2014 Q1 Form 10-Q Financial Statement

#000091584014000006 Filed on January 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2012 Q4
Revenue $270.0M $293.2M $246.9M
YoY Change -6.21% 18.74% 30.95%
Cost Of Revenue $217.0M $238.5M $210.6M
YoY Change -10.33% 13.25% 29.36%
Gross Profit $52.17M $54.67M $36.08M
YoY Change 18.88% 51.51% 62.04%
Gross Profit Margin 19.32% 18.65% 14.61%
Selling, General & Admin $43.70M $40.20M $37.00M
YoY Change 7.9% 8.65% 1.09%
% of Gross Profit 83.76% 73.53% 102.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.831M $2.907M $2.715M
YoY Change -8.47% 7.07% 12.98%
% of Gross Profit 5.43% 5.32% 7.52%
Operating Expenses $46.60M $43.10M $39.70M
YoY Change 7.13% 8.56% 2.06%
Operating Profit $5.617M $11.53M -$3.601M
YoY Change 1706.11% -420.24% -78.44%
Interest Expense $14.66M $16.03M $16.21M
YoY Change -9.77% -1.1% -15.2%
% of Operating Profit 260.98% 139.02%
Other Income/Expense, Net -$13.73M -$15.76M -$15.63M
YoY Change -15.24% 0.83% -14.48%
Pretax Income -$8.280M -$3.906M -$19.19M
YoY Change -57.44% -79.65% -45.24%
Income Tax -$56.00K $42.00K -$253.0K
% Of Pretax Income
Net Earnings -$7.971M -$5.138M -$20.39M
YoY Change -59.41% -74.8% -2858.86%
Net Earnings / Revenue -2.95% -1.75% -8.26%
Basic Earnings Per Share -$0.84
Diluted Earnings Per Share -$316.2K -$204.0K -$0.84
COMMON SHARES
Basic Shares Outstanding 25.36M shares 25.25M shares 24.29M shares
Diluted Shares Outstanding 24.29M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $299.6M $382.6M $396.7M
YoY Change -29.62% -3.55% 45.58%
Cash & Equivalents $299.6M $382.6M $396.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.488B $1.383B $1.151B
Prepaid Expenses
Receivables $28.90M $21.10M $23.50M
Other Receivables $2.800M $2.800M $2.500M
Total Short-Term Assets $1.819B $1.789B $1.574B
YoY Change 13.33% 13.7% 5.16%
LONG-TERM ASSETS
Property, Plant & Equipment $18.14M $17.44M $18.05M
YoY Change 7.17% -3.42% -55.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.50M $47.40M $42.00M
YoY Change -12.68% 12.86% 95.35%
Other Assets $56.20M $54.50M $258.4M
YoY Change -77.85% -78.91% -8.76%
Total Long-Term Assets $132.0M $143.6M $347.9M
YoY Change -61.33% -58.72% -7.83%
TOTAL ASSETS
Total Short-Term Assets $1.819B $1.789B $1.574B
Total Long-Term Assets $132.0M $143.6M $347.9M
Total Assets $1.951B $1.933B $1.922B
YoY Change 0.24% 0.59% 2.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.90M $60.50M $56.10M
YoY Change 15.59% 7.84% 20.91%
Accrued Expenses $60.60M $43.30M $44.30M
YoY Change -6.34% -2.26% -22.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $166.7M $134.8M $132.3M
YoY Change 3.41% 1.89% 0.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.512B $1.516B $1.497B
YoY Change 0.31% 1.29% 0.55%
Other Long-Term Liabilities $42.00M $46.10M $49.80M
YoY Change -6.87% -7.43% -7.09%
Total Long-Term Liabilities $1.554B $1.562B $1.547B
YoY Change 0.1% 1.01% 0.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $166.7M $134.8M $132.3M
Total Long-Term Liabilities $1.554B $1.562B $1.547B
Total Liabilities $1.721B $1.697B $1.679B
YoY Change 0.41% 1.09% 0.32%
SHAREHOLDERS EQUITY
Retained Earnings -$618.7M -$610.8M -$592.2M
YoY Change 1.14% 3.14%
Common Stock $849.5M $846.4M $834.8M
YoY Change 0.53% 1.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $230.8M $235.6M $242.6M
YoY Change
Total Liabilities & Shareholders Equity $1.951B $1.933B $1.922B
YoY Change 0.24% 0.59% 2.54%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income -$7.971M -$5.138M -$20.39M
YoY Change -59.41% -74.8% -2858.86%
Depreciation, Depletion And Amortization $2.831M $2.907M $2.715M
YoY Change -8.47% 7.07% 12.98%
Cash From Operating Activities -$74.20M -$113.9M -$87.45M
YoY Change -762.5% 30.22% 23.02%
INVESTING ACTIVITIES
Capital Expenditures -$3.400M $3.200M $1.772M
YoY Change 61.9% 80.59% -79.48%
Acquisitions
YoY Change
Other Investing Activities -$2.700M -$2.300M $1.700M
YoY Change -155.1% -235.29% -342.86%
Cash From Investing Activities -$6.100M -$5.541M -$82.00K
YoY Change -317.86% 6657.32% -99.12%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $34.00K
YoY Change 209.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.700M -$2.480M -$3.564M
YoY Change -117.88% -30.42% -79.63%
NET CHANGE
Cash From Operating Activities -74.20M -$113.9M -$87.45M
Cash From Investing Activities -6.100M -$5.541M -$82.00K
Cash From Financing Activities -2.700M -$2.480M -$3.564M
Net Change In Cash -83.00M -$121.9M -$91.10M
YoY Change -385.22% 33.81% -6.93%
FREE CASH FLOW
Cash From Operating Activities -$74.20M -$113.9M -$87.45M
Capital Expenditures -$3.400M $3.200M $1.772M
Free Cash Flow -$70.80M -$117.1M -$89.23M
YoY Change -632.33% 31.22% 11.92%

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ProceedsFromPaymentsForOtherFinancingActivities
-413000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17437000 USD
CY2012Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
51000 USD
CY2013Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
156000 USD
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
52562000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
61836000 USD
CY2012Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
41922000 USD
CY2012Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
38190000 USD
CY2012Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
8475000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
7135000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
32441000 USD
CY2012Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
28418000 USD
CY2013Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
293170000 USD
CY2012Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
246902000 USD
CY2012Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
1902000 USD
CY2013Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
2035000 USD
CY2013Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
48978000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
49155000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-605640000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-610778000 USD
CY2013Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
11821000 USD
CY2012Q4 bzh Settlement Of Unconsolidated Jv Debt Obligation
SettlementOfUnconsolidatedJvDebtObligation
500000 USD
CY2012Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
10642000 USD
CY2013Q4 us-gaap Share Based Compensation
ShareBasedCompensation
609000 USD
CY2012Q4 us-gaap Share Based Compensation
ShareBasedCompensation
784000 USD
CY2013Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
21693 shares
CY2012Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
1306 shares
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11911000 USD
CY2013Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11663000 USD
CY2012Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15477000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
14342000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1261000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2618000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
1743000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-1302000 USD
CY2013Q3 bzh Intercompany Assets
IntercompanyAssets
0 USD
CY2013Q4 bzh Intercompany Liabilities
IntercompanyLiabilities
0 USD
CY2013Q3 bzh Intercompany Liabilities
IntercompanyLiabilities
0 USD
CY2012Q4 bzh Inventory Impairment And Option Contract Abandonment
InventoryImpairmentAndOptionContractAbandonment
221000 USD
CY2013Q4 bzh Inventory Impairment And Option Contract Abandonment
InventoryImpairmentAndOptionContractAbandonment
31000 USD
CY2013Q3 bzh Inventory Model Homes
InventoryModelHomes
37886000 USD
CY2013Q4 bzh Inventory Model Homes
InventoryModelHomes
42620000 USD
CY2013Q3 bzh Inventory Projects In Progress
InventoryProjectsInProgress
931377000 USD
CY2013Q4 bzh Inventory Projects In Progress
InventoryProjectsInProgress
976551000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1428000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1123000 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
240550000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
235608000 USD
CY2013Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2600000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2700000 USD
CY2012Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24294000 shares
CY2013Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25009000 shares
CY2013Q4 bzh Companys Liability Under Deferred Prosecution Agreement Percentage Of Companys Adjusted Ebitda
CompanysLiabilityUnderDeferredProsecutionAgreementPercentageOfCompanysAdjustedEbitda
0.04
CY2013Q4 bzh Consolidated Tangible Net Worth
ConsolidatedTangibleNetWorth
210100000 USD
CY2013Q4 bzh Conversion Of Debt Triggering Event Value Of Consolidated Tangible Net Worth
ConversionOfDebtTriggeringEventValueOfConsolidatedTangibleNetWorth
85000000 USD
CY2012Q4 bzh Decreases In Restricted Cash
DecreasesInRestrictedCash
2083000 USD
CY2013Q4 bzh Decreases In Restricted Cash
DecreasesInRestrictedCash
551000 USD
CY2013Q4 bzh Equity In Loss Income Of Subsidiaries Continuing Operations
EquityInLossIncomeOfSubsidiariesContinuingOperations
0 USD
CY2012Q4 bzh Equity In Loss Income Of Subsidiaries Continuing Operations
EquityInLossIncomeOfSubsidiariesContinuingOperations
0 USD
CY2012Q4 bzh Equity In Loss Income Of Subsidiary Discontinued Operations
EquityInLossIncomeOfSubsidiaryDiscontinuedOperations
0 USD
CY2013Q4 bzh Equity In Loss Income Of Subsidiary Discontinued Operations
EquityInLossIncomeOfSubsidiaryDiscontinuedOperations
0 USD
CY2013Q3 bzh Equity Method Investment Summarized Financial Information Borrowings
EquityMethodInvestmentSummarizedFinancialInformationBorrowings
85938000 USD
CY2013Q4 bzh Equity Method Investment Summarized Financial Information Borrowings
EquityMethodInvestmentSummarizedFinancialInformationBorrowings
96549000 USD
CY2013Q4 bzh Equity Method Investments Impairment Of Unconsolidated Entity Investments Continuing Operations
EquityMethodInvestmentsImpairmentOfUnconsolidatedEntityInvestmentsContinuingOperations
0 USD
CY2012Q4 bzh Equity Method Investments Impairment Of Unconsolidated Entity Investments Continuing Operations
EquityMethodInvestmentsImpairmentOfUnconsolidatedEntityInvestmentsContinuingOperations
0 USD
CY2012Q4 bzh Equity Method Investments Income Loss From Unconsolidated Entity Activity Continuing Operations
EquityMethodInvestmentsIncomeLossFromUnconsolidatedEntityActivityContinuingOperations
-36000 USD
CY2013Q4 bzh Equity Method Investments Income Loss From Unconsolidated Entity Activity Continuing Operations
EquityMethodInvestmentsIncomeLossFromUnconsolidatedEntityActivityContinuingOperations
-319000 USD
CY2013 bzh Guarantor Obligation Settlement Other Income Expense
GuarantorObligationSettlementOtherIncomeExpense
200000 USD
CY2013 bzh Guarantor Obligation Settlement Payment
GuarantorObligationSettlementPayment
500000 USD
CY2013Q4 bzh Increase Decrease In Obligations Related To Land Not Owned Under Option Agreements
IncreaseDecreaseInObligationsRelatedToLandNotOwnedUnderOptionAgreements
-1486000 USD
CY2012Q4 bzh Increase Decrease In Obligations Related To Land Not Owned Under Option Agreements
IncreaseDecreaseInObligationsRelatedToLandNotOwnedUnderOptionAgreements
-1162000 USD
CY2013Q4 bzh Increases In Restricted Cash
IncreasesInRestrictedCash
728000 USD
CY2012Q4 bzh Increases In Restricted Cash
IncreasesInRestrictedCash
278000 USD
CY2013Q4 bzh Intercompany Assets
IntercompanyAssets
0 USD
CY2013Q4 bzh Investments In Subsidiaries
InvestmentsInSubsidiaries
0 USD
CY2013Q3 bzh Investments In Subsidiaries
InvestmentsInSubsidiaries
0 USD
CY2013Q4 bzh Joint Venture Obligation
JointVentureObligation
6700000 USD
CY2013Q3 bzh Land Under Purchase Options Consolidated And Unconsolidated Vies Total Remaining Obligations Under Option Agreements
LandUnderPurchaseOptionsConsolidatedAndUnconsolidatedViesTotalRemainingObligationsUnderOptionAgreements
288638000 USD
CY2013Q4 bzh Land Under Purchase Options Consolidated And Unconsolidated Vies Total Remaining Obligations Under Option Agreements
LandUnderPurchaseOptionsConsolidatedAndUnconsolidatedViesTotalRemainingObligationsUnderOptionAgreements
362044000 USD
CY2013Q4 bzh Operating Loss Carryforwards And Recognition Limitations On Use
OperatingLossCarryforwardsAndRecognitionLimitationsOnUse
11400000 USD
CY2013Q4 bzh Operating Loss Carryforwards And Recognition Limitations On Use Tax Effected
OperatingLossCarryforwardsAndRecognitionLimitationsOnUseTaxEffected
4000000 USD
CY2012Q4 bzh Undiscounted Cash Flow Analysis Pre Analysis Book Value
UndiscountedCashFlowAnalysisPreAnalysisBookValue
15597000 USD
CY2013Q4 bzh Undiscounted Cash Flow Analysis Pre Analysis Book Value
UndiscountedCashFlowAnalysisPreAnalysisBookValue
0 USD
CY2013Q4 dei Entity Registrant Name
EntityRegistrantName
BEAZER HOMES USA INC
CY2013Q4 bzh Land Under Purchase Options Deposits And Non Refundable Preacquisition Costs
LandUnderPurchaseOptionsDepositsAndNonRefundablePreacquisitionCosts
44301000 USD
CY2013Q3 bzh Land Under Purchase Options Deposits And Non Refundable Preacquisition Costs
LandUnderPurchaseOptionsDepositsAndNonRefundablePreacquisitionCosts
37313000 USD
CY2013Q4 bzh Land Under Purchase Options Obligations Related To Land Not Owned Under Option Agreements
LandUnderPurchaseOptionsObligationsRelatedToLandNotOwnedUnderOptionAgreements
3147000 USD
CY2013Q3 bzh Land Under Purchase Options Obligations Related To Land Not Owned Under Option Agreements
LandUnderPurchaseOptionsObligationsRelatedToLandNotOwnedUnderOptionAgreements
4633000 USD
CY2013Q4 bzh Net Deferred Tax Asset Gross
NetDeferredTaxAssetGross
494363000 USD
CY2012Q4 bzh Non Cash Land Acquisitions
NonCashLandAcquisitions
0 USD
CY2013Q4 bzh Non Cash Land Acquisitions
NonCashLandAcquisitions
5400000 USD
CY2013Q4 bzh Number Of Communities On Watch List
NumberOfCommunitiesOnWatchList
1 Community
CY2012Q4 bzh Number Of Communities On Watch List
NumberOfCommunitiesOnWatchList
4 Community
CY2013Q4 bzh Number Of Real Estate Properties Completed Homes
NumberOfRealEstatePropertiesCompletedHomes
133 home
CY2013Q3 bzh Number Of Real Estate Properties Completed Homes
NumberOfRealEstatePropertiesCompletedHomes
113 home
CY2013Q4 bzh Undiscounted Cash Flow Analysis Prepared For Number Of Communities
UndiscountedCashFlowAnalysisPreparedForNumberOfCommunities
0 Community
CY2012Q4 bzh Undiscounted Cash Flow Analysis Prepared For Number Of Communities
UndiscountedCashFlowAnalysisPreparedForNumberOfCommunities
4 Community
CY2013Q4 bzh Value Of Real Estate Properties Completed Unsold Homes
ValueOfRealEstatePropertiesCompletedUnsoldHomes
33400000 USD
CY2013Q4 bzh Settlement Of Unconsolidated Jv Debt Obligation
SettlementOfUnconsolidatedJvDebtObligation
0 USD
CY2013Q4 bzh Standard Product Warranty Length Maximum
StandardProductWarrantyLengthMaximum
P2Y
CY2013Q4 bzh Standard Product Warranty Length Minimum
StandardProductWarrantyLengthMinimum
P1Y
CY2012Q4 bzh Stock Surrendered During Period Value
StockSurrenderedDuringPeriodValue
19000 USD
CY2013Q4 bzh Stock Surrendered During Period Value
StockSurrenderedDuringPeriodValue
413000 USD
CY2012Q4 bzh Undiscounted Cash Flow Analysis Aggregate Undiscounted Cash Flow Percentage Of Book Value
UndiscountedCashFlowAnalysisAggregateUndiscountedCashFlowPercentageOfBookValue
1.14
CY2013Q3 bzh Value Of Real Estate Properties Completed Unsold Homes
ValueOfRealEstatePropertiesCompletedUnsoldHomes
30700000 USD
CY2013Q4 dei Amendment Flag
AmendmentFlag
false
CY2013Q4 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2013Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2013Q4 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013Q4 dei Document Type
DocumentType
10-Q
CY2013Q4 dei Entity Central Index Key
EntityCentralIndexKey
0000915840
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25359450 shares
CY2013Q4 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer

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