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HILL International Hill International Reports First Quarter 2021 Financial Results May 10 , 2021 First Quarter 2021 Overview • Consulting Fee Revenue ( " CFR " ) of $ 72.4 million compared to $ 77.2 million in the prior year period • Net loss was $ 2.7 million , or $ 0.05 per diluted share , compared to net loss of $ 6.6 million , or $ 0.12 per diluted share in the prior year period • Adjusted EBITDA ( a non - GAAP measure ) was $ 0.7 million , compared to Adjusted EBITDA of $ 3.2 million in the prior year period • New contract awards totaled $ 91.5 million , resulting in a book - to - burn ratio of 126 % • Backlog increased $ 14.6 million from December 31 , 2020 to $ 681.3 million at March 31 , 2021 • Reiterates guidance for 2021 PHILADELPHIA , May 10 , 2021 ( GLOBE NEWSWIRE ) 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 .