XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Cash flows from operating activities:    
Net income $ 18,716 $ 24,808
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 1,410 1,175
Stock-based compensation 2,070 1,635
Amortization of debt discounts, premiums and deferred financing costs 330 (280)
Gain on sale of property and assets (14) (5)
Income from unconsolidated joint ventures (7,160) (8,191)
Distributions of earnings from unconsolidated joint ventures 692 2,100
Noncontrolling interest in consolidated joint ventures 0 62
Decrease (Increase) in assets:    
Inventories 11,669 (159,227)
Receivables, deposits and notes 5,772 (2,139)
Origination of mortgage loans (215,477) (272,877)
Sale of mortgage loans 251,923 342,090
Deferred tax assets (2,576) 9,465
(Decrease) increase in liabilities:    
Accounts payable, accrued interest and other liabilities (98,125) (70,490)
Customers’ deposits (2,777) 14,924
State income tax payable 1,824 1,122
Net cash used in operating activities (31,246) (115,729)
Cash flows from investing activities:    
Proceeds from sale of property and assets 69 5
Purchase of property, equipment, and other fixed assets (3,740) (2,453)
Investment in and advances to unconsolidated joint ventures, net of reimbursements (22,238) (1,033)
Distributions of capital from unconsolidated joint ventures 2,633 554
Net cash used in investing activities (23,276) (2,927)
Cash flows from financing activities:    
Proceeds from mortgages and notes 57,704 136,021
Payments related to mortgages and notes (68,958) (63,892)
Proceeds from model sale leaseback financing programs 1,310 8,737
Payments related to model sale leaseback financing programs (3,303) (3,553)
Proceeds from land bank financing programs 21,317 21,425
Payments related to land bank financing programs (12,553) (13,642)
Payments for partner distributions to consolidated joint venture 0 (150)
Preferred dividends paid (2,669) (2,669)
Repurchases of common stock (4,800) 0
Deferred financing costs from land banking financing programs and note issuances (464) (1,848)
Net cash (used in) provided by financing activities (48,387) 17,118
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents (102,909) (101,538)
Cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period 382,190 311,396
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period 279,281 209,858
Supplemental disclosures of cash flows:    
Interest, net of capitalized interest (see Note 3 to the Condensed Consolidated Financial Statements) (3,904) (5,254)
Income taxes 84 7
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period 279,281 209,858
Homebuilding [Member]    
Adjustments to reconcile net income to net cash used in operating activities:    
Inventory impairments and land option write-offs 477 99
Supplemental disclosures of cash flows:    
Cash and cash equivalents 234,929 137,898
Restricted cash and cash equivalents 8,154 14,260
Financial Services [Member]    
Cash flows from financing activities:    
Net payments related to mortgage warehouse lines of credit (35,971) (63,311)
Supplemental disclosures of cash flows:    
Cash and cash equivalents 4,682 6,846
Restricted cash and cash equivalents $ 31,516 $ 50,854