Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the three and nine months ended
June 30, 2017.
“We were very pleased with our third quarter results, as we
generated growth in EBITDA and earnings per share, driven by
operational improvements across our business,” said Allan Merrill,
Beazer’s President and CEO. “We increased both sales pace and gross
margin during the quarter, improved our backlog conversion and
demonstrated strong overhead cost discipline. With a backlog dollar
value of $860 million, we’re well positioned for a strong finish to
Fiscal 2017.”
Mr. Merrill continued, “Beyond this year, we are poised for
further earnings growth and reductions in leverage, driven by an
improving return on capital and the continued rollout of our
Gatherings business.”
The Company generated net income of $7.1 million for the
quarter, which was up $1.3 million versus the same period last
year. Results for the third quarter of Fiscal 2016 included a $15.5
million benefit related to insurance recoveries and $11.9 million
of impairment and abandonment charges. Adjusting for non-recurring
items, net income would have been up $3.4 million.
Beazer Homes Fiscal Third Quarter 2017
Highlights and Comparison to Fiscal Third Quarter 2016:
- Adjusted EBITDA was $44.3 million. This
was up $6.0 million, excluding the benefit from insurance
recoveries in the prior year
- Homebuilding revenue was $472.4
million, higher by 4.7% due to a 1.7% increase in home closings and
a 3.0% increase in average selling price
- Homebuilding gross margin, excluding
interest, impairments and abandonments and additional insurance
recoveries in the prior year, was 21.3%, up 60 basis points. The
improvement was driven by higher margins on spec home closings and
lower than anticipated warranty costs
Other Operational Highlights:
- Sales per community per month of 3.4,
up 14.2%
- New home orders, net of 1,595, up
7.0%
- Dollar value of homes in backlog of
$859.9 million, up 5.6%, driven by an increase in the average
selling price of homes in backlog of $351.8 thousand, up $16
thousand
- Selling, general and administrative
expenses (SG&A) as a percentage of total revenue was 12.4%, an
improvement of 20 basis points
- Land and land development spending of
$103.8 million, up 43.1%
- Total available liquidity at quarter
end of $308.5 million, including $168.4 million of unrestricted
cash and $140.1 million available on the Company’s revolving credit
facility
Gatherings Update
During the third quarter, the Company started vertical
construction at its first Orlando Gatherings community in the Lake
Nona master-planned development, which will ultimately provide more
than 200 homes. Further, two additional sites, representing more
than 130 future sales, were approved for purchase in Dallas and
Virginia.
So far this fiscal year, the Company has approved four new
communities representing nearly 300 future sales and is currently
reviewing a pipeline of potential communities that exceeds 2,000
homes.
Summary results for the three and nine months ended
June 30, 2017 are as follows:
Three Months Ended June 30, 2017
2016 Change* New home
orders, net of cancellations
1,595 1,490 7.0 % Orders per
community per month
3.4 3.0 14.2 % Average active community
count
155 166 (6.2 )% Actual community count at quarter-end
154 168 (8.3 )% Cancellation rates
16.9 % 19.6
% -270 bps Total home closings
1,387 1,364 1.7 %
Average selling price (ASP) from closings (in thousands)
$
340.6 $ 330.6 3.0 % Homebuilding revenue (in millions)
$ 472.4 $ 451.0 4.7 % Homebuilding gross margin
16.7 % 17.0 % -30 bps Homebuilding gross margin,
excluding impairments and abandonments (I&A)
16.7
% 19.7 % -300 bps Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
21.3
% 24.1 % -280 bps Homebuilding gross margin, excluding
I&A, interest amortized to cost of sales and additional
insurance recoveries from third-party insurer
21.3 %
20.7 % 60 bps Income from continuing operations before
income taxes (in millions)
$ 12.9 $ 11.5 $ 1.4
Provision for income taxes (in millions)
$ 5.7 $ 5.3
$ 0.4 Income from continuing operations (in millions)*
$
7.1 $ 6.1 $ 1.0 Basic and diluted income per share from
continuing operations
$ 0.22 $ 0.19 $ 0.03
Income from continuing operations before income taxes (in millions)
$ 12.9 $ 11.5 $ 1.4 Gain on debt extinguishment (in
millions)
$ — $ 0.4 $ (0.4 ) Inventory impairments
and abandonments (in millions)
$ 0.5 $ 11.9 $ (11.4 )
Additional insurance recoveries from third-party insurer (in
millions)
$ — $ 15.5 $ (15.5 ) Income from continuing
operations excluding gain on debt extinguishment, inventory
impairments and abandonments and additional insurance recoveries
before income taxes (in millions)*
$ 13.3 $ 7.4 $ 5.9
Net income
$ 7.1 $ 5.8 $ 1.3 Net income
excluding gain on debt extinguishment, inventory impairments and
abandonments and additional insurance recoveries (in millions)* +
$ 7.4 $ 4.0 $ 3.4 Land and land development
spending (in millions)
$ 103.8 $ 72.6 $ 31.3
Adjusted EBITDA (in millions)
$ 44.3 $ 53.8 $ (9.5 )
Adjusted EBITDA, excluding additional insurance recoveries from
third-party insurer (in millions)
$ 44.3 $ 38.3 $ 6.0
LTM Adjusted EBITDA, excluding unexpected warranty costs (net of
recoveries), additional insurance recoveries and write-off of
deposit (in millions)
$ 167.9 $ 161.4 $ 6.4
* Change and totals are calculated using
unrounded numbers.
+ Gain on debt extinguishment, inventory
impairments and abandonments and additional insurance recoveries
were tax-effected at annualized effective tax rates of 36.7% and
49.5% for the three months ended June 30, 2017 and
June 30, 2016, respectively.
“LTM” indicates amounts for the trailing
12 months.
Nine Months
Ended June 30, 2017 2016
Change* New home orders, net of cancellations
4,149 3,951 5.0 % LTM orders per community per month
2.9 2.6 11.5 % Cancellation rates
17.9 % 20.4
% -250 bps Total home closings
3,621 3,563 1.6 % ASP
from closings (in thousands)
$ 339.8 $ 326.9 3.9 %
Homebuilding revenue (in millions)
$ 1,230.4 $
1,164.8 5.6 % Homebuilding gross margin
16.2 % 16.6 %
-40 bps Homebuilding gross margin, excluding I&A
16.2
% 17.8 % -160 bps Homebuilding gross margin, excluding
I&A and interest amortized to cost of sales
20.9
% 22.1 % -120 bps Homebuilding gross margin, excluding
I&A, interest amortized to cost of sales, unexpected warranty
costs (net of recoveries) and additional insurance recoveries from
third-party insurer
20.9 % 20.4 % 50 bps
Income (loss) from continuing operations before income taxes (in
millions)
$ (3.0 ) $ 8.1 $ (11.1 ) (Benefit
from) provision for income taxes (in millions)
$ (1.3
) $ 2.1 $ (3.3 ) Income (loss) from continuing operations
(in millions)*
$ (1.7 ) $ 6.0 $ (7.7 ) Basic
and diluted income (loss) per share from continuing operations
$ (0.05 ) $ 0.19 $ (0.24 ) Income
(loss) from continuing operations before income taxes (in millions)
$ (3.0 ) $ 8.1 $ (11.1 ) Loss on debt
extinguishment (in millions)
$ 15.6 $ 2.0 $ 13.5
Inventory impairments and abandonments (in millions)
$
0.8 $ 15.1 $ (14.3 ) Unexpected warranty costs related to
Florida stucco issues, net of recoveries (in millions)
$
— $ 3.6 $ (3.6 ) Additional insurance recoveries from
third-party insurer (in millions)
$ — $ 15.5 $ (15.5
) Write-off of deposit on legacy land investment
$
2.7 $ — $ 2.7 Income from continuing operations excluding
loss on debt extinguishment, inventory impairments and
abandonments, unexpected warranty costs (net of recoveries),
additional insurance recoveries and write-off of deposit before
income taxes (in millions)*
$ 16.0 $ 6.1 $ 9.9
Net income (loss)
$ (1.8 ) $ 5.5 $ (7.4 ) Net
income (loss) excluding loss on debt extinguishment, inventory
impairments and abandonments, unexpected warranty costs (net of
recoveries), additional insurance recoveries and write-off of
deposit (in millions)*+
$ 10.3 $ 4.9 $ 5.4
Land and land development spending (in millions)
$
309.9 $ 267.8 $ 42.1 Adjusted EBITDA (in millions)
$ 99.2 $ 109.4 $ (10.2 ) Adjusted EBITDA, excluding
unexpected warranty costs (net of recoveries), additional insurance
recoveries and write-off of deposit (in millions)
$
101.9 $ 90.3 $ 11.6
* Change and totals are calculated using
unrounded numbers.
+ Loss on debt extinguishment,inventory
impairments and abandonments, unexpected warranty costs (net of
recoveries) and additional insurance recoveries were tax-effected
at annualized tax effective rates of 36.7% and 49.5% for the nine
months ended June 30, 2017 and June 30, 2016,
respectively.
“LTM” indicates amounts for the trailing
12 months.
As of June 30,
2017
As of
June 30, 2017 2016
Change Backlog units
2,444 2,426 0.7 % Dollar value
of backlog (in millions)
$ 859.9 $ 814.6 5.6 % ASP in
backlog (in thousands)
$ 351.8 $ 335.8 4.8 % Land and
lots controlled
22,481 24,317 (7.6 )%
Conference Call
The Company will hold a conference call on August 1, 2017
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 over the Internet 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, 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 866-479-8684 (for international callers, dial
203-369-1544) and enter the passcode “3740” (available until 5:59
a.m. ET on August 9, 2017), 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 is a geographically
diversified homebuilder with active operations in 13 states
within three geographic regions in the United States. The
Company’s homes meet or exceed the benchmark for energy-efficient
home construction as established by ENERGY STAR® and are designed
with Choice Plans to meet the personal preferences and lifestyles
of its buyers. In addition, the Company is committed to providing a
range of preferred lender choices to facilitate transparent
competition among lenders and enhanced customer service. The
Company’s active operations are in the following states: Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
North Carolina, South Carolina, Tennessee, Texas and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol “BZH.” For more info visit Beazer.com, or check out
Beazer on Facebook 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, 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 additional asset impairment
charges or writedowns; (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) 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; (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
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) increased competition or delays in reacting to
changing consumer preferences in home design; (xi) continuing
severe 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; (xii) 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; (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 or governmental policies, including
those related to the environment; (xiv) the results of litigation
or government proceedings and fulfillment of any related
obligations; (xv) the impact of construction defect and home
warranty claims, including water intrusion issues in Florida; (xvi)
the cost and availability of insurance and surety bonds, as well as
the sufficiency of these instruments to cover potential losses
incurred; (xvii) the performance of our unconsolidated entities and
our unconsolidated entity partners; (xviii) the impact of
information technology failures or data security breaches; (xix)
terrorist acts, natural disasters, acts of war or other factors
over which the Company has little or no control; or (xx) the impact
on homebuilding in key markets of governmental regulations limiting
the availability of water.
Any forward-looking statement speaks only as of the date on
which such statement is made and, except as required by law, we
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time-to-time, and it is not
possible for management to predict all such factors.
-Tables Follow-
BEAZER HOMES USA, INC.UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
UNAUDITEDCOMPREHENSIVE INCOME (LOSS)(In thousands,
except per share data)
Three Months Ended
Nine Months Ended June 30, June 30,
2017 2016
2017 2016 Total
revenue
$ 478,588 $ 459,937
$ 1,243,297
$ 1,189,993 Home construction and land sales expenses
399,675 370,367
1,043,041 980,094 Inventory
impairments and abandonments
470 11,917
752 15,098 Gross profit
78,443 77,653
199,504 194,801 Commissions
18,773 17,500
48,728 45,856 General and
administrative expenses
40,794 40,457
117,282 111,024
Depreciation and amortization
3,307
3,387
9,139 9,434
Operating income
15,569 16,309
24,355 28,487 Equity
in income of unconsolidated entities
158 62
213 71
Gain (loss) on extinguishment of debt
— 429
(15,563
) (2,030 ) Other expense, net
(2,871 )
(5,344 )
(12,007 ) (18,467 )
Income (loss) from continuing operations before income taxes
12,856 11,456
(3,002 ) 8,061 Expense (benefit)
from income taxes
5,742 5,349
(1,262 ) 2,067 Income (loss)
from continuing operations
7,114 6,107
(1,740
) 5,994 Income (loss) from discontinued operations, net of
tax
9 (325 )
(101
) (447 ) Net income (loss) and comprehensive income
(loss)
$ 7,123 $ 5,782
$
(1,841 ) $ 5,547 Weighted average number of
shares: Basic
31,971 31,813
31,944 31,793 Diluted
32,375 31,820
31,944 31,797 Basic income (loss) per
share: Continuing operations
$ 0.22 $ 0.19
$
(0.05 ) $ 0.19 Discontinued operations
— (0.01 )
— (0.01
) Total
$ 0.22 $ 0.18
$
(0.05 ) $ 0.18 Diluted income (loss) per
share: Continuing operations
$ 0.22 $ 0.19
$
(0.05 ) $ 0.19 Discontinued operations
— (0.01 )
— (0.01
) Total
$ 0.22 $ 0.18
$
(0.05 ) $ 0.18
Three Months Ended Nine Months Ended June 30,
June 30, Capitalized Interest in Inventory
2017 2016
2017 2016 Capitalized interest in
inventory, beginning of period
$ 146,916 $ 140,139
$ 138,108 $ 123,457 Interest incurred
26,243
28,758
79,812 89,313 Capitalized interest impaired
—
(626 )
— (710 ) Interest expense not qualified for
capitalization and included as other expense
(2,934 )
(5,406 )
(12,232 ) (19,471 ) Capitalized interest
amortized to home construction and land sales expenses
(21,895 ) (20,467 )
(57,358
) (50,191 ) Capitalized interest in inventory, end of
period
$ 148,330 $ 142,398
$
148,330 $ 142,398
BEAZER HOMES USA, INC.UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except
share and per share data)
June 30, 2017
September 30, 2016
ASSETS Cash and cash equivalents
$
168,381 $ 228,871 Restricted cash
12,735 14,405
Accounts receivable (net of allowance of $176 and $354,
respectively)
39,816 53,226 Income tax receivable
380
292 Owned Inventory
1,655,853 1,569,279 Investments in
unconsolidated entities
3,850 10,470 Deferred tax assets,
net
312,370 309,955 Property and equipment, net
18,658 19,138 Other assets
9,582
7,522 Total assets
$ 2,221,625 $
2,213,158
LIABILITIES AND STOCKHOLDERS’ EQUITY Trade
accounts payable
$ 119,408 $ 104,174 Other
liabilities
119,654 134,253 Total debt (net of premium of
$3,606 and $1,482, respectively, and debt issuance costs of $14,908
and $15,514, respectively)
1,334,623
1,331,878 Total liabilities
$ 1,573,685
$ 1,570,305 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, 33,545,740 issued and outstanding and
33,071,331 issued and outstanding, respectively)
34 33
Paid-in capital
872,217 865,290 Accumulated deficit
(224,311 ) (222,470 ) Total stockholders’
equity
647,940 642,853 Total
liabilities and stockholders’ equity
$ 2,221,625
$ 2,213,158
Inventory Breakdown Homes
under construction
$ 558,533 $ 377,191 Development
projects in progress
706,134 742,417 Land held for future
development
152,959 213,006 Land held for sale
20,182
29,696 Capitalized interest
148,330 138,108 Model homes
69,715 68,861 Total owned
inventory
$ 1,655,853 $ 1,569,279
BEAZER HOMES USA,
INC.CONSOLIDATED OPERATING AND FINANCIAL DATA –
CONTINUING OPERATIONS($ in thousands, except otherwise
noted)
Three Months Ended June 30,
Nine Months Ended June 30, SELECTED
OPERATING DATA 2017 2016
2017
2016
Closings: West region
624 620
1,695 1,666 East region
346 373
849 907
Southeast region
417 371
1,077 990 Total closings
1,387
1,364
3,621 3,563
New orders,
net of cancellations: West region
791 661
1,941
1,820 East region
385 343
1,027 982 Southeast region
419 486
1,181
1,149 Total new orders, net
1,595 1,490
4,149 3,951
As of June
30, Backlog units at end of period: 2017 2016
West region
1,074 1,109 East region
622 562 Southeast
region
748 755 Total backlog units
2,444 2,426 Dollar value of backlog at end of period
(in millions)
$ 859.9 $ 814.6
Three Months Ended June 30, Nine Months Ended June
30, SUPPLEMENTAL FINANCIAL DATA 2017 2016
2017 2016
Homebuilding revenue: West region
$
208,004 $ 201,848
$ 564,908 $ 535,984 East
region
129,755 136,204
324,284 332,411 Southeast
region
134,637 112,925
341,204 296,430 Total homebuilding revenue
$
472,396 $ 450,977
$ 1,230,396 $
1,164,825
Revenues: Homebuilding
$
472,396 $ 450,977
$ 1,230,396 $ 1,164,825 Land
sales and other
6,192 8,960
12,901 25,168 Total revenues
$ 478,588
$ 459,937
$ 1,243,297 $ 1,189,993
Gross profit: Homebuilding
$ 78,662 $ 76,803
$ 199,190 $ 193,141 Land sales and other
(219 ) 850
314 1,660
Total gross profit
$ 78,443 $ 77,653
$
199,504 $ 194,801
Reconciliation of homebuilding gross profit and the related
gross margin before impairments and abandonments and interest
amortized to cost of sales to homebuilding gross profit and gross
margin, the most directly comparable GAAP measure, is provided for
each period discussed below. Management believes that this
information assists investors in comparing the operating
characteristics of homebuilding activities by eliminating many of
the differences in companies’ respective level of impairments and
level of debt.
In addition, given the unusual size and nature of the charges
related to the Florida stucco issues, net of insurance recoveries,
and the additional insurance recoveries from third-party insurer,
homebuilding gross profit is also shown excluding these charges.
Management believes that this representation best reflects the
operating characteristics of the Company.
Three Months Ended June 30,
Nine Months Ended June 30, 2017
2016
2017 2016
Homebuilding gross profit/margin
$ 78,662
16.7 % $ 76,803 17.0 %
$
199,190 16.2 % $ 193,141
16.6 % Inventory impairments and abandonments (I&A)
— 11,899
188 14,512
Homebuilding gross profit/margin before I&A
78,662 16.7 % 88,702 19.7 %
199,378
16.2 % 207,653 17.8 % Interest amortized to cost of
sales
21,895 20,080
57,358 49,520 Homebuilding gross profit/margin
before I&A and interest amortized to cost of sales
100,557 21.3 % 108,782 24.1 %
256,736
20.9 % 257,173 22.1 % Unexpected warranty costs
related to Florida stucco issues (net of expected insurance
recoveries)
— —
— (3,612 ) Additional insurance
recoveries from third-party insurer
— (15,500
)
— (15,500 ) Homebuilding gross profit/margin
before I&A, interest amortized to cost of sales and unexpected
warranty costs (net of recoveries)
$ 100,557
21.3 % $ 93,282 20.7 %
$ 256,736
20.9 % $ 238,061 20.4 %
Reconciliation of Adjusted EBITDA (earnings before interest,
taxes, depreciation, amortization, debt extinguishment, impairments
and abandonments) to total Company net income (loss), the most
directly comparable GAAP measure, is provided for each period
discussed below. Management believes that Adjusted EBITDA assists
investors in understanding and comparing the operating
characteristics of homebuilding activities by eliminating many of
the differences in companies’ respective capitalization, tax
position and level of impairments.
In addition, given the unusual size and nature of certain
amounts recorded during the periods presented, Adjusted EBITDA is
also shown excluding these amounts. Management believes that this
representation best reflects the operating characteristics of the
Company.
Three Months Ended
June 30,
Nine Months Ended
June 30,
LTM Ended June 30,(a) (In thousands)
2017 2016
2017 2016
2017 2016 Net income (loss)
$
7,123 $ 5,782
$ (1,841 ) $ 5,547
$ (2,695 ) $ 361,802 Expense (benefit) from
income taxes
5,740 5,168
(1,332 ) 1,809
13,083 (323,387 ) Interest amortized to home construction
and land sales expenses, capitalized interest impaired and interest
expense not qualified for capitalization
24,829 26,499
69,590 70,372
103,928 101,161 Depreciation and
amortization and stock-based compensation amortization
6,117
5,444
16,471 15,278
22,945 21,586 Inventory
impairments and abandonments (b)
470 11,291
752
14,388
936 17,248 (Gain) loss on extinguishment of debt
— (429 )
15,563
2,030
26,956 2,110
Adjusted EBITDA
$ 44,279 $ 53,755
$
99,203 $ 109,424
$ 165,153 $ 180,520
Unexpected warranty costs related to Florida stucco issues (net of
expected insurance recoveries)
— —
— (3,612 )
— (3,612 ) Additional insurance recoveries from third-party
insurer
— (15,500 )
— (15,500 )
— (15,500 )
Write-off of deposit on legacy land investment
—
—
2,700 —
2,700 — Adjusted EBITDA excluding
unexpected warranty costs (net of recoveries), additional insurance
recoveries and write-off of deposit
$ 44,279 $ 38,255
$ 101,903 $ 90,312
$
167,853 $ 161,408
(a) “LTM” indicates amounts for the
trailing 12 months.
(b) In periods during which we impaired
certain of our inventory assets, capitalized interest that is
impaired is included in the line above titled “Interest amortized
to home construction and land sales expenses, capitalized interest
impaired and interest expense not qualified for
capitalization.”
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170801006413/en/
Beazer Homes USA, Inc.David I. Goldberg, 770-829-3700Vice
President of Treasury and Investor Relationsinvestor.relations@beazer.com
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