|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Jan. 31, 2014
|
Jan. 31, 2013
|
| Cash flow used in operating activities: |
|
|
| Net income |
$ 45,580 |
$ 4,432 |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |
|
|
| Depreciation and amortization |
5,289 |
6,525 |
| Stock-based compensation |
7,669 |
5,684 |
| Excess tax benefits from stock-based compensation |
(789) |
|
| Income from unconsolidated entities |
(22,915) |
(3,083) |
| Distributions of earnings from unconsolidated entities |
22,143 |
2,413 |
| Income from distressed loans and foreclosed real estate |
(6,619) |
(3,011) |
| Deferred tax provision (benefit) |
1,711 |
2,306 |
| Deferred tax valuation allowances |
(448) |
(216) |
| Inventory impairments and write-offs |
1,982 |
709 |
| Change in fair value of mortgage loans receivable and derivative instruments |
605 |
554 |
| Gain on marketable securities |
(21) |
|
| Changes in operating assets and liabilities |
|
|
| Increase in inventory |
(363,914) |
(378,715) |
| Origination of mortgage loans |
(146,354) |
(141,148) |
| Sale of mortgage loans |
200,830 |
176,830 |
| (Increase) decrease in restricted cash |
(139) |
13,519 |
| (Increase) decrease in receivables, prepaid expenses and other assets |
(7,274) |
(8,256) |
| Increase in customer deposits |
7,132 |
12,059 |
| (Decrease) increase in accounts payable and accrued expenses |
(14,282) |
1,302 |
| Increase in income taxes payable |
19,426 |
2,274 |
| Net cash used in operating activities |
(250,388) |
(305,822) |
| Cash flow (used in) provided by investing activities: |
|
|
| Purchase of property and equipment - net |
(2,853) |
(5,391) |
| Purchase of marketable securities |
|
(26,019) |
| Sale and redemption of marketable securities |
39,243 |
38,775 |
| Investment in and advances to unconsolidated entities |
(60,408) |
(7,614) |
| Return of investments in unconsolidated entities |
32,429 |
17,311 |
| Investment in distressed loans and foreclosed real estate |
(191) |
(16,252) |
| Return of investments in distressed loans and foreclosed real estate |
17,574 |
3,015 |
| Deposit - acquisition of a business |
(161,000) |
|
| Net cash provided by (used in) investing activities |
(135,206) |
3,825 |
| Cash flow used in financing activities: |
|
|
| Net proceeds from issuance of senior notes |
600,000 |
|
| Payments of Debt Issuance Costs |
(4,700) |
|
| Proceeds from loans payable |
(275,334) |
(244,830) |
| Principal payments of loans payable |
(307,195) |
(299,862) |
| Redemption of senior notes |
|
(59,068) |
| Net proceeds from issuance of common stock |
220,357 |
|
| Proceeds from stock-based benefit plans |
18,529 |
6,108 |
| Excess Tax Benefit from Share-based Compensation, Financing Activities |
789 |
|
| Proceeds from Noncontrolling Interests |
81 |
|
| Purchase of treasury stock |
(84) |
(79) |
| Net cash used in financing activities |
803,111 |
(108,071) |
| Net increase (decrease) in cash and cash equivalents |
417,517 |
(410,068) |
| Cash and cash equivalents, beginning of period |
772,972 |
778,824 |
| Cash and cash equivalents, end of period |
$ 1,190,489 |
$ 368,756 |