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
6 Months Ended
Oct. 31, 2015
Oct. 31, 2014
Cash flows from operating activities:    
Net income $ 41,053 $ 39,936
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 14,603 13,549
Stock-based compensation expense 9,013 6,959
Provision for doubtful accounts 4,389 3,770
Gain on cash surrender value of life insurance policies (3,295) (5,494)
Loss (gain) on marketable securities 1,818 (4,527)
Deferred income taxes 6,816 2,644
Change in other assets and liabilities:    
Deferred compensation (1,324) 5,570
Receivables due from clients (46,288) (39,502)
Income tax and other receivables (9,492) (5,938)
Prepaid expenses and other assets (7,450) (2,538)
Investment in unconsolidated subsidiaries (1,265) (918)
Income taxes payable 1,273 (4,773)
Accounts payable and accrued liabilities (69,087) (56,259)
Other (14,205) (4,494)
Net cash used in operating activities (73,441) (52,015)
Cash flows from investing activities:    
Purchase of property and equipment (10,645) (11,305)
Purchase of marketable securities (29,010) (22,141)
Proceeds from sales/maturities of marketable securities 24,760 9,232
Premium on company-owned life insurance policies (419) (447)
Proceeds from life insurance policies 1,659 1,976
Dividends received from unconsolidated subsidiaries 806 318
Net cash used in investing activities (12,849) (22,367)
Cash flows from financing activities:    
Purchase of common stock (6,596) (3,748)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 2,491 1,884
Tax benefit related to stock-based compensation 4,656 1,350
Dividends paid to shareholders (10,289)  
Payments on life insurance policy loans (1,151) (705)
Net cash used in financing activities (10,889) (1,219)
Effect of exchange rate changes on cash and cash equivalents (12,916) (9,926)
Net decrease in cash and cash equivalents (110,095) (85,527)
Cash and cash equivalents at beginning of period 380,838 333,717
Cash and cash equivalents at end of period $ 270,743 $ 248,190