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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Oct. 31, 2019
USD ($)
Oct. 31, 2018
USD ($)
Oct. 31, 2017
USD ($)
Cash Flows From Operating Activities:      
Net income $ 432,876 $ 397,905 $ 306,373
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 23,706 25,013 19,132
Unamortized loss on derivative instrument 0 0 (684)
Amortization of deferred sales commissions 22,592 18,394 16,231
Stock-based compensation 90,998 87,047 79,525
Deferred income taxes 4,503 25,246 14,345
Net (gains) losses on investments and derivatives (8,255) 17,796 1,900
Loss on expiration of Hexavest option 0 6,523 0
Equity in net income of affiliates, net of tax (9,090) (11,373) (10,870)
Dividends received from affiliates 10,927 12,243 11,447
Loss on extinguishment of debt 0 0 5,396
Consolidated CLO entities' operating activities:      
Net (gains) losses on bank loan, other investments and note obligations 4,240 (1,999) 0
Amortization of bank loan investments (1,447) (248) 0
(Increase) decrease in other assets, net of other liabilities 12,680 (150) 0
Increase in cash due to initial consolidation 19,009 51,278 0
Changes in operating assets and liabilities:      
Management fees and other receivables (1,052) (36,427) (14,167)
Short-term debt securities (24,663) (59,551) (126,996)
Investments held by consolidated sponsored funds and separatley managed accounts (28,492) (181,797) (253,748)
Deferred sales commissions (29,169) (30,598) (25,577)
Other assets (1,459) (1,960) (11,250)
Accrued compensation 6,674 26,806 33,489
Accounts payable and accrued expenses (4,924) 10,287 7,330
Other liabilities (7,836) 5,286 44,032
Net cash provided by operating activities 511,818 359,721 95,908
Cash Flows From Investing Activities:      
Additions to equipment and leasehold improvements (34,897) (18,747) (12,698)
Net cash paid in acquisition 0 0 (63,605)
Proceeds from sale of investments 14,067 24,486 16,502
Purchase of investments (3,514) (7,022) (276)
Proceeds from sale of investments in CLO entity note obligations 0 76,563 0
Purchase of investments in CLO entity note obligations (54,352) (147,322) 0
Consolidated CLO entities' investing activities:      
Proceeds from sales of bank loans and other investments 501,356 154,871 0
Purchase of bank loans and other investments (1,098,530) (407,883) (31,348)
Net cash used for investing activities (675,870) (325,054) (91,425)
Cash Flows From Financing Activities:      
Purchase of additional non-controlling interest (91,617) (20,818) (9,820)
Line of credit issuance costs (930) 0 0
Debt issuance costs 0 0 (2,761)
Proceeds from issuance of debt 0 0 298,896
Repayment of debt 0 0 (250,000)
Loss on extinguishment of debt 0 0 (5,396)
Principal repayments on notes receivable from stock option exercises 1,183 4,825 4,500
Dividends paid (159,123) (144,855) (125,785)
Net subscriptions received from (redemptions/distributions paid to) non-controlling interest holders 44,508 100,360 188,463
Consolidated CLO entities' financing activities:      
Proceeds from line of credit 197,915 245,898 12,598
Repayment of line of credit (197,915) (258,496) 0
Issuance of senior and subordinated notes obligations 794,767 1,320,397 0
Principal repayments of senior and subordinated note obligations (389,000) (865,624) 0
Net cash provided by (used for) financing activities (48,356) 184,413 195,430
Effect of currency rate changes on cash and cash equivalents (322) (2,868) 2,701
Net increase (decrease) in cash, cash equivalents and restricted cash (212,730) 216,212 202,614
Cash, cash equivalents and restricted cash, beginning of year 866,075 649,863 447,249
Cash, cash equivalents and restricted cash, end of year 653,345 866,075 649,863
Supplemental Cash and Restricted Cash Flow Information:      
Cash paid for interest 22,695 22,660 25,535
Cash paid for interest upon repayment of debt 0 0 1,354
Cash paid for interest by consolidated CLO entities 38,140 10,681 0
Cash paid for income taxes, net of refunds 125,054 135,105 143,948
Supplemental Schedule of Non-Cash Investing and Financing Transactions:      
Increase in equipment and leasehold improvements due to non-cash additions 4,341 1,336 863
Exercise of stock options through issuance of notes receivable 1,573 1,770 3,538
Increase (decrease) in non-controlling interests due to net consolidations (deconsolidations) of sponsored investment funds (67,989) (25,320) 129,587
Decrease in bank loans and other investments of consolidated CLO entities due to unsettled sales (24,193) 0 0
Increase in bank loans and other investments of consolidated CLO entities due to unsettled purchases 33,985 149,617 0
Non-controlling interest call option exercises recorded in other liabilities 8,372 14,133 12,379
Initial Consolidation of CLO Entities:      
Increase in bank loans and other investments 410,853 814,122 0
Increase in senior loan obligations 391,080 843,089 0
Deconsolidation of CLO Entities:      
Decrease in bank loans and other investments 0 (379,676) 0
Decrease in senior and subordinated loan obligations 0 (378,742) 0
Non-Voting Common Stock [Member]      
Cash Flows From Financing Activities:      
Proceeds from issuance of Non-Voting Common Stock 51,256 76,447 210,934
Repurchase of Common Stock (299,400) (273,550) (126,199)
Supplemental Schedule of Non-Cash Investing and Financing Transactions:      
Non-Voting Common Stock repurchases recorded in accounts payable and accrued expenses 13,670 13,136 0
Voting Common Stock [Member]      
Cash Flows From Financing Activities:      
Repurchase of Common Stock $ 0 $ (171) $ 0