Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Jul. 31, 2023
Jul. 31, 2022
Cash flows from operating activities:    
Net income $ 47,185,000 $ 78,536,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 19,012,000 16,229,000
Stock-based compensation expense 8,728,000 7,757,000
Deferred income taxes 7,934,000 3,831,000
Provision for doubtful accounts 5,965,000 5,546,000
Impairment of right-of-use assets 1,629,000 0
Impairment of fixed assets 123,000 0
Gain on marketable securities (12,796,000) (58,000)
Gain on cash surrender value of life insurance policies (1,966,000) (2,029,000)
Change in other assets and liabilities:    
Deferred compensation 27,453,000 23,469,000
Receivables due from clients (28,697,000) (52,347,000)
Income taxes and other receivables (164,000) (2,431,000)
Prepaid expenses and other assets (8,039,000) (11,600,000)
Unearned compensation (21,713,000) 915,000
Income taxes payable 3,478,000 3,887,000
Accounts payable and accrued liabilities (321,491,000) (302,289,000)
Other (1,128,000) (1,302,000)
Net cash used in operating activities (274,487,000) (231,886,000)
Cash flows from investing activities:    
Proceeds from sales/maturities of marketable securities 18,008,000 15,612,000
Proceeds from life insurance policies 9,332,000 50,000
Purchase of property and equipment (15,659,000) (16,646,000)
Premium on company-owned life insurance policies (238,000) (276,000)
Purchase of marketable securities 0 (39,308,000)
Dividends received from unconsolidated subsidiaries 0 150,000
Net cash provided by (used in) investing activities 11,443,000 (40,418,000)
Cash flows from financing activities:    
Payments of tax withholdings on restricted stock (10,175,000) (21,870,000)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 4,696,000 4,371,000
Dividends paid to stockholders (9,627,000) (8,703,000)
Repurchases of common stock (5,138,000) (24,385,000)
Principal payments on finance leases (382,000) (412,000)
Payments on life insurance policy loans 0 (50,000)
Net cash used in financing activities (20,626,000) (51,049,000)
Effect of exchange rate changes on cash and cash equivalents 1,855,000 (14,933,000)
Net decrease in cash and cash equivalents (281,815,000) (338,286,000)
Cash and cash equivalents at beginning of period 844,024,000 978,070,000
Cash and cash equivalents at end of the period $ 562,209,000 $ 639,784,000