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  "documentTitle": "GTT Communications, Inc. (GTT)",
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  "presentationDate": "2019-06-06 00:00:00",
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  "notes": "The slide uses quotes from executives to set up a contradiction, followed by a data table to refute their definition of organic growth.",
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      "text": "We could not disagree more with these statements, since all acquisitions, regardless of their size, are inorganic growth by definition.",
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      "text": "Below are a few statements from GTT’s executives regarding the company’s “organic growth” strategy:",
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      "text": "We could not disagree more with these statements, since all acquisitions, regardless of their size, are inorganic growth by definition.",
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      "kind": "quote",
      "text": "The organic part of our business is also the combination of small acquisitions.",
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      "kind": "quote",
      "text": "We add these smaller acquisitions and buying books of business which I call organic as well because it's a lot less expensive sometimes to buy those books than to take six months or nine months to build a sales organization to achieve that.",
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      "kind": "quote",
      "text": "As Rick said, we do sort of the ground game for us is those smaller acquisitions that we do roughly one a quarter and we consider that more like an organic activity.",
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      "kind": "quote",
      "text": "“As Rick said, we do sort of the ground game for us is those smaller acquisitions that we do roughly one a quarter and we consider that more like an organic activity.” — CFO Mike Sicoli, Q2 2018 earnings call; “We add these smaller acquisitions and buying books of business which I call organic as well because it's a lot less expensive sometimes to buy those books than to take six months or nine months to build a sales organization to achieve that.” — Executive Chairman H. Brian Thompson, Q4 2017 earnings call; “The organic part of our business is also the combination of small acquisitions.” — CEO Rick Calder, Q3 2018 earnings call",
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      "text": "Footnotes detailing sources for acquisition data.",
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      "kind": "table",
      "text": "Table of GTT acquisitions and asset purchases from 2015-2018 with revenue, post-acquisition revenue, price, and multiples.",
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