GCX reveals strong cash flow and steady linear growth in the past year
HAMILTON, BERMUDA – July 12, 2022 – Global Cloud Xchange (GCX), a network service provider powering global connectivity for new media providers, telecom carriers and enterprises, announces a strong close to Fiscal Year 2022 (FY22), ending March 31, 2022. After successfully completing the company’s financial audit, GCX reveals strong cash flow and steady linear growth over the past year.
Over the past two-consecutive years, GCX has positioned the company for future growth and continues to report strong cash flows. In FY22, cash revenue grew by 3 percent to $279.7 million led by strong Recurring Revenue and IRU sales. Cash EBITDA grew 44% 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% 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 toward future growth.
“The FY22 results demonstrate that the GCX team is consistently keeping their eyes on future growth and enhancing value for our customers,” says Carl Grivner, GCX CEO and board member. “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.”
“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,” says Anja Blumert, CFO of GCX.
Global bandwidth consumption is rapidly increasing across both established hubs and emerging markets. GCX supports increasing needs for fiber 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 prioritizing sustainable growth through both organic and inorganic initiatives.
For more information, visit www.globalcloudxchange.com
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About Global Cloud Xchange
GCX Holdings Limited (Bermuda), operating as Global Cloud Xchange (GCX), offers network services that power digital transformation for enterprises, new media providers, and telecoms carriers. We cover all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ 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. To learn more about GCX, follow us on Facebook, LinkedIn, and Twitter.
Media Contact for GCX:
iMiller Public Relations