator of operating
performance.
(b)
For the three months ended September 30,
2020, inventory impairments and abandonments and restructuring and
severance charges were tax-effected at the effective tax rate of
25.2%. For the three months ended September 30, 2019, loss on debt
extinguishment was tax-effected at the effective tax rate of
31.9%.
As of September 30,
2020
2019
Change
Backlog units
2,509
1,708
46.9
%
Dollar value of backlog (in millions)
$
995.3
$
665.1
49.6
%
ASP in backlog (in thousands)
$
396.7
$
389.4
1.9
%
Land and lots controlled
17,830
19,875
(10.3)
%
Conference Call
The Company will hold a conference call on November 12, 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 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 800-475-0542 (for international
callers, dial 517-308-9429). To be admitted to the call, enter the
passcode “8571348.” A replay of the conference call will be
available, until 10:00 PM ET on November 19, 2020 at 888-562-7249
(for international callers, dial 203-369-3937) 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)
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; (iii) the potential
negative impact 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; (iv) 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; (v) 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; (vi) 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; (vii) 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; (viii) market perceptions regarding any capital
raising initiatives we may undertake (including future issuances of
equity or debt capital); (ix) terrorist acts, protests and civil
unrest, political uncertainty, natural disasters, acts of war or
other factors over which the Company has little or no control; (x)
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; (xi) 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; (xii) increased competition
or delays in reacting to changing consumer preferences in home
design; (xiii) 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; (xiv) the
potential recoverability of our deferred tax assets; (xv) 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; (xvi) the results of litigation
or government proceedings and fulfillment of any related
obligations; (xvii) the impact of construction defect and home
warranty claims; (xviii) the cost and availability of insurance and
surety bonds, as well as the sufficiency of these instruments to
cover potential losses incurred; (xix) the impact of information
technology failures, cybersecurity issues or data security
breaches; 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.
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended
Fiscal Year Ended
September 30,
September 30,
in thousands (except per share data)
2020
2019
2020
2019
Total revenue
$
686,748
$
781,701
$
2,127,077
$
2,087,739
Home construction and land sales
expenses
569,511
665,404
1,776,534
1,773,085
Inventory impairments and abandonments
637
—
2,903
148,618
Gross profit
116,600
116,297
347,640
166,036
Commissions
26,847
29,837
82,507
79,802
General and administrative expenses
49,361
44,608
170,386
161,371
Depreciation and amortization
4,806
5,847
15,640
14,759
Operating income (loss)
35,586
36,005
79,107
(89,896
)
Equity in income of unconsolidated
entities
209
88
347
404
Loss on extinguishment of debt, net
—
(25,494
)
—
(24,920
)
Other expense, net
(2,135
)
(1,092
)
(8,165
)
(2,226
)
Income (loss) from continuing operations
before income taxes
33,660
9,507
71,289
(116,638
)
Expense (benefit) from income taxes
9,033
7,043
17,973
(37,217
)
Income (loss) from continuing
operations
24,627
2,464
53,316
(79,421
)
Loss from discontinued operations, net of
tax
(949
)
(35
)
(1,090
)
(99
)
Net income (loss)
$
23,678
$
2,429
$
52,226
$
(79,520
)
Weighted-average number of shares:
Basic
29,603
29,545
29,704
30,617
Diluted
30,005
30,169
29,948
30,617
Basic income (loss) per share:
Continuing operations
$
0.83
$
0.08
$
1.80
$
(2.59
)
Discontinued operations
(0.03
)
—
(0.04
)
(0.01
)
Total
$
0.80
$
0.08
$
1.76
$
(2.60
)
Diluted income (loss) per share:
Continuing operations
$
0.82
$
0.08
$
1.78
$
(2.59
)
Discontinued operations
(0.03
)
—
(0.04
)
(0.01
)
Total
$
0.79
$
0.08
$
1.74
$
(2.60
)
Three Months Ended
Fiscal Year Ended
September 30,
September 30,
Capitalized Interest in
Inventory
2020
2019
2020
2019
Capitalized interest in inventory,
beginning of period
$
132,096
$
148,825
$
136,565
$
144,645
Interest incurred
20,385
26,464
87,224
103,970
Capitalized interest impaired
—
—
(792
)
(13,907
)
Interest expense not qualified for
capitalization and included as other expense
(2,095
)
(1,309
)
(8,468
)
(3,109
)
Capitalized interest amortized to home
construction and land sales expenses
(30,727
)
(37,415
)
(94,870
)
(95,034
)
Capitalized interest in inventory, end of
period
$
119,659
$
136,565
$
119,659
$
136,565
BEAZER HOMES USA, INC.
CONSOLIDATED BALANCE
SHEETS
in thousands (except share and per share
data)
September 30, 2020
September 30, 2019
ASSETS
Cash and cash equivalents
$
327,693
$
106,741
Restricted cash
14,835
16,053
Accounts receivable (net of allowance of
$358 and $304, respectively)
19,817
26,395
Income tax receivable
9,252
4,935
Owned inventory
1,350,738
1,504,248
Investments in unconsolidated entities
4,003
3,962
Deferred tax assets, net
225,143
246,957
Property and equipment, net
22,280
27,421
Operating lease right-of-use assets
13,103
—
Goodwill
11,376
11,376
Other assets
9,240
9,556
Total assets
$
2,007,480
$
1,957,644
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
132,192
$
131,152
Operating lease liabilities
15,333
—
Other liabilities
135,983
109,429
Total debt (net of debt issuance costs of
$10,891 and $12,470, respectively)
1,130,801
1,178,309
Total liabilities
1,414,309
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, 31,012,326 issued and outstanding and
30,933,110 issued and outstanding, respectively)
31
31
Paid-in capital
856,466
854,275
Accumulated deficit
(263,326
)
(315,552
)
Total stockholders’ equity
593,171
538,754
Total liabilities and stockholders’
equity
$
2,007,480
$
1,957,644
Inventory Breakdown
Homes under construction
$
525,021
$
507,542
Development projects in progress
589,763
738,201
Land held for future development
28,531
28,531
Land held for sale
12,622
12,662
Capitalized interest
119,659
136,565
Model homes
75,142
80,747
Total owned inventory
$
1,350,738
$
1,504,248
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND
FINANCIAL DATA – CONTINUING OPERATIONS
Quarter Ended September
30,
Fiscal Year Ended September
30,
SELECTED OPERATING DATA
2020
2019
2020
2019
Closings:
West region
958
978
3,206
2,859
East region
398
445
1,045
1,092
Southeast region
381
591
1,241
1,549
Total closings
1,737
2,014
5,492
5,500
New orders, net of
cancellations:
West region
1,124
808
3,589
2,983
East region
457
283
1,328
1,152
Southeast region
428
367
1,376
1,441
Total new orders, net
2,009
1,458
6,293
5,576
Fiscal Year Ended September
30,
Backlog units at end of period:
2020
2019
West region
1,365
982
East region
624
341
Southeast region
520
385
Total backlog units
2,509
1,708
Dollar value of backlog at end of period
(in millions)
$
995.3
$
665.1
Quarter Ended September
30,
Fiscal Year Ended September
30,
SUPPLEMENTAL FINANCIAL DATA
2020
2019
2020
2019
Homebuilding revenue:
West region
$
355,448
$
354,880
$
1,180,577
$
1,012,977
East region
180,385
206,939
476,167
506,389
Southeast region
143,227
211,183
460,166
557,879
Total homebuilding revenue
$
679,060
$
773,002
$
2,116,910
$
2,077,245
Revenues:
Homebuilding
$
679,060
$
773,002
$
2,116,910
$
2,077,245
Land sales and other
7,688
8,699
10,167
10,494
Total revenues
$
686,748
$
781,701
$
2,127,077
$
2,087,739
Gross profit:
Homebuilding
$
115,976
$
117,844
$
348,110
$
206,034
Land sales and other
624
(1,547
)
(470
)
(39,998
)
Total gross profit
$
116,600
$
116,297
$
347,640
$
166,036
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.
Quarter Ended September
30,
Fiscal Year Ended September
30,
2020
2019
2020
2019
Homebuilding gross profit/margin
$
115,976
17.1
%
$
117,844
15.2
%
$
348,110
16.4
%
$
206,034
9.9
%
Inventory impairments and abandonments
(I&A)
637
—
1,646
110,029
Homebuilding gross profit/margin before
I&A
116,613
17.2
%
117,844
15.2
%
349,756
16.5
%
316,063
15.2
%
Interest amortized to cost of sales
30,701
36,256
94,844
93,875
Homebuilding gross profit/margin before
I&A and interest amortized to cost of sales
$
147,314
21.7
%
$
154,100
19.9
%
$
444,600
21.0
%
$
409,938
19.7
%
Reconciliation of Adjusted EBITDA to total company net income
(loss), the most directly comparable GAAP measure, is provided for
each period discussed below. Management believes that Adjusted
EBITDA assists investors in understanding and comparing the
operating characteristics of homebuilding activities by eliminating
many of the differences in companies' respective capitalization,
tax position and level of impairments. These EBITDA measures should
not be considered alternatives to net income determined in
accordance with GAAP as an indicator of operating performance.
The reconciliation of Adjusted EBITDA to total company net
income (loss) below differs from 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.
Quarter Ended September
30,
Fiscal Year Ended September
30,
2020
2019
2020
2019
Net income (loss)
$
23,678
$
2,429
$
52,226
$
(79,520
)
Expense (benefit) from income taxes
8,764
7,034
17,664
(37,245
)
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
30,727
37,415
95,662
108,941
Interest expense not qualified for
capitalization
2,095
1,309
8,468
3,109
EBIT
65,264
48,187
174,020
(4,715
)
Depreciation and amortization
4,806
5,847
15,640
14,759
EBITDA
70,070
54,034
189,660
10,044
Stock-based compensation expense
5,167
2,533
10,036
10,526
Loss on extinguishment of debt
—
25,494
—
24,920
Inventory impairments and abandonments
(a)
637
—
2,111
134,711
Restructuring and severance expenses
(44
)
—
1,317
—
Litigation settlement in discontinued
operations
1,260
—
1,260
—
Adjusted EBITDA
$
77,090
$
82,061
$
204,384
$
180,201
(a)
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/20201112005950/en/
Beazer Homes USA, Inc. David I. Goldberg Vice President of
Treasury and Investor Relations 770-829-3700
investor.relations@beazer.com
Beazer Homes USA (NYSE:BZH)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Beazer Homes USA (NYSE:BZH)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024