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, 2020
Apr. 30, 2019
Apr. 30, 2018
Cash flows from operating activities:      
Net income $ 107,017 $ 104,796 $ 135,897
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 55,311 46,489 48,588
Stock-based compensation expense 22,818 23,385 21,469
Tradename write-offs   106,555  
Write-off of long-lived assets 2,654    
Provision for doubtful accounts 14,644 14,260 13,675
Gain on cash surrender value of life insurance policies (6,551) (6,160) (7,776)
Loss (gain) on marketable securities 2,066 (8,134) (10,278)
Deferred income taxes (9,330) (27,796) (6,564)
Change in other assets and liabilities:      
Deferred compensation 23,496 18,478 27,660
Receivables due from clients 34,152 (30,625) (53,357)
Income taxes and other receivables (6,421) 1,409 2,093
Prepaid expenses and other assets (956) (148) (2,118)
Unearned compensation 300 (7,299) (42,742)
Income taxes payable 1,246 213 32,439
Accounts payable and accrued liabilities (6,011) 28,398 66,081
Other 1,914 (5,016) (5,942)
Net cash provided by operating activities 236,349 258,805 219,125
Cash flows from investing activities:      
Purchase of property and equipment (41,460) (46,682) (42,000)
Purchase of marketable securities (83,563) (9,476) (9,462)
Proceeds from sales/maturities of marketable securities 47,936 13,781 2,642
Cash paid for acquisition, net of cash acquired (108,602)    
Premium on company-owned life insurance policies (15,699) (34,862) (1,614)
Proceeds from life insurance policies 2,280 7,632 5,355
Dividends received from unconsolidated subsidiaries 346 140 240
Net cash used in investing activities (198,762) (69,467) (44,839)
Cash flows from financing activities:      
Proceeds from long term debt 1,045,500 226,875  
Principal payments on long term debt (876,875) (238,906) (20,625)
Payment of debt issuance costs (3,050) (2,181)  
Repurchases of common stock (92,446) (37,372) (33,071)
Payments of tax withholdings on restricted stock (8,993) (20,698) (3,794)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 7,684 7,272 6,885
Borrowings under life insurance policies   31,870  
Payments on life insurance policy loans (943) (5,316) (554)
Principal payments on finance leases (1,833)    
Dividends paid to shareholders (22,798) (23,459) (22,955)
Dividends - noncontrolling interest (2,110) (2,255) (2,659)
Payment of contingent consideration from acquisitions (455) (455) (485)
Net cash provided by (used in) financing activities 43,681 (64,625) (77,258)
Effect of exchange rate changes on cash and cash equivalents (18,384) (19,201) 12,938
Net increase in cash and cash equivalents 62,884 105,512 109,966
Cash and cash equivalents at beginning of year 626,360 520,848 410,882
Cash and cash equivalents at end of the period 689,244 626,360 520,848
Supplemental cash flow information:      
Cash used to pay interest 12,526 14,188 11,946
Cash used to pay income taxes, net of refunds $ 54,914 $ 58,408 $ 37,486