|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Oct. 31, 2012
|
Oct. 31, 2011
|
Oct. 31, 2010
|
| Cash Flows From Operating Activities: |
|
|
|
| Net income |
$ 264,768 |
$ 227,574 |
$ 201,225 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
26,085 |
25,269 |
24,911 |
| Amortization of deferred sales commissions |
20,480 |
35,723 |
35,518 |
| Stock-based compensation |
56,027 |
52,030 |
47,858 |
| Deferred income taxes |
(11,478) |
54,868 |
(16,504) |
| Net gains on investments and derivatives |
(10,957) |
(11,931) |
(7,150) |
| Equity in net income of affiliates, net of amortization |
(4,161) |
(4,898) |
(848) |
| Dividends received from affiliates |
11,369 |
1,608 |
1,313 |
| Consolidated CLO entity operating activities: |
|
|
|
| Net (gains) losses on bank loans, other investments and note obligations |
(22,648) |
38,153 |
0 |
| Amortization of investments |
(1,014) |
(1,221) |
0 |
| Net decrease in other assets and liabilities, including cash |
(23,060) |
(3,122) |
0 |
| Changes in operating assets and liabilities: |
|
|
|
| Investment advisory fees and other receivables |
(2,735) |
456 |
(21,651) |
| Investments in trading securities |
(142,862) |
(214,826) |
(208,793) |
| Deferred sales commissions |
(11,933) |
(15,505) |
(31,696) |
| Other assets |
(5,049) |
(38,948) |
(15,397) |
| Accrued compensation |
7,944 |
17,471 |
34,692 |
| Accounts payable and accrued expenses |
7,549 |
(7,406) |
9,937 |
| Other liabilities |
20,453 |
17,017 |
42,484 |
| Net cash provided by operating activities |
178,778 |
172,312 |
95,899 |
| Cash Flows From Investing Activities: |
|
|
|
| Additions to equipment and leasehold improvements |
(4,109) |
(10,639) |
(12,205) |
| Net cash paid in acquisition |
(12,334) |
(11,595) |
(8,797) |
| Cash paid for intangible assets |
(200) |
(1,650) |
0 |
| Payments received on note receivable from affiliate |
0 |
0 |
8,000 |
| Proceeds from sales of investments |
82,422 |
158,439 |
40,497 |
| Purchase of investments |
(209,870) |
(1,569) |
(41,520) |
| Consolidated CLO entity investing activities: |
|
|
|
| Proceeds from sales and maturities of bank loans and other investments |
169,099 |
291,381 |
0 |
| Purchase of bank loans and other investments |
(115,913) |
(290,847) |
0 |
| Net cash (used for) provided by investing activities |
(90,905) |
133,520 |
(14,025) |
| Cash Flows From Financing Activities: |
|
|
|
| Purchase of additional non-controlling interest |
(19,864) |
(6,611) |
(11,244) |
| Proceeds from issuance of Voting Common Stock |
56 |
0 |
0 |
| Proceeds from issuance of Non-Voting Common Stock |
55,711 |
60,941 |
56,237 |
| Repurchase of Voting Common Stock |
0 |
0 |
(96) |
| Repurchase of Non-Voting Common Stock |
(106,470) |
(198,627) |
(111,173) |
| Principal repayments on notes receivable from stock option exercises |
821 |
941 |
1,864 |
| Excess tax benefit of stock option exercises |
8,618 |
7,022 |
10,825 |
| Dividends paid |
(87,826) |
(85,240) |
(75,651) |
| Line of credit issuance costs |
(1,192) |
0 |
0 |
| Net subscriptions received from (redemptions/distributions paid to) non-controlling interest holders |
42,012 |
118,527 |
44,986 |
| Consolidated CLO Entity Financing Activities: |
|
|
|
| Principal repayments of senior notes |
(28,614) |
|
|
| Net cash used for financing activities |
(136,748) |
(103,047) |
(84,252) |
| Effect of currency rate changes on cash and cash equivalents |
38 |
242 |
(322) |
| Net (decrease) increase in cash and cash equivalents |
(48,837) |
203,027 |
(2,700) |
| Cash and cash equivalents, beginning of period |
510,913 |
307,886 |
310,586 |
| Cash and cash equivalents, end of period |
462,076 |
510,913 |
307,886 |
| Supplemental Cash Flow Information: |
|
|
|
| Cash paid for interest |
32,772 |
32,642 |
32,642 |
| Cash paid for interest by consolidated CLO entity |
19,508 |
11,100 |
0 |
| Cash paid for income taxes, net of refunds |
152,730 |
83,610 |
135,853 |
| Supplemental Disclosure of Non-Cash Information: |
|
|
|
| Increase in equipment and leasehold improvements due to non-cash additions |
513 |
3,350 |
860 |
| Exercise of stock options through issuance of notes receivable |
535 |
2,224 |
1,944 |
| Consolidation of CLO Entity: |
|
|
|
| Increase in other assets, net of other liabilities |
0 |
10,418 |
0 |
| Increase in investments |
0 |
446,440 |
0 |
| Increase in borrowings |
0 |
446,192 |
0 |
| Deconsolidations of Sponsored Investment Funds: |
|
|
|
| Decrease in investments |
(66,778) |
(124,253) |
(52,594) |
| Decrease in non-controlling interests |
$ (65,092) |
$ (125,844) |
$ (36,372) |