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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Cash flows from operating activities:    
Net income $ 97,051 $ 59,748
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (6,274) (5,127)
Distributions of earnings from unconsolidated joint ventures 5,750 8,150
Amortization of discounts, premiums and issuance costs 644 613
Depreciation and amortization 7,080 7,316
Deferred income taxes 16,000 8,500
Stock-based compensation 5,572 4,950
Inventory impairments and land option contract abandonments 4,064 5,672
Changes in assets and liabilities:    
Receivables 23,332 (4,195)
Inventories (229,137) (17,941)
Accounts payable, accrued expenses and other liabilities (10,130) (60,996)
Other, net 6,783 (16,556)
Net cash used in operating activities (79,265) (9,866)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (2,625) (1,668)
Return of investments in unconsolidated joint ventures 0 500
Purchases of property and equipment, net (9,098) (6,671)
Net cash used in investing activities (11,723) (7,839)
Cash flows from financing activities:    
Payments on mortgages and land contracts due to land sellers and other loans (600) 0
Issuance of common stock under employee stock plans 2,538 8,226
Tax payments associated with stock-based compensation awards (8,456) (6,219)
Payments of cash dividends (14,064) (8,233)
Net cash used in financing activities (20,582) (6,226)
Net decrease in cash and cash equivalents (111,570) (23,931)
Cash and cash equivalents at beginning of period 682,529 454,858
Cash and cash equivalents at end of period $ 570,959 $ 430,927