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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