|
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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)
|
Large Accelerated Filer
|
o
|
|
Accelerated Filer
|
ý
|
Non-Accelerated Filer
|
o
|
|
Smaller Reporting Company
|
o
|
|
|
|
Emerging Growth Company
|
o
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
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.
|
•
|
The risks set forth in Item 1A, “Risk Factors,” in the Company's most recent Annual Report on Form 10K;
|
•
|
Unfavorable global economic conditions may adversely impact its business;
|
•
|
Backlog, which is subject to unexpected adjustments and cancellations, may not be fully realized as revenue;
|
•
|
The Company's 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;
|
•
|
Difficulties that the Company may incur in implementing its acquisition strategy; and
|
•
|
The ability to retain and recruit key technical and management personnel.
|
•
|
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 of 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.
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
(Unaudited)
|
|
|
|
|||
Cash and cash equivalents
|
|
$
|
17,820
|
|
|
$
|
21,353
|
|
Cash - restricted
|
|
4,535
|
|
|
4,407
|
|
||
Accounts receivable, less allowance for doubtful accounts of $73,412 and $72,850
|
|
140,408
|
|
|
147,611
|
|
||
Current portion of retainage receivable
|
|
10,489
|
|
|
9,249
|
|
||
Accounts receivable - affiliates
|
|
6,637
|
|
|
4,599
|
|
||
Prepaid expenses and other current assets
|
|
8,612
|
|
|
9,053
|
|
||
Income tax receivable
|
|
2,343
|
|
|
2,139
|
|
||
Total current assets
|
|
190,844
|
|
|
198,411
|
|
||
Property and equipment, net
|
|
12,067
|
|
|
12,004
|
|
||
Cash - restricted, net of current portion
|
|
1,160
|
|
|
1,160
|
|
||
Retainage receivable
|
|
12,845
|
|
|
13,095
|
|
||
Acquired intangibles, net
|
|
3,525
|
|
|
3,908
|
|
||
Goodwill
|
|
53,030
|
|
|
52,658
|
|
||
Investments
|
|
4,300
|
|
|
3,639
|
|
||
Deferred income tax assets
|
|
4,065
|
|
|
4,052
|
|
||
Other assets
|
|
3,651
|
|
|
4,368
|
|
||
Total assets
|
|
$
|
285,487
|
|
|
$
|
293,295
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
||||
Current maturities of notes payable and long-term debt
|
|
$
|
2,782
|
|
|
$
|
3,241
|
|
Accounts payable and accrued expenses
|
|
78,642
|
|
|
83,221
|
|
||
Income taxes payable
|
|
16,590
|
|
|
16,494
|
|
||
Current portion of deferred revenue
|
|
8,651
|
|
|
13,945
|
|
||
Other current liabilities
|
|
8,494
|
|
|
8,973
|
|
||
Total current liabilities
|
|
115,159
|
|
|
125,874
|
|
||
Notes payable and long-term debt, net of current maturities
|
|
37,413
|
|
|
34,541
|
|
||
Retainage payable
|
|
709
|
|
|
599
|
|
||
Deferred income taxes
|
|
942
|
|
|
933
|
|
||
Deferred revenue
|
|
11,887
|
|
|
7,212
|
|
||
Other liabilities
|
|
14,416
|
|
|
13,466
|
|
||
Total liabilities
|
|
180,526
|
|
|
182,625
|
|
||
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, 59,938 shares and 59,389 shares issued at March 31, 2018 and December 31, 2017, respectively
|
|
6
|
|
|
6
|
|
||
Additional paid-in capital
|
|
200,157
|
|
|
197,104
|
|
||
Accumulated deficit
|
|
(62,132
|
)
|
|
(53,983
|
)
|
||
Accumulated other comprehensive loss
|
|
(3,590
|
)
|
|
(4,011
|
)
|
||
Less treasury stock of 6,964 and 6,977 shares at March 31, 2018 and December 31, 2017, respectively
|
|
(29,986
|
)
|
|
(30,041
|
)
|
||
Hill International, Inc. share of equity
|
|
104,455
|
|
|
109,075
|
|
||
Noncontrolling interests
|
|
506
|
|
|
1,595
|
|
||
Total equity
|
|
104,961
|
|
|
110,670
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
285,487
|
|
|
$
|
293,295
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
Revenues
|
|
$
|
113,897
|
|
|
$
|
116,120
|
|
Direct expenses
|
|
79,212
|
|
|
78,509
|
|
||
Gross profit
|
|
34,685
|
|
|
37,611
|
|
||
Selling, general and administrative expenses
|
|
32,787
|
|
|
33,463
|
|
||
Share of profit (loss) of equity method affiliates
|
|
800
|
|
|
(34
|
)
|
||
Loss on performance bond
|
|
7,938
|
|
|
—
|
|
||
Operating profit (loss)
|
|
(5,240
|
)
|
|
4,114
|
|
||
Interest and related financing fees, net
|
|
1,334
|
|
|
749
|
|
||
Earnings (loss) from continuing operations before income taxes
|
|
(6,574
|
)
|
|
3,365
|
|
||
Income tax expense
|
|
1,095
|
|
|
1,349
|
|
||
Earnings (loss) from continuing operations
|
|
(7,669
|
)
|
|
2,016
|
|
||
Discontinued operations:
|
|
|
|
|
||||
Total loss from discontinued operations
|
|
(482
|
)
|
|
(4,251
|
)
|
||
|
|
|
|
|
||||
Net loss
|
|
(8,151
|
)
|
|
(2,235
|
)
|
||
Less: net earnings (loss) - noncontrolling interests
|
|
(2
|
)
|
|
119
|
|
||
Net loss attributable to Hill International, Inc.
|
|
$
|
(8,149
|
)
|
|
$
|
(2,354
|
)
|
|
|
|
|
|
||||
Basic earnings (loss) per common share from continuing operations
|
|
$
|
(0.14
|
)
|
|
$
|
0.04
|
|
Basic loss per common share from discontinued operations
|
|
(0.01
|
)
|
|
(0.09
|
)
|
||
Basic loss per common share - Hill International, Inc.
|
|
$
|
(0.15
|
)
|
|
$
|
(0.05
|
)
|
Basic weighted average common shares outstanding
|
|
52,992
|
|
|
51,860
|
|
||
|
|
|
|
|
||||
Diluted earnings (loss) per common share from continuing operations
|
|
$
|
(0.14
|
)
|
|
$
|
0.04
|
|
Diluted loss per common share from discontinued operations
|
|
(0.01
|
)
|
|
(0.09
|
)
|
||
Diluted loss per common share - Hill International, Inc.
|
|
$
|
(0.15
|
)
|
|
$
|
(0.05
|
)
|
Diluted weighted average common shares outstanding
|
|
52,992
|
|
|
51,860
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Net loss
|
|
$
|
(8,151
|
)
|
|
$
|
(2,235
|
)
|
Foreign currency translation adjustment, net of tax
|
|
421
|
|
|
(1,558
|
)
|
||
Comprehensive loss
|
|
(7,730
|
)
|
|
(3,793
|
)
|
||
Less: Comprehensive earnings (loss) attributable to non-controlling interests
|
|
(2
|
)
|
|
119
|
|
||
Comprehensive loss attributable to Hill International, Inc.
|
|
$
|
(7,728
|
)
|
|
$
|
(3,912
|
)
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net loss
|
|
$
|
(8,151
|
)
|
|
$
|
(2,235
|
)
|
Loss from discontinued operations
|
|
482
|
|
|
4,251
|
|
||
Earnings (loss) from continuing operations
|
|
(7,669
|
)
|
|
2,016
|
|
||
Adjustments to reconcile net earnings to net cash provided by (used in):
|
|
|
|
|
||||
Depreciation and amortization
|
|
1,291
|
|
|
1,595
|
|
||
Provision for bad debts
|
|
24
|
|
|
(526
|
)
|
||
Amortization of deferred loan fees
|
|
6
|
|
|
444
|
|
||
Deferred tax provision (benefit)
|
|
(31
|
)
|
|
452
|
|
||
Stock based compensation
|
|
451
|
|
|
461
|
|
||
Unrealized foreign exchange gains (losses) on intercompany balances
|
|
1,446
|
|
|
(1,831
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
7,469
|
|
|
(2,617
|
)
|
||
Accounts receivable - affiliate
|
|
(2,035
|
)
|
|
(1,615
|
)
|
||
Prepaid expenses and other current assets
|
|
890
|
|
|
(287
|
)
|
||
Income taxes receivable
|
|
(162
|
)
|
|
1,366
|
|
||
Retainage receivable
|
|
(725
|
)
|
|
(310
|
)
|
||
Other assets
|
|
(533
|
)
|
|
(2,037
|
)
|
||
Accounts payable and accrued expenses
|
|
(4,836
|
)
|
|
2,150
|
|
||
Income taxes payable
|
|
99
|
|
|
(328
|
)
|
||
Deferred revenue
|
|
(641
|
)
|
|
(10,010
|
)
|
||
Other current liabilities
|
|
(1,278
|
)
|
|
156
|
|
||
Retainage payable
|
|
108
|
|
|
39
|
|
||
Other liabilities
|
|
582
|
|
|
185
|
|
||
Net cash used in continuing operations
|
|
(5,544
|
)
|
|
(10,697
|
)
|
||
Net cash used in discontinued operations
|
|
(482
|
)
|
|
(6,146
|
)
|
||
Net cash used in operating activities
|
|
(6,026
|
)
|
|
(16,843
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of business
|
|
(122
|
)
|
|
(123
|
)
|
||
Payments for purchase of property and equipment
|
|
(986
|
)
|
|
(372
|
)
|
||
Net cash used in investing activities
|
|
(1,108
|
)
|
|
(495
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Payments on term loans
|
|
(89
|
)
|
|
(314
|
)
|
||
Net borrowings on revolving loans
|
|
2,069
|
|
|
10,990
|
|
||
Proceeds from stock issued under employee stock purchase plan
|
|
—
|
|
|
49
|
|
||
Proceeds from exercise of stock options
|
|
2,350
|
|
|
—
|
|
||
Net cash provided by financing activities
|
|
4,330
|
|
|
10,725
|
|
||
Effect of exchange rate changes on cash
|
|
(601
|
)
|
|
635
|
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
(3,405
|
)
|
|
(5,978
|
)
|
||
Cash, cash equivalents and restricted cash — beginning of period
|
|
26,920
|
|
|
30,262
|
|
||
Cash, cash equivalents and restricted cash — end of period
|
|
$
|
23,515
|
|
|
$
|
24,284
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
(Loss) earnings from continuing operations
|
|
$
|
(7,669
|
)
|
|
$
|
2,016
|
|
Less: net (loss) earnings - noncontrolling interest
|
|
(2
|
)
|
|
119
|
|
||
Net (loss) earnings from continuing operations attributable to Hill
|
|
$
|
(7,667
|
)
|
|
$
|
1,897
|
|
|
Three months ended March 31, 2018
|
||||||||||
|
Fixed Price
|
T&M
|
Total
|
Percent of Revenue
|
|||||||
United States
|
$
|
3,056
|
|
$
|
48,516
|
|
$
|
51,572
|
|
45.2
|
%
|
Latin America
|
1,821
|
|
991
|
|
2,812
|
|
2.5
|
%
|
|||
Europe
|
4,803
|
|
5,654
|
|
10,457
|
|
9.2
|
%
|
|||
Middle East
|
17,804
|
|
22,494
|
|
40,298
|
|
35.4
|
%
|
|||
Africa
|
38
|
|
6,665
|
|
6,703
|
|
5.9
|
%
|
|||
Asia/Pacific
|
581
|
|
1,474
|
|
2,055
|
|
1.8
|
%
|
|||
Total
|
$
|
28,103
|
|
$
|
85,794
|
|
$
|
113,897
|
|
100.0
|
%
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
|
||||
Billed
|
|
$
|
177,912
|
|
|
$
|
186,411
|
|
Unbilled*
|
|
35,908
|
|
|
34,050
|
|
||
|
|
213,820
|
|
|
220,461
|
|
||
Allowance for doubtful accounts
|
|
(73,412
|
)
|
|
(72,850
|
)
|
||
Accounts receivable, less allowance for doubtful accounts
|
|
$
|
140,408
|
|
|
$
|
147,611
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Client relationships
|
|
$
|
11,763
|
|
|
$
|
8,595
|
|
|
$
|
16,397
|
|
|
$
|
12,862
|
|
Acquired contract rights
|
|
1,007
|
|
|
1,007
|
|
|
1,007
|
|
|
1,007
|
|
||||
Trade names
|
|
890
|
|
|
533
|
|
|
877
|
|
|
504
|
|
||||
Total
|
|
$
|
13,660
|
|
|
$
|
10,135
|
|
|
$
|
18,281
|
|
|
$
|
14,373
|
|
|
|
|
|
|
|
|
|
|
||||||||
Intangible assets, net
|
|
$
|
3,525
|
|
|
|
|
$
|
3,908
|
|
|
|
Three Months Ended March 31,
|
||
2018
|
|
2017
|
$343
|
|
$559
|
|
|
Estimated
Amortization
Expense
|
||
|
|
|||
Year ending December 31,
|
|
|||
2018 (remaining 9 months)
|
|
$
|
726
|
|
2019
|
|
990
|
|
|
2020
|
|
728
|
|
|
2021
|
|
338
|
|
|
2022
|
|
265
|
|
|
|
||
Balance, December 31, 2017
|
$
|
52,658
|
|
Translation adjustments
|
372
|
|
|
Balance, March 31, 2018
|
$
|
53,030
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
|
||||
Accounts payable
|
|
$
|
26,916
|
|
|
$
|
32,345
|
|
Accrued payroll and related expenses
|
|
31,385
|
|
|
29,569
|
|
||
Accrued subcontractor fees
|
|
12,967
|
|
|
10,814
|
|
||
Accrued profit improvement plan items
|
|
3,890
|
|
|
3,425
|
|
||
Accrued agency fees
|
|
980
|
|
|
1,671
|
|
||
Accrued legal and professional fees
|
|
1,544
|
|
|
2,983
|
|
||
Other accrued expenses
|
|
960
|
|
|
2,414
|
|
||
|
|
$
|
78,642
|
|
|
$
|
83,221
|
|
|
|
|
|
|
|
Interest Rate
(1)
|
|
Balance Outstanding
|
||||||
Loan
|
|
Maturity
|
|
Interest Rate Type
|
|
March 31,
2018 |
December 31,
2017 |
|
March 31, 2018
|
December 31, 2017
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Secured Credit Facilities
|
|
|
|
|
|
|
|
|
|
|
||||
Hill International, Inc. - Société Générale 2017 Term Loan Facility
|
|
06/20/2023
|
|
Variable
|
|
7.10%
|
7.32%
|
|
$
|
29,775
|
|
$
|
29,850
|
|
Hill International, Inc. - Société Générale Domestic Revolving Credit Facility
|
|
05/04/2022
|
|
Variable
|
|
6.69%
|
5.25%
|
|
6,400
|
|
3,300
|
|
||
Hill International N.V.. - Société Générale International Revolving Credit Facility
|
|
05/04/2022
|
|
Variable
|
|
N/A
|
4.10%
|
|
—
|
|
—
|
|
||
Unsecured Credit Facilities
|
|
|
|
|
|
|
|
|
|
|
||||
Hill International, Inc. - First Abu Dhabi Bank PJSC Overdraft Credit Facility (2)
|
|
06/30/2018
|
|
Variable
|
|
5.50%
|
5.50%
|
|
1,841
|
|
2,316
|
|
||
Engineering SA Services Technicos - Consortium of Brazilian Credit Facilities (3)
|
|
06/26/2018
|
|
Fixed
|
|
4.76%
|
4.76%
|
|
—
|
|
—
|
|
||
Unsecured Notes Payable and Long-Term Debt
|
|
|
|
|
|
|
|
|
|
|
||||
Hill International Spain SA - Bankia, S.A. and Bankinter, S.A (4)
|
|
12/31/2021
|
|
Fixed
|
|
2.17%
|
2.17%
|
|
2,126
|
|
2,202
|
|
||
Hill International Spain SA - IberCaja Banco, S.A. (4)
|
|
12/31/2019
|
|
Variable
|
|
3.44%
|
3.37%
|
|
367
|
|
407
|
|
||
Philadelphia Industrial Development Corporation Loan
|
|
03/31/2027
|
|
Fixed
|
|
2.75%
|
2.75%
|
|
585
|
|
599
|
|
||
Total notes payable and long-term debt, gross
|
|
|
|
|
|
|
|
|
$
|
41,094
|
|
$
|
38,674
|
|
Less: unamortized discount and deferred financing costs related to Societe Generale 2017 Term Loan Facility
|
|
|
|
|
|
|
|
|
(899
|
)
|
(892
|
)
|
||
Notes payable and long-term debt
|
|
|
|
|
|
|
|
|
$
|
40,195
|
|
$
|
37,782
|
|
Current portion of notes payable
|
|
|
|
|
|
|
|
|
2,956
|
|
3,406
|
|
||
Current portion of unamortized debt discount and deferred financing costs
|
|
|
|
|
|
|
|
|
(174
|
)
|
(165
|
)
|
||
Current maturities of notes payable and long-term debt
|
|
|
|
|
|
|
|
|
2,782
|
|
3,241
|
|
||
Notes payable and long-term debt, net of current maturities
|
|
|
|
|
|
|
|
|
37,413
|
|
34,541
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Interest and related financing fees paid
|
|
$
|
1,189
|
|
|
$
|
3,500
|
|
Income taxes paid
|
|
$
|
1,148
|
|
|
$
|
1,194
|
|
|
|
Total
|
|
Hill International,
Inc.
Stockholders
|
|
Noncontrolling
Interest
|
||||||
|
|
|
|
|
|
|
||||||
Stockholders’ equity, December 31, 2017
|
|
$
|
110,670
|
|
|
$
|
109,075
|
|
|
$
|
1,595
|
|
Net loss
|
|
(8,151
|
)
|
|
(8,149
|
)
|
|
(2
|
)
|
|||
Other comprehensive earnings
|
|
(43
|
)
|
|
421
|
|
|
(464
|
)
|
|||
Comprehensive loss
|
|
(8,194
|
)
|
|
(7,728
|
)
|
|
(466
|
)
|
|||
Additional paid in capital
|
|
135
|
|
|
135
|
|
|
—
|
|
|||
Exercise of stock options
|
|
2,350
|
|
|
2,350
|
|
|
—
|
|
|||
Reversal of accrual for portion of ESA Put
|
|
745
|
|
|
745
|
|
|
—
|
|
|||
Acquisition of Additional interest in ESA
|
|
(745
|
)
|
|
(122
|
)
|
|
(623
|
)
|
|||
Stockholders’ equity, March 31, 2018
|
|
$
|
104,961
|
|
|
$
|
104,455
|
|
|
$
|
506
|
|
|
|
Three Months Ended March 31, 2018
|
|
Three Months Ended March 31, 2017
|
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
|
|
U.S.
|
|
Foreign
|
|
Total
|
|
U.S.
|
|
Foreign
|
|
Total
|
|||||||||||
(Loss) earnings before income taxes
|
|
(3,324
|
)
|
|
$
|
(3,250
|
)
|
|
$
|
(6,574
|
)
|
|
$
|
(5,475
|
)
|
|
$
|
8,840
|
|
|
$
|
3,365
|
|
Income tax expense, net
|
|
12
|
|
|
$
|
1,083
|
|
|
$
|
1,095
|
|
|
$
|
—
|
|
|
$
|
1,349
|
|
|
$
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
|
|
|
|
|
||||||||||
United States
|
|
$
|
51,572
|
|
|
45.2
|
%
|
|
$
|
48,736
|
|
|
42.0
|
%
|
Latin America
|
|
2,812
|
|
|
2.5
|
%
|
|
3,043
|
|
|
2.6
|
%
|
||
Europe
|
|
10,457
|
|
|
9.2
|
%
|
|
10,190
|
|
|
8.8
|
%
|
||
Middle East
|
|
40,298
|
|
|
35.4
|
%
|
|
45,776
|
|
|
39.4
|
%
|
||
Africa
|
|
6,703
|
|
|
5.9
|
%
|
|
5,715
|
|
|
4.9
|
%
|
||
Asia/Pacific
|
|
2,055
|
|
|
1.8
|
%
|
|
2,660
|
|
|
2.3
|
%
|
||
Total
|
|
$
|
113,897
|
|
|
100.0
|
%
|
|
$
|
116,120
|
|
|
100.0
|
%
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
United States
|
|
$
|
7,333
|
|
|
$
|
4,274
|
|
Latin America
|
|
(304
|
)
|
|
(373
|
)
|
||
Europe
|
|
2,158
|
|
|
1,416
|
|
||
Middle East
|
|
(4,226
|
)
|
|
6,802
|
|
||
Africa
|
|
669
|
|
|
780
|
|
||
Asia/Pacific
|
|
(337
|
)
|
|
124
|
|
||
Corporate
|
|
(10,533
|
)
|
|
(8,909
|
)
|
||
Total
|
|
$
|
(5,240
|
)
|
|
$
|
4,114
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Project Management
|
|
$
|
1,059
|
|
|
$
|
1,522
|
|
Corporate
|
|
232
|
|
|
73
|
|
||
Total
|
|
$
|
1,291
|
|
|
$
|
1,595
|
|
|
|
Three Months Ended March 31,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
|
|
|
|
|
|
|
||||||||
U.S. federal government
|
|
$
|
3,872
|
|
|
3.4
|
%
|
|
$
|
3,221
|
|
|
2.8
|
%
|
U.S. state, regional and local governments
|
|
33,551
|
|
|
29.5
|
%
|
|
35,240
|
|
|
30.3
|
%
|
||
Foreign governments
|
|
33,806
|
|
|
29.7
|
%
|
|
36,582
|
|
|
31.5
|
%
|
||
Private sector
|
|
42,668
|
|
|
37.4
|
%
|
|
41,077
|
|
|
35.4
|
%
|
||
Total
|
|
$
|
113,897
|
|
|
100.0
|
%
|
|
$
|
116,120
|
|
|
100.0
|
%
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
|
||||
United States
|
|
$
|
9,245
|
|
|
$
|
9,434
|
|
Latin America
|
|
548
|
|
|
546
|
|
||
Europe
|
|
1,005
|
|
|
675
|
|
||
Middle East
|
|
1,091
|
|
|
1,164
|
|
||
Africa
|
|
101
|
|
|
105
|
|
||
Asia/Pacific
|
|
77
|
|
|
80
|
|
||
Total
|
|
$
|
12,067
|
|
|
$
|
12,004
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||||||||
|
|
2018
|
|
2017
|
|
Change
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
United States
|
|
$
|
51,572
|
|
|
45.2
|
%
|
|
$
|
48,736
|
|
|
42.0
|
%
|
|
$
|
2,836
|
|
|
5.8
|
%
|
Latin America
|
|
2,812
|
|
|
2.5
|
%
|
|
3,043
|
|
|
2.6
|
%
|
|
(231
|
)
|
|
(7.6
|
)%
|
|||
Europe
|
|
10,457
|
|
|
9.2
|
%
|
|
10,190
|
|
|
8.8
|
%
|
|
267
|
|
|
2.6
|
%
|
|||
Middle East
|
|
40,298
|
|
|
35.4
|
%
|
|
45,776
|
|
|
39.4
|
%
|
|
(5,478
|
)
|
|
(12.0
|
)%
|
|||
Africa
|
|
6,703
|
|
|
5.9
|
%
|
|
5,715
|
|
|
4.9
|
%
|
|
988
|
|
|
17.3
|
%
|
|||
Asia/Pacific
|
|
2,055
|
|
|
1.8
|
%
|
|
2,660
|
|
|
2.3
|
%
|
|
(605
|
)
|
|
(22.7
|
)%
|
|||
Total
|
|
$
|
113,897
|
|
|
100.0
|
%
|
|
$
|
116,120
|
|
|
100.0
|
%
|
|
$
|
(2,223
|
)
|
|
(1.9
|
)%
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||||||||||||||
|
|
2018
|
|
2017
|
|
Change
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
% of
Revenue
|
|
|
|
|
|
% of
Revenue
|
|
|
|
|
|||||||||||
United States
|
|
$
|
15,468
|
|
|
44.5
|
%
|
|
30.0
|
%
|
|
$
|
15,580
|
|
|
41.4
|
%
|
|
32.0
|
%
|
|
$
|
(112
|
)
|
|
(0.7
|
)%
|
Latin America
|
|
1,142
|
|
|
3.3
|
%
|
|
40.6
|
%
|
|
1,083
|
|
|
2.9
|
%
|
|
35.6
|
%
|
|
59
|
|
|
5.4
|
%
|
|||
Europe
|
|
3,727
|
|
|
10.7
|
%
|
|
35.6
|
%
|
|
3,290
|
|
|
8.7
|
%
|
|
32.3
|
%
|
|
437
|
|
|
13.3
|
%
|
|||
Middle East
|
|
10,773
|
|
|
31.1
|
%
|
|
26.7
|
%
|
|
13,839
|
|
|
36.8
|
%
|
|
30.2
|
%
|
|
(3,066
|
)
|
|
(22.2
|
)%
|
|||
Africa
|
|
2,723
|
|
|
7.9
|
%
|
|
40.6
|
%
|
|
2,510
|
|
|
6.7
|
%
|
|
43.9
|
%
|
|
213
|
|
|
8.5
|
%
|
|||
Asia/Pacific
|
|
852
|
|
|
2.5
|
%
|
|
41.5
|
%
|
|
1,309
|
|
|
3.5
|
%
|
|
49.2
|
%
|
|
(457
|
)
|
|
(34.9
|
)%
|
|||
Total
|
|
$
|
34,685
|
|
|
100.0
|
%
|
|
30.5
|
%
|
|
$
|
37,611
|
|
|
100.0
|
%
|
|
32.4
|
%
|
|
$
|
(2,926
|
)
|
|
(7.8
|
)%
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||||||||
|
|
2018
|
|
2017
|
|
Change
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
% of
Revenue
|
|
|
|
% of
Revenue
|
|
|
|
|
|||||||||
United States
|
|
$
|
7,333
|
|
|
14.2
|
%
|
|
$
|
4,274
|
|
|
8.8
|
%
|
|
$
|
3,059
|
|
|
71.6
|
%
|
Latin America
|
|
(304
|
)
|
|
(10.8
|
)%
|
|
(373
|
)
|
|
(12.3
|
)%
|
|
69
|
|
|
(18.5
|
)%
|
|||
Europe
|
|
2,158
|
|
|
20.6
|
%
|
|
1,416
|
|
|
13.9
|
%
|
|
742
|
|
|
52.4
|
%
|
|||
Middle East
|
|
(4,226
|
)
|
|
(10.5
|
)%
|
|
6,802
|
|
|
14.9
|
%
|
|
(11,028
|
)
|
|
(162.1
|
)%
|
|||
Africa
|
|
669
|
|
|
10.0
|
%
|
|
780
|
|
|
13.6
|
%
|
|
(111
|
)
|
|
(14.2
|
)%
|
|||
Asia/Pacific
|
|
(337
|
)
|
|
(16.4
|
)%
|
|
124
|
|
|
4.7
|
%
|
|
(461
|
)
|
|
(371.8
|
)%
|
|||
Corporate cost
|
|
(10,533
|
)
|
|
—
|
|
|
(8,909
|
)
|
|
—
|
|
|
(1,624
|
)
|
|
18.2
|
%
|
|||
Total
|
|
$
|
(5,240
|
)
|
|
(4.6
|
)%
|
|
$
|
4,114
|
|
|
3.5
|
%
|
|
$
|
(9,354
|
)
|
|
(227.4
|
)%
|
|
|
Total Backlog
|
|
12-Month Backlog
|
||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||
United States
|
|
$
|
475,650
|
|
|
55.2
|
%
|
|
$
|
118,385
|
|
|
37.9
|
%
|
Latin America
|
|
17,393
|
|
|
2.0
|
%
|
|
9,521
|
|
|
3.0
|
%
|
||
Europe
|
|
65,889
|
|
|
7.7
|
%
|
|
30,707
|
|
|
9.8
|
%
|
||
Middle East
|
|
210,386
|
|
|
24.5
|
%
|
|
125,677
|
|
|
40.2
|
%
|
||
Africa
|
|
64,331
|
|
|
7.5
|
%
|
|
22,449
|
|
|
7.2
|
%
|
||
Asia/Pacific
|
|
26,401
|
|
|
3.1
|
%
|
|
5,877
|
|
|
1.9
|
%
|
||
Total
|
|
$
|
860,050
|
|
|
100.0
|
%
|
|
$
|
312,616
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||
United States
|
|
$
|
449,621
|
|
|
53.2
|
%
|
|
$
|
116,975
|
|
|
37.5
|
%
|
Latin America
|
|
13,350
|
|
|
1.6
|
%
|
|
8,789
|
|
|
2.8
|
%
|
||
Europe
|
|
45,446
|
|
|
5.4
|
%
|
|
29,887
|
|
|
9.6
|
%
|
||
Middle East
|
|
250,956
|
|
|
29.6
|
%
|
|
126,965
|
|
|
40.6
|
%
|
||
Africa
|
|
67,491
|
|
|
8.0
|
%
|
|
23,111
|
|
|
7.4
|
%
|
||
Asia/Pacific
|
|
18,935
|
|
|
2.2
|
%
|
|
6,500
|
|
|
2.1
|
%
|
||
Total
|
|
$
|
845,799
|
|
|
100.0
|
%
|
|
$
|
312,227
|
|
|
100.0
|
%
|
10.1
|
|
|
10.2
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document.
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Hill International, Inc.
|
|
|
|
|
|
By:
|
/s/ Paul J. Evans
|
|
|
Paul J. Evans
|
|
|
Interim Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
Dated:
|
September 28, 2018
|
|
|
|
|
By:
|
/s/ Marco A. Martinez
|
|
|
Marco A. Martinez
|
|
|
Senior Vice President and Interim Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
Dated:
|
September 28, 2018
|
Title
|
Multiplier of Current Base Salary or Annual Cash Retainer (as applicable)
|
Directors
|
3x
|
CEO
|
6x
|
COO & CFO
|
2x
|
Other Executive Officers
|
1x
|
Dated:
|
September 28, 2018
|
/s/
Paul J. Evans
|
|
|
Paul J. Evans
|
|
|
Interim Chief Executive Officer
|
Dated:
|
September 28, 2018
|
/s/
Marco A. Martinez
|
|
|
Marco A. Martinez
|
|
|
Senior Vice President and Interim Chief Financial Officer
|
Dated:
|
September 28, 2018
|
/s/
Paul J. Evans
|
|
|
Paul J. Evans
|
|
|
Interim Chief Executive Officer
|
|
|
|
|
|
|
Dated:
|
September 28, 2018
|
/s/ Marco A. Martinez
|
|
|
Marco A. Martinez
|
|
|
Senior Vice President and Interim Chief Financial Officer
|
|
|
|
|
|
|