Hill International, Inc. (NYSE:HIL) ("Hill" or the
"Company"), delivering the infrastructure of change,
announced today its financial results for the first quarter ended
March 31, 2022 (“Q1 2022”).
"The momentum we experienced in 2021 continued
into the first quarter of 2022 and manifested in our first $80+
million CFR quarter since the first quarter of 2018," said Raouf
Ghali, Hill's Chief Executive Officer. "We increased gross profit,
improved operating income, and reported another strong new bookings
quarter. Backlog at quarter's end rose to $736 million and included
a 12-month backlog of $264 million. We have also taken steps to
reduce our operating expenses going forward."
Mr. Ghali continued, "Project activity remains
robust, and we are proud to have been engaged in a number of
exciting infrastructure projects during the first quarter,
including domestic aviation, transit, and highway work. While we
continue to monitor global economic and political developments, we
remain confident in the resiliency of Hill's model, our
accelerating business development activity, and attractive
end-market focus. We look forward to 2022 with great
confidence."
"Adjusted EBITDA for the quarter increased to
$3.2 million, in line with our expectations as the first quarter is
generally our slowest quarter of the year," said Todd Weintraub,
Hill's Chief Financial Officer. "This is also true of cash
generation; during the 2022 first quarter, cash used in operations
was $(3.3) million, which was a significant improvement from cash
used in operations of $(16.7) million in the first quarter of 2021.
We expect to generate positive cash flow for the remainder of 2022,
and remain confident in our ability to achieve annual CFR of $340
million to $350 million and adjusted EBITDA of $22 million to $24
million."
Q1 2022 Financial Results Overview
Revenue increased 17.4% to $102.2 million in Q1
2022 from $87.1 million in the first quarter of 2021 ("Q1 2021") as
project activity continues to return to pre-COVID levels.
Consulting fee revenue ("CFR") rose 12.5% to $81.4 million in Q1
2022, from $72.4 million in Q1 2021.
Gross profit in Q1 2022 increased 16.9% to $31.8
million, or 31.1% of total revenue, from $27.2 million, or 31.3% of
total revenue, in Q1 2021, driven by higher CFR and improved
contract profit margins.
Selling, general, and administrative
("SG&A") expenses in Q1 2022 rose 6.7% to $29.5 million from
$27.7 million in Q1 2021. SG&A included non-recurring and
non-cash (income) expenses of $(0.1) million and $0.4 million in Q1
2022 and 2021, respectively. Excluding these non-recurring and
non-cash expenses, SG&A expenses in Q1 2022 were $29.6 million,
or 91.3% of gross profit, compared to $27.3 million, or 100% of
gross profit in Q1 2021. This decline in SG&A as a percentage
of gross profit reflected continuing management of expenses to
ensure costs grow more slowly than gross profits, resulting in the
creation of operating leverage. To that end, the Company has
reduced the run rate of G&A expenses by approximately $4
million annually, the initial impact of which is expected to be
realized in the current second quarter ending June 30, 2022.
Operating profit for Q1 2022 improved to $1.0
million from an operating loss of $(0.2) million in Q1 2021.
Improved gross profit from higher CFR was offset by an increase in
foreign currency exchange losses when compared to Q1 2021 and
higher SG&A to support the growth of the business. Adjusted
operating income, a non-GAAP measure (see definition and
reconciliation in the table below) was $2.4 million in Q1 2022,
compared to adjusted operating income of $0.2 million in Q1
2021.
Net loss attributable to Hill in Q1 2022 was
$(0.5) million, or $(0.01) per diluted share, compared to net loss
attributable to Hill of $(2.7) million, or $(0.05) per diluted
share, in Q1 2021. This narrowed net loss was due primarily to
increased gross profit in Q1 2022 compared to Q1 2021, partially
offset by the negative impact of unrealized foreign exchange losses
and higher SG&A in Q1 2022 compared to Q1 2021. Adjusted net
income, a non-GAAP measure (see definition and reconciliation in
the table below) which excludes the impact of these items, was $0.9
million in Q1 2022, compared to adjusted net loss of $(2.4) million
in Q1 2021.
Adjusted EBITDA, a non-GAAP measure (see
definition and reconciliation in the table below) was $3.2 million
in Q1 2022, compared to adjusted EBITDA of $0.7 million in Q1 2021.
Improved gross profit from higher CFR was partially offset by an
increase in labor costs as business activity returns to normal
levels and the partial resumption of business travel.
Financial Condition and
Backlog
Net cash used in operating activities in Q1 2022
was $(3.3) million compared to $(16.7) million in Q1 2021. Free
cash flow, a non-GAAP measure (see definition below) for Q1 2022
was $(4.1) million, which represents net cash used in operating
activities, less $0.4 million in purchases of property and
equipment during the quarter. Free cash flow during Q1 2021 was
$(17.5) million, which represents net cash provided by operating
activities, less $0.8 million in property and equipment purchased
during the quarter.
Unrestricted cash at March 31, 2022 was
$23.9 million compared to unrestricted cash of $21.8 million at
December 31, 2021. At March 31, 2022, the Company had
approximately $3.9 million in available and undrawn credit
facilities and total liquidity was $27.9 million.
Backlog (which is a non-GAAP measure; see
definition below) was $736.1 million at March 31, 2022
compared to $729.4 million at December 31, 2020, primarily due to
new bookings throughout the year, offset by CFR burn.
2022 Financial Guidance
The Company reiterates its full-year 2022
guidance. For the full year, CFR is expected to be $340 million to
$350 million with adjusted EBITDA of $22 million to $24
million.
Non-GAAP Measures
The following measures below are not measures of
financial performance under U.S. generally accepted accounting
principles ("GAAP") and should be considered in addition to and not
as a substitute for, or superior to, the related measure of
performance prepared in accordance with GAAP.
Backlog
Backlog represents the Company's estimate of the
amount of uncompleted projects under contract and awards in-hand
that are expected to be recognized as CFR in future periods as a
component of total revenue. Hill's backlog is based upon the
binding nature of the underlying contract, commitment or letter of
intent, and other factors, including the economic, financial and
regulatory viability of the project and the likelihood of the
contract being extended, renewed or canceled. Although backlog
reflects business that the Company considers to be firm,
cancellations or scope adjustments may occur. It is an important
indicator of future performance and is used by the Company in
planning Hill's operational needs. Backlog is not a measure defined
in GAAP and the Company's methodology for determining backlog may
not be comparable to the methodology used by other companies in
determining their backlog.
Adjusted Operating Profit
(Loss)
Adjusted operating profit (loss) is operating
profit (loss), adjusted to exclude non-recurring items and non-cash
items including unrealized foreign currency exchange losses
(gains), share-based compensation and the write-off of leasehold
improvements previously included in property and equipment on the
Company's consolidated balance sheets. The Company believes that
adjusted operating profit (loss) is useful to investors and other
external users of Hill's financial statements as a measure of a
company's core ongoing operations, without regard to generally
non-recurring items and non-cash activity.
Adjusted Net Income (Loss) Attributable
to Hill
Adjusted net income (loss) attributable to Hill
is net income (loss) attributable to Hill, adjusted to exclude
non-recurring and non-cash items including unrealized foreign
currency exchange losses (gains), share-based compensation and the
write-off of leasehold improvements previously included in property
and equipment on the Company's consolidated balance sheets. The
Company believes that adjusted net income (loss) attributable to
Hill is useful to investors and other external users of Hill's
financial statements as a measure of a company's operating
performance, without regard to generally non-recurring items and
non-cash activity. EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation
and amortization ("EBITDA"), in addition to operating profit, net
income, and other GAAP measures, is a useful indicator of Hill's
financial and operating performance. Investors should
recognize that EBITDA might not be comparable to similarly titled
measures of other companies. The Company believes that EBITDA
is useful to investors and other external users of Hill's financial
statements in evaluating its operating performance because EBITDA
is widely used by investors to measure a company’s operating
performance without regard to items such as interest expense,
taxes, and depreciation and amortization, which can vary
substantially from company to company depending upon accounting
methods and book value of assets, capital structure and the method
by which assets were acquired.
Adjusted EBITDA is EBITDA, adjusted to exclude
the impact of certain items, including non-recurring, one-time
costs (as presented in the table below) and non-cash items such as
unrealized foreign currency exchange losses (benefit) and
share-based compensation expense. The Company believes that
adjusted EBITDA helps its investors and other external users of
Hill’s financial statements understanding of a company’s operating
performance, without regard to non-recurring and other non-cash
activity.
The Company does not provide a reconciliation of
its 2022 financial guidance for such non-GAAP measure to GAAP due
to the inherent difficulty in forecasting and quantifying certain
amounts that are necessary for such reconciliation, including
adjustments that could be made for non-recurring, one-time costs
and other charges reflected in its reconciliation of historic
numbers.
Free Cash Flow
Free cash flow, a non-GAAP measure, includes net
cash provided by (used in) continuing operations, less purchases of
property and equipment. Free cash flow is a useful indicator that
provides additional perspective on Hill's ability to generate cash
that is available to the Company for taxes and other corporate
purposes. Investors should recognize that free cash flow might not
be comparable to similarly-titled measures of other companies. This
measure should be considered in addition to, and not as a
substitute for or superior to, any measure of performance prepared
in accordance with GAAP.
Conference CallManagement will
host a conference call on Wednesday, May 11, 2022 at 9:00 am ET to
discuss the results and business activities. Interested parties may
participate in the call by dialing:
- (877) 407-9753 (Domestic) or
- (201) 493-6739 (International)
The call will also be accessible on the
“Investor Relations” section of Hill’s website at www.hillintl.com.
Click on “Financial Information” and then “Conferences and
Calls”.
About Hill International
Hill International, with more than 3,000
professionals and 100 offices worldwide, provides program
management, project management, construction management, project
management oversight, facilities management, and other consulting
services to clients in a variety of market sectors. Engineering
News-Record magazine recently ranked Hill as one of the largest
construction management firms in the United States. For more
information on Hill, please visit our website at
www.hillintl.com.
Forward Looking Statements
Certain statements contained herein may be
considered "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, and it is our
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 statements of
belief or intent, any statements concerning our plans, strategies,
and objectives for future operations are forward-looking
statements. These forward-looking statements are based on our
current expectations, estimates and assumptions and are subject to
certain risks and uncertainties. Although we believe 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. Important factors that could cause our
actual results to differ materially from estimates or projections
contained in our forward-looking statements are set forth in the
Risk Factors section and elsewhere in the reports we have filed
with the Securities and Exchange Commission, including that
unfavorable global economic conditions may adversely impact our
business, our backlog may not be fully realized as revenue,
infrastructure legislation may not be implemented, and our expenses
may be higher than anticipated. We do not intend, and undertake no
obligation, to update any forward-looking statement.
Hill International, Inc. |
|
The Equity Group
Inc. |
|
|
|
Elizabeth J. Zipf, LEED AP BD+C |
|
Devin Sullivan |
Senior Vice President Hill International, Inc |
|
Senior Vice President |
One Commerce Square |
|
(212) 836-9608 |
2005 Market Street, 17th Floor |
|
dsullivan@equityny.com |
Philadelphia, PA 19103 |
|
|
(215) 309-7707 |
|
Lena Cati |
elizabethzipf@hillintl.com |
|
Vice President |
|
|
(212) 836-9611 |
|
|
lcati@equityny.com |
HILL INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands)
|
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
|
(Unaudited) |
|
|
Cash and cash equivalents |
|
$ |
23,935 |
|
|
$ |
21,821 |
|
Cash - restricted |
|
|
3,455 |
|
|
|
5,562 |
|
Accounts receivable, net |
|
|
123,300 |
|
|
|
119,516 |
|
Current portion of retainage
receivable |
|
|
5,965 |
|
|
|
9,743 |
|
Accounts receivable -
affiliates |
|
|
20,780 |
|
|
|
21,741 |
|
Prepaid expenses and other
current assets |
|
|
10,735 |
|
|
|
9,937 |
|
Income tax receivable |
|
|
2,115 |
|
|
|
2,163 |
|
Total current assets |
|
|
190,285 |
|
|
|
190,483 |
|
Property and equipment,
net |
|
|
8,946 |
|
|
|
8,895 |
|
Cash - restricted, net of
current portion |
|
|
2,992 |
|
|
|
3,063 |
|
Operating lease right-of-use
assets |
|
|
18,140 |
|
|
|
18,347 |
|
Financing lease right-of-use
assets |
|
|
738 |
|
|
|
801 |
|
Retainage receivable |
|
|
7,596 |
|
|
|
7,491 |
|
Acquired intangibles, net |
|
|
2,989 |
|
|
|
3,002 |
|
Goodwill |
|
|
43,366 |
|
|
|
44,127 |
|
Investments |
|
|
1,535 |
|
|
|
2,038 |
|
Deferred income tax
assets |
|
|
2,099 |
|
|
|
2,165 |
|
Other assets |
|
|
3,286 |
|
|
|
2,645 |
|
Total assets |
|
$ |
281,972 |
|
|
$ |
283,057 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current maturities of notes
payable and long-term debt |
|
$ |
9,282 |
|
|
$ |
25,841 |
|
Accounts payable and accrued
expenses |
|
|
66,109 |
|
|
|
63,856 |
|
Income taxes payable |
|
|
3,476 |
|
|
|
2,610 |
|
Current portion of deferred
revenue |
|
|
3,610 |
|
|
|
4,088 |
|
Current portion of operating
lease liabilities |
|
|
4,809 |
|
|
|
4,777 |
|
Current portion of financing
lease liabilities |
|
|
247 |
|
|
|
246 |
|
Other current liabilities |
|
|
4,833 |
|
|
|
6,006 |
|
Total current liabilities |
|
|
92,366 |
|
|
|
107,424 |
|
Notes payable and long-term
debt, net of current maturities |
|
|
51,089 |
|
|
|
29,302 |
|
Retainage payable |
|
|
283 |
|
|
|
279 |
|
Deferred income taxes |
|
|
952 |
|
|
|
959 |
|
Deferred revenue |
|
|
5,341 |
|
|
|
9,541 |
|
Non-current operating lease
liabilities |
|
|
18,694 |
|
|
|
18,565 |
|
Non-current financing lease
liabilities |
|
|
510 |
|
|
|
573 |
|
Other liabilities |
|
|
12,183 |
|
|
|
13,175 |
|
Total liabilities |
|
|
181,418 |
|
|
|
179,818 |
|
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, 63,634
shares and 63,291 shares issued at March 31, 2022 and December 31,
2021, respectively |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
217,879 |
|
|
|
217,471 |
|
Accumulated deficit |
|
|
(84,357 |
) |
|
|
(83,813 |
) |
Accumulated other comprehensive (loss) income |
|
|
(4,451 |
) |
|
|
(1,813 |
) |
Less treasury stock of 6,807
at March 31, 2022 and December 31, 2021 |
|
|
(29,056 |
) |
|
|
(29,056 |
) |
Hill International, Inc.
share of equity |
|
|
100,021 |
|
|
|
102,795 |
|
Noncontrolling interests |
|
|
533 |
|
|
|
444 |
|
Total equity |
|
|
100,554 |
|
|
|
103,239 |
|
Total liabilities and stockholders’ equity |
|
$ |
281,972 |
|
|
$ |
283,057 |
|
HILL INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Consulting fee revenue |
|
$ |
81,431 |
|
|
$ |
72,409 |
|
Reimbursable expenses |
|
|
20,807 |
|
|
|
14,677 |
|
Total revenue |
|
$ |
102,238 |
|
|
$ |
87,086 |
|
Direct
expenses |
|
|
70,402 |
|
|
|
59,855 |
|
Gross profit |
|
|
31,836 |
|
|
|
27,231 |
|
Selling,
general and administrative expenses |
|
|
29,543 |
|
|
|
27,686 |
|
Foreign
currency exchange loss |
|
|
1,736 |
|
|
|
287 |
|
Plus:
Share of profit of equity method affiliates |
|
|
457 |
|
|
|
588 |
|
Operating profit (loss) |
|
$ |
1,014 |
|
|
$ |
(154 |
) |
Less:
Interest and related financing fees, net |
|
|
1,326 |
|
|
|
1,347 |
|
Other
income, net |
|
|
150 |
|
|
|
2 |
|
Loss
before income taxes |
|
$ |
(162 |
) |
|
$ |
(1,499 |
) |
Income
tax expense |
|
|
438 |
|
|
|
1,076 |
|
Net loss |
|
$ |
(600 |
) |
|
$ |
(2,575 |
) |
Less:
net (loss) earnings - noncontrolling interests |
|
|
(56 |
) |
|
|
116 |
|
Net loss attributable to Hill International, Inc. |
|
$ |
(544 |
) |
|
$ |
(2,691 |
) |
|
|
|
|
|
Basic
loss per common share - Hill International, Inc. |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
Basic
weighted average common shares outstanding |
|
|
57,706 |
|
|
|
56,978 |
|
|
|
|
|
|
Diluted
loss per common share - Hill International, Inc. |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
Diluted
weighted average common shares outstanding |
|
|
57,706 |
|
|
|
56,978 |
|
HILL INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating
activities: |
|
|
|
|
Net loss |
|
|
(600 |
) |
|
|
(2,575 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in): |
|
|
|
|
Depreciation and amortization |
|
|
589 |
|
|
|
694 |
|
Provision for bad debt |
|
|
(379 |
) |
|
|
(231 |
) |
Amortization of deferred loan fees |
|
|
163 |
|
|
|
220 |
|
Deferred tax expense |
|
|
77 |
|
|
|
170 |
|
Share-based compensation |
|
|
387 |
|
|
|
449 |
|
Operating lease right-of-use assets |
|
|
710 |
|
|
|
1,319 |
|
Foreign currency remeasurement losses |
|
|
239 |
|
|
|
287 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(7,232 |
) |
|
|
(9,835 |
) |
Accounts receivable - affiliate |
|
|
2,596 |
|
|
|
(2,602 |
) |
Prepaid expenses and other current assets |
|
|
(1,039 |
) |
|
|
(1,772 |
) |
Income taxes receivable |
|
|
(123 |
) |
|
|
1,651 |
|
Retainage receivable |
|
|
3,074 |
|
|
|
203 |
|
Other assets |
|
|
(263 |
) |
|
|
(2,346 |
) |
Accounts payable and accrued expenses |
|
|
3,560 |
|
|
|
(3,919 |
) |
Income taxes payable |
|
|
959 |
|
|
|
46 |
|
Deferred revenue |
|
|
(4,220 |
) |
|
|
1,195 |
|
Operating lease liabilities |
|
|
(243 |
) |
|
|
(1,063 |
) |
Other current liabilities |
|
|
(1,115 |
) |
|
|
1,914 |
|
Retainage payable |
|
|
4 |
|
|
|
(530 |
) |
Finance lease liabilities |
|
|
|
|
Other liabilities |
|
|
(482 |
) |
|
|
(1 |
) |
Net cash used in operating
activities |
|
|
(3,343 |
) |
|
|
(16,726 |
) |
Cash flows from investing
activities: |
|
|
|
|
Purchase of property and equipment |
|
|
(732 |
) |
|
|
(812 |
) |
Net cash used in investing
activities |
|
|
(732 |
) |
|
|
(812 |
) |
Cash flows from financing
activities: |
|
|
|
|
Repayment of term loans |
|
|
(172 |
) |
|
|
(257 |
) |
Proceeds from revolving loans |
|
|
14,081 |
|
|
|
5,405 |
|
Repayment of revolving loans |
|
|
(8,553 |
) |
|
|
(1,777 |
) |
Proceeds from stock issued under employee stock purchase plan |
|
|
21 |
|
|
|
11 |
|
Net cash provided by financing
activities |
|
|
5,316 |
|
|
|
3,382 |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
|
(1,306 |
) |
|
|
(541 |
) |
Net decrease in cash, cash
equivalents and restricted cash |
|
|
(65 |
) |
|
|
(14,697 |
) |
Cash, cash equivalents and
restricted cash — beginning of period |
|
|
30,447 |
|
|
|
41,413 |
|
Cash, cash equivalents and
restricted cash — end of period |
|
$ |
30,382 |
|
|
$ |
26,716 |
|
|
|
Three Months Ended March 31, |
Supplemental disclosures of cash flow information: |
|
|
2022 |
|
|
2021 |
Interest and related financing
fees paid |
|
$ |
1,196 |
|
$ |
1,140 |
Income taxes paid |
|
|
257 |
|
|
133 |
Cash paid for amounts included
in the measurement of lease liabilities |
|
|
2,087 |
|
|
1,535 |
Right-of-use assets obtained
in exchange for operating lease liabilities |
|
|
697 |
|
|
7,906 |
Right-of-use assets obtained
in exchange for finance lease liabilities |
|
|
— |
|
|
125 |
HILL INTERNATIONAL, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP
MEASURES(In thousands)
The following table includes a reconciliation of these non-GAAP
measures to its most directly comparable GAAP measure:
|
|
Three Months EndedMarch 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
Operating profit
(loss) |
|
$ |
1,014 |
|
|
$ |
(154 |
) |
Adjustments to operating
profit (loss) |
|
|
|
|
Share-based compensation |
|
|
387 |
|
|
|
449 |
|
Unrealized foreign currency exchange loss (benefit) |
|
|
1,497 |
|
|
|
(134 |
) |
Non-recurring activity (1) |
|
|
(478 |
) |
|
|
— |
|
Adjusted operating
profit |
|
$ |
2,420 |
|
|
$ |
161 |
|
|
|
|
|
|
Net loss |
|
|
(600 |
) |
|
|
(2,575 |
) |
Less: net (loss) earnings -
noncontrolling interests |
|
|
(56 |
) |
|
|
116 |
|
Net loss attributable
to Hill International, Inc. |
|
$ |
(544 |
) |
|
$ |
(2,691 |
) |
Adjustments to net loss
attributable to Hill International, Inc. |
|
|
|
|
Less: Interest and related financing fees, net |
|
|
1,326 |
|
|
|
1,347 |
|
Income tax expense |
|
|
438 |
|
|
|
1,076 |
|
Depreciation and amortization expense |
|
|
590 |
|
|
|
694 |
|
EBITDA |
|
|
1,810 |
|
|
|
426 |
|
Adjustments to EBITDA: |
|
|
|
|
Share-based compensation |
|
|
387 |
|
|
|
449 |
|
Unrealized foreign currency exchange loss (benefit) |
|
|
1,497 |
|
|
|
(134 |
) |
Non-recurring activity (1) |
|
|
(478 |
) |
|
|
— |
|
Adjusted
EBITDA |
|
$ |
3,216 |
|
|
$ |
741 |
|
|
|
|
|
|
Net loss attributable
to Hill International, Inc. |
|
$ |
(544 |
) |
|
$ |
(2,691 |
) |
Adjustments to net loss
attributable to Hill International, Inc. |
|
|
|
|
Share-based compensation |
|
|
387 |
|
|
|
449 |
|
Unrealized foreign currency exchange loss (benefit) |
|
|
1,497 |
|
|
|
(134 |
) |
Non-recurring activity (1) |
|
|
(478 |
) |
|
|
— |
|
Adjusted net
income |
|
$ |
862 |
|
|
$ |
(2,376 |
) |
(1) Non-recurring activity includes the partial
collection of a fully reserved receivable in Libya, net of other
non-recurring activity, during the three months ended March 31,
2022.
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