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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Hill International's Owner Earnings per Share (TTM) ended in Sep. 2022 was $0.00. It's Price-to-Owner-Earnings ratio for today is 0.
The historical rank and industry rank for Hill International's Owner Earnings per Share (TTM) or its related term are showing as below:
Hill International's Earnings per Share (Diluted) for the three months ended in Sep. 2022 was $-0.01. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Sep. 2022 was $-0.04. It's PE Ratio ratio for today is At Loss.
Hill International's EPS without NRI for the three months ended in Sep. 2022 was $-0.01. Its EPS without NRI for the trailing twelve months (TTM) ended in Sep. 2022 was $-0.04. It's PE Ratio without NRI ratio for today is At Loss.
The historical data trend for Hill International's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Hill International Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | 0.39 | -0.67 | 0.21 | -0.07 | -0.36 |
Hill International Quarterly Data | ||||||||||||||||||||
Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | |
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -0.14 | -0.36 | -0.11 | -0.17 | -0.29 |
For the Engineering & Construction subindustry, Hill International's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Construction industry and Industrials sector, Hill International's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Hill International's Price-to-Owner-Earnings falls into.
In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
To make it simple, then you will have:
Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)
Hill International's Owner Earnings per Share (TTM) Calculation:
TTM / Last Quarter | Average of Last 20 Quarters | |
Net Income | -2.2 | |
Depreciation, Depletion and Amortization | 2.4 | |
Change In Deferred Tax | -0.0 | |
5Y Average of Maintenance Capital Expenditure | 2.0 | |
Change In Working Capital | -15.2 | |
Shares Outstanding (Diluted Average) | 58.1 |
1. Start with "Net Income" from income statement. Hill International's Net Income for the trailing twelve months (TTM) ended in Sep. 2022 was $-2.2 Mil.
2. "Depreciation, Depletion and Amortization" is from cashflow statement. Hill International's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Sep. 2022 was $2.4 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Hill International's Change In Deferred Tax for the trailing twelve months (TTM) ended in Sep. 2022 was $-0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $2.0 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Hill International's 5-Year Average Maintenance Capital Expenditure = $2.0 Mil
5. "Change In Working Capital" is from cashflow statement. Hill International's Change In Working Capital for the trailing twelve months (TTM) ended in Sep. 2022 was $-15.2 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
6. Hill International's Shares Outstanding (Diluted Average) for the months ended in Sep. 2022 was 58.073 Mil.
Hill International's Onwer Earnings Per Share for Sep. 2022 is calculated as:
Owner Earnings per Share (TTM) | |||||
= | ( Net Income | + | Depreciation, Depletion and Amortization | + | Change In Deferred Tax |
= | ( -2.15 | + | 2.369 | + | -0.007 |
- | 5Y Avg of Maintenance CAPEX | + | Change In Working Capital ) | / | Shares Outstanding (Diluted Average) |
- | 2.0299711907691 | + | -15.248) | / | 58.073 |
= | 0.00 |
Price-to-Owner-Earnings | = | Current Price | / | Owner Earnings per Share (TTM) |
= | 3.40 | / | 0.00 | |
= | 0 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Thank you for viewing the detailed overview of Hill International's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Grant G. Mccullagh | director | C/O HILL INTERNATIONAL, INC., 2005 MARKET STREET, 17TH FLOOR, PHILADELPHIA PA 19103 |
James B. Renacci | director | C/O HILL INTERNATIONAL, INC., 2005 MARKET ST, 17TH FLOOR, PHILADELPHIA PA 19103 |
Paul J. Evans | director | 1701 GOLF RD, SUITE 3-1012, ROLLING MEADOWS IL 60008 |
Susan M. Steele | director | C/O HILL INTERNATIONAL, INC., 2005 MARKET ST., 17TH FLOOR, PHILADELPHIA PA 19103 |
Todd E Weintraub | officer: Chief Financial Officer | C/O MACQUARIE INFRASTRUCTURE COMPANY, 125 WEST 55TH STREET, 22ND FLOOR, NEW YORK NY 10019 |
James M Chadwick | director | C/O IMPERIAL HOLDINGS, INC., 701 PARK OF COMMERCE BLVD., #301, BOCA RATON FL 33487 |
David Sgro | 10 percent owner, other: See Explanation of Responses | 777 THIRD AVENUE, 37TH FLOOR, NEW YORK NY 10017 |
Abdo Kardous | officer: Reg President (Middle East) | C/O HILL INTERNATIONAL, INC., 2005 MARKET ST, 17TH FLOOR, PHILADELPHIA PA 19103 |
Charles Levergood | officer: SVP - Bus Dev (Americas) | C/O HILL INTERNATIONAL, INC., 2005 MARKET STREET, 17TH FLOOR, PHILADELPHIA PA 19103 |
Michael V. Griffin | officer: Reg President (Americas) | C/O HILL INTERNATIONAL, INC., 2005 MARKET ST, 17TH FL, PHILADELPHIA PA 19103 |
Raouf S Ghali | director, officer: Chief Executive Officer | C/O HILL INTERNATIONAL, INC., 303 LIPPINCOTT CENTRE, MARLTON NJ 08053 |
William H Dengler | officer: EVP and Chief Admin Officer | C/O HILL INTERNATIONAL, INC., 303 LIPPINCOTT CENTRE, MARLTON NJ 08053 |
Arnaud Ajdler | director, officer: CFO and Secretary | ARPEGGIO ACQUISITION CORPORATION, 10 EAST 53RD STREET, 36TH FLOOR, NEW YORK NY 10022 |
Gregory T Wolf | officer: Interim VP and Interim CFO | 1701 GOLF RD, SUITE 3-1012, ROLLING MEADOWS IL 60008 |
Charles M Gillman | director | 1223 WILSHIRE BOULEVARD, OFFICE 648, SANTA MONICA CA 90402 |
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