Company Quick10K Filing
Hill International
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 56 $157
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-04-01 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-10-12 Quarter: 2018-06-30
10-Q 2018-09-28 Quarter: 2018-03-31
10-K 2018-08-31 Annual: 2017-12-31
10-Q 2018-07-12 Quarter: 2017-09-30
10-Q 2018-06-22 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-31 Annual: 2016-12-31
10-Q 2016-11-14 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-03-29 Annual: 2015-12-31
10-Q 2015-11-16 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-03 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-18 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-12 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-11 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-12 Annual: 2009-12-31
8-K 2019-12-04 Other Events, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-23 Leave Agreement
8-K 2019-06-14 Shareholder Vote
8-K 2019-05-29 Accountant, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-04-01 Earnings, Exhibits
8-K 2019-03-13 Other Events, Exhibits
8-K 2018-12-05 Enter Agreement, Shareholder Vote, Exhibits
8-K 2018-11-27 Officers, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-10-25 Officers
8-K 2018-10-16 Other Events, Exhibits
8-K 2018-10-15 Officers
8-K 2018-10-15 Earnings, Exhibits
8-K 2018-09-28 Officers, Other Events, Exhibits
8-K 2018-09-14 Officers
8-K 2018-09-12 Enter Agreement, Exhibits
8-K 2018-08-17 Officers, Exhibits
8-K 2018-08-13 Exhibits
8-K 2018-08-03 Other Events
8-K 2018-07-16 Other Events
8-K 2018-07-12 Earnings, Exhibits
8-K 2018-06-22 Earnings, Exhibits
8-K 2018-04-01 Officers
8-K 2018-03-30 Earnings, Accountant, Regulation FD, Exhibits
8-K 2018-03-07 Enter Agreement, Officers, Exhibits
8-K 2018-02-12 Other Events, Exhibits
HIL 2019-09-30
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 - Operating Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (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-31109302019.htm
EX-31.2 ex-31209302019.htm
EX-32.1 ex-32109302019.htm
EX-32.2 ex-32209302019.htm

Hill International Earnings 2019-09-30

HIL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
VSEC 384 827 480 709 0 36 72 664 0% 9.2 4%
STRL 349 500 325 1,034 103 26 46 362 10% 7.9 5%
HIL 157 281 186 400 126 -16 -5 184 31% -37.9 -6%
CVU 98 154 55 100 21 4 11 100 21% 9.3 3%
ORN 68 363 230 166 10 -110 -70 148 6% -2.1 -30%
EEI 47 48 14 91 59 -2 -0 37 66% -447.3 -3%
AIRI 29 53 43 52 7 -9 -6 29 14% -4.6 -17%
ENG 29 25 11 53 7 -5 -5 19 12% -4.1 -20%
J
STN

Document
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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, 2019
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
 
 
Philadelphia
PA
19103
(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 class
Trading Symbol(s)
Name of each exchange on which registered
 
Common Stock, par value $0.0001
HIL
New 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
ý
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 56,161,783 shares of the Registrant’s Common Stock outstanding at October 30, 2019.
 



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, 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 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 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


PART I — FINANCIAL INFORMATION
Item 1.   Financial Statements.
HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 
September 30, 2019
 
December 31, 2018
Assets
 
(Unaudited)
 
 
Cash and cash equivalents
 
$
17,350

 
$
18,711

Cash - restricted
 
5,033

 
2,945

Accounts receivable, less allowance for doubtful accounts of $66,263 and $70,617
 
110,575

 
117,469

Current portion of retainage receivable
 
14,041

 
18,397

Accounts receivable - affiliates
 
25,567

 
19,261

Prepaid expenses and other current assets
 
7,651

 
5,554

Income tax receivable
 
1,458

 
758

Total current assets
 
181,675

 
183,095

Property and equipment, net
 
11,597

 
10,787

Cash - restricted, net of current portion
 
2,777

 
1,451

Operating lease right-of-use assets
 
15,439

 

Retainage receivable
 
8,449

 
5,895

Acquired intangibles, net
 
929

 
1,316

Goodwill
 
47,041

 
48,869

Investments
 
2,665

 
3,015

Deferred income tax assets
 
3,665

 
4,521

Other assets
 
4,728

 
5,820

Total assets
 
$
278,965

 
$
264,769

Liabilities and Stockholders’ Equity
 
 
 
 
Current maturities of notes payable and long-term debt
 
$
3,266

 
$
3,364

Accounts payable and accrued expenses
 
74,160

 
80,036

Income taxes payable
 
7,555

 
8,826

Current portion of deferred revenue
 
10,660

 
11,169

Current portion of operating lease liabilities
 
5,166

 

Other current liabilities
 
5,376

 
5,644

Total current liabilities
 
106,183

 
109,039

Notes payable and long-term debt, net of current maturities
 
48,680

 
44,587

Retainage payable
 
1,551

 
927

Deferred income taxes
 
308

 
418

Deferred revenue
 
3,419

 
5,105

Non-current operating lease liabilities
 
16,271

 

Other liabilities
 
4,671

 
10,248

Total liabilities
 
181,083

 
170,324

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, 62,705 shares and 62,181 shares issued at September 30, 2019 and December 31, 2018, respectively
 
6

 
6

Additional paid-in capital
 
212,493

 
210,084

Accumulated deficit
 
(83,481
)
 
(85,444
)
Accumulated other comprehensive loss
 
(3,756
)
 
(2,575
)
Less treasury stock of 6,546 and 6,546 at September 30, 2019 and December 31, 2018, respectively
 
(28,231
)
 
(28,231
)
Hill International, Inc. share of equity
 
97,031

 
93,840

Noncontrolling interests
 
851

 
605

Total equity
 
97,882

 
94,445

Total liabilities and stockholders’ equity
 
$
278,965

 
$
264,769


See accompanying notes to consolidated financial statements.

5


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,
 
 
2019
 
2018
 
2019
 
2018
Consulting fee revenue
 
$
75,747

 
$
81,231

 
$
231,782

 
$
261,794

Reimbursable expenses
 
19,923

 
20,704

 
60,828

 
66,186

Total revenue
 
$
95,670

 
$
101,935

 
$
292,610

 
$
327,980

Direct expenses
 
64,086

 
65,600

 
198,288

 
222,181

Gross profit
 
$
31,584

 
$
36,335

 
$
94,322

 
$
105,799

Selling, general and administrative expenses
 
29,261

 
44,689

 
87,987

 
116,911

 Plus: Share of profit of equity method affiliates
 
780

 
685

 
1,911

 
2,616

 Less: Loss on performance bond
 

 

 

 
7,938

Operating profit (loss)
 
$
3,103

 
$
(7,669
)
 
$
8,246

 
$
(16,434
)
Interest and related financing fees, net
 
1,485

 
1,275

 
4,408

 
3,855

Other income, net
 
549

 

 
549

 

Income (loss) before income taxes
 
$
2,167

 
$
(8,944
)
 
$
4,387

 
$
(20,289
)
Income tax (benefit) expense
 
(340
)
 
(460
)
 
2,248

 
2,928

Income (loss) from continuing operations
 
$
2,507

 
$
(8,484
)
 
$
2,139

 
$
(23,217
)
Discontinued operations:
 
 
 
 
 
 
 
 
  Loss from discontinued operations, net of tax
 

 

 

 
(863
)
     Total loss from discontinued operations
 
$

 
$

 
$

 
$
(863
)
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
2,507

 
$
(8,484
)
 
$
2,139

 
$
(24,080
)
Less: net earnings - non-controlling interests
 
26

 
60

 
176

 
96

Net income (loss) attributable to Hill International, Inc.
 
$
2,481

 
$
(8,544
)
 
$
1,963

 
$
(24,176
)
 
 
 
 
 
 
 
 
 
Basic Income (loss) per common share from continuing operations
 
$
0.04

 
$
(0.15
)
 
$
0.03

 
$
(0.42
)
Basic loss per common share from discontinued operations
 

 

 

 
(0.02
)
Basic income (loss) per common share - Hill International, Inc.
 
$
0.04

 
$
(0.15
)
 
$
0.03

 
$
(0.44
)
Basic weighted average common shares outstanding
 
56,549

 
55,476

 
56,178

 
54,466

 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share from continuing operations
 
$
0.04

 
$
(0.15
)
 
$
0.03

 
$
(0.42
)
Diluted loss per common share from discontinued operations
 

 

 

 
(0.02
)
Diluted income (loss) per common share - Hill International, Inc.
 
$
0.04

 
$
(0.15
)
 
$
0.03

 
$
(0.44
)
Diluted weighted average common shares outstanding
 
56,549

 
55,476

 
56,178

 
54,466

 
See accompanying notes to consolidated financial statements.

6


HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
2,507

 
$
(8,484
)
 
$
2,139

 
$
(24,080
)
Foreign currency translation adjustment, net of tax
 
(237
)
 
673

 
(1,111
)
 
1,280

Comprehensive income (loss)
 
2,270

 
(7,811
)
 
1,028

 
(22,800
)
Less: Comprehensive income (loss) attributable to non-controlling interests
 
32

 
52

 
246

 
(357
)
Comprehensive income (loss) attributable to Hill International, Inc.
 
$
2,238

 
$
(7,863
)
 
$
782

 
$
(22,443
)
 
See accompanying notes to consolidated financial statements.

7


HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands) 
 
 
Common Stock
 
Additional
Paid-in
 
Retained
Earnings
 
Accumulated Other
Comprehensive
 
Treasury Stock
 
Hill Share of Stockholders’
 
Non-controlling
 
Total
Stockholders’
 
 
Shares
 
Amount
 
Capital
 
(Deficit)
 
(Loss)
 
Shares
 
Amount
 
Equity
 
Interests
 
Equity
Balance - December 31, 2018
 
62,181

 
$
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
)
Stock issued to Board of Directors
 
24

 

 

 

 

 

 

 

 

 

Stock-based compensation expense
 

 

 
1,042

 

 

 

 

 
1,042

 

 
1,042

Stock issued under employee stock purchase plan
 
57

 

 
113

 

 

 

 

 
113

 

 
113

Balance - June 30, 2019
 
62,262

 
$
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
)
Stock issued to Board of Directors
 
104

 

 

 

 

 

 

 

 

 

Stock-based compensation expense
 
322

 

 
1,212

 

 

 

 

 
1,212

 

 
1,212

Stock issued under employee stock purchase plan (3)
 
17

 

 
42

 

 

 

 

 
42

 

 
42

Balance - September 30, 2019
 
62,705

 
$
6

 
$
212,493

 
$
(83,481
)
 
$
(3,756
)
 
6,546

 
$
(28,231
)
 
$
97,031

 
$
851

 
$
97,882

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2017
 
59,389

 
$
6

 
$
197,104

 
$
(53,983
)
 
$
(4,011
)
 
6,977

 
$
(30,041
)
 
$
109,075

 
$
1,595

 
$
110,670

Net income (loss)
 

 

 

 
(15,632
)
 

 

 

 
(15,632
)
 
36

 
(15,596
)
Other comprehensive income (loss)
 

 

 

 

 
1,052

 

 

 
1,052

 
(445
)
 
607

Stock-based compensation expense (2)
 

 

 
223

 

 

 

 

 
223

 

 
223

Stock issued under employee stock purchase plan
 
6

 

 
29

 

 

 

 

 
29

 

 
29

Exercise of stock options
 
2,216

 

 
8,979

 

 

 
(467
)
 
2,012

 
10,991

 

 
10,991

Cashless exercise of stock options
 
70

 

 
202

 

 

 
36

 
(202
)
 

 

 

Reversal of accrual for portion of ESA put option (1)
 

 

 
745

 

 

 

 

 
745

 

 
745

Acquisition of additional interest in subsidiary
 

 

 
(122
)
 

 

 

 

 
(122
)
 
(623
)
 
(745
)
Balance - June 30, 2018
 
61,681

 
$
6

 
$
207,160

 
$
(69,615
)
 
$
(2,959
)
 
6,546

 
$
(28,231
)
 
$
106,361

 
$
563

 
$
106,924

Net income (loss)
 

 

 

 
(8,544
)
 

 

 

 
(8,544
)
 
60

 
(8,484
)
Other comprehensive income (loss)
 

 

 

 

 
681

 

 

 
681

 
(8
)
 
673

Stock-based compensation expense (2)
 

 

 
144

 

 

 

 

 
144

 

 
144

Exercise of stock options
 
159

 

 
699

 

 

 

 

 
699

 

 
699

Cashless exercise of stock options
 

 

 
4

 

 

 

 

 
4

 

 
4

Balance - September 30, 2018
 
61,840

 
$
6

 
$
208,007

 
$
(78,159
)
 
$
(2,278
)
 
6,546

 
$
(28,231
)
 
$
99,345

 
$
615

 
$
99,960

(1) Engineering S.A. ("ESA") now known as Hill International Brasil S.A.
(2) Excluded $399 related to stock-based compensation expense reflected in accrued expenses and were reclassified to equity when the shares were ultimately delivered during the three months ended December 31, 2018 (see Note 10 - Share-Based Compensation).
(3) Included $33 of proceeds related to the Employee Stock Purchase Plan ("ESPP") stock issued during the three months ended December 31, 2018 that were received in the three months ended March 31, 2018, net of $21 of proceeds related to ESPP stock issued during the three months ended September 31, 2019 that were received in the subsequent period.

See accompanying notes to consolidated financial statements.

8


HILL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income (loss)
 
$
2,139

 
$
(24,080
)
Loss from discontinued operations
 

 
863

Income (loss) from continuing operations
 
2,139

 
(23,217
)
Adjustments to reconcile net income (loss) to net cash provided by (used in):
 
 
 
 
Depreciation and amortization
 
2,435

 
3,433

Provision for bad debts
 
(2,946
)
 
(3,304
)
Amortization of deferred loan fees
 
539

 
77

Deferred tax benefit
 
659

 
(181
)
Share-based compensation
 
2,254

 
741

Operating lease right-of-use assets
 
3,936

 

Unrealized foreign exchange gains (losses) on intercompany balances
 
104

 
8,496

Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
13,988

 
12,717

Accounts receivable - affiliate
 
(6,306
)
 
(771
)
Prepaid expenses and other current assets
 
(2,136
)
 
1,025

Income taxes receivable
 
(748
)
 
550

Retainage receivable
 
(2,559
)
 
(2,351
)
Other assets
 
920

 
600

Accounts payable and accrued expenses
 
(5,463
)
 
188

Income taxes payable
 
(1,286
)
 
(8,146
)
Deferred revenue
 
(2,235
)
 
2,518

Operating lease liabilities
 
(4,361
)
 

Other current liabilities
 
(264
)
 
876

Retainage payable
 
624

 
116

Other liabilities
 
1,422

 
(6,630
)
Net cash provided by (used in) continuing operations
 
716

 
(13,263
)
Net cash used in discontinued operations
 

 
(863
)
Net cash provided by (used in) operating activities
 
716

 
(14,126
)
Cash flows from investing activities:
 
 
 
 
Purchases of business
 

 
(745
)
Purchase of property and equipment
 
(2,958
)
 
(2,328
)
Net cash used in investing activities
 
(2,958
)
 
(3,073
)
Cash flows from financing activities:
 
 
 
 
Repayment of term loans
 
(795
)
 
(724
)
Proceeds from revolving loans
 
10,070

 
40,075

Repayment of revolving loans
 
(4,977
)
 
(29,849
)
Proceeds from stock issued under employee stock purchase plan