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KIMLEY‐HORN AND ASSOCIATES, INC.
<br />STATEMENTS OF OPERATIONS
<br />
<br />
<br />YEARS ENDED DECEMBER 31, 2018 AND 2017
<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 />2018 2017
<br />Revenues:
<br />Gross revenues 907,344,124$ 806,428,121$
<br />Less direct client expenses 200,750,586 197,189,800
<br />Net Professional Fees 706,593,538 609,238,321
<br />Operating Expenses:
<br />Employee compensation 490,546,964 410,802,210
<br />Payroll overhead expense 130,476,589 122,394,509
<br />Travel expenses 11,668,298 10,531,703
<br />Professional expenses 20,095,447 17,607,132
<br />Office supplies and expenses 10,589,335 9,518,919
<br />Property costs 28,423,544 26,027,952
<br />Telephone expense 3,238,949 3,369,318
<br />General liability insurance 4,140,758 3,830,069
<br />Depreciation and amortization 9,440,391 7,947,189
<br />Legal, accounting, and other professional services 4,454,808 3,942,775
<br />Software costs 8,744,695 7,065,752
<br />Interest expense 3,332 4,114
<br />Provision for uncollectible accounts 805,219 574,394
<br />Less operating expenses included in direct client expenses (35,694,768) (31,299,693)
<br />Total Operating Expenses 686,933,561 592,316,343
<br />Earnings from operations 19,659,977 16,921,978
<br />Other income, net 3,419,245 1,980,436
<br />Earnings before income taxes 23,079,222 18,902,414
<br />Income tax expense 6,023,231 2,113,762
<br />Net earnings 17,055,991$ 16,788,652$
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