With just one subscription to Beyond the Wall Investing , you can save thousands of dollars a year on equity research reports from banks. You'll keep your finger on the pulse and have access to the latest and highest-quality analysis of this type of information.I initiated coverage of GigaCloud Technology (NASDAQ: GCT ) stock back in May 2024 with a bullish rating, that ended up aging not according to my plan as the stock started toHe leads the investing group Beyond the Wall Investing with features that in ...

GigaCloud Technology, Inc. (NASDAQ:GCT) Q3 2024 Earnings Conference Call November 7, 2024 7:30 PM ET Company Participants Larry Lei Wu - Founder, Chairman, Director and Chief Executive Officer Iman Schrock - President Erica Wei - Interim Chief Financial Officer Conference Call Participants Matt Koranda - ROTH Capital Ryan Meyers - Lake Street Capital Markets Thomas Forte - Maxim Group Operator Thank you all for standing by. Welcome to GigaCloud Technology's Third Quarter 2024 Earnings Conference Call. Joini ...

GigaCloud Technology Inc. (GCT) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 46.27%. A quarter ago, it was expected that this company would post earnings of $0.71 per share when it actually produced earnings of $0.65, delivering a surprise of -8.45%.Over the last four quarters, the ...

Cash and Cash Equivalents - Cash and cash equivalents increased from $183.3 million to $217.6 million, reflecting a growth of 18.7%[19] - Total cash, cash equivalents, and restricted cash increased to $218.3 million as of September 30, 2024, from $184.2 million as of December 31, 2023[52] Total Assets - Total current assets rose from $392.8 million to $527.7 million, a 34.3% increase[19] - Total assets expanded from $846.9 million to $1.07 billion, a 26.7% increase[19] - Long-lived assets in the United States increased from $400,554 thousand in December 2023 to $476,306 thousand in September 2024, representing an 18.9% growth[60] Inventories - Inventories grew from $132.2 million to $183.3 million, indicating a 38.6% rise[19] - Inventories rose from $132,247 thousand in December 2023 to $183,322 thousand in September 2024, a 38.6% increase[74] Total Liabilities - Total current liabilities increased from $205.8 million to $247.3 million, up 20.2%[21] - Total liabilities grew from $556.5 million to $673.0 million, a 21.0% rise[21] - Total lease liabilities increased from $403,237 thousand in December 2023 to $504,463 thousand in September 2024[78] Shareholders' Equity - Retained earnings surged from $177.7 million to $272.5 million, a 53.3% increase[24] - Total shareholders' equity increased from $290.4 million to $400.4 million, up 37.9%[24] - Total shareholders' equity as of September 30, 2024, was $400.39 million, up from $254.20 million as of September 30, 2023[33][34] - The company's total shareholders' equity increased to $400.4 million as of September 30, 2024, from $358.4 million as of July 1, 2024[39] Operating Lease Assets and Liabilities - Operating lease right-of-use assets grew from $398.9 million to $476.0 million, a 19.3% increase[19] - Operating lease right-of-use assets increased from $398,922 thousand in December 2023 to $476,027 thousand in September 2024, a 19.3% growth[76] - Operating lease cost for the nine months ended September 30, 2024, was $75,644 thousand, compared to $23,902 thousand for the same period in 2023[79] - Weighted average remaining lease term for operating leases decreased from 6.45 years in December 2023 to 5.71 years in September 2024[80] - Future minimum lease payments as of September 30, 2024, total $565,349 thousand for operating leases and $842 thousand for finance leases[82] Accounts Receivable - Accounts receivable, net increased from $58.9 million to $62.5 million, up 6.2%[19] - Accounts receivable, net, increased from $58,876 thousand in December 2023 to $62,549 thousand in September 2024, a 6.2% growth[72] - Customer A accounted for 15.2% of total accounts receivable as of September 30, 2024, down from 30.2% as of December 31, 2023[54] Revenue Growth - Total revenues for the nine months ended September 30, 2024, reached $865.26 million, a significant increase from $459.09 million in the same period in 2023[27] - Total revenues for the nine months ended September 30, 2024, reached $865,260 thousand, a significant increase from $459,094 thousand in the same period of 2023, reflecting an 88.5% growth[62] - Total revenues for the nine months ended September 30, 2024, reached $865.26 million, a significant increase from $459.09 million in the same period in 2023[95] Net Income - Net income for the nine months ended September 30, 2024, was $94.85 million, compared to $58.53 million in the same period in 2023[27] - Net income for the nine months ended September 30, 2024, was $94.8 million, compared to $58.5 million for the same period in 2023[41] - Net income for the nine months ended September 30, 2024, was $94,849 thousand, compared to $58,533 thousand for the same period in 2023[93] Gross Profit - Gross profit for the nine months ended September 30, 2024, was $220.25 million, up from $118.80 million in the same period in 2023[27] Operating Income - Operating income for the nine months ended September 30, 2024, was $102.99 million, compared to $72.96 million in the same period in 2023[27] Research and Development Expenses - Research and development expenses increased to $7.44 million for the nine months ended September 30, 2024, from $1.58 million in the same period in 2023[27] Share-Based Compensation - Share-based compensation for the nine months ended September 30, 2024, was $15.65 million, compared to $2.60 million in the same period in 2023[33][34] - Share-based compensation increased significantly to $15.6 million for the nine months ended September 30, 2024, from $2.1 million in the same period in 2023[41] Earnings Per Share - Basic net income per ordinary share for the nine months ended September 30, 2024, was $2.30, compared to $1.43 in the same period in 2023[27] - Basic net income per ordinary share increased from $1.43 in the nine months ended September 30, 2023, to $2.30 in the same period in 2024[93] Foreign Currency Translation - Foreign currency translation adjustment, net of nil income taxes, resulted in a loss of $551,000 for the nine months ended September 30, 2024, compared to a loss of $510,000 in the same period in 2023[27] Share Repurchase - The company repurchased 215,201 shares for $1.6 million during the period ending September 30, 2023[38] - The company repurchased 468,559 Class A ordinary shares at an average price of $24.35, totaling approximately $11.4 million, under a share repurchase program approved on September 3, 2024[103][104] Service Provider Concentration - One service provider represented 17.2% and 18.2% of total purchases for the three and nine months ended September 30, 2024, respectively[54] VIE Transactions - The company terminated Account Control Agreements with four consolidated VIEs and acquired 100% equity interest in these entities in January 2024[48] Cash Flow from Operations - Net cash provided by operating activities was $89.7 million for the nine months ended September 30, 2024, compared to $82.7 million for the same period in 2023[41] Investments - Purchases of investments totaled $53.5 million for the nine months ended September 30, 2024, compared to none in the same period in 2023[41] Service Revenues - Service revenues in the United States grew from $51,474 thousand in September 2023 to $100,373 thousand in September 2024, marking a 95.0% increase[62] - Service revenues for the nine months ended September 30, 2024, were $253.17 million, up from $129.85 million in 2023, driven by growth in last-mile delivery and warehousing services[95] Platform Commission Revenues - Platform commission revenues attributed to Hong Kong rose from $2,796 thousand in September 2023 to $4,245 thousand in September 2024, a 51.8% increase[62] Ocean Transportation Service Revenues - Ocean transportation service revenues in the United States surged from $5,420 thousand in September 2023 to $25,984 thousand in September 2024, a 379.4% growth[62] Last-Mile Delivery Service Revenues - Last-mile delivery service revenues in the United States increased from $26,641 thousand in September 2023 to $31,583 thousand in September 2024, an 18.5% rise[62] Product Revenues - Product revenues in the United States grew from $90,413 thousand in September 2023 to $138,258 thousand in September 2024, a 52.9% increase[62] - Product revenues for the nine months ended September 30, 2024, surged to $612.09 million, compared to $329.25 million in 2023, with off-platform ecommerce contributing $313.18 million[95] Revenue Recognition - Revenue from goods or services transferred to customers at a point in time accounted for $657.31 million in the nine months ended September 30, 2024, up from $354.08 million in 2023[95] Insurance Receivable - The company recognized a $2.0 million loss due to a fire at a fulfillment center in Japan, with $1.7 million recorded as an insurance receivable as of September 30, 2024[101] Contract Liabilities - Contract liabilities increased to $5.33 million as of September 30, 2024, from $3.74 million in 2023, reflecting higher cash received in advance for merchandise sales and services[98] Warrants Exercise - The Underwriter exercised 29,400 warrants in February 2024, resulting in the issuance of 13,372 Class A ordinary shares[84] Effective Income Tax Rate - The company's effective income tax rate decreased from 18.9% in the nine months ended September 30, 2023, to 15.6% in the same period in 2024[91] Unrecognized Compensation Expenses - Unrecognized compensation expenses related to unvested RSUs as of September 30, 2024, amounted to $2,316 thousand[90] RSU Grants - The company granted 558,003 RSUs to employees in April 2024 with two types of vesting schedules[88]

Financial Performance - Total revenues for Q3 2024 increased 70.2% to $303.3 million from $178.2 million in Q3 2023[2] - Gross profit for Q3 2024 rose 58.1% to $77.3 million from $48.9 million in Q3 2023[2] - Net income for Q3 2024 grew 68.2% to $40.7 million from $24.2 million in Q3 2023[3] - Adjusted EBITDA for Q3 2024 increased 63.8% to $48.8 million from $29.8 million in Q3 2023[3] - Total revenues increased to $865.26 million for the nine months ended September 30, 2024, up from $459.09 million in the same period in 2023[28] - Net income rose to $94.85 million for the nine months ended September 30, 2024, compared to $58.53 million in the same period in 2023[28] - Gross profit reached $220.25 million for the nine months ended September 30, 2024, up from $118.80 million in the same period in 2023[28] - GigaCloud Technology Inc's net income for the three months ended September 30, 2024, was $40.685 million, compared to $24.202 million in the same period in 2023[32] - Adjusted EBITDA for the nine months ended September 30, 2024, was $126.040 million, up from $74.492 million in the same period in 2023[32] - Adjusted EPS – diluted for the three months ended September 30, 2024, was $1.15, compared to $0.74 in the same period in 2023[33] Marketplace Growth - GigaCloud Marketplace GMV for the 12 months ended September 30, 2024, grew 80.2% to $1,233.6 million from $684.7 million in the same period of 2023[5] - Active 3P sellers increased 41.8% to 1,051 for the 12 months ended September 30, 2024, from 741 in the same period of 2023[8] - Active buyers increased 85.5% to 8,535 for the 12 months ended September 30, 2024, from 4,602 in the same period of 2023[8] Cash and Investments - Cash, Cash Equivalents, Restricted Cash, and Investments totaled $260.5 million as of September 30, 2024, a 41.4% increase from $184.2 million as of December 31, 2023[3] - Cash, cash equivalents, and restricted cash increased to $218.33 million as of September 30, 2024, from $214.89 million as of December 31, 2023[30] Expenses and Liabilities - Total liabilities increased to $672.96 million as of September 30, 2024, from $556.49 million as of December 31, 2023[23] - Research and development expenses increased to $7.44 million for the nine months ended September 30, 2024, from $1.58 million in the same period in 2023[28] - Total operating expenses rose to $117.26 million for the nine months ended September 30, 2024, compared to $45.84 million in the same period in 2023[28] Shareholder Equity and Repurchase - Shareholders' equity grew to $400.39 million as of September 30, 2024, compared to $290.42 million as of December 31, 2023[26] - The board authorized a $46 million share repurchase program on September 3, 2024, with $11.4 million shares repurchased as of November 6, 2024[9][13] Operational Cash Flow - Net cash provided by operating activities was $89.66 million for the nine months ended September 30, 2024, up from $82.72 million in the same period in 2023[30] Miscellaneous - The company expects Q4 2024 total revenues to be between $275 million and $290 million[10] - The company recorded net losses of $308 thousand due to a fire at a fulfillment center in Japan in March 2024[32] - Weighted average number of ordinary shares outstanding – diluted for the nine months ended September 30, 2024, was 41,258,416[33]

EL MONTE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced financial results for the third quarter and nine months ended September 30, 2024, including strong growth in revenues, gross profit, net income, and adjusted EBITDA over the comparable period last year. Third Quarter 2024 Financial Highlights Total revenues of $303.3 million increased ...

GigaCloud Technology Inc. (GCT) will report its third-quarter 2024 results on Nov. 7, after the bell.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The Zacks Consensus Estimate for earnings in the to-be-reported stands at 67 cents, indicating 13.6% growth from the year-ago reported quarter. The consensus estimate for revenues is pegged at $279.4 million, implying 56.8% year-over-year growth. There has been no change in analyst estimates or revisions lately.Image Source: Zacks Inves ...

Now you can get access to the latest and highest-quality analysis of recent Wall Street buying and selling ideas with just one subscription to Beyond the Wall Investing ! There is a free trial and a special discount of 10% for you. Join us today!On November 3, 2023 , I initiated my coverage of GigaCloud Technology Inc. (NASDAQ: GCT ) with a "Hold" rating because, although the company was severely undervalued then, I was concerned that the short sellers' allegations would lead to aDaniel Sereda is chief inve ...

EL MONTE, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced that it will report its unaudited financial results for the third quarter ended September 30, 2024 after the market closes on Thursday, November 7, 2024. The Company will host a conference call to discuss its financial results on the same day at 7:30 PM Eastern Time. To access the confe ...

In the latest market close, GigaCloud Technology Inc. (GCT) reached $24.55, with a +1.57% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.27%. At the same time, the Dow added 0.65%, and the tech-heavy Nasdaq gained 0.26%. The the stock of company has risen by 1.73% in the past month, lagging the Business Services sector's gain of 2.34% and the S&P 500's gain of 2%. The upcoming earnings release of GigaCloud Technology Inc. will be of great intere ...