{
  "docId": "019dd923-622c-750b-8b9a-6238ed4ba0d1",
  "docSlug": "5402c37b0a60",
  "documentTitle": "GTT Communications, Inc. (GTT)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-06 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 17,
  "pageCount": 33,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide explicitly critiques the company's 'creative' accounting practices regarding pro forma adjustments and synergy add-backs.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "footnote",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-6238ed4ba0d1/17",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-6238ed4ba0d1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-6238ed4ba0d1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-6238ed4ba0d1#slide-17",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The reporting of GTT’s pro forma numbers became more creative after the Interoute deal closed in Q2 2018.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b329-d94df6b7fd7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA: 576.5",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b329-ddb83e32ab02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "The reporting of GTT's pro forma numbers became more creative after the Interoute deal closed in Q2 2018. Note that in addition to Interoute, GTT now also includes five other acquisitions for “synergies” in Q2 2018:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6833585-b536-48b5-8276-bba9698b45dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.5
      },
      "kind": "source-note",
      "text": "Source: GTT Q1 2018 Investor Presentation, slide 17; GTT Q2 2018 Investor Presentation, slide 18",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82eaf30f-d85e-41df-a8ab-34f5ef38065a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.2,
        "y": 0.16
      },
      "kind": "table",
      "text": "Pro Forma Revenue & EBITDA table showing quarterly figures from 1Q17 to 1Q18",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "614dd9f6-36cb-41e4-a4b2-05e329336745",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.42,
        "x": 0.29,
        "y": 0.67
      },
      "kind": "table",
      "text": "Pro Forma 2Q18 TTM Adjusted EBITDA bridge table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68e45881-3240-4817-839a-f9496bed3a1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.66,
        "x": 0.17,
        "y": 0.6
      },
      "kind": "title",
      "text": "Pro Forma 2Q18 TTM Adjusted EBITDA",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f794dac-50f0-48a9-8f95-64ecae832dbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.74,
        "x": 0.13,
        "y": 0.09
      },
      "kind": "title",
      "text": "Pro Forma Revenue & EBITDA Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b431c595-51ad-44a0-9d56-34a3015a7175",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 4,
      "beatId": "5aa0fabb-1510-45fb-80eb-9e740851cb61",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents a series of contradictions and manipulations in GTT's financials, highlighting the 'monster' of manipulated growth",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 14,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3e66acf2-649e-42fe-92e6-ab014b6e81f2",
      "evidence": "The document presents a sense of urgency and potential consequences of not addressing GTT's financial issues",
      "position": 1,
      "objective": "Highlight the cost of inaction in not addressing GTT's financial manipulations",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}