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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 stacked bar chart to show the inverse relationship between company earnings (negative) and management compensation (positive).",
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      "text": "The charts below display the stark divergence between GTT's financial performance and the financial performance of its management team.",
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      "text": "Cumulative Earnings vs. Compensation: -$334.0",
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      "text": "All of these adjustments are significant recurring costs for GTT, making these grossly misguided metrics for determining executive compensation. GTT's focus on top-line metrics allow management to reap the rewards of inorganic growth while ignoring the massive risks that come with it – the risks are pushed onto shareholders.",
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      "kind": "paragraph",
      "text": "GTT's definition of \"adjusted\" in adjusted EBITDA and adjusted unlevered free cash flow metrics is completely ridiculous, in our opinion. For GTT, \"adjusted\" means \"excluding severance and other exit costs, transaction and integration costs and share-based compensation expense.\" The \"unlevered\" in adjusted unlevered free cash flow means that it also excludes interest expense, which will cost GTT more than $200 million in 2019.",
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      "text": "GTT Cumulative Earnings vs. Cumulative Compensation (USD, Millions)",
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