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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 highlights a calculation error in the company's reported EBITDA and critiques the removal of the slide in subsequent quarters as a tactic to hide financial decline.",
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      "text": "If that’s not bad enough, $568 is an incorrect number – it’s actually $567. It appears that GTT thinks that 2+1 = 4",
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      "text": "Pro Forma Adjusted EBITDA: $567",
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      "text": "GTT’s “performance-based” executive compensation plans are based on revenue growth, “adjusted EBITDA” and “adjusted unlevered free cash flow,” which was added to the new plan that GTT implemented in November 2018.",
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      "text": "In Q3 2018, GTT again changes its presentation of pro forma adjusted EBITDA. GTT now includes synergies from all acquisitions, as well as pre-close reported adjusted EBITDA for Custom Connect and ACI.",
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      "text": "In Q4 2018, GTT removed the pro forma adjusted EBITDA slide altogether. Apparently, even with “pre-close reported adjusted EBITDA” from its Q4 2018 acquisition of Access Point, GTT still could not mask its decline.",
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      "text": "Source: GTT Q3 2018 Investor Presentation, slide 17",
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      "text": "5. Executive Compensation – Incentivizing Value Destruction:",
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