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KIMLEY‐HORN AND ASSOCIATES, INC.
<br />STATEMENTS OF CASH FLOWS
<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. 6
<br />2018 2017
<br />Cash flows from operating activities:
<br />Net earnings 17,055,991$ 16,788,652$
<br />Adjustments to reconcile net earnings to net cash provided
<br />by operating activities:
<br />Depreciation and amortization 9,440,391 7,947,189
<br />Deferred income (124,256) (124,256)
<br />Deferred income taxes (1,653,878) 1,738,601
<br />(Gain) Loss on disposal of properties and equipment (99,601) 13,632
<br />(Gain) on sales of marketable securities (1,347,654) (816,385)
<br />Amortization of bond premium/discount 237,568 155,752
<br />Accrued interest income on marketable securities - (272,180)
<br />Provision for uncollectible accounts 630,000 680,000
<br />Allowance, net of recovery, for uncollectible notes receivable 197,000 72,500
<br />Changes in assets and liabilities:
<br />Accounts receivable – trade (33,311,187) (21,765,498)
<br />Costs and estimated earnings in excess
<br />of billings on uncompleted contracts 2,903,673 (3,426,428)
<br />Accounts receivable – other (2,187,305) (495,602)
<br />Receivable from affiliates 3,879,386 (2,078,049)
<br />Prepaid expenses (934,989) 1,221,333
<br />Deposits and other assets 129,038 (684,106)
<br />Income taxes receivable 3,229,107 (7,605,161)
<br />Tax liability due to affiliates 785,957 701,880
<br />Accounts payable – trade 3,298,387 4,122,352
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts 13,202,197 5,718,952
<br />Accounts Payable – affiliate - (26,094)
<br />Accrued compensation and expenses 39,415,851 11,136,638
<br />Income taxes payable - (786,378)
<br />Other long-term liabilities (48,134) (10,352)
<br />Net cash provided by operating activities 54,697,542 12,206,992
<br />Cash flows from investing activities:
<br />Purchases of properties and equipment (11,986,742) (14,575,697)
<br />Proceeds from disposition of properties and equipment 97,656 50,100
<br />Purchases of marketable securities, held to maturity (358,545,861) (204,161,287)
<br />Sales of marketable securities, held to maturity 317,000,000 194,986,042
<br />Issuance of notes receivable (366,500) (261,710)
<br />Collections of notes receivable 107,862 197,227
<br />Business combination - (55,000)
<br />Net cash used in investing activities (53,693,585) (23,820,325)
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