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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 discrepancy between reported revenue growth and calculated organic revenue growth, suggesting management manipulation for compensation purposes.",
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      "text": "GTT obfuscated its negative organic growth rates of -8.7% and -7.7% in 2017 and 2018, respectively, by not providing financials for what it characterizes as “immaterial acquisitions” and “asset purchases of certain customer contracts.”",
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      "text": "Organic revenue growth: -7.7%",
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      "text": "The table above makes it clear to us that the last two years have been an absolute disaster for GTT on the organic growth front.",
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      "text": "According to GTT’s management, the company considers its smaller acquisitions to be an “organic activity” because GTT makes “immaterial acquisitions” so often and it is (apparently) cheaper than true organic growth.",
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      "text": "GTT obfuscated its negative organic growth rates of -8.7% and -7.7% in 2017 and 2018, respectively, by not providing financials for what it characterizes as “immaterial acquisitions” and “asset purchases of certain customer contracts.”",
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      "text": "Annual organic revenue analysis (USD, millions) for 2017 and 2018 showing revenue, acquisition impacts, and organic growth calculations.",
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      "text": "1. Organic Growth (or Lack Thereof)",
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