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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Cash flows from operating activities:    
Net income $ 125,500 $ 134,257
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (825) (5,171)
Distributions of earnings from unconsolidated joint ventures 11 9,295
Amortization of debt issuance costs and premiums 835 549
Depreciation and amortization 8,712 7,627
Deferred income taxes 5,000 4,400
Stock-based compensation 5,867 6,867
Inventory impairments and land option contract abandonments 5,289 175
Changes in assets and liabilities:    
Receivables (25,303) (8,569)
Inventories 101,293 (405,851)
Accounts payable, accrued expenses and other liabilities (131,671) 2,069
Other, net (791) 3,317
Net cash provided by (used in) operating activities 93,917 (251,035)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (13,223) (8,568)
Return of investments in unconsolidated joint ventures 5,100 1,255
Purchases of property and equipment, net (8,838) (10,563)
Net cash used in investing activities (16,961) (17,876)
Cash flows from financing activities:    
Borrowings under revolving credit facility 170,000 675,000
Repayments under revolving credit facility (220,000) (425,000)
Issuance costs for unsecured revolving credit facility 0 (3,805)
Payments on mortgages and land contracts due to land sellers and other loans (237) (400)
Issuance of common stock under employee stock plans 1,134 0
Stock repurchases (75,000) 0
Tax payments associated with stock-based compensation awards (9,748) (12,153)
Payments of cash dividends (12,476) (14,130)
Net cash provided by (used in) financing activities (146,327) 219,512
Net decrease in cash and cash equivalents (69,371) (49,399)
Cash and cash equivalents at beginning of period 330,198 292,136
Cash and cash equivalents at end of period $ 260,827 $ 242,737