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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Apr. 30, 2020
USD ($)
Apr. 30, 2019
USD ($)
Apr. 30, 2018
USD ($)
Cash flows from operating activities:      
Net earnings $ 6,742 $ 6,803 $ 12,053
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 8,103 7,719 6,030
Stock-based compensation expense 2,027 1,751 1,467
Net loss (gain) on investments 563 (373) (254)
Net gain on sale of fixed assets 0 (4) 0
Deferred income tax (benefit) expense (609) 320 621
Purchases of trading securities (22,433) (10,254) (24,541)
Proceeds from sales and maturities of trading securities 34,202 18,447 13,568
Changes in operating assets and liabilities, net of effects of acquisition:      
Accounts receivable, net (4,712) 2,165 (1,774)
Prepaid expenses and other assets (1,537) 536 (1,983)
Accounts payable and other liabilities 2,692 (3,611) (1,807)
Deferred revenue 944 431 3,374
Net cash provided by operating activities 25,982 23,930 6,754
Cash flows from investing activities:      
Capitalized computer software development costs (3,170) (5,961) (4,804)
Purchases of property and equipment, net of disposals (420) (1,252) (1,428)
Purchase of business, net of cash acquired 0 0 (9,150)
Net cash used in provided by investing activities (3,590) (7,213) (15,382)
Cash flows from financing activities:      
Proceeds from exercise of stock options 10,072 5,367 8,609
Dividends paid (13,938) (13,590) (13,188)
Net cash used in financing activities (3,866) (8,223) (4,579)
Net change in cash and cash equivalents 18,526 8,494 (13,207)
Cash and cash equivalents at beginning of year 61,288 52,794 66,001
Cash and cash equivalents at end of year 79,814 61,288 52,794
Supplemental disclosures of cash paid during the year for:      
Income taxes 544 516 7,892
Supplemental disclosures of noncash operating, investing and financing activities:      
Accrual of dividends payable $ 3,547 $ 3,434 $ 3,367