GTT posts Q1 revenue of $399 million

GTT reported recurring revenue of $399.4 million for the 1st quarter 2020, an increase of 0.6% as compared to the 4th quarter 2019, and a decrease of 4.4% compared to the 1st quarter 2019. Recurring revenue represents 94% of total revenue for the 1st quarter 2020 compared to 94% and 93% for the 4th quarter 2019 and the 1st quarter 2019, respectively. Non-recurring revenue of $25.3 million for the 1st quarter 2020 decreased 5.2% compared to the 4th quarter 2019, and decreased 21.9% compared to the 1st quarter 2019. Net loss qA $83.3 million for the 1st quarter 2020 compared to a net loss of $19.1 million for the 4th quarter 2019, and a net loss of $27.3 million for the 1st quarter 2019. The net losses in all periods include non-recurring costs, including exit, transaction and integration costs of $4.3 million for the 1st quarter 2020, $7.5 million for the 4th quarter 2019, and $12.0 million for the 1st quarter 2019.

GTT said it continues to explore the monetization of its Infrastructure Division, which is expected to include the company’s highly differentiated pan-European fiber assets, subsea transatlantic fiber and data center infrastructure, which GTT acquired as part of the Interoute and Hibernia acquisitions.

https://www.gtt.net/media/2585/gtt-investor-presentation-may-20.pdf