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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2021
Cash flows from operating activities:      
Net income $ 590,177 $ 816,666 $ 564,746
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Equity in income of unconsolidated joint ventures (14,984) (19,934) (23,184)
Distributions of earnings from unconsolidated joint ventures 23,171 11,038 18,511
Amortization of debt issuance costs and premiums 3,381 2,322 2,852
Depreciation and amortization 36,413 32,319 28,640
Deferred income taxes 41,393 16,510 53,767
Loss on early extinguishment of debt 0 3,598 5,075
Stock-based compensation 34,612 29,464 28,904
Inventory impairments and land option contract abandonments 11,424 37,301 11,953
Changes in assets and liabilities:      
Receivables (12,919) (19,885) (32,014)
Inventories 426,812 (785,557) (897,750)
Accounts payable, accrued expenses and other liabilities (62,200) 53,097 181,625
Other, net 5,419 6,479 19,579
Net cash provided by (used in) operating activities 1,082,699 183,418 (37,296)
Cash flows from investing activities:      
Contributions to unconsolidated joint ventures (27,694) (28,439) (11,523)
Return of investments in unconsolidated joint ventures 5,100 1,900 12,838
Purchases of property and equipment, net (35,468) (45,234) (39,399)
Net cash used in investing activities (58,062) (71,773) (38,084)
Cash flows from financing activities:      
Proceeds from issuance of debt 0 350,000 390,000
Repayment of senior notes 0 (703,598) (455,075)
Payment of issuance costs 0 (11,064) (4,813)
Borrowings under revolving credit facility 170,000 1,685,000 340,000
Repayments under revolving credit facility (320,000) (1,535,000) (340,000)
Borrowings under senior unsecured term loan 0 360,000 0
Payments on mortgages and land contracts due to land sellers and other loans (3,843) (567) (2,250)
Issuance of common stock under employee stock plans 8,857 0 11,689
Stock repurchases (411,438) (150,000) (188,175)
Tax payments associated with stock-based compensation awards (14,238) (15,902) (12,337)
Payments of cash dividends (56,831) (52,452) (54,052)
Net cash used in financing activities (627,493) (73,583) (315,013)
Net increase (decrease) in cash and cash equivalents 397,144 38,062 (390,393)
Cash and cash equivalents at beginning of year 330,198 292,136 682,529
Cash and cash equivalents at end of year $ 727,342 $ 330,198 $ 292,136