Cushman & Wakefield PLC (NYSE: CWK) stock fell slightly by 0.3% on 6 Sep, (as of 12:26 PM GMT-4; Source: Google finance)

Net loss was $32.2 million in Q2, which is a decrease of $15.1 million, primarily driven by the increase in Fee revenue exceeding the increase in Fee-based operating expenses, partially offset by the higher provision for income taxes. Further, the Company’s outstanding First Lien and Second Lien debt, net of deferred financing fees, was $3.0 billion as of June 30, 2018, which net of cash and cash equivalents, provided for a net debt position of approximately $2.6 billion. The Company’s net debt increased $34 million from last quarter, primarily driven by lower cash due to the seasonality of the business. Total ending liquidity for the second quarter was $868 million with the majority of the balance being made up of a $486 million undrawn revolving credit facility, and $382 million of cash and cash equivalents. In August 2018, the $450 million Second Lien Loan was repaid with IPO proceeds, a new Credit Agreement was raised to increase liquidity and extend maturity, and the revolving credit facility was expanded from $486 million to $810 million.In August 2018, Standard & Poor’s raised the company’s rating to BB-.

Adjusted EBITDA was $169.8 million, an increase of $37.5 million or 28%, on a local currency basis, driven by the increase in Fee revenue exceeding the increase in Fee-based operating expenses and the $6.4 million local currency impact of the adoption of Topic 606. Adjusted EBITDA margin was 11.8%, compared to 10.0% in the prior year, driven by Fee revenue mix and operating leverage.

CWK in the second quarter of FY 18 has reported the adjusted earnings per share of 46 cents, missing the analysts’ estimates for the adjusted earnings per share of 47 cents. The company had reported the adjusted revenue growth of 16 percent to $1.97 billion in the second quarter of FY 18, which is as per the analysts’ estimates for revenue of $1.97 billion. Fee revenue was $1.4 billion, an increase of $127.1 million or 10% on a local currency basis, reflecting increases primarily in Leasing and Property, facilities and project management. Leasing Fee revenue increased $74.2 million or 18% on a local currency basis, driven by an Americas increase of $68.2 million or 22% on a local currency basis, with the remainder primarily in APAC. Property, facilities and project management Fee revenue increased $34.7 million or 6.0% on a local currency basis, driven by an Americas increase of $21.0 million or 5% on a local currency basis, with the remainder of the Fee revenue growth primarily in EMEA.