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  "documentTitle": "GTT Communications, Inc. (GTT)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-06 00:00:00",
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  "notes": "The slide uses a 'villain critique' style to dismantle GTT's financial reporting, specifically targeting their use of 'Adjusted Free Cash Flow' and asset valuation.",
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      "text": "This is simply not true. This cash would only be available to pay principal on debt and pursue further acquisitions in an imaginary world where this cash had not already been spent on severance, restructuring and other exit costs as well as transaction and integration costs, which left them with only $4.3 million of real free cash flow in 2018 – enough to pay down a whopping 0.13% of the principal on GTT’s debt.",
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      "text": "free cash flow: $4.3 million",
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      "kind": "paragraph",
      "text": "Second, by marking down the value assigned to Interoute's customer lists by 70%... GTT effectively impaired a large portion of all its intangible assets while also avoiding the scrutiny that comes with an impairment charge.",
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      "text": "This is simply not true. This cash would only be available to pay principal on debt and pursue further acquisitions in an imaginary world... left them with only $4.3 million of real free cash flow in 2018 – enough to pay down a whopping 0.13% of the principal on GTT's debt.",
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      "kind": "paragraph",
      "text": "We have already established that GTT does not grow organically... GTT directs investors and analysts attention to non-GAAP metrics such as adjusted free cash flow...",
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      "kind": "quote",
      "text": "We believe that the presentation of Adjusted Free Cash Flow is relevant and useful to investors because it provides a measure of cash available to pay the principal on our debt and pursue acquisitions of businesses or other strategic investments or uses of capital.",
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      "kind": "quote",
      "text": "“We believe that the presentation of Adjusted Free Cash Flow is relevant and useful to investors because it provides a measure of cash available to pay the principal on our debt and pursue acquisitions of businesses or other strategic investments or uses of capital.” — GTT Q1 2019 SEC Form 10-Q, p. 40",
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      "text": "5 GTT Q1 2019 SEC Form 10-Q, p. 40",
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      "kind": "title",
      "text": "3. Free Cash Flow and Debt Service",
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