v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Cash flows from operating activities:      
Net income $ 330,845 $ 115,562 $ 107,017
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 63,521 61,845 55,311
Stock-based compensation expense 29,210 27,157 22,818
Impairment of right to use assets 7,392   2,282
Impairment of fixed assets 1,915   372
Provision for doubtful accounts 21,552 15,763 14,644
Gain on cash surrender value of life insurance policies (5,819) (13,017) (6,551)
Loss (gain) on marketable securities 11,978 (38,529) 2,066
Deferred income taxes (16,963) (14,140) (9,330)
Change in other assets and liabilities:      
Deferred compensation 27,197 64,005 23,496
Receivables due from clients (138,627) (67,331) 34,152
Income taxes and other receivables 3,969 5,798 (6,421)
Prepaid expenses and other assets (9,534) (3,902) (956)
Unearned compensation (23,425) (32,935) 300
Income taxes payable 12,751 (1,824) 1,246
Accounts payable and accrued liabilities 191,447 122,687 (6,011)
Other (5,751) 10,294 1,914
Net cash provided by operating activities 501,658 251,433 236,349
Cash flows from investing activities:      
Purchase of property and equipment (49,406) (31,122) (41,460)
Purchase of marketable securities (82,015) (103,499) (83,563)
Proceeds from sales/maturities of marketable securities 92,472 69,683 47,936
Cash paid for acquisitions, net of cash acquired (133,802)   (108,602)
Premium on company-owned life insurance policies (15,218) (15,353) (15,699)
Proceeds from life insurance policies 3,382 18,707 2,280
Dividends received from unconsolidated subsidiaries 255 205 346
Net cash used in investing activities (184,332) (61,379) (198,762)
Cash flows from financing activities:      
Repurchases of common stock (96,258) (30,387) (92,446)
Payments of tax withholdings on restricted stock (18,532) (4,989) (8,993)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 6,919 5,706 7,684
Payments on life insurance policy loans (178) (12,279) (943)
Principal payments on finance leases (1,157) (1,324) (1,833)
Dividends paid to shareholders (26,786) (22,498) (22,798)
Dividends paid to noncontrolling interest (1,452) (1,115) (2,110)
Proceeds from long term debt     1,045,500
Principal payments on long term debt     (876,875)
Payment of debt issuance costs     (3,050)
Payment of contingent consideration from acquisitions     (455)
Net cash (used in) provided by financing activities (137,444) (66,886) 43,681
Effect of exchange rate changes on cash and cash equivalents (52,590) 38,366 (18,384)
Net increase in cash and cash equivalents 127,292 161,534 62,884
Cash and cash equivalents at beginning of year 850,778 689,244 626,360
Cash and cash equivalents at end of the period 978,070 850,778 689,244
Supplemental cash flow information:      
Cash used to pay interest 24,607 25,207 12,526
Cash used to pay income taxes, net of refunds $ 107,602 $ 55,317 $ 54,914

Source