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KIMLEY‐HORN AND ASSOCIATES, INC.
<br />STATEMENTS OF CASH FLOWS
<br />
<br />YEARS ENDED DECEMBER 31, 2017 AND 2016
<br />(SEE INDEPENDENT ACCOUNTANT’S REVIEW REPORT)
<br />
<br />
<br />The accompanying notes to the financial statements are an integral part of these statements. 6
<br />2017 2016
<br />Cash flows from operating activities:
<br />Net earnings 16,788,652$ 12,940,019$
<br />Adjustments to reconcile net earnings to net cash provided
<br />by operating activities:
<br />Depreciation and amortization 7,947,189 7,282,020
<br />Deferred income (124,256) (160,256)
<br />Deferred income taxes 1,738,601 (11,455,956)
<br />(Gain)/Loss on disposal of properties and equipment 13,632 (422,646)
<br />(Gain) on sales of marketable securities (816,385) (626,753)
<br />Amortization of bond premium/discount 155,752 -
<br />Accrued interest income on marketable securities (272,180) -
<br />Provision for uncollectible accounts 680,000 (170,000)
<br />Allowance, net of recovery, for uncollectible notes receivable 72,500 194,740
<br />Changes in assets and liabilities:
<br />Accounts receivable – trade (21,765,498) (11,806,320)
<br />Costs and estimated earnings in excess
<br />of billings on uncompleted contracts (3,426,428) (3,246,046)
<br />Accounts receivable – other (495,602) (183,905)
<br />Receivable from affiliates (2,078,049) (919,945)
<br />Prepaid expenses 1,221,333 (7,494,607)
<br />Deposits and other assets (684,106) (295,625)
<br />Income taxes receivable (7,605,161) 1,569,332
<br />Tax liability due to affiliates 701,880 157,381
<br />Accounts payable – trade 4,122,352 10,951,289
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts 5,718,952 4,474,527
<br />Accounts Payable – affiliate (26,094) -
<br />Accrued compensation and expenses 11,136,638 36,827,393
<br />Income taxes payable (786,378) 786,378
<br />Other long-term liabilities (10,352) (38,388)
<br />Net cash provided by operating activities 12,206,992 38,362,632
<br />Cash flows from investing activities:
<br />Purchases of properties and equipment (14,575,697) (8,723,438)
<br />Proceeds from disposition of properties and equipment 50,100 639,632
<br />Purchases of marketable securities, held to maturity (204,161,287) (133,165,209)
<br />Sales of marketable securities, held to maturity 194,986,042 84,000,000
<br />Issuance of notes receivable (261,710) (324,140)
<br />Collections of notes receivable 197,227 118,324
<br />Business combination (55,000) (275,000)
<br />Net cash used in investing activities (23,820,325) (57,729,831)
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