Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and nine months ended
June 30, 2022.
“We generated very strong third quarter financial results,” said
Allan P. Merrill, the Company’s Chairman and Chief Executive
Officer. “Increases in both home prices and gross margin 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, “The environment for new
home sales became significantly more challenging during our third
quarter, as higher mortgage rates and rapid inflation – among other
macro-economic headwinds – negatively impacted homebuyer sentiment
and behavior. While the structural demand for new homes remains
quite strong, many prospective customers are delaying purchase
decisions.”
“Despite near-term pressures on new home sales, the size of our
backlog provides excellent visibility into full year financial
results. Accordingly, we now expect to generate fiscal year 2022
earnings per share of approximately $6.50, inclusive of previously
disclosed tax benefits of approximately $0.40 per share. We also
expect to reduce debt below $1 billion by year end.”
Looking further out, Mr. Merrill concluded, “We remain confident
in the long-term prospects of our business and the new home
industry. The gap between the structural 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. In the
quarters ahead, we expect consumers will adjust to a higher rate
environment and that builders will modify the size, features and
pricing of new homes to address affordability challenges. Balancing
the opportunities and the challenges, we remain confident that we
will be able to create durable value for our stakeholders, as we
operate from a less leveraged and more efficient balance sheet and
execute on our ESG initiatives.”
Beazer Homes Fiscal Third Quarter 2022
Highlights and Comparison to Fiscal Third Quarter 2021
- Net income from continuing operations of $54.3 million, or
$1.76 per diluted share, compared to net income from continuing
operations of $37.1 million, or $1.22 per diluted share, in fiscal
third quarter 2021
- Adjusted EBITDA of $88.2 million, up 11.9%
- Homebuilding revenue of $523.2 million, down 7.7% on a 24.3%
decrease in home closings to 1,043, partially offset by a 21.9%
increase in average selling price to $501.7 thousand
- Homebuilding gross margin was 25.1%, up 490 basis points.
Excluding impairments, abandonments and amortized interest,
homebuilding gross margin was 28.1%, up 390 basis points
- SG&A as a percentage of total revenue was 11.8%, up 70
basis points year-over-year
- Net new orders of 925, down 22.9% on a 22.9% decrease in
orders/community/month to 2.5 on a flat average community count of
123
- Backlog dollar value of $1,588.0 million, up 17.2% on a 22.0%
increase in average selling price of homes in backlog to $528.8
thousand, partially offset by a 3.9% decrease in backlog units to
3,003
- Controlled lots of 24,899, up 26.0% from 19,761
- Land acquisition and land development spending was $159.5
million, up 11.5% from $143.0 million
- Retired $1.7 million of the 6.750% unsecured Senior Notes due
March 2025
- Repurchased $2.5 million of shares through open market
transactions
- Unrestricted cash at quarter end was $42.0 million; total
liquidity was $290.2 million
The following provides additional details on the Company's
performance during the fiscal third quarter 2022:
Profitability. Net income from continuing operations was $54.3
million, generating diluted earnings per share of $1.76. This
included the impact of energy efficiency tax credits of $2.7
million, or $0.09 per share. Third quarter adjusted EBITDA of $88.2
million was up $9.4 million, or 11.9%, year-over-year. The increase
in profitability was primarily driven by higher homebuilding gross
margin.
Orders. Net new orders for the third quarter decreased to 925,
down 22.9% from 1,199 in the prior year period. The decrease in net
new orders was driven by a 22.9% decrease in sales pace to 2.5
orders per community per month, down from 3.2 in the prior year
period. The cancellation rate for the quarter was 17.0%, up from
10.9% in the prior year period. Although up year-over year, the
cancellation rate was well within our historical normal range.
Backlog. The dollar value of homes in backlog as of June 30,
2022 increased 17.2% to $1,588.0 million, representing 3,003 homes,
compared to $1,354.6 million, representing 3,124 homes, at the same
time last year. The average selling price of homes in backlog was
$528.8 thousand, up 22.0% versus the previous year.
Homebuilding Revenue. Third quarter homebuilding revenue was
$523.2 million, down 7.7% year-over-year. The decrease in
homebuilding revenue was driven by a 24.3% decrease in home
closings to 1,043 homes, partially offset by a 21.9% increase in
the average selling price to $501.7 thousand.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 28.1% for the
third quarter, up 390 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 11.8% for the quarter, up 70
basis points year-over-year primarily due to decreases in closings
and revenue, while SG&A on an absolute dollar basis decreased
by $1.1 million, or 1.7%, year-over-year.
Land Position. Controlled lots increased 26.0% to 24,899,
compared to 19,761 in the prior year. Excluding land held for
future development and land held for sale lots, active controlled
lots were 24,132, up 25.2% year-over-year. The Company had 12,571
lots, or 52.1% of its total active lots, under option contracts
compared to 9,263 lots, or 48.1% of its total active lots, under
option contracts a year ago.
Share and Debt Repurchases. The Company repurchased $1.7 million
of its outstanding 6.750% unsecured Senior Notes due March 2025 at
an average price of $94.423 per $100 principal amount. In addition,
the Company repurchased $2.5 million of shares through open market
transactions during the quarter.
Liquidity. At the close of the third quarter, the Company had
approximately $290.2 million of available liquidity, including
$42.0 million of unrestricted cash.
Commitment to ESG
In May 2022, the Company received the 2022 ENERGY STAR Partner
of the Year - Sustained Excellence Award for the seventh
consecutive year from the U.S. Environmental Protection Agency
(EPA) and the U.S. Department of Energy (DOE). This award
highlights the Company’s dedication to continually enhancing the
energy efficiency of its homes and as a result making the total
cost of homeownership more affordable for the customer.
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 nine months ended June 30,
2022 are as follows:
Three Months Ended June
30,
2022
2021
Change*
New home orders, net of cancellations
925
1,199
(22.9
) %
Orders per community per month
2.5
3.2
(22.9
) %
Average active community count
123
123
—
%
Actual community count at quarter-end
124
120
3.3
%
Cancellation rates
17.0
%
10.9
%
610 bps
Total home closings
1,043
1,378
(24.3
) %
Average selling price (ASP) from closings
(in thousands)
$
501.7
$
411.4
21.9
%
Homebuilding revenue (in millions)
$
523.2
$
566.9
(7.7
) %
Homebuilding gross margin
25.1
%
20.2
%
490 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
25.1
%
20.3
%
480 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
28.1
%
24.2
%
390 bps
Income from continuing operations before
income taxes (in millions)
$
67.5
$
47.9
40.7
%
Expense from income taxes (in
millions)
$
13.2
$
10.8
21.7
%
Income from continuing operations, net of
tax (in millions)
$
54.3
$
37.1
46.2
%
Basic income per share from continuing
operations
$
1.78
$
1.24
43.5
%
Diluted income per share from continuing
operations
$
1.76
$
1.22
44.3
%
Net income
$
54.3
$
37.1
46.3
%
Land and land development spending (in
millions)
$
159.5
$
143.0
11.5
%
Adjusted EBITDA (in millions)
$
88.2
$
78.8
11.9
%
LTM Adjusted EBITDA (in millions)
$
302.8
$
263.7
14.8
%
* Change and totals are calculated using
unrounded numbers.
"LTM" indicates amounts for the trailing
12 months.
Nine Months Ended June
30,
2022
2021
Change*
New home orders, net of cancellations
3,357
4,495
(25.3
) %
LTM orders per community per month
3.1
4.0
(22.5
) %
Cancellation rates
13.5
%
11.0
%
250 bps
Total home closings
3,140
3,880
(19.1
) %
ASP from closings (in thousands)
$
470.4
$
396.5
18.6
%
Homebuilding revenue (in millions)
$
1,477.2
$
1,538.6
(4.0
) %
Homebuilding gross margin
23.3
%
18.7
%
460 bps
Homebuilding gross margin, excluding
I&A
23.3
%
18.7
%
460 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
26.5
%
22.9
%
360 bps
Income from continuing operations before
income taxes (in millions)
$
163.6
$
96.5
69.6
%
Expense from income taxes (in
millions)
$
29.7
$
22.6
31.2
%
Income from continuing operations, net of
tax (in millions)
$
133.9
$
73.8
81.4
%
Basic income per share from continuing
operations
$
4.39
$
2.47
77.7
%
Diluted income per share from continuing
operations
$
4.35
$
2.44
78.3
%
Net income
$
133.9
$
73.7
81.8
%
Land and land development spending (in
millions)
$
422.8
$
349.9
20.8
%
Adjusted EBITDA (in millions)
$
226.7
$
186.6
21.5
%
* Change and totals are calculated using
unrounded numbers.
"LTM" indicates amounts for the trailing
12 months.
As of June 30,
2022
2021
Change
Backlog units
3,003
3,124
(3.9
) %
Dollar value of backlog (in millions)
$
1,588.0
$
1,354.6
17.2
%
ASP in backlog (in thousands)
$
528.8
$
433.6
22.0
%
Land and lots controlled
24,899
19,761
26.0
%
Conference Call
The Company will hold a conference call on July 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 August 4, 2022 at 888-566-0401 (for international
callers, dial 203-369-3040) 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
further deterioration in homebuilding industry conditions; (ii)
continued 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) continued supply chain challenges negatively
impacting our homebuilding production, including shortages of raw
materials and other critical components such as windows, doors, and
appliances; (v) continued shortages of or increased costs for labor
used in housing production, and the level of quality and
craftsmanship provided by such labor; (vi) 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; (vii) factors affecting margins,
such as increased sales incentives and mortgage rate buy down
programs; decreased revenues; 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;
not being able to pass on cost increases through pricing increases;
(viii) 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; (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) 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; (xii) changes
in tax laws or otherwise regarding the deductibility of mortgage
interest expenses and real estate taxes; (xiii) increased
competition or delays in reacting to changing consumer preferences
in home design; (xiv) 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; (xv) the potential recoverability of our deferred tax
assets; (xvi) increases in corporate tax rates; (xvii) 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; (xviii) the results of litigation
or government proceedings and fulfillment of any related
obligations; (xix) the impact of construction defect and home
warranty claims; (xx) the cost and availability of insurance and
surety bonds, as well as the sufficiency of these instruments to
cover potential losses incurred; (xxi) the impact of information
technology failures, cybersecurity issues or data security
breaches; (xxii) the impact of governmental regulations on
homebuilding in key markets, such as regulations limiting the
availability of water; (xxiii) 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; and (xxiv) terrorist acts, protests and
civil unrest, political uncertainty, acts of war or other factors
over which the Company has no control.
Any forward-looking statement, including any statement
expressing confidence regarding future outcomes, speaks only as of
the date on which such statement is made and, except as required by
law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it
is not possible to predict all such factors.
-Tables Follow-
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
in thousands (except per share data)
2022
2021
2022
2021
Total revenue
$
526,666
$
570,932
$
1,489,321
$
1,549,360
Home construction and land sales
expenses
394,201
455,178
1,138,771
1,259,922
Inventory impairments and abandonments
—
231
935
696
Gross profit
132,465
115,523
349,615
288,742
Commissions
16,277
20,955
48,668
58,346
General and administrative expenses
45,760
42,186
129,057
119,903
Depreciation and amortization
3,189
3,689
9,101
10,494
Operating income
67,239
48,693
162,789
99,999
Equity in income of unconsolidated
entities
3
313
454
424
Gain (loss) on extinguishment of debt,
net
86
(1,050
)
(78
)
(1,613
)
Other income (expense), net
134
(10
)
405
(2,356
)
Income from continuing operations before
income taxes
67,462
47,946
163,570
96,454
Expense from income taxes
13,150
10,804
29,685
22,633
Income from continuing operations
54,312
37,142
133,885
73,821
Income (loss) from discontinued
operations, net of tax
12
(7
)
(4
)
(161
)
Net income
$
54,324
$
37,135
$
133,881
$
73,660
Weighted-average number of shares:
Basic
30,512
30,022
30,480
29,915
Diluted
30,872
30,562
30,806
30,292
Basic income (loss) per share:
Continuing operations
$
1.78
$
1.24
$
4.39
$
2.47
Discontinued operations
—
—
—
(0.01
)
Total
$
1.78
$
1.24
$
4.39
$
2.46
Diluted income (loss) per share:
Continuing operations
$
1.76
$
1.22
$
4.35
$
2.44
Discontinued operations
—
—
—
(0.01
)
Total
$
1.76
$
1.22
$
4.35
$
2.43
Three Months Ended
Nine Months Ended
June 30,
June 30,
Capitalized Interest in
Inventory
2022
2021
2022
2021
Capitalized interest in inventory,
beginning of period
$
112,686
$
113,414
$
106,985
$
119,659
Interest incurred
18,728
19,270
55,292
58,517
Interest expense not qualified for
capitalization and included as other expense
—
(212
)
—
(2,781
)
Capitalized interest amortized to home
construction and land sales expenses
(15,679
)
(22,529
)
(46,542
)
(65,452
)
Capitalized interest in inventory, end of
period
$
115,735
$
109,943
$
115,735
$
109,943
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
in thousands (except share and per share
data)
June 30, 2022
September 30, 2021
ASSETS
Cash and cash equivalents
$
42,039
$
246,715
Restricted cash
39,762
27,428
Accounts receivable (net of allowance of
284 and $290, respectively)
25,137
25,685
Income tax receivable
9,929
9,929
Owned inventory
1,858,851
1,501,602
Investments in unconsolidated entities
897
4,464
Deferred tax assets, net
179,038
204,766
Property and equipment, net
24,971
22,885
Operating lease right-of-use assets
10,641
12,344
Goodwill
11,376
11,376
Other assets
15,759
11,616
Total assets
$
2,218,400
$
2,078,810
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
145,864
$
133,391
Operating lease liabilities
12,155
14,154
Other liabilities
155,176
152,351
Total debt (net of debt issuance costs of
$7,752 and $8,983, respectively)
1,049,078
1,054,030
Total liabilities
1,362,273
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, 31,275,185
issued and outstanding and 31,294,198
issued and outstanding, respectively)
31
31
Paid-in capital
863,520
866,158
Accumulated deficit
(7,424
)
(141,305
)
Total stockholders’ equity
856,127
724,884
Total liabilities and stockholders’
equity
$
2,218,400
$
2,078,810
Inventory Breakdown
Homes under construction
$
976,590
$
648,283
Land under development
659,057
648,404
Land held for future development
19,879
19,879
Land held for sale
13,598
9,179
Capitalized interest
115,735
106,985
Model homes
73,992
68,872
Total owned inventory
$
1,858,851
$
1,501,602
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND
FINANCIAL DATA – CONTINUING OPERATIONS
Three Months Ended June
30,
Nine Months Ended June
30,
SELECTED OPERATING DATA
2022
2021
2022
2021
Closings:
West region
666
765
1,934
2,164
East region
212
330
709
874
Southeast region
165
283
497
842
Total closings
1,043
1,378
3,140
3,880
New orders, net of
cancellations:
West region
576
715
2,063
2,613
East region
192
263
712
940
Southeast region
157
221
582
942
Total new orders, net
925
1,199
3,357
4,495
As of June 30,
Backlog units:
2022
2021
West region
1,782
1,814
East region
614
690
Southeast region
607
620
Total backlog units
3,003
3,124
Aggregate dollar value of homes in backlog
(in millions)
$ 1,588.0
$ 1,354.6
ASP in backlog (in thousands)
$ 528.8
$ 433.6
in thousands
Three Months Ended June
30,
Nine Months Ended June
30,
SUPPLEMENTAL FINANCIAL DATA
2022
2021
2022
2021
Homebuilding revenue:
West region
$
324,074
$
294,834
$
883,453
$
805,617
East region
112,237
160,393
354,948
410,350
Southeast region
86,918
111,703
238,765
322,609
Total homebuilding revenue
$
523,229
$
566,930
$
1,477,166
$
1,538,576
Revenue:
Homebuilding
$
523,229
$
566,930
$
1,477,166
$
1,538,576
Land sales and other
3,437
4,002
12,155
10,784
Total revenue
$
526,666
$
570,932
$
1,489,321
$
1,549,360
Gross profit:
Homebuilding
$
131,549
$
114,710
$
344,255
$
287,003
Land sales and other
916
813
5,360
1,739
Total gross profit
$
132,465
$
115,523
$
349,615
$
288,742
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 June
30,
Nine Months Ended June
30,
in thousands
2022
2021
2022
2021
Homebuilding gross profit/margin
$
131,549
25.1
%
$
114,710
20.2
%
$
344,255
23.3
%
$
287,003
18.7
%
Inventory impairments and abandonments
(I&A)
—
231
495
696
Homebuilding gross profit/margin excluding
I&A
131,549
25.1
%
114,941
20.3
%
344,750
23.3
%
287,699
18.7
%
Interest amortized to cost of sales
15,679
22,529
46,542
65,199
Homebuilding gross profit/margin excluding
I&A and interest amortized to cost of sales
$
147,228
28.1
%
$
137,470
24.2
%
$
391,292
26.5
%
$
352,898
22.9
%
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 June
30,
Nine Months Ended June
30,
LTM Ended June 30, (a)
in thousands
2022
2021
2022
2021
2022
2021
Net income
$
54,324
$
37,135
$
133,881
$
73,660
$
182,242
$
97,338
Expense from income taxes
13,152
10,801
29,683
22,587
28,597
31,351
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
15,679
22,529
46,542
65,452
68,380
96,179
Interest expense not qualified for
capitalization
—
212
—
2,781
—
4,876
EBIT
83,155
70,677
210,106
164,480
279,219
229,744
Depreciation and amortization
3,189
3,689
9,101
10,494
12,583
15,300
EBITDA
86,344
74,366
219,207
174,974
291,802
245,044
Stock-based compensation expense
1,983
3,194
6,515
9,254
9,428
14,421
(Gain) loss on extinguishment of debt
(86
)
1,050
78
1,613
490
1,613
Inventory impairments and abandonments
(b)
—
231
935
696
1,092
1,333
Restructuring and severance expenses
—
—
—
(10
)
—
(54
)
Litigation settlement in discontinued
operations
—
—
—
120
—
1,380
Adjusted EBITDA
$
88,241
$
78,841
$
226,735
$
186,647
$
302,812
$
263,737
(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/20220728005872/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)
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Beazer Homes USA (NYSE:BZH)
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