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v3.7.0.1

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
May 31, 2017 | May 31, 2016 | May 31, 2015
Cash Flows From Operating Activities |  |  |
Net Income | $ 43,973 | $ 36,538 | $ 33,576
Adjustments to reconcile net income to net cash provided from operating activities: |  |  |
Depreciation and amortization | 14,691 | 12,181 | 10,649
Deferred income taxes | (292) | 1,906 | 496
Share-based compensation | 5,261 | 5,468 | 4,450
Excess income tax benefit from exercise of stock options | (3,922) | (2,945) | (2,475)
Changes in operating assets and liabilities, net of business acquisitions: |  |  |
Accounts receivable | 5,035 | (6,002) | (7,252)
Inventories | (6,970) | (9,427) | 319
Prepaid expenses and other assets | 812 | (3,836) | 3,264
Accounts payable | (1,691) | 704 | 412
Accruals and other changes | 3,377 | 744 | 353
Net Cash From Operating Activities | 60,274 | 35,331 | 43,792
Cash Flows Used in Investing Activities |  |  |
Purchase of property, equipment and other non-current intangible assets | (14,578) | (14,222) | (9,619)
Proceeds from the sales of marketable securities | 149,226 | 147,189 | 93,662
Purchase of marketable securities | (162,755) | (151,625) | (105,944)
Business acquisitions, net of cash acquired | (34,029) | (42,491) | (6,554)
Net Cash Used in Investing Activities | (62,136) | (61,149) | (28,455)
Cash Flows From Financing Activities |  |  |
Exercise of stock options | 21,148 | 12,363 | 8,558
Excess income tax benefit from the exercise of stock options | 3,922 | 2,945 | 2,475
Net Cash From Financing Activities | 25,070 | 15,308 | 11,033
Effect of Exchange Rate on Cash | (898) | (294) | (984)
Net Increase (Decrease) in Cash and Cash Equivalents | 22,310 | (10,804) | 25,386
Cash and Cash Equivalents, Beginning of Year | 55,257 | 66,061 | 40,675
Cash and Cash Equivalents, End of Year | 77,567 | 55,257 | 66,061
Supplementary Cash Flow Information |  |  |
Income taxes paid, net of refunds | $ 13,865 | $ 13,413 | $ 10,454

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