GTT Communications has announced its financial results through the quarter ending December 31, 2018.
Here is a breakdown of the fourth quarter:
• Revenue of $454.8 million grew 82.5 percent over 4Q17, and grew 1.4 percent over 3Q18.
• Net loss was $53.0 million, compared to net loss of $49.5 million in 4Q17, and net loss of $23.4 million in 3Q18. 4Q18 net loss was primarily due to several non-recurring costs, including $29.9 million in exit, transaction and integration costs and a $21.7 million non-cash loss due to the change in fair value related to our interest rate swaps. 3Q18 net loss was also due primarily to non-recurring costs, including $26.2 million in exit, transaction and integration costs. In addition, 4Q17 net loss was due to non-recurring costs, including $5.8 million in exit, transaction and integration costs, and $46.3 million of non-cash expense related to income tax adjustments.
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $117.2 million grew 92.8 percent over 4Q17, and grew 8.1 percent over 3Q18. Adjusted EBITDA margin was 25.8 percent compared to 24.4 percent in 4Q17 and 24.2 percent in 3Q18.
• Capital expenditures were $16.3 million (3.6 percent of revenue) compared to $15.2 million in 4Q17 (6.1 percent of revenue) and $28.9 million in 3Q18 (6.4 percent of revenue).
• Using constant currency 4Q18 revenue and Adjusted EBITDA would have been higher than reported by $7.5 million and $2.7 million, respectively, compared to 4Q17, and 4Q18 revenue and Adjusted EBITDA would have been higher than reported by $4.0 million and $1.5 million, respectively, compared to 3Q18.
For full year highlights, and a complete breakdown of GTT’s recent financial performance, click here.
