Revenue flow

Margins

Stage	GCT	% of rev	AMZN	% of rev	Gap · A − B
Revenue	$424M	100.00%	$202B	100.00%	AMZN ×476.77
Gross profit	$105M	24.85%	$77.4B	38.31%	AMZN +13.5pp
Operating income	$59M	13.94%	$28.1B	13.90%	0.0pp
Pre-tax income	$62M	14.64%	$26.9B	13.31%	GCT +1.3pp
Net income	$51M	11.95%	$20.7B	10.24%	GCT +1.7pp

Stage	GCT	AMZN	Gap · A − B
Revenue	$424M100.00%	$202B100.00%	AMZN ×476.77
Gross profit	24.85%$105M	38.31%$77.4B	AMZN +13.5pp
Operating income	13.94%$59M	13.90%$28.1B	0.0pp
Pre-tax income	14.64%$62M	13.31%$26.9B	GCT +1.3pp