v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2026
May 31, 2025
Cash flows from operating activities:    
Net income $ 60,773 $ 217,440
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (6,754) (12,684)
Distributions of earnings from unconsolidated joint ventures 8,493 20,241
Amortization of debt issuance costs 2,107 1,784
Depreciation and amortization 20,512 18,034
Stock-based compensation 11,513 16,711
Inventory impairments and land option contract abandonments 7,734 7,013
Changes in assets and liabilities:    
Receivables (25,061) 20,677
Inventories (73,554) (390,558)
Accounts payable, accrued expenses and other liabilities (93,336) (68,338)
Other, net (5,897) 3,797
Net cash used in operating activities (93,470) (165,883)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (8,942) 0
Return of investments in unconsolidated joint ventures 1,557 2,315
Purchases of property and equipment, net (22,890) (22,731)
Net cash used in investing activities (30,275) (20,416)
Cash flows from financing activities:    
Borrowings under revolving credit facility 525,000 380,000
Repayments under revolving credit facility (250,000) (180,000)
Payments on mortgages and land contracts due to land sellers and other loans (462) 0
Issuance of common stock under employee stock plans 558 445
Stock repurchases and excise taxes paid (130,123) (250,000)
Tax payments associated with stock-based compensation awards (18,336) (15,884)
Payments of cash dividends (32,575) (36,513)
Net cash provided by (used in) financing activities 94,062 (101,952)
Net decrease in cash and cash equivalents (29,683) (288,251)
Cash and cash equivalents at beginning of period 230,443 599,193
Cash and cash equivalents at end of period $ 200,760 $ 310,942