Beazer Homes Reports Fiscal 2015 Results
The Company reported income from continuing operations of
New home orders increased 12.8% for the full year, with an average
active community count that was 13.4% higher than a year ago. Absorption
rates remained strong at 2.8 sales per community per month for the year,
while the Company's average sales price (“ASP”) increased to
Additionally, the Company announced that it increased the capacity of
its secured revolving credit facility to
“After returning to profitability last year, 2015 represented a
meaningful step forward in achieving our “2B-10” goals, with growth in
both revenue and Adjusted EBITDA arising from higher community count,
additional closings and an increase in average sales prices. This was
accomplished while maintaining our operating margins, as the benefit
from improving leverage and higher prices offset the impact from rising
costs,” said
“Looking ahead to fiscal 2016 and beyond,” Mr. Merrill continued, “we expect significant EBITDA growth, as we benefit from more closings, further increases in average sales prices and additional fixed cost leverage, enabling us to achieve our “2B-10” goals in fiscal 2017, in line with our previous guidance. At the same time, we expect to take steps this year to reduce our leverage, reflecting our view that doing so in an improving market will create long-term shareholder value.”
Summary results for the three and twelve months ended
Q4 Results from Continuing Operations (unless otherwise specified) |
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Quarter Ended September 30, | |||||||||||||||||||
2015 | 2014 | Change | |||||||||||||||||
New Home Orders | 1,170 | 1,173 | (0.3 | )% | |||||||||||||||
Orders per month per community | 2.4 | 2.6 | (7.7 | )% | |||||||||||||||
Actual community count at quarter-end | 166 | 155 | 7.1 | % | |||||||||||||||
Average active community count | 164 | 149 | 10.1 | % | |||||||||||||||
Cancellation rates | 24.2 | % | 23.4 | % | 80 bps | ||||||||||||||
Total Home Closings | 1,896 | 1,695 | 11.9 | % | |||||||||||||||
Average sales price from closings (in thousands) | $ |
322.6 |
$ | 295.4 | 9.2 | % | |||||||||||||
Homebuilding revenue (in millions) | $ | 611.7 | $ | 500.6 | 22.2 | % | |||||||||||||
Homebuilding gross margin, excluding impairments and abandonments (I&A) | 17.5 | % | 18.2 | % | -70 bps | ||||||||||||||
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales | 21.3 | % | 21.3 | % | 0 bps | ||||||||||||||
Homebuilding gross margin, excluding I&A, interest amortized to cost of sales and unexpected warranty costs | 21.3 | % | 22.3 | % | -100 bps | ||||||||||||||
Income from continuing operations before income taxes (in millions) | $ | 30.7 | $ | 20.3 | $ | 10.4 | |||||||||||||
Benefit from income taxes (in millions) | $ | 323.8 | $ | 40.0 | $ | 283.8 | |||||||||||||
Net income from continuing operations (in millions) | $ | 354.5 | $ | 60.3 | $ | 294.2 | |||||||||||||
Basic Income Per Share | $ | 11.42 | $ | 2.28 | $ | 9.14 | |||||||||||||
Diluted Income Per Share |
$ | 11.16 | $ | 1.90 | $ | 9.26 | |||||||||||||
Total Company land and land development spending (in millions) | $ | 99.8 | $ | 169.7 | $ | (69.9 | ) | ||||||||||||
Total Company Adjusted EBITDA (in millions) | $ | 71.1 | $ | 56.5 | $ | 14.6 | |||||||||||||
Total Company Adjusted EBITDA, excluding unexpected warranty costs (in millions) | $ | 71.1 | $ | 61.4 | $ | 9.7 | |||||||||||||
Fiscal Year Results from Continuing Operations (unless otherwise specified) |
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Year Ended September 30, | |||||||||||||||||||
2015 | 2014 | Change | |||||||||||||||||
New Home Orders | 5,358 | 4,748 | 12.8 | % | |||||||||||||||
Orders per month per community | 2.8 | 2.8 | — | % | |||||||||||||||
Cancellation rates | 20.1 | % | 21.3 | % | -120 bps | ||||||||||||||
Total Home Closings | 5,010 | 4,951 | 1.2 | % | |||||||||||||||
Average sales price from closings (in thousands) | $ | 313.5 | $ | 284.8 | 10.1 | % | |||||||||||||
Homebuilding revenue (in millions) | $ | 1,570.6 | $ | 1,409.9 | 11.4 | % | |||||||||||||
Homebuilding gross margin, excluding impairments and abandonments (I&A) | 17.1 | % | 19.1 | % | -200 bps | ||||||||||||||
Homebuilding gross margin, excluding I&A and interest amortized to cost of sales | 20.6 | % | 21.9 | % | -130 bps | ||||||||||||||
Homebuilding gross margin, excluding I&A, interest amortized to cost of sales and unexpected warranty costs | 21.5 | % | 22.2 | % | -70 bps | ||||||||||||||
Income (loss) from continuing operations before income taxes (in millions) | $ | 22.0 | $ | (6.9 | ) | $ | 28.9 | ||||||||||||
Benefit from income taxes (in millions) | $ | 324.6 | $ | 41.8 | $ | 282.8 | |||||||||||||
Net income from continuing operations (in millions) | $ | 346.6 | $ | 34.9 | $ | 311.7 | |||||||||||||
Loss on debt extinguishment (in millions) | $ | (0.1 | ) | $ | (19.9 | ) | $ | 19.8 | |||||||||||
Inventory impairments and lot option abandonments (in millions) | $ | (3.1 | ) | $ | (8.3 | ) | $ | 5.2 | |||||||||||
Net income from continuing operations excluding loss on debt extinguishment, inventory impairments and lot option abandonments (in millions) | $ | 349.8 | $ | 63.1 | $ | 286.7 | |||||||||||||
Basic Income Per Share | $ | 12.54 | $ | 1.35 | $ | 11.19 | |||||||||||||
Diluted Income Per Share | $ | 10.91 | $ | 1.10 | $ | 9.81 | |||||||||||||
Total Company land and land development spending (in millions) | $ | 453.3 | $ | 551.2 | $ | (97.9 | ) | ||||||||||||
Total Company Adjusted EBITDA (in millions) | $ | 126.8 | $ | 128.3 | $ | (1.5 | ) | ||||||||||||
Total Company Adjusted EBITDA, excluding unexpected warranty costs and a litigation settlement in discontinued operations (in millions) | $ | 144.1 | $ | 133.2 | $ | 10.9 | |||||||||||||
As of September 30, | ||||||||||||||||||
2015 | 2014 | Change | ||||||||||||||||
Backlog | 2,038 | 1,690 | 20.6 | % | ||||||||||||||
Dollar value of backlog at end of period (in millions) | $ | 667.7 | $ | 515.9 | 29.4 | % | ||||||||||||
ASP in backlog (in thousands) | $ | 327.6 | $ | 305.3 | 7.3 | % | ||||||||||||
Land and lots controlled | 25,720 | 28,187 | (8.8 | )% | ||||||||||||||
Conference Call
The Company will hold a conference call on
Headquartered in
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) continuing severe weather
conditions or other related events could result in delays in land
development or home construction, increase our costs or decrease demand
in the impacted areas; (ii) the availability and cost of land and the
risks associated with the future value of our inventory such as
additional asset impairment charges or writedowns; (iii) economic
changes nationally or in local markets, including changes in consumer
confidence, declines in employment levels, inflation and increases in
the quantity and decreases in the price of new homes and resale homes in
the market; (iv) the cyclical nature of the homebuilding industry and a
potential deterioration in homebuilding industry conditions; (v)
estimates related to homes to be delivered in the future (backlog) are
imprecise as they are subject to various cancellation risks which cannot
be fully controlled; (vi) 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; (vii) our cost
of and ability to access capital and 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;
(viii) our ability to reduce our outstanding indebtedness and to comply
with covenants in our debt agreements or satisfy such obligations
through repayment or refinancing; (ix) a substantial increase 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; (x) increased competition or delays in reacting to
changing consumer preference in home design; (xi) 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 production
and overhead cost structure; (xii) estimates related to the potential
recoverability of our deferred tax assets; (xiii) 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 and
governmental policies, including these related to the environment; (xiv)
the results of litigation or government proceedings and fulfillment of
the obligations in the consent orders with governmental authorities and
other settlement agreements; (xv) the impact of construction defect and
home warranty claims, including water intrusion issues in
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.
BEAZER HOMES USA, INC. |
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CONSOLIDATED STATEMENTS OF INCOME |
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(In thousands, except per share data) |
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Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Total revenue | $ | 632,852 | $ | 545,905 | $ | 1,627,413 | $ | 1,463,767 | |||||||||||||||||
Home construction and land sales expenses | 522,787 | 452,706 | 1,351,860 | 1,192,001 | |||||||||||||||||||||
Inventory impairments and option contract abandonments | 2,860 | 5,386 | 3,109 | 8,307 | |||||||||||||||||||||
Gross profit | 107,205 | 87,813 | 272,444 | 263,459 | |||||||||||||||||||||
Commissions | 24,882 | 20,789 | 65,023 | 58,028 | |||||||||||||||||||||
General and administrative expenses | 40,659 | 39,431 | 142,496 | 136,463 | |||||||||||||||||||||
Depreciation and amortization | 4,719 | 4,141 | 13,338 | 13,279 | |||||||||||||||||||||
Operating income | 36,945 | 23,452 | 51,587 | 55,689 | |||||||||||||||||||||
Equity in income of unconsolidated entities | 159 | 6,324 | 536 | 6,545 | |||||||||||||||||||||
Loss on extinguishment of debt | (80 | ) | — | (80 | ) | (19,917 | ) | ||||||||||||||||||
Other expense, net | (6,343 | ) | (9,502 | ) | (30,013 | ) | (49,191 | ) | |||||||||||||||||
Income (loss) from continuing operations before income taxes | 30,681 | 20,274 | 22,030 | (6,874 | ) | ||||||||||||||||||||
Benefit from income taxes | (323,843 | ) | (40,014 | ) | (324,569 | ) | (41,797 | ) | |||||||||||||||||
Income from continuing operations | 354,524 | 60,288 | 346,599 | 34,923 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 1,731 | (441 | ) | (2,505 | ) | (540 | ) | ||||||||||||||||||
Net income | $ | 356,255 | $ | 59,847 | $ | 344,094 | $ | 34,383 | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||||
Basic | 31,055 | 26,425 | 27,628 | 25,795 | |||||||||||||||||||||
Diluted | 31,773 | 31,782 | 31,772 | 31,795 | |||||||||||||||||||||
Basic income (loss) per share: | |||||||||||||||||||||||||
Continuing operations | $ | 11.42 | $ | 2.28 | $ | 12.54 | $ | 1.35 | |||||||||||||||||
Discontinued operations | $ | 0.05 | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.02 | ) | ||||||||||||||
Total | $ | 11.47 | $ | 2.26 | $ | 12.45 | $ | 1.33 | |||||||||||||||||
Diluted income (loss) per share: | |||||||||||||||||||||||||
Continuing operations | $ | 11.16 | $ | 1.90 | $ | 10.91 | $ | 1.10 | |||||||||||||||||
Discontinued operations | $ | 0.05 | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.02 | ) | ||||||||||||||
Total | $ | 11.21 | $ | 1.88 | $ | 10.83 | $ | 1.08 | |||||||||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Capitalized interest in inventory, beginning of period | $ | 123,657 | $ | 84,083 | $ | 87,619 | $ | 52,562 | |||||||||||||||||
Interest incurred | 30,465 | 30,329 | 121,754 | 126,906 | |||||||||||||||||||||
Capitalized interest impaired | — | (245 | ) | — | (245 | ) | |||||||||||||||||||
Interest expense not qualified for capitalization and included as other expense | (6,356 | ) | (9,672 | ) | (29,752 | ) | (50,784 | ) | |||||||||||||||||
Capitalized interest amortized to house construction and land sales expenses | (24,309 | ) | (16,876 | ) | (56,164 | ) | (40,820 | ) | |||||||||||||||||
Capitalized interest in inventory, end of period | $ | 123,457 | $ | 87,619 | $ | 123,457 | $ | 87,619 | |||||||||||||||||
BEAZER HOMES USA, INC. |
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CONSOLIDATED BALANCE SHEETS |
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(In thousands, except share and per share data) |
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September 30, 2015 | September 30, 2014 | ||||||||||||
ASSETS |
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Cash and cash equivalents | $ | 251,583 | $ | 324,154 | |||||||||
Restricted cash | 38,901 | 62,941 | |||||||||||
Accounts receivable (net of allowance of $1,052 and $1,245, respectively) | 52,379 | 34,429 | |||||||||||
Income tax receivable | 419 | 46 | |||||||||||
Inventory: | |||||||||||||
Owned inventory | 1,697,590 | 1,557,496 | |||||||||||
Land not owned under option agreements | — | 3,857 | |||||||||||
Total inventory | 1,697,590 | 1,561,353 | |||||||||||
Investments in unconsolidated entities and marketable securities | 13,734 | 38,341 | |||||||||||
Deferred tax assets, net | 325,373 | 2,823 | |||||||||||
Property and equipment, net | 22,230 | 18,673 | |||||||||||
Other assets | 18,994 | 23,460 | |||||||||||
Total assets | $ | 2,421,203 | $ | 2,066,220 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Trade accounts payable | $ | 113,539 | $ | 106,237 | |||||||||
Other liabilities | 148,966 | 142,516 | |||||||||||
Obligations related to land not owned under option agreements | — | 2,916 | |||||||||||
Total debt (net of discounts of $3,639 and $4,399, respectively) | 1,528,275 | 1,535,433 | |||||||||||
Total liabilities | $ | 1,790,780 | $ | 1,787,102 | |||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock (par value $.01 per share, 5,000,000 shares authorized, no shares issued) | $ | — | $ | — | |||||||||
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 32,660,583 issued and outstanding and 27,173,421 issued and outstanding, respectively) | 33 | 27 | |||||||||||
Paid-in capital | 857,553 | 851,624 | |||||||||||
Accumulated deficit | (227,163 | ) | (571,257 | ) | |||||||||
Accumulated other comprehensive loss | — | (1,276 | ) | ||||||||||
Total stockholders’ equity | 630,423 | 279,118 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,421,203 | $ | 2,066,220 | |||||||||
Inventory Breakdown | |||||||||||||
Homes under construction | $ | 377,281 | $ | 282,095 | |||||||||
Development projects in progress | 809,900 | 786,768 | |||||||||||
Land held for future development | 270,990 | 301,048 | |||||||||||
Land held for sale | 44,555 | 51,672 | |||||||||||
Capitalized interest | 123,457 | 87,619 | |||||||||||
Model homes | 71,407 | 48,294 | |||||||||||
Land not owned under option agreements | — | 3,857 | |||||||||||
Total inventory | $ | 1,697,590 | $ | 1,561,353 | |||||||||
BEAZER HOMES USA, INC. |
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CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS |
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Quarter Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||||||||||
SELECTED OPERATING DATA |
2015 |
2014 | 2015 | 2014 | ||||||||||||||||||||
Closings: | ||||||||||||||||||||||||
West region | 779 | 594 | 1,954 | 1,996 | ||||||||||||||||||||
East region | 560 | 622 | 1,546 | 1,600 | ||||||||||||||||||||
Southeast region | 557 | 479 | 1,510 | 1,355 | ||||||||||||||||||||
Total closings | 1,896 | 1,695 | 5,010 | 4,951 | ||||||||||||||||||||
New orders, net of cancellations: | ||||||||||||||||||||||||
West region | 541 | 428 | 2,352 | 1,815 | ||||||||||||||||||||
East region | 269 | 389 | 1,433 | 1,539 | ||||||||||||||||||||
Southeast region |
360 |
356 | 1,573 | 1,394 | ||||||||||||||||||||
Total new orders, net of cancellations | 1,170 | 1,173 | 5,358 | 4,748 | ||||||||||||||||||||
Backlog units at end of period: | ||||||||||||||||||||||||
West region | 955 | 557 | 955 | 557 | ||||||||||||||||||||
East region | 487 | 600 | 487 | 600 | ||||||||||||||||||||
Southeast region | 596 | 533 | 596 | 533 | ||||||||||||||||||||
Total backlog units at end of period | 2,038 | 1,690 | 2,038 | 1,690 | ||||||||||||||||||||
Dollar value of backlog at end of period (in millions) | $ | 667.7 | $ | 515.9 | $ | 667.7 | $ | 515.9 | ||||||||||||||||
Homebuilding Revenue (in thousands): | ||||||||||||||||||||||||
West region | $ | 245,790 | $ | 161,118 | $ | 584,202 | $ | 537,149 | ||||||||||||||||
East region | 201,996 | 209,047 | 549,484 | 525,439 | ||||||||||||||||||||
Southeast region | 163,888 | 130,467 | 436,941 | 347,292 | ||||||||||||||||||||
Total homebuilding revenue | $ | 611,674 | $ | 500,632 | $ | 1,570,627 | $ | 1,409,880 | ||||||||||||||||
BEAZER HOMES USA, INC. |
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CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS |
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(In thousands) |
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Quarter Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL DATA | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Revenues: |
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Homebuilding | $ | 611,674 | $ | 500,632 | $ | 1,570,627 | $ | 1,409,880 | ||||||||||||||||
Land sales and other | 21,178 | 45,273 | 56,786 | 53,887 | ||||||||||||||||||||
Total | $ | 632,852 | $ | 545,905 | $ | 1,627,413 | $ | 1,463,767 | ||||||||||||||||
Gross profit: | ||||||||||||||||||||||||
Homebuilding | $ | 105,392 | $ | 85,969 | $ | 267,269 | $ | 260,746 | ||||||||||||||||
Land sales and other | 1,813 | 1,844 | 5,175 | 2,713 | ||||||||||||||||||||
Total | $ | 107,205 | $ | 87,813 | $ | 272,444 | $ | 263,459 | ||||||||||||||||
Reconciliation of homebuilding gross profit before impairments and abandonments and interest amortized to cost of sales and the related gross margins 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.
In addition, given the unusual size and nature of certain unexpected warranty charges during the periods presented, homebuilding gross profit is also shown excluding these charges. Management believes that this representation best reflects the operating characteristics of the Company.
Quarter Ended September 30, | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||||
Homebuilding gross profit | $ | 105,392 | 17.2 | % | $ | 85,969 | 17.2 | % | $ | 267,269 | 17.0 | % | $ | 260,746 | 18.5 | % | |||||||||||||||||||||||||
Inventory impairments and lot option abandonments (I&A) | 1,676 | 5,386 | 1,676 | 8,307 | |||||||||||||||||||||||||||||||||||||
Homebuilding gross profit before I&A | 107,068 | 17.5 | % | 91,355 | 18.2 | % | 268,945 | 17.1 | % | 269,053 | 19.1 | % | |||||||||||||||||||||||||||||
Interest amortized to cost of sales | 23,482 | 15,311 | 55,006 | 39,255 | |||||||||||||||||||||||||||||||||||||
Homebuilding gross profit before I&A and interest amortized to cost of sales | 130,550 | 21.3 | % | 106,666 | 21.3 | % | 323,951 | 20.6 | % | 308,308 | 21.9 | % | |||||||||||||||||||||||||||||
Unexpected warranty costs related to Florida stucco issues (net of expected insurance recoveries) | — | 4,290 | 13,582 | 4,290 | |||||||||||||||||||||||||||||||||||||
Unexpected warranty costs related to water intrusion issue in New Jersey | — | 648 | — | 648 | |||||||||||||||||||||||||||||||||||||
Homebuilding gross profit before I&A, interest amortized cost of sales and unexpected warranty costs | $ | 130,550 | 21.3 | % | $ | 111,604 | 22.3 | % | $ | 337,533 | 21.5 | % | $ | 313,246 | 22.2 | % |
Reconciliation of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, debt extinguishment, impairments and abandonments) to total Company net 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.
In addition, given the unusual size and nature of certain charges recorded during the periods presented, Adjusted EBITDA is also shown excluding these charges. Management believes that this representation best reflects the operating characteristics of the Company.
Quarter Ended September 30, | Fiscal Year Ended September 30, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Net income | $ | 356,255 | $ | 59,847 | $ | 344,094 | $ | 34,383 | |||||||||||||||||
Benefit from income taxes | (325,196 | ) | (40,137 | ) | (325,927 | ) | (41,802 | ) | |||||||||||||||||
Interest amortized to home construction and land sales expenses, capitalized interest impaired, and interest expense not qualified for capitalization | 30,790 | 26,793 | 85,986 | 91,849 | |||||||||||||||||||||
Depreciation and amortization and stock compensation amortization | 6,307 | 4,849 | 19,473 | 15,866 | |||||||||||||||||||||
Inventory impairments and option contract abandonments | 2,860 | 5,141 | 3,109 | 8,062 | |||||||||||||||||||||
Loss on debt extinguishment | 80 | — | 80 | 19,917 | |||||||||||||||||||||
Adjusted EBITDA | $ | 71,096 | $ | 56,493 | $ | 126,815 | $ | 128,275 | |||||||||||||||||
Unexpected warranty costs related to Florida stucco issues (net of expected insurance recoveries) | — | 4,290 | 13,582 | 4,290 | |||||||||||||||||||||
Unexpected warranty costs related to water intrusion issue in New Jersey | — | 648 | — | 648 | |||||||||||||||||||||
Litigation settlement in discontinued operations | — | — | 3,660 | — | |||||||||||||||||||||
Adjusted EBITDA excluding unexpected warranty costs and a litigation settlement in discontinued operations | $ | 71,096 | $ | 61,431 | $ | 144,057 | $ | 133,213 | |||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151110005441/en/
Source:
Beazer Homes USA, Inc.
David I. Goldberg, 770-829-3700
Vice
President of Treasury and Investor Relations
investor.relations@beazer.com