Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2015
Cash flows from operating activities:      
Net income $ 87,238 $ 31,433 $ 88,357
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 47,260 36,220 27,597
Stock-based compensation expense 18,958 18,895 13,899
Provision for doubtful accounts 12,987 8,570 7,741
Gain on cash surrender value of life insurance policies (4,918) (3,984) (10,509)
(Gain) loss on marketable securities (10,842) 3,333 (8,829)
Deferred income taxes 6,589 (13,792) 895
Change in other assets and liabilities, net of effect of acquisitions:      
Deferred compensation 6,868 (4,605) 10,130
Receivables due from clients (42,326) (16,622) (17,213)
Income taxes and other receivables (10,177) (191) 115
Prepaid expenses and other assets (8,485) (6,310) (1,145)
Investment in unconsolidated subsidiaries (333) (1,631) (2,181)
Income taxes payable 128 (4,222) (10,405)
Accounts payable and accrued liabilities 5,420 18,862 17,790
Other (2,303) (1,875) (8,966)
Net cash provided by operating activities 106,064 64,081 107,276
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired and earnout (2,880) (256,082) (15,296)
Acquisition of Mexico subsidiary, cash acquired   3,973  
Purchase of property and equipment (50,088) (26,144) (21,860)
Purchase of marketable securities (10,536) (30,397) (22,843)
Proceeds from sales/maturities of marketable securities 42,815 30,066 21,362
Premiums on company-owned life insurance policies (1,597) (1,623) (1,676)
Proceeds from life insurance policies 1,117 3,256 8,087
Dividends received from unconsolidated subsidiaries 564 2,373 1,656
Net cash used in investing activities (20,605) (274,578) (30,570)
Cash flows from financing activities:      
Proceeds from term loan facility 275,000 150,000  
Principal payment on term loan facility (155,469) (10,000)  
Payment of contingent consideration from acquisition (1,070)    
Repurchases of common stock (28,821)    
Payment of tax withholdings on restricted stock (4,758) (7,410) (4,038)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 5,121 4,038 2,993
Tax benefit related to stock-based compensation 77 4,908 1,516
Dividends - noncontrolling interest (1,203)    
Dividends paid to shareholders (23,318) (21,833) (5,105)
Payments on life insurance policy loans (1,117) (1,251) (3,301)
Net cash provided by (used in) financing activities 64,442 118,452 (7,935)
Effect of exchange rate changes on cash and cash equivalents (12,271) (15,541) (21,650)
Net increase (decrease) in cash and cash equivalents 137,630 (107,586) 47,121
Cash and cash equivalents at beginning of year 273,252 380,838 333,717
Cash and cash equivalents at end of year 410,882 273,252 380,838
Supplemental cash flow information:      
Cash used to pay interest 10,882 5,154 4,230
Cash used to pay income taxes, net of refunds $ 32,458 $ 33,189 $ 40,899