Global Cloud Xchange reports improved cashflows
Network service provider Global Cloud Xchange claims a strong close to its fiscal year ending March 31, 2022.
GCX Holdings Limited (Bermuda), operating as Global Cloud Xchange (GCX), offers network services that power global connectivity and digital transformation for enterprises, new media providers and telecoms carriers.
Limited earnings data was made available, but the company said that an audit shows strong cash flow and steady linear growth. A statement said over the past two-consecutive years GCX has positioned the company for future growth and continues to report strong cash flows.
The statement reported: “In FY22, cash revenue grew by 3 per cent to $279.7 million led by strong recurring revenue and IRU sales. Cash ebitda grew 44 per cent year on year to $85.5 million from $59.4 million in FY21.”
GCX reports free cash flow at $57.7 million, an increase of $32.8 million or 132 per cent above the prior year, which enabled $35 million in repayment of debt in FY22. The combination of strong cash flow and deleveraging the business allows GCX to continue reinvesting towards future growth.
Carl Grivner, GCX CEO and board member, said: “The FY22 results demonstrate that the GCX team is consistently keeping their eyes on future growth and enhancing value for our customers. And with the support from 3i Infrastructure going forward, GCX is well positioned to explore additional strategic partnerships, expand our offerings and grow our global footprint.”
CFO Anja Blumert added: “Our team has consistently delivered on our promise to foster the company’s steady growth. The FY22 results highlight strong cash flows, allowing GCX to further deleverage the business and reinvest in the company.”
Global bandwidth consumption is rapidly increasing across both established hubs and emerging markets.
GCX supports increasing needs for fibre optic interconnectivity as the owner and operator of one of the world’s largest privately owned submarine networks. GCX is committed to maintaining its financial strength and prioritising sustainable growth through both organic and inorganic initiatives.
GCX covers all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks to direct cloud connections and 100gbps+ waves.
With a pedigree going back 30+ years, GCX are experts in providing connectivity throughout Europe, Middle East, Asia and North America via the vast GCX subsea network (the world’s largest private submarine cable network), with extensions available into more than 200 countries worldwide.