SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 8, 2009
BEAZER HOMES USA, INC.
(Exact name of registrant as specified in its charter)
| DELAWARE (State or other jurisdiction of incorporation) |
001-12822 (Commission File Number) |
54-2086934 (IRS Employer Identification No.) |
1000 Abernathy Road, Suite 1200
Atlanta Georgia 30328
(Address of Principal
Executive Offices)
Atlanta Georgia 30328
(Address of Principal
Executive Offices)
(770) 829-3700
(Registrant’s telephone number, including area code)
(Registrant’s telephone number, including area code)
None
(Former name or former address, if changed since last report)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition |
On May 8, 2009, Beazer Homes USA, Inc. issued a press release announcing results of operations for
the three months ended March 31, 2009. A copy of the press release is attached hereto as exhibit
99.1.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| 99.1 | Press Release dated May 8, 2009. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BEAZER HOMES USA, INC. |
||||
| Date: May 8, 2009 | By: | /s/ Allan P. Merrill | ||
| Allan P. Merrill | ||||
| Executive Vice President and Chief Financial Officer |
||||
Exhibit 99.1
| Press Release For Immediate Release |
Beazer Homes Reports Second Quarter Fiscal 2009 Results
ATLANTA,
May 8, 2009 — Beazer Homes USA, Inc. (NYSE: BZH)
(www.beazer.com) today
announced its financial results for the quarter ended March 31, 2009. Summary results of the
quarter are as follows:
Quarter Ended March 31, 2009
| • | Reported loss from continuing operations of $(114.8) million, or $(2.97) per share, including non-cash pre-tax charges of $60.1 million, consisting of inventory impairments and abandonment of land option contracts of $51.8 million and impairments in joint ventures of $8.3 million. Results for the quarter also include approximately $13 million in estimated payments related to governmental investigations. For the second quarter of the prior fiscal year, the Company reported a loss from continuing operations of $(228.7) million, or $(5.93) per share. | |
| • | Total revenue: $188.3 million, compared to $405.4 million in the second quarter of the prior year. | |
| • | Home closings: 814 homes, representing a decrease year-over-year of 38.8% in markets where the Company maintains a presence and 97.2% in the Company’s exit markets. | |
| • | New orders: 1,129 homes, representing a decrease year-over-year of 35.6% in markets where the Company maintains a presence and 97.6% in the Company’s exit markets. | |
| • | The cancellation rate for the second quarter improved to 29.8%, compared to 46.1% in the first quarter of this fiscal year and 33.7% in the second quarter of the prior year. |
As of March 31, 2009
| • | Cash and cash equivalents: $559.5 million, compared to $436.9 million at December 31, 2008 and $273.7 million at March 31, 2008. As previously announced, the Company received cash tax refunds of $168.4 million during the quarter ended March 31, 2009. | |
| • | Backlog: 1,280 homes with a sales value of $296.6 million compared to 965 homes with a sales value of $227.2 million as of December 31, 2008, and 2,619 homes with a sales value of $672.5 million as of March 31, 2008. |
Ian J. McCarthy, President and Chief Executive Officer, said, “As a result of continued weakening
in the overall economy, low consumer confidence, rising unemployment, and increasing foreclosures,
the housing industry remained under considerable pressure during our second fiscal quarter.
Consistent with historical seasonal patterns, which include our annual February promotion, we
generally did see sequential
improvement in sales trends compared to our fiscal first quarter and as the second quarter
progressed. We are hopeful that historically low interest rates, increased affordability and
federal and state home purchase tax credits will entice more prospective buyers to purchase a new
home. While we have recently seen some encouraging signs in this respect, we believe it is
premature to conclude that a sustainable recovery is yet underway. As such, we continue to
maintain a disciplined operating approach and remain focused on generating and maintaining
liquidity.”
Results for the Quarter Ended March 31, 2009
Homebuilding revenues declined 53.2% for the quarter ended March 31, 2009, due to a 48.1% decline
in home closings and a 9.9% decline in the average selling price of homes closed compared to the
same period of the prior year. Home closings declined 38.8% in markets where the Company maintains
a presence (West, East and Southeast segments) and 97.2% in the Company’s exit markets (Other
segment). Net new home orders totaled 1,129 for the quarter, a decrease of 42.3% from 1,956 net
orders in the second quarter of the prior fiscal year. Net orders declined 35.6% in markets where
the Company maintains a presence and 97.6% in its exit markets. The cancellation rate for the
second quarter improved to 29.8%, compared to 46.1% in the first quarter of this fiscal year and
33.7% in the second quarter of the prior year.
Overall, margins continued to be negatively impacted by weak market conditions and as a result of
non-cash pre-tax charges for inventory impairments, lot option abandonments and joint venture
impairments of $49.3 million, $2.5 million and $8.3 million, respectively.
The Company continued to reduce its overhead cost structure. As of March 31, 2009, total headcount
was reduced by 43% compared to March 31, 2008 and cumulatively by 77% since September 2006.
The Company controlled 34,407 lots at March 31, 2009 (80% owned and 20% controlled under options),
reflecting reductions of approximately 13.2% and 36.5% from levels as of September 30, 2008 and
March 31, 2008, respectively. As of March 31, 2009, unsold finished homes totaled 379, a decline of
approximately 25% from the first quarter of this fiscal year and 14% from the level a year ago.
The Company continued to substantially reduce its land and land development spending, which totaled
$56 million in the second fiscal quarter, compared to $119 million for the same period in the prior
year. Land and land development expenditures for the second quarter of this fiscal year included
approximately $20 million related to the previously-announced renegotiation of several land banking
arrangements resulting in land purchases at a discount to previously contracted prices. Together
with approximately $10 million in purchases in the fourth quarter of fiscal 2008, and $20 million
of purchases during the first quarter of this fiscal year, the Company has satisfied its obligation
under these arrangements.
With respect to the Company’s cash position, at March 31, 2009, the Company had cash and cash
equivalents of $559.5 million, compared to $436.9 million at December 31, 2008 and $273.7 million
at March 31, 2008. The Company had no cash borrowings under its secured revolving credit facility
as of March 31, 2009, and has no current plans that would require cash borrowings. As of March 31,
2009, the Company had restricted $11.3 million in cash to sufficiently collateralize outstanding
letters of credit under the Company’s secured revolving credit facility.
Secured Revolving Credit Facility Waiver
On May 4, 2009, the Company entered into a Third Limited Waiver related to the Company’s Secured
Revolving Credit Facility. During the waiver period, which extends to the earlier of August 15,
2009 or the filing of the Company’s financial statements for the period ending June 30, 2009, the
waiver agreement 1) preserves the facility size at $150 million, rather than shrinking to $100
million as previously negotiated, 2) maintains, at the current level, the collateral coverage in
the secured borrowing base at 4.5x, 3) maintains the current facility pricing at the Eurodollar
Margin of 5.0% and 4) waives a potential breach of an investments covenant in the facility. Absent
the waiver agreement, the facility size, collateral level and Eurodollar Margin for
borrowing would have been $100 million, 6.0x, and 5.5% respectively, based on our
Tangible Net Worth of $143.8 million at March 31, 2009.
2
In exchange for the waiver, the Company has agreed to not borrow under the facility and to maintain
the current level of $11.3 million of restricted cash in the secured borrowing base during the
waiver period. The Company continues to be permitted to issue new Letters of Credit under the
facility. At the end of the waiver period, the facility size, collateral level, and Eurodollar
Margin for borrowing will be determined by the terms and conditions of the current facility.
The investments covenant restricts the Company’s ability to make investments in joint ventures,
non-guarantor subsidiaries, guaranty obligations of debt and certain other investments
(“Investments”) that exceed 35% of Tangible Net Worth. At March 31, 2009, the Company’s
Investments were $63.1 million representing 44% of Tangible Net Worth. The waiver agreement
suspends required compliance with this covenant and allows for certain additional Investments.
Governmental Investigations
The Company has had several discussions with the U.S. Attorney for the Western District of North Corolina (“the U.S. Attorney”) to negotiate a possible resolution
of its investigation. Although the Company has not reached an agreement on such a resolution and
cannot reasonably estimate its total liability, the Company recognized expense in the quarter
ending March 31, 2009 of approximately $11 million and $2 million to cover payments that the
Company believes are probable and reasonably estimable for fiscal years 2009 and 2010,
respectively. The negotiations with the U.S. Attorney are continuing and the Company believes that
future additional payments are reasonably possible. While there is no agreement with the U.S.
Attorney, such negotiations have included the possibility of future payments linked to the
Company’s ability to return to generating positive earnings and a limit on total liability of
approximately $50 million over 60 months. There can be no assurance that the Company can conclude
an agreement with the U.S. Attorney on these terms or on any financial or non-financial terms that
are mutually acceptable.
Conference Call
The Company will hold a conference call today, May 8, 2009, at 8:30 AM ET to discuss these results
and take questions. Interested parties may listen to the conference call and view the Company’s
slide presentation over the internet by going to the “Investor Relations” section of the Company’s
website at www.beazer.com. To access the conference call by telephone, listeners should dial
877-601-3546 or 212-547-0388. To be admitted to the call, verbally supply the passcode “BZH”. A
replay of the call will be available shortly after the conclusion of the live call. To directly
access the replay, dial 866-479-2459 or 203-369-1534 and enter the passcode “3740”. (available
until 5:00 pm ET on May 15, 2009), or visit www.beazer.com. A replay of the webcast will be
available at www.beazer.com for approximately 30 days.
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the country’s ten largest single-family
homebuilders with continuing operations in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina,
Tennessee, Texas, and Virginia. Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol “BZH.”
Forward Looking Statements
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 timing and final outcome of the United States Attorney
investigation and other state and federal agency investigations, as well as the results of any
other litigation or government proceedings; (ii) additional asset impairment charges or writedowns; (iii) economic changes nationally or in local
markets, including changes in consumer confidence, volatility of mortgage interest rates and
inflation;
3
(iv) continued or increased downturn in the homebuilding industry; (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) our ability to maintain the listing of
our common stock on the New York Stock Exchange, (vii) continued or increased disruption in the
availability of mortgage financing; (viii) our cost of and ability to access capital and otherwise
meet our ongoing liquidity needs including the impact of any further downgrades of our credit
ratings or reductions in our tangible net worth or liquidity levels; (ix) potential inability to
comply with covenants in our debt agreements; (x) increased competition or delays in reacting to
changing consumer preference in home design; (xi) shortages of or increased prices for labor, land
or raw materials used in housing production; (xii) factors affecting margins such as decreased land
values underlying land option agreements, increased land development costs on projects under
development or delays or difficulties in implementing initiatives to reduce production and overhead
cost structure; (xiii) the performance of our joint ventures and our joint venture partners; (xiv)
the impact of construction defect and home warranty claims including those related to possible
installation of drywall imported from China and the cost of investigation and remediation and
availability of insurance; (xv) delays in land development or home construction resulting from
adverse weather conditions; (xvi) potential delays or increased costs in obtaining necessary
permits as a result of changes to, or complying with, laws, regulations, or governmental policies
and possible penalties for failure to comply with such laws, regulations and governmental policies;
(xvii) effects of changes in accounting policies, standards, guidelines or principles; or (xviii)
terrorist acts, acts of war and other factors over which the Company has little or no control.
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.
CONTACT: Beazer Homes USA, Inc.
Leslie H. Kratcoski
Vice President,
Investor Relations & Corporate Communications
770-829-3764
lkratcos@beazer.com
Leslie H. Kratcoski
Vice President,
Investor Relations & Corporate Communications
770-829-3764
lkratcos@beazer.com
-Tables Follow-
4
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Quarter Ended | Six Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
INCOME STATEMENT |
||||||||||||||||
Total revenue |
$ | 188,323 | $ | 405,417 | $ | 420,687 | $ | 906,071 | ||||||||
Home construction and land sales expenses |
167,898 | 379,424 | 373,744 | 815,740 | ||||||||||||
Inventory impairments and option contract abandonments |
51,755 | 187,860 | 64,464 | 356,372 | ||||||||||||
Gross loss |
(31,330 | ) | (161,867 | ) | (17,521 | ) | (266,041 | ) | ||||||||
Selling, general and administrative expenses |
67,030 | 74,017 | 123,239 | 162,179 | ||||||||||||
Depreciation & amortization |
4,339 | 6,226 | 8,122 | 12,204 | ||||||||||||
Goodwill impairment |
— | 48,105 | 16,143 | 48,105 | ||||||||||||
Operating loss |
(102,699 | ) | (290,215 | ) | (165,025 | ) | (488,529 | ) | ||||||||
Equity in loss of unconsolidated joint ventures |
(8,341 | ) | (40,361 | ) | (9,754 | ) | (56,501 | ) | ||||||||
Other expense, net |
(15,735 | ) | (4,569 | ) | (34,014 | ) | (7,418 | ) | ||||||||
Loss from continuing operations before income taxes |
(126,775 | ) | (335,145 | ) | (208,793 | ) | (552,448 | ) | ||||||||
Benefit from income taxes |
(12,008 | ) | (106,422 | ) | (13,971 | ) | (186,064 | ) | ||||||||
Loss from continuing operations |
$ | (114,767 | ) | $ | (228,723 | ) | $ | (194,822 | ) | $ | (366,384 | ) | ||||
Loss from discontinued operations, net of tax |
$ | (156 | ) | $ | (1,170 | ) | $ | (376 | ) | $ | (1,745 | ) | ||||
Net loss |
$ | (114,923 | ) | $ | (229,893 | ) | $ | (195,198 | ) | $ | (368,129 | ) | ||||
Loss per common share from continuing operations: |
||||||||||||||||
Basic |
$ | (2.97 | ) | $ | (5.93 | ) | $ | (5.04 | ) | $ | (9.50 | ) | ||||
Diluted |
$ | (2.97 | ) | $ | (5.93 | ) | $ | (5.04 | ) | $ | (9.50 | ) | ||||
Loss per common share from discontinued operations: |
||||||||||||||||
Basic |
$ | (0.00 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.05 | ) | ||||
Diluted |
$ | (0.00 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.05 | ) | ||||
Loss per common share: |
||||||||||||||||
Basic |
$ | (2.97 | ) | $ | (5.96 | ) | $ | (5.05 | ) | $ | (9.55 | ) | ||||
Diluted |
$ | (2.97 | ) | $ | (5.96 | ) | $ | (5.05 | ) | $ | (9.55 | ) | ||||
Weighted average shares outstanding, in thousands: |
||||||||||||||||
Basic |
38,662 | 38,548 | 38,627 | 38,548 | ||||||||||||
Diluted |
38,662 | 38,548 | 38,627 | 38,548 | ||||||||||||
5
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
| CONSOLIDATED BALANCE SHEETS | March 31, | September 30, | ||||||
| 2009 | 2008 | |||||||
Assets |
||||||||
Cash and cash equivalents |
$ | 559,527 | $ | 584,335 | ||||
Restricted cash |
11,530 | 297 | ||||||
Accounts receivable, net |
29,042 | 46,555 | ||||||
Income tax receivable |
12,124 | 173,500 | ||||||
Inventory |
||||||||
Owned inventory |
1,431,122 | 1,545,006 | ||||||
Consolidated inventory not owned |
53,046 | 106,655 | ||||||
Total inventory |
1,484,168 | 1,651,661 | ||||||
Investments in unconsolidated joint ventures |
31,606 | 33,065 | ||||||
Deferred tax assets, net |
31,336 | 20,216 | ||||||
Property, plant and equipment, net |
33,067 | 39,822 | ||||||
Goodwill |
— | 16,143 | ||||||
Other assets |
54,169 | 76,206 | ||||||
Total assets |
$ | 2,246,569 | $ | 2,641,799 | ||||
Liabilities and Stockholders’ Equity |
||||||||
Trade accounts payable |
$ | 41,188 | $ | 90,371 | ||||
Other liabilities |
275,789 | 358,592 | ||||||
Obligations related to consolidated inventory not owned |
31,640 | 70,608 | ||||||
Senior Notes (net of discounts of $2,331 and $2,565, respectively) |
1,522,669 | 1,522,435 | ||||||
Junior subordinated notes |
103,093 | 103,093 | ||||||
Other secured notes payable |
34,087 | 50,618 | ||||||
Model home financing obligations |
52,532 | 71,231 | ||||||
Total liabilities |
2,060,998 | 2,266,948 | ||||||
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, 80,000,000 shares authorized, 42,604,057 and 42,612,801
issued and 39,248,956 and 39,270,038 outstanding, respectively) |
43 | 43 | ||||||
Paid-in capital |
562,847 | 556,910 | ||||||
Retained earnings (accumulated deficit) |
(193,353 | ) | 1,845 | |||||
Treasury stock, at cost (3,355,101 and 3,342,763 shares, respectively) |
(183,966 | ) | (183,947 | ) | ||||
Total stockholders’ equity |
185,571 | 374,851 | ||||||
Total liabilities and stockholders’ equity |
$ | 2,246,569 | $ | 2,641,799 | ||||
Inventory Breakdown |
||||||||
Homes under construction |
$ | 264,200 | $ | 338,971 | ||||
Development projects in progress |
594,896 | 618,252 | ||||||
Land held for future development |
420,322 | 407,320 | ||||||
Land held for sale |
72,883 | 85,736 | ||||||
Model homes |
78,821 | 94,727 | ||||||
Consolidated inventory not owned |
53,046 | 106,655 | ||||||
| $ | 1,484,168 | $ | 1,651,661 | |||||
6
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA — CONTINUING OPERATIONS
(Dollars in thousands)
CONSOLIDATED OPERATING AND FINANCIAL DATA — CONTINUING OPERATIONS
(Dollars in thousands)
OPERATING DATA
| Quarter Ended | Six Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| SELECTED OPERATING DATA | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Closings: |
||||||||||||||||
West region |
339 | 536 | 778 | 1,140 | ||||||||||||
East region |
274 | 481 | 545 | 1,156 | ||||||||||||
Southeast region |
194 | 302 | 374 | 756 | ||||||||||||
Other homebuilding |
7 | 249 | 55 | 522 | ||||||||||||
Total closings |
814 | 1,568 | 1,752 | 3,574 | ||||||||||||
New orders, net of cancellations: |
||||||||||||||||
West region |
511 | 791 | 764 | 1,246 | ||||||||||||
East region |
438 | 556 | 639 | 869 | ||||||||||||
Southeast region |
175 | 398 | 254 | 684 | ||||||||||||
Other homebuilding |
5 | 211 | 17 | 409 | ||||||||||||
Total new orders |
1,129 | 1,956 | 1,674 | 3,208 | ||||||||||||
Backlog units at end of period: |
||||||||||||||||
West region |
513 | 911 | ||||||||||||||
East region |
579 | 1,030 | ||||||||||||||
Southeast region |
186 | 418 | ||||||||||||||
Other homebuilding |
2 | 260 | ||||||||||||||
Total backlog units |
1,280 | 2,619 | ||||||||||||||
Dollar value of backlog at end of period |
$ | 296,626 | $ | 672,464 | ||||||||||||
7
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA — CONTINUING OPERATIONS
(Dollars in thousands)
CONSOLIDATED OPERATING AND FINANCIAL DATA — CONTINUING OPERATIONS
(Dollars in thousands)
| Quarter Ended | Six Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| SUPPLEMENTAL FINANCIAL DATA | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Revenues |
||||||||||||||||
Homebuilding operations |
$ | 187,457 | $ | 400,656 | $ | 417,868 | $ | 892,443 | ||||||||
Land and lot sales |
554 | 4,004 | 2,019 | 11,569 | ||||||||||||
Financial Services |
312 | 757 | 800 | 2,059 | ||||||||||||
Total revenues |
$ | 188,323 | $ | 405,417 | $ | 420,687 | $ | 906,071 | ||||||||
Gross profit (loss) |
||||||||||||||||
Homebuilding operations |
$ | (31,398 | ) | (159,305 | ) | $ | (18,290 | ) | (267,060 | ) | ||||||
Land and lot sales |
(244 | ) | (3,319 | ) | (31 | ) | (1,040 | ) | ||||||||
Financial Services |
312 | 757 | 800 | 2,059 | ||||||||||||
Total gross loss |
$ | (31,330 | ) | $ | (161,867 | ) | $ | (17,521 | ) | $ | (266,041 | ) | ||||
Selling, general and administrative |
||||||||||||||||
Homebuilding operations |
$ | 66,787 | $ | 73,456 | $ | 122,504 | $ | 160,943 | ||||||||
Financial Services |
243 | 561 | 735 | 1,236 | ||||||||||||
Total selling, general and administrative |
$ | 67,030 | $ | 74,017 | $ | 123,239 | $ | 162,179 | ||||||||
SELECTED SEGMENT INFORMATION |
||||||||||||||||
Revenue: |
||||||||||||||||
West region |
$ | 73,683 | $ | 138,862 | $ | 177,100 | $ | 292,456 | ||||||||
East region |
71,795 | 138,419 | 144,986 | 311,266 | ||||||||||||
Southeast region |
40,834 | 73,609 | 81,907 | 181,387 | ||||||||||||
Other homebuilding |
1,699 | 53,770 | 15,894 | 118,903 | ||||||||||||
Financial services |
312 | 757 | 800 | 2,059 | ||||||||||||
Total revenue |
$ | 188,323 | $ | 405,417 | $ | 420,687 | $ | 906,071 | ||||||||
Operating (loss) income |
||||||||||||||||
West region |
$ | (20,434 | ) | $ | (52,227 | ) | $ | (26,680 | ) | $ | (102,978 | ) | ||||
East region |
(10,413 | ) | (37,393 | ) | (13,837 | ) | (59,394 | ) | ||||||||
Southeast region |
(14,724 | ) | (46,625 | ) | (16,669 | ) | (74,146 | ) | ||||||||
Other homebuilding |
(9,933 | ) | (45,850 | ) | (10,799 | ) | (90,467 | ) | ||||||||
Financial services |
68 | 190 | 56 | 810 | ||||||||||||
Segment operating loss |
(55,436 | ) | (181,905 | ) | (67,929 | ) | (326,175 | ) | ||||||||
Corporate and unallocated |
(47,263 | ) | (108,310 | ) | (97,096 | ) | (162,354 | ) | ||||||||
Total operating loss |
$ | (102,699 | ) | $ | (290,215 | ) | $ | (165,025 | ) | $ | (488,529 | ) | ||||
8