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OHL USA, INC. AND SUBSIDIARIES <br />CONSOLIDATED STATEMENT OF CASH FLOWS <br />FOR THE YEAR ENDED DECEMBER 31, 2020 <br />RECONCILIATION OF NET INCOME TO NET CASH <br />PROVIDED BY OPERATING ACTIVITIES: <br />NET INCOME $ 24,610,275 <br />ADJUSTMENTS TO RECONCILE NET INCOME TO NET <br />CASH PROVIDED BY OPERATING ACTIVITIES: <br />Depreciation and amortization 38,852,641 <br />Deferred income taxes 12,469,722 <br />Loss on sale of marketable securities 34,338 <br />Gain on foreign currency transactions (4,154,953) <br />Gain on sale of property and equipment (603,723) <br />Changes in Assets (Increase) Decrease: <br />Accounts receivable 678,114 <br />Contract receivables 39,970,339 <br />Contract assets (30,789,496) <br />Inventories 338,479 <br />Prepaid contract costs 14,230,652 <br />Prepaid expenses and other current assets (3,816,247) <br />Changes in Liabilities Increase (Decrease): <br />Accounts payable 3,947,083 <br />Contract liabilities (46,302,354) <br />Income taxes payable - current 1,610,322 <br />Accrued expenses and other current liabilities 7,188,412 <br />Total Adjustments 33,653,329 <br />NET CASH PROVIDED BY OPERATING ACTIVITIES $ 58,263,604 <br />SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: <br />Property and equipment acquired through long-t-Brm financing $ 5,518,733 <br />Operating lease right -of -use asset $ 829,040 <br />Finance lease right -of -use asset $ 4,297,048 <br />Capitalization of debt from stockholder $ 54,336,595 <br />Capitalization of parent's minority interest in subsidiary $ 1,286,000 <br />Additional acquisition in subsidiary $ 1,307,918 <br />The accompanying notes are an integral part of these consolidated financial statements. <br />9 <br />