Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Nov. 30, 2021 |
Nov. 30, 2020 |
Nov. 30, 2019 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 564,746
|
$ 296,243
|
$ 268,775
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
| Equity in income of unconsolidated joint ventures |
(23,184)
|
(33,628)
|
(10,681)
|
| Proceeds from Equity Method Investment, Distribution |
18,511
|
35,649
|
6,450
|
| Amortization of discounts, premiums and issuance costs |
2,852
|
2,498
|
4,426
|
| Depreciation and amortization |
28,640
|
28,396
|
27,158
|
| Deferred income taxes |
53,767
|
50,304
|
73,303
|
| Loss on early extinguishment of debt |
5,075
|
0
|
6,800
|
| Stock-based compensation |
28,904
|
21,531
|
18,312
|
| Inventory impairments and land option contract abandonments |
11,953
|
28,669
|
17,291
|
| Changes in assets and liabilities: |
|
|
|
| Receivables |
(32,014)
|
59,257
|
44,428
|
| Inventories |
(897,750)
|
(183,233)
|
(165,347)
|
| Accounts payable, accrued expenses and other liabilities |
181,625
|
4,091
|
(40,583)
|
| Other, net |
19,579
|
901
|
710
|
| Net cash provided by (used in) operating activities |
(37,296)
|
310,678
|
251,042
|
| Cash flows from investing activities: |
|
|
|
| Contributions to unconsolidated joint ventures |
(11,523)
|
(10,373)
|
(11,290)
|
| Return of investments in unconsolidated joint ventures |
12,838
|
12,651
|
5,001
|
| Proceeds from sale of building |
0
|
0
|
5,804
|
| Purchases of property and equipment, net |
(39,399)
|
(28,841)
|
(40,459)
|
| Net cash used in investing activities |
(38,084)
|
(26,563)
|
(40,944)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of debt |
390,000
|
0
|
705,250
|
| Repayment of senior notes |
(455,075)
|
0
|
(986,231)
|
| Payment of issuance costs |
(4,813)
|
0
|
(11,128)
|
| Borrowings under revolving credit facility |
340,000
|
0
|
610,000
|
| Repayments under revolving credit facility |
(340,000)
|
0
|
(610,000)
|
| Payments on mortgages and land contracts due to land sellers and other loans |
(2,250)
|
(24,934)
|
(41,116)
|
| Issuance of common stock under employee stock plans |
11,689
|
16,058
|
30,524
|
| Stock repurchases |
(188,175)
|
0
|
0
|
| Tax payments associated with stock-based compensation awards |
(12,337)
|
(9,503)
|
(7,288)
|
| Payments of cash dividends |
(54,052)
|
(38,065)
|
(20,370)
|
| Net cash used in financing activities |
(315,013)
|
(56,444)
|
(330,359)
|
| Net increase (decrease) in cash and cash equivalents |
(390,393)
|
227,671
|
(120,261)
|
| Cash and cash equivalents at beginning of year |
682,529
|
454,858
|
575,119
|
| Cash and cash equivalents at end of year |
$ 292,136
|
$ 682,529
|
$ 454,858
|