Beazer Homes USA : Reports Strong Third Quarter Fiscal 2021 Results (Form 8-K)
July 29, 2021 at 05:58 pm EDT
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Beazer Homes Reports Strong Third Quarter Fiscal 2021 Results
ATLANTA, July 29, 2021 - Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial results for the three and nine months ended June 30, 2021.
'We had a very successful third 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 gains in operating margin and adjusted EBITDA, leading to quarterly net income that was more than double the same period last year. At the same time, we grew our total active lot position while continuing to reduce leverage.'
Commenting on fiscal 2021 full-year expectations, Mr. Merrill said, 'With our outstanding performance in the third quarter and our confidence in fourth quarter results, we now expect fiscal 2021 earnings per share to be above $3.25.'
Looking at fiscal 2022, Mr. Merrill concluded, 'We are positioned to generate double-digit growth in earnings per share for shareholders while expanding our ESG activities to create durable value for all of our stakeholders.'
Beazer Homes Fiscal Third Quarter 2021 Highlights and Comparison to Fiscal Third Quarter 2020
•Net income from continuing operations of $37.1 million, or $1.22 per diluted share, compared to net income from continuing operations of $15.3 million, or $0.51 per diluted share, in fiscal third quarter 2020
•Adjusted EBITDA of $78.8 million, up 45.9%
•Homebuilding revenue of $566.9 million, up 6.5% on a 5.5% increase in average selling price to $411.4 thousand and a 0.9% increase in home closings to 1,378
•Homebuilding gross margin was 20.2%, up 320 basis points. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 24.2%, up 300 basis points
•SG&A as a percentage of total revenue was 11.1%, down 60 basis points year-over-year
•Net new orders of 1,199, down 12.6% on a 18.6% increase in orders/community/month to 3.2 and a 26.3% decrease in average community count to 123
•Dollar value of backlog of $1,354.6 million, up 53.1%
•Unrestricted cash at quarter end was $358.3 million; total liquidity was $608.3 million
The following provides additional details on the Company's performance during the fiscal third quarter 2021:
Profitability. Net income from continuing operations was $37.1 million, generating diluted earnings per share of $1.22. Third quarter adjusted EBITDA of $78.8 million was up $24.8 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 third quarter decreased to 1,199, down 12.6% from the prior year. The decrease in net new orders was driven by a 26.3% decrease in average community count to 123, partially offset by a 18.6% increase in sales pace to 3.2 orders per community per month, up from 2.7 in the previous year. In a number of communities, we proactively limited sales pace to align with the pace of production, optimize margins and ensure a positive customer experience. The cancellation rate for the quarter was 10.9%, an improvement of 1,020 basis points year-over-year.
Backlog. The dollar value of homes in backlog as of June 30, 2021 increased 53.1% to $1,354.6 million, representing 3,124 homes, compared to $884.9 million, representing 2,237 homes, at the same time last year. The average selling price of homes in backlog was $433.6 thousand, up 9.6% year-over-year.
Homebuilding Revenue. Third quarter homebuilding revenue was $566.9 million, up 6.5% year-over-year. The increase in homebuilding revenue was driven by a 5.5% increase in the average selling price to $411.4 thousand and a 0.9% increase in home closings to 1,378 homes.
Homebuilding Gross Margin. Homebuilding gross margin (excluding impairments, abandonments and amortized interest) was 24.2% for the third quarter, up 300 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 11.1% for the quarter, down 60 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 third quarter, the Company had approximately $608.3 million of available liquidity, including $358.3 million of unrestricted cash and a fully undrawn revolving credit facility capacity of $250.0 million.
Debt Repurchases. The Company repurchased $14.0 million of its outstanding 5.875% unsecured Senior Notes due October 2027 at an average price of $106.545 per $100 principal amount.
Commitment to Net Zero Energy Ready
Reflecting our continued leadership and commitment to energy efficiency, during the quarter, Brian Shanks, Beazer's Manager of National Accounts and Governmental Affairs, was named to the International Code Council (ICC) Residential Energy Code Consensus Committee created to lead development of future energy codes. The new committee will begin work this summer on developing the 2024 International Energy Conservation Code (IECC).
In December 2020, Beazer became the first national builder to publicly commit to ensuring that by the end of 2025 every home we build will be Net Zero Energy Ready. Net Zero Energy Ready means that each home 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 consumption by attaching a properly sized renewable energy system.
Summary results for the three and nine months ended June 30, 2021 are as follows:
Three Months Ended June 30,
2021
2020
Change*
New home orders, net of cancellations
1,199
1,372
(12.6)
%
Orders per community per month
3.2
2.7
18.6
%
Average active community count
123
167
(26.3)
%
Actual community count at quarter-end
120
164
(26.8)
%
Cancellation rates
10.9
%
21.1
%
(1,020)
bps
Total home closings
1,378
1,366
0.9
%
Average selling price (ASP) from closings (in thousands)
$
411.4
$
389.8
5.5
%
Homebuilding revenue (in millions)
$
566.9
$
532.5
6.5
%
Homebuilding gross margin
20.2
%
17.0
%
320 bps
Homebuilding gross margin, excluding impairments and abandonments (I&A)
20.3
%
17.1
%
320 bps
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales
24.2
%
21.2
%
300 bps
Income from continuing operations before income taxes (in millions)
$
47.9
$
20.3
$
27.7
Expense from income taxes (in millions)
$
10.8
$
5.0
$
5.8
Income from continuing operations, net of tax (in millions)
$
37.1
$
15.3
$
21.9
Basic income per share from continuing operations
$
1.24
$
0.51
$
0.73
Diluted income per share from continuing operations
$
1.22
$
0.51
$
0.71
Income from continuing operations before income taxes (in millions)
$
47.9
$
20.3
$
27.7
Loss on debt extinguishment (in millions)
$
(1.1)
$
-
$
(1.1)
Inventory impairments and abandonments (in millions)
$
(0.2)
$
(2.3)
$
2.0
Restructuring and severance charges
$
-
$
(1.4)
$
1.4
Income from continuing operations excluding loss on debt extinguishment, inventory impairments and abandonments, and restructuring and severance charges before income taxes (in millions)(a)
$
49.2
$
24.0
$
25.2
Income from continuing operations excluding loss on debt extinguishment, inventory impairments and abandonments, and restructuring and severance charges after income taxes (in millions)(b)
$
38.0
$
17.6
$
20.4
Net income
$
37.1
$
15.2
$
21.9
Land and land development spending (in millions)
$
143.0
$
55.7
$
87.3
Adjusted EBITDA (in millions)
$
78.8
$
54.0
$
24.8
LTM Adjusted EBITDA (in millions)
$
263.7
$
209.4
$
54.4
* 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, impairments/abandonments, and restructuring and severance charges. 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 June 30, 2021, loss on debt extinguishment and inventory impairments and abandonments were tax-effected at the effective tax rate of 24.0%. For the three months ended June 30, 2020, inventory impairments and abandonments and restructuring and severance charges were tax-effected at the effective tax rate of 26.4%.
'LTM' indicates amounts for the trailing 12 months.
Nine Months Ended June 30,
2021
2020
Change*
New home orders, net of cancellations
4,495
4,284
4.9
%
LTM orders per community per month
4.0
2.9
37.9
%
Cancellation rates
11.0
%
17.3
%
$
(630)
bps
Total home closings
3,880
3,755
3.3
%
ASP from closings (in thousands)
$
396.5
$
382.9
3.6
%
Homebuilding revenue (in millions)
$
1,538.6
$
1,437.9
7.0
%
Homebuilding gross margin
18.7
%
16.1
%
260 bps
Homebuilding gross margin, excluding I&A
18.7
%
16.2
%
250 bps
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales
22.9
%
20.7
%
220 bps
Income from continuing operations before income taxes (in millions)
$
96.5
$
37.6
$
58.8
Expense from income taxes (in millions)
$
22.6
$
8.9
$
13.7
Income from continuing operations, net of tax (in millions)
$
73.8
$
28.7
$
45.1
Basic income per share from continuing operations
$
2.47
$
0.96
$
1.51
Diluted income per share from continuing operations
$
2.44
$
0.95
$
1.49
Income from continuing operations before income taxes (in millions)
$
96.5
$
37.6
$
58.8
Loss on debt extinguishment (in millions)
$
(1.6)
$
-
$
(1.6)
Inventory impairments and abandonments (in millions)
$
(0.7)
$
(2.3)
$
1.6
Restructuring and severance charges
$
-
$
(1.4)
$
1.4
Income from continuing operations excluding loss on debt extinguishment, inventory impairments and abandonments, and restructuring and severance charges before income taxes (in millions)(a)
$
98.8
$
41.3
$
57.5
Income from continuing operations excluding loss on debt extinguishment, inventory impairments and abandonments, and restructuring and severance charges after income taxes (in millions)(b)
$
75.6
$
31.4
$
44.2
Net income
$
73.7
$
28.5
$
45.1
Land and land development spending (in millions)
$
349.9
$
324.7
$
25.2
Adjusted EBITDA (in millions)
$
186.6
$
127.3
$
59.4
* 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, impairments/abandonments, and restructuring and severance charges. 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 nine months ended June 30, 2021, loss on debt extinguishment and inventory impairments and abandonments were tax-effected at the effective tax rate of 24.0%. For the nine months ended June 30, 2020, inventory impairments and abandonments and restructuring and severance charges were tax-effected at the effective tax rate of 26.4%
'LTM' indicates amounts for the trailing 12 months.
As of June 30,
2021
2020
Change
Backlog units
3,124
2,237
39.7
%
Dollar value of backlog (in millions)
$
1,354.6
$
884.9
53.1
%
ASP in backlog (in thousands)
$
433.6
$
395.6
9.6
%
Land and lots controlled
19,761
18,093
9.2
%
Conference Call
The Company will hold a conference call on July 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 August 6, 2021 at 800-391-9853 (for international callers, dial 203-369-3269) with pass code '3794.'
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, Instagramand 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, each of which is outside our control and affects the affordability of and demand for, the homes we sell; (iii) 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; (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 no control; (x) 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; (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.
CONTACT: Beazer Homes USA, Inc.
David I. Goldberg
Sr. Vice President & Chief Financial Officer
770-829-3700
investor.relations@beazer.com
-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)
2021
2020
2021
2020
Total revenue
$
570,932
$
533,112
$
1,549,360
$
1,440,329
Home construction and land sales expenses
455,178
441,788
1,259,922
1,207,023
Inventory impairments and abandonments
231
2,266
696
2,266
Gross profit
115,523
89,058
288,742
231,040
Commissions
20,955
20,851
58,346
55,660
General and administrative expenses
42,186
41,276
119,903
121,025
Depreciation and amortization
3,689
3,780
10,494
10,834
Operating income
48,693
23,151
99,999
43,521
Equity in income of unconsolidated entities
313
4
424
138
Loss on extinguishment of debt
(1,050)
-
(1,613)
-
Other expense, net
(10)
(2,904)
(2,356)
(6,030)
Income from continuing operations before income taxes
47,946
20,251
96,454
37,629
Expense from income taxes
10,804
4,981
22,633
8,940
Income from continuing operations, net of tax
37,142
15,270
73,821
28,689
Loss from discontinued operations, net of tax
(7)
(82)
(161)
(141)
Net income
$
37,135
$
15,188
$
73,660
$
28,548
Weighted average number of shares:
Basic
30,022
29,597
29,915
29,738
Diluted
30,562
29,674
30,292
30,014
Basic income (loss) per share:
Continuing operations
$
1.24
$
0.51
$
2.47
$
0.96
Discontinued operations
-
-
(0.01)
-
Total
$
1.24
$
0.51
$
2.46
$
0.96
Diluted income (loss) per share:
Continuing operations
$
1.22
$
0.51
$
2.44
$
0.95
Discontinued operations
-
-
(0.01)
-
Total
$
1.22
$
0.51
$
2.43
$
0.95
Three Months Ended
Nine Months Ended
June 30,
June 30,
Capitalized Interest in Inventory
2021
2020
2021
2020
Capitalized interest in inventory, beginning of period
$
113,414
$
134,693
$
119,659
$
136,565
Interest incurred
19,270
23,012
58,517
66,839
Capitalized interest impaired
-
(792)
-
(792)
Interest expense not qualified for capitalization and included as other expense
(212)
(3,003)
(2,781)
(6,373)
Capitalized interest amortized to home construction and land sales expenses
(22,529)
(21,814)
(65,452)
(64,143)
Capitalized interest in inventory, end of period
$
109,943
$
132,096
$
109,943
$
132,096
BEAZER HOMES USA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
in thousands (except share and per share data)
June 30, 2021
September 30, 2020
ASSETS
Cash and cash equivalents
$
358,334
$
327,693
Restricted cash
24,690
14,835
Accounts receivable (net of allowance of $292 and $358, respectively)
23,028
19,817
Income tax receivable
9,502
9,252
Owned inventory
1,408,071
1,350,738
Investments in unconsolidated entities
4,361
4,003
Deferred tax assets, net
204,729
225,143
Property and equipment, net
22,055
22,280
Operating lease right-of-use assets
13,015
13,103
Goodwill
11,376
11,376
Other assets
13,468
9,240
Total assets
$
2,092,629
$
2,007,480
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable
$
155,084
$
132,192
Operating lease liabilities
14,813
15,333
Other liabilities
139,074
135,983
Total debt (net of debt issuance costs of $9,444 and $10,891, respectively)
1,110,053
1,130,801
Total liabilities
1,419,024
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, 31,293,798 issued and outstanding and 31,012,326 issued and outstanding, respectively)
31
31
Paid-in capital
863,240
856,466
Accumulated deficit
(189,666)
(263,326)
Total stockholders' equity
673,605
593,171
Total liabilities and stockholders' equity
$
2,092,629
$
2,007,480
Inventory Breakdown
Homes under construction
$
668,280
$
525,021
Development projects in progress
532,929
589,763
Land held for future development
19,879
28,531
Land held for sale
7,173
12,622
Capitalized interest
109,943
119,659
Model homes
69,867
75,142
Total owned inventory
$
1,408,071
$
1,350,738
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA - CONTINUING OPERATIONS
Three Months Ended June 30,
Nine Months Ended June 30,
SELECTED OPERATING DATA
2021
2020
2021
2020
Closings:
West region
765
819
2,164
2,248
East region
330
220
874
647
Southeast region
283
327
842
860
Total closings
1,378
1,366
3,880
3,755
New orders, net of cancellations:
West region
715
775
2,613
2,465
East region
263
287
940
871
Southeast region
221
310
942
948
Total new orders, net
1,199
1,372
4,495
4,284
As of June 30,
Backlog units at end of period:
2021
2020
West region
1,814
1,199
East region
690
565
Southeast region
620
473
Total backlog units
3,124
2,237
Dollar value of backlog at end of period (in millions)
$
1,354.6
$
884.9
in thousands
Three Months Ended June 30,
Nine Months Ended June 30,
SUPPLEMENTAL FINANCIAL DATA
2021
2020
2021
2020
Homebuilding revenue:
West region
$
294,834
$
303,500
$
805,617
$
825,129
East region
160,393
108,126
410,350
295,782
Southeast region
111,703
120,839
322,609
316,939
Total homebuilding revenue
$
566,930
$
532,465
$
1,538,576
$
1,437,850
Revenue:
Homebuilding
$
566,930
$
532,465
$
1,538,576
$
1,437,850
Land sales and other
4,002
647
10,784
2,479
Total revenue
$
570,932
$
533,112
$
1,549,360
$
1,440,329
Gross profit:
Homebuilding
$
114,710
$
90,282
$
287,003
$
232,134
Land sales and other
813
(1,224)
1,739
(1,094)
Total gross profit
$
115,523
$
89,058
$
288,742
$
231,040
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/abandonments and level of debt.
Three Months Ended June 30,
Nine Months Ended June 30,
in thousands
2021
2020
2021
2020
Homebuilding gross profit/margin
$
114,710
20.2
%
$
90,282
17.0
%
$
287,003
18.7
%
$
232,134
16.1
%
Inventory impairments and abandonments (I&A)
231
1,009
696
1,009
Homebuilding gross profit/margin before I&A
114,941
20.3
%
91,291
17.1
%
287,699
18.7
%
233,143
16.2
%
Interest amortized to cost of sales
22,529
21,814
65,199
64,143
Homebuilding gross profit/margin before I&A and interest amortized to cost of sales
$
137,470
24.2
%
$
113,105
21.2
%
$
352,898
22.9
%
$
297,286
20.7
%
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
in thousands
2021
2020
2021
2020
2021
2020
Net income
$
37,135
$
15,188
$
73,660
$
28,548
$
97,338
$
30,977
Expense from income taxes
10,801
4,958
22,587
8,900
31,351
15,934
Interest amortized to home construction and land sales expenses and capitalized interest impaired
22,529
22,606
65,452
64,935
96,179
102,350
Interest expense not qualified for capitalization
212
3,003
2,781
6,373
4,876
7,682
EBIT
70,677
45,755
164,480
108,756
229,744
156,943
Depreciation and amortization
3,689
3,780
10,494
10,834
15,300
16,681
EBITDA
74,366
49,535
174,974
119,590
245,044
173,624
Stock-based compensation expense
3,194
1,659
9,254
4,869
14,421
7,402
Loss on extinguishment of debt
1,050
-
1,613
-
1,613
25,494
Inventory impairments and abandonments (b)
231
1,474
696
1,474
1,333
1,474
Restructuring and severance expenses
-
1,361
(10)
1,361
(54)
1,361
Litigation settlement in discontinued operations
-
-
$
120
$
-
1,380
-
Adjusted EBITDA
$
78,841
$
54,029
$
186,647
$
127,294
$
263,737
$
209,355
(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.'
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Beazer Homes USA Inc. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 21:41:54 UTC.
Beazer Homes USA, Inc. is a geographically diversified homebuilder. The Company operates through three segments: West, East and Southeast. Its West segment includes Arizona, California, Nevada, and Texas. Its East segment includes Indiana, Maryland/Delaware, Tennessee, and Virginia. Its Southeast segment includes Florida, Georgia, North Carolina, and South Carolina. It uses its digital and traditional marketing vehicles and other promotional activities, including its Website www.beazer.com, real estate listing sites, digital advertising, including search engine marketing and display advertising, social media, video, brochures, direct marketing, and out-of-home advertising, including billboards and signage located in the areas of its developments, as well as additional activities. The Company has operations in approximately 13 states within three geographic regions in the United States. The Company has maintained and owned approximately 242 model homes.