Global Cloud Xchange (GCX) announced a strong close to Fiscal Year 2021 (FY21), ending March 31, 2021 when they revealed their Q4 financial, operational and cash flow results during a live webcast. After successfully completing the company’s financial audit, they revealed strong cash flow and steady linear growth over the past year. The results come a full-year after the appointment of a new CEO.
Through the pandemic, the company stabilised revenue following the previous four consecutive quarters of decline, and strengthened cash flow while positioning the company for future growth. The earnings call revealed cash revenue grew by six percent to 271.2 million dollars led by strong recurring revenue and IRU sales. The growth, combined with cuts to total expenses of 36.7 million dollars, contributed to the successful restructuring of the business. They also reported free cash flow of 24.9 million dollars, representing a 82.7 million dollar improvement year on year, enabling the business to paydown nearly 10.5 million dollars in debt. The combination of strong cash flow and deleveraging the business allows the company to continue reinvesting toward future growth.
“The audited financials demonstrate that GCX is once again on solid ground with an eye toward future growth,” Carl Grivner, CEO and board member of GCX, said. “Our team has been focused on serving customers, bolstering technologies and solutions, and creating shareholder value. It is a testament to the entire team for their discipline, passion and commitment that enabled us to achieve these positive results.”
Demand for global bandwidth in submarine networks continues to multiply. Bandwidth consumption is on a steady rise across emerging markets. The company supports increasing needs for fibre optic interconnectivity as the owner and operator of one of the world’s largest privately-owned submarine networks. They are committed to maintaining its financial strength and prioritising sustainable growth through both organic and inorganic initiatives.