GTT Reports Second Quarter 2019 Financial Results
GTT Communications, Inc. a leading global cloud networking provider to multinational clients, announced this week its financial results for the quarter ended June 30, 2019.
- Revenue of $433.8 million grew 32.7% compared to 2Q18 and declined 3.6% compared to 1Q19.
- Net loss was $33.3 million compared to a net loss of $136.3 million in 2Q18 and a net loss of $27.3 million in 1Q19. The net losses in all periods are primarily the result of non-recurring costs, including exit, transaction and integration costs of $12.1 million, $13.7 million, and $12.0 million in 2Q19, 2Q18, and 1Q19, respectively, and change in fair value of exchange rate and interest rate hedges of $19.9 million, $98.1 million, and $15.3 million in 2Q19, 2Q18, and 1Q19, respectively.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $112.0 million grew 49.5% compared to 2Q18 and declined 8.3% compared to 1Q19. The adjusted EBITDA margin was 25.8% compared to 22.9% in 2Q18 and 27.1% in 1Q19.
- Capital expenditures were $19.2 million (4.4% of revenue) compared to $19.3 million in 2Q18 (5.9% of revenue) and $32.1 million in 1Q19 (7.1% of revenue).
- Using constant currency (i) 2Q19 revenue and Adjusted EBITDA would have been higher than reported by $13.1 million and $4.4 million, respectively, compared to 2Q18, and (ii) 2Q19 revenue and Adjusted EBITDA would have been higher than reported by $2.4 million and $0.7 million, compared to 1Q19.
- On a pro forma basis, assuming (i) the historical results of Interoute (as defined in Annex A hereto) had been included for all periods presented, and (ii) constant currency:2Q19 revenue and Adjusted EBITDA declined 3.1% and grew 7.5%, respectively, compared to 2Q18, and declined 3.1% and 7.8%, respectively, compared to 1Q19.
- In addition, the Company announced that (i) it has established a Free Cash Flow target of $175–$200 million for 2020 (refer to Annex A for more information regarding the computation of Free Cash Flow) and (ii) it has hired an advisor to explore the sale of certain non-strategic assets that have been acquired over the past several years, with the primary objective of reducing debt.
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