Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and six months ended
March 31, 2021.
“We had an extraordinary second quarter, driven by strong
operational execution and continued strength in the housing
market,” said Allan P. Merrill, the company’s Chairman and Chief
Executive Officer. “We generated significant growth in sales pace,
average sales price, gross margin and adjusted EBITDA, leading to a
doubling in our quarterly net income versus last year. At the same
time, we improved our balance sheet efficiency by increasing our
share of lots controlled by options while continuing to reduce
leverage.”
Commenting on fiscal 2021 full-year expectations, Mr. Merrill
said, “With evidence of continued strength in new home demand and
the enhanced visibility provided by a backlog that is up more than
50% in dollar value compared to last year, we now expect fiscal
2021 earnings per share to be above $3.00.”
Looking beyond fiscal 2021, Mr. Merrill concluded, “Our balanced
growth strategy and commitment to expanding our already robust ESG
program, has positioned us to generate further improvements in
profitability and returns for shareholders in the years ahead,
while creating durable and growing value for our customers,
employees and partners as well.”
Beazer Homes Fiscal Second Quarter 2021
Highlights and Comparison to Fiscal Second Quarter 2020
- Net income from continuing operations of $24.6 million,
compared to net income from continuing operations of $10.6 million
in fiscal second quarter 2020
- Adjusted EBITDA of $64.2 million, up 46.2%
- Homebuilding revenue of $547.4 million, up 12.2% on a 3.2%
increase in average selling price to $394.4 thousand and an 8.7%
increase in home closings to 1,388
- Homebuilding gross margin was 17.8%, up 170 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 22.2%, up 140 basis points
- SG&A as a percentage of total revenue was 11.0%, down 100
basis points year-over-year
- Net new orders of 1,854, up 11.6% on a 42.3% increase in
orders/community/month to 4.7 and a 21.6% decrease in average
community count to 131
- Dollar value of backlog of $1,386.4 million, up 54.9%
- Unrestricted cash at quarter end was $355.5 million; total
liquidity was $605.5 million
The following provides additional details on the Company's
performance during the fiscal second quarter 2021:
Profitability. Net income from continuing operations was $24.6
million, generating diluted earnings per share of $0.81. Second
quarter adjusted EBITDA of $64.2 million was up $20.3 million
year-over-year. The increase in profitability was primarily driven
by higher revenue, homebuilding gross margin and improved SG&A
leverage.
Orders. Net new orders for the second quarter increased to
1,854, up 11.6% from the prior year, achieving the highest second
quarter and the highest first half of the year level in more than a
decade. The increase in net new orders was driven by a 42.3%
increase in the absorption rate to 4.7 sales per community per
month, up from 3.3 in the previous year, partially offset by a
21.6% decrease in average community count to 131. The cancellation
rate for the quarter was 10.0%, an improvement of 580 basis points
year-over-year.
Backlog. The dollar value of homes in backlog as of March 31,
2021 increased 54.9% to $1,386.4 million, representing 3,303 homes,
compared to $895.0 million, representing 2,231 homes, at the same
time last year. The average selling price of homes in backlog was
$419.7 thousand, up 4.6% year-over-year.
Homebuilding Revenue. Second quarter homebuilding revenue was
$547.4 million, up 12.2% year-over-year. The increase in
homebuilding revenue was driven by an 8.7% increase in home
closings to 1,388 homes and a 3.2% increase in the average selling
price to $394.4 thousand.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 22.2% for the
second quarter, up 140 basis points year-over-year, driven
primarily by lower sales incentives and pricing increases. Gross
margin was up across each of our geographic segments.
SG&A Expenses. Selling, general and administrative expenses
as a percentage of total revenue was 11.0% for the quarter, down
100 basis points year-over-year as a result of the Company's
continued focus on overhead cost management while driving revenue
growth.
Liquidity. At the close of the second quarter, the Company had
approximately $605.5 million of available liquidity, including
$355.5 million of unrestricted cash and a fully undrawn revolving
credit facility capacity of $250.0 million.
Debt Repurchases. The Company repurchased $9.7 million of its
outstanding 5.875% unsecured Senior Notes due October 2027 at an
average price of $104.792 per $100 principal amount.
Commitment to Net Zero Energy
Ready
In April 2021, we received the 2021 ENERGY STAR® Partner of the
Year—Sustained Excellence Award from the U.S. Environmental
Protection Agency and the U.S. Department of Energy for the sixth
consecutive year. The Sustained Excellence Award represents the
highest honor bestowed under the ENERGY STAR® program and
underscores our commitment to improve energy efficiency. As
described in our most recent proxy statement, in December 2020 we
became the first national builder to publicly commit to ensuring
every home we build is Net Zero Energy Ready by the end of 2025. We
calculate the energy performance of our homes using the industry
standard Home Energy Rating System (HERS), which measures energy
efficiency on an easy to understand scale: the lower the number,
the more energy efficient the home. Net Zero Energy Ready means
that every home we build will have a gross HERS index score (before
any benefit of renewable energy production) of 45 or less, and
homeowners will be able to achieve net zero energy by attaching a
properly sized renewable energy system. Reaching our Net Zero
Energy Ready target represents a significant improvement in energy
efficiency and will lead to a reduction in greenhouse gas
emissions.
Summary results for the three and six months ended March 31,
2021 are as follows:
Three Months Ended March
31,
2021
2020
Change*
New home orders, net of cancellations
1,854
1,661
11.6
%
Orders per community per month
4.7
3.3
42.3
%
Average active community count
131
167
(21.6
)%
Actual community count at quarter-end
132
166
(20.5
)%
Cancellation rates
10.0
%
15.8
%
-580 bps
Total home closings
1,388
1,277
8.7
%
Average selling price (ASP) from closings
(in thousands)
$
394.4
$
382.1
3.2
%
Homebuilding revenue (in millions)
$
547.4
$
488.0
12.2
%
Homebuilding gross margin
17.8
%
16.1
%
170 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
17.8
%
16.1
%
170 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
22.2
%
20.8
%
140 bps
Income from continuing operations before
income taxes (in millions)
$
32.3
$
14.8
$
17.6
Expense from income taxes (in
millions)
$
7.7
$
4.2
$
3.5
Income from continuing operations (in
millions)
$
24.6
$
10.6
$
14.0
Basic income per share from continuing
operations
$
0.82
$
0.36
$
0.46
Diluted income per share from continuing
operations
$
0.81
$
0.35
$
0.46
Income from continuing operations before
income taxes (in millions)
$
32.3
$
14.8
$
17.6
Loss on debt extinguishment (in
millions)
$
(0.6
)
$
—
$
(0.6
)
Income from continuing operations
excluding loss on debt extinguishment before income taxes (in
millions)(a)
$
32.9
$
14.8
$
18.1
Income from continuing operations
excluding loss on debt extinguishment after income taxes (in
millions)(b)
$
25.0
$
10.6
$
14.4
Net income
$
24.5
$
10.6
$
13.9
Land and land development spending (in
millions)
$
97.3
$
123.0
$
(25.7
)
Adjusted EBITDA (in millions)
$
64.2
$
43.9
$
20.3
LTM Adjusted EBITDA (in millions)
$
238.9
$
194.0
$
44.9
*
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 loss on debt
extinguishment. 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 March 31, 2021,
the loss on debt extinguishment was tax-effected at the effective
tax rate of 24.2%. For the three months ended March 31, 2020, there
was no loss on debt extinguishment.
"LTM" indicates amounts for the trailing
12 months.
Six Months Ended March
31,
2021
2020
Change*
New home orders, net of cancellations
3,296
2,912
13.2
%
LTM orders per community per month
3.8
2.9
31.0
%
Cancellation rates
11.0
%
15.4
%
-440 bps
Total home closings
2,502
2,389
4.7
%
ASP from closings (in thousands)
$
388.3
$
379.0
2.5
%
Homebuilding revenue (in millions)
$
971.6
$
905.4
7.3
%
Homebuilding gross margin
17.7
%
15.7
%
200 bps
Homebuilding gross margin, excluding
I&A
17.8
%
15.7
%
210 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
22.2
%
20.3
%
190 bps
Income from continuing operations before
income taxes (in millions)
$
48.5
$
17.4
$
31.1
Expense from income taxes (in
millions)
$
11.8
$
4.0
$
7.9
Income from continuing operations (in
millions)
$
36.7
$
13.4
$
23.3
Basic income per share from continuing
operations
$
1.23
$
0.45
$
0.78
Diluted income per share from continuing
operations
$
1.22
$
0.45
$
0.77
Income from continuing operations before
income taxes (in millions)
$
48.5
$
17.4
$
31.1
Loss on debt extinguishment (in
millions)
$
(0.6
)
$
—
$
(0.6
)
Inventory impairments and abandonments (in
millions)
$
(0.5
)
$
—
$
(0.5
)
Income from continuing operations
excluding loss on debt extinguishment, and inventory impairments
and abandonments before income taxes (in millions)(a)
$
49.6
$
17.4
$
32.2
Income from continuing operations
excluding loss on debt extinguishment, and inventory impairments
and abandonments after income taxes (in millions)(b)
$
37.4
$
13.4
$
24.0
Net income
$
36.5
$
13.4
$
23.2
Land and land development spending (in
millions)
$
206.9
$
269.0
$
(62.1
)
Adjusted EBITDA (in millions)
$
107.8
$
73.3
$
34.5
*
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 loss on debt
extinguishment 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 six months ended March 31, 2021,
loss on debt extinguishment, and inventory impairments and
abandonments were tax-effected at the effective tax rate of 24.2%.
For the six months ended March 31, 2020, there were no loss on debt
extinguishment, and inventory impairments and abandonments.
"LTM" indicates amounts for the trailing
12 months.
As of March 31,
2021
2020
Change
Backlog units
3,303
2,231
48.1
%
Dollar value of backlog (in millions)
$
1,386.4
$
895.0
54.9
%
ASP in backlog (in thousands)
$
419.7
$
401.2
4.6
%
Land and lots controlled
18,230
19,654
(7.2
)%
Conference Call
The Company will hold a conference call on April 29, 2021 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 6, 2021 at 800-839-8789 (for
international callers, dial 203-369-3037) 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 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 and governmental actions that are out of our control and
affect the affordability of and demand for, the homes we sell;
(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) increases
in corporate tax rates; (xvi) 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; (xvii) the results of litigation or government
proceedings and fulfillment of any related obligations; (xviii) the
impact of construction defect and home warranty claims; (xix) the
cost and availability of insurance and surety bonds, as well as the
sufficiency of these instruments to cover potential losses
incurred; (xx) the impact of information technology failures,
cybersecurity issues or data security breaches; or (xxi) 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
Six Months Ended
March 31,
March 31,
in thousands (except per share
data)
2021
2020
2021
2020
Total revenue
$
549,889
$
489,413
$
978,428
$
907,217
Home construction and land sales
expenses
451,963
410,568
804,744
765,235
Inventory impairments and abandonments
—
—
465
—
Gross profit
97,926
78,845
173,219
141,982
Commissions
20,884
18,744
37,391
34,809
General and administrative expenses
39,741
40,050
77,717
79,749
Depreciation and amortization
3,683
3,627
6,805
7,054
Operating income
33,618
16,424
51,306
20,370
Equity in income of unconsolidated
entities
186
147
111
134
Loss on extinguishment of debt
(563
)
—
(563
)
—
Other expense, net
(894
)
(1,786
)
(2,346
)
(3,126
)
Income from continuing operations before
income taxes
32,347
14,785
48,508
17,378
Expense from income taxes
7,704
4,170
11,829
3,959
Income from continuing operations
24,643
10,615
36,679
13,419
Loss from discontinued operations, net of
tax
(115
)
(1
)
(154
)
(59
)
Net income
$
24,528
$
10,614
$
36,525
$
13,360
Weighted average number of shares:
Basic
29,953
29,868
29,862
29,808
Diluted
30,215
29,975
30,150
30,078
Basic income (loss) per share:
Continuing operations
$
0.82
$
0.36
$
1.23
$
0.45
Discontinued operations
—
—
(0.01
)
—
Total
$
0.82
$
0.36
$
1.22
$
0.45
Diluted income (loss) per share:
Continuing operations
$
0.81
$
0.35
$
1.22
$
0.45
Discontinued operations
—
—
(0.01
)
—
Total
$
0.81
$
0.35
$
1.21
$
0.45
Three Months Ended
Six Months Ended
March 31,
March 31,
Capitalized Interest in
Inventory
2021
2020
2021
2020
Capitalized interest in inventory,
beginning of period
$
119,148
$
137,010
$
119,659
$
136,565
Interest incurred
19,345
22,271
39,247
43,827
Interest expense not qualified for
capitalization and included as other expense
(969
)
(1,928
)
(2,569
)
(3,370
)
Capitalized interest amortized to home
construction and land sales expenses
(24,110
)
(22,660
)
(42,923
)
(42,329
)
Capitalized interest in inventory, end of
period
$
113,414
$
134,693
$
113,414
$
134,693
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
in thousands (except share and per share
data)
March 31, 2021
September 30, 2020
ASSETS
Cash and cash equivalents
$
355,533
$
327,693
Restricted cash
18,162
14,835
Accounts receivable (net of allowance of
$298 and $358, respectively)
17,158
19,817
Income tax receivable
9,203
9,252
Owned inventory
1,383,616
1,350,738
Investments in unconsolidated entities
4,114
4,003
Deferred tax assets, net
213,624
225,143
Property and equipment, net
21,989
22,280
Operating lease right-of-use assets
12,719
13,103
Goodwill
11,376
11,376
Other assets
8,077
9,240
Total assets
$
2,055,571
$
2,007,480
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
150,632
$
132,192
Operating lease liabilities
14,603
15,333
Other liabilities
133,568
135,983
Total debt (net of debt issuance costs of
$9,980 and $10,891, respectively)
1,123,001
1,130,801
Total liabilities
1,421,804
1,414,309
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, 31,289,296 issued and outstanding and
31,012,326 issued and outstanding, respectively)
31
31
Paid-in capital
860,537
856,466
Accumulated deficit
(226,801
)
(263,326
)
Total stockholders’ equity
633,767
593,171
Total liabilities and stockholders’
equity
$
2,055,571
$
2,007,480
Inventory Breakdown
Homes under construction
$
653,137
$
525,021
Development projects in progress
517,037
589,763
Land held for future development
23,068
28,531
Land held for sale
8,851
12,622
Capitalized interest
113,414
119,659
Model homes
68,109
75,142
Total owned inventory
$
1,383,616
$
1,350,738
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING
OPERATIONS
Three Months Ended March
31,
Six Months Ended March
31,
SELECTED OPERATING DATA
2021
2020
2021
2020
Closings:
West region
757
735
1,399
1,429
East region
321
235
544
427
Southeast region
310
307
559
533
Total closings
1,388
1,277
2,502
2,389
New orders, net of
cancellations:
West region
1,116
953
1,898
1,690
East region
357
351
677
584
Southeast region
381
357
721
638
Total new orders, net
1,854
1,661
3,296
2,912
As of March 31,
Backlog units at end of period:
2021
2020
West region
1,864
1,243
East region
757
498
Southeast region
682
490
Total backlog units
3,303
2,231
Dollar value of backlog at end of period
(in millions)
$
1,386.4
$
895.0
in thousands
Three Months Ended March
31,
Six Months Ended March
31,
SUPPLEMENTAL FINANCIAL DATA
2021
2020
2021
2020
Homebuilding revenue:
West region
$
277,843
$
267,231
$
510,783
$
521,629
East region
151,993
110,011
249,957
187,656
Southeast region
117,581
110,744
210,906
196,100
Total homebuilding revenue
$
547,417
$
487,986
$
971,646
$
905,385
Revenue:
Homebuilding
$
547,417
$
487,986
$
971,646
$
905,385
Land sales and other
2,472
1,427
6,782
1,832
Total revenue
$
549,889
$
489,413
$
978,428
$
907,217
Gross profit:
Homebuilding
$
97,456
$
78,744
$
172,293
$
141,852
Land sales and other
470
101
926
130
Total gross profit
$
97,926
$
78,845
$
173,219
$
141,982
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 March
31,
Six Months Ended March
31,
in thousands
2021
2020
2021
2020
Homebuilding gross profit/margin
$
97,456
17.8
%
$
78,744
16.1
%
$
172,293
17.7
%
$
141,852
15.7
%
Inventory impairments and abandonments
(I&A)
—
—
465
—
Homebuilding gross profit/margin before
I&A
97,456
17.8
%
78,744
16.1
%
172,758
17.8
%
141,852
15.7
%
Interest amortized to cost of sales
24,110
22,660
42,670
42,329
Homebuilding gross profit/margin before
I&A and interest amortized to cost of sales
$
121,566
22.2
%
$
101,404
20.8
%
$
215,428
22.2
%
$
184,181
20.3
%
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
in thousands
2021
2020
2021
2020
2021
2020
Net income
$
24,528
$
10,614
$
36,525
$
13,360
$
75,391
$
27,391
Expense from income taxes
7,672
4,170
11,786
3,942
25,508
8,789
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
24,110
22,660
42,923
42,329
96,256
101,496
Interest expense not qualified for
capitalization
969
1,928
2,569
3,370
7,667
5,640
EBIT
57,279
39,372
93,803
63,001
204,822
143,316
Depreciation and amortization
3,683
3,627
6,805
7,054
15,391
16,143
EBITDA
60,962
42,999
100,608
70,055
220,213
159,459
Stock-based compensation expense
2,549
899
6,060
3,210
12,886
9,442
Loss on extinguishment of debt
563
—
563
—
563
25,136
Inventory impairments and abandonments
(b)
—
—
465
—
2,576
—
Restructuring and severance expenses
—
—
(10
)
—
1,307
—
Litigation settlement in discontinued
operations
120
—
$
120
$
—
1,380
—
Adjusted EBITDA
$
64,194
$
43,898
$
107,806
$
73,265
$
238,925
$
194,037
(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/20210429006025/en/
Beazer Homes USA, Inc. David I. Goldberg Sr. Vice President
& Chief Financial Officer 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