ATLANTA–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/GetMoreWithBeazer?src=hash” target=”_blank”gt;#GetMoreWithBeazerlt;/agt;–Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com)
today announced its financial results for the three and six months ended
March 31, 2019.
“We had a strong second quarter of fiscal 2019, with our results
surpassing our expectations across nearly every operational metric. We
benefited from the decrease in mortgage rates, which has contributed to
improved affordability and a more favorable demand environment,” said
Allan P. Merrill, President and CEO of Beazer Homes. “At the same time,
as part of our ongoing stock and debt repurchase program, we bought back
an additional $7.5 million, or 652 thousand shares, of stock and retired
more than $5.0 million of our outstanding Senior Notes.”
“During the quarter, we also took impairments on several of our
California assets. In response to recent changes in market conditions,
we concluded that it had become necessary to reduce prices in some of
our active communities, all of which were previously classified as land
held for future development. Additionally, after a thorough review of
our California assets, we made a strategic decision to sell or activate
all of the remaining assets which were still classified as land held for
future development. Although these decisions led to an impairment this
quarter, our actions will enable us to increase our sales pace, generate
cash more quickly and redeploy this capital to more attractive
investments.”
Beazer Homes Fiscal Second Quarter 2019 Highlights
and Comparison to Fiscal Second Quarter 2018
-
Net loss from continuing operations of $100.8 million, compared to net
income of $11.6 million in fiscal second quarter 2018 -
Excluding impairment charges and gain on debt extinguishment
recognized during the quarter, net income from continuing operations
was $6.2 million compared to $11.6 million in fiscal second quarter
2018 - Impairment on certain California assets of $147.6 million
- Adjusted EBITDA of $32.6 million, down 17.6%
-
Homebuilding revenue of $420.9 million, down 4.6%, on a 10.4% decrease
in home closings to 1,134 and a 6.5% increase in average selling price
to $371.2 thousand -
Homebuilding gross margin excluding impairments and abandonments was
15.4%, down 150 basis points. Excluding impairments, abandonments and
amortized interest, homebuilding gross margin was 19.8%, also down 150
basis points - SG&A as a percentage of total revenue was 12.7%, down 10 basis points
-
Unit orders of 1,598, down 4.8% on a 12.0% decrease in
sales/community/month to 3.3 and an 8.2% increase in average community
count to 163 - Dollar value of backlog of $783.3 million, down 11.5%
- Unrestricted cash at quarter end was $86.4 million
- Repurchases of 652.2 thousand shares of common stock for $7.5 million
- Repurchases of $5.1 million of Senior Notes
Profitability. Net loss from continuing operations was $100.8
million, including an impairment charge of $147.6 million on select
California assets, as discussed above. After adjusting for impairment
charges and gain on debt extinguishment taken during the quarter, the
Company generated net income from continuing operations of $6.2 million.
Second quarter Adjusted EBITDA of $32.6 million was down $6.9 million,
or 17.6%, compared to the same period last year.
Impairments. Of the total impairments during the quarter, $109.0
million related to 9 formerly land held for future development
communities that are currently generating sales or are under development
in Southern California and reflected the deterioration in conditions
that occurred in their respective markets. Concurrently, the Company
performed a strategic review of its remaining land held for future
development assets in California and now plans to sell all of these
parcels. As a result, land held for sale impairment charges totaling
$38.6 million were recognized on 6 of these communities. The Company no
longer has any land held for future development assets in California.
Orders. Net new orders for the second quarter decreased 4.8% from
the prior year period, to 1,598. The drop in net new orders was driven
by a decrease in the absorption rate to 3.3 sales per community per
month, down from 3.7 the previous year, but equal to the Company’s
average second quarter absorption rate over the previous five years. The
cancellation rate for the quarter was 14.5%, down 40 basis points
year-over-year and was the lowest recorded in the past five years in any
quarter.
Homebuilding Revenue. Second quarter home closings of 1,134 homes
were down 10.4% from the same period last year. This was partially
offset by a 6.5% increase in the average selling price to $371.2
thousand, leading to homebuilding revenue of $420.9 million, down 4.6%
from the prior year period.
Backlog. The dollar value of homes in backlog as of March 31,
2019 decreased 11.5% to $783.3 million, or 1,989 homes, which compared
to $885.4 million, or 2,312 homes, at the same time last year. The
average selling price of homes in backlog rose 2.8% year over year to
$393.8 thousand.
Homebuilding Gross Margin. Homebuilding gross margin (excluding
impairments, abandonments and amortized interest) was 19.8% for the
second quarter, down 150 basis points from the same period in fiscal
2018. The reduction in gross margin reflected the Company’s efforts to
respond to weak demand in the first quarter. Gross margin benefited from
approximately 60 bps of construction reimbursements and other benefits
that we do not expect to recur in the near term.
SG&A Expenses. Selling, general and administrative expenses,
as a percentage of total revenue, were 12.7% for the quarter, an
improvement of 10 basis points compared to the prior year period.
Liquidity. At the close of the second quarter, the Company had
approximately $221.4 million of available liquidity, including $86.4
million of unrestricted cash and $135.0 million available on its secured
revolving credit facility after accounting for borrowings.
Capital Allocation Update. Earlier this fiscal year, the Company
announced its Board of Directors had authorized the repurchase of up to
$50.0 million of common stock. As part of this program, the Company
repurchased $7.5 million of its common stock during the second quarter,
bringing the total year-to-date repurchases to $24.0 million. Further,
the Company repurchased $5.1 million of debt during the second quarter.
In line with its commitment to repurchase debt in excess of its share
repurchases by the end of the current fiscal year, the Company plans to
retire at least $25.0 million or more in debt, plus additional amounts
based on future share repurchases, during the second half of fiscal 2019.
Gatherings.
The Company continued the rollout of its Gatherings active-adult
communities during the second quarter of fiscal 2019 as Dallas’
Gatherings at Mercer Crossing began construction on its second building,
with its first building scheduled to be completed in April. Subsequent
to the end of the second fiscal quarter, the Company approved two new
communities in Charleston and Maryland. In addition, the Company now has
ongoing Gatherings activity in Houston, Orlando, Dallas, and Nashville.
Summary results for the three and six months ended March 31, 2019 are as
follows:
| Three Months Ended March 31, | |||||||||||||
| 2019 | 2018 | Change* | |||||||||||
| New home orders, net of cancellations | 1,598 | 1,679 | (4.8 | )% | |||||||||
| Orders per community per month | 3.3 | 3.7 | (12.0 | )% | |||||||||
| Average active community count | 163 | 151 | 8.2 | % | |||||||||
| Actual community count at quarter-end | 166 | 153 | 8.5 | % | |||||||||
| Cancellation rates | 14.5 | % | 14.9 | % | -40 bps | ||||||||
| Total home closings | 1,134 | 1,266 | (10.4 | )% | |||||||||
| Average selling price (ASP) from closings (in thousands) | $ | 371.2 | $ | 348.4 | 6.5 | % | |||||||
| Homebuilding revenue (in millions) | $ | 420.9 | $ | 441.1 | (4.6 | )% | |||||||
| Homebuilding gross margin | (10.5 | )% | 16.9 | % | -2740 bps | ||||||||
|
Homebuilding gross margin, excluding impairments and abandonments (I&A) |
15.4 | % | 16.9 | % | -150 bps | ||||||||
|
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales |
19.8 | % | 21.3 | % |
-150 bps |
||||||||
|
(Loss) income from continuing operations before income taxes (in millions) |
$ | (139.0 | ) | $ | 12.6 | $ | (151.6 | ) | |||||
| (Benefit) expense from income taxes (in millions) | $ | (38.2 | ) | $ | 1.0 | $ | (39.2 | ) | |||||
| (Loss) income from continuing operations (in millions) | $ | (100.8 | ) | $ | 11.6 | $ | (112.4 | ) | |||||
|
Basic and diluted (loss) income per share from continuing operations |
$ | (3.28 | ) | $ | 0.36 | $ | (3.64 | ) | |||||
|
(Loss) income from continuing operations before income taxes (in millions) |
$ | (139.0 | ) | $ | 12.6 | $ | (151.6 | ) | |||||
| Gain on debt extinguishment (in millions) | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | |||||
| Inventory impairments and abandonments (in millions) | $ | 147.6 | $ | — | $ | 147.6 | |||||||
|
Income from continuing operations excluding gain on debt extinguishment and inventory impairments and abandonments before income taxes (in millions) |
$ | 8.4 | $ | 12.6 | $ | (4.2 | ) | ||||||
|
Income from continuing operations excluding gain on debt extinguishment and inventory impairments and abandonments (in millions)+ |
$ | 6.2 | $ | 11.6 | $ | (5.4 | ) | ||||||
| Net (loss) income | $ | (100.9 | ) | $ | 11.6 | $ | (112.5 | ) | |||||
| Land and land development spending (in millions) | $ | 139.9 | $ | 143.4 | $ | (3.5 | ) | ||||||
| Adjusted EBITDA (in millions) | $ | 32.6 | $ | 39.5 | $ | (6.9 | ) | ||||||
| LTM Adjusted EBITDA (in millions) | $ | 196.2 | $ | 189.1 | $ | 7.1 | |||||||
|
* |
Change and totals are calculated using unrounded numbers. |
||||||||||||
| (+) |
For the three months ended March 31, 2019, gain on debt |
||||||||||||
|
“LTM” indicates amounts for the trailing 12 months. |
|||||||||||||
| Six Months Ended March 31, | |||||||||||||||
| 2019 | 2018 | Change* | |||||||||||||
| New home orders, net of cancellations | 2,574 | 2,789 | (7.7 | )% | |||||||||||
| LTM orders per community per month | 2.8 | 3.1 | (9.7 | )% | |||||||||||
| Cancellation rates | 16.6 | % | 16.5 | % | 10 bps | ||||||||||
| Total home closings | 2,217 | 2,332 | (4.9 | )% | |||||||||||
| ASP from closings (in thousands) | $ | 370.7 | $ | 346.9 | 6.9 | % | |||||||||
| Homebuilding revenue (in millions) | $ | 821.9 | $ | 808.9 | 1.6 | % | |||||||||
| Homebuilding gross margin | 2.0 | % | 16.6 | % | -1460 bps | ||||||||||
|
Homebuilding gross margin, excluding impairments and abandonments (I&A) |
15.4 | % | 16.6 | % | -120 bps | ||||||||||
|
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales |
19.8 | % | 21.1 | % | -130 bps | ||||||||||
| Loss from continuing operations before income taxes (in millions) | $ | (135.6 | ) | $ | (9.8 | ) | $ | (125.8 | ) | ||||||
| (Benefit) expense from income taxes (in millions) | $ | (42.1 | ) | $ | 109.1 | $ | (151.2 | ) | |||||||
| Loss from continuing operations (in millions) | $ | (93.5 | ) | $ | (119.0 | ) | $ | 25.5 | |||||||
| Basic and diluted loss per share from continuing operations | $ | (2.99 | ) | $ | (3.71 | ) | $ | 0.72 | |||||||
| Loss from continuing operations before income taxes (in millions) | $ | (135.6 | ) | $ | (9.8 | ) | $ | (125.8 | ) | ||||||
| (Gain) loss on debt extinguishment (in millions) | $ | (0.2 | ) | $ | 25.9 | $ | (26.1 | ) | |||||||
| Inventory impairments and abandonments (in millions) | $ | 148.6 | $ | — | $ | 148.6 | |||||||||
|
Income from continuing operations excluding (gain) loss on debt extinguishment and inventory impairments and abandonments before income taxes (in millions) |
$ | 12.8 | $ | 16.1 | $ | (3.3 | ) | ||||||||
|
Income from continuing operations excluding (gain) loss on debt extinguishment, inventory impairments and abandonments, and remeasurement of deferred tax assets due to Tax Act (in millions)+ |
$ | 14.1 | $ | 14.3 | $ | (0.2 | ) | ||||||||
| Net loss | $ | (93.6 | ) | $ | (119.4 | ) | $ | 25.8 | |||||||
| Land and land development spending (in millions) | $ | 260.9 | $ | 285.1 | $ | (24.2 | ) | ||||||||
| Adjusted EBITDA (in millions) | $ | 59.4 | $ | 67.9 | $ | (8.5 | ) | ||||||||
|
* |
Change and totals are calculated using unrounded numbers. |
||||||||||||||
|
+ |
For the six months ended March 31, 2019, gain on debt |
||||||||||||||
| As of March 31, | |||||||||||||||
| 2019 | 2018 | Change | |||||||||||||
| Backlog units | 1,989 | 2,312 | (14.0 | )% | |||||||||||
| Dollar value of backlog (in millions) | $ | 783.3 | $ | 885.4 | (11.5 | )% | |||||||||
| ASP in backlog (in thousands) | $ | 393.8 | $ | 383.0 | 2.8 | % | |||||||||
| Land and lots controlled | 22,383 | 22,092 | 1.3 | % | |||||||||||
Conference Call
The Company will hold a conference call on May 2, 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
800-619-8639 (for international callers, dial 312-470-7002). To be
admitted to the call, enter the passcode “7072668.” A replay of the call
will be available shortly after the conclusion of the live call. To
directly access the replay, dial 866-492-3844 or 203-369-1740 and enter
the passcode “3740” (available until 5:59 p.m. ET on May 9, 2019), or
visit www.beazer.com.
A replay of the webcast will be available at www.beazer.com
for at least 30 days.
Headquartered in Atlanta, Beazer Homes (NYSE:BZH) is one of the
country’s largest homebuilders. All Beazer homes are built to provide
Surprising Performance, meaning more quality, more comfort and more
savings from the moment homeowners move in. Designed with Choice PlansTM,
owners get more floor plan flexibility at no additional cost. In
addition, Beazer Homes is committed to providing a range of lender and
financing choices to facilitate transparent competition among lenders
and enhance customer service. Beazer Homes builds 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) economic changes
nationally or in local markets, changes in consumer confidence, and 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; (ii) the cyclical nature of the homebuilding industry and a
potential deterioration in homebuilding industry conditions; (iii)
factors affecting margins, such as decreased land values underlying land
option agreements, increased land development costs on communities under
development or delays or difficulties in implementing initiatives to
reduce our production and overhead cost structure; (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) 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; (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, a change in tax laws regarding the deductibility of
mortgage interest for tax purposes or an increased number of
foreclosures; (viii) our 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
reductions in our tangible net worth or 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 implement 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) weather conditions 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) estimates related to the potential recoverability of our
deferred tax assets, and a potential reduction in corporate tax rates
that could reduce the usefulness of our existing 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
performance of our unconsolidated entities and our unconsolidated entity
partners; (xix) the impact of information technology failures or data
security breaches; (xx) terrorist acts, natural disasters, acts of war
or other factors over which we have little or no control; or (xxi) 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. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| in thousands (except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Total revenue | $ | 421,260 | $ | 455,178 | $ | 823,300 | $ | 827,667 | ||||||||
| Home construction and land sales expenses | 356,329 | 380,101 | 696,707 | 691,761 | ||||||||||||
| Inventory impairments and abandonments | 147,611 | — | 148,618 | — | ||||||||||||
| Gross (loss) profit | (82,680 | ) | 75,077 | (22,025 | ) | 135,906 | ||||||||||
| Commissions | 15,998 | 17,334 | 31,735 | 31,690 | ||||||||||||
| General and administrative expenses | 37,372 | 40,852 | 76,014 | 78,137 | ||||||||||||
| Depreciation and amortization | 2,900 | 3,066 | 5,670 | 5,573 | ||||||||||||
| Operating (loss) income | (138,950 | ) | 13,825 | (135,444 | ) | 20,506 | ||||||||||
| Equity in income of unconsolidated entities | 81 | 256 | 17 | 155 | ||||||||||||
| Gain (loss) on extinguishment of debt | 216 | — | 216 | (25,904 | ) | |||||||||||
| Other expense, net | (337 | ) | (1,453 | ) | (379 | ) | (4,598 | ) | ||||||||
| (Loss) income from continuing operations before income taxes | (138,990 | ) | 12,628 | (135,590 | ) | (9,841 | ) | |||||||||
| (Benefit) expense from income taxes | (38,158 | ) | 1,012 | (42,080 | ) | 109,118 | ||||||||||
| (Loss) income from continuing operations | (100,832 | ) | 11,616 | (93,510 | ) | (118,959 | ) | |||||||||
| Loss from discontinued operations, net of tax | (30 | ) | (58 | ) | (41 | ) | (430 | ) | ||||||||
| Net (loss) income | $ | (100,862 | ) | $ | 11,558 | $ | (93,551 | ) | $ | (119,389 | ) | |||||
| Weighted average number of shares: | ||||||||||||||||
| Basic | 30,714 | 32,140 | 31,263 | 32,097 | ||||||||||||
| Diluted | 30,714 | 32,721 | 31,263 | 32,097 | ||||||||||||
| Basic (loss) earnings per share: | ||||||||||||||||
| Continuing operations | $ | (3.28 | ) | $ | 0.36 | $ | (2.99 | ) | $ | (3.71 | ) | |||||
| Discontinued operations | — | — | — | (0.01 | ) | |||||||||||
| Total | $ | (3.28 | ) | $ | 0.36 | $ | (2.99 | ) | $ | (3.72 | ) | |||||
| Diluted (loss) earnings per share: | ||||||||||||||||
| Continuing operations | $ | (3.28 | ) | $ | 0.36 | $ | (2.99 | ) | $ | (3.71 | ) | |||||
| Discontinued operations | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
| Total | $ | (3.28 | ) | $ | 0.35 | $ | (2.99 | ) | $ | (3.72 | ) | |||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| Capitalized Interest in Inventory | 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Capitalized interest in inventory, beginning of period | $ | 151,886 | $ | 144,847 | $ | 144,645 | $ | 139,203 | ||||||||
| Interest incurred | 25,803 | 25,492 | 50,724 | 51,047 | ||||||||||||
| Capitalized interest impaired | (13,792 | ) | — | (13,907 | ) | — | ||||||||||
|
Interest expense not qualified for capitalization and included as other expense |
(597 | ) | (1,650 | ) | (839 | ) | (5,085 | ) | ||||||||
|
Capitalized interest amortized to home construction and land sales expenses |
(18,544 | ) | (19,655 | ) | (35,867 | ) | (36,131 | ) | ||||||||
| Capitalized interest in inventory, end of period | $ | 144,756 | $ | 149,034 | $ | 144,756 | $ | 149,034 | ||||||||
|
BEAZER HOMES USA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
| in thousands (except share and per share data) | March 31, 2019 | September 30, 2018 | ||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 86,441 | $ | 139,805 | ||||
| Restricted cash | 12,197 | 13,443 | ||||||
| Accounts receivable (net of allowance of $373 and $378, respectively) | 18,486 | 24,647 | ||||||
| Owned inventory | 1,634,399 | 1,692,284 | ||||||
| Investments in unconsolidated entities | 3,726 | 4,035 | ||||||
| Deferred tax assets, net | 256,347 | 213,955 | ||||||
| Property and equipment, net | 26,662 | 20,843 | ||||||
| Goodwill | 10,605 | 9,751 | ||||||
| Other assets | 6,478 | 9,339 | ||||||
| Total assets | $ | 2,055,341 | $ | 2,128,102 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Trade accounts payable | $ | 125,403 | $ | 126,432 | ||||
| Other liabilities | 99,020 | 126,389 | ||||||
|
Total debt (net of premium of $2,254 and $2,640, respectively, and debt issuance costs of $12,911 and $14,336, respectively) |
1,301,760 | 1,231,254 | ||||||
| Total liabilities | 1,526,183 | 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, 32,043,664 issued and outstanding and 33,522,046 issued and outstanding, respectively) |
32 | 34 | ||||||
| Paid-in capital | 858,709 | 880,025 | ||||||
| Accumulated deficit | (329,583 | ) | (236,032 | ) | ||||
| Total stockholders’ equity | 529,158 | 644,027 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,055,341 | $ | 2,128,102 | ||||
| Inventory Breakdown | ||||||||
| Homes under construction | $ | 536,039 | $ | 476,752 | ||||
| Development projects in progress | 836,829 | 907,793 | ||||||
| Land held for future development | 28,531 | 83,173 | ||||||
| Land held for sale | 12,926 | 7,781 | ||||||
| Capitalized interest | 144,756 | 144,645 | ||||||
| Model homes | 75,318 | 72,140 | ||||||
| Total owned inventory | $ | 1,634,399 | $ | 1,692,284 | ||||
|
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING |
||||||||||||||||||
|
|
Three Months Ended March 31, |
Six Months Ended March 31, | ||||||||||||||||
| SELECTED OPERATING DATA |
|
2019 |
2018 |
2019 | 2018 | |||||||||||||
| Closings: | ||||||||||||||||||
| West region |
|
606 |
652 | 1,207 | 1,178 | |||||||||||||
| East region |
|
213 |
279 | 401 | 504 | |||||||||||||
| Southeast region |
|
315 |
335 | 609 | 650 | |||||||||||||
| Total closings |
|
1,134 |
1,266 | 2,217 | 2,332 | |||||||||||||
| New orders, net of cancellations: | ||||||||||||||||||
| West region |
|
806 |
906 | 1,325 | 1,440 | |||||||||||||
| East region |
|
334 |
321 | 535 | 580 | |||||||||||||
| Southeast region |
|
458 |
452 | 714 | 769 | |||||||||||||
| Total new orders, net |
|
1,598 |
1,679 | 2,574 | 2,789 | |||||||||||||
| As of March 31, | ||||||||||||||||||
| Backlog units at end of period: | 2019 | 2018 | ||||||||||||||||
| West region | 976 | 1,141 | ||||||||||||||||
| East region | 415 | 489 | ||||||||||||||||
| Southeast region | 598 | 682 | ||||||||||||||||
| Total backlog units | 1,989 | 2,312 | ||||||||||||||||
| Dollar value of backlog at end of period (in millions) | $ | 783.3 | $ | 885.4 | ||||||||||||||
| in thousands | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
| SUPPLEMENTAL FINANCIAL DATA | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
| Homebuilding revenue: | ||||||||||||||||||
| West region | $ | 210,430 | $ | 224,361 |
$ |
419,374 |
$ | 400,917 | ||||||||||
| East region | 93,751 | 103,731 | 181,516 | 189,419 | ||||||||||||||
| Southeast region | 116,764 | 113,023 | 221,037 | 218,533 | ||||||||||||||
| Total homebuilding revenue | $ | 420,945 | $ | 441,115 |
$ |
821,927 |
$ | 808,869 | ||||||||||
| Revenue: | ||||||||||||||||||
| Homebuilding | $ | 420,945 | $ | 441,115 |
$ |
821,927 |
$ | 808,869 | ||||||||||
| Land sales and other | 315 | 14,063 | 1,373 | 18,798 | ||||||||||||||
| Total revenues | $ | 421,260 | $ | 455,178 |
$ |
823,300 |
$ | 827,667 | ||||||||||
| Gross (loss) profit: | ||||||||||||||||||
| Homebuilding | $ | (44,148 | ) | $ | 74,366 |
$ |
16,471 |
$ | 134,598 | |||||||||
| Land sales and other | (38,532 | ) | 711 | (38,496 | ) | 1,308 | ||||||||||||
| Total gross loss | $ | (82,680 | ) | $ | 75,077 |
$ |
(22,025 |
) | $ | 135,906 | ||||||||
Reconciliation of homebuilding gross profit and the related gross margin
before impairments and abandonments and interest amortized to cost of
sales to homebuilding gross (loss) profit and gross margin, the most
directly comparable GAAP measure, is provided for each period discussed
below.
Contacts
Beazer Homes USA, Inc.
David I. Goldberg
Vice President of
Treasury and Investor Relations
770-829-3700
[email protected]
