Hill International, Inc. (NYSE:HIL) ("Hill" or the
"Company"), the global leader in managing construction
risk, announced today its financial results for the first quarter
ended March 31, 2021 (“Q1 2021”).
“Although CFR in Q1 2021 reflected lingering
headwinds from COVID-induced delayed project starts, we reported a
strong new bookings quarter and our backlog increased from December
31, 2020," said Hill Chief Executive Officer Raouf Ghali. "Our new
project awards covered multiple geographies and end markets,
including infrastructure and facilities management. Procurement
activity has begun to accelerate, especially in the United States.
As a result, we believe that our CFR will increase as the year
progresses allowing us to enhance profitability and strengthen our
financial position. I remain exceptionally proud of the agility
that Hill's associates have demonstrated over the past year to
address the challenges associated with the pandemic. Our optimism
for 2021 and beyond has not wavered. As a pure-play worldwide
leader in project management services and construction consulting,
we believe that we are well-positioned to capture a growing slate
of global infrastructure project and program opportunities, while
delivering value to our stakeholders."
"Normal seasonality and the timing of cash
collections drove the cash decline during Q1 2021, which we
consider a transitory event," said Todd Weintraub, Hill's Chief
Financial Officer. "Additionally, the continuing effect of COVID-19
delayed the execution of documentation required for certain clients
to remit payments totaling approximately $10 million. The majority
of this has been subsequently collected with the remainder expected
to be collected during the quarter ending June 30, 2021. Based on
collection already seen in the second quarter we expect that our
cash position at June 30, 2021 and the remainder of the year will
show material improvement from March 31, 2021, the same trend which
occurred during 2020. We are forecasting year-end unrestricted cash
will exceed the $34.2 million in unrestricted cash we reported at
December 31, 2020, and we expect to be cash flow positive for the
year."
Q1 2021 Financial Results Overview
Hill's consulting fee revenue ("CFR") was $72.4
million in Q1 2021, as compared to $77.2 million in the first
quarter of 2020 ("Q1 2020"), primarily due to delayed projects
starts and certain project suspensions due to the COVID-19
pandemic. The Company expects CFR to increase from this level each
quarter during the remainder of 2021 as Hill returns to full
staffing on certain existing projects and mobilizes staffing on
newly awarded projects.
Selling, general, and administrative
("SG&A") expenses in Q1 2021 were $27.7 million, or 38.2% of
CFR, compared to $28.1 million, or 36.4% of CFR, in Q1 2020. This
decline was primarily attributable to lower depreciation expense,
as well as declines in certain corporate expenses due to COVID-19
stay at home orders, partially offset by higher labor, legal and
insurance costs, as well as the timing of certain other expenses.
The labor increases were primarily due to higher than normal
severance costs which are not expected to recur. The higher legal
costs were due primarily to the settlement and return of previously
incurred legal expenses in 2020 which did not recur in 2021.
Operating loss for Q1 2021 narrowed to $0.2 million from an
operating loss of $3.9 million in Q1 2020, driven primarily by
lower SG&A expenses and favorable foreign currency impacts when
compared to Q1 2020. Adjusted operating income, a non-GAAP measure
(see definition and reconciliation in the table below) was $0.2
million in Q1 2021, compared to $2.2 million in Q1 2020.
Net loss attributable to Hill in Q1 2021 was
$2.7 million, or $0.05 per diluted share, compared to net loss
attributable to Hill of $6.6 million, or $0.12 per diluted share,
in Q1 2020. Adjusted net loss, a non-GAAP measure (see definition
and reconciliation in the table below), was $2.4 million in Q1
2021, compared to adjusted net loss of $0.5 million in Q1 2020.
Adjusted EBITDA, a non-GAAP measure (see
definition and reconciliation in the table below) was $0.7 million
in Q1 2021, compared to adjusted EBITDA of $3.2 million in Q1 2020.
This decline was due primarily to lower CFR driven by the COVID-19
crisis and higher SG&A, excluding depreciation expense, in
2021, as discussed above.
Financial Condition and
Backlog
Net cash used in operating activities in Q1 2021
was $16.7 million compared to net cash used in operating activities
of $10.9 million in Q1 2020. Free cash flow, a non-GAAP measure
(see definition below) for Q1 2021 was $(17.5) million, which
represents net cash used in operating activities, less $0.8 million
in purchases of property and equipment during the quarter. Free
cash flow during Q1 2020 was $(11.8) million, which represents net
cash used in operating activities, less $0.8 million in property
and equipment purchased during the quarter.
Unrestricted cash at March 31, 2021 was
$18.9 million compared to unrestricted cash of $34.2 million at
December 31, 2020, due primarily to seasonality and the timing of
certain collections. The Company had approximately $8.4 million in
available and undrawn credit facilities at March 31, 2021,
compared to $11.7 million at December 31, 2020. The Company's
total liquidity was $27.3 million at March 31, 2021, compared
to $45.9 million at December 31, 2020.
Backlog (which is a non-GAAP measure; see
definition below) improved to $681.3 million at March 31, 2021
from $666.7 million at December 31, 2020, primarily due to
contract extensions in Africa and the Americas.
2021 Financial Guidance
Hill is reiterating its guidance for 2021.
CFR for 2021 is expected to range between $320 -
$330 million, representing an increase of between 8% - 11% from
2020. This increase is expected to consist of both new awards and
extensions of existing contracts.
SG&A for 2021 is expected to increase from $109.2 million
incurred in 2020. The outlook for SG&A reflects an anticipated
rebound in activity as the effects of the COVID-19 pandemic subside
and the Company's activity increases. The Company will continue to
manage SG&A and its association with CFR relative to the
evolving effects of COVID-19.
Adjusted EBITDA (a non-GAAP measure) for 2021 is expected to
range between $20 and $22 million, up from Adjusted EBITDA of $19.0
million for 2020 and representing growth of 5% - 16%.
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 2021 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 Call
Management will host a conference call on
Tuesday, May 11, 2021 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 2,700
professionals in 69 offices worldwide, provides program management,
project management, construction management, 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, 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, 2021 |
|
December 31, 2020 |
Assets |
|
(Unaudited) |
|
|
Cash and cash equivalents |
|
$ |
18,935 |
|
|
$ |
34,229 |
|
Cash - restricted |
|
4,460 |
|
|
3,752 |
|
Accounts receivable, net |
|
106,786 |
|
|
98,186 |
|
Current portion of retainage
receivable |
|
12,189 |
|
|
11,775 |
|
Accounts receivable -
affiliates |
|
25,888 |
|
|
23,285 |
|
Prepaid expenses and other
current assets |
|
11,343 |
|
|
9,378 |
|
Income tax receivable |
|
644 |
|
|
2,298 |
|
Total current assets |
|
180,245 |
|
|
182,903 |
|
Property and equipment,
net |
|
9,593 |
|
|
9,443 |
|
Cash - restricted, net of
current portion |
|
3,321 |
|
|
3,432 |
|
Operating lease right-of-use
assets |
|
19,575 |
|
|
13,116 |
|
Financing lease right-of-use
assets |
|
354 |
|
|
288 |
|
Retainage receivable |
|
5,835 |
|
|
6,044 |
|
Acquired intangibles, net |
|
2,793 |
|
|
2,253 |
|
Goodwill |
|
45,178 |
|
|
46,397 |
|
Investments |
|
3,352 |
|
|
2,805 |
|
Deferred income tax
assets |
|
3,612 |
|
|
3,698 |
|
Other assets |
|
2,358 |
|
|
1,620 |
|
Total assets |
|
$ |
276,216 |
|
|
$ |
271,999 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current maturities of notes
payable and long-term debt |
|
$ |
2,165 |
|
|
$ |
987 |
|
Accounts payable and accrued
expenses |
|
63,350 |
|
|
67,797 |
|
Income taxes payable |
|
2,253 |
|
|
2,219 |
|
Current portion of deferred
revenue |
|
3,436 |
|
|
3,305 |
|
Current portion of operating
lease liabilities |
|
5,111 |
|
|
4,797 |
|
Current portion of financing
lease liabilities |
|
101 |
|
|
70 |
|
Other current liabilities |
|
7,723 |
|
|
5,796 |
|
Total current liabilities |
|
84,139 |
|
|
84,971 |
|
Notes payable and long-term
debt, net of current maturities |
|
50,348 |
|
|
48,294 |
|
Retainage payable |
|
69 |
|
|
600 |
|
Deferred income taxes |
|
1,309 |
|
|
1,210 |
|
Deferred revenue |
|
8,194 |
|
|
7,488 |
|
Non-current operating lease
liabilities |
|
19,542 |
|
|
13,184 |
|
Non-current financing lease
liabilities |
|
258 |
|
|
186 |
|
Other liabilities |
|
6,794 |
|
|
6,778 |
|
Total liabilities |
|
170,653 |
|
|
162,711 |
|
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, 63,204
shares and 62,920 shares issued at March 31, 2021 and December 31,
2020, respectively |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
215,502 |
|
|
215,010 |
|
Accumulated deficit |
|
(82,233 |
) |
|
(79,542 |
) |
Accumulated other comprehensive income |
|
840 |
|
|
1,318 |
|
Less treasury stock of 6,807
at March 31, 2021 and December 31, 2020 |
|
(29,056 |
) |
|
(29,056 |
) |
Hill International, Inc.
share of equity |
|
105,059 |
|
|
107,736 |
|
Noncontrolling interests |
|
504 |
|
|
1,552 |
|
Total equity |
|
105,563 |
|
|
109,288 |
|
Total liabilities and stockholders’ equity |
|
$ |
276,216 |
|
|
$ |
271,999 |
|
|
|
|
|
|
|
|
|
|
HILL INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Consulting fee revenue |
|
$ |
72,409 |
|
|
$ |
77,150 |
|
Reimbursable expenses |
|
14,677 |
|
|
16,158 |
|
Total revenue |
|
$ |
87,086 |
|
|
$ |
93,308 |
|
Direct expenses |
|
59,855 |
|
|
65,048 |
|
Gross profit |
|
27,231 |
|
|
28,260 |
|
Selling, general and
administrative expenses |
|
27,686 |
|
|
28,098 |
|
Foreign currency exchange
loss |
|
287 |
|
|
4,051 |
|
Plus: Share of profit of
equity method affiliates |
|
588 |
|
|
24 |
|
Operating loss |
|
$ |
(154 |
) |
|
$ |
(3,865 |
) |
Less: Interest and related
financing fees, net |
|
1,347 |
|
|
1,299 |
|
Plus: Other income, net |
|
2 |
|
|
345 |
|
Loss before income taxes |
|
$ |
(1,499 |
) |
|
$ |
(4,819 |
) |
Income tax expense |
|
1,076 |
|
|
1,603 |
|
Net loss |
|
$ |
(2,575 |
) |
|
$ |
(6,422 |
) |
Less: net earnings -
noncontrolling interests |
|
116 |
|
|
159 |
|
Net loss attributable to Hill International, Inc. |
|
$ |
(2,691 |
) |
|
$ |
(6,581 |
) |
|
|
|
|
|
Basic loss per common share -
Hill International, Inc. |
|
$ |
(0.05 |
) |
|
$ |
(0.12 |
) |
Basic weighted average common
shares outstanding |
|
56,978 |
|
|
56,543 |
|
|
|
|
|
|
Diluted loss per common share
- Hill International, Inc. |
|
$ |
(0.05 |
) |
|
$ |
(0.12 |
) |
Diluted weighted average
common shares outstanding |
|
56,978 |
|
|
56,543 |
|
|
|
|
|
|
|
|
HILL INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Cash flows from operating
activities: |
|
|
|
|
Net loss |
|
(2,575 |
) |
|
(6,422 |
) |
Adjustments to reconcile net
loss to net cash used in: |
|
|
|
|
Depreciation and amortization |
|
694 |
|
|
2,424 |
|
Recovery of bad debts |
|
(231 |
) |
|
(479 |
) |
Amortization of deferred loan fees |
|
220 |
|
|
175 |
|
Deferred tax expense |
|
170 |
|
|
490 |
|
Share-based compensation |
|
449 |
|
|
399 |
|
Operating lease right-of-use assets |
|
1,319 |
|
|
1,575 |
|
Foreign currency remeasurement losses |
|
287 |
|
|
4,376 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
Accounts receivable |
|
(9,835 |
) |
|
(4,203 |
) |
Accounts receivable - affiliate |
|
(2,602 |
) |
|
(6,143 |
) |
Prepaid expenses and other current assets |
|
(1,772 |
) |
|
(2,608 |
) |
Income taxes receivable |
|
1,651 |
|
|
(45 |
) |
Retainage receivable |
|
203 |
|
|
(755 |
) |
Other assets |
|
(2,346 |
) |
|
1,231 |
|
Accounts payable and accrued expenses |
|
(3,919 |
) |
|
1,964 |
|
Income taxes payable |
|
46 |
|
|
431 |
|
Deferred revenue |
|
1,195 |
|
|
(2,994 |
) |
Operating lease liabilities |
|
(1,063 |
) |
|
(1,323 |
) |
Other current liabilities |
|
1,914 |
|
|
696 |
|
Retainage payable |
|
(530 |
) |
|
29 |
|
Other liabilities |
|
(1 |
) |
|
250 |
|
Net cash used in operating
activities |
|
(16,726 |
) |
|
(10,932 |
) |
Cash flows from investing
activities: |
|
|
|
|
Purchase of property and equipment |
|
(812 |
) |
|
(833 |
) |
Net cash used in investing
activities |
|
(812 |
) |
|
(833 |
) |
Cash flows from financing
activities: |
|
|
|
|
Repayment of term loans |
|
(257 |
) |
|
(217 |
) |
Proceeds from revolving loans |
|
5,405 |
|
|
18,792 |
|
Repayment of revolving loans |
|
(1,777 |
) |
|
(7,836 |
) |
Proceeds from stock issued under employee stock purchase plan |
|
11 |
|
|
50 |
|
Net cash provided by financing
activities |
|
3,382 |
|
|
10,789 |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(541 |
) |
|
(513 |
) |
Net decrease in cash, cash
equivalents and restricted cash |
|
(14,697 |
) |
|
(1,489 |
) |
Cash, cash equivalents and
restricted cash — beginning of period |
|
41,413 |
|
|
24,982 |
|
Cash, cash equivalents and restricted cash — end of period |
|
$ |
26,716 |
|
|
$ |
23,493 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
Supplemental disclosures of
cash flow information: |
|
2021 |
|
2020 |
Interest and related financing fees paid |
|
$ |
1,140 |
|
|
$ |
1,150 |
|
Income taxes paid |
|
133 |
|
|
87 |
|
Transfer of proceeds from
shares pledged as collateral to treasury stock |
|
— |
|
|
825 |
|
Cash paid for amounts included
in the measurement of lease liabilities |
|
1,535 |
|
|
1,910 |
|
Right-of-use assets obtained
in exchange for operating lease liabilities |
|
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, |
|
|
2021 |
|
2020 |
|
|
|
|
|
Operating loss |
|
$ |
(154 |
) |
|
$ |
(3,865 |
) |
Adjustments to operating
loss |
|
|
|
|
Share-based compensation |
|
449 |
|
|
399 |
|
Unrealized foreign currency exchange (benefit) loss |
|
(134 |
) |
|
4,103 |
|
Write-off of leasehold improvement (1) |
|
— |
|
|
1,582 |
|
Adjusted operating
profit |
|
$ |
161 |
|
|
$ |
2,219 |
|
|
|
|
|
|
Net loss |
|
(2,575 |
) |
|
(6,422 |
) |
Less: net earnings -
noncontrolling interests |
|
116 |
|
|
159 |
|
Net loss attributable
to Hill International, Inc. |
|
$ |
(2,691 |
) |
|
$ |
(6,581 |
) |
Adjustments to net (loss)
earnings attributable to Hill International, Inc. |
|
|
|
|
Less: Interest and related financing fees, net |
|
1,347 |
|
|
1,299 |
|
Income tax expense |
|
1,076 |
|
|
1,603 |
|
Depreciation and amortization expense (1) |
|
694 |
|
|
2,424 |
|
EBITDA |
|
426 |
|
|
(1,255 |
) |
Adjustments to EBITDA: |
|
|
|
|
Share-based compensation |
|
449 |
|
|
399 |
|
Unrealized foreign currency exchange (benefit) loss |
|
(134 |
) |
|
4,103 |
|
Adjusted
EBITDA |
|
$ |
741 |
|
|
$ |
3,247 |
|
|
|
|
|
|
Net loss attributable
to Hill International, Inc. |
|
$ |
(2,691 |
) |
|
$ |
(6,581 |
) |
Adjustments to net (loss)
earnings attributable to Hill International, Inc. |
|
|
|
|
Share-based compensation |
|
449 |
|
|
399 |
|
Unrealized foreign currency exchange (benefit) loss |
|
(134 |
) |
|
4,103 |
|
Write-off of leasehold improvement (1) |
|
— |
|
|
1,582 |
|
Adjusted net
income |
|
$ |
(2,376 |
) |
|
$ |
(497 |
) |
|
|
|
|
|
|
|
|
|
(1) The write-off of leasehold improvements that was incurred
during the quarter ended March 31, 2020 as a result of the sublease
of the Company's corporate headquarters as part of its cost
reduction initiatives was included in depreciation and amortization
expense and is reflected in SG&A in the Company's consolidated
statements of operations.
(HIL-G)
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