XML 41 R7.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Cash flows from operating activities:      
Net income $ 104,796 $ 135,897 $ 87,238
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 46,489 48,588 47,260
Stock-based compensation expense 23,385 21,469 18,958
Impairment of tradenames 106,555    
Provision for doubtful accounts 14,260 13,675 12,987
Gain on cash surrender value of life insurance policies (6,160) (7,776) (4,918)
Gain on marketable securities (8,134) (10,278) (10,842)
Deferred income taxes (27,796) (6,564) 6,589
Change in other assets and liabilities:      
Deferred compensation 18,478 27,660 6,868
Receivables due from clients (30,625) (53,357) (42,326)
Income taxes and other receivables 1,409 2,093 (10,177)
Prepaid expenses and other assets (148) (2,118) (1,796)
Unearned compensation (7,299) (42,742) (17,465)
Investment in unconsolidated subsidiaries (311) (297) (333)
Income taxes payable 213 32,439 205
Accounts payable and accrued liabilities 28,398 66,081 5,420
Other (4,705) (5,645) 8,473
Net cash provided by operating activities 258,805 219,125 106,141
Cash flows from investing activities:      
Purchase of property and equipment (46,682) (42,000) (50,088)
Purchase of marketable securities (9,476) (9,462) (10,536)
Proceeds from sales/maturities of marketable securities 13,781 2,642 42,815
Cash paid for acquisitions, net of cash acquired     (2,880)
Premium on company-owned life insurance policies (34,862) (1,614) (1,597)
Proceeds from life insurance policies 7,632 5,355 1,117
Dividends received from unconsolidated subsidiaries 140 240 564
Net cash used in investing activities (69,467) (44,839) (20,605)
Cash flows from financing activities:      
Proceeds from long term debt 226,875   275,000
Principal payments on term loan (238,906) (20,625) (155,469)
Payment of debt issuance costs (2,181)    
Repurchases of common stock (37,372) (33,071) (28,821)
Payments of tax withholdings on restricted stock (20,698) (3,794) (4,758)
Payment of contingent consideration from acquisitions (455) (485) (1,070)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan 7,272 6,885 5,121
Dividends paid to shareholders (23,459) (22,955) (23,318)
Dividends - noncontrolling interest (2,255) (2,659) (1,203)
Borrowings under life insurance policies 31,870    
Payments on life insurance policy loans (5,316) (554) (1,117)
Net cash (used in) provided by financing activities (64,625) (77,258) 64,365
Effect of exchange rate changes on cash and cash equivalents (19,201) 12,938 (12,271)
Net increase in cash and cash equivalents 105,512 109,966 137,630
Cash and cash equivalents at beginning of year 520,848 410,882 273,252
Cash and cash equivalents at end of the period 626,360 520,848 410,882
Supplemental cash flow information:      
Cash used to pay interest 14,188 11,946 10,882
Cash used to pay income taxes, net of refunds $ 58,408 $ 37,486 $ 32,458