GTT Communications, Inc. | ||
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 001-35965 | 20-2096338 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7900 Tysons One Place Suite 1450 McLean, Virginia 22102 | ||
(Address of principal executive offices) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit | ||
Number | Description | |
99.1 | Press Release dated March 8, 2017 |
Date: | March 8, 2017 | |||
GTT Communications, Inc. | ||||
By: | /s/ Michael T. Sicoli | |||
Michael T. Sicoli | ||||
Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press Release dated March 8, 2017 |
• | Revenue of $136.5 million grew 18.9% over 4Q15, and grew 3.5% over 3Q16. |
• | Net loss was $0.9 million, compared to net income of $27.6 million in 4Q15* and net income of $5.1 million in 3Q16. |
• | Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $33.8 million grew 32.3% over 4Q15, and grew 5.1% over 3Q16. Adjusted EBITDA margin of 24.8% grew 260 basis points over 4Q15 and grew 40 basis points over 3Q16. |
• | Capital expenditures were $6.4 million (4.7% of revenue), compared to $4.2 million in 4Q15 (3.7% of revenue) and $5.5 million in 3Q16 (4.2% of revenue). |
• | Using constant currency (i) 4Q16 revenue and Adjusted EBITDA would have been higher than reported by $2.1 million and $1.0 million, respectively, compared to 4Q15, and (ii) 4Q16 revenue and Adjusted EBITDA would have been higher than reported by $0.8 million and $0.4 million, respectively, compared to 3Q16. |
• | Revenue of $521.7 million grew 41.3% over 2015. |
• | Net income was $5.3 million compared to $19.3 million in 2015*. |
• | Adjusted EBITDA of $125.0 million grew 62.3% over 2015, and Adjusted EBITDA margin of 24.0% grew 310 basis points over 2015. |
• | Capital expenditures were $24.2 million (4.6% of revenue) compared to $14.1 million in 2015 (3.8% of revenue). |
• | Using constant currency, 2016 revenue and Adjusted EBITDA would have been higher than reported by $2.8 million and $1.2 million, respectively, compared to 2015. |
• | 4Q16 revenue and Adjusted EBITDA grew 16.0% and 30.8%, respectively, over 4Q15. |
• | 4Q16 revenue and Adjusted EBITDA grew 4.1% and 6.3%, respectively, over 3Q16. |
• | 2016 revenue and Adjusted EBITDA grew 13.1% and 31.9%, respectively, over 2015. |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue: | |||||||||||||||
Telecommunications services | $ | 136.5 | $ | 114.8 | $ | 521.7 | $ | 369.3 | |||||||
Operating expenses: | |||||||||||||||
Cost of telecommunications services | 71.4 | 61.9 | 274.0 | 204.5 | |||||||||||
Selling, general and administrative expenses | 38.0 | 32.3 | 143.2 | 101.7 | |||||||||||
Severance, restructuring and other exit costs | — | 4.9 | 0.9 | 12.7 | |||||||||||
Depreciation and amortization | 16.6 | 14.2 | 62.8 | 46.7 | |||||||||||
Total operating expenses | 126.0 | 113.3 | 480.9 | 365.6 | |||||||||||
Operating income | 10.5 | 1.5 | 40.8 | 3.7 | |||||||||||
Other expense: | |||||||||||||||
Interest expense, net | (7.8 | ) | (6.1 | ) | (29.4 | ) | (13.9 | ) | |||||||
Loss on debt extinguishment | — | (2.4 | ) | (1.6 | ) | (3.4 | ) | ||||||||
Other expense, net | — | 0.6 | (0.6 | ) | (1.2 | ) | |||||||||
Total other expense | (7.8 | ) | (7.9 | ) | (31.6 | ) | (18.5 | ) | |||||||
Income (loss) before income taxes | 2.7 | (6.4 | ) | 9.2 | (14.8 | ) | |||||||||
Provision for (benefit from) income taxes | 3.6 | (34.0 | ) | 3.9 | (34.1 | ) | |||||||||
Net (loss) income | $ | (0.9 | ) | $ | 27.6 | $ | 5.3 | $ | 19.3 | ||||||
(Loss) earnings per share: | |||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.77 | $ | 0.14 | $ | 0.55 | ||||||
Diluted | $ | (0.02 | ) | $ | 0.75 | $ | 0.14 | $ | 0.54 | ||||||
Weighted average shares: | |||||||||||||||
Basic | 37,221,037 | 36,060,212 | 37,055,663 | 34,973,284 | |||||||||||
Diluted | 37,221,037 | 36,906,979 | 37,568,915 | 35,801,395 |
(Unaudited, amounts in millions, except for share and per share data) | December 31, 2016 | December 31, 2015 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 29.7 | $ | 14.6 | |||
Accounts receivable, net of allowances of $2,656 and $1,015, respectively | 76.3 | 60.4 | |||||
Deferred costs | 3.4 | 4.2 | |||||
Prepaid expenses and other assets | 9.3 | 13.6 | |||||
Total current assets | 118.7 | 92.8 | |||||
Restricted cash and cash equivalents | 304.3 | — | |||||
Property and equipment, net | 43.4 | 38.8 | |||||
Intangible assets, net | 193.9 | 182.2 | |||||
Goodwill | 280.6 | 271.0 | |||||
Other long-term assets | 12.3 | 11.6 | |||||
Total assets | $ | 953.2 | $ | 596.4 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | 11.3 | 22.7 | |||||
Accrued expenses and other current liabilities | 36.9 | 43.1 | |||||
Acquisition earn-outs and holdbacks | 24.4 | 12.8 | |||||
Capital lease, current | 1.0 | 1.4 | |||||
Short-term portion of long-term debt | 4.3 | 4.0 | |||||
Deferred revenue, short-term portion | 17.9 | 15.5 | |||||
Total current liabilities | 95.8 | 99.5 | |||||
Capital lease, noncurrent | 0.1 | 1.0 | |||||
Long-term debt, term loan | 425.2 | 382.2 | |||||
Senior notes held in escrow | 300.0 | — | |||||
Deferred revenue, long-term portion | 3.4 | 2.3 | |||||
Other long-term liabilities | 0.9 | 0.9 | |||||
Total liabilities | 825.4 | 485.9 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, par value $.0001 per share, 80,000,000 shares authorized, 37,228,144 and 36,533,634 shares issued and outstanding as of December 31, 2016 and 2015, respectively | — | — | |||||
Additional paid-in capital | 197.3 | 182.8 | |||||
Accumulated deficit | (64.6 | ) | (69.9 | ) | |||
Accumulated other comprehensive loss | (4.9 | ) | (2.4 | ) | |||
Total stockholders’ equity | 127.8 | 110.5 | |||||
Total liabilities and stockholders’ equity | $ | 953.2 | $ | 596.4 |
(Unaudited, amounts in millions, except for share and per share data) | Three Months Ended December 31 | Year Ended December 31 | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net (loss) income | $ | (0.9 | ) | $ | 27.6 | $ | 5.3 | $ | 19.3 | ||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 16.6 | 14.2 | 62.8 | 46.7 | |||||||||||
Share-based compensation | 4.9 | 2.5 | 15.8 | 7.9 | |||||||||||
Debt discount amortization | 0.3 | 0.2 | 0.9 | 0.2 | |||||||||||
Loss on debt extinguishment | — | 2.4 | 1.6 | 3.4 | |||||||||||
Amortization of debt issuance costs | 0.3 | 0.3 | 1.5 | 1.0 | |||||||||||
Deferred income taxes | 2.2 | (30.5 | ) | 2.2 | (30.5 | ) | |||||||||
Change in fair value of acquisition earn-out | — | — | — | 0.9 | |||||||||||
Changes in operating assets and liabilities, net of acquisitions | 4.3 | (11.9 | ) | (29.6 | ) | (24.3 | ) | ||||||||
Net cash provided by operating activities | 27.7 | 4.8 | 60.5 | 24.6 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Acquisition of businesses, net of cash acquired | — | (169.3 | ) | (14.1 | ) | (300.7 | ) | ||||||||
Purchase of customer contracts | (14.0 | ) | — | (20.0 | ) | — | |||||||||
Change in restricted cash and cash equivalents | (304.3 | ) | — | (304.3 | ) | — | |||||||||
Purchases of property, equipment and software | (6.4 | ) | (4.2 | ) | (24.2 | ) | (14.1 | ) | |||||||
Net cash used in investing activities | (324.7 | ) | (173.5 | ) | (362.6 | ) | (314.8 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from revolving line of credit | 14.0 | 5.0 | 47.0 | 5.0 | |||||||||||
Repayment of revolving line of credit | — | — | (32.0 | ) | — | ||||||||||
Proceeds from term loan | — | 392.0 | 29.9 | 622.0 | |||||||||||
Repayment of term loan | (1.1 | ) | (224.3 | ) | (4.2 | ) | (353.6 | ) | |||||||
Proceeds from senior note | 300.0 | — | 300.0 | — | |||||||||||
Payment of earn-out and holdbacks | — | (0.5 | ) | (15.6 | ) | (3.7 | ) | ||||||||
Debt issuance costs | (0.5 | ) | (7.8 | ) | (1.4 | ) | (12.6 | ) | |||||||
Repayment of capital leases | (0.4 | ) | (0.3 | ) | (1.8 | ) | (0.9 | ) | |||||||
Proceeds from issuance of common stock under employee stock purchase plan | 0.1 | — | 1.2 | — | |||||||||||
Tax withholding related to the vesting of restricted stock awards | (2.2 | ) | (1.5 | ) | (5.7 | ) | (3.5 | ) | |||||||
Exercise of stock options | 0.8 | 0.2 | 1.2 | 0.9 | |||||||||||
Net cash provided by financing activities | 310.7 | 162.8 | 318.6 | 253.6 | |||||||||||
Effect of exchange rate changes on cash | 0.6 | 0.8 | (1.4 | ) | 1.9 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 14.3 | (5.1 | ) | 15.1 | (34.7 | ) | |||||||||
Cash and cash equivalents at beginning of year | 15.4 | 19.7 | 14.6 | 49.3 | |||||||||||
Cash and cash equivalents at end of period | $ | 29.7 | $ | 14.6 | $ | 29.7 | $ | 14.6 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
(Amounts in millions, except share and per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Adjusted EBITDA | |||||||||||||||
Net (loss) income | $ | (0.9 | ) | $ | 27.6 | $ | 5.3 | $ | 19.3 | ||||||
Provision for (benefit from) income taxes | 3.6 | (34.0 | ) | 3.9 | (34.1 | ) | |||||||||
Interest and other expense, net | 7.8 | 5.5 | 30.0 | 15.1 | |||||||||||
Loss on debt extinguishment | — | 2.4 | 1.6 | 3.4 | |||||||||||
Depreciation and amortization | 16.6 | 14.2 | 62.8 | 46.7 | |||||||||||
Severance, restructuring and other exit costs | — | 4.9 | 0.9 | 12.7 | |||||||||||
Transaction and integration costs | 1.7 | 2.4 | 4.7 | 6.0 | |||||||||||
Share-based compensation | 5.0 | 2.5 | 15.8 | 7.9 | |||||||||||
Adjusted EBITDA | 33.8 | 25.5 | 125.0 | 77.0 | |||||||||||
Purchases of property and equipment | (6.4 | ) | (4.2 | ) | (24.2 | ) | (14.1 | ) | |||||||
Adjusted EBITDA less capital expenditures | $ | 27.4 | $ | 21.3 | $ | 100.8 | $ | 62.9 |
($ in millions) | Three Months Ended December 31 | ||||||
2016 | 2015 | ||||||
Revenue | |||||||
GTT as reported | $ | 136.5 | $ | 114.8 | |||
GTT pro forma adjustments (1) | — | — | |||||
OSN as reported | — | 4.9 | |||||
OSN pro forma adjustments (2) | — | (0.2 | ) | ||||
Pro Forma Revenue | $ | 136.5 | $ | 119.5 | |||
Pro Forma % Growth | 14.2 | % | |||||
Pro Forma % Growth (Constant Currency) | 16.0 | % | |||||
Adjusted EBITDA | |||||||
GTT as reported | $ | 33.8 | $ | 25.5 | |||
GTT pro forma adjustments (3) | — | — | |||||
OSN as reported | — | 1.2 | |||||
OSN pro forma adjustments (4) | — | (0.1 | ) | ||||
Pro Forma Adjusted EBITDA | $ | 33.8 | $ | 26.6 | |||
Pro Forma Adjusted EBITDA Margin % | 24.8 | % | 22.3 | % | |||
Pro Forma % Growth | 26.9 | % | |||||
Pro Forma % Growth (Constant Currency) | 30.8 | % |
(1) Represents revenue recognized by GTT from acquired company prior to its respective close date | ||||
(2) Represents (i) revenue recognized by acquired company from GTT prior to its respective close date and (ii) non-recurring installation revenue historically recognized on a cash basis by acquired company | ||||
(3) Represents revenue, net of expense, recognized by GTT from acquired company prior to its respective close date | ||||
(4) Represents (i) revenue, net of expense, recognized by acquired company from GTT prior to its respective close date, (ii) non-recurring installation revenue, net of non-recurring installation expenses, historically recognized on a cash basis by acquired company, (iii) non-cash stock compensation, and (iv) non-recurring expenses outside of the normal course of business. |
($ in millions) | Three Months Ended | ||||||
December 31, 2016 | September 30, 2016 | ||||||
Revenue | |||||||
GTT as reported | $ | 136.5 | $ | 131.9 | |||
Pro Forma Revenue | $ | 136.5 | $ | 131.9 | |||
Pro Forma % Growth | 3.5 | % | |||||
Pro Forma % Growth (Constant Currency) | 4.1 | % | |||||
Adjusted EBITDA | |||||||
GTT as reported | $ | 33.8 | $ | 32.1 | |||
Pro Forma Adjusted EBITDA | $ | 33.8 | $ | 32.1 | |||
Pro Forma Adjusted EBITDA Margin % | 24.8 | % | 24.4 | % | |||
Pro Forma % Growth | 5.1 | % | |||||
Pro Forma % Growth (Constant Currency) | 6.3 | % |
($ in millions) | Year Ended December 31 | ||||||
2016 | 2015 | ||||||
Revenue | |||||||
GTT as reported | $ | 521.7 | $ | 369.3 | |||
GTT pro forma adjustments (1) | — | (0.4 | ) | ||||
MegaPath as reported | — | 33.0 | |||||
MegaPath pro forma adjustments (2) | — | (1.7 | ) | ||||
OSN as reported | — | 65.5 | |||||
OSN pro forma adjustments (2) | — | (2.1 | ) | ||||
Pro Forma Revenue | $ | 521.7 | $ | 463.6 | |||
Pro Forma % Growth | 12.5 | % | |||||
Pro Forma % Growth (Constant Currency) | 13.1 | % | |||||
Adjusted EBITDA | |||||||
GTT as reported | $ | 125.0 | $ | 77.0 | |||
GTT pro forma adjustments (3) | — | — | |||||
MegaPath as reported | — | 5.0 | |||||
MegaPath pro forma adjustments (4) | — | — | |||||
OSN as reported | — | 12.9 | |||||
OSN pro forma adjustments (4) | — | 0.8 | |||||
Pro Forma Adjusted EBITDA | $ | 125.0 | $ | 95.7 | |||
Pro Forma Adjusted EBITDA Margin % | 24.0 | % | 20.6 | % | |||
Pro Forma % Growth | 30.7 | % | |||||
Pro Forma % Growth (Constant Currency) | 31.9 | % |
(1) Represents revenue recognized by GTT from acquired companies prior to their respective close dates. | ||||
(2) Represents (i) revenue recognized by acquired companies from GTT prior to their respective close dates and (ii) non-recurring installation revenue historically recognized on a cash basis by acquired companies. | ||||
(3) Represents revenue, net of expense, recognized by GTT from acquired companies prior to their respective close dates. | ||||
(4) Represents (i) revenue, net of expense, recognized by acquired companies from GTT prior to its respective close dates, (ii) non-recurring installation revenue, net of non-recurring installation expenses, historically recognized on a cash basis by acquired companies, (iii) non-cash stock compensation, and (iv) non-recurring expenses outside of the normal course of business. |
($ in millions) | Three Months Ended | ||||||
December 31, 2016 | December 31, 2015 | ||||||
Revenue | |||||||
GTT as reported | $ | 136.5 | $ | 114.8 | |||
GTT pro forma adjustments (1) | — | — | |||||
OSN as reported | — | 4.9 | |||||
OSN pro forma adjustments (2) | — | (0.2 | ) | ||||
Hibernia as reported | 43.4 | 44.5 | |||||
Hibernia pro forma adjustments (2) | (1.5 | ) | (1.5 | ) | |||
Pro Forma Revenue | $ | 178.4 | $ | 162.5 | |||
Pro Forma % Growth | 9.8 | % | |||||
Pro Forma % Growth (Constant Currency) | 12.1 | % | |||||
Adjusted EBITDA | |||||||
GTT as reported | $ | 33.8 | $ | 25.5 | |||
GTT pro forma adjustments (3) | — | — | |||||
OSN as reported | — | 1.2 | |||||
OSN pro forma adjustments (4) | — | (0.1 | ) | ||||
Hibernia as reported | 16.8 | 13.8 | |||||
Hibernia pro forma adjustments (4) | (1.1 | ) | (1.1 | ) | |||
Pro Forma Adjusted EBITDA | $ | 49.5 | $ | 39.3 | |||
Pro Forma Adjusted EBITDA Margin % | 27.7 | % | 24.2 | % | |||
Pro Forma % Growth | 25.9 | % | |||||
Pro Forma % Growth (Constant Currency) | 29.2 | % |
(1) Represents revenue recognized by GTT from acquired companies prior to their respective close dates | ||||
(2) Represents (i) revenue recognized by acquired companies from GTT prior to their respective close dates and (ii) non-recurring installation revenue historically recognized on a cash basis by acquired companies, and (iii) adjustments in deferred revenue from acquired companies. | ||||
(3) Represents revenue, net of expense, recognized by GTT from acquired companies prior to their respective close dates | ||||
(4) Represents (i) revenue, net of expense, recognized by acquired companies from GTT prior to their respective close dates, (ii) non-recurring installation revenue, net of non-recurring installation expenses, historically recognized on a cash basis by acquired companies, (iii) adjustments in deferred revenue from acquired companies, (iv) non-cash stock compensation, and (v) non-recurring expenses outside of the normal course of business. |
($ in millions) | Three Months Ended | ||||||
December 31, 2016 | September 30, 2016 | ||||||
Revenue | |||||||
GTT as reported | $ | 136.5 | $ | 131.9 | |||
Hibernia as reported | 43.4 | 45.5 | |||||
Hibernia pro forma adjustments (1) | (1.5 | ) | (1.5 | ) | |||
Pro Forma Revenue | $ | 178.4 | $ | 175.9 | |||
Pro Forma % Growth | 1.5 | % | |||||
Pro Forma % Growth (Constant Currency) | 2.3 | % | |||||
Adjusted EBITDA | |||||||
GTT as reported | $ | 33.8 | $ | 32.1 | |||
Hibernia as reported | $ | 16.8 | $ | 16.1 | |||
Hibernia pro forma adjustments (2) | $ | (1.1 | ) | $ | (1.1 | ) | |
Pro Forma Adjusted EBITDA | $ | 49.4 | $ | 47.1 | |||
Pro Forma Adjusted EBITDA Margin % | 27.7 | % | 26.8 | % | |||
Pro Forma % Growth | 5.0 | % | |||||
Pro Forma % Growth (Constant Currency) | 6.0 | % |
(1) Represents (i) revenue recognized by acquired company from GTT prior to its respective close date, (ii) non-recurring installation revenue historically recognized on a cash basis by acquired company, and (iii) adjustments in deferred revenue from acquired company. | ||||
(2) Represents (i) revenue, net of expense, recognized by acquired company from GTT prior to its respective close date, (ii) non-recurring installation revenue, net of non-recurring installation expenses, historically recognized on a cash basis by acquired company, (iii) adjustments in deferred revenue from acquired company, (iv) non-cash stock compensation, and (v) non-recurring expenses outside of the normal course of business. |
($ in millions) | Year Ended | ||||||
December 31, 2016 | December 31, 2015 | ||||||
Revenue | |||||||
GTT as reported | $ | 521.7 | $ | 369.3 | |||
GTT pro forma adjustments (1) | — | (0.4 | ) | ||||
MegaPath as reported | — | 33.0 | |||||
MegaPath pro forma adjustments (2) | — | (1.7 | ) | ||||
OSN as reported | — | 65.5 | |||||
OSN pro forma adjustments (2) | — | (2.1 | ) | ||||
Hibernia as reported | 182.1 | 148.9 | |||||
Hibernia pro forma adjustments (2) | (5.9 | ) | (6.3 | ) | |||
Pro Forma Revenue | $ | 697.9 | $ | 606.2 | |||
Pro Forma % Growth | 15.1 | % | |||||
Pro Forma % Growth (Constant Currency) | 15.8 | % | |||||
Adjusted EBITDA | |||||||
GTT as reported | $ | 125.0 | $ | 77.0 | |||
GTT pro forma adjustments (3) | — | — | |||||
MegaPath as reported | — | 5.0 | |||||
MegaPath pro forma adjustments (4) | — | — | |||||
OSN as reported | — | 12.9 | |||||
OSN pro forma adjustments (4) | — | 0.8 | |||||
Hibernia as reported | 65.9 | 34.2 | |||||
Hibernia pro forma adjustments (4) | (4.5 | ) | (4.5 | ) | |||
Pro Forma Adjusted EBITDA | $ | 186.4 | $ | 125.4 | |||
Pro Forma Adjusted EBITDA Margin % | 26.7 | % | 20.7 | % | |||
Pro Forma % Growth | 48.6 | % | |||||
Pro Forma % Growth (Constant Currency) | 49.2 | % |
(1) Represents revenue recognized by GTT from acquired companies prior to their respective close dates. | ||||
(2) Represents (i) revenue recognized by acquired companies from GTT prior to their respective close dates, (ii) non-recurring installation revenue historically recognized on a cash basis by acquired companies, and (iii) adjustments to deferred revenue from acquired companies. | ||||
(3) Represents revenue, net of expense, recognized by GTT from acquired companies prior to their respective close dates. | ||||
(4) Represents (i) revenue, net of expense, recognized by acquired companies from GTT prior to their respective close dates, (ii) non-recurring installation revenue, net of non-recurring installation expenses, historically recognized on a cash basis by acquired company, (iii) adjustments to deferred revenue of acquired companies, (iv) non-cash stock compensation, and (v) non-recurring expenses outside of the normal course of business. |
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