GTT Reports First Quarter 2019 Financial Results
GTT Communications, Inc, the leading global cloud networking provider to multinational clients, have this week announced its financial results for the quarter ended March 31, 2019.
First quarter highlights:
- Revenue of $450.2 million grew 72.7% compared to 1Q18 and declined 1.0% compared to 4Q18.
- Net loss was $27.3 million compared to net loss of $30.7 million in 1Q18 and net loss of $53.0 million in 4Q18. The net losses in all periods are primarily the result of non-recurring costs, including exit, transaction and integration costs of $12.0 million, $7.8 million and $29.9 million in 1Q19, 1Q18 and 4Q18, respectively, and change in fair value of exchange rate and interest rate hedges of $15.3 million, $17.2 million and $21.7 million in 1Q19, 1Q18 and 4Q18, respectively.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $122.2 million grew 95.0% compared to 1Q18 and grew 4.3% compared to 4Q18. Adjusted EBITDA margin was 27.2% compared to 24.1% in 1Q18 and 25.8% in 4Q18.
- Capital expenditures were $32.1 million (7.1% of revenue) compared to $13.2 million in 1Q18 (5.1% of revenue) and $16.3 million in 4Q18 (3.6% of revenue).
- Using constant currency (i) 1Q19 revenue and Adjusted EBITDA would have been higher than reported by $18.1 million and $7.0 million, respectively, compared to 1Q18, and (ii) 1Q19 revenue and Adjusted EBITDA would have been higher than reported by $0.1 million and $0.3 million compared to 4Q18.
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