GigaCloud Technology Inc [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21
	6-K	6-K
Revenues:
Service revenues	140.6	98.3
Product revenues	349.4	315.9
Total revenues [+]	490.1	414.2
Products	349.4	315.9
Services	140.6	98.3
Revenue growth [+]	18.3%
Service revenues	43.0%
Product revenues	10.6%
Cost of goods sold [+]	407.0	324.6
Cost of product sales	286.9	239.9
Cost of services	120.1	84.7
Gross profit	83.1	89.6
Gross margin	17.0%	21.6%
Selling, general and administrative [+]	46.7	50.2
Sales and marketing	24.0	25.7
General and administrative	22.6	24.5
Research and development	1.4
EBITDA [+]	36.4	40.1
EBITDA growth	-9.3%
EBITDA margin	7.4%	9.7%
Depreciation and amortization	1.4	0.8
EBIT [+]	35.0	39.4
EBIT growth	-11.0%
EBIT margin	7.1%	9.5%
Interest income, net [+]	-0.1	0.2
Interest expense	0.6	0.3
Interest income	0.5	0.5
Other income (expense), net [+]	-3.8	-1.9
Gain (loss) on foreign currency transactions	4.9	2.0
Pre-tax income	31.2	37.7
Income taxes	7.2	8.5
Tax rate	23.1%	22.4%
Net income	24.0	29.3
Net margin	4.9%	7.1%

Basic EPS [+]	$0.60	$0.88
Growth	-31.8%
Diluted EPS [+]	$0.60	$0.88
Growth	-31.8%

Shares outstanding (basic) [+]	40.0	33.2
Growth	20.2%
Shares outstanding (diluted) [+]	40.0	33.2
Growth	20.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.