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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Cash flows from operating activities:    
Net income $ 134,257 $ 97,051
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (5,171) (6,274)
Distributions of earnings from unconsolidated joint ventures 9,295 5,750
Amortization of premiums and issuance costs 549 644
Depreciation and amortization 7,627 7,080
Deferred income taxes 4,400 16,000
Stock-based compensation 6,867 5,572
Inventory impairments and land option contract abandonments 175 4,064
Changes in assets and liabilities:    
Receivables (8,569) 23,332
Inventories (405,851) (229,137)
Accounts payable, accrued expenses and other liabilities 2,069 (10,130)
Other, net 3,317 6,783
Net cash used in operating activities (251,035) (79,265)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (8,568) (2,625)
Return of investments in unconsolidated joint ventures 1,255 0
Purchases of property and equipment, net (10,563) (9,098)
Net cash used in investing activities (17,876) (11,723)
Cash flows from financing activities:    
Borrowings under revolving credit facility 675,000 0
Repayments under revolving credit facility (425,000) 0
Issuance costs for unsecured revolving credit facility (3,805) 0
Payments on mortgages and land contracts due to land sellers and other loans (400) (600)
Issuance of common stock under employee stock plans 0 2,538
Tax payments associated with stock-based compensation awards (12,153) (8,456)
Payments of cash dividends (14,130) (14,064)
Net cash provided by (used in) financing activities 219,512 (20,582)
Net decrease in cash and cash equivalents (49,399) (111,570)
Cash and cash equivalents at beginning of period 292,136 682,529
Cash and cash equivalents at end of period $ 242,737 $ 570,959