HONG KONG, Sept. 30, 2022 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of worldwide end-to-end B2B ecommerce options for big parcel merchandise, immediately introduced its unaudited monetary outcomes for the quarter and 6 months ended June 30, 2022.
Mr. Larry Lei Wu, Founder, Chairman of the Board of Director and Chief Executive Officer of GigaCloud, commented, “We are pleased to deliver a robust financial and operational results in our first quarterly earnings release as a public company. Our Nasdaq listing in August represented a key milestone for our Company and years of hard-work, commitment and dedication from our shareholders, management team and employees. Despite the macroeconomic challenges that we faced, we continued to deliver a solid year over year revenue and GMV growth. We are proactively adjusting our operations to adapt to these challenges and continued to focus on our long-term strategy by strengthening our capabilities to create value for our customers. By leveraging our data driven technology and our logistic solutions, we are well positioned to increase our overall market share in the B2B large parcel market.”
Mr. David Lau, Chief Financial Officer of GigaCloud, added, “We are pleased to see topline growth despite a quarter of supply chain challenges. This is attributable to the Company’s effort to continue attracting more buyers and sellers as demand continues to rise for large parcel sales and deliveries. Through real-time visibility of our operations, there are signs of supply chain normalization, and our ability to manage the logistics obstacles and offer solutions to our customers will support us through short-term challenges and position us better for long-term growth.”
Second Quarter 2022 Financial Highlights
- Total revenues had been $124.0 million within the second quarter of 2022, a rise of 11.0% from $111.8 million within the second quarter of 2021.
- Net earnings was $6.1 million within the second quarter of 2022, in comparison with $13.6 million within the second quarter of 2021.
- Adjusted EBITDA1 was $7.8 million within the second quarter of 2022, in comparison with $16.6 million within the second quarter of 2021
First Half 2022 Financial Highlights
- Total revenues had been $236.5 million within the six months ended June 30, 2022, a rise of 14.6% from $206.3 million within the six months ended June 30, 2021.
- Net earnings was $10.8 million within the six months ended June 30, 2022, in comparison with $21.6 million within the six months ended June 30, 2021.
- Adjusted EBITDA2 was $14.7 million within the six months ended June 30, 2022, in comparison with $26.7 million within the six months ended June 30, 2021.
Operational Highlights
- GigaCloud Marketplace GMV3 was $458.8 million within the 12 months ended June 30, 2022, a rise of 43.8% from $319.2 million within the 12 months ended June 30, 2021.
- Active 3P sellers4 had been 452 within the 12 months ended June 30, 2022, a rise of 67.4% from 270 within the 12 months ended June 30, 2021.
- Active consumers5 had been 4,061 within the 12 months ended June 30, 2022, a rise of 58.9% from 2,555 within the 12 months ended June 30, 2021.
- Spend per energetic purchaser6 was $112,987 within the 12 months ended June 30, 2022, a lower of 9.5% from $124,915 within the 12 months ended June 30, 2021.
- 3P vendor GigaCloud Marketplace GMV7 was $196.7 million within the 12 months ended June 30, 2022, a rise of 71.1% from $114.9 million within the 12 months ended June 30, 2021
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1 Adjusted EBITDA is a non-GAAP monetary measure. For extra data on the non-GAAP monetary measure, please see the part of “Non-GAAP Financial Measure” and the desk captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth on the finish of this press launch.
2 Adjusted EBITDA is a non-GAAP monetary measure. For extra data on the non-GAAP monetary measure, please see the part of “Non-GAAP Financial Measure” and the desk captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth on the finish of this press launch.
3 GigaCloud Marketplace GMV means the overall gross merchandise worth of transactions ordered by way of our GigaCloud Marketplace together with GigaCloud 3P and GigaCloud 1P, earlier than any deductions of worth added tax, items and providers tax, transport expenses paid by consumers to sellers and any refunds.
4 Active 3P sellers means sellers who’ve offered a product in GigaCloud Marketplace throughout the final 12-month interval, regardless of cancellations or returns.
5 Active consumers means consumers who’ve bought a product within the GigaCloud Marketplace throughout the final 12-month interval, regardless of cancellations or returns.
6 Spend per energetic purchaser is calculated by dividing the overall GigaCloud Marketplace GMV throughout the final 12-month interval by the variety of energetic consumers as of such date.
7 3P vendor GigaCloud Marketplace GMV means the overall gross merchandise worth of transactions offered by way of our GigaCloud Marketplace by 3P sellers, earlier than any deductions of worth added tax, items and providers tax, transport expenses paid by consumers to sellers and any refunds.
Second Quarter 2022 Financial Results
Revenues
Total revenues had been $124.0 million within the second quarter of 2022, elevated by 11.0% from $111.8 million within the second quarter of 2021. The improve was primarily as a result of a rise in service income from GigaCloud 3P and product income from GigaCloud 1P, partially offset by the lower in product income from off-platform ecommerce.
- Service income from GigaCloud 3P was $32.8 million within the second quarter of 2022, elevated by 39.4% from $23.6 million within the second quarter of 2021. The improve was primarily as a result of a rise in revenues from last-mile supply charges and success charges for different freight providers resembling supply of merchandise through ocean transportation.
- Product income from GigaCloud 1P was $60.7 million within the second quarter of 2022, elevated by 15.4% from $52.6 million within the second quarter of 2021. The improve was primarily as a result of a rise in variety of energetic consumers and higher number of merchandise catering to consumers’ choice.
- Product income from off-platform ecommerce was $30.5 million within the second quarter of 2022, decreased by 14.4% from $35.6 million within the second quarter of 2021. The lower was primarily as a result of an total lower in gross sales on sure third-party off-platform ecommerce as client demand slowed down on such third-party off-platform ecommerce.
Cost of Revenues
Cost of revenues was $107.0 million within the second quarter of 2022, elevated by 29.1% from $82.9 million within the second quarter of 2021. The improve was primarily as a result of a rise in ocean freight value in comparison with the second quarter of 2021, and such improve is anticipated to stabilize in the remainder of 2022.
Gross Profit and Gross Margin
Gross revenue was $17.0 million within the second quarter of 2022, decreased by 41.1% from $28.9 million within the second quarter of 2021. Gross margin was 13.7% within the second quarter of 2022, in comparison with 25.9% within the second quarter of 2021.
Operating Expenses
Total working bills had been $8.8 million within the second quarter of 2022, decreased by 28.3% from $12.3 million within the second quarter of 2021.
- Selling and advertising bills had been $5.5 million within the second quarter of 2022, decreased by 20.2% from $6.8 million within the second quarter of 2021. The lower was primarily as a result of a lower in employees value because the gross sales fee decreased.
- General and administrative bills had been $3.3 million within the second quarter of 2022, decreased by 38.6% from $5.4 million within the second quarter of 2021. The lower was primarily as a result of a lower in skilled service charges.
Operating Income
Operating earnings was $8.2 million within the second quarter of 2022, decreased by 50.5% from $16.6 million within the second quarter of 2021.
Income Tax Expenses
Income tax bills had been $1.2 million within the second quarter of 2022, decreased by 58.6% from $3.0 million within the second quarter of 2021.
Net Income
Net earnings was $6.1 million within the second quarter of 2022, in comparison with $13.6 million within the second quarter of 2021.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share was $0.15 within the second quarter of 2022, in comparison with $0.43 within the second quarter of 2021.
Adjusted EBITDA
Adjusted EBITDA8 was $7.8 million within the second quarter of 2022, in comparison with $16.6 million within the second quarter of 2021.
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8 Adjusted EBITDA is a non-GAAP monetary measure. For extra data on the non-GAAP monetary measure, please see the part of “Non-GAAP Financial Measure” and the desk captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth on the finish of this press launch.
First Half 2022 Financial Results
Revenues
Total revenues had been $236.5 million within the six months ended June 30, 2022, elevated by 14.6% from $206.3 million within the six months ended June 30, 2021. The improve was primarily as a result of a rise in service income from GigaCloud 3P and product income from GigaCloud 1P, partially offset by the lower in product income from off-platform ecommerce.
- Service income from GigaCloud 3P was $64.0 million within the six months ended June 30, 2022, elevated by 45.7% from $44.0 million within the six months ended June 30, 2021. The improve was primarily as a result of a rise in revenues from last-mile supply charges and success charges for different freight providers resembling supply of merchandise through ocean transportation.
- Product income from GigaCloud 1P was $115.0 million within the six months ended June 30, 2022, elevated by 21.2% from $94.9 million within the six months ended June 30, 2021. The improve was primarily as a result of a rise in variety of energetic consumers and higher number of merchandise catering to consumers’ choice.
- Product income from off-platform ecommerce was $57.4 million within the six months ended June 30, 2022, decreased by 14.9% from $67.4 million within the six months ended June 30, 2021. The lower was primarily as a result of an total lower in gross sales on sure third-party off-platform ecommerce as client demand slowed down on such third-party off-platform ecommerce.
Cost of Revenues
Cost of revenues was $202.6 million within the six months ended June 30, 2022, elevated by 29.4% from $156.5 million within the six months ended June 30, 2021. The improve was primarily as a result of a rise in ocean freight value in comparison with the six months ended June 30, 2021, and such improve is anticipated to stabilize in the remainder of 2022.
Gross Profit and Gross Margin
Gross revenue was $33.9 million within the six months ended June 30, 2022, decreased by 31.9% from $49.8 million within the six months ended June 30, 2021. Gross margin was 14.3% within the six months ended June 30, 2022, in comparison with 24.1% within the six months ended June 30, 2021.
Operating Expenses
Total working bills had been $18.2 million within the six months ended June 30, 2022, decreased by 19.4% from $22.6 million within the six months ended June 30, 2021.
- Selling and advertising bills had been $11.0 million within the six months ended June 30, 2022, decreased by 22.4% from $14.2 million within the six months ended June 30, 2021. The lower was primarily as a result of a lower in employees value because the gross sales fee decreased.
- General and administrative bills had been $7.2 million within the six months ended June 30, 2022, decreased by 14.4% from $8.4 million within the six months ended June 30, 2021. The lower was primarily as a result of a lower in skilled service charges.
Operating Income
Operating earnings was $15.7 million within the six months ended June 30, 2022, decreased by 42.3% from $27.2 million within the six months ended June 30, 2021.
Income Tax Expenses
Income tax bills had been $2.8 million within the six months ended June 30, 2022, decreased by 42.4% from $4.9 million within the six months ended June 30, 2021.
Net Income
Net earnings was $10.8 million within the six months ended June 30, 2022, in comparison with $21.6 million within the six months ended June 30, 2021.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share was $0.28 within the six months ended June 30, 2022, in comparison with $0.67 within the six months ended June 30, 2021.
Adjusted EBITDA
Adjusted EBITDA9 was $14.7 million within the six months ended June 30, 2022, in comparison with $26.7 million within the six months ended June 30, 2021.
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9 Adjusted EBITDA is a non-GAAP monetary measure. For extra data on the non-GAAP monetary measure, please see the part of “Non-GAAP Financial Measure” and the desk captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth on the finish of this press launch.
Balance Sheet
As of June 30, 2022, the Company had money of $49.2 million and restricted money of $1.5 million, in comparison with $63.2 million and $0.7 million as of December 31, 2021, respectively.
Cash Flow
Net money utilized in working actions was $10.3 million within the six months ended June 30, 2022, in comparison with $11.7 million within the six months ended June 30, 2021, primarily as a result of a lower in internet earnings and the adjustments in working belongings and liabilities, primarily pushed by a rise in inventories within the second quarter of 2022 as transport prices to obtain inventories, together with ocean freight prices, are included in inventories and the rise in ocean freight prices has contributed to a rise in inventories and money outflows.
Net money utilized in investing actions was $0.1 million within the six months ended June 30, 2022, in comparison with $0.6 million within the six months ended June 30, 2021, consisting primarily of money paid for capital expenditures.
Net money utilized in financing actions was $0.6 million within the six months ended June 30, 2022, in comparison with $0.9 million within the six months ended June 30, 2021, primarily as a result of money paid for finance lease obligations.
Business Outlook
The Company expects its whole revenues to be between $122 million and $127 million within the third quarter of 2022. This forecast displays the Company’s present and preliminary views in the marketplace and operational circumstances, that are topic to alter and can’t be predicted with affordable accuracy as of the date hereof.
Recent Developments
On August 22, 2022, the Company accomplished its preliminary public providing, and simultaneous closing of the total over-allotment possibility of three,381,000 Class A peculiar shares at a public providing value of $12.25 per Class A peculiar share (the “Offering”). The gross proceeds of the Offering had been roughly $41 million earlier than deducting underwriting reductions and commissions and providing bills. The Class A peculiar shares started buying and selling on the Nasdaq Global Market on August 18, 2022, beneath the image “GCT.”
Furthermore, the Company granted share awards beneath its share incentive plans which might solely be exercised upon the consummation of a professional IPO earlier than expiration date of ten years after the date of the awards. Upon the completion of the IPO, the efficiency situation of the awards was achieved. As a outcome, share-based compensation expense can be acknowledged within the third quarter of 2022 relating to those shares awards. As disclosed beforehand, unrecognized compensation bills referring to the share-based awards is anticipated to be acknowledged cumulatively as of the completion of the IPO, which might result in a major lower of internet revenue or perhaps a internet loss within the third quarter of 2022.
Conference Call
The Company will host an earnings convention name to debate its monetary outcomes at 8:30 am U.S. Eastern Time (8:30 pm Beijing/Hong Kong Time) on September 30, 2022.
For contributors who want to be part of the decision, please entry the hyperlink offered beneath to finish the net registration course of.
Registration Link: https://register.vevent.com/register/BI0fa88d4dc0234779af8c3d2287acb556
Upon registration, contributors will obtain the dial-in quantity and distinctive PIN, which can be utilized to hitch the convention name. If contributors register and overlook their PIN or lose their registration affirmation e-mail, they might merely re-register and obtain a brand new PIN. All contributors are inspired to dial in quarter-hour previous to the beginning time.
A reside and archived webcast of the convention name will likely be accessible on the Company’s investor relations web site at: https://investors.gigacloudtech.com/.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of worldwide end-to-end B2B ecommerce options for big parcel merchandise. The Company’s B2B ecommerce platform, which it refers to because the “GigaCloud Marketplace,” integrates every little thing from discovery, funds and logistics instruments into one easy-to-use platform. The Company’s world market seamlessly connects producers, primarily in Asia, with resellers, primarily within the U.S., Asia and Europe, to execute cross-border transactions with confidence, pace and effectivity. The Company affords a really complete answer that transports merchandise from the producer’s warehouse to the top buyer’s doorstep, all at one fastened value. The Company first launched its market in January 2019 by specializing in the worldwide furnishings market and has since expanded into further classes resembling dwelling home equipment and health gear. For extra data, please go to the Company’s web site: https://investors.gigacloudtech.com/.
Non-GAAP Financial Measures
The Company makes use of Adjusted EBITDA, which is internet earnings excluding curiosity, earnings taxes and depreciation, additional adjusted to exclude share-based compensation bills, a non-GAAP monetary measure, to grasp and consider its core working efficiency. Non-GAAP monetary measure, which can differ from equally titled measures utilized by different corporations, are offered to reinforce buyers’ total understanding of our monetary efficiency and shouldn’t be thought of an alternative to, or superior to, the monetary data ready and offered in accordance with U.S. GAAP.
For extra data on the non-GAAP monetary measures, please see the desk captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth on the finish of this press launch.
Forward-Looking Statements
This press launch accommodates “forward-looking statements”. Forward-looking statements replicate our present view about future occasions. These forward-looking statements contain recognized and unknown dangers and uncertainties and are based mostly on the Company’s present expectations and projections about future occasions that the Company believes might have an effect on its monetary situation, outcomes of operations, business technique and monetary wants. Investors can establish these forward-looking statements by phrases or phrases resembling “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or comparable expressions. The Company undertakes no obligation to replace or revise publicly any forward-looking statements to replicate subsequent occurring occasions or circumstances, or adjustments in its expectations, besides as could also be required by legislation. Although the Company believes that the expectations expressed in these forward-looking statements are affordable, it can not guarantee you that such expectations will become right, and the Company cautions buyers that precise outcomes might differ materially from the anticipated outcomes and encourages buyers to evaluation different elements that will have an effect on its future ends in the Company’s registration assertion and different filings with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology Inc
Victor Neal
Email: [email protected]
Ascent Investor Relations LLC
Tina Xiao
Tel: +1-917-609-0333
Email: [email protected]
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In hundreds)
| December 31, | June 30, | ||||||
| 2021 | 2022 | ||||||
| US$ | US$ | ||||||
| ASSETS | |||||||
| Current belongings | |||||||
| Cash | 63,198 | 49,189 | |||||
| Restricted money | 664 | 1,542 | |||||
| Accounts receivable, internet | 18,036 | 23,438 | |||||
| Inventories | 81,441 | 103,385 | |||||
| Prepayments and different present belongings | 9,080 | 6,740 | |||||
| Total present belongings | 172,419 | 184,294 | |||||
| Non-current belongings | |||||||
| Operating lease right-of-use belongings | — | 133,488 | |||||
| Property and gear, internet | 11,075 | 13,341 | |||||
| Deferred tax belongings | 72 | 1,197 | |||||
| Other non-current belongings | 3,211 | 3,003 | |||||
| Total non-current belongings | 14,358 | 151,029 | |||||
| Total belongings | 186,777 | 335,323 |
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In hundreds)
| December 31, | June 30, | ||||||
| 2021 | 2022 | ||||||
| US$ | US$ | ||||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Current portion of long-term borrowings | 345 | 293 | |||||
| Accounts payable (together with accounts payable of VIEs with out recourse to the Company of US$1,433 and US$3,436 as of December 31, 2021 and June 30, 2022, respectively) | 25,140 | 30,756 | |||||
| Contract liabilities (together with contract liabilities of VIEs with out recourse to the Company of US$394 and US$394 as of December 31, 2021 and June 30, 2022, respectively) | 3,690 | 2,615 | |||||
| Current working lease liabilities (together with present working lease liabilities of VIEs with out recourse to the Company of nil and US$1,844 as of December 31, 2021 and June 30, 2022, respectively) | — | 29,049 | |||||
| Income tax payable (together with earnings tax payable of VIEs with out recourse to the Company of US$78 and US$171 as of December 31, 2021 and June 30, 2022, respectively) | 8,148 | 4,099 | |||||
| Accrued bills and different present liabilities (together with accrued bills and different present liabilities of VIEs with out recourse to the Company of US$341 and US$300 as of December 31, 2021 and June 30, 2022, respectively) | 19,721 | 22,511 | |||||
| Total present liabilities | 57,044 | 89,323 | |||||
| Non‑present liabilities | |||||||
| Long-term borrowings | 237 | 55 | |||||
| Operating lease liabilities, non-current (together with working lease liabilities, non-current of VIEs with out recourse to the Company of nil and US$4,236 as of December 31, 2021 and June 30, 2022, respectively) | — | 105,038 | |||||
| Deferred tax liabilities | 286 | 296 | |||||
| Finance lease obligations, non-current | 2,345 | 2,130 | |||||
| Non-current earnings tax payable | 1,033 | 3,397 | |||||
| Total non‑present liabilities | 3,901 | 110,916 | |||||
| Total liabilities | 60,945 | 200,239 | |||||
| Commitments and contingencies | — | — |
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In hundreds apart from share information and per share information)
| December 31, | June 30, | ||||||
| 2021 | 2022 | ||||||
| US$ | US$ | ||||||
| Mezzanine fairness | |||||||
| Series E Preferred Shares (US$0.05 par worth per share, 3,999,709 shares licensed, issued and excellent; Redemption worth of US$26,652 and US$27,396 as of December 31, 2021 and June 30, 2022, respectively; Liquidation worth of US$25,000 as of December 31, 2021 and June 30, 2022, respectively) | 26,652 | 27,396 | |||||
| Total mezzanine fairness | 26,652 | 27,396 | |||||
| Shareholders’ fairness | |||||||
| Ordinary shares (US$0.05 par worth per share, 38,572,025 shares licensed; 11,082,930 and 15,875,571 shares issued and excellent as of December 31, 2021 and June 30, 2022, respectively) | 554 | 794 | |||||
| Treasury shares, at value (nil and 4,765,903 shares held as of December 31, 2021 and June 30, 2022, respectively) | — | (238 | ) | ||||
| Subscription receivable from peculiar shares | (79 | ) | (81 | ) | |||
| Series A Preferred Shares (US$0.05 par worth per share, 134,190 shares licensed, issued and excellent; Liquidation worth of US$6,710 as of December 31, 2021 and June 30, 2022) | 7 | 7 | |||||
| Series B Preferred Shares (US$0.05 par worth per share, 9,991,588 shares licensed, issued and excellent; Liquidation worth of US$5,000 as of December 31, 2021 and June 30, 2022) | 500 | 500 | |||||
| Series C Preferred Shares (US$0.05 par worth per share, 4,358,702 shares licensed, issued and excellent) | 218 | 218 | |||||
| Series D Preferred Shares (US$0.05 par worth per share, 2,943,786 shares licensed, issued and excellent; Liquidation worth of US$8,053 as of December 31, 2021 and June 30, 2022) | 147 | 147 | |||||
| Additional paid-in capital | 37,439 | 37,638 | |||||
| Accumulated different complete earnings | (165 | ) | (1,951 | ) | |||
| Retained earnings | 60,559 | 70,654 | |||||
| Total shareholders’ fairness | 99,180 | 107,688 | |||||
| Total liabilities, mezzanine fairness and shareholders’ fairness | 186,777 | 335,323 | |||||
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In hundreds apart from share information and per share information)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||
| Restated | ||||||||||||
| US$ | US$ | US$ | US$ | |||||||||
| Revenues | ||||||||||||
| Service revenues | 23,551 | 32,823 | 43,969 | 64,041 | ||||||||
| Product revenues | 88,221 | 91,204 | 162,331 | 172,428 | ||||||||
| Total revenues | 111,772 | 124,027 | 206,300 | 236,469 | ||||||||
| Cost of revenues | ||||||||||||
| Services | (18,421 | ) | (28,344 | ) | (32,567 | ) | (57,545 | ) | ||||
| Product gross sales | (64,445 | ) | (78,662 | ) | (123,939 | ) | (145,033 | ) | ||||
| Total value of revenues | (82,866 | ) | (107,006 | ) | (156,506 | ) | (202,578 | ) | ||||
| Gross revenue | 28,906 | 17,021 | 49,794 | 33,891 | ||||||||
| Operating bills | ||||||||||||
| Selling and advertising bills | (6,829 | ) | (5,452 | ) | (14,188 | ) | (11,014 | ) | ||||
| General and administrative bills | (5,429 | ) | (3,336 | ) | (8,370 | ) | (7,163 | ) | ||||
| Total working bills | (12,258 | ) | (8,788 | ) | (22,558 | ) | (18,177 | ) | ||||
| Operating earnings | 16,648 | 8,233 | 27,236 | 15,714 | ||||||||
| Interest expense | (58 | ) | (136 | ) | (123 | ) | (300 | ) | ||||
| Interest earnings | 180 | 32 | 278 | 124 | ||||||||
| Foreign foreign money change losses, internet | (170 | ) | (1,062 | ) | (897 | ) | (2,292 | ) | ||||
| Others, internet | 7 | 269 | 46 | 436 | ||||||||
| Income earlier than earnings taxes | 16,607 | 7,336 | 26,540 | 13,682 | ||||||||
| Income tax expense | (2,985 | ) | (1,236 | ) | (4,935 | ) | (2,843 | ) | ||||
| Net earnings | 13,622 | 6,100 | 21,605 | 10,839 | ||||||||
| Accretion of Redeemable Convertible Preferred Shares | (374 | ) | (374 | ) | (744 | ) | (744 | ) | ||||
| Net earnings attributable to peculiar shareholders | 13,248 | 5,726 | 20,861 | 10,095 | ||||||||
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued)
(In hundreds apart from share information and per share information)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||
| Restated | ||||||||||||
| US$ | US$ | US$ | US$ | |||||||||
| Other complete earnings (loss) | ||||||||||||
| Foreign foreign money translation adjustment, internet of nil earnings taxes | 480 | (1,717 | ) | 445 | (1,786 | ) | ||||||
| Total different complete earnings (loss) | 480 | (1,717 | ) | 445 | (1,786 | ) | ||||||
| Comprehensive Income | 14,102 | 4,383 | 22,050 | 9,053 | ||||||||
| Net earnings per peculiar share | ||||||||||||
| — Basic and diluted | 0.43 | 0.15 | 0.67 | 0.28 | ||||||||
| Weighted common variety of peculiar shares excellent utilized in computing internet earnings per peculiar share | ||||||||||||
| — Basic and diluted | 9,495,844 | 15,875,571 | 9,495,844 | 14,445,722 | ||||||||
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In hundreds)
| Six Months Ended June 30, | |||||
| 2021 | 2022 | ||||
| Restated | |||||
| US$ | US$ | ||||
| Operating actions: | |||||
| Net Income | 21,605 | 10,839 | |||
| Adjustments to reconcile internet earnings to internet money offered by working actions | |||||
| Allowance for uncertain accounts | (40 | ) | 38 | ||
| Inventory write-down | 43 | 2,976 | |||
| Deferred tax | (190 | ) | (1,115 | ) | |
| Share‑based mostly compensation | — | 199 | |||
| Depreciation and amortization | 266 | 659 | |||
| Lease expense to scale back right-of-use belongings | — | 17,080 | |||
| Others | 122 | — | |||
| Changes in working belongings and liabilities: | |||||
| Accounts receivable | (1,151 | ) | (5,440 | ) | |
| Inventories | (29,714 | ) | (24,920 | ) | |
| Prepayments and different present belongings | (8,208 | ) | (4 | ) | |
| Accounts payable | 6,506 | 5,616 | |||
| Contract liabilities | 737 | (1,075 | ) | ||
| Income tax payable | (1,350 | ) | (1,312 | ) | |
| Accrued bills and different present liabilities | (358 | ) | 291 | ||
| Operating lease liabilities | — | (14,141 | ) | ||
| Net money utilized in working actions | (11,732 | ) | (10,309 | ) | |
| Investing actions: | |||||
| Cash paid for buy of property and gear | (604 | ) | (145 | ) | |
| Net money utilized in investing actions | (604 | ) | (145 | ) | |
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In hundreds)
| Six Months Ended June 30, | |||||
| 2021 | 2022 | ||||
| Restated | |||||
| US$ | US$ | ||||
| Financing actions: | |||||
| Cash paid for finance lease obligations | (674 | ) | (2,009 | ) | |
| Repayment of financial institution loans | (251 | ) | (169 | ) | |
| Proceeds from pay as you go consideration of restricted shares | — | 1,578 | |||
| Net money (utilized in) offered by financing actions | (925 | ) | (600 | ) | |
| Effect of overseas foreign money change charge adjustments on money and restricted money | 93 | (2,077 | ) | ||
| Net lower in money and restricted money | (13,168 | ) | (13,131 | ) | |
| Cash and restricted money at first of the interval | 62,197 | 63,862 | |||
| Cash and restricted money on the finish of the interval | 49,029 | 50,731 | |||
| Supplemental data | |||||
| Interest expense paid | 123 | 300 | |||
| Income taxes paid | 6,476 | 5,261 | |||
| Non-cash investing and financing actions: | |||||
| Purchase of property and gear beneath finance leases | — | 2,719 | |||
GigaCloud Technology Inc
Unaudited Reconciliation of Adjusted EBITDA
(In hundreds)
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net earnings | 13,622 | 6,100 | 21,605 | 10,839 | |||||||
| Add: Income tax expense | 2,985 | 1,236 | 4,935 | 2,843 | |||||||
| Add: Interest expense | 58 | 136 | 123 | 300 | |||||||
| Less: Interest earnings | (180 | ) | (32 | ) | (278 | ) | (124 | ) | |||
| Add: Depreciation and amortization | 138 | 348 | 266 | 659 | |||||||
| Add: Share-based compensation expense | — | — | — | 199 | |||||||
| Adjusted EBITDA | 16,623 | 7,788 | 26,651 | 14,716 | |||||||
