IP solutions provider Global Crossing has announced third quarter financial results for its subsidiary, Global Crossing (UK) Telecommunications Limited (GCUK).
GCUK generated 73 million pounds in revenue, with adjusted gross margin at 72 percent of revenue and adjusted IFRS EBITDA of 21 million pounds for the third quarter. (Adjusted gross margin and adjusted IFRS EBITDA are non-GAAP metrics that are defined and reconciled below.) During the quarter, net cash provided by operating activities was 7 million pounds after interest.
“I’m pleased to report that GCUK’s business has remained stable throughout the year as we’ve managed our costs closely, and it’s now generating strong order volumes,” said John Legere, Global Crossing’s chief executive officer. “We reached a record high for order levels in October and have secured an estimated 165 million pounds in multi-year contracts during the first ten months of the year.”