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  "documentTitle": "GTT Communications, Inc. (GTT)",
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      "text": "GTT is reliant on acquisitions for growth, masking the company's negative organic growth.",
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      "text": "GTT obfuscates its negative organic growth by tucking in the revenue from what it characterizes as \"immaterial acquisitions.\" GTT has paid $267.1 million (about 18% of its 2018 revenue) for these since 2016.",
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      "text": "GTT extended its amortization period for acquired customer lists in three consecutive years; from 3 to 7 years in 2016 to 3 to 10 years in 2017 to 3 to 20 years in 2018.",
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      "text": "GTT inflated its financial performance by $78.7 million in 2018 by significantly revaluing assets and extending depreciation periods. GTT would have posted an operating loss of nearly $40 million in 2018.",
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      "text": "GTT extended the useful lives of its fiber optic cable assets from \"20 years\" to \"20 to 40 years.\" Industry standard is generally 20 years.",
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      "text": "GTT marked up the carrying value of Interoute's PP&E by $914 million, or 175%. Concurrent to marking up PP&E, GTT marked the carrying value of Interoute's customer lists down by 70%, or $408.5 million.",
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      "text": "GTT is reliant on acquisitions for growth, masking the company's negative organic growth. According to our calculations, GTT posted terrible organic growth of -8.7% and -7.7% in 2017 and 2018, respectively.",
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      "text": "No one else in the industry uses a 40-year depreciation. The industry standard for pretty much everyone from AT&T to Verizon to CenturyLink to Cogent is generally 20 years. Sometimes 15 but most cases 20. — C-Suite executive from one of GTT's competitors",
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      "text": "2. Math is a Science; Accounting is an Art Form – Tools for Financial Engineering:",
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