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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Oct. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
Oct. 31, 2018
USD ($)
Cash Flows From Operating Activities:      
Net income $ 133,334 $ 432,876 $ 397,905
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 23,385 23,706 25,013
Amortization of deferred sales commissions 24,986 22,592 18,394
Stock-based compensation 237,541 90,998 87,047
Deferred income taxes 35,347 4,503 25,246
Net (gains) losses on investments and derivatives 21,613 (8,255) 17,796
Loss on expiration of Hexavest option 0 0 6,523
Equity in net (income) loss of affiliates, net of tax 117,231 (9,090) (11,373)
Dividends received from affiliates 7,433 10,927 12,243
Non-cash operating lease expense 17,289 0 0
Consolidated CLO entities' operating activities:      
Net (gains) losses on bank loans, other investments and note obligations 37,184 4,240 (1,999)
Amortization of bank loan investments (3,772) (1,447) (248)
(Increase) decrease in other assets, net of other liabilities (11,360) 12,680 (150)
Increase (decrease) in cash due to initial consolidation (deconsolidation) of CLO entities (4,606) 19,009 51,278
Changes in operating assets and liabilities:      
Management fees and other receivables (11,914) (1,052) (36,427)
Short-term debt securities 27,457 (24,663) (59,551)
Investments held by consolidated sponsored funds and separately managed accounts (268,996) (28,492) (181,797)
Deferred sales commissions (30,430) (29,169) (30,598)
Other assets 5,039 (1,459) (1,960)
Accrued compensation 5,356 6,674 26,806
Accounts payable and accrued expenses 10,953 (4,924) 10,287
Operating lease liabilities (17,760) 0 0
Other liabilities (30,481) (7,836) 5,286
Net cash provided by operating activities 324,829 511,818 359,721
Cash Flows From Investing Activities:      
Additions to equipment and leasehold improvements (21,043) (34,897) (18,747)
Net cash paid in acquisition (28,800) 0 0
Proceeds from sale of investments 16,333 14,067 24,486
Purchase of investments (288) (3,514) (7,022)
Proceeds from sale of investments in CLO entity note obligations 27,258 0 76,563
Purchase of investments in CLO entity note obligations (39,494) (54,352) (147,322)
Consolidated CLO entities' investing activities:      
Proceeds from sale of bank loans and other investments 645,390 501,356 154,871
Purchase of bank loans and other investments (1,113,797) (1,098,530) (407,883)
Net cash used for investing activities (514,441) (675,870) (325,054)
Cash Flows From Financing Activities:      
Purchase of additional non-controlling interest (8,372) (91,617) (20,818)
Proceeds from line of credit 300,000 0 0
Repayment of line of credit (300,000) 0 0
Line of credit issuance costs 0 (930) 0
Principal repayments on notes receivable from stock option exercises 3,548 1,183 4,825
Dividends paid (183,893) (159,123) (144,855)
Net subscriptions received from (redemptions/distributions paid to) non-controlling interest holders 240,742 44,508 100,360
Consolidated CLO entities' financing activities:      
Proceeds from line of credit 177,035 197,915 245,898
Repayment of line of credit (133,410) (197,915) (258,496)
Issuance of senior and subordinated notes obligations 451,610 794,767 1,320,397
Principal repayments of senior and subordinated note obligations (500) (389,000) (865,624)
Net cash provided by (used for) for financing activities 474,551 (48,356) 184,413
Effect of currency rate changes on cash and cash equivalents (1,618) (322) (2,868)
Net increase (decrease) in cash, cash equivalents and restricted cash 283,321 (212,730) 216,212
Cash, cash equivalents and restricted cash, beginning of year 653,345 866,075 649,863
Cash, cash equivalents and restricted cash, end of year 936,666 653,345 866,075
Supplemental Cash and Restricted Cash Flow Information:      
Cash paid for interest 23,141 22,695 22,660
Cash paid for interest by consolidated CLO entities 55,946 38,140 10,681
Cash paid for income taxes, net of refunds 102,252 125,054 135,105
Supplemental Schedule of Non-Cash Investing and Financing Transactions:      
Increase in equipment and leasehold improvements due to non-cash additions 1,058 4,341 1,336
Increase in definitive-lived intangible assets due to non-cash acquistion consideration 19,311 0 0
Operating lease right-of-use assets recognized upon adoption of new lease guidance 270,040 0 0
Operating lease liabilities recognized upon adoption of new lease guidance 318,824 0 0
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 328 0 0
Exercise of stock options through issuance of notes receivable 2,187 1,573 1,770
Non-controlling interest call option exercises recorded in other liabilities 6,772 8,372 14,133
Decrease in non-controlling interests due to net deconsolidation of sponsored investment funds (301,867) (67,989) (25,320)
Decrease in bank loans and other investments of consolidated CLO entities due to unsettled sales (23,886) (24,193) 0
Increase in bank loans and other investments of consolidated CLO entities due to unsettled purchases 392,447 33,985 149,617
Initial Consolidation of CLO Entities:      
Increase in bank loans and other investments 0 410,853 814,122
Increase in senior loan obligations 0 391,080 843,089
Deconsolidation of CLO Entities:      
Decrease in bank loans and other investments (445,569) 0 (379,676)
Decrease in senior and subordinated note obligations (421,601) 0 (378,742)
Non-Voting Common Stock [Member]      
Cash Flows From Financing Activities:      
Proceeds from issuance of Voting Common Stock 112,567 51,256 76,447
Repurchase of Common Stock (185,212) (299,400) (273,550)
Supplemental Schedule of Non-Cash Investing and Financing Transactions:      
Non-Voting Common Stock repurchases recorded in accounts payable and accrued expenses 0 13,670 13,136
Voting Common Stock [Member]      
Cash Flows From Financing Activities:      
Proceeds from issuance of Voting Common Stock 581 0 0
Repurchase of Common Stock $ (145) $ 0 $ (171)