|
KIMLEY‐HORN AND ASSOCIATES, INC.
<br />STATEMENTS OF CASH FLOWS
<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. 6
<br />2016 2015
<br />Cash flows from operating activities:
<br />Net earnings 12,940,019$ 9,426,266$
<br />Adjustments to reconcile net earnings to net cash provided
<br />by operating activities:
<br />Depreciation and amortization 7,282,020 6,982,508
<br />Deferred income (160,256) (142,256)
<br />Deferred income taxes (11,455,956) 522,402
<br />(Gain)/Loss on disposal of properties and equipment (422,646) 303,302
<br />(Gain) on sales of marketable securities (349,076) (63,279)
<br />Allowance for uncollectible accounts (170,000) 530,000
<br />Allowance, net of recovery, for uncollectible notes receivable 194,740 60,500
<br />Changes in assets and liabilities:
<br />Accounts receivable – trade (11,806,320) (27,677,308)
<br />Costs and estimated earnings in excess
<br />of billings on uncompleted contracts (3,246,046) (1,837,833)
<br />Accounts receivable – other (183,905) (429,884)
<br />Receivable from affiliates (919,945) (732,642)
<br />Prepaid expenses (7,494,607) (396,122)
<br />Deposits and other assets (295,625) (710,464)
<br />Income taxes receivable 1,569,332 (1,569,332)
<br />Tax liability due to affiliates 157,381 397,250
<br />Accounts payable – trade 10,951,289 6,738,173
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts 4,474,527 8,268,293
<br />Payable to affiliate - 25,844
<br />Accrued compensation and expenses 36,827,393 24,833,656
<br />Income taxes payable 786,378 (892,560)
<br />Other long-term liabilities (38,388) (79,940)
<br />Net cash provided by operating activities 38,640,309 23,556,574
<br />Cash flows from investing activities:
<br />Purchases of properties and equipment (8,723,438) (8,967,405)
<br />Proceeds from disposition of properties and equipment 639,632 400,029
<br />Purchases of marketable securities, held to maturity (49,442,886) (10,000,000)
<br />Issuance of notes receivable (324,140) (210,500)
<br />Collections of notes receivable 118,324 118,481
<br />Business combination (275,000) -
<br />Net cash used in investing activities (58,007,508) (18,659,395)
|