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KIMLEY‐HORN AND ASSOCIATES, INC.
<br />STATEMENTS OF OPERATIONS
<br />
<br />
<br />YEARS ENDED DECEMBER 31, 2016 AND 2015
<br />(SEE INDEPENDENT ACCOUNTANT’S REVIEW REPORT)
<br />
<br />
<br />The accompanying notes to the financial statements are an integral part of these statements. 4
<br />2016 2015
<br />Revenues:
<br />Gross revenues 720,768,975$ 626,353,635$
<br />Less direct client expenses 175,628,809 150,951,251
<br />Net Professional Fees 545,140,166 475,402,384
<br />Operating Expenses:
<br />Employee compensation 374,793,706 322,013,536
<br />Payroll overhead expense 101,903,222 90,306,102
<br />Travel expenses 9,571,819 8,672,312
<br />Professional expenses 15,448,975 14,499,394
<br />Office supplies and expenses 9,262,114 7,808,765
<br />Property costs 22,884,698 18,987,909
<br />Telephone expense 3,241,136 2,822,125
<br />General liability insurance 3,701,326 3,393,989
<br />Depreciation and amortization 7,282,020 6,982,508
<br />Legal, accounting, and other professional services 3,815,498 3,989,436
<br />Software costs 5,667,751 4,365,316
<br />Interest expense 20,612 8,003
<br />Provision for uncollectible accounts 79,413 609,811
<br />Less operating expenses included in direct client expenses (26,864,047) (23,571,830)
<br />Total Operating Expenses 530,808,243 460,887,376
<br />Earnings from operations 14,331,923 14,515,008
<br />Other income, net 2,561,966 365,626
<br />Earnings before income taxes 16,893,889 14,880,634
<br />Income tax expense 3,953,870 5,454,368
<br />Net earnings 12,940,019$ 9,426,266$
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