GTT Communications, Inc.

gtt.net

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed May 8, 2020. Its latest SEC filing is a 4 from Feb 28, 2022.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides global network connectivity and managed services, including wide-area networking, internet access and security, to enterprise, carrier and government clients.

How Did They Make Money?

Customers pay fixed monthly charges in advance for ongoing networking services over a contract term; usage-based charges are billed monthly after use, and installation or equipment fees are one-time charges.

FY2019 revenue

Who Were Their Customers?

Enterprise, carrier and government clients buy through GTT's direct sales force and through agents and systems integrators. Carrier clients use its network for capacity and to extend their reach.

Did Revenues Turn Into Profits?

Not on paper. It lost $105.9M in FY2019, but brought in more cash than it spent: $4.9M of free cash flow.

Operating income, FY2019

7% of revenue

▲ +211% vs FY2018 ($39.7M, 3%)

Net income, FY2019

−6% of revenue

▼ −56% (Loss) vs FY2018 (−$243.4M, −16%)

Free cash flow, FY2019

0% of revenue

▲ +4% vs FY2018 ($4.7M, 0%)

How Were They Changing?

Since the FY2019 annual report

Latest quarter: Q1 FY2020, the three months to Mar 31, 2020

Revenue: ▼ −6%; vs $450.2M in Q1 FY2019
Net income: ▲ +205% (Loss); vs −$27.3M in Q1 FY2019

Nov 8, 2021 Bankruptcy court schedules hearing on reorganization plan GTT and certain subsidiaries had filed Chapter 11 cases; the combined hearing was set for December 15, 2021.
Nov 1, 2021 GTT and subsidiaries file for Chapter 11 Lenders and noteholders voted to accept the prepackaged plan, and the company said operations would continue without interruption.
Sep 17, 2021 GTT completes sale of its infrastructure business The sale of the business providing fiber network and data center infrastructure services closed for approximately $1.74 billion in cash.

Grew. Revenue grew 4.6x in 4 years, from $372.5M in FY2015 to $1.7B in FY2019, about 47% a year.

Broader service portfolio The older report groups the offer around WAN, internet, managed network and security, and voice and unified communications; the latest also describes Ethernet and video transport, plus fiber, wavelength, colocation and dark-fiber services.

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