|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Apr. 30, 2013
|
Apr. 30, 2012
|
| Cash Flows From Operating Activities: |
|
|
| Net income |
$ 133,247 |
$ 127,640 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: |
|
|
| Depreciation and amortization |
11,610 |
12,597 |
| Amortization of deferred sales commissions |
9,591 |
11,372 |
| Stock-based compensation |
26,884 |
29,320 |
| Deferred income taxes |
(1,755) |
(5,176) |
| Net gains on investments and derivatives |
(6,226) |
(7,680) |
| Equity in net income of affiliates, net of amortization |
(8,127) |
(2,383) |
| Dividends received from affiliates |
10,163 |
10,534 |
| Consolidated CLO entity operating activities: |
|
|
| Net losses (gains) on bank loans, other investments and note obligations |
2,739 |
(7,963) |
| Amortization of investments |
(403) |
(532) |
| Net (decrease) increase in other assets and liabilities, including cash |
(29,244) |
7,012 |
| Changes in operating assets and liabilities: |
|
|
| Investment advisory fees and other receivables |
(13,692) |
1,665 |
| Investments in trading securities |
(127,402) |
(58,759) |
| Deferred sales commissions |
(9,516) |
(5,494) |
| Other assets |
32,715 |
(31,142) |
| Accrued compensation |
(60,286) |
(61,329) |
| Accounts payable and accrued expenses |
(3,443) |
1,949 |
| Other liabilities |
(18,947) |
26,727 |
| Net cash (used for) provided by operating activities |
(52,092) |
48,358 |
| Cash Flows From Investing Activities: |
|
|
| Additions to equipment and leasehold improvements |
(2,158) |
(2,479) |
| Net cash paid in acquisition |
(86,429) |
(12,335) |
| Cash paid for intangible assets |
(300) |
(200) |
| Proceeds from sales of investments |
63,184 |
47,407 |
| Purchase of investments |
(662) |
(6,274) |
| Consolidated CLO entity investing activities: |
|
|
| Proceeds from sales and maturities of bank loans and other investments |
199,601 |
89,308 |
| Purchase of bank loans and other investments |
(85,412) |
(96,525) |
| Net cash provided by investing activities |
87,824 |
18,902 |
| Cash Flows From Financing Activities: |
|
|
| Purchase of additional non-controlling interest |
(43,507) |
|
| Proceeds from issuance of subsidiary equity |
1,092 |
|
| Proceeds from issuance of Voting Common Stock |
0 |
56 |
| Proceeds from issuance of Non-Voting Common Stock |
86,536 |
11,687 |
| Repurchase of Voting Common Stock |
(73) |
|
| Repurchase of Non-Voting Common Stock |
(22,723) |
(51,669) |
| Principal repayments on notes receivable from stock option exercises |
1,611 |
481 |
| Excess tax benefit of stock option exercises |
13,118 |
1,162 |
| Dividends paid |
(166,980) |
(43,982) |
| Net subscriptions received from (redemptions/distributions paid to) non-controlling interest holders |
37,189 |
18,666 |
| Consolidated CLO entity financing activities: |
|
|
| Principal repayments of senior notes |
(83,742) |
|
| Net cash used for financing activities |
(177,479) |
(63,599) |
| Effect of currency rate changes on cash and cash equivalents |
(194) |
94 |
| Net (decrease) increase in cash and cash equivalents |
(141,941) |
3,755 |
| Cash and cash equivalents, beginning of period |
462,076 |
510,913 |
| Cash and cash equivalents, end of period |
320,135 |
514,668 |
| Supplemental Cash Flow Information: |
|
|
| Cash paid for interest |
16,478 |
16,320 |
| Cash paid for interest by consolidated CLO entity |
7,920 |
8,715 |
| Cash paid for income taxes, net of refunds |
61,016 |
86,090 |
| Supplemental Disclosure of Non-Cash Information: |
|
|
| Increase in equipment and leasehold improvements due to non-cash additions |
0 |
180 |
| Exercise of stock options through issuance of notes receivable |
4,734 |
211 |
| Deconsolidations of Sponsored Investment Funds: |
|
|
| Decrease in investments |
(14,461) |
(6,639) |
| Decrease in non-controlling interests |
$ (13,969) |
$ (6,276) |