GTT Communications, Inc. (NYSE: GTT), the global cloud networking provider to multinational clients, has announced its financial results for the quarter ended December 31, 2017, the company said.
Fourth quarter highlights: revenue of USD 249.2 million grew 80.7% over 4Q16 and grew 23.0% over 3Q17.
Net loss was USD 49.5 million, compared to net loss of USD 0.9 million in 4Q16 and net loss of USD 9.5 million in 3Q17. The 4Q17 net loss was primarily the result of several nonrecurring costs, including: USD 5.8 million in exit, transaction and integration costs related to the Global Capacity and Transbeam acquisitions; USD 17.3 million of tax expense related to the change in US tax law; and USD 29.0 million of tax expense related to the recording of a valuation allowance against US deferred tax assets.
Full year highlights: revenue of USD 827.9 million grew 57.0% over 2016.
Net loss was USD 71.5 million compared to net income of USD 5.3 million in 2016. The 2017 net loss was primarily related to nonrecurring costs, including: USD 41.5 million in exit, transaction and integration costs related to the acquisitions of Hibernia, Perseus, Global Capacity and Transbeam; USD 8.6 million loss on extinguishment of debt from the term loan repricing; USD 17.3 million of tax expense related to the change in US tax law; and USD 29.0 million related to the recording of a valuation allowance against US deferred tax assets.
GTT provides multinationals with a better way to reach the cloud through its suite of cloud networking services, including wide area networking, Internet, optical transport, managed services, voice and video. The company´s Tier 1 IP network, ranked in the top five worldwide, connects clients to any location in the world and any application in the cloud. GTT delivers an outstanding client experience by living its core values of simplicity, speed and agility. For more information on how GTT is redefining global communications, visit www.gtt.net.