XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 18,959 $ (9,148)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation 1,338 1,279
Compensation from stock options and awards 902 (116)
Amortization of bond discounts, premiums and deferred financing costs 209 1,281
Gain on sale and retirement of property and assets (14) (2)
Income from unconsolidated joint ventures (1,916) (1,540)
Distributions of earnings from unconsolidated joint venture 2,841 9,250
Gain on extinguishment of debt 0 (9,456)
Noncontrolling interest in consolidated joint ventures 78 13
Inventory impairment and land option write-offs 1,877 2,828
(Increase) decrease in assets:    
Origination of mortgage loans (334,272) (268,465)
Sale of mortgage loans 312,794 345,183
Receivables, prepaids, deposits and other assets (9,531) (4,437)
Inventories (87,251) (6,058)
Increase (decrease) in liabilities:    
State income tax payable 557 1,714
Customers’ deposits 8,975 (2,560)
Accounts payable, accrued interest and other accrued liabilities (9,605) (32,122)
Net cash (used in) provided by operating activities (94,059) 27,644
Cash flows from investing activities:    
Proceeds from sale of property and assets 16 9
Purchase of property, equipment, and other fixed assets and acquisitions (964) (809)
Investment in and advances to unconsolidated joint ventures (3,214) (18,524)
Distributions of capital from unconsolidated joint ventures 12,035 2,521
Net cash provided by (used in) investing activities 7,873 (16,803)
Cash flows from financing activities:    
Proceeds from mortgages and notes 64,257 60,437
Payments related to mortgages and notes (72,235) (58,725)
Proceeds from model sale leaseback financing programs 1,360 2,368
Payments related to model sale leaseback financing programs (3,583) (7,474)
Proceeds from land bank financing programs 15,025 39,620
Payments related to land bank financing programs (24,726) (23,544)
Net proceeds (payments) related to mortgage warehouse lines of credit 23,925 (67,204)
Deferred financing costs from land banking financing programs and note issuances (590) (10,637)
Net cash provided by (used in) financing activities 3,433 (65,159)
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents (82,753) (54,318)
Cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period 309,460 182,266
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period 226,707 127,948
Supplemental disclosures of cash flows:    
Interest, net of capitalized interest (see Note 3 to the Condensed Consolidated Financial Statements) 9,922 13,955
Income taxes 69 (2)
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period 226,707 127,948
Homebuilding [Member]    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Inventory impairment and land option write-offs 1,877 2,828
Supplemental disclosures of cash flows:    
Cash and cash equivalents 172,098 81,396
Restricted cash and cash equivalents 12,628 19,878
Financial Services [Member]    
Supplemental disclosures of cash flows:    
Cash and cash equivalents 4,531 4,181
Restricted cash and cash equivalents $ 37,450 $ 22,493