Toll Brothers, Inc
(NYSE:TOL)

Toll Brothers, Inc., together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. The company operates in two segments, Traditional Home Building and Urban Infill. It also desi...

Website: http://www.tollbrothers.com

Founded: 1967

Sector: Consumer Cyclical

Industry: Residential Construction

Consumer Cyclical

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-01-31	2025-10-31	2025-07-31	2025-04-30	2025-01-31	2024-10-31	2024-07-31	2024-04-30	2024-01-31	2023-10-31	2023-07-31	2023-04-30	2023-01-31	2022-10-31	2022-07-31	2022-04-30	2022-01-31	2021-10-31	2021-07-31	2021-04-30	2021-01-31	2020-10-31	2020-07-31	2020-04-30	2020-01-31	2019-10-31	2019-07-31	2019-04-30	2019-01-31	2018-10-31	2018-07-31	2018-04-30	2018-01-31	2017-10-31	2017-07-31	2017-04-30	2017-01-31	2016-10-31	2016-07-31	2016-04-30	2016-01-31	2015-10-31	2015-07-31	2015-04-30	2015-01-31	2014-10-31	2014-07-31	2014-04-30	2014-01-31	2013-10-31	2013-07-31	2013-04-30	2013-01-31	2012-10-31	2012-09-30	2012-07-31	2012-04-30	2012-01-31	2011-10-31	2011-07-31	2011-04-30	2011-01-31	2010-10-31	2010-07-31	2010-04-30	2010-01-31	2009-10-31	2009-07-31	2009-04-30	2009-01-31	2008-10-31	2008-07-31	2008-04-30	2008-01-31	2007-10-31	2007-07-31	2007-04-30	2007-01-31	2006-10-31	2006-04-30	2006-01-31	2005-10-31	2004-07-31	2004-04-30	2004-01-31

revenues:
home sales	1,854,985,000	3,413,999,000	2,880,975,000	2,706,453,000	1,840,776,000	3,260,004,000	2,724,472,000	2,647,020,000	1,931,836,000	2,951,904,000	2,674,602,000	2,490,098,000	1,749,422,000	3,580,952,000	2,256,337,000	2,186,529,000	1,687,352,000	2,950,417,000	2,234,365,000	1,836,260,000	1,410,704,000	2,495,974,000	1,627,812,000	1,516,234,000	1,297,337,000	2,292,044,000	1,756,970,000	1,712,057,000	1,319,308,000																																																					3,364,151,000	991,264,000	814,309,000	589,577,000
land sales and other	290,642,000	9,399,000	64,142,000	32,624,000	18,355,000	73,458,000	3,472,000	190,466,000	16,012,000	68,243,000	13,040,000	16,881,000	30,747,000	131,182,000	238,465,000	91,012,000	103,729,000	90,963,000	21,116,000	93,864,000	152,672,000
revenues: - sum	2,145,627,000	3,423,398,000	2,945,117,000	2,739,077,000	1,859,131,000	3,333,462,000	2,727,944,000	2,837,486,000	1,947,848,000	3,020,147,000	2,687,642,000	2,506,979,000	1,780,169,000	3,712,134,000	2,494,802,000	2,277,541,000	1,791,081,000	3,041,380,000	2,255,481,000	1,930,124,000	1,563,376,000				1,331,431,000				1,363,181,000																																										698,901,000	797,670,000	818,790,000	842,852,000			1,174,677,000	1,090,611,000			1,340,956,000	607,629,000	1,013,119,000	819,485,000	597,912,000
cost of revenues:
cost of revenues: - sum	1,668,636,000	2,575,536,000	2,203,726,000	2,033,639,000	1,399,586,000	2,452,673,000	1,985,940,000	1,976,262,000	1,409,387,000	2,220,123,000	1,943,527,000	1,853,728,000	1,343,358,000	2,747,525,000	1,900,264,000	1,752,246,000	1,389,144,000	2,342,517,000	1,744,833,000	1,526,584,000	1,233,527,000				1,092,182,000				1,076,498,000																																										674,179,000	739,830,000	843,124,000	868,485,000			1,007,350,000	895,980,000			964,027,000
selling, general and administrative	257,936,000	283,776,000	253,672,000	255,760,000	240,414,000	269,734,000	244,813,000	237,698,000	230,046,000	241,408,000	229,004,000	227,537,000	211,497,000	274,381,000	232,865,000	243,637,000	226,870,000	258,199,000	233,915,000	219,170,000	210,739,000	335,623,000	160,649,000	179,417,000	191,753,000	207,230,000	186,709,000	178,371,000	162,238,000	186,045,000	174,071,000	166,652,000	157,267,000	167,636,000	155,212,000	147,876,000	137,095,000	150,262,000	134,984,000	128,340,000	121,796,000	124,934,000	116,175,000	107,685,000	106,314,000	120,345,000	109,981,000	104,320,000	97,870,000	93,465,000	88,870,000	79,550,000	78,047,000	217,620,000	69,637,000	74,892,000	68,256,000	69,637,000	68,449,000	64,605,000	67,050,000	61,251,000	69,237,000	67,165,000	59,549,000	67,273,000			81,346,000	85,763,000	96,767,000	103,104,000	108,705,000		120,466,000	131,686,000	130,367,000	134,210,000		142,046,000	139,178,000	212,631,000	103,608,000	89,894,000	76,653,000
income from operations	219,055,000	564,086,000	487,719,000	449,678,000	219,131,000	611,055,000	497,191,000	623,526,000	308,415,000	558,616,000	515,111,000	425,714,000	225,314,000	690,228,000	361,673,000	281,658,000	175,067,000	440,664,000	276,733,000	184,370,000	119,110,000	260,571,000	149,645,000	92,548,000	47,496,000	224,905,000	170,995,000	160,455,000	124,445,000	338,442,000	229,663,000	134,390,000	83,721,000	284,439,000	171,669,000	138,195,000	50,633,000	135,422,000	143,534,000	116,646,000	94,459,000	195,936,000	87,442,000	66,386,000	97,106,000	167,770,000	129,644,000	68,056,000	31,779,000	128,808,000	55,201,000	16,441,000	617,000	82,719,000	-19,290,000	31,499,000	-1,396,000	-19,290,000	-3,168,000	-10,247,000	-24,121,000	-10,212,000	-37,952,000	-10,503,000	-60,224,000	-65,600,000	411,771,840	-118,790,000	-130,779,000	-162,720,000	-75,278,000	-45,264,000	-133,039,000	-146,951,000	-94,865,000	2,357,000	36,960,000	51,448,000		260,788,000	237,751,000
yoy	-0.03%	-7.69%	-1.91%	-27.88%	-28.95%	9.39%	-3.48%	46.47%	36.88%	-19.07%	42.42%	51.15%	28.70%	56.63%	30.69%	52.77%	46.98%	69.11%	84.93%	99.22%	150.78%	15.86%	-12.49%	-42.32%	-61.83%	-33.55%	-25.55%	19.40%	48.64%	18.99%	33.78%	-2.75%	65.35%	110.04%	19.60%	18.47%	-46.40%	-30.88%	64.15%	75.71%	-2.73%	16.79%	-32.55%	-2.45%	205.57%	30.25%	134.86%	313.94%	5050.57%	55.72%	-386.16%	-47.80%	-144.20%	-528.82%	508.90%	-407.40%	-94.21%	88.90%	-91.65%	-2.44%	-59.95%	-84.43%	-109.22%	-91.16%	-53.95%	-59.69%	-647.00%	162.44%	-1.70%	10.73%	-20.65%	-2020.41%	-459.95%	-385.63%		-99.10%	-84.45%
qoq	-61.17%	15.66%	8.46%	105.21%	-64.14%	22.90%	-20.26%	102.17%	-44.79%	8.45%	21.00%	88.94%	-67.36%	90.84%	28.41%	60.89%	-60.27%	59.24%	50.10%	54.79%	-54.29%	74.13%	61.69%	94.85%	-78.88%	31.53%	6.57%	28.94%	-63.23%	47.36%	70.89%	60.52%	-70.57%	65.69%	24.22%	172.93%	-62.61%	-5.65%	23.05%	23.49%	-51.79%	124.08%	31.72%	-31.64%	-42.12%	29.41%	90.50%	114.15%	-75.33%	133.34%	235.75%	2564.67%	-99.25%	-528.82%	-161.24%	-2356.38%	-92.76%	508.90%	-69.08%	-57.52%	136.20%	-73.09%	261.34%	-82.56%	-8.20%	-115.93%	-446.64%	-9.17%	-19.63%	116.16%	66.31%	-65.98%	-9.47%	54.91%	-4124.82%	-93.62%	-28.16%			9.69%
other:
income from unconsolidated entities	35,444,000	17,320,000	-1,012,000	11,489,000		-10,044,000	-10,514,000	5,887,000		29,285,000	30,548,000	-5,302,000	-4,433,000	-4,231,000	2,984,000	2,933,000	22,037,000	45,722,000	16,636,000	10,483,000	1,194,000	-4,356,000	-2,566,000	-4,271,000	12,141,000	7,109,000	7,200,000	4,419,000	6,140,000	31,327,000	12,469,000	2,564,000	38,880,000	3,792,000	19,925,000	45,904,000	46,445,000	17,994,000	4,998,000	9,118,000	8,638,000	4,039,000	5,952,000	6,227,000	4,901,000	2,949,000	950,000	14,327,000	22,915,000	5,548,000	768,000	4,993,000	3,083,000	16,905,000	6,687,000	5,672,000	6,989,000	6,687,000				-11,002,000	18,653,000	3,171,000	1,280,000	366,000			481,000
other income – net	19,076,000	11,580,000	12,793,000	16,336,000	10,994,000	20,062,000	16,950,000	20,366,000	11,918,000	17,065,000	7,358,000	10,180,000	32,915,000	155,147,000	1,294,000	11,224,000	3,712,000	13,303,000	10,026,000	9,213,000	7,101,000	10,776,000	4,786,000	13,836,000	6,295,000	40,635,000	8,721,000	11,285,000	20,861,000	26,704,000	10,965,000	15,794,000	8,997,000	13,516,000	11,980,000	15,110,000	12,703,000	14,744,000	15,121,000	14,633,000	13,720,000	17,568,000	14,070,000
income before income taxes	273,575,000	592,986,000	499,500,000	477,503,000	221,382,000	621,073,000	503,627,000	649,779,000	311,161,000	604,966,000	553,017,000	430,592,000	253,796,000	841,144,000	365,951,000	295,815,000	200,816,000	499,689,000	303,395,000	169,826,000	127,405,000	266,991,000	151,865,000	102,113,000	65,932,000	272,649,000	186,916,000	176,159,000	151,446,000	396,473,000	253,097,000	152,748,000	131,598,000	301,747,000	203,574,000	199,209,000	109,781,000	168,160,000	163,653,000	140,397,000	116,817,000	217,543,000	107,464,000	86,532,000	124,023,000	188,538,000	151,325,000	93,484,000	71,235,000	150,150,000	68,253,000	40,968,000	8,326,000													-56,754,000	389,232,535	-111,264,000			-106,026,000	-54,795,000	-154,011,000	-151,955,000	-121,059,000	45,046,000	59,493,000	87,200,000		284,578,000	265,647,000	961,816,000	167,821,000	114,521,000	78,970,000
income tax provision	62,643,000	146,271,000	129,879,000	125,056,000	43,679,000	145,664,000	129,016,000	168,162,000	71,603,000	159,430,000	138,228,000	110,376,000	62,266,000	200,608,000	92,484,000	75,222,000	48,912,000	125,359,000	68,463,000	41,960,000	30,906,000	67,674,000	37,104,000	26,443,000	9,056,000	70,334,000	40,598,000	46,835,000	39,396,000	85,497,000	59,839,000	40,938,000	-509,000	109,869,000	55,011,000	74,571,000	39,365,000	53,782,000	58,170,000	51,343,000	43,637,000	70,380,000	40,715,000	18,602,000	42,698,000	26,884,000	53,618,000	28,262,000	25,655,000	10,461,500	21,658,000	16,294,000	3,894,000										-59,946,000	-26,479,000			-254,402,640	361,067,000			-27,205,000	-25,500,000		-55,998,000
net income	210,932,000	446,715,000	369,621,000	352,447,000	177,703,000	475,409,000	374,611,000	481,617,000	239,558,000	445,536,000	414,789,000	320,216,000	191,530,000	640,536,000	273,467,000	220,593,000	151,904,000	374,330,000	234,932,000	127,866,000	96,499,000	199,317,000	114,761,000	75,670,000	56,876,000	202,315,000	146,318,000	129,324,000	112,050,000	310,976,000	193,258,000	111,810,000	132,107,000	191,878,000	148,563,000	124,638,000	70,416,000	114,378,000	105,483,000	89,054,000	73,180,000	147,163,000	66,749,000	67,930,000	81,325,000	131,524,000	97,707,000	65,222,000	45,580,000	94,905,000	46,595,000	24,674,000	4,432,000	489,932,000	-2,786,000	61,643,000	16,872,000	-2,786,000	15,043,000	42,108,000	-20,773,000	3,417,000	50,479,000	27,302,000	-40,401,000	-40,754,000	643,635,175	-472,331,000	-83,165,000	-88,895,000	-78,821,000	-29,295,000	-93,737,000	-95,957,000	-81,841,000	26,486,000	36,690,000	54,316,000		174,937,000	163,850,000	577,573,000	106,015,000	72,438,000	50,084,000
yoy	18.70%	-6.04%	-1.33%	-26.82%	-25.82%	6.70%	-9.69%	50.40%	25.08%	-30.44%	51.68%	45.16%	26.09%	71.12%	16.40%	72.52%	57.42%	87.81%	104.71%	68.98%	69.67%	-1.48%	-21.57%	-41.49%	-49.24%	-34.94%	-24.29%	15.66%	-15.18%	62.07%	30.08%	-10.29%	87.61%	67.76%	40.84%	39.96%	-3.78%	-22.28%	58.03%	31.10%	-10.02%	11.89%	-31.68%	4.15%	78.42%	38.58%	109.69%	164.33%	928.43%	-80.63%	-1772.47%	-59.97%	-73.73%	-17685.50%	-118.52%	46.39%	-181.22%	-181.53%	-70.20%	54.23%	-48.58%	-108.38%	-92.16%	-105.78%	-51.42%	-54.15%	-916.58%	1512.33%	-11.28%	-7.36%	-3.69%	-210.61%	-355.48%	-276.66%		-84.86%	-77.61%	-90.60%		141.50%	227.15%
qoq	-52.78%	20.86%	4.87%	98.33%	-62.62%	26.91%	-22.22%	101.04%	-46.23%	7.41%	29.53%	67.19%	-70.10%	134.23%	23.97%	45.22%	-59.42%	59.34%	83.73%	32.51%	-51.59%	73.68%	51.66%	33.04%	-71.89%	38.27%	13.14%	15.42%	-63.97%	60.91%	72.85%	-15.36%	-31.15%	29.16%	19.20%	77.00%	-38.44%	8.43%	18.45%	21.69%	-50.27%	120.47%	-1.74%	-16.47%	-38.17%	34.61%	49.81%	43.09%	-51.97%	103.68%	88.84%	456.72%	-99.10%	-17685.50%	-104.52%	265.36%	-705.60%	-118.52%	-64.28%	-302.71%	-707.93%	-93.23%	84.89%	-167.58%	-0.87%	-106.33%	-236.27%	467.94%	-6.45%	12.78%	169.06%	-68.75%	-2.31%	17.25%	-409.00%	-27.81%	-32.45%			6.77%	-71.63%	444.80%	46.35%	44.63%
other comprehensive loss – net of tax	-1,416,000	-1,376,750	-2,360,000		-905,000				-3,898,000
total comprehensive income	209,516,000	443,217,000	367,261,000	350,205,000	176,798,000	470,648,000	370,822,000	484,432,000	235,660,000	446,970,000	420,390,000	319,937,000	188,066,000	661,415,000	270,787,000	234,201,000	156,606,000	381,633,000	235,267,000	132,304,000	97,212,000	197,115,000	115,040,000	75,948,000	57,154,000	195,622,000	146,374,000	129,380,000	112,106,000	313,390,000	193,428,000	111,980,000	132,278,000	192,800,000	148,730,000	124,806,000	70,585,000	113,497,000	105,638,000	89,213,000	72,919,000	147,554,000	66,900,000	67,900,000	81,142,000
per share:
basic earnings	2.2	4.58	3.76	3.53	1.76	4.65	3.64	4.6	2.28	4.11	3.77	2.88	1.72	5.55	2.37	1.87	1.26	3.04	1.9	1.03	0.77	1.54	0.91	0.59	0.41	1.42	1.01	0.88	0.76	2.07	1.28	0.73	0.85	1.19	0.91	0.76
diluted earnings	2.19	4.54	3.73	3.5	1.75	4.61	3.6	4.55	2.25	4.08	3.73	2.85	1.7	5.49	2.35	1.85	1.24	3	1.87	1.01	0.76	1.53	0.9	0.59	0.41	1.4	1	0.87	0.76	2.04	1.26	0.72	0.83	1.16	0.87	0.73
weighted-average number of shares:
basic	95,700	98,978	98,434	99,890	100,830	103,653	102,980	104,794	105,122	110,020	110,003	111,214	111,397	116,771	115,334	117,839	120,996	124,100	123,826	124,295	126,060	130,095	126,722	128,205	138,145	145,008	144,750	146,622	146,751	151,984	151,257	152,731	155,882	162,222	163,478	163,492	162,588	168,261	165,919	168,952	174,205	176,425	176,797	176,458	176,076	177,578	178,217	178,082	176,474	169,288	169,268	169,380	169,064	167,346	166,311	167,664	166,994	166,311	167,140	168,075	166,910	166,677	165,666	165,752	165,407	165,237	161,549	161,245	161,134	160,700	158,730	158,761	158,621	157,813	155,318	155,556	154,716	154,212	154,300	154,763	155,076	154,272	74,352	74,406
diluted	96,504	99,779	99,170	100,585	101,830	104,690	104,014	105,803	106,265	111,008	111,123	112,184	112,336	117,975	116,326	118,925	122,858	125,807	125,610	125,999	127,562	131,247	127,399	128,809	139,889	146,501	146,275	148,129	148,032	154,201	153,173	155,129	158,897	169,487	171,562	171,403	170,417	175,973	173,405	176,414	182,391	184,703	185,133	184,838	184,107	185,875	186,501	186,442	184,888	177,963	178,001	178,136	171,903	170,154	166,311	170,229	168,535	166,311	168,381	169,338	166,910	168,121	165,666	167,658	165,407	165,237	161,549	161,245	161,134	160,700	158,730	158,761	158,621	157,813	164,166	164,375	164,294	164,048	164,852	165,727	167,027	168,552	80,920	81,426
other comprehensive income – net of tax				-2,242,000		-4,761,000	-3,789,000	2,815,000		1,434,000	5,601,000	-279,000	-3,464,000	20,879,000	-2,680,000	13,608,000
loss from unconsolidated entities					-8,743,000				-9,172,000																																																										8,347,482	-3,739,000		-5,097,000
expenses related to early retirement of debt																				-34,240,000																																							-413,000	-3,414,000			-516,000	-658,000			2,053,307		-2,067,000													-12,285,000	481,000	7,748,000
other comprehensive income, net of tax																	4,702,000	7,303,000	335,000	4,438,000	713,000	-2,202,000	279,000	278,000	278,000	-6,693,000	56,000	56,000	56,000	2,414,000	170,000	170,000	171,000
land sales																						22,652,250	23,677,000	32,838,000	34,094,000	86,956,000	8,721,000	4,037,000	43,873,000																																										7,772,000	959,000	793,000	523,000	2,032,000	4,483,000	1,981,000	3,390,000		2,100,000	4,678,000	13,186,000	12,940,000	2,011,000	5,987,000
4,531,992																						1,132,998,000	1,651,489,000
3,710,484																						927,621,000	1,341,195,000
2,880,503																								1,549,072,000
2,369,289																								1,277,107,000
4,844,966																										1,211,241,500	1,765,691,000
3,861,753																										965,438,250	1,407,987,000
3,079,275																												1,716,094,000
2,453,766																												1,377,268,000
revenues																														2,455,238,000	1,913,353,000	1,599,199,000	1,175,468,000	2,027,907,000	1,502,909,000	1,363,512,000	920,730,000	1,855,451,000	1,269,934,000	1,115,557,000	928,566,000	1,437,202,000	1,028,011,000	852,583,000	853,452,000	1,350,690,000	1,056,857,000	860,374,000	643,681,000	1,044,534,000	689,160,000	516,004,000	424,601,000	1,560,826,000	321,955,000	554,319,000	373,681,000	321,955,000	427,785,000	394,305,000	319,675,000	334,116,000	402,600,000	454,202,000	311,271,000	326,698,000	486,585,000	461,375,000	398,327,000	409,023,000
cost of revenues																														1,930,751,000	1,509,619,000	1,298,157,000	934,480,000	1,575,832,000	1,176,028,000	1,077,441,000	733,002,000	1,569,767,000	991,416,000	870,571,000	712,311,000	1,116,332,000	824,394,000	678,512,000	650,032,000	1,062,575,000	817,232,000	687,998,000	514,032,000	822,261,000	545,089,000	420,013,000	345,937,000	1,260,487,000	271,608,000	447,928,000	306,821,000	271,608,000	362,504,000	339,947,000	276,354,000	281,965,000	367,152,000	392,416,000	305,739,000	317,768,000	506,024,000	511,548,000	447,760,000	485,980,000
4,240,246																														1,060,061,500	1,683,690,000
cash dividends declared																														0.075	0.11	0.11	0.08	0.04	0.08
2,556,556																																1,464,809,000
3,426,654																																		856,663,500	1,331,240,000
other comprehensive income																																		126,000	167,000	168,000	169,000	-881,000	155,000	159,000		391,000	151,000	-30,000	-183,000
2,095,414																																				1,225,317,000
other comprehensive income, net of tax:
change in pension liability																																				168,000	169,000	-881,000	155,000	155,000	-288,000	373,000	139,000	-23,000	-178,000
change in unrealized income on derivative held by equity investee																																								4,000	27,000	18,000	12,000
cash dividend declared																																				0.08
income per share:
basic																																					0.43	0.69	0.64	0.53	0.42	0.84	0.38	0.38	0.46	0.74	0.55	0.37	0.26	0.56	0.28	0.15	0.03	2.93	-0.02	0.37	0.1	-0.02	0.09	0.25		0.02	-0.083	0.16
diluted																																					0.42	0.66	0.61	0.51	0.4	0.79	0.36	0.37	0.44	0.71	0.53	0.35	0.25	0.54	0.26	0.14	0.03	2.88	-0.02	0.36	0.1	-0.02	0.09	0.25		0.02	-0.083	0.16
2,959,418																																						739,854,500	1,126,400,000
change in fair value of available-for-sale securities																																													2,000
1,833,018																																								998,911,000
other comprehensive loss																																									-261,000
2,483,112																																										620,778,000	940,569,000
1,542,543																																												786,197,000
other income - net																																												13,919,000	22,016,000	17,819,000	20,731,000	11,101,000	16,541,000	15,794,000	12,284,000	19,534,000	4,626,000			5,781,000	10,056,000
unrealized income on derivative held by equity investee																																												-7,000	-7,000
2,331,433																																														582,858,250	927,213,000
1,404,220																																																792,318,000
1,557,506																																																		389,376,500	633,959,000
923,547																																																				499,563,000
interest expense																																																													392,000	1,112,000	4,163,000	5,124,000	6,207,000	7,257,000
interest and other																																																						1,548,750	6,195,000			6,195,000	3,292,000	5,494,000	3,507,000	4,167,000	6,120,500	8,813,000	7,155,000	8,480,000	8,245,500	11,265,000	10,461,000	11,256,000	25,062,250	20,582,000			21,399,750	38,841,000	17,798,000	28,960,000		10,966,000	11,327,000	33,714,000	3,364,000	2,436,000	1,683,000
income before income tax benefit																																																						-1,602,000	-6,408,000	42,952,000	15,649,000		-11,160,750	3,888,000
income tax benefit																																																						-370,582,000	-3,622,000	-18,691,000	-1,223,000	-3,622,000	-17,348,750	-38,220,000	-10,711,000	-20,464,000			-11,388,000	-16,000,000			-38,739,000	-67,666,000
1,239,142																																																								522,820,000
716,322																																																									375,077,000
loss before income tax benefit																																																										-6,408,000			-31,484,000	-17,047,000			-51,789,000				-121,904,000	-156,561,000
income from unconsolidated entities and non-performing loan portfolio																																																											-2,454,250	12,055,000	-10,870,000
loss per share:
basic																																																													-0.12				-0.24				-0.52	-0.55
diluted																																																													-0.12				-0.24				-0.52	-0.55
income before income tax provision																																																															-26,930,000	823,000
net income per share
basic																																																																		-0.25	-1	-2.93
diluted																																																																		-0.25	-1	-2.93
selling, general and administrative expenses																																																																			58,931,500	68,617,000						121,318,000
completed contract																																																																							688,378,000	791,078,000	800,303,000	826,534,000	1,138,705,000	1,178,500,000
percentage of completion																																																																							2,751,000	5,633,000	17,694,000	15,795,000	28,603,000	29,368,000	48,437,000	33,085,000		39,955,000	57,569,000
interest																																																																							21,567,000	23,170,000	23,157,000	20,967,000	26,189,000	27,121,000	26,494,000	22,643,000		29,875,000	28,754,000	65,313,000	24,216,000	21,196,000	14,558,000
goodwill impairment																																																																														8,973,000
earnings from unconsolidated entities																																																																							-50,637,000	-30,113,000	-81,557,000	-24,086,000
earnings per share:
basic																																																																							-0.5	-0.18	-0.59	-0.61	-0.53	0.17	0.24	0.35		1.13	1.06	2.15	1.43	0.97	0.68
diluted																																																																							-0.5	-0.18	-0.59	-0.61	-0.5	0.16	0.22	0.33		1.06	0.98	1.96	1.31	0.89	0.62
interest and other income																																																																									60,585,000	19,082,000
income taxes provision																																																																									-60,274,000
equity earnings from unconsolidated entities																																																																											3,843,750	3,848,000	4,735,000	6,792,000		12,824,000
income taxes																																																																											-39,218,000	18,560,000	22,803,000	32,884,000		109,641,000	101,797,000	384,243,000	61,806,000	42,083,000	28,886,000
home sales — completed contract																																																																													1,124,259,000
traditional home sales																																																																														1,054,136,000		1,400,478,000	1,278,709,000
equity earnings in unconsolidated entities																																																																																	16,569,000	1,736,250	5,551,000	729,000	665,000
costs and expenses:
costs and expenses: - sum																																																																																		517,301,000	845,298,000	704,964,000	518,942,000
weighted average number of shares:
basic																																																																																					73,839
diluted																																																																																					80,819

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-01-31	2025-10-31	2025-07-31	2025-04-30	2025-01-31	2024-10-31	2024-07-31	2024-04-30	2024-01-31	2023-10-31	2023-07-31	2023-04-30	2023-01-31	2022-10-31	2022-07-31	2022-04-30	2022-01-31	2021-10-31	2021-07-31	2021-04-30	2021-01-31	2020-10-31	2020-07-31	2020-04-30	2020-01-31	2019-10-31	2019-07-31	2019-04-30	2019-01-31	2018-10-31	2018-07-31	2018-04-30	2018-01-31	2017-10-31	2017-07-31	2017-04-30	2017-01-31	2016-10-31	2016-07-31	2016-04-30	2016-01-31	2015-10-31	2015-07-31	2015-04-30	2015-01-31	2014-10-31	2014-07-31	2014-04-30	2014-01-31	2013-10-31	2013-07-31	2013-04-30	2013-01-31	2012-10-31	2012-09-30	2012-07-31	2012-04-30	2011-07-31	2011-04-30	2011-01-31	2010-10-31	2010-07-31	2010-04-30	2010-01-31	2009-07-31	2009-04-30	2009-01-31	2008-07-31	2008-04-30	2008-01-31	2007-07-31	2007-04-30	2007-01-31	2006-01-31	2004-07-31	2004-04-30	2004-01-31

assets
cash	1,024,800,000	1,078,100,000	686,500,000	543,500,000	411,500,000	1,170,600,000				1,137,400,000				1,192,200,000	125,000,000	370,600,000	498,600,000	1,471,300,000	777,300,000	554,500,000	758,700,000	1,235,300,000
inventory	11,068,800,000	10,539,200,000	10,911,800,000	10,887,200,000	10,561,500,000	9,594,500,000	1,266,323,000	1,398,222,000	1,430,178,000	8,911,000,000	1,316,961,000	1,342,879,000	1,311,563,000	8,564,300,000	9,218,300,000	8,792,500,000	8,414,400,000	7,758,600,000	8,140,400,000	8,114,300,000	7,783,900,000	7,596,900,000	8,034,515,000	8,195,633,000	8,198,352,000	7,873,048,000	7,995,076,000	7,790,840,000	7,714,643,000	7,598,219,000	7,957,616,000	7,871,569,000	7,713,796,000	7,281,453,000	7,633,568,000	7,602,695,000	7,539,974,000	7,353,967,000	7,670,523,000	7,285,351,000	7,180,050,000	6,997,516,000	6,990,878,000	6,724,343,000	6,627,481,000	6,490,321,000	6,593,804,000	6,548,024,000	5,235,647,000	4,650,412,000	4,517,008,000	4,367,217,000	4,155,047,000	3,761,187,000	3,655,100,000	3,784,705,000	3,767,877,000	3,423,617,000	3,384,720,000	3,360,437,000	3,241,725,000	3,256,581,000	3,320,995,000	3,223,866,000	3,475,433,000	3,711,685,000	3,932,957,000	4,546,737,000	4,835,869,000	5,273,702,000	5,957,214,000	6,137,473,000	6,182,279,000	5,531,129,000	3,888,738,000	3,578,025,000	3,272,560,000
amount due from non-guarantor subsidiaries	577,400,000	852,600,000	882,000,000	785,800,000	781,800,000	725,600,000				660,100,000				682,900,000	694,700,000	669,600,000	643,800,000	573,300,000
total assets	13,474,200,000	13,298,700,000	13,225,400,000	13,048,300,000	12,558,000,000	12,242,500,000	6,377,131,000	6,183,855,000	5,976,376,000	11,460,800,000	5,490,861,000	5,371,660,000	5,260,554,000	11,156,500,000	10,680,400,000	10,480,000,000	10,268,500,000	10,475,800,000	10,296,400,000	10,003,100,000	9,935,600,000	10,193,600,000
liabilities & stockholders' equity
loans payable	858,300,000	878,400,000	933,100,000	928,100,000	945,100,000	968,400,000				1,091,600,000				1,135,600,000	1,162,500,000	1,160,000,000	1,101,900,000	910,000,000	1,004,300,000	994,400,000	951,500,000	1,110,300,000	1,082,025,000	1,556,572,000	1,277,183,000	1,111,449,000	1,089,137,000	1,027,408,000	1,000,467,000	686,801,000	694,409,000	649,299,000	631,791,000	637,416,000	619,574,000	637,931,000	879,894,000	871,079,000	1,058,656,000	711,293,000	615,298,000	1,000,439,000	866,876,000	674,817,000	665,652,000	654,261,000	636,126,000	747,088,000	158,606,000	107,222,000	97,679,000	96,572,000	93,314,000	99,817,000	93,279,000	106,399,000	103,880,000	104,512,000	105,256,000	104,389,000	94,491,000	410,401,000	433,188,000	468,215,000	515,534,000	547,351,000	581,297,000	731,629,000	718,803,000	712,015,000	715,843,000	715,066,000	710,870,000	388,847,000	344,548,000	294,326,000	279,933,000
senior notes	1,741,800,000	1,741,500,000	1,741,000,000	1,597,500,000	1,597,300,000	1,597,100,000				1,596,200,000				1,995,300,000	1,995,000,000	1,994,800,000	1,994,500,000	2,404,000,000	2,403,600,000	2,403,200,000	2,652,200,000	2,661,700,000	2,661,301,000	2,660,815,000	2,660,352,000	2,659,898,000	2,512,877,000	2,512,404,000	2,511,932,000	2,861,375,000	2,860,771,000	2,860,290,000	2,859,689,000	2,462,463,000	3,148,905,000	2,993,882,000	2,695,524,000	2,694,372,000	2,693,221,000	2,692,061,000	2,690,889,000	2,689,801,000	2,356,068,000	2,655,798,000	2,655,421,000	2,655,044,000	2,654,666,000	2,654,438,000	2,921,851,000	2,321,442,000	2,425,806,000	2,322,397,000	2,021,897,000	2,080,463,000	1,491,442,000	1,792,453,000	1,791,942,000	1,500,494,000	1,545,067,000	1,544,588,000	1,544,110,000	1,553,615,000	1,588,616,000	1,588,132,000	1,536,691,000	1,536,175,000	1,143,730,000	1,143,160,000	1,142,876,000	1,142,591,000	1,142,021,000	1,141,736,000	1,141,452,000	1,140,312,000	845,540,000	845,387,000	546,744,000
total liabilities	5,491,100,000	5,487,200,000	5,550,500,000	5,505,100,000	5,148,600,000	4,952,900,000				5,106,700,000				5,591,000,000	5,570,900,000	5,509,100,000	5,389,900,000	5,534,200,000	5,565,200,000	5,425,500,000	5,464,600,000	5,575,000,000	5,811,303,000	6,197,089,000	5,882,126,000	5,709,445,000	5,467,660,000	5,290,489,000	5,174,665,000	5,475,678,000	5,411,840,000	5,357,130,000	5,153,009,000	4,908,135,000	5,590,315,000	5,412,969,000	5,195,776,000	5,501,587,000	5,225,739,000	4,799,277,000	4,607,472,000	4,978,436,000	4,504,909,000	4,533,741,000	4,458,975,000	4,556,205,000	4,525,094,000	4,542,009,000	4,132,882,000	3,488,295,000	3,571,215,000	3,386,307,000	2,977,141,000	3,053,173,000	2,370,920,000	2,754,466,000	2,733,268,000	2,458,994,000	2,528,770,000	2,491,003,000	2,612,542,000	2,895,908,000	3,041,094,000	3,034,014,000	3,101,086,000	3,406,074,000	3,157,742,000	3,526,300,000	3,623,847,000	3,599,223,000	3,830,097,000	3,869,985,000	3,911,550,000	3,613,187,000	2,789,817,000	2,605,978,000	2,277,677,000
stockholders' equity	7,983,100,000	7,811,500,000	7,674,900,000	7,543,000,000	7,409,400,000	7,289,600,000				6,354,100,000				5,565,500,000	5,109,500,000	4,970,900,000	4,878,500,000	4,941,600,000	4,731,200,000	4,577,600,000	4,471,000,000	4,618,600,000
cash and cash equivalents							217,515,000	176,417,000	158,875,000		155,474,000	135,511,000	245,014,000										559,348,000	741,222,000	519,793,000	1,286,014,000	836,258,000	924,448,000	801,734,000	1,182,195,000	522,181,000	475,113,000	508,277,000	712,829,000	946,195,000	691,266,000	373,469,000	633,715,000	351,854,000	423,178,000	336,244,000	918,993,000	394,808,000	532,157,000	500,900,000	586,315,000	374,649,000	351,821,000	1,190,489,000	772,972,000	899,341,000	703,101,000	368,756,000	778,824,000	575,694,000	601,451,000	709,038,000	890,067,000	949,896,000	886,599,000	1,039,060,000	1,434,635,000	1,361,969,000	1,567,970,000	1,657,567,000	1,963,000,000	1,533,524,000	1,502,360,000	1,236,028,000	956,644,000	771,721,000	553,126,000	449,249,000	363,563,000	197,914,000	287,505,000	245,623,000
loans receivable – net							26,355,000	17,009,000	16,567,000		17,024,000	44,807,000	48,342,000
rental properties							2,827,765,000	2,393,332,000	2,234,035,000		2,045,502,000	1,887,721,000	1,795,600,000
rental properties under development							1,565,392,000	1,746,741,000	1,714,685,000		1,571,296,000	1,596,007,000	1,498,838,000
other assets							473,781,000	452,134,000	422,036,000		384,604,000	364,735,000	361,197,000
debt – net of deferred financing costs							3,120,781,000	3,024,164,000	2,903,724,000		2,590,381,000	2,555,116,000	2,421,511,000
other liabilities							480,102,000	506,851,000	511,857,000		469,411,000	392,710,000	393,811,000
partners’ equity							2,776,248,000	2,652,840,000	2,560,795,000		2,431,069,000	2,423,834,000	2,445,232,000
total liabilities and equity							6,377,131,000	6,183,855,000	5,976,376,000		5,490,861,000	5,371,660,000	5,260,554,000
company’s net investment in unconsolidated entities							983,592,000	1,002,458,000	995,811,000		900,363,000	887,643,000	908,949,000
amount due from nonguarantor subsidiaries																			630,200,000	591,900,000	637,600,000	671,100,000
property, construction, and office equipment																							313,513,000	278,518,000	285,785,000	273,412,000	288,742,000	289,186,000	294,658,000	193,281,000	195,728,000	185,676,000	186,159,000	189,547,000	179,476,000	173,449,000	172,459,000	169,576,000	148,804,000	136,748,000	134,746,000	136,755,000	138,597,000	141,143,000	142,096,000	143,010,000
receivables, prepaid expenses, and other assets																							968,416,000	983,094,000	978,166,000	715,441,000	720,178,000	659,768,000	609,664,000	550,778,000	622,402,000	599,755,000	559,990,000	542,217,000	536,524,000	536,514,000	512,974,000	582,758,000	280,277,000	271,137,000	293,467,000	284,130,000	275,759,000	258,958,000	250,349,000	251,572,000
mortgage loans held for sale, at fair value																							161,540,000	141,007,000	111,995,000	218,777,000
customer deposits held in escrow																							78,094,000	74,690,000	71,841,000	74,403,000	88,043,000	97,462,000	100,034,000	117,573,000	136,322,000	135,072,000	119,418,000	102,017,000	93,851,000	74,493,000	58,012,000	53,057,000	66,846,000	67,638,000	58,302,000	56,105,000	48,296,000	44,399,000	30,679,000	42,073,000	55,820,000	54,417,000	45,834,000	46,888,000	48,878,000	45,304,000	31,301,000	29,579,000	25,089,000	30,731,000	31,068,000	16,304,000	17,859,000	16,694,000	21,366,000	24,622,000	28,920,000	15,034,000	19,474,000	16,864,000	15,711,000	21,417,000	26,854,000	31,824,000	43,423,000	50,234,000	51,008,000	85,126,000	55,042,000	49,320,000	34,653,000
investments in unconsolidated entities																							412,766,000	364,041,000	364,352,000	366,252,000	354,569,000	390,085,000	409,374,000	431,813,000	419,994,000	456,762,000	449,748,000	481,758,000	514,265,000	540,215,000	601,696,000	496,411,000	461,604,000	424,268,000	414,864,000	412,860,000	334,925,000
income taxes receivable																							9,239,000	32,606,000	56,922,000	20,791,000			16,907,000
liabilities and equity
liabilities
mortgage company loan facility																							122,189,000	106,018,000	97,653,000	150,000,000	150,000,000	110,012,000	74,135,000	150,000,000	82,274,000	103,550,000	38,344,000	120,145,000	57,921,000	61,129,000	57,040,000	210,000,000	125,000,000	100,000,000	63,907,000	100,000,000	100,000,000	70,052,000	46,559,000	90,281,000
customer deposits																							437,008,000	419,653,000	417,092,000	385,596,000	429,665,000	419,479,000	406,355,000	410,864,000	470,231,000	469,586,000	421,565,000	396,026,000	414,145,000	387,940,000	344,150,000	309,099,000	338,457,000	328,258,000	301,282,000	284,309,000	299,611,000	275,347,000	226,444,000	223,799,000	254,187,000	254,621,000	218,747,000	212,669,000	231,493,000	205,821,000	156,758,000	142,977,000	97,334,000	141,523,000	128,921,000	90,184,000	91,203,000	74,761,000	77,156,000	85,859,000	93,485,000	82,240,000	97,809,000	102,534,000	112,489,000	171,175,000	201,533,000	226,713,000	300,657,000	326,206,000	344,674,000	432,608,000	287,708,000	253,215,000	197,782,000
accounts payable																							375,900,000	350,019,000	314,482,000	348,599,000	344,665,000	318,346,000	302,042,000	362,098,000	327,872,000	324,605,000	287,392,000	275,223,000	276,766,000	305,500,000	258,694,000	281,955,000	276,213,000	281,074,000	264,452,000	236,953,000	242,770,000	233,675,000	222,061,000	225,347,000	226,734,000	204,728,000	166,286,000	167,787,000	153,163,000	149,601,000	110,791,000	99,911,000	105,311,000	106,517,000	106,747,000	93,622,000	92,464,000	83,612,000	91,738,000	89,166,000	97,214,000	77,872,000	85,773,000	97,146,000	104,224,000	142,055,000	150,638,000	192,346,000	280,860,000	272,722,000	253,353,000	226,763,000	177,910,000	175,167,000	143,520,000
accrued expenses																							1,014,822,000	998,543,000	1,011,548,000	950,932,000	895,940,000	890,668,000	879,734,000	973,581,000	936,084,000	936,414,000	914,228,000	959,353,000	956,121,000	937,396,000	940,102,000	1,072,300,000	628,684,000	605,198,000	607,077,000	608,066,000	579,268,000	586,411,000	577,070,000	581,477,000	536,670,000	539,673,000	516,097,000	522,987,000	518,447,000	469,233,000	467,652,000	476,350,000	451,414,000	464,722,000	457,274,000	524,446,000	525,823,000	522,033,000	570,321,000	576,203,000	618,901,000	626,227,000	626,267,000	660,441,000	685,674,000	752,705,000	769,494,000	694,283,000	782,812,000	750,403,000	759,186,000	735,641,000	438,426,000	376,094,000	330,529,000
income taxes payable																							118,058,000	105,469,000	103,816,000	102,971,000	45,376,000	12,172,000		30,959,000	40,199,000	13,386,000		57,509,000	116,883,000	89,191,000	20,372,000	62,782,000	105,508,000	81,393,000	64,567,000	58,868,000	60,316,000	37,641,000	65,768,000	125,996,000	128,881,000	84,619,000	99,825,000	81,188,000	78,973,000	84,157,000	83,265,000	80,991,000	100,276,000	79,724,000	99,107,000	105,831,000	144,051,000	142,210,000	162,359,000	133,400,000	179,684,000	175,843,000	157,850,000	84,948,000	145,414,000	196,470,000	233,771,000	213,670,000	130,720,000	180,838,000	286,128,000	300,610,000	163,624,000	142,495,000	122,032,000
equity
stockholders’ equity
preferred stock, none issued
common stock																							1,529,000	1,529,000	1,529,000	1,529,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000		1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,779,000	1,778,000	1,776,000	1,694,000	1,693,000	1,693,000	1,692,000	1,687,000	1,687,000	1,687,000	1,687,000	1,686,000	1,669,000	1,668,000	1,664,000	1,659,000	1,654,000	1,653,000	1,613,000	1,611,000	1,611,000	1,588,000	1,587,000	1,585,000	1,567,000	1,563,000	1,563,000	1,563,000	770,000	770,000	770,000
additional paid-in capital																							722,115,000	725,246,000	723,109,000	726,879,000	724,411,000	721,311,000	717,405,000	727,053,000	722,461,000	715,949,000	709,800,000	720,115,000	713,624,000	716,124,000	718,861,000	728,464,000	724,151,000	718,013,000	718,412,000	728,125,000	728,501,000	722,303,000	718,195,000	712,162,000	700,337,000	694,335,000	683,965,000	441,677,000	430,191,000	418,844,000	412,242,000	404,418,000	399,743,000	397,302,000	399,382,000	390,778,000	370,361,000	367,792,000	360,006,000	355,743,000	329,662,000	326,936,000	301,788,000	297,763,000	295,616,000	269,138,000	264,716,000	258,718,000	207,199,000	233,130,000	225,359,000	228,110,000	203,863,000	204,227,000	202,317,000
retained earnings																							4,978,832,000	4,878,017,000	4,816,286,000	4,774,422,000	5,482,955,000	5,352,424,000	5,239,251,000	5,161,551,000	4,866,980,000	4,690,272,000	4,595,233,000	4,474,064,000	4,294,808,000	4,159,300,000	4,047,713,000	3,977,297,000	3,862,919,000	3,757,436,000	3,668,382,000	3,595,202,000	3,448,039,000	3,381,290,000	3,313,360,000	3,232,035,000	3,100,511,000	3,002,805,000	2,937,583,000	2,892,003,000	2,797,098,000	2,750,503,000	2,725,829,000	2,721,397,000	2,231,465,000	2,309,980,000	2,248,337,000	2,219,208,000	2,177,100,000	2,197,873,000	2,194,456,000	2,143,977,000	2,116,675,000	2,157,076,000	2,309,264,000	2,781,595,000	2,864,760,000	3,032,476,000	3,061,771,000	3,155,508,000	3,380,766,000	3,354,280,000	3,317,590,000	2,739,911,000	1,590,156,000	1,484,141,000	1,411,703,000
treasury stock																							-1,022,406,000	-1,034,999,000	-879,820,000	-425,183,000	-1,270,922,000	-1,135,166,000	-1,139,623,000	-1,130,878,000	-1,060,746,000	-925,317,000	-845,668,000	-662,854,000	-474,665,000	-426,116,000	-450,072,000	-474,912,000	-412,243,000	-315,479,000	-235,654,000	-100,040,000	-54,438,000	-55,980,000	-74,058,000	-88,762,000	-2,000	-79,000	-81,000		-14,218,000	-78,000	-38,000	-983,000	-31,531,000	-10,211,000	-20,395,000	-27,000		-131,000	-96,000	-29,000	-48,000	-111,000	-145,000	-123,000	-39,000	-62,000	-102,000	-787,000	-58,000	-42,542,000	-46,704,000	-27,633,000	-64,458,000		-65,592,000
accumulated other comprehensive loss																							-4,996,000	-5,275,000	-5,553,000						-1,810,000	-1,980,000	-2,150,000	-1,910,000	-2,832,000	-2,999,000	-3,167,000	-3,336,000	-2,455,000	-2,610,000	-2,770,000	-2,509,000	-2,900,000	-3,051,000	-3,021,000	-2,838,000	-2,050,000	-2,030,000	-2,124,000	-2,387,000	-4,630,000	-4,861,000	-4,803,000	-4,819,000	-3,563,000	-3,137,000	-3,382,000	-245,000	-225,000	-340,000	-577,000	-2,607,000	-2,855,000	-2,962,000	236,000	266,000	295,000	-1,423,000	-1,532,000	-1,642,000
total stockholders’ equity																							4,675,074,000	4,564,518,000	4,655,551,000	5,071,816,000	4,939,085,000	4,941,154,000	4,819,562,000	4,760,199,000	4,528,664,000	4,480,703,000	4,458,994,000	4,531,194,000	4,532,714,000	4,448,088,000	4,315,114,000	4,229,292,000	4,174,151,000	4,159,139,000	4,150,149,000	4,222,557,000	4,120,981,000	4,046,341,000	3,956,255,000	3,854,376,000	3,800,575,000	3,696,809,000	3,621,119,000	3,332,987,000	3,210,134,000	3,166,101,000	3,134,922,000	3,121,700,000	2,597,801,000	2,695,621,000	2,625,629,000	2,611,400,000	2,548,905,000	2,566,862,000	2,555,453,000	2,498,743,000	2,445,088,000	2,482,592,000	2,612,756,000	3,081,112,000	3,162,243,000	3,301,717,000	3,326,440,000	3,413,382,000	3,589,474,000	3,546,431,000	3,497,808,000	2,941,951,000	1,730,331,000	1,633,568,000	1,549,198,000
noncontrolling interest																							51,054,000	49,204,000	49,529,000	46,877,000	45,372,000	45,086,000	41,627,000	8,713,000	8,716,000	5,893,000	5,896,000	5,896,000	5,907,000	5,907,000	5,910,000	5,910,000	5,809,000	5,809,000	5,816,000	5,522,000	5,005,000	7,599,000	6,389,000	6,321,000	6,247,000	6,248,000	6,254,000	6,177,000	6,194,000	6,197,000	6,188,000	6,171,000	6,181,000	6,185,000	6,188,000	6,216,000	6,221,000	3,555,000	3,560,000	3,283,000	3,283,000	3,283,000
total equity																							4,726,128,000	4,613,722,000	4,705,080,000	5,118,693,000	4,984,457,000	4,986,240,000	4,861,189,000	4,768,912,000	4,537,380,000	4,486,596,000	4,464,890,000	4,537,090,000	4,538,621,000	4,453,995,000	4,321,024,000	4,235,202,000	4,179,960,000	4,164,948,000	4,155,965,000	4,228,079,000	4,125,986,000	4,053,940,000	3,962,644,000	3,860,697,000	3,806,822,000	3,703,057,000	3,627,373,000	3,339,164,000	3,216,328,000	3,172,298,000	3,141,110,000	3,127,871,000	2,603,982,000	2,701,806,000	2,631,817,000	2,617,616,000	2,555,126,000	2,570,417,000	2,559,013,000	2,502,026,000	2,448,371,000	2,485,875,000
revenues:
home sales																							4,441,383,000	2,813,571,000																																																			2,395,150,000	1,403,886,000	589,577,000
land sales																							90,609,000	66,932,000																																												2,275,000	1,316,000	523,000	9,854,000	5,371,000	3,390,000	4,678,000	20,938,000	7,998,000	5,987,000
cost of revenues:
selling, general and administrative																							531,819,000	371,170,000						684,035,000	497,990,000	323,919,000	157,267,000	607,819,000	440,183,000	284,971,000	137,095,000	535,382,000	385,120,000	250,136,000	121,796,000	455,108,000	330,174,000	213,999,000	106,314,000	432,516,000	312,171,000	202,190,000	97,870,000	339,932,000	246,467,000	157,597,000	78,047,000		69,637,000	212,785,000	137,893,000	192,906,000	128,301,000	61,251,000		193,987,000	126,822,000	67,273,000		167,109,000	85,763,000	333,127,000	230,023,000		396,263,000	264,577,000	134,210,000	139,178,000	270,155,000	166,547,000	76,653,000
income from operations																							289,689,000	140,044,000						786,216,000	447,774,000	218,111,000	83,721,000	644,936,000	360,497,000	188,828,000	50,633,000	490,061,000	354,639,000	211,105,000	94,459,000	446,870,000	250,934,000	163,492,000	97,106,000	397,249,000	229,479,000	99,835,000	31,779,000	201,067,000	72,259,000	17,058,000	617,000		-19,290,000	10,813,000	-20,686,000	-44,580,000	-34,333,000	-10,212,000		-136,327,000	-125,824,000	-65,600,000	-412,289,000	-293,499,000	-162,720,000	-325,254,000	-279,990,000	-146,951,000	90,765,000	88,408,000	51,448,000	237,751,000
other:
income from unconsolidated entities																							5,304,000	7,870,000						85,240,000	53,913,000	41,444,000	38,880,000	116,066,000	112,274,000	92,349,000	46,445,000	40,748,000	22,754,000	17,756,000	8,638,000	21,119,000	17,080,000	11,128,000	4,901,000	41,141,000	38,192,000	37,242,000	22,915,000	14,392,000	8,844,000	8,076,000	3,083,000		6,687,000	19,348,000	13,676,000			-11,002,000		4,817,000	1,646,000	366,000	-8,355,000	-4,616,000	-5,097,000
other income – net																							24,917,000	20,131,000						62,460,000	35,756,000	24,791,000	8,997,000	53,309,000	39,793,000	27,813,000	12,703,000	58,218,000	43,474,000	28,353,000	13,720,000	67,573,000	50,005,000
income before income taxes																							319,910,000	168,045,000						933,916,000	537,443,000	284,346,000	131,598,000	814,311,000	512,564,000	308,990,000	109,781,000	589,027,000	420,867,000	257,214,000	116,817,000	535,562,000	318,019,000	210,555,000	124,023,000	504,582,000	316,044,000	164,719,000	71,235,000	267,697,000	117,547,000	49,294,000	8,326,000											-56,754,000	-389,729,000			-360,761,000	-305,966,000	-151,955,000	191,739,000	146,693,000	87,200,000	265,647,000	361,312,000	193,491,000	78,970,000
income tax provision																							72,603,000	35,499,000						185,765,000	100,268,000	40,429,000		278,816,000	168,947,000	113,936,000	39,365,000	206,932,000	153,150,000	94,980,000	43,637,000	172,395,000	102,015,000	61,300,000	42,698,000		107,536,000	53,917,000	25,655,000
net income																							247,307,000	132,546,000						748,151,000	437,175,000	243,917,000	132,107,000	535,495,000	343,617,000	195,054,000	70,416,000	382,095,000	267,717,000	162,234,000	73,180,000	363,167,000	216,004,000	149,255,000	81,325,000	340,032,000	208,508,000	110,802,000	45,580,000	170,606,000	75,701,000	29,106,000	4,432,000		-2,786,000	75,729,000	14,086,000	24,752,000	-17,356,000	3,417,000		-53,853,000	-81,155,000	-40,754,000	-644,391,000	-172,060,000	-88,895,000	-218,989,000	-189,694,000	-95,957,000	117,492,000	91,006,000	54,316,000	163,850,000	228,537,000	122,522,000	50,084,000
other comprehensive income, net of tax																							835,000	556,000						2,926,000	512,000	341,000	171,000	1,426,000
total comprehensive income																							248,142,000	133,102,000						751,077,000	437,687,000	244,258,000	132,278,000	536,921,000	344,121,000	195,391,000	70,585,000	381,268,000	267,771,000	162,133,000	72,919,000	363,496,000	215,942,000	149,042,000	81,142,000	339,581,000
per share:
basic earnings																							1,890	1,000						4,920	2,850	1,580	850	3,300	2,110	1,200
diluted earnings																							1,870	990						4,850	2,810	1,550	830	3,170	2,010	1,150
weighted-average number of shares:
basic																							131,024,000	133,175,000						151,984,000	153,290,000	154,306,000	155,882,000	162,222,000	163,186,000	163,040,000	430	2,270	1,580	950	420	2,060	1,220	850	460	1,910	1,170	630	260	1,010	450	170	30		-20	450	80	150	-100	20		-330	-490	-250	-4,000	-1,070	-550	-1,380	-1,200	-610	760	590	350	1,060	3,080	1,650	680
diluted																							132,032,000	134,349,000						154,201,000	155,733,000	157,013,000	158,897,000	169,487,000	171,127,000	170,910,000	420	2,180	1,520	910	400	1,970	1,180	810	440	1,840	1,130	600	250	970	430	170	30		-20	450	80	150	-100	20		-330	-490	-250	-4,000	-1,070	-550	-1,380	-1,200	-610	720	550	330	980	2,820	1,510	620
accumulated other comprehensive income																										-5,831,000	862,000	806,000	750,000	694,000
mortgage loans held for sale																											169,251,000	124,940,000	88,840,000	170,731,000	94,291,000	111,811,000	70,488,000	132,922,000	89,419,000	89,485,000	85,765,000	248,601,000	170,937,000	124,677,000	73,145,000	123,175,000	127,405,000	80,864,000	55,945,000	101,944,000	98,535,000	68,642,000	58,131,000	113,517,000	72,163,000	66,538,000	49,400,000			72,544,000	50,527,000	45,320,000	28,996,000
revenues																														7,143,258,000	4,688,020,000	2,774,667,000	1,175,468,000	5,815,058,000	3,787,151,000	2,284,242,000	920,730,000	5,169,508,000	3,314,057,000	2,044,123,000	928,566,000	4,171,248,000	2,734,046,000	1,706,035,000	853,452,000	3,911,602,000	2,560,912,000	1,504,055,000	643,681,000	2,674,299,000	1,629,765,000	940,605,000	424,601,000		321,955,000	1,249,955,000	695,636,000	1,048,096,000	653,791,000	334,116,000		1,092,171,000	637,969,000	326,698,000	1,268,725,000	807,350,000	409,023,000
cost of revenues																														5,673,007,000	3,742,256,000	2,232,637,000	934,480,000	4,562,303,000	2,986,471,000	1,810,443,000	733,002,000	4,144,065,000	2,574,298,000	1,582,882,000	712,311,000	3,269,270,000	2,152,938,000	1,328,544,000	650,032,000	3,081,837,000	2,019,262,000	1,202,030,000	514,032,000	2,133,300,000	1,311,039,000	765,950,000	345,937,000		271,608,000	1,026,357,000	578,429,000	898,266,000	558,319,000	281,965,000		1,015,923,000	623,507,000	317,768,000	1,445,288,000	933,740,000	485,980,000
restricted cash																															686,000										29,350,000	16,795,000	17,920,000	17,962,000	17,462,000	18,342,000	22,401,000	22,542,000	32,175,000	32,036,000	33,416,000	33,801,000	33,757,000	47,276,000	48,241,000	47,008,000	47,398,000	24,225,000	32,125,000	52,408,000	60,906,000
cash dividends declared																															300	190	80		160
restricted cash and investments																																1,161,000	2,459,000	2,482,000	781,000	797,000	12,445,000	31,291,000	43,183,000	28,897,000
deferred tax assets, net of valuation allowances																																6,807,000	7,564,000		134,857,000	158,050,000	160,006,000	167,413,000	197,984,000	187,755,000	194,693,000	198,455,000	232,840,000	244,643,000	252,172,000	250,421,000	263,821,000	268,171,000	284,603,000	286,032,000	320,641,000	341,014,000	355,966,000	358,056,000
income tax benefit																																	-509,000													164,550,000				97,091,000	41,846,000	20,188,000	3,894,000		-3,622,000	-23,536,000	-4,845,000	-69,395,000	-31,175,000	-20,464,000		-53,867,000	-27,388,000	-16,000,000	254,662,000	-106,405,000	-67,666,000	-141,772,000		-55,998,000
other comprehensive income																																			504,000	337,000	169,000	-827,000	54,000	-101,000		329,000	-62,000	-213,000	-183,000	-451,000
other comprehensive income, net of tax:
change in pension liability																																				337,000	169,000	-858,000	23,000	-132,000	-288,000	311,000	-62,000	-201,000	-178,000	-677,000
change in unrealized income on derivative held by equity investee																																						31,000	31,000	31,000	27,000	16,000	-2,000
cash dividend declared																																				80
common stock 177,937 shares issued at january 31, 2017 and october 31, 2016																																					1,779,000
income per share:
marketable securities																																										10,001,000	10,008,000	10,015,000	10,022,000	12,026,000	12,006,000	13,000,000	13,017,000	52,508,000	122,527,000	232,899,000	424,819,000	439,068,000	143,729,000	275,928,000	218,434,000	294,286,000	297,846,000	214,431,000
change in fair value of available-for-sale securities																																										2,000	2,000	2,000	2,000	3,000
investments in foreclosed real estate and distressed loans																																							13,687,000	14,576,000	48,576,000	51,730,000	59,459,000
other comprehensive loss																																									-261,000
investments in and advances to unconsolidated entities																																												467,259,000	463,578,000	447,078,000	443,285,000	441,842,000	430,615,000	403,133,000	356,837,000	357,532,000	321,851,000	330,617,000	193,626,000	311,481,000	200,292,000			157,775,000	198,442,000	193,464,000	170,463,000	154,334,000	144,555,000	148,252,000	145,370,000	141,843,000	196,566,000	156,931,000	240,251,000	234,306,000	251,035,000	206,222,000	83,332,000	68,486,000	64,976,000
investments in distressed loans and foreclosed real estate																																												65,938,000	70,935,000
other income - net																																												35,935,000	22,016,000	66,192,000	48,373,000	27,642,000	16,541,000	52,238,000	36,444,000	24,160,000	4,626,000			22,032,000	16,251,000
unrealized income on derivative held by equity investee																																												-14,000	-7,000	223,000
investments in distressed loans																																														4,001,000	4,251,000	18,799,000	19,253,000	36,374,000	42,500,000	48,707,000	42,832,000
investments in foreclosed real estate																																														69,799,000	79,319,000	76,652,000	79,267,000	72,972,000	72,912,000	71,458,000	68,764,000
property, construction and office equipment																																															131,509,000	131,222,000	131,190,000	131,320,000	126,360,000	125,289,000	112,877,000	106,214,000	101,499,000	101,216,000	100,724,000	98,902,000	99,450,000	101,382,000	79,916,000	79,522,000	82,205,000	66,634,000	74,420,000	78,584,000	84,065,000	86,841,000	93,046,000	98,342,000	88,926,000	93,137,000	94,299,000	88,444,000	48,494,000	46,035,000	44,756,000
receivables, prepaid expenses and other assets																																															252,516,000	249,934,000	240,034,000	229,295,000	174,960,000	165,745,000	152,881,000	148,315,000	98,191,000	132,967,000	143,857,000	96,972,000	87,745,000	89,241,000	97,039,000	86,180,000	91,190,000	91,607,000	83,201,000	96,307,000	107,010,000	119,294,000	123,185,000	130,331,000	119,777,000	135,531,000	144,019,000	178,008,000	155,699,000	132,131,000	119,631,000
mortgage company warehouse loan																																															87,830,000	56,842,000	51,470,000	75,000,000	65,654,000	58,526,000	43,464,000	72,664,000	31,864,000	63,128,000	45,397,000	39,905,000	24,906,000	19,410,000	72,367,000	47,264,000	30,006,000	15,485,000	33,290,000	34,479,000	41,914,000	39,106,000	56,732,000	67,605,000	127,184,000	133,014,000	65,887,000	38,406,000	82,061,000	69,294,000	37,137,000
interest expense																																																										1,504,000	1,504,000	1,112,000		18,588,000	13,464,000	7,257,000
expenses related to early retirement of debt																																																										-3,414,000				-692,000	-34,000		-2,067,000	-2,067,000									8,229,000	7,748,000
mortgage loans receivable																																																						86,386,000	36,911,000					40,863,000	93,644,000	67,456,000	47,107,000	31,647,000	51,149,000	47,193,000	53,724,000	49,717,000	67,498,000	78,544,000	140,146,000	145,705,000	78,345,000	49,017,000	90,929,000	78,044,000	44,676,000
investments in non-performing loan portfolios and foreclosed real estate																																																						95,522,000	96,822,000	98,241,000	95,870,000
balance, november 1, 2009																																																						164,732,000
purchase of treasury stock																																																						-31,000							-94,000
exercise of stock options																																																						1,684,000							3,423,000
employee benefit plan issuances																																																						24,000							31,000
conversion of restricted stock units to stock																																																						3,000							1,000
stock-based compensation
issuance of restricted stock																																																						1,000							1,000
capital contribution
balance, october 31, 2010																																																						166,413,000							166,413,000
issuance of restricted stock and stock units																																																						1,000
balance, october 31, 2011																																																						168,675,000
loss attributable to non-controlling interest
balance, october 31, 2012																																																						168,690,000
interest and other																																																							6,195,000			13,168,000	7,674,000	4,167,000		24,482,000	15,669,000	8,480,000	32,982,000	21,717,000	11,256,000	100,249,000			85,599,000	46,758,000	28,960,000	11,327,000	7,483,000	4,119,000	1,683,000
income before income tax benefit																																																							-6,408,000	52,193,000	9,241,000	-44,643,000	-48,531,000	-17,047,000		-107,720,000	-108,543,000			-278,465,000	-156,561,000
investments in and advances to unconsolidated entities and non-performing loan portfolio																																																										186,917,000	185,259,000
income tax refund recoverable																																																												141,590,000	141,590,000	49,699,000	200,580,000	182,277,000
income from unconsolidated entities and non-performing loan portfolio																																																										-9,817,000	-21,872,000
loss per share:
marketable u.s. treasury and agency securities																																																													197,867,000	205,775,000
senior subordinated notes																																																																	47,872,000	343,000,000	343,000,000	350,000,000	350,000,000	350,000,000	350,000,000	350,000,000	350,000,000	350,000,000	450,000,000	450,000,000	620,000,000
equity:
balance, november 1, 2007																																																													157,008,000
impact of adoption of fin 48
amortization of unearned compensation
deconsolidation of majority-owned joint venture
balance, october 31, 2008																																																													160,369,000
formation of majority-owned joint venture
balance, october 31, 2009																																																													164,732,000
liabilities:
stockholders’ equity:
marketable u.s. treasury securities																																																															186,036,000	186,520,000
net income per share
income tax refund receivable																																																																	61,626,000
deferred tax assets																																																																	151,700,000	430,584,000	450,118,000	363,150,000	373,967,000	269,830,000	18,045,000
liabilities and stockholders’ equity
minority interest																																																																	5,283,000	5,283,000	2,494,000	8,014,000	8,014,000	8,014,000	8,005,000	7,763,000	7,763,000	3,940,000
selling, general and administrative expenses																																																																	235,726,000					121,318,000
contracts receivable																																																																				4,672,000	5,288,000	24,471,000	48,073,000	74,667,000	166,887,000	57,569,000
completed contract																																																																				2,417,915,000	1,626,837,000	826,534,000	3,356,895,000
percentage of completion																																																																				39,122,000	33,489,000	15,795,000	110,890,000	81,522,000	33,085,000	57,569,000
interest																																																																				67,294,000	44,124,000	20,967,000	76,258,000	49,137,000	22,643,000	28,754,000	59,970,000	35,754,000	14,558,000
goodwill impairment																																																																							8,973,000	8,973,000	8,973,000
earnings from unconsolidated entities																																																																				-135,756,000	-105,643,000	-24,086,000
earnings per share:
interest and other income																																																																					79,667,000	19,082,000
income taxes benefit																																																																					-116,272,000
equity earnings from unconsolidated entities																																																																							15,375,000	11,527,000	6,792,000
income taxes																																																																							74,247,000	55,687,000	32,884,000	101,797,000	132,775,000	70,969,000	28,886,000
home sales — completed contract																																																																								2,178,395,000
traditional home sales																																																																									1,054,136,000	1,278,709,000
equity earnings in unconsolidated entities																																																																										16,569,000	6,945,000	1,394,000	665,000
costs and expenses:
and october 31, 2003, respectively																																																																												-55,570,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-01-31	2025-10-31	2025-07-31	2025-04-30	2025-01-31	2024-10-31	2024-07-31	2024-04-30	2024-01-31	2023-10-31	2023-07-31	2023-04-30	2023-01-31	2022-10-31	2022-07-31	2022-04-30	2022-01-31	2021-10-31	2021-07-31	2021-04-30	2021-01-31	2020-10-31	2020-07-31	2020-04-30	2020-01-31	2019-10-31	2019-07-31	2019-04-30	2019-01-31	2018-10-31	2018-07-31	2018-04-30	2018-01-31	2017-10-31	2017-07-31	2017-04-30	2017-01-31	2016-10-31	2016-07-31	2016-04-30	2016-01-31	2015-10-31	2015-07-31	2015-04-30	2015-01-31	2014-10-31	2014-07-31	2014-04-30	2014-01-31	2013-10-31	2013-07-31	2013-04-30	2013-01-31	2012-09-30	2012-07-31	2012-04-30	2012-01-31	2011-10-31	2011-07-31	2011-04-30	2011-01-31	2010-10-31	2010-07-31	2010-04-30	2010-01-31	2009-10-31	2009-07-31	2009-04-30	2009-01-31	2008-10-31	2008-07-31	2008-04-30	2008-01-31	2007-10-31	2007-07-31	2007-04-30	2007-01-31	2006-01-31	2005-10-31	2004-07-31

cash flow from operating activities:
net income	210,932,000	446,715,000	369,621,000	352,447,000	177,703,000	475,409,000	374,611,000	481,617,000	239,558,000	445,536,000	414,789,000	320,216,000	191,530,000	640,536,000	273,467,000	220,593,000	151,904,000	374,330,000	234,932,000	127,866,000	96,499,000	199,317,000	114,761,000	75,670,000	56,876,000	202,315,000	146,318,000	129,324,000	112,050,000	310,976,000	193,258,000	111,810,000	132,107,000	191,878,000	148,563,000	124,638,000	70,416,000	114,378,000	105,483,000	89,054,000	73,180,000	147,163,000	66,749,000	67,930,000	81,325,000	131,524,000	97,706,000	65,222,000	45,580,000	94,905,000	46,595,000	24,674,000	4,432,000	-2,786,000	61,643,000	16,872,000	-2,786,000	15,043,000			3,417,000									-78,821,000	-29,295,000	-93,737,000	-95,957,000	-81,841,000	26,486,000	36,690,000	54,316,000	163,850,000	577,573,000	106,015,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	16,236,000	21,808,000	22,337,000	20,775,000	17,165,000	25,773,000	20,145,000	19,140,000	16,143,000	22,224,000	20,156,000	18,611,000	15,482,000	23,549,000	19,731,000	18,857,000	14,679,000	22,312,000	20,757,000	16,305,000	16,876,000	22,173,000	16,415,000	15,618,000	14,667,000	20,726,000	18,109,000	17,645,000	15,669,000	6,535,000	6,204,000	6,349,000	6,171,000	6,938,000	6,300,000	6,093,000	6,030,000	6,283,000	5,809,000	5,496,000	5,533,000	5,890,000	5,895,000	5,963,000	5,809,000	6,309,000	5,595,000	5,806,000	5,289,000	6,073,000	6,369,000	6,243,000	6,525,000	5,229,000	5,825,000	5,469,000	5,229,000	6,019,000	6,786,000	5,950,000	4,387,000	6,089,000	4,930,000	4,539,000	4,486,000	5,572,000	6,269,000	6,230,000	5,854,000	7,271,000	6,980,000	7,121,000	6,961,000	7,116,000	7,061,000	7,923,000	7,849,000	6,908,000	9,114,000	3,895,000
stock-based compensation	18,809,000	3,724,000	4,315,000	4,773,000	18,022,000	3,607,000	3,812,000	3,889,000	18,250,000	3,515,000	4,265,000	2,641,000	14,384,000	1,837,000	2,238,000	3,405,000	13,615,000	3,245,000	3,663,000	3,445,000	12,834,000	3,690,000	3,834,000	3,419,000	13,383,000	6,829,000	5,435,000	5,331,000	8,585,000	6,433,000	6,532,000	6,458,000	8,889,000	6,378,000	6,503,000	6,256,000	9,329,000	5,673,000	5,925,000	5,858,000	9,223,000	5,209,000	5,142,000	5,106,000	7,446,000	4,671,000	4,691,000	4,625,000	7,669,000	4,592,000	4,422,000	4,343,000	5,684,000	5,626,000	3,396,000	3,205,000	5,626,000	2,349,000	2,449,000	2,597,000	5,373,000	2,311,000	3,036,000	1,386,000	4,944,000	1,309,000	2,200,000	1,571,000	5,907,000	3,371,000	3,537,000	3,973,000	12,374,000	4,507,000	4,666,000	5,402,000	12,888,000
loss from unconsolidated entities	-35,444,000	-17,320,000	1,012,000	-11,489,000	8,743,000	10,044,000	10,514,000	-5,887,000	9,172,000			5,302,000	4,433,000
distributions of earnings from unconsolidated entities	10,784,000	35,099,000	17,271,000	4,231,000	4,810,000	7,824,000	6,040,000	22,675,000	2,737,000	19,286,000	38,660,000	28,987,000	1,460,000	1,134,000	1,546,000	6,134,000	23,502,000	52,402,000	19,252,000	10,384,000	1,080,000	9,240,000	1,569,000	1,724,000	14,703,000	5,880,000	12,084,000	7,408,000	6,427,000	32,933,000	13,658,000	616,000	38,892,000	9,153,000	16,274,000	60,283,000	48,581,000	672,000	4,385,000	6,360,000	3,870,000	11,000,000	-3,031,000	7,097,000	4,393,000	2,393,000	2,109,000	17,328,000	22,143,000	11,274,000	3,339,000	6,442,000	2,413,000	872,000	2,478,000	678,000	872,000	4,664,000	628,000	3,996,000	2,793,000	3,086,000				3,000	0	156,000	657,000	268,000	28,682,000	8,016,000	4,971,000
deferred tax provision	2,206,000	71,229,000	10,509,000	3,466,000	1,535,000	-92,365,000	4,819,000	5,321,000	1,895,000	30,475,000	-2,882,000	5,339,000	3,307,000	-107,339,000	3,862,000	4,389,000	2,408,000	4,859,000	3,734,000	1,945,000	1,277,000	82,976,000	12,495,000	1,558,000	751,000	95,719,000	4,488,000	936,000	1,621,000	-2,183,000	10,139,000	689,000	-30,575,000	158,598,000	55,450,000	1,488,000	2,328,000			135,000	587,000	43,078,000	11,809,000	8,630,000	-1,433,000	22,778,000	5,789,000	17,153,000	1,711,000	28,779,000	28,092,000	16,042,000	2,306,000																							-34,231,000	-37,874,000	7,625,000	14,650,000	8,513,000
impairment charges and write-offs	13,066,000	43,402,000	24,172,000	9,757,000	22,705,000	26,324,000	11,065,000	33,929,000	1,471,000	29,400,000	3,364,000
other - net	801,000	191,000	-99,000	-548,000	1,196,000
changes in operating assets and liabilities:
inventory	-396,100,000	381,623,000	-2,174,000	-68,401,000	-832,230,000	376,309,000	-272,706,000	-180,290,000	-499,047,000	142,940,000	134,788,000	53,344,000	-353,284,000	669,200,000	-397,827,000	-324,720,000	-565,482,000	382,234,000	-50,413,000	-253,721,000	-274,327,000
origination of mortgage loans	-486,080,000	-828,856,000	-704,879,000	-681,557,000	-430,692,000	-686,424,000	-574,729,000	-511,525,000	-364,600,000	-464,807,000	-432,393,000	-415,026,000	-290,474,000	-645,007,000	-458,672,000	-519,003,000	-412,955,000	-726,179,000	-546,038,000	-530,215,000	-376,036,000	-624,758,000	-445,219,000	-428,995,000	-316,852,000	-537,104,000	-401,360,000	-366,681,000	-306,351,000	-508,158,000	-366,051,000	-343,849,000	-231,436,000	-396,009,000	-307,429,000	-281,115,000	-232,721,000	-448,989,000	-335,779,000	-274,605,000	-215,674,000	-353,469,000	-292,925,000	-215,655,000	-167,063,000	-272,114,000	-237,935,000	-162,112,000	-146,354,000	-252,589,000	-188,956,000	-160,804,000	-141,148,000	-120,662,000	-180,914,000	-133,204,000	-120,662,000	-172,911,000	-155,605,000	-119,119,000	-182,659,000	-210,169,000	-176,354,000	-117,949,000	-123,682,000	-144,786,000	-179,694,000	-139,147,000	-107,531,000	-175,448,000	-220,368,000	-225,319,000	-275,230,000	-348,092,000	-415,874,000	-367,346,000	-281,317,000	-176,908,000	-357,007,000	-202,805,000
sale of mortgage loans	556,292,000	813,176,000	714,787,000	587,286,000	523,092,000	631,135,000	575,799,000	446,734,000	405,112,000	432,989,000	464,662,000	384,215,000	399,744,000	572,755,000	485,907,000	507,326,000	520,370,000	660,881,000	569,183,000	450,781,000	478,982,000	556,169,000	426,755,000	400,978,000	422,376,000	487,839,000	357,874,000	330,257,000	389,974,000	430,912,000	384,782,000	301,987,000	292,946,000	352,582,000	307,726,000	278,506,000	393,393,000	369,648,000	291,618,000	223,187,000	265,703,000	358,207,000	246,267,000	190,841,000	212,356,000	269,547,000	208,052,000	151,519,000	200,830,000	214,181,000	180,245,000	145,330,000	176,830,000	146,895,000	159,846,000	119,818,000	146,895,000	154,886,000	139,396,000	131,437,000	233,891,000	184,030,000	157,120,000	102,712,000	135,359,000	152,785,000	175,737,000	145,681,000	103,060,000	175,910,000	238,149,000	236,365,000	289,875,000	395,049,000	421,433,000	299,986,000	333,298,000	227,749,000	390,491,000	189,919,000
receivables, prepaid expenses, and other assets, including rental and commercial properties	260,185,000
current income taxes – net	-25,371,000	-50,109,000	-13,660,000	93,453,000	-50,822,000	78,965,000	-88,760,000	54,377,000	-12,655,000	-28,587,000	-6,784,000	37,264,000	-164,463,000	190,861,000	-16,040,000
customer deposits – net	22,827,000	-57,636,000	-31,958,000	-3,650,000	26,530,000	-35,200,000	-20,157,000	-7,110,000	-14,722,000	-61,901,000	-20,843,000	6,434,000	-11,975,000	-99,704,000	-14,035,000	32,842,000	77,618,000	2,197,000	30,600,000	72,260,000	60,580,000
accounts payable and accrued expenses	-161,875,000	-50,364,000	-24,115,000	46,145,000	92,956,000	-152,182,000	113,700,000	104,650,000	-87,958,000	151,141,000	-19,538,000	60,972,000	-216,249,000	85,862,000	21,617,000	79,314,000	-34,294,000	41,301,000	113,075,000	19,614,000	40,835,000
net cash from operating activities	7,268,000	800,030,000	370,310,000	362,846,000	-420,775,000	682,511,000	175,612,000	459,026,000	-306,982,000	591,397,000	529,462,000	503,335,000	-357,764,000	1,233,447,000	-41,659,000	75,726,000	-280,698,000	854,699,000	421,161,000	-28,056,000	55,323,000	866,522,000	332,731,000	175,280,000	-366,416,000	415,200,000	108,139,000	99,547,000	-185,225,000	674,641,000	252,707,000	4,854,000	-329,801,000	534,857,000	164,461,000	218,437,000	41,964,000	474,024,000	-309,373,000	7,345,000	-23,225,000	171,433,000	-73,309,000	-4,894,000	-33,048,000	274,584,000	104,801,000	184,203,000	-250,388,000	-112,428,000	-11,127,000	-139,586,000	-305,822,000	-161,931,000	38,763,000	-110,928,000	-161,931,000	6,382,000	-51,177,000	174,833,000	-77,188,000	-83,758,000	161,367,000	-151,435,000	-72,458,000	226,220,000	25,591,000	90,703,000	-59,323,000	165,934,000	276,851,000	323,826,000	60,185,000	228,969,000	189,731,000	28,051,000	-116,282,000	-137,513,000	639,668,000	-67,749,000
capital expenditures	-18,862,000	-27,832,000	-25,447,000	-15,591,000	-17,325,000	-18,190,000	-25,752,000	-16,120,000	-13,581,000	-18,861,000	-14,556,000	-19,806,000	-19,738,000	-15,241,000	-17,345,000	-20,665,000	-18,475,000	-21,106,000	-16,166,000	-15,110,000	-14,496,000	-34,563,000	-24,244,000	-23,918,000	-26,839,000	-25,693,000	-16,337,000	0	-19,576,000	-6,531,000	-15,200,000	-4,807,000	-1,694,000	-6,471,000	-10,692,000	-5,395,000	-6,314,000	-5,146,000	-15,956,000	-5,731,000	-1,593,000	-2,202,000	-1,361,000	-3,000,000	-2,884,000	-5,574,000	-3,733,000	-2,914,000	-2,853,000	-2,383,000	-3,920,000	-14,873,000	-5,391,000	-3,540,000	-2,571,000	0	-3,540,000	-2,626,000	-1,815,000	-831,000	-4,281,000	0	-704,000	0	-276,000	0	-294,000	281,000	-2,483,000	0	454,000	-217,000	-3,791,000	0	-1,845,000	0	-7,025,000	-14,264,000	0	0
free cash flows	-11,594,000	772,198,000	344,863,000	347,255,000	-438,100,000	664,321,000	149,860,000	442,906,000	-320,563,000	572,536,000	514,906,000	483,529,000	-377,502,000	1,218,206,000	-59,004,000	55,061,000	-299,173,000	833,593,000	404,995,000	-43,166,000	40,827,000	831,959,000	308,487,000	151,362,000	-393,255,000	389,507,000	91,802,000	99,547,000	-204,801,000	668,110,000	237,507,000	47,000	-331,495,000	528,386,000	153,769,000	213,042,000	35,650,000	468,878,000	-325,329,000	1,614,000	-24,818,000	169,231,000	-74,670,000	-7,894,000	-35,932,000	269,010,000	101,068,000	181,289,000	-253,241,000	-114,811,000	-15,047,000	-154,459,000	-311,213,000	-165,471,000	36,192,000	-110,928,000	-165,471,000	3,756,000	-52,992,000	174,002,000	-81,469,000	-83,758,000	160,663,000	-151,435,000	-72,734,000	226,220,000	25,297,000	90,984,000	-61,806,000	165,934,000	277,305,000	323,609,000	56,394,000	228,969,000	187,886,000	28,051,000	-123,307,000	-151,777,000	639,668,000	-67,749,000
cash flow from investing activities:
purchase of property, construction, and office equipment – net	-18,862,000	-27,832,000	-25,447,000	-15,591,000	-17,325,000	-18,190,000	-25,752,000	-16,120,000	-13,581,000	-18,861,000	-14,556,000	-19,806,000	-19,738,000	-15,241,000	-17,345,000	-20,665,000	-18,475,000	-21,106,000	-16,166,000	-15,110,000	-14,496,000	-34,563,000	-24,244,000	-23,918,000	-26,839,000	-25,693,000	-16,337,000
investments in unconsolidated entities	-61,883,000	-59,319,000	-70,487,000	-61,143,000	-118,747,000	-58,755,000	-34,912,000	-40,643,000	-58,925,000	-53,862,000	-45,355,000	-42,671,000	-74,550,000	-50,132,000	-55,310,000	-11,416,000	-109,866,000	-31,905,000	-36,199,000	-41,000,000	-112,828,000	-24,340,000	-37,047,000	-5,354,000	-4,909,000	-13,300,000	-11,700,000	-14,355,000	-17,205,000	-12,302,000	-4,389,000	-6,378,000	-4,422,000	-2,620,000	-6,199,000	-13,574,000	-99,941,000	-29,028,000	-19,244,000	-9,545,000	-11,838,000	-84,659,000
return of investments in unconsolidated entities	65,137,000	17,253,000	36,756,000	9,751,000	18,428,000	27,046,000	45,015,000	16,160,000	13,142,000	38,743,000	25,442,000	32,698,000	15,866,000	7,124,000	21,274,000	22,579,000	65,792,000	37,459,000	21,998,000	106,194,000	37,853,000	4,764,000	7,755,000	5,901,000	28,983,000	35,554,000	41,908,000	27,788,000	42,677,000	39,521,000	39,354,000	18,062,000	36,253,000	56,159,000	41,259,000	64,834,000	33,253,000	13,037,000	6,291,000	13,674,000	14,804,000	4,963,000	24,166,000	4,297,000	6,340,000	23,168,000	11,663,000	6,585,000	32,429,000	19,356,000	15,767,000	17,375,000	17,311,000	15,333,000	12,663,000	5,235,000	15,333,000	17,024,000	10,534,000	9,446,000	6,305,000												2,623,000
proceeds from the sale of ownership interests in unconsolidated entities	204,295,000
other – net	-1,007,000	34,000	1,418,000	-1,317,000	-1,813,000	-2,268,000	-255,000
net cash from investing activities	187,680,000	-69,864,000	-52,412,000	-68,300,000	-119,457,000	-51,584,000	-15,348,000	-41,322,000	-59,364,000	-16,972,000	-34,469,000	-29,779,000	-69,381,000	-58,247,000	-23,072,000	-9,502,000	-62,355,000	-15,549,000	-30,297,000	51,391,000	-9,781,000	-54,326,000	-53,810,000	-67,593,000	-2,116,000	-25,495,000	-78,614,000	3,727,000	24,468,000	21,072,000	20,253,000	8,391,000	31,550,000	68,526,000	32,246,000	48,150,000	-156,607,000	-6,288,000	-27,841,000	26,340,000	16,000,000	-68,173,000	19,610,000	3,895,000	-8,104,000	9,096,000	14,426,000	-1,340,407,000	-135,206,000		112,984,000	161,884,000	3,825,000	-139,228,000	-169,432,000	-68,730,000	-139,228,000	50,028,000	9,029,000	-118,813,000	-14,714,000	3,902,000	-47,601,000	-17,705,000	-89,978,000	-110,900,000	-4,068,000	-10,003,000	-7,202,000	-7,246,000	-4,797,000	-42,706,000	-9,881,000	-7,757,000	21,318,000	8,282,000	3,741,000	-123,872,000	82,319,000	-14,771,000
cash flow used in financing activities:
proceeds from loans payable	478,512,000	1,065,628,000	1,351,195,000	1,284,825,000	823,131,000	975,789,000	1,075,555,000	948,818,000	744,565,000	666,126,000	760,306,000	948,720,000	703,990,000	1,353,766,000	1,124,801,000	1,059,210,000	766,858,000	993,387,000	829,337,000	737,336,000	597,973,000	777,142,000	517,517,000	2,029,764,000	702,729,000	758,030,000	601,357,000	530,135,000	809,506,000	722,750,000	669,802,000	648,464,000	589,819,000	537,571,000	314,018,000	409,072,000	360,382,000	686,968,000	934,544,000	482,130,000	339,854,000	738,338,000	687,041,000	314,429,000	214,624,000	358,491,000	273,318,000	1,322,228,000	275,334,000	367,740,000	294,907,000	257,054,000	244,830,000	199,139,000	275,389,000	200,953,000	199,139,000	254,592,000	227,946,000	172,678,000	266,035,000	317,162,000	263,599,000	168,035,000	178,437,000	186,159,000	178,665,000	142,850,000	129,301,000	193,275,000	244,013,000	254,557,000	302,988,000	373,973,000	439,808,000	406,814,000	287,270,000	258,712,000	432,544,000	264,799,000
principal payments of loans payable	-660,570,000	-1,126,969,000	-1,385,794,000	-1,244,605,000	-929,660,000	-978,967,000	-1,094,746,000	-880,925,000	-890,178,000	-635,773,000	-832,009,000	-942,502,000	-829,134,000	-1,346,884,000	-1,129,983,000	-1,057,176,000	-822,142,000	-1,043,556,000	-833,357,000	-700,737,000	-847,415,000	-778,525,000	-980,318,000	-1,745,632,000	-608,481,000	-774,789,000	-565,032,000	-498,202,000	-633,593,000	-669,669,000	-744,347,000	-588,408,000	-687,740,000	-486,279,000	-339,198,000	-657,047,000	-516,833,000	-809,498,000	-568,176,000	-349,372,000	-770,539,000	-615,916,000	-470,704,000	-300,504,000	-272,334,000	-349,267,000	-371,171,000	-739,482,000	-307,195,000	-360,688,000	-289,661,000	-245,313,000	-299,862,000	-237,896,000	-259,533,000	-191,813,000	-237,896,000	-237,490,000	-216,171,000	-169,206,000	-329,754,000	-624,738,000	-272,655,000	-205,848,000	-213,273,000	-220,715,000	-212,006,000	-184,178,000	-168,984,000	-235,485,000	-250,553,000	-258,681,000	-313,893,000	-469,812,000	-460,456,000	-337,016,000	-365,501,000	-307,180,000	-707,449,000	-261,940,000
proceeds related to sales to land bank programs	19,797,000	29,999,000	0
payments related to stock-based benefit plans – net	-15,099,000		969,000	646,000	-22,887,000
purchase of treasury stock and excise tax payment	-50,435,000	-246,720,000	-199,391,000	-181,157,000	-23,748,000
dividends paid	-24,999,000	-23,772,000	-24,257,000	-24,632,000	-24,414,000	-23,067,000	-23,265,000	-23,805,000	-23,264,000	-22,012,000	-22,764,000	-23,428,000	-22,878,000	-21,953,000	-22,693,000	-23,178,000	-21,077,000	-20,520,000	-20,831,000	-20,987,000	-14,285,000	-13,938,000	-13,867,000	-13,827,000	-14,956,000	-15,501,000	-15,706,000	-16,065,000	-16,369,000	-16,185,000	-16,429,000	-16,797,000	-12,293,000	-12,571,000	-12,965,000
(payments) receipts related to noncontrolling interest – net	-4,475,000
net cash from financing activities	-257,269,000	-329,519,000	-141,282,000	-185,882,000	-177,192,000	-223,766,000	-284,444,000	-130,200,000	-178,045,000	-312,786,000	-221,952,000	-502,778,000	-132,522,000	-173,207,000	-126,613,000	-202,634,000	-617,048,000	-173,160,000	-118,843,000	-256,813,000	-462,267,000	-1,684,000	-472,040,000	112,866,000	-392,453,000	59,387,000	-117,436,000	19,023,000	-219,488,000	-35,699,000	-225,892,000	-46,409,000	93,699,000	-836,749,000	58,222,000	51,210,000	-145,603,000	-185,875,000	265,890,000	53,249,000	-575,524,000	420,925,000	-83,650,000	32,256,000	-44,263,000	-72,014,000	-96,399,000	317,536,000	803,111,000	-67,951,000	94,383,000	312,047,000	-108,071,000	-29,487,000	23,082,000	313,002,000	-29,487,000	-40,137,000	-17,681,000	7,277,000	-60,559,000	-315,719,000	-41,100,000	-36,861,000	-77,312,000	34,831,000	-326,956,000	348,776,000	-33,446,000	-27,553,000	-5,722,000	-1,736,000	6,003,000	-92,596,000	7,546,000	67,544,000	-70,734,000	-64,271,000	-271,265,000	-7,071,000
net decrease in cash, cash equivalents, and restricted cash	-62,321,000		176,616,000	108,664,000	-717,424,000		-124,180,000	287,504,000	-544,391,000		273,041,000	-29,222,000	-559,667,000	1,001,993,000	-191,344,000	-136,410,000	-960,101,000		272,021,000	-233,478,000	-416,725,000		-193,119,000	220,553,000	-760,985,000		-87,911,000	122,297,000	-380,245,000
cash, cash equivalents, and restricted cash, beginning of period	1,338,938,000		0	0	1,370,435,000		0	0	1,344,341,000	0	0	0	1,398,550,000	0	0	0	1,684,412,000	0	0	0	1,396,604,000	0	0	0	1,319,643,000	33,471,000	0	0	1,182,939,000
cash, cash equivalents, and restricted cash, end of period	1,276,617,000		176,616,000	108,664,000	653,011,000		-124,180,000	287,504,000	799,950,000	261,639,000	273,041,000	-29,222,000	838,883,000	1,001,993,000	-191,344,000	-136,410,000	724,311,000	665,990,000	272,021,000	-233,478,000	979,879,000	810,512,000	-193,119,000	220,553,000	558,658,000	482,563,000	-87,911,000	122,297,000	802,694,000
gain on sale of assets							0											0	0	-427,000	-38,279,000
receivables, prepaid expenses, and other assets		-12,652,000	-16,829,000	6,158,000	-1,488,000	13,264,000	12,058,000	-3,230,000	-21,587,000	-101,257,000	-38,900,000	-21,642,000	25,875,000	-127,132,000	32,353,000	6,318,000	-6,557,000	38,068,000	20,114,000	42,891,000	34,733,000
cash flow used in investing activities:
proceeds from the sale of assets, including ownership interests in unconsolidated entities
net increase in cash from consolidation of joint ventures		0
proceeds from issuance of senior notes		0																												0	0	0	400,000,000	0	155,483,000											0	0	0	600,000,000
debt issuance costs		101,000	-5,099,000			-9,000				-41,000	-59,000
redemption of senior notes		0								0	0			0	0	0	-409,856,000	0	0	-284,148,000	-10,020,000					-250,000,000	0	0	-350,000,000													0				0	0			-104,785,000	0	0	-59,068,000					-10,400,000				-10,050,000
proceeds related to stock-based benefit plans – net						5,990,000	1,681,000	5,739,000	-9,279,000	1,178,000	18,805,000	3,429,000	24,857,000
payments related to repurchases from land bank programs		-29,193,000	-27,258,000
receipts related to noncontrolling interest – net		58,000	193,000	0	386,000		0	0	167,000
net increase in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash, beginning of year
cash, cash equivalents, and restricted cash, end of year
cash flow used in operating activities:
loss on sale of assets
receipts (payments) related to noncontrolling interest – net
other							-599,000	-222,000	-751,000	144,000	666,000	909,000	1,462,000	346,000	604,000	459,000	2,372,000	-2,390,000	102,000	-1,735,000	3,617,000	-3,195,000	-560,000	-772,000	1,376,000	-506,000	-790,000	-449,000	703,000	2,903,000	-546,000	-252,000	1,006,000	-904,000	-202,000	-43,000	2,544,000	-1,070,000	-748,000	-579,000	658,000
proceeds from the sale of assets											0	0	9,041,000	0				0	0	1,062,000	79,356,000
purchase of treasury stock							-243,476,000	-180,027,000	-56,000	-322,275,000	-146,231,000	-83,732,000	-9,357,000	-158,853,000	-99,610,000	-156,207,000	-128,069,000	-103,198,000	-95,410,000	-253,000	-179,395,000	-184,000	-320,000	-157,529,000	-476,024,000	-66,049,000	-142,230,000	-101,000	-25,143,000	-76,264,000	-135,417,000	-91,221,000	-200,257,000	-200,165,000	-75,294,000	-186,000	-15,236,000	-65,160,000	-97,349,000	-80,128,000	-150,135,000	-50,142,000	-130,000	-374,000	-6,242,000	-90,413,000	-156,000	-101,000	-84,000	-68,000	-15,131,000	-99,000	-79,000	-64,000	-100,000	-220,000	-64,000	-48,639,000	-74,000	-226,000	-163,000	-88,000	-118,000			-229,000	-274,000	-603,000	-367,000	-518,000	-302,000	-813,000	-361,000	-423,000	-509,000	-230,000	-656,000	-21,775,000	-98,629,000	-11,175,000
income from unconsolidated entities										-29,285,000				4,231,000	-2,984,000	-2,933,000	-22,037,000	-45,722,000	-16,636,000	-10,483,000	-1,194,000	4,356,000	2,566,000	4,271,000	-12,141,000	-7,109,000	-7,200,000	-4,419,000	-6,140,000	-31,327,000	-12,469,000	-2,564,000	-38,880,000	-3,792,000	-19,925,000	-45,904,000	-46,445,000	-17,994,000	-4,998,000	-9,118,000	-8,638,000	-4,039,000	-5,952,000	-6,227,000	-4,901,000	-2,949,000	-950,000	-14,327,000	-22,915,000	-5,548,000	-768,000	-4,993,000	-3,083,000	-6,687,000	-5,672,000	-5,368,000	-6,687,000				-8,998,000	-18,653,000	-3,171,000	-1,280,000	-366,000		-1,561,000	-481,000	-903,000
expenses related to early retirement of debt																		0	0																																							413,000
payments related to noncontrolling interest – net														0	0
inventory impairments and write-offs													8,004,000	22,068,000	6,248,000	2,192,000	2,233,000	10,538,000	13,150,000	1,580,000	1,267,000	33,949,000	6,689,000	14,214,000	1,031,000	10,724,000	4,680,000	19,394,000	7,562,000	6,410,000	11,061,000	13,832,000	3,853,000	3,480,000	2,397,000	4,256,000	4,661,000	2,454,000	3,719,000	6,353,000	1,281,000	4,430,000	17,969,000	12,166,000	1,144,000	10,780,000	5,992,000	1,924,000	1,982,000	2,546,000	239,000	1,029,000	709,000	8,120,000	3,121,000	2,008,000	8,120,000
land impairments													13,000,000
property, construction and office equipment impairments														0	0
business acquisitions																						0
proceeds for stock-based benefit plans – net														717,000	872,000
current income taxes																	-48,074,000
payments for stock-based benefit plans																	-2,701,000
payments related to noncontrolling interest																	-61,000		8,000
income taxes receivable																		34,908,000	6,043,000	-13,756,000	-3,520,000
income taxes payable																		1,715,000	-357,000	-1,000	99,000
proceeds from stock-based benefit plans																		1,508,000	1,410,000	11,966,000	-4,397,000	13,604,000	5,947,000	1,070,000	4,235,000	11,928,000	4,139,000	3,133,000	-1,831,000	3,661,000	598,000	1,553,000	7,580,000	8,042,000	17,330,000	14,797,000	25,831,000	1,650,000	333,000	234,000	4,769,000	4,268,000	1,189,000	16,284,000	17,773,000	1,809,000	3,222,000	4,804,000	18,529,000	5,433,000	1,935,000	2,322,000	6,108,000	9,334,000	7,326,000	7,855,000	9,334,000	1,800,000	19,055,000	1,353,000	3,323,000	316,000	3,149,000	1,280,000	2,844,000	16,019,000	1,548,000	614,000	3,966,000	4,938,000	955,000	1,676,000	10,413,000	2,481,000	13,895,000	782,000	3,317,000
(payments) receipts related to noncontrolling interest																					-4,728,000	217,000	-999,000																			527,000
income from foreclosed real estate and distressed loans																						-21,000	-125,000	-192,000	-285,000	-460,000	-136,000	-181,000	-170,000	-282,000	-243,000	-578,000	-448,000	-650,000	-269,000	-3,388,000	-630,000	-6,797,000	-178,000	138,000	-1,553,000	-6,077,000
gain on the sale of golf club properties and an office building																						0	0
changes in operating assets and liabilities
decrease in inventory																																																														1,765,000	50,695,000	-140,542,000	-52,262,000		109,881,000	104,373,000	50,029,000		184,898,000	234,798,000	79,819,000
increase in receivables, prepaid expenses, and other assets																						-3,503,000	459,000	-1,096,000	-172,153,000	-29,418,000	-61,006,000	-47,014,000	-47,823,000									-296,243,000			-9,546,000	-23,102,000	-18,064,000	-14,132,000	-255,000
increase in income taxes receivable																								24,316,000	-36,131,000				-14,363,000
increase in customer deposits – net																						23,201,000	13,951,000	-787,000	34,058,000	-30,685,000	16,000,000	15,696,000	13,030,000
increase in accounts payable and accrued expenses																										45,257,000	33,184,000			33,499,000	10,224,000			-6,618,000	-5,211,000	41,489,000	-170,123,000	486,480,000	5,228,000	15,322,000	17,523,000	20,319,000	-26,000			45,502,000	14,626,000	36,255,000	-14,282,000	27,494,000	36,564,000	35,103,000	1,302,000																					-113,443,000				-85,441,000	175,698,000	65,075,000
decrease in income taxes payable																												12,173,000	-28,804,000				-33,100,000																					-5,790,000	-19,383,000	-1,169,000	-5,790,000
investment in foreclosed real estate and distressed loans																						-244,000	-594,000	-38,000	-234,000	-129,000	-80,000	-392,000	-130,000	-447,000	-324,000	-103,000	-92,000	-22,000	-175,000	-239,000	-274,000	-169,000	-98,000	-172,000	-694,000	-528,000
return of investments in foreclosed real estate and distressed loans																						57,000	320,000	548,000	883,000	1,498,000	435,000	732,000	482,000	831,000	812,000	1,617,000	1,505,000	1,336,000	8,053,000	2,524,000	1,852,000	15,018,000	1,166,000	28,114,000	5,321,000	14,253,000
proceeds from the sale of golf club properties and an office building																						0	0
adjustments to reconcile net income to net provided by operating activities:
increase in inventory																							122,869,000	56,280,000	-303,384,000		-49,824,000	-56,883,000	-158,258,000		-991,000	-124,134,000	-416,764,000		-38,762,000	-54,343,000	-135,782,000	276,361,000	-377,804,000	-116,295,000	-173,440,000	-2,309,000	-147,759,000	-87,499,000	-114,416,000	80,844,000	-33,000,000	44,088,000	-363,914,000	-189,896,000	-134,058,000	-238,645,000	-378,715,000	-108,468,000	-19,955,000	-93,998,000	-108,468,000		-53,764,000	-33,565,000	-120,875,000													165,437,000	54,701,000	-51,706,000	-186,705,000	-250,124,000		-251,799,000
decrease in income taxes receivable
decrease in accounts payable and accrued expenses																							32,905,000	22,044,000	-84,691,000				-166,751,000				-54,029,000												-10,147,000									-67,127,000	8,924,000	-662,000	-67,127,000	9,146,000	-1,246,000	2,188,000	-38,987,000	9,676,000			-14,409,000	-28,812,000	-25,196,000	-24,368,000	-70,689,000		-19,696,000	-68,045,000	-70,924,000			-4,732,000	-97,794,000
increase in income taxes payable																														-7,994,000	23,412,000			-79,243,000	28,156,000	69,274,000	-42,157,000	-41,743,000	24,582,000	17,193,000	5,996,000	-4,423,000	24,233,000	-26,948,000	-58,362,000	4,487,000	42,642,000	-14,154,000	19,426,000			892,000	2,274,000							1,841,000	-20,082,000
acquisition of a business																																		2,095,000	0	0	-85,183,000																	-144,746,000	0	0	-144,746,000
gain on the sale of golf club property
proceeds from the sale of a golf club property
receipts related to noncontrolling interest																									44,000	0	36,000			8,000										-4,000	294,000			1,242,000	50,000	91,000	0	0	81,000		0								0
change in deferred tax valuation allowances																																		0	-32,416,000	226,000	36,000	512,000	204,000	154,000	148,000	-11,254,000	-98,000	-1,083,000	-207,000
gain on sales of golf club properties and an office building
sale and redemption of marketable securities and restricted investments — net
proceeds from sales of golf club properties and an office building
acquisitions of businesses
gain on sales of golf club property and an office building																											0
proceeds from sales of golf club property and an office building																											0
debt issuance costs for senior notes																															-121,000	0	-3,410,000		-1,616,000			0	8,000	21,000	-64,000					-39,000	0	0	-4,700,000
debt issuance costs for loans payable																											0	110,000	-2,058,000									-932,000								-58,000	0
cash flow from financing activities:
gain on sale of golf club property																													-12,186,000
purchase of property and equipment – net																													-19,576,000
proceeds from sale of golf club property																													18,220,000
decrease in receivables, prepaid expenses, and other assets																														38,107,000	-26,133,000	-80,794,000	-16,594,000		-9,093,000	-27,781,000	83,815,000
increase in customer deposits																														-40,618,000	-605,000	32,367,000	8,138,000	-26,285,000	6,847,000	27,309,000	30,096,000	-15,569,000	10,991,000	17,640,000	14,776,000	-23,111,000	20,367,000	35,183,000	14,039,000	-16,641,000	-1,837,000	21,862,000	7,132,000	-16,834,000	22,098,000	35,060,000	12,059,000	3,230,000	12,939,000	25,608,000	3,230,000	-4,915,000	536,000	15,277,000	2,277,000													-31,446,000	-18,738,000	-17,694,000	-16,805,000	481,000	-1,492,000	34,493,000
purchase of property and equipment — net																														-6,531,000	-15,200,000	-4,807,000	-1,694,000	-6,471,000	-10,692,000	-5,395,000	-6,314,000	-5,146,000	-15,956,000	-5,731,000	-1,593,000	-2,202,000	-1,361,000	-3,000,000	-2,884,000	-5,574,000	-3,733,000	-2,914,000	-2,853,000	-2,383,000	-3,920,000	-14,873,000	-5,391,000		-2,571,000			-2,626,000	-1,815,000	-831,000	-4,281,000
net increase in cash and cash equivalents																														660,014,000	47,068,000			-233,366,000	254,929,000										-85,415,000				417,517,000													-395,575,000	72,666,000			150,151,000	-305,433,000	429,476,000	-99,971,000	131,135,000	266,332,000	279,384,000	56,307,000	128,616,000					450,722,000	-89,591,000
cash and cash equivalents, beginning of period																														0	0	0	712,829,000	0	0	0	633,715,000	0	0	0	918,993,000	0	0	0	586,315,000		0	0	772,972,000		0	0	778,824,000	906,340,000	0	0	906,340,000		0				0	0	1,807,718,000		0	0	1,633,495,000		0	0	900,337,000		0	0	632,524,000	689,219,000		0
cash and cash equivalents, end of period																														660,014,000	47,068,000	-33,164,000	508,277,000	-233,366,000	254,929,000	317,797,000	373,469,000	281,861,000	-71,324,000	86,934,000	336,244,000	524,185,000	-137,349,000	31,257,000	500,900,000		22,828,000	-838,668,000	1,190,489,000		196,240,000	334,345,000	368,756,000	575,694,000	-107,587,000	133,344,000	575,694,000		-59,829,000				72,666,000	-206,001,000	1,567,970,000		-305,433,000	429,476,000	1,533,524,000		266,332,000	279,384,000	956,644,000		218,595,000	103,877,000	449,249,000	363,563,000		-89,591,000
decrease in restricted cash																																									-12,555,000	1,125,000	42,000	-500,000	880,000		141,000	9,633,000	-139,000		385,000	-44,000	13,519,000				-28,481,000	4,465,000	7,900,000	20,283,000	8,498,000
decrease in restricted cash and investments																																1,298,000	23,000		16,000	11,648,000	18,846,000
net decrease in cash and cash equivalents																																	-204,552,000				-260,246,000		-71,324,000	86,934,000	-582,749,000		-137,349,000									334,345,000	-410,068,000	-330,646,000	-107,587,000	133,344,000	-330,646,000		-59,829,000	63,297,000	-152,461,000				-239,748,000											103,877,000	-183,275,000	-325,656,000
cash flow provided by operating activities:
excess tax benefits from stock-based compensation																																		-4,156,000	-464,000	-455,000	-253,000	-983,000	-466,000	-368,000	-297,000	2,975,000	-1,558,000	-1,179,000	-1,866,000	-7,372,000	1,620,000	-1,052,000	-789,000													-1,359,000	-989,000	88,000	-2,694,000	-21,247,000	-239,000	-693,000	-2,638,000	-17,237,000	-165,000	-1,525,000	-6,853,000	-1,179,000	-14,566,000	2,806,000	-2,976,000
decrease (increase) in inventory
decrease (increase) in restricted cash and investments
decrease (increase) in receivables, prepaid expenses, and other assets
cash flow provided by investing activities:
net increase in cash from purchase of joint venture interest																																										0	0
sale and redemption of marketable securities																																						0	0	0	10,000,000	0	0	0	2,000,000	-1,000	1,000,000	0	39,243,000	69,251,000	109,111,000	200,709,000	38,775,000	88,217,000	80,787,000	101,499,000	88,217,000	90,459,000	91,292,000	124,580,000	102,500,000
acquisition of a business, net of cash acquired																																														0	0
net proceeds from issuance of common stock																																														0	8,000	0	220,357,000
receipts (payments) related to noncontrolling interest																																						114,000
deferred tax benefit																																																						-1,246,000	4,795,000	-2,072,000	-1,246,000		10,844,000	74,000	-6,589,000	75,384,000				137,100,000	-164,796,000	19,534,000	-44,415,000				-99,933,000	-151,853,000
increase in restricted cash and investments
purchase of marketable securities																																																		0	-40,000	-10,143,000	-26,019,000		-139,736,000			-32,777,000	-90,982,000	-209,867,000	-119,238,000												-1,371,742,000
cash flow provided by financing activities:
change in fair value of mortgage loans held for sale and derivative instruments																																											-382,000	-310,000	555,000
gain on sale of marketable securities
income from distressed loans and foreclosed real estate																																												-2,860,000	-2,345,000	-1,809,000	-6,090,000	-1,315,000	-6,619,000	-6,016,000	-5,403,000	-1,882,000	-3,011,000
investment in and advances to unconsolidated entities																																												-9,021,000	-18,684,000									-71,784,000		-3,224,000	-71,784,000																-8,713,000
investment in distressed loans and foreclosed real estate																																												-229,000	-1,468,000
return of investments in distressed loans and foreclosed real estate																																												8,000,000	6,592,000	12,455,000	18,251,000	4,850,000	17,574,000	11,974,000	9,282,000	3,099,000	3,015,000
deposit - acquisition of a business																																																	-161,000,000
recovery of investments in unconsolidated entities
change in fair value of mortgage loans receivable and derivative instruments																																														-159,000	-286,000	-176,000	605,000	-360,000	242,000	-262,000	554,000	346,000	-528,000	-62,000	346,000	-153,000	-190,000	104,000	714,000
decrease (increase) in restricted cash
cash and cash equivalents, beginning of year																																																													1,039,060,000
cash and cash equivalents, end of year																																																													886,599,000
deferred tax valuation allowances																																															-1,429,000	-778,000	-448,000		-1,856,000	-1,061,000	-216,000	1,246,000	-4,795,000	2,072,000	1,246,000	22,517,000	-10,844,000	-74,000	6,589,000	-75,384,000
loss on marketable securities
increase in receivables, prepaid expenses and other assets																																															-2,635,000	2,687,000	-7,274,000	-32,978,000	-3,644,000				9,375,000																						6,293,000
investments in and advances to unconsolidated entities																																															-12,385,000	-20,246,000	-60,408,000		-17,216,000	-24,380,000	-7,614,000										-29,697,000	-20,979,000	-4,952,000		-3,774,000	-10,284,000	-6,162,000		-9,578,000				-12,369,000	-3,836,000	-4,989,000	-71,369,000		-30,433,000
investments in distressed loans and foreclosed real estate																																															-370,000	-566,000	-191,000		0	-9,903,000	-16,252,000
gain on marketable securities																																																15,000	-21,000					-39,000	-1,000	0	-39,000
redemption of senior subordinated notes																																																														0	0	0	-47,872,000														70,000,000	0
(recovery) impairment of investments in unconsolidated entities
decrease in income tax refund recoverable																																																										0	0
net cash from (used) in investing activities
net proceeds from issuance of senior notes																																																		0	102,333,000				0												0
change in noncontrolling interest
decrease in receivables, prepaid expenses and other assets																																																					-8,256,000	11,929,000			11,929,000	-8,566,000	-10,127,000	-765,000	7,937,000	-10,591,000	4,289,000	-265,000	3,452,000	-10,217,000	12,172,000	12,026,000	6,064,000	-4,302,000	-1,384,000	19,706,000	4,718,000		12,356,000			8,016,000		-30,494,000
income from non-performing loan portfolios and foreclosed real estate																																																						-4,138,000	-2,721,000	-5,866,000	-4,138,000
increase in restricted cash																																																						-28,481,000
investment in non-performing loan portfolios and foreclosed real estate																																																						-26,410,000		-1,080,000	-26,410,000
return of investments in non-performing loan portfolios and foreclosed real estate																																																						3,702,000	2,830,000	7,880,000	3,702,000
impairments of investments in unconsolidated entities																																																										1,270,000	0	19,600,000	20,000,000
purchase of property and equipment—net																																																						-3,540,000			-3,540,000
(recovery) impairments of investments in unconsolidated entities																																																							0
investments in non-performing loan portfolios and foreclosed real estate
income from non-performing loan portfolios
change in deferred tax asset
inventory impairments																																																										16,976,000	16,813,000	12,922,000	5,126,000	27,038,000	12,508,000	42,331,000	33,381,000	85,483,000	109,676,000	119,636,000	150,616,000				217,660,000
increase in current income taxes payable																																																																4,133,000	4,256,000												-7,291,000	19,173,000	100,318,000	13,293,000
income from unconsolidated entities and non-performing loan portfolio																																																											-12,055,000
investment in and advances to unconsolidated entities and non-performing loan portfolio																																																											0
net loss																																																														50,479,000	27,302,000	-40,401,000	-40,754,000		-472,331,000	-83,165,000	-88,895,000
adjustments to reconcile net loss to net cash from operating activities:
increase in income tax refund recoverable																																																																	-20,437,000
goodwill impairment charge																																																																										0	0	0	8,973,000
deconsolidation of majority-owned joint venture
decrease in contract receivables
decrease in customer deposits																																																														-5,447,000	-3,328,000	-2,641,000	-3,766,000	-7,363,000	-7,335,000	-11,108,000	-19,900,000	-33,080,000	-24,921,000	-20,210,000	-30,899,000
impairment of investment in unconsolidated entities
debt redemption expense																																																																	34,000
decrease in income tax recoverable
decrease in current income taxes payable																																																																					-52,539,000				-22,537,000		-4,412,000
purchase of property and equipment																																																															-704,000				-294,000	281,000	-2,483,000		454,000	-217,000	-3,791,000				-7,025,000	-14,264,000
purchases of marketable securities																																																															-20,000,000								-3,000				-1,722,930,000	-931,165,000	-1,186,525,000	-985,820,000
return of investments from unconsolidated entities																																																															2,800,000	3,746,000	700,000		0	0	1,443,000
write-off of unamortized debt issuance costs																																																																			0
increase in income tax recoverable
impairment of investments in unconsolidated entities																																																																					6,000,000
purchases of property and equipment																																																																	-276,000
purchases of marketable u.s. treasury securities																																																																	-85,450,000
purchases of treasury stock																																																																	-142,000
adjustments to reconcile net income to net cash provided by operating activities:
earnings from unconsolidated entities
amortization of initial benefit obligation																																																																										203,000	203,000	443,000	442,000	449,000
deferred tax valuation allowance
gain on sale of businesses
changes in operating assets and liabilities, net of assets and liabilities acquired decrease in inventory
proceeds from sale of ancillary businesses
sale of marketable securities																																																																						4,600,000	4,330,000	82,815,000	1,371,742,000			931,165,000	1,186,525,000	985,820,000
issuance of senior debt
redemption of senior and senior subordinated notes
proceeds from restricted stock award																																																																										0	0	0	1,800,000
change in minority interest																																																																						0	0	0	3,000	6,000	242,000	0	60,000
decrease in contracts receivable																																																																							616,000	19,183,000	22,054,000			92,220,000	3,224,000
increase in income tax refund receivable
redemption and repurchase of senior subordinated notes
adjustments to reconcile net loss to net
cash from operating activities:
adjustments to reconcile net income to net cash (used in) provided by operating activities:
adjustments to reconcile net income to net cash provided by (used in) operating activities:
deconsolidation of majority owned joint venture
purchase of property and equipment-net
acquisition of interest in unconsolidated entities
loss (earnings) from unconsolidated entities																																																																							30,113,000	81,557,000	24,086,000
inventory write-offs
gain on sale of ancillary business																																																																												0	-9,565,000
distributions of investments in unconsolidated entities
provision for inventory write-offs																																																																													96,901,000	1,129,000		1,216,000
proceeds from sale of ancillary business																																																																												0	15,755,000
distributions of capital from unconsolidated entities
adjustments to reconcile netincome to net cash provided by (used in) operating activities:
gain on sale of business
goodwill impairment
changes in operating assets and liabilities, net of assets and liabilities acquired
amortization of unearned compensation
write-off of unamortized debt discount and financing costs																																																																															-906,000	481,000
changes in operating assets and liabilities, net of assets and liabilities acquired or disposed of:
decrease (increase) in contract receivables
decrease (increase) in receivables, prepaid expenses and other assets
net proceeds from issuance of public debt																																																																															-4,335,000	0
equity earnings from unconsolidated entities																																																																											-3,848,000
distributions from unconsolidated entities																																																																											6,325,000	3,523,000	6,653,000	2,643,000		21,138,000
gain on sales of ancillary businesses
decrease (increase) in contracts receivable
purchase of property, construction and office equipment																																																																											-1,845,000
proceeds from sales of ancillary businesses
sales of marketable securities
acquisition of joint venture interest																																																																														-40,751,000
provision for inventory write-downs/write-offs
equity earnings in unconsolidated entities																																																																													-6,792,000	-16,569,000		-5,551,000
distribution of earnings from unconsolidated entities
benefit from inventory write-offs
increase in contract receivables
acquisition of interests in unconsolidated entities
share-based compensation																																																																														11,075,000
increase in contracts receivable																																																																														-57,569,000
proceeds from stock based benefit plans																																																																														5,972,000	32,664,000	1,245,000
changes in operating assets and liabilities, net of assets and liabilities acquired increase in inventory
proceeds from issuance of common stock

Toll Brothers, Inc(NYSE:TOL)

Toll Brothers, Inc
(NYSE:TOL)