XML 29 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 4,520 $ (332,193) $ (2,819)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Depreciation 3,156 4,249 3,565
Compensation from stock options and awards 3,669 557 2,921
Amortization of bond discounts, premiums and deferred financing costs 8,822 13,875 12,830
Gain on sale and retirement of property and assets (3,619) (166) (632)
(Income) loss from unconsolidated joint ventures (24,033) 7,047 4,346
Distributions of earnings from unconsolidated joint ventures 1,864 1,002
Loss on extinguishment of debt 7,536 34,854 3,200
Inventory impairment and land option write-offs 3,501 17,813 33,353
Deferred income tax provision 285,578 6,851
(Increase) decrease in assets:      
Origination of mortgage loans (1,069,519) (1,045,991) (1,274,284)
Sale of mortgage loans 1,071,250 1,078,649 1,239,521
Receivables, prepaids, deposits and other assets 20,669 5,249 22,905
Inventories (58,801) 255,444 328,141
State and federal income tax payable 1,107 282 (205)
Customers’ deposits (3,686) (3,657) (6,789)
Accounts payable, accrued interest and other accrued liabilities (31,394) (21,876) 13,090
Net cash (used in) provided by operating activities (66,822) 301,578 386,996
Cash flows from investing activities:      
Proceeds from sale of property and assets 38,303 270 764
Purchase of property, equipment, and other fixed assets and acquisitions (5,193) (6,478) (8,007)
Investment in and advances to unconsolidated joint ventures (26,271) (36,803) (49,905)
Distributions of capital from unconsolidated joint ventures 28,662 13,304 5,264
Net cash provided by (used in) investing activities 35,501 (29,707) (51,884)
Cash flows from financing activities:      
Proceeds from mortgages and notes 181,101 199,275 211,209
Payments related to mortgages and notes (162,192) (218,468) (272,220)
Proceeds from model sale leaseback financing programs 22,749 10,270 24,297
Payments related to model sale leaseback financing programs (30,123) (28,798) (41,435)
Proceeds from land bank financing programs 18,827 29,190 174,211
Payments related to land bank financing programs (38,991) (71,757) (108,577)
Deferred financing costs from land banking financing programs and note issuances (8,035) (14,556) (11,469)
Net cash used in financing activities (229,429) (147,843) (245,667)
Net (decrease) increase in cash and cash equivalents (260,750) 124,028 89,445
Cash, cash equivalents and restricted cash and cash equivalents balance, beginning of year 493,742 369,714 280,268
Cash, cash equivalents and restricted cash and cash equivalents balance, end of year 232,992 493,742 369,714
Supplemental disclosures of cash flows:      
Interest, net of capitalized interest (see Note 3 to the Consolidated Financial Statements) 112,016 89,836 101,796
Income taxes 2,520 1,089 (1,390)
Cash, cash equivalents and restricted cash and cash equivalents balance, end of year 232,992 493,742 369,714
Homebuilding [Member]      
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Inventory impairment and land option write-offs 3,501 17,813 33,353
Supplemental disclosures of cash flows:      
Homebuilding: Cash and cash equivalents 187,871 463,697 339,773
Homebuilding: Restricted cash and cash equivalents 12,808 2,077 3,914
Financial Services [Member]      
Supplemental disclosures of cash flows:      
Homebuilding: Cash and cash equivalents 6,948 5,623 6,992
Homebuilding: Restricted cash and cash equivalents 25,365 22,345 19,035
Senior Secured Term Loan [Member]      
Cash flows from financing activities:      
Proceeds from senior secured term loan facility 75,000
Payments related to senior secured term loan facility (76,829)
Senior Unsecured Term Loan Credit Facility [Member]      
Cash flows from financing activities:      
Proceeds from senior unsecured term loan facility 202,547
Senior Secured Notes [Member]      
Cash flows from financing activities:      
Proceeds from senior secured term loan facility 840,000 71,250
Senior Secured, Senior, Senior Amortizing and Senior Exchangeable Notes [Member]      
Cash flows from financing activities:      
Payments related to senior secured term loan facility (285,095) (861,976) (409,646)
Mortgage Warehouse Lines of Credit [Member]      
Cash flows from financing activities:      
Net payments related to lines of credit (1,388) (31,023) 36,713
Unsecured Revolving Credit Facility [Member]      
Cash flows from financing activities:      
Net payments related to lines of credit (52,000)
Borrowings from revolving credit facility $ 5,000