XML 36 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2022
Oct. 31, 2021
Oct. 31, 2020
Cash flows from operating activities:      
Net income $ 225,490 $ 607,817 $ 50,928
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 5,457 5,280 5,304
Stock-based compensation 10,276 7,668 2,779
Amortization of debt discounts, premiums and deferred financing costs 376 242 1,891
(Gain) loss on sale of property and assets (34) 92 (81)
Income from unconsolidated joint ventures (29,033) (8,849) (16,565)
Distributions of earnings from unconsolidated joint venture 3,990 9,709 35,387
Loss (gain) on extinguishment of debt 6,795 3,748 (13,337)
Noncontrolling interest in consolidated joint ventures 270 430 148
(Increase) decrease in assets:      
Inventories (279,000) (35,514) 87,897
Receivables, deposits and notes (2,632) (3,016) 20,519
Origination of mortgage loans (1,205,604) (1,490,099) (1,306,279)
Sale of mortgage loans 1,245,408 1,443,355 1,367,903
Deferred tax assets 80,885 (425,678) 0
Increase (decrease) in liabilities:      
Accounts payable, accrued interest and other liabilities 7,705 71,370 33,576
Customers’ deposits 5,725 20,009 12,414
State income tax payable (684) 19 1,531
Net cash provided by operating activities 89,466 210,213 292,828
Cash flows from investing activities:      
Proceeds from sale of property and assets 63 32 112
Purchase of property, equipment, and other fixed assets (12,592) (5,942) (3,380)
Investment in and advances to unconsolidated joint ventures, net of reimbursements 35 (16,550) (19,924)
Distributions of capital from unconsolidated joint ventures 10,342 31,456 25,332
Net cash (used in) provided by investing activities (2,152) 8,996 2,140
Cash flows from financing activities:      
Proceeds from mortgages and notes 438,883 252,930 278,577
Payments related to mortgages and notes (418,383) (262,609) (348,371)
Proceeds from model sale leaseback financing programs 35,030 7,606 19,200
Payments related to model sale leaseback financing programs (14,857) (23,677) (23,646)
Proceeds from land bank financing programs 189,952 35,282 68,060
Payments related to land bank financing programs (68,746) (88,458) (73,999)
Proceeds from partner distributions to consolidated joint venture 40 40 0
Payments for partner distributions to consolidated joint venture (782) (818) 0
Preferred dividends paid (10,675) 0 0
Repurchases of common stock (12,222) 0 0
Deferred financing costs from land banking financing programs and note issuances (10,267) (2,587) (13,278)
Net cash used in financing activities (16,520) (217,273) (167,774)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 70,794 1,936 127,194
Cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period 311,396 309,460 182,266
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period 382,190 311,396 309,460
Supplemental disclosures of cash flows:      
Interest, net of capitalized interest (see Note 3 to the Consolidated Financial Statements) 44,872 87,227 89,484
Income taxes 14,062 7,669 3,013
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period 382,190 311,396 309,460
Senior Secured Notes [Member]      
Cash flows from financing activities:      
Payments related to senior secured notes (103,875) (182,726) (21,240)
Senior Secured Revolving Credit Facility [Member]      
Cash flows from financing activities:      
Net borrowings from senior secured credit facility 0 0 125,000
Payments related to senior secured credit facility 0 0 (125,000)
Mortgage Warehouse Lines of Credit [Member]      
Cash flows from financing activities:      
Net (payments) proceeds related to mortgage warehouse lines of credit (40,618) 47,744 (53,077)
Homebuilding [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Inventory impairments and land option write-offs 14,076 3,630 8,813
Supplemental disclosures of cash flows:      
Cash and cash equivalents 326,198 245,970 262,489
Restricted cash and cash equivalents 13,382 16,089 14,731
Financial Services [Member]      
Supplemental disclosures of cash flows:      
Cash and cash equivalents 6,468 5,819 4,854
Restricted cash and cash equivalents $ 36,142 $ 43,518 $ 27,386