Company Quick10K Filing
Hill International
Price2.81 EPS0
Shares57 P/E74
MCap159 P/FCF222
Net Debt27 EBIT4
TEV186 TEV/EBIT42
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-26
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-04-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-10-12
10-Q 2018-03-31 Filed 2018-09-28
10-K 2017-12-31 Filed 2018-08-31
10-Q 2017-09-30 Filed 2018-07-12
10-Q 2017-06-30 Filed 2018-06-22
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-31
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-29
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-11-09
8-K 2020-08-05
8-K 2020-06-04
8-K 2020-05-07
8-K 2020-04-23
8-K 2020-03-16
8-K 2020-02-03
8-K 2019-12-04
8-K 2019-11-06
8-K 2019-08-07
8-K 2019-07-23
8-K 2019-06-14
8-K 2019-05-29
8-K 2019-05-08
8-K 2019-04-01
8-K 2019-03-13
8-K 2018-12-05
8-K 2018-11-27
8-K 2018-11-07
8-K 2018-10-25
8-K 2018-10-16
8-K 2018-10-15
8-K 2018-10-15
8-K 2018-09-28
8-K 2018-09-14
8-K 2018-09-12
8-K 2018-08-17
8-K 2018-08-13
8-K 2018-08-03
8-K 2018-07-16
8-K 2018-07-12
8-K 2018-06-22
8-K 2018-04-01
8-K 2018-03-30
8-K 2018-03-07
8-K 2018-02-12

HIL 10Q Quarterly Report

Part I
Part I - Financial Information
Item 1. Financial Statements.
Note 1 - The Company
Note 2 - Liquidity
Note 3 - Basis of Presentation
Note 4 - Revenue From Contracts with Clients
Note 5 - Accounts Receivable
Note 6 - Intangible Assets
Note 7 - Goodwill
Note 8 - Accounts Payable and Accrued Expenses
Note 9 - Notes Payable and Long - Term Debt
Note 10 - Share - Based Compensation
Note 11 - Income Taxes
Note 12 - Segment and Related Information
Note 13 - Commitments and Contingencies
Note 14 - Leases
Note 15 - Deconsolidation of Controlling Interest in Subsidiary
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands).
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex-31109302020.htm
EX-31.2 ex-31209302020.htm
EX-32.1 ex-32109302020.htm
EX-32.2 ex-32209302020.htm

Hill International Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
52542031521010502012201420172020
Assets, Equity
1901471046118-252012201420172020
Rev, G Profit, Net Income
130101724314-152012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period
from                                          to 
Commission File Number: 001-33961
HILL INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 20-0953973
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Commerce Square 
2005 Market Street, 17th Floor
PhiladelphiaPA19103
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:  (215) 309-7700

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001HILNew York Stock Exchange(NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý     No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes  ý     No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act
Large Accelerated Filer Accelerated Filer
Non-Accelerated Filer Smaller Reporting Company
   Emerging Growth Company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes   No  ý

There were 56,227,924 shares of the Registrant’s Common Stock outstanding at October 29, 2020.



HILL INTERNATIONAL, INC. AND SUBSIDIARIES
 
Index to Form 10-Q
 
 
   
   
 
   
 
   
 
   
 
   
 
   
   
   
   
   
   
   
   
   
   
   
   
3


PART I
 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"), and it is Hill International, Inc.'s (the "Company") intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any projections of revenues, earnings, margin, profit improvement, cost savings or other financial items; any statements of belief, any statements concerning the Company's plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements.
 
These forward-looking statements are based on the Company's current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements.
 
Those forward-looking statements may concern, among other things:
 
The markets for the Company's services;
Projections of revenues and earnings, anticipated contractual obligations, funding requirements or other financial items;
Statements regarding the impact and effect of the COVID-19 pandemic;
Statements concerning the Company's plans, strategies and objectives for future operations; and
Statements regarding future economic conditions or the Company's performance.
 
Important factors that could cause the Company's actual results to differ materially from estimates or projections contained in our forward-looking statements include:
 
The risks set forth in Item 1A, “Risk Factors,” in the Company's most recent Annual Report on Form 10-K;
Unfavorable global economic conditions may adversely impact its business;
Our backlog, which is subject to unexpected adjustments and cancellations, may not be fully realized as revenue;
Our expenses may be higher than anticipated;
Modifications and termination of client contracts;
Control and operational issues pertaining to business activities that the Company conducts pursuant to joint ventures with other parties; and
The ability to retain and recruit key technical and management personnel.
 
Other factors that may affect the Company's business, financial position or results of operations include:
 
Unexpected delays in collections from clients;
Risks related to the effect of the COVID-19 pandemic on the Company, including its employees and related costs and including any project cancellations, delays and modifications;
Risks of the Company's ability to obtain debt financing or otherwise raise capital to meet required working capital needs and to support potential future acquisition activities;
Risks of international operations, including uncertain political and economic environments, acts of terrorism or war, potential incompatibilities with foreign joint venture partners, foreign currency fluctuations, civil disturbances and labor issues; and
Risks related to contracts with governmental entities, including the failure of applicable governing authorities to take necessary actions to secure or maintain funding for particular projects with us, the unilateral termination of contracts by the governments and reimbursement obligations to the government for funds previously received.
 
The Company does not intend, and undertakes no obligation to, update any forward-looking statement. In accordance with the Reform Act, Part II, Item 1A of this Report entitled “Risk Factors” contains cautionary statements that accompany those forward-looking statements. You should carefully review such cautionary statements as they identify certain important factors that could cause actual results to differ materially from those in the forward-looking statements and from historical trends. Those cautionary statements are not exclusive and are in addition to other factors discussed elsewhere in this Form 10-Q, in our other filings with the Securities and Exchange Commission ("SEC") or in materials incorporated therein by reference.

4

Table of Contents
PART I — FINANCIAL INFORMATION
Item 1.   Financial Statements.
HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
 September 30, 2020December 31, 2019
Assets(Unaudited)
Cash and cash equivalents$33,270 $15,915 
Cash - restricted4,680 4,666 
Accounts receivable, net104,764 103,892 
Current portion of retainage receivable12,540 16,459 
Accounts receivable - affiliates25,070 18,776 
Prepaid expenses and other current assets12,148 9,340 
Income tax receivable1,822 2,256 
Total current assets194,294 171,304 
Property and equipment, net9,485 11,895 
Cash - restricted, net of current portion4,155 4,401 
Operating lease right-of-use assets14,022 17,451 
Financing lease right-of-use assets271  
Retainage receivable6,113 5,695 
Acquired intangibles, net165 232 
Goodwill45,253 48,024 
Investments3,055 1,711 
Deferred income tax assets3,104 3,800 
Other assets2,520 5,038 
Total assets$282,437 $269,551 
Liabilities and Stockholders’ Equity
Current maturities of notes payable and long-term debt$3,261 $1,792 
Accounts payable and accrued expenses68,452 65,172 
Income taxes payable1,951 3,152 
Current portion of deferred revenue9,180 10,773 
Current portion of operating lease liabilities5,025 5,736 
Current portion of financing lease liabilities70  
Other current liabilities7,999 4,876 
Total current liabilities95,938 91,501 
Notes payable and long-term debt, net of current maturities54,362 41,150 
Retainage payable823 1,551 
Deferred income taxes418 419 
Deferred revenue1,887 3,041 
Non-current operating lease liabilities14,141 17,030 
Non-current financing lease liabilities274  
Other liabilities4,082 4,631 
Total liabilities171,925 159,323 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 1,000 shares authorized, none issued
  
Common stock, $0.0001 par value; 100,000 shares authorized, 62,916 shares and 62,708 shares issued at September 30, 2020 and December 31, 2019, respectively6 6 
Additional paid-in capital214,596 212,759 
Accumulated deficit(77,781)(71,360)
Accumulated other comprehensive income (loss)1,673 (3,817)
Less treasury stock of 6,807 and 6,546 at September 30, 2020 and December 31, 2019, respectively(29,056)(28,231)
Hill International, Inc. share of equity109,438 109,357 
Noncontrolling interests1,074 871 
Total equity110,512 110,228 
Total liabilities and stockholders’ equity$282,437 $269,551 
See accompanying notes to consolidated financial statements.
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HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Consulting fee revenue$71,543 $75,747 $224,453 $231,782 
Reimbursable expenses17,109 19,923 51,956 60,828 
Total revenue$88,652 $95,670 $276,409 $292,610 
Direct expenses59,998 64,086 190,078 198,288 
Gross profit$28,654 $31,584 $86,331 $94,322 
Selling, general and administrative expenses25,588 27,422 80,543 86,163 
Foreign currency exchange (benefit) loss(694)1,839 3,622 1,824 
 Plus: Share of profit of equity method affiliates983 780 2,021 1,911 
Operating profit$4,743 $3,103 $4,187 $8,246 
Interest and related financing fees, net1,275 1,485 3,870 4,408 
Other (loss) income, net(152)549 (3,654)549 
Earnings (loss) before income taxes$3,316 $2,167 $(3,337)$4,387 
Income tax expense (benefit)1,071 (340)2,776 2,248 
Net (loss) earnings$2,245 $2,507 $(6,113)$2,139 
Less: net earnings - noncontrolling interests131 26 308 176 
Net earnings (loss) attributable to Hill International, Inc.$2,114 $2,481 $(6,421)$1,963 
Basic earnings (loss) per common share - Hill International, Inc.$0.04 $0.04 $(0.11)$0.03 
Basic weighted average common shares outstanding56,702 56,549 56,551 56,178 
Diluted earnings (loss) per common share - Hill International, Inc.$0.04 $0.04 $(0.11)$0.03 
Diluted weighted average common shares outstanding56,702 56,549 56,551 56,178 
 
See accompanying notes to consolidated financial statements.
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HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(In thousands)
(Unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net earnings (loss)$2,245 $2,507 $(6,113)$2,139 
Foreign currency translation adjustment, net of tax639 (237)5,385 (1,111)
Comprehensive earnings (loss)2,884 2,270 (728)1,028 
Less: Comprehensive earnings attributable to noncontrolling interests376 32 203 246 
Comprehensive earnings (loss) attributable to Hill International, Inc.$2,508 $2,238 $(931)$782 
 
See accompanying notes to consolidated financial statements.
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HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands) 
 Common StockAdditional
Paid-in
Retained
Earnings
Accumulated Other
Comprehensive
Treasury StockHill Share of Stockholders’Non-controllingTotal
Stockholders’
 SharesAmountCapital(Deficit)Income (Loss)SharesAmountEquityInterestsEquity
Balance - December 31, 201962,708 $6 $212,759 $(71,360)$(3,817)6,546 $(28,231)$109,357 $871 $110,228 
Net earnings (loss)— — — (8,535)— — — (8,535)177 (8,358)
Other comprehensive income (loss)— — — — 5,096 — — 5,096 (350)4,746 
Share-based compensation expense— — 1,201 — — — — 1,201 — 1,201 
Shares issued under employee stock purchase plan162 — 201 — — — — 201 — 201 
Transfer of shares pledged as collateral (1)
(261)— — — — 261 (825)(825)— (825)
Balance - June 30, 202062,609 $6 $214,161 $(79,895)$1,279 6,807 $(29,056)$106,495 $698 $107,193 
Net income (loss)— — — 2,114 — — — 2,114 131 2,245 
Other comprehensive income (loss)— — — — 394 — — 394 245 639 
Shares issued to Board of Directors291 — — — — — — — —  
Share-based compensation expense— — 415 — — — — 415 — 415 
Shares issued under employee stock purchase plan16 — 20 — — — — 20 — 20 
Balance - September 30, 202062,916 $6 $214,596 $(77,781)$1,673 6,807 $(29,056)$109,438 $1,074 $110,512 
Balance - December 31, 201862,181 $6 $210,084 $(85,444)$(2,575)6,546 $(28,231)$93,840 $605 $94,445 
Net income (loss)— — — (518)— — — (518)150 (368)
Other comprehensive income (loss)— — — — (938)— — (938)64 (874)
Shares issued to Board of Directors24 — — — — — — — —  
Share-based compensation expense— — 1,042 — — — — 1,042 — 1,042 
Shares issued under employee stock purchase plan57 — 113 — — — — 113 — 113 
Balance - June 30, 201962,262 $6 $211,239 $(85,962)$(3,513)6,546 $(28,231)$93,539 $819 $94,358 
Net income (loss)— — — 2,481 — — — 2,481 26 2,507 
Other comprehensive income (loss)— — — — (243)— — (243)6 (237)
Shares issued to Board of Directors104 — — — — — — — —  
Share-based compensation expense322 — 1,212 — — — — 1,212 — 1,212 
Shares issued under employee stock purchase plan (2)
17 — 42 — — — — 42 — 42 
Balance - September 30, 201962,705 $6 $212,493 $(83,481)$(3,756)6,546 $(28,231)$97,031 $851 $97,882 

(1) Reflects 261 shares of the Company's common stock pledged as collateral under the terms of a secured promissory note payable to the Company. During the three months ended March 31, 2020, the Company exercised its right to retain the shares upon the note holder's agreement to relinquish the shares upon the promissory note maturity date.
(2) Included $21 of proceeds related to ESPP shares issued during the three months ended September 30, 2019 that were received in the subsequent period, but were excluded in Hill International, Inc.'s (the "Company") consolidated statements of cash flows.


See accompanying notes to consolidated financial statements.
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HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:
Net (loss) income$(6,113)$2,139 
Adjustments to reconcile net (loss) income to net cash provided by (used in):
Depreciation and amortization3,380 2,435 
(Recovery) provision for bad debts(1,306)(2,946)
Amortization of deferred loan fees521 539 
Deferred tax expense (benefit)500 659 
Share-based compensation1,616 2,254 
Operating lease right-of-use assets3,163 3,936 
Loss on liquidation of subsidiary4,064  
Foreign currency remeasurement losses3,622 104 
Deferred payroll tax payments2,711  
Changes in operating assets and liabilities:
Accounts receivable4,686 13,988 
Accounts receivable - affiliate(6,294)(6,306)
Prepaid expenses and other current assets(2,418)(2,136)
Income taxes receivable39 (748)
Retainage receivable(416)(