Introduction:
Following the recent Wolfpack short report, we completed our own analysis to analyze the contentions raised, spoke with management and other industry sources, and want to post our own conclusions. The report can be found at: https://wolfpackresearch.com/gtt-a-broken-roll-up/ The report centered on a lack of free cash flow and recent weak organic growth. Our analysis shows the FCF conclusions and organic growth declines stated in the report are significantly overstated, as well as misleading. Wolfpack uses unadjusted numbers instead of run rate adjusted numbers, including recent acquisitions, to skew the math. When you do a