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  "documentTitle": "GTT Communications, Inc. (GTT)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2019-06-06 00:00:00",
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  "notes": "The slide uses a compensation table to establish the importance of the metric, then a quarterly breakdown to expose the calculation delta.",
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      "text": "However, we calculated net installs of -$11.7 million for GTT in 2017 – leaving a $17.8 million delta between GTT’s reported number and our calculation.",
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      "text": "net installations: -$11.7 million",
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      "text": "However, we calculated net installs of -$11.7 million for GTT in 2017 – leaving a $17.8 million delta between GTT’s reported number and our calculation. The table below shows our calculations for GTT’s net installs:",
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      "kind": "paragraph",
      "text": "Net installations (“net installs”) is the only organic growth metric we have seen GTT report. The company only reports this figure in its proxy statements because it is used for a portion of GTT’s cash-based executive compensation plans.",
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      "text": "We believe the delta shown above is the result of GTT’s inclusion of approximately $17.8 million of revenue from “asset purchases” (i.e., inorganic growth) in its reported net installations – a metric that GTT itself states is “a good measure of organic growth.”",
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      "kind": "quote",
      "text": "Net installations is a good measure of organic growth and is calculated as total installations less total customer churn. — GTT Communications (Annual Report on Form 10-K)",
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      "text": "You can see the calculations behind the numbers presented above in Appendix A of this report.",
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      "text": "Quarterly breakdown of net installations for 2017-2019, comparing calculated totals to GTT reported figures and identifying the delta.",
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      "text": "Annual Cash Goals table showing Adjusted EBITDA, Revenue, Net Installations, and Personal Performance Objectives with weightings and performance achievement.",
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      "text": "Net Installations – A Measure of Organic Growth",
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