Net loss for the quarter narrowed to $32.2 million or $0.22 per share from $47.3 million or $0.33 per share a year ago. Adjusted earnings per share jumped by 59% to $0.46.
Revenue grew 16% to $2 billion, helped by an increase in the gross contract costs, primarily in the property, facilities and project management service line. Foreign currency had a favorable impact on revenue, driving about 1% growth.
Fee revenue increased by 11% to $1.4 billion, reflecting rises primarily in leasing and property, facilities and project management.
The company’s outstanding First Lien and Second Lien debt, net of deferred financing fees, was $3 billion as of June 30, 2018, which net of cash and cash equivalents, provided for a net debt position of about $2.6 billion. Net debt increased $34 million from last quarter, primarily driven by lower cash due to the seasonality of its 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. The expanded revolving credit facility, along with cash to balance sheet of $403 million from IPO proceeds, increased liquidity, on a pro-forma basis, to $1.6 billion.
Shares of Cushman & Wakefield ended Wednesday’s regular session up 0.06% at $17.56 on the NYSE. The stock had fallen about 1.4% since IPO and more than 5% in the past one month.