Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the quarter and fiscal year
ended September 30, 2019.
“We finished fiscal 2019 with a strong fourth quarter,
positioning us for growth in revenue, profitability and returns in
the coming year,” said Allan P. Merrill, Chairman and CEO of Beazer
Homes. “Operational improvements in sales pace, community count and
gross margins reflected the decisive actions we took to combat
challenging market conditions in the first and second quarters. We
also made improvements to our balance sheet during the year. We
returned nearly $90 million to investors and accessed the capital
markets, which allowed us to reduce debt, cut interest expense
significantly, extend maturities, and buy back approximately 10% of
our outstanding shares at prices well below book value.”
“Looking forward, we believe these operational and capital
structure improvements will accelerate our progress toward our
multi-year balanced growth objectives, which include achieving
double digit returns on our assets and reducing debt below $1
billion.”
Beazer Homes Fiscal Fourth Quarter 2019
Highlights and Comparison to Fiscal Fourth Quarter 2018
- Net income from continuing operations of $2.5 million, compared
to net income from continuing operations of $60.5 million in fiscal
fourth quarter 2018
- Adjusted EBITDA of $82.1 million, down 8.9%
- Homebuilding revenue of $733.0 million, up 1.5% on a 1.5%
decrease in home closings to 2,014 and a 3.0% increase in average
selling price to $383.8 thousand
- Homebuilding gross margin, excluding impairments and
abandonments, was 15.2%, down 210 basis points. Excluding
impairments, abandonments and amortized interest, homebuilding
gross margin was 19.9%, down 170 basis points
- SG&A as a percentage of total revenue was 9.5%, down 60
basis points year over year
- Unit orders of 1,458, up 11.7% on a 3.7% increase in average
community count to 168 and a 7.7% increase in sales/community/month
to 2.9
- Dollar value of backlog of $665.1 million, up 5.9%
- Unrestricted cash at quarter end was $106.7 million; total
liquidity was $356.7 million
Beazer Homes Fiscal 2019 Highlights and
Comparison to Fiscal 2018
- Net loss from continuing operations of $79.4 million. Excluding
inventory impairments and abandonments, and loss on debt
extinguishment, the Company generated net income from continuing
operations of $38.7 million
- Adjusted EBITDA of $180.2 million, down 12.0%
- Homebuilding revenue of $2.1 billion, flat year over year
- 5,500 new home deliveries, down 4.6%
- Average selling price of $377.7 thousand, up 4.8%
- Homebuilding gross margin, excluding impairments and
abandonments, was 15.2%, down 160 basis points. Excluding
impairments, abandonments and amortized interest, homebuilding
gross margin was 19.7%, down 150 basis points
- SG&A as a percentage of total revenue was 11.6%, down 20
basis points
- Unit orders of 5,576, up 0.6% on a 6.3% increase in average
community count to 166 and a 5.4% decrease in sales/community/month
to 2.8
The following provides additional details on the Company's
performance during the fiscal fourth quarter 2019:
Orders. Net new orders for the fourth quarter increased 11.7%
from the prior year, to 1,458, exceeding our expectations as a
result of healthy demand. The increase in net new orders was driven
by a 3.7% increase in average community count to 168. The
cancellation rate for the quarter was 16.3%, down 520 basis points
from the previous year.
Backlog. The dollar value of homes in backlog as of September
30, 2019 increased 5.9% to $665.1 million, or 1,708 homes, compared
to $628.0 million, or 1,632 homes, at the same time last year. The
average selling price of homes in backlog was $389.4 thousand, up
1.2% year over year.
Homebuilding Revenue. Fourth quarter homebuilding revenue was
$773.0 million, up 1.5% from the same period last year. The average
selling price rose 3.0% to $383.8 thousand, offset by an 1.5%
decrease in home closings to 2,014 homes.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 19.9% for the
fourth quarter, ahead of our expectations by about half a point and
down 170 basis points from the same period in fiscal 2018. The
decline in year-over-year gross margin is attributed to the
softening of demand for new homes in many of our markets during the
first half of FY 2019.
SG&A Expenses. Selling, general and administrative expenses
as a percentage of total revenue, were 9.5% for the quarter, down
60 basis points compared to the prior year. On an absolute dollar
basis, SG&A was down $3.4 million year over year.
Profitability. Net income from continuing operations was $2.5
million, generating diluted earnings per share of $0.08. Fourth
quarter adjusted EBITDA of $82.1 million was down $8.0 million
compared to the same period last year.
Liquidity. At the close of the fourth quarter, the Company had
$356.7 million of available liquidity, including $106.7 million of
unrestricted cash and $250.0 million available on its secured
revolving credit facility.
Share and Debt Repurchases. The Company retired $23.7 million of
its outstanding 7.250% unsecured Senior Notes due 2023 at an
average price of $102.417 per $100 principal amount and $6.0
million of its outstanding 5.875% unsecured Senior Notes due 2027
at an average price of $92.250 per $100 principal amount. For
fiscal 2019, the Company repurchased $51.3 million of unsecured
Senior Notes and $34.6 million of stock. These successful
repurchases drove the achievement of our capital allocation goals
for fiscal 2019.
Changes in Capital Structure. In September 2019, the Company
issued $350.0 million of 7.250% unsecured Senior Notes due 2029 and
entered into an unsecured term loan agreement for $150.0 million.
The proceeds from the issuance, combined with the principal amount
from the term loan and cash on the balance sheet, were used to
redeem all $500.0 million of the outstanding 8.750% unsecured
Senior Notes due 2022. In addition, the Company executed a Seventh
Amendment to the Secured Revolving Credit Facility, which extended
the termination date from February 2021 to February 2022 and
increased the maximum aggregate amount of commitments from $210.0
million to $250.0 million. These transactions extended our access
to liquidity, reduced cash interest expense by approximately $15.0
million annually, and extended our next significant debt maturity
to 2025.
Gatherings
The final quarter of fiscal 2019 represented another step
forward for our Gatherings business. Fiscal year-over-year,
Gatherings experienced an increase in sales in both actively
selling communities located in Orlando and Dallas. New communities
are under development in Nashville, Houston, Atlanta, and in
Dallas, positioning Gatherings for continued growth in fiscal
2020.
Merrill Appointed Chairman; Provencio
Appointed Lead Director
As the Company announced in August, Stephen Zelnak, the
Company’s current Chairman, will be retiring at the Company’s next
annual meeting of stockholders, scheduled for early February 2020.
In connection with Mr. Zelnak’s retirement, the Company’s Board of
Directors has appointed Allan P. Merrill, the Company’s Chief
Executive Officer, to serve as Chairman of the Board, and Norma A.
Provencio, an independent director, to serve as Lead Director.
“Allan’s and Norma’s appointments are part of a comprehensive,
long-term succession plan that helps ensure the Board continues to
have the broad expertise and perspective needed to govern our
business and constructively engage with senior management and
stakeholders,” said Mr. Zelnak. “We believe Allan and Norma are the
right people to lead the next phase of the Company’s balanced
growth strategy - they are extraordinary and capable leaders who
have the experience, qualities, and skills necessary for their
important new roles, and I wish them all the best in the years
ahead.”
Summary results for the three and twelve months ended September
30, 2019 are as follows:
Q4 Results from Continuing
Operations
Quarter Ended September
30,
2019
2018
Change*
New home orders, net of cancellations
1,458
1,305
11.7
%
Orders per community per month
2.9
2.7
7.7
%
Average active community count
168
162
3.7
%
Actual community count at quarter-end
166
160
3.8
%
Cancellation rates
16.3
%
21.5
%
-520 bps
Total home closings
2,014
2,044
(1.5
)%
Average selling price (ASP) from closings
(in thousands)
$
383.8
$
372.6
3.0
%
Homebuilding revenue (in millions)
$
773.0
$
761.5
1.5
%
Homebuilding gross margin
15.2
%
17.2
%
-200 bps
Homebuilding gross margin, excluding
impairments and abandonments (I&A)
15.2
%
17.3
%
-210 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
19.9
%
21.6
%
-170 bps
Income from continuing operations before
income taxes (in millions)
$
9.5
$
41.6
$
(32.1
)
Expense (benefit) from income taxes (in
millions)
$
7.0
$
(18.9
)
$
25.9
Net income from continuing operations (in
millions)
$
2.5
$
60.5
$
(58.0
)
Basic income per share from continuing
operations
$
0.08
$
1.88
$
(1.80
)
Diluted income per share from continuing
operations
$
0.08
$
1.83
$
(1.75
)
Loss on debt extinguishment (in
millions)
$
25.5
$
1.9
$
23.6
Net income
$
2.4
$
60.6
$
(58.2
)
Land and land development spending (in
millions)
$
106.3
$
194.8
$
(88.6
)
Adjusted EBITDA (in millions)
$
82.1
$
90.1
$
(8.0
)
* Change and totals are calculated using
unrounded numbers.
Fiscal Year Results from Continuing
Operations
Year Ended September
30,
2019
2018
Change*
New home orders, net of cancellations
5,576
5,544
0.6
%
Orders per community per month
2.8
3.0
(5.4
)%
Average active community count
166
156
6.3
%
Cancellation rates
16.1
%
18.3
%
-220 bps
Total home closings
5,500
5,767
(4.6
)%
ASP from closings (in thousands)
$
377.7
$
360.2
4.8
%
Homebuilding revenue (in millions)
$
2,077.2
$
2,077.4
—
%
Homebuilding gross margin
9.9
%
16.8
%
-690 bps
Homebuilding gross margin, excluding
I&A
15.2
%
16.8
%
-160 bps
Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
19.7
%
21.2
%
-150 bps
(Loss) income from continuing operations
before income taxes (in millions)
$
(116.6
)
$
49.4
$
(166.1
)
(Benefit) expense from income taxes (in
millions)
$
(37.2
)
$
94.5
$
(131.7
)
Net loss from continuing operations (in
millions)
$
(79.4
)
$
(45.0
)
$
(34.4
)
Basic and diluted loss per share from
continuing operations
$
(2.59
)
$
(1.40
)
$
(1.19
)
(Loss) income from continuing operations
before income taxes (in millions)
$
(116.6
)
$
49.4
$
(166.1
)
Loss on debt extinguishment (in
millions)
$
24.9
$
27.8
$
(2.9
)
Inventory impairments and abandonments (in
millions)
$
148.6
$
6.5
$
142.1
Income from continuing operations
excluding loss on debt extinguishment and inventory impairments and
abandonments before income taxes (in millions)
$
56.9
$
83.7
$
(26.8
)
Net income from continuing operations
excluding loss on debt extinguishment, inventory impairments and
abandonments, and one-time tax items (in millions)+
$
38.7
$
63.8
$
(25.1
)
Net loss
$
(79.5
)
$
(45.4
)
$
(34.1
)
Land and land development spending (in
millions)
$
469.9
$
635.5
$
(165.6
)
Adjusted EBITDA (in millions)
$
180.2
$
204.7
$
(24.5
)
* Change and totals are calculated using
unrounded numbers.
+
For the year ended September 30, 2019,
loss on debt extinguishment and inventory impairments and
abandonments were tax-effected at the tax rate of 31.9%. For the
year ended September 30, 2018, loss on debt extinguishment and
inventory impairments and abandonments were tax-effected at the
effective tax rate of 23.8%, which excludes the impact of
remeasurement of our deferred tax assets as a result of the
enactment of the Tax Cut and Jobs Act in December 2017 and the
release of portions of the valuation allowance on our deferred tax
assets.
As of September 30,
2019
2018
Change
Backlog units
1,708
1,632
4.7
%
Dollar value of backlog (in millions)
$
665.1
$
628.0
5.9
%
ASP in backlog (in thousands)
$
389.4
$
384.8
1.2
%
Land and lots controlled
19,875
24,188
(17.8
)%
Conference Call
The Company will hold a conference call on November 13, 2019 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 20, 2019 at 888-566-0450
(for international callers, dial 203-369-3608) with pass code
“3740.”
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.com 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) 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; (iv) 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; (v) 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; (vi) 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; (vii) 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; (viii) our allocation of capital and the cost of and
ability to access capital, due to factors such as limitations in
the capital markets or adverse credit market conditions, and
ability to otherwise meet our ongoing liquidity needs, including
the impact of any downgrades of our credit ratings or reduction in
our liquidity levels; (ix) our ability to reduce our outstanding
indebtedness and to comply with covenants in our debt agreements or
satisfy such obligations through repayment or refinancing; (x) our
ability to continue to execute and complete our capital allocation
plans, including our share and debt repurchase programs; (xi)
increased competition or delays in reacting to changing consumer
preferences in home design; (xii) 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; (xiii) the potential recoverability of our deferred
tax assets; (xiv) 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; (xv) the
results of litigation or government proceedings and fulfillment of
any related obligations; (xvi) the impact of construction defect
and home warranty claims; (xvii) the cost and availability of
insurance and surety bonds, as well as the sufficiency of these
instruments to cover potential losses incurred; (xviii) the impact
of information technology failures, cybersecurity issues or data
security breaches; (xix) terrorist acts, natural disasters, acts of
war or other factors over which the Company has little or no
control; or (xx) the impact on homebuilding in key markets of
governmental regulations limiting the availability of water.
Any forward-looking statement speaks only as of the date on
which such statement is made and, except as required by law, we
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)
2019
2018
2019
2018
Total revenue
$
781,701
$
767,945
$
2,087,739
$
2,107,133
Home construction and land sales
expenses
665,404
635,749
1,773,085
1,755,619
Inventory impairments and abandonments
—
6,331
148,618
6,499
Gross profit
116,297
125,865
166,036
345,015
Commissions
29,837
29,777
79,802
81,002
General and administrative expenses
44,608
48,048
161,371
168,658
Depreciation and amortization
5,847
4,578
14,759
13,807
Operating income (loss)
36,005
43,462
(89,896
)
81,548
Equity in income (loss) of unconsolidated
entities
88
(268
)
404
34
Loss on extinguishment of debt, net
(25,494
)
(1,935
)
(24,920
)
(27,839
)
Other (income) expense, net
(1,092
)
323
(2,226
)
(4,305
)
Income (loss) from continuing operations
before income taxes
9,507
41,582
(116,638
)
49,438
Expense (benefit) from income taxes
7,043
(18,902
)
(37,217
)
94,484
Income (loss) from continuing
operations
2,464
60,484
(79,421
)
(45,046
)
(Loss) income from discontinued
operations, net of tax
(35
)
121
(99
)
(329
)
Net income (loss)
$
2,429
$
60,605
$
(79,520
)
$
(45,375
)
Weighted-average number of shares:
Basic
29,545
32,221
30,617
32,141
Diluted
30,169
33,002
30,617
32,141
Basic income (loss) per share:
Continuing operations
$
0.08
$
1.88
$
(2.59
)
$
(1.40
)
Discontinued operations
—
—
(0.01
)
(0.01
)
Total
$
0.08
$
1.88
$
(2.60
)
$
(1.41
)
Diluted income (loss) per share:
Continuing operations
$
0.08
$
1.83
$
(2.59
)
$
(1.40
)
Discontinued operations
—
0.01
(0.01
)
(0.01
)
Total
$
0.08
$
1.84
$
(2.60
)
$
(1.41
)
Three Months Ended
Fiscal Year Ended
September 30,
September 30,
Capitalized Interest in
Inventory
2019
2018
2019
2018
Capitalized interest in inventory,
beginning of period
$
148,825
$
152,182
$
144,645
$
139,203
Interest incurred
26,464
27,030
103,970
103,880
Capitalized interest impaired
—
(1,961
)
(13,907
)
(1,961
)
Interest expense not qualified for
capitalization and included as other expense
(1,309
)
(35
)
(3,109
)
(5,325
)
Capitalized interest amortized to home
construction and land sales expenses
(37,415
)
(32,571
)
(95,034
)
(91,152
)
Capitalized interest in inventory, end of
period
$
136,565
$
144,645
$
136,565
$
144,645
BEAZER HOMES USA, INC.
CONSOLIDATED BALANCE
SHEETS
in thousands (except share and per share
data)
September 30, 2019
September 30, 2018
ASSETS
Cash and cash equivalents
$
106,741
$
139,805
Restricted cash
16,053
13,443
Accounts receivable (net of allowance of
$304 and $378, respectively)
26,395
24,647
Income tax receivable
4,935
—
Owned inventory
1,504,248
1,692,284
Investments in unconsolidated entities
3,962
4,035
Deferred tax assets, net
246,957
213,955
Property and equipment, net
27,421
20,843
Goodwill
11,376
9,751
Other assets
9,556
9,339
Total assets
$
1,957,644
$
2,128,102
LIABILITIES AND STOCKHOLDERS’
EQUITY
Trade accounts payable
$
131,152
$
126,432
Other liabilities
109,429
126,389
Total debt (net of premium of $0 and
$2,640, respectively, and debt issuance costs of $12,470 and
$14,336, respectively)
1,178,309
1,231,254
Total liabilities
1,418,890
1,484,075
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, 30,933,110 issued and outstanding and
33,522,046 issued and outstanding, respectively)
31
34
Paid-in capital
854,275
880,025
Accumulated deficit
(315,552
)
(236,032
)
Total stockholders’ equity
538,754
644,027
Total liabilities and stockholders’
equity
$
1,957,644
$
2,128,102
Inventory Breakdown
Homes under construction
$
507,542
$
476,752
Development projects in progress
738,201
907,793
Land held for future development
28,531
83,173
Land held for sale
12,662
7,781
Capitalized interest
136,565
144,645
Model homes
80,747
72,140
Total owned inventory
$
1,504,248
$
1,692,284
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND
FINANCIAL DATA – CONTINUING OPERATIONS
Quarter Ended September
30,
Fiscal Year Ended September
30,
SELECTED OPERATING DATA
2019
2018
2019
2018
Closings:
West region
978
1,016
2,859
2,895
East region
445
418
1,092
1,221
Southeast region
591
610
1,549
1,651
Total closings
2,014
2,044
5,500
5,767
New orders, net of
cancellations:
West region
808
639
2,983
2,874
East region
283
235
1,152
1,089
Southeast region
367
431
1,441
1,581
Total new orders, net
1,458
1,305
5,576
5,544
Fiscal Year Ended September
30,
Backlog units at end of period:
2019
2018
West region
982
858
East region
341
281
Southeast region
385
493
Total backlog units
1,708
1,632
Dollar value of backlog at end of period
(in millions)
$
665.1
$
628.0
Quarter Ended September
30,
Fiscal Year Ended September
30,
SUPPLEMENTAL FINANCIAL DATA
2019
2018
2019
2018
Homebuilding revenue:
West region
$
354,880
$
357,094
$
1,012,977
$
999,599
East region
206,939
192,411
506,389
510,710
Southeast region
211,183
212,022
557,879
567,051
Total homebuilding revenue
$
773,002
$
761,527
$
2,077,245
$
2,077,360
Revenues:
Homebuilding
$
773,002
$
761,527
$
2,077,245
$
2,077,360
Land sales and other
8,699
6,418
10,494
29,773
Total revenues
$
781,701
$
767,945
$
2,087,739
$
2,107,133
Gross profit:
Homebuilding
$
117,844
$
130,634
$
206,034
$
348,275
Land sales and other
(1,547
)
(4,769
)
(39,998
)
(3,260
)
Total gross profit
$
116,297
$
125,865
$
166,036
$
345,015
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,
2019
2018
2019
2018
Homebuilding gross profit/margin
$
117,844
15.2
%
$
130,634
17.2
%
$
206,034
9.9
%
$
348,275
16.8
%
Inventory impairments and abandonments
(I&A)
—
1,005
110,029
1,005
Homebuilding gross profit/margin before
I&A
117,844
15.2
%
131,639
17.3
%
316,063
15.2
%
349,280
16.8
%
Interest amortized to cost of sales
36,256
32,568
93,875
91,132
Homebuilding gross profit/margin before
I&A and interest amortized to cost of sales
$
154,100
19.9
%
$
164,207
21.6
%
$
409,938
19.7
%
$
440,412
21.2
%
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.
Quarter Ended September
30,
Fiscal Year Ended September
30,
2019
2018
2019
2018
Net income (loss)
$
2,429
$
60,605
$
(79,520
)
$
(45,375
)
Expense (benefit) from income taxes
7,034
(18,860
)
(37,245
)
94,373
Interest amortized to home construction
and land sales expenses and capitalized interest impaired
37,415
34,532
108,941
93,113
Interest expense not qualified for
capitalization
1,309
35
3,109
5,325
EBIT
48,187
76,312
(4,715
)
147,436
Depreciation and amortization and
stock-based compensation amortization
8,380
7,144
25,285
24,065
EBITDA
56,567
83,456
20,570
171,501
Loss on extinguishment of debt
25,494
1,935
24,920
27,839
Inventory impairments and abandonments
—
4,370
134,711
4,988
Joint venture impairment and abandonment
charges
—
341
—
341
Adjusted EBITDA
$
82,061
$
90,102
$
180,201
$
204,669
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191113005677/en/
Beazer Homes USA, Inc. David I. Goldberg Vice President of
Treasury and Investor Relations 770-829-3700
investor.relations@beazer.com
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