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, 2022
Jul. 31, 2021
Cash flows from operating activities:    
Net income $ 78,536 $ 76,397
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and amortization 16,229 15,644
Stock-based compensation expense 7,757 7,158
Provision for doubtful accounts 5,546 4,599
Gain on cash surrender value of life insurance policies (2,029) (531)
Gain on marketable securities (58) (5,242)
Deferred income taxes 3,831 4,587
Change in other assets and liabilities:    
Deferred compensation 23,469 17,861
Receivables due from clients (52,347) (68,787)
Income taxes and other receivables (2,431) 2,527
Prepaid expenses and other assets (11,600) (10,325)
Unearned compensation 915 (37,274)
Income taxes payable 3,887 5,536
Accounts payable and accrued liabilities (302,289) (173,520)
Other (1,302) 825
Net cash used in operating activities (231,886) (160,545)
Cash flows from investing activities:    
Purchase of property and equipment (16,646) (9,010)
Purchase of marketable securities (39,308) (26,566)
Proceeds from sales/maturities of marketable securities 15,612 23,108
Premium on company-owned life insurance policies (276) (277)
Proceeds from life insurance policies 50 2,277
Dividends received from unconsolidated subsidiaries 150 115
Net cash used in investing activities (40,418) (10,353)
Cash flows from financing activities:    
Payments of tax withholdings on restricted stock (21,870) (17,627)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 4,371 3,593
Dividends paid to shareholders (8,703) (6,866)
Principal payments on finance leases (412) (289)
Repurchases of common stock (24,385) (2,464)
Payments on life insurance policy loans (50)  
Net cash used in financing activities (51,049) (23,653)
Effect of exchange rate changes on cash and cash equivalents (14,933) (6,923)
Net decrease in cash and cash equivalents (338,286) (201,474)
Cash and cash equivalents at beginning of period 978,070 850,778
Cash and cash equivalents at end of the period $ 639,784 $ 649,304