GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced its unaudited
financial results for the quarter ended September 30, 2023.
Third Quarter 2023
Financial Highlights
- Total revenues were $178.2 million in the
third quarter of 2023, an increase of 39.2% from
$128.0 million in the third quarter of 2022.
- Gross profit was $48.9 million in the
third quarter of 2023, an increase of 117.3% from
$22.5 million in the third quarter of 2022. Gross margin
increased to 27.4% in the third quarter of 2023 from 17.6% in the
third quarter of 2022.
- Net income was $24.2 million in the third
quarter of 2023, an increase of 3,357.1% from $0.7 million in
the third quarter of 2022. Net income margin increased to 13.6% in
the third quarter of 2023 from 0.5% in the third quarter of
2022.
- Cash was $214.0 million and
restricted cash was $0.9 million as of
September 30, 2023, compared to $143.5 million and
$1.5 million as of December 31, 2022, respectively.
- Adjusted EBITDA1 was
$29.8 million in the third quarter of 2023, an increase of
150.4% from $11.9 million in the third quarter of 2022.
Operational Highlights
- GigaCloud Marketplace GMV2 was
$684.8 million in the 12 months ended September 30, 2023,
an increase of 40.8% from $486.3 million in the 12 months
ended September 30, 2022.
- Active 3P sellers3 were 741 in the 12 months
ended September 30, 2023, an increase of 43.3% from 517 in the
12 months ended September 30, 2022.
- Active buyers4 were 4,602 in the 12 months
ended September 30, 2023, an increase of 9.6% from 4,198 in
the 12 months ended September 30, 2022.
- Spend per active buyer5 was $148,793 in the 12
months ended September 30, 2023, an increase of 28.5% from
$115,834 in the 12 months ended September 30, 2022.
- 3P seller GigaCloud Marketplace GMV6 was
$369.5 million in the 12 months ended September 30, 2023,
an increase of 67.0% from $221.3 million in the 12 months
ended September 30, 2022. 3P seller GigaCloud Marketplace GMV
represented 54.0% of total GigaCloud Marketplace GMV in the 12
months ended September 30, 2023.
“Our third quarter results continue to impress, with a 39.2%
year-over-year increase in revenue and our third consecutive
quarter of record profitability. Our continued focus on execution
and adaptability has allowed GigaCloud to capitalize on market
opportunities when they present themselves,” said Larry Wu,
Founder, Chairman, and Chief Executive Officer of GigaCloud.
“Further, the closing of the Noble House and Wondersign
acquisitions highlights not only our strong profitability and cash
position, but affirm our dedication to GigaCloud's mission of
delivering a seamless end-to-end shopping experience for our
marketplace participants. The two acquisitions provide additional
scale and momentum beyond our organic growth and present customers
with a diverse, wider range of ways to connect and transact through
cutting-edge technology solutions, aiming to elevate the reach and
enhance customer stickiness within our marketplace ecosystem.
Together, we will further solidify GigaCloud's position as a leader
in the global B2B landscape.”
Third Quarter 2023
Financial Results
Revenues
Total revenues were $178.2 million in the third quarter of
2023, increased by 39.2% from $128.0 million in the third
quarter of 2022. The increase was primarily due to an increase in
market demand for large parcel merchandise, leading to increases in
our GigaCloud Marketplace GMV, sales volume and number of sellers
and buyers.
- Service revenue from GigaCloud 3P was $51.5 million in the
third quarter of 2023, increased by 27.2% from $40.5 million in the
third quarter of 2022. The increase was primarily due to an
increase in revenue from last-mile delivery services by 63.5% from
$17.0 million in the third quarter of 2022 to
$27.8 million in the third quarter of 2023 and an increase in
revenue from warehouse services by 23.4% from $4.7 million in
the third quarter of 2022 to $5.8 million in the third quarter
of 2023. These increases were partially offset by a decrease in
revenue from ocean transportation services by 49.5% from
$10.7 million in the third quarter of 2022 to
$5.4 million in the third quarter of 2023, primarily due to
the decrease in the pricing of ocean transportation services.
- Product revenue from GigaCloud 1P was $80.4 million in the
third quarter of 2023, increased by 38.1% from $58.2 million
in the third quarter of 2022. The increase was primarily due to
increases in spend per active buyer.
- Product revenue from off-platform ecommerce was
$46.3 million in the third quarter of 2023, increased by 58.0%
from $29.3 million in the third quarter of 2022. The increase
was primarily due to an increased sales in certain third-party
off-platform ecommerce.
Cost of Revenues
Cost of revenues was $129.3 million in the third quarter of
2023, increased by 22.7% from $105.4 million in the third
quarter of 2022.
- Cost of services increased by 23.9% from $32.6 million in
the third quarter of 2022 to $40.4 million in the third
quarter of 2023, primarily due to an increase in delivery cost by
11.7% from $26.5 million in the third quarter of 2022 to
$29.6 million in the third quarter of 2023, an increase in
staff cost by 80.0% from $1.5 million in the third quarter of
2022 to $2.7 million in the third quarter of 2023 as the
Company is expanding and an increase in rental cost by 27.9% from
$4.3 million in the third quarter of 2022 to $5.5 million in the
third quarter of 2023.
- Cost of product sales increased by 22.1% from
$72.8 million in the third quarter of 2022 to
$88.9 million in the third quarter of 2023, primarily due to
an increase in product cost by 20.6% from $56.3 million in the
third quarter of 2022 to $67.9 million in the third quarter of 2023
and an increase in delivery costs by 50.0% from $7.6 million
in the third quarter of 2022 to $11.4 million in the third
quarter of 2023.
Gross Profit and Gross Margin
Gross profit was $48.9 million in the third quarter of
2023, increased by 117.3% from $22.5 million in the third
quarter of 2022. Gross margin increased to 27.4% in the third
quarter of 2023 from 17.6% in the third quarter of 2022.
Operating Expenses
Total operating expenses were $17.2 million in the third
quarter of 2023, decreased by 6.0% from $18.3 million in the
third quarter of 2022.
- Selling and marketing expenses were $11.0 million in the
third quarter of 2023, increased by 61.8% from $6.8 million in
the third quarter of 2022. The increase was primarily due to an
increase in staff cost related to selling and marketing personnel
by 85.2% from $2.7 million in the third quarter of 2022 to
$5.0 million in the third quarter of 2023, and an increase in
platform service fee we incurred to certain third-party ecommerce
websites by 84.6% from $2.6 million in the third quarter of
2022 to $4.8 million in the third quarter of 2023.
- General and administrative expenses were $5.8 million in
the third quarter of 2023, decreased by 49.6% from
$11.5 million in the third quarter of 2022. The decrease was
primarily due to a decrease in share-based compensation expense by
96.1% from $7.7 million in the third quarter of 2022 to
$0.3 million in the third quarter of 2023, as the Company
recognized a significant amount of share-based compensation at its
initial public offering in the third quarter of 2022.
- Research and development expenses were $0.4 million in the
third quarter of 2023, whereas the Company did not have research
and development expenses in the third quarter of 2022. The increase
was primarily due to system wide technological upgrades on
GigaCloud Marketplace to support the Company’s growth.
Operating Income
Operating income was $31.7 million in the third quarter of
2023, increased by 654.8% from $4.2 million in the third
quarter of 2022.
Income Tax Expenses
Income tax expenses were $5.6 million in the third quarter
of 2023, increased by 180.0% from $2.0 million in the third
quarter of 2022.
Net Income
Net income was $24.2 million in the third quarter of 2023,
an increase of 3,357.1% from $0.7 million in the third quarter
of 2022. Net income margin increased to 13.6% in the third quarter
of 2023 from 0.5% in the third quarter of 2022.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were $0.59 in the third
quarter of 2023, compared to $0.01 in the third quarter of
2022.
Adjusted EBITDA
Adjusted EBITDA7 was $29.8 million in the third quarter of
2023, increased by 150.4% from $11.9 million in the third
quarter of 2022.
______________________________
1 Adjusted EBITDA is a non-GAAP financial measure. For
more information on the non-GAAP financial measure, please see the
section of “Non-GAAP Financial Measure” and the table captioned
“Unaudited Reconciliation of Adjusted EBITDA” set forth at the end
of this press release.2 GigaCloud Marketplace GMV means the
total gross merchandise value of transactions ordered through our
GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P,
before any deductions of value added tax, goods and services tax,
shipping charges paid by buyers to sellers and any refunds.
3 Active 3P sellers means sellers who have sold a product in
GigaCloud Marketplace within the last 12-month period, irrespective
of cancellations or returns. 4 Active buyers means buyers who
have purchased a product in the GigaCloud Marketplace within the
last 12-month period, irrespective of cancellations or returns.
5 Spend per active buyer is calculated by dividing the total
GigaCloud Marketplace GMV within the last 12-month period
by the number of active buyers as of such date. 6 3P seller
GigaCloud Marketplace GMV means the total gross merchandise value
of transactions sold through our GigaCloud Marketplace by 3P
sellers, before any deductions of value added tax, goods and
services tax, shipping charges paid by buyers to sellers and any
refunds. 7 Adjusted EBITDA is a non-GAAP financial measure.
For more information on the non-GAAP financial measure, please see
the section of “Non-GAAP Financial Measure” and the table captioned
“Unaudited Reconciliation of Adjusted EBITDA” set forth at the end
of this press release.
Balance Sheet
As of September 30, 2023, the Company had cash of
$214.0 million and restricted cash of $0.9 million,
compared to $143.5 million and $1.5 million as of
December 31, 2022, respectively.
Cash Flow
Net cash provided by operating activities was $82.7 million
in the nine months ended September 30, 2023, compared to net
cash provided by operating activities of $23.3 million in the
nine months ended September 30, 2022, primarily attributable
to net income of $58.5 million in the nine months ended
September 30, 2023, adjusted primarily by prepayments and
other current assets, accrued expenses and other current
liabilities, inventories, and accounts receivable.
Net cash used in investing activities was $9.3 million in the
nine months ended September 30, 2023 compared to
$0.6 million in the nine months ended September 30, 2022,
consisting primarily of advances paid for the acquisition of $8.5
million in the nine months ended September 30, 2023.
Net cash used in financing activities was $3.4 million in
the nine months ended September 30, 2023, compared to net cash
provided by financing activities of $33.8 million in the nine
months ended September 30, 2022, consisting primarily of cash
paid for finance lease obligations of $1.7 million in the nine
months ended September 30, 2023 and payment of share
repurchase of $1.6 million in the nine months ended
September 30, 2023.
Share Repurchase ProgramThe Company established
a share repurchase program in June 2023 under which the Company may
purchase up to $25.0 million of its Class A ordinary shares, par
value $0.05, over a 12-month period. From the launch of the share
repurchase program on June 14, 2023 to September 30, 2023, the
Company in aggregate purchased approximately 215,000 Class A
ordinary shares in the open market at a total consideration of
approximately $1.6 million pursuant to the share repurchase
program.
Events Subsequent to September 30, 2023
Noble House AcquisitionAs previously disclosed,
on September 11, 2023, the Company entered into an asset purchase
agreement as the stalking horse bidder to acquire substantially all
of the assets of Noble House Home Furnishings, LLC and certain of
its affiliates (“Noble House”) in connection with
Noble House’s Chapter 11 bankruptcy proceedings in the United
States Bankruptcy Court for the Southern District of Texas (the
“Bankruptcy Court”). On October 27, 2023, the
Bankruptcy Court entered the order approving the sale of Noble
House’s assets to the Company. On October 31, 2023, the Company
completed the purchase for $85 million in cash, subject to
customary purchase price adjustments.
Wondersign AcquisitionAs previously disclosed,
on November 15, 2023, the Company completed the acquisition of all
of the outstanding stock of Apexis, Inc., a Florida corporation dba
Wondersign (“Wondersign”), for a total cash
consideration of $10.0 million, subject to customary purchase price
adjustments.
The Company is determining the accounting treatment of the two
acquisitions according to the U.S. Generally Accepted Accounting
Principles. The two acquisitions will be reflected in the Company's
financial results and financial guidance in the fourth quarter of
2023.
Business Outlook
Subsequent to the completion of the acquisitions of Noble House
and Wondersign, the Company expects its total revenues to be
between $217 million and $223 million in the fourth
quarter of 2023. This forecast reflects the Company’s current and
preliminary views on the market and operational conditions, which
are subject to change and cannot be predicted with reasonable
accuracy as of the date hereof.
Conference Call
The Company will host an earnings conference call to discuss its
financial results at 8:30 am U.S. Eastern Time (9:30 pm
Beijing/Hong Kong Time) on December 5, 2023.
For participants who wish to join the call, please access the
link provided below to complete the online registration
process.
Registration Link:
https://register.vevent.com/register/BI45b3b1992e314127b39c7f94d36ef936
Upon registration, participants will receive the dial-in number
and unique PIN, which can be used to join the conference call. If
participants register and forget their PIN or lose their
registration confirmation email, they may simply re-register and
receive a new PIN. All participants are encouraged to dial in 15
minutes prior to the start time.
A live and archived webcast of the conference call will be
accessible on the Company’s investor relations website at:
https://investors.gigacloudtech.com/.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s website:
https://investors.gigacloudtech.com/.
Non-GAAP Financial Measures
The Company uses Adjusted EBITDA, which is net income excluding
interest, income taxes and depreciation, further adjusted to
exclude share-based compensation expense, a non-GAAP financial
measure, to understand and evaluate its core operating performance.
Non-GAAP financial measures, which may differ from similarly titled
measures used by other companies, are presented to enhance
investors’ overall understanding of our financial performance and
should not be considered a substitute for, or superior to, the
financial information prepared and presented in accordance with
U.S. GAAP.
For more information on the non-GAAP financial measures, please
see the table captioned “Unaudited Reconciliation of Adjusted
EBITDA” set forth at the end of this press release.
Forward-Looking Statements
This press release contains “forward-looking statements”.
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company’s current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “could,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “is/are likely to,” “propose,”
“potential,” “continue” or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
GigaCloud Technology Inc
Investor Relations Email: greta.tang@gigacloudtech.com
ICR Inc.
Ryan Gardella Email: GigacloudIR@icrinc.com
GigaCloud Technology Inc |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
|
|
December 31, |
|
September 30, |
|
2022 |
|
2023 |
|
US$ |
|
US$ |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash |
143,531 |
|
|
213,986 |
|
Restricted cash |
1,545 |
|
|
906 |
|
Accounts receivable, net |
27,142 |
|
|
31,433 |
|
Inventories |
78,338 |
|
|
82,374 |
|
Prepayments and other current
assets |
7,566 |
|
|
12,785 |
|
Total current
assets |
258,122 |
|
|
341,484 |
|
Non-current
assets |
|
|
|
Operating lease right-of-use
assets |
144,168 |
|
|
163,008 |
|
Property and equipment,
net |
13,053 |
|
|
12,706 |
|
Deferred tax assets |
75 |
|
|
71 |
|
Other non-current assets |
3,182 |
|
|
12,507 |
|
Total non-current
assets |
160,478 |
|
|
188,292 |
|
Total
assets |
418,600 |
|
|
529,776 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities |
|
|
|
Current portion of long-term
borrowings |
207 |
|
|
7 |
|
Accounts payable (including accounts payable of VIEs without
recourse to the Company of US$4,185 and US$5,089 as of
December 31, 2022 and September 30, 2023,
respectively) |
31,573 |
|
|
40,203 |
|
Contract liabilities (including contract liabilities of VIEs
without recourse to the Company of US$385 and US$529 as of
December 31, 2022 and September 30, 2023,
respectively) |
2,001 |
|
|
3,735 |
|
Current operating lease liabilities (including current operating
lease liabilities of VIEs without recourse to the Company of
US$1,864 and US$1,248 as of December 31, 2022 and
September 30, 2023, respectively) |
27,653 |
|
|
32,893 |
|
Income tax payable (including income tax payable of VIEs without
recourse to the Company of US$280 and US$1,990 as of
December 31, 2022 and September 30, 2023,
respectively) |
4,142 |
|
|
9,737 |
|
Accrued expenses and other current liabilities (including accrued
expenses and other current liabilities of VIEs without recourse to
the Company of US$442 and US$1,531 as of December 31, 2022 and
September 30, 2023, respectively) |
37,062 |
|
|
53,868 |
|
Total current
liabilities |
102,638 |
|
|
140,443 |
|
Non-current
liabilities |
|
|
|
Operating lease liabilities, non-current (including operating lease
liabilities, non-current of VIEs without recourse to the Company of
US$3,322 and US$844 as of December 31, 2022 and
September 30, 2023, respectively) |
116,564 |
|
|
131,496 |
|
Deferred tax liabilities |
472 |
|
|
327 |
|
Finance lease obligations,
non-current |
867 |
|
|
83 |
|
Non-current income tax
payable |
2,894 |
|
|
3,229 |
|
Total non-current
liabilities |
120,797 |
|
|
135,135 |
|
Total
liabilities |
223,435 |
|
|
275,578 |
|
Commitments and
contingencies |
— |
|
|
— |
|
Shareholders’
equity |
|
|
|
Treasury shares, at cost
(4,624,039 and 227,819 shares held as of December 31, 2022 and
September 30, 2023, respectively) |
(231 |
) |
|
(1,595 |
) |
Subscription receivable from
ordinary shares |
(81 |
) |
|
— |
|
Class A ordinary shares (US$0.05 par value, 50,673,268 shares
authorized, 31,357,814 and 31,642,218 shares issued as of
December 31, 2022 and September 30, 2023, respectively,
31,357,814 and 31,427,017 shares outstanding as of December 31,
2022 and September 30, 2023, respectively) |
1,568 |
|
|
1,582 |
|
Class B ordinary shares (US$0.05 par value, 9,326,732 shares
authorized, issued and outstanding as of both December 31,
2022 and September 30, 2023) |
466 |
|
|
466 |
|
Additional paid-in
capital |
109,049 |
|
|
111,328 |
|
Accumulated other
comprehensive income |
804 |
|
|
294 |
|
Retained earnings |
83,590 |
|
|
142,123 |
|
Total shareholders’
equity |
195,165 |
|
|
254,198 |
|
Total liabilities and
shareholders’ equity |
418,600 |
|
|
529,776 |
|
|
|
|
|
|
|
GigaCloud Technology Inc |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME |
(In thousands except for share data and per share
data) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
Revenues |
|
|
|
|
|
|
|
Service revenues |
40,518 |
|
|
51,474 |
|
|
104,559 |
|
|
129,848 |
|
Product revenues |
87,480 |
|
|
126,693 |
|
|
259,908 |
|
|
329,246 |
|
Total
revenues |
127,998 |
|
|
178,167 |
|
|
364,467 |
|
|
459,094 |
|
Cost of
revenues |
|
|
|
|
|
|
|
Services |
(32,630 |
) |
|
(40,375 |
) |
|
(90,175 |
) |
|
(103,924 |
) |
Product sales |
(72,819 |
) |
|
(88,934 |
) |
|
(217,852 |
) |
|
(236,374 |
) |
Total cost of
revenues |
(105,449 |
) |
|
(129,309 |
) |
|
(308,027 |
) |
|
(340,298 |
) |
Gross profit |
22,549 |
|
|
48,858 |
|
|
56,440 |
|
|
118,796 |
|
Operating
expenses |
|
|
|
|
|
|
|
Selling and marketing
expenses |
(6,768 |
) |
|
(10,951 |
) |
|
(17,782 |
) |
|
(27,382 |
) |
General and administrative
expenses |
(11,533 |
) |
|
(5,831 |
) |
|
(18,696 |
) |
|
(16,878 |
) |
Research and development
expenses |
— |
|
|
(377 |
) |
|
— |
|
|
(1,581 |
) |
Total operating
expenses |
(18,301 |
) |
|
(17,159 |
) |
|
(36,478 |
) |
|
(45,841 |
) |
Operating income |
4,248 |
|
|
31,699 |
|
|
19,962 |
|
|
72,955 |
|
Interest expense |
(139 |
) |
|
(215 |
) |
|
(439 |
) |
|
(1,132 |
) |
Interest income |
94 |
|
|
937 |
|
|
218 |
|
|
2,011 |
|
Foreign currency exchange
losses, net |
(1,538 |
) |
|
(2,723 |
) |
|
(3,830 |
) |
|
(2,153 |
) |
Government grants |
— |
|
|
78 |
|
|
— |
|
|
473 |
|
Others, net |
(34 |
) |
|
15 |
|
|
402 |
|
|
(7 |
) |
Income before income
taxes |
2,631 |
|
|
29,791 |
|
|
16,313 |
|
|
72,147 |
|
Income tax expense |
(1,974 |
) |
|
(5,589 |
) |
|
(4,817 |
) |
|
(13,614 |
) |
Net income |
657 |
|
|
24,202 |
|
|
11,496 |
|
|
58,533 |
|
Accretion of Redeemable
Convertible Preferred Shares |
(197 |
) |
|
— |
|
|
(941 |
) |
|
— |
|
Net income
attributable to ordinary shareholders |
460 |
|
|
24,202 |
|
|
10,555 |
|
|
58,533 |
|
Other comprehensive
loss |
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil income taxes |
(685 |
) |
|
(9 |
) |
|
(2,471 |
) |
|
(510 |
) |
Total other
comprehensive loss |
(685 |
) |
|
(9 |
) |
|
(2,471 |
) |
|
(510 |
) |
Comprehensive
Income |
(28 |
) |
|
24,193 |
|
|
9,025 |
|
|
58,023 |
|
Net income per
ordinary share |
|
|
|
|
|
|
|
—Basic |
0.01 |
|
|
0.59 |
|
|
0.29 |
|
|
1.43 |
|
—Diluted |
0.01 |
|
|
0.59 |
|
|
0.29 |
|
|
1.43 |
|
Weighted average
number of ordinary shares outstanding used in computing net income
per ordinary share |
|
|
|
|
|
|
|
—Basic |
27,740,733 |
|
|
40,769,219 |
|
|
18,926,092 |
|
|
40,794,241 |
|
—Diluted |
27,740,733 |
|
|
40,878,759 |
|
|
18,926,092 |
|
|
40,881,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GigaCloud Technology Inc |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
Nine Months Ended September 30, |
|
2022 |
|
|
2023 |
|
|
US$ |
|
US$ |
Operating
activities: |
|
|
|
Net
Income |
11,496 |
|
|
58,533 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Allowance for doubtful accounts |
5 |
|
|
229 |
|
Inventory write-down |
556 |
|
|
888 |
|
Deferred tax |
(541 |
) |
|
(141 |
) |
Share-based compensation |
9,086 |
|
|
2,074 |
|
Depreciation and amortization |
1,037 |
|
|
1,150 |
|
Lease expense to reduce right-of-use assets |
25,624 |
|
|
23,304 |
|
Gain from disposal of property and equipment |
— |
|
|
(2 |
) |
Unrealized foreign currency exchange gains |
— |
|
|
248 |
|
Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
(4,131 |
) |
|
(4,549 |
) |
Inventories |
(2,530 |
) |
|
(4,924 |
) |
Prepayments and other current assets |
(583 |
) |
|
(6,934 |
) |
Accounts payable |
5,292 |
|
|
8,347 |
|
Contract liabilities |
(1,611 |
) |
|
1,771 |
|
Income tax payable |
(727 |
) |
|
5,651 |
|
Accrued expenses and other current liabilities |
3,907 |
|
|
19,049 |
|
Operating lease liabilities |
(23,545 |
) |
|
(21,972 |
) |
Net cash provided by
operating activities |
23,335 |
|
|
82,722 |
|
Investing
activities: |
|
|
|
Cash paid for purchase of property and equipment |
(616 |
) |
|
(823 |
) |
Proceeds from disposal of property and equipment |
— |
|
|
2 |
|
Advances paid for the acquisition |
— |
|
|
(8,500 |
) |
Net cash used in
investing activities |
(616 |
) |
|
(9,321 |
) |
Financing
activities: |
|
|
|
Repayment of finance lease obligations |
(2,805 |
) |
|
(1,650 |
) |
Repayment of bank loans |
(240 |
) |
|
(190 |
) |
Payment of share repurchase |
— |
|
|
(1,594 |
) |
Proceeds from prepaid consideration of restricted shares |
1,578 |
|
|
— |
|
Proceeds from initial public offering, net of IPO costs |
35,315 |
|
|
— |
|
Net cash provided by
(used in) financing activities |
33,848 |
|
|
(3,434 |
) |
Effect of foreign currency
exchange rate changes on cash and restricted cash |
(2,702 |
) |
|
(151 |
) |
Net increase in cash
and restricted cash |
53,865 |
|
|
69,816 |
|
Cash and restricted cash at
the beginning of the period |
63,862 |
|
|
145,076 |
|
Cash and restricted
cash at the end of the period |
117,727 |
|
|
214,892 |
|
Supplemental
information |
|
|
|
Interest expense paid |
439 |
|
|
1,132 |
|
Income taxes paid |
6,085 |
|
|
8,104 |
|
Non-cash investing and
financing activities: |
|
|
|
Purchase of property and
equipment under finance leases |
2,719 |
|
|
— |
|
Settlement of subscription
receivable from ordinary shares |
— |
|
|
312 |
|
|
|
|
|
|
|
GigaCloud Technology Inc. |
UNAUDITED RECONCILIATION OF ADJUSTED EBITDA |
(In thousands) |
|
|
Three MonthsEnded September
30, |
|
Nine MonthsEnded September
30, |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
Net Income |
657 |
|
|
24,202 |
|
|
11,496 |
|
|
58,533 |
|
Add: Income tax expense |
1,974 |
|
|
5,589 |
|
|
4,817 |
|
|
13,614 |
|
Add: Interest expense |
139 |
|
|
215 |
|
|
439 |
|
|
1,132 |
|
Less: Interest income |
(94 |
) |
|
(937 |
) |
|
(218 |
) |
|
(2,011 |
) |
Add: Depreciation and
amortization |
378 |
|
|
390 |
|
|
1,037 |
|
|
1,150 |
|
Add: Share-based compensation
expenses |
8,887 |
|
|
317 |
|
|
9,086 |
|
|
2,074 |
|
Adjusted
EBITDA |
11,941 |
|
|
29,776 |
|
|
26,657 |
|
|
74,492 |
|
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