Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Cash flows from operating activities:    
Net income $ 23,082 $ 14,533
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 7,423 6,770
Stock-based compensation expense 3,691 3,319
Provision for doubtful accounts 2,068 1,911
Gain on cash surrender value of life insurance policies (2,494) (3,263)
Gain on marketable securities (665) (2,018)
Deferred income taxes 5,124 4,859
Change in other assets and liabilities:    
Deferred compensation (1,820) 1,715
Receivables due from clients (13,058) (28,312)
Income tax and other receivables 1,145 152
Prepaid expenses and other assets (4,869) (2,909)
Investment in unconsolidated subsidiaries (725) (466)
Income taxes payable (1,990) (4,967)
Accounts payable and accrued liabilities (96,737) (77,636)
Other (10,368) (3,735)
Net cash used in operating activities (90,193) (90,047)
Cash flows from investing activities:    
Purchase of property and equipment (5,485) (6,590)
Purchase of marketable securities (9,116) (4,319)
Proceeds from sales/maturities of marketable securities 16,364 7,812
Premium on company-owned life insurance policies (404) (419)
Proceeds from life insurance policies 1,659 1,801
Dividends received from unconsolidated subsidiaries 806 318
Net cash provided by (used in) investing activities 3,824 (1,397)
Cash flows from financing activities:    
Purchase of common stock (6,573) (3,731)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 2,379 1,479
Tax benefit related to stock-based compensation 4,064 1,165
Dividends paid to shareholders (5,115)  
Payments on life insurance policy loans (1,151) (705)
Net cash used in financing activities (6,396) (1,792)
Effect of exchange rate changes on cash and cash equivalents (11,559) (1,908)
Net decrease in cash and cash equivalents (104,324) (95,144)
Cash and cash equivalents at beginning of period 380,838 333,717
Cash and cash equivalents at end of period $ 276,514 $ 238,573