GigaCloud Technology Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 15, 2023

There are 8 speakers on the call.

Operator

Good day, ladies and gentlemen, and thank you for standing by, and welcome to Giga Cloud's Technologies Second Quarter and Half Year twenty twenty three Earnings Conference Call. During today's call, all participants will be in a listen only mode. Joining us today from GigaClub Technology are the company's Founder, Chairman and Chief Executive Officer, Larry Wu the company's President, Doctor. Eamon Schrock and the company's Chief Financial Officer, David Lau on today's call. Eamon will give an overview of the company's performance and details of the company's operational results and David will share the company's financial results.

Operator

After that, we'll conduct a question and answer session. As a reminder, this conference contains statements about future events and expectations, which are forward looking in nature. Statements on this call may be deemed as forward looking and actual results may differ materially. Today's call and webcast will include non GAAP financial measures within the meanings of the SEC's Regulation G. When required, reconciliation of all non GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today's press release as well as on the company's website.

Operator

With that, I'd like to turn the call over to Larry for your opening remarks. Please go ahead, sir.

Speaker 1

Thank you, operator, and thank you everyone for joining us here today. I want to start off today by giving my heartfelt thanks to the entire GeekoCloud family for their diligent efforts across the board. As Iman will speak to, our results continue to demonstrate positive momentum led by an over 200% period over period increase in net income in the first half of twenty twenty three. We continue to beat our own expectations across the board, and our three year olds delivered these results to our stakeholders. Our three piece sellers and platform wide buyers continue to see the inherent value in our supply for fuel raising model, and we're continuing to onboard new buyers and sellers as we reinvest earnings into accelerating our organic growth.

Speaker 1

Our strong balance sheet and fresh cash flow generation give us the optionality to pursue a number of strategies to grow the business as well. We're also adding a number of corporate positions and key decision making roles to our headquarters in Walnut, California, supplementing our mature overseas back office personnel. We see this as a key part of our global strategy and well expand Giga Cloud footprint and talent pool. Finally, we are also thrilled to welcome two new board members, mister John William Visor and missus Laurie Kelly, who bring deep industry expertise and diverse viewpoints to our board. Now I would like to turn the call to doctor Imam Shrock, president of the Giga Cloud.

Speaker 1

Imam?

Speaker 2

Thank you, Larry, and thanks again to everybody for joining us. We could not be more pleased with our second quarter results. And I want to start by thanking the entire Giga Cloud team for their tireless work and execution. We are dedicated to changing the way suppliers and resellers do business in buying, selling, and shipping all things large and bulky through the state of the art technology and innovation. We believe this message and mission are resonating well given the success of our marketplace.

Speaker 2

Our outstanding profitability resulted in an ending cash balance of hundred and 81 and a half million dollars, up from hundred and 43 and a half million dollars as of 12/31/2022. As we have mentioned in the past, the strength of our balance sheet gives us the ability to selectively evaluate targets for tuck in acquisitions. Our criteria for potential targets range from companies that would further penetrate our existing target markets, add new capabilities to our already robust technology stack, penetrate a new segment of market, or technology that would further enhance our users' experience on Giga Cloud platform. Our cash balance also gives us the ability to make strategic moves on our share repurchase plan, which was approved for $25,000,000 in June. While we did not repurchase any shares in the second quarter, the approval for the repurchase plan runs through June 2024.

Speaker 2

We will update the investment community on this initiative as appropriate. We are carefully evaluating the use of repurchase plan to ensure we are striking the right balance between creating shareholder value and protecting our stock fundamentals. Now let's walk through some of the operational highlights for the quarter. Our Giga Cloud Marketplace GMV grew approximately 32% year over year to 607 and a half million dollars in the TTM period. On the seller side, the platform also saw an approximately 47% year over year increase in active three sellers, ending the total number for the quarter at six sixty five, which was also a 10% sequential increase.

Speaker 2

Organically, expanding our ecosystem of three sellers is crucial to our achieving scale in our supplier fulfilled retailing model, and we continue to devote a significant amount of time and resources into quickly vetting and onboarding new three p sellers and adding new SKUs to our platform. While buyers may churn on and off the platform or consolidate the number of accounts they are working on, we see the number of three sellers on the platform as a more important indicator of a healthy marketplace, providing buyers variety in the number of SKUs they can choose from. The trend of our three p sellers marketplace GMV expanding only accelerated in this quarter, increasing 65% year over year to 324,700,000 and now making up approximately 53% of our total GMV. As I mentioned on our last call, while our one p approach remains an integral part of our business strategy, ultimately, we believe that the growth of our organic three p GMV will be very important to all to scaling our business as we see positive momentum in our organic three p growth rate continuing to drive a larger, more productive marketplace. On the buyer side, we saw active buyers increasing by over 7% year over year, ending the quarter at 4,351 with average spend per buyer increasing by 24% year over year to a hundred and thirty nine six twenty nine.

Speaker 2

The increase in the average spend indicates that we are seeing growth in the number of high quality, high volume buyers that we seek to attract to the platform. These buyers tend to be very sticky in their adoption of the platform, and growth in their average spend can quickly fuel growth in our results. We will continue to invest in our platform, and we believe there is a still a very strong runway of organic growth that can be achieved as we penetrate new markets around the world. One area that that we continue to invest heavily in is to build out, continued momentum in organic growth in our marketing and advertising, particularly to brick and mortar retailers of furniture who historically enjoy a large market share in the furniture space and have a large amount of inventory requirements. We continue to specifically target this segment of resellers through additional advertisement and media campaigns and see a significant amount of white space for our business to continue to expand into this market.

Speaker 2

I would also like to discuss GIGA Cloud's transition from a foreign private issuer or FBI to following the same reporting and disclosure obligations as domestic company. As many of you have already seen, on July 3, we issued a press release announcing that as of the end of second quarter, it was determined that Giga Cloud no longer qualifies as an FBI. Practically, what what that would mean for Giga Cloud and investment community is that starting 01/01/2024, Giga Cloud will be subject to the same reporting, disclosure, and filing obligations as the other s form issuers. Starting next year, you can expect the same cadence of filings such as 10 k and 10 q. And as you would, any domestic Nasdaq listed company We believe that this is a very important step forward in building confidence in our story for investors, and we are laser focused on becoming even more engaged and transparent with our shareholders and potential potential shareholders.

Speaker 2

We are also adding a number of corporate positions in key decision making roles to our headquarters in Walnut, California, supplementing our mature overseas back office personnel. We also announced a number of changes to our board of directors on August 10, including the addition of two new independent directors, John Visser and Lori Kelly. Mister Visser is currently the vice president of logistics at doTERRA International, while missus Kelly has previously held a number of senior roles in the furniture industry, most recently as the president of BDI Furniture before founding her own strategic consulting firm. Both mister Visor and missus Kelly bring with them critical industry experience and new diverse insights, and we are thrilled to have them come on board. Clearly, we are dedicated to building out our global presence and expanding the Giga Cloud footprint around the world, And we believe these moves are strong step in the right direction to building an even stronger tie to the invest investment community in The US and other nations.

Speaker 2

Overall, we are encouraged by our progress in second quarter, and we believe we are making significant headway in our mission to build the world's best b to b large parcel shopping experience for both buyers and sellers. We are thrilled by our second consecutive quarter of record profit, and we believe we should see our gross margin support a similar level of profitability for the remainder of the year. Our industry leading marketplace saw significant growth in this quarter, growing in total GMV by 32% year over year with active buyers increasing by over 7% and average spend per active buyer by 24% in the same period. Our balance sheet provides us flexibility to pursue potential m and a target as well as support a steady pace of organic growth. Finally, our move to become an s filer demonstrates our commitment to the international capital market and increases transparency for shareholders and potential shareholders.

Speaker 2

And with that, I would like to turn the call over to David for a closer review of our second quarter and first quarter first half numbers. David?

Speaker 3

Thanks, Iman. Let me walk you through our second quarter and first half numbers in more detail. Our total revenues for the second quarter were 153,100,000 which was an increase of 23.5% year over year and approximately 20% sequentially. On a first half basis, we generated $280,900,000 for the six months ended 06/30/2023, an 18.8% increase versus the year prior period. Breaking this down for just the second quarter, service revenue from Giga Cloud 3P saw a 31.9% year over year increase to $43,300,000 Product revenue from Giga Cloud 1P saw a 14.9% year over increase to $69,800,000, and product revenue from off platform ecommerce saw a 31.6% year over year increase to $40,100,000.

Speaker 3

As Iman mentioned, these increases correspond with a 32.2 year over year gain in total market of GMV, which ended the second quarter at $607,500,000 on a TTM basis. Our gross profit for the second quarter was $40,400,000 which was an increase of 137.1 year over year and resulted in gross margin of 26.4% versus 13.7% in the year prior period. On a first half basis, gross profit increased by 106.4% to $69,900,000 for the six months ended June 3023, which resulted in a gross margin of approximately 25% versus 14.3% in the year prior period. These increases in gross margin were largely a result of the return to normalized ocean shipping rates from the all time highs in the first six months of 'twenty two. As a result, our cost of revenues increased only 5.4% to $112,800,000 for the quarter.

Speaker 3

We would expect ocean ship perm rates to remain stabilized for the rest of the year. Our total operating expense for the second quarter were $17,000,000 which was an increase of 93% year over year from $8,800,000 On a first half basis, total operating expense were $28,700,000 which was an increase of 57.8% from $18,200,000 in the year prior period. Breaking this down further for just the second quarter, selling and marketing expenses increased 74.9% year over year to $9,500,000. General and admin expenses increased to 106.7% year over year to 6,900,000.0. Research and development costs were half a million in the second quarter of twenty three versus none in the second quarter of twenty twenty two.

Speaker 3

The increases were due to additional headcount to support our growing organization, a larger amount of advertisement and more trade shows present in order to bolster organic growth and reinvestment in our technological platform to continuously improve our user experience. On the bottom line, our net income for the second quarter was 18,400,000.0, which was an increase of approximately 202% year over year from $6,100,000. This resulted in basic and diluted earnings per share of $0.45 versus $0.15 in the year ago period. On a six months basis, net income was $34,300,000 for the period ending June 3023, resulting in a basic and diluted earning per share of 84¢ versus net income of $10,800,000 in the year prior period, which resulted in basic and diluted earnings per share of $0.28 This resulted in adjusted EBITDA for the second quarter of 'twenty three was $24,900,000 an increase of 219.3% year over year from $7,800,000. On a first half basis, we generated adjusted EBITDA of $44,700,000 for the six months ended June 3023, an increase of 203.9% compared to $14,700,000 in the year prior period.

Speaker 3

Moving on to our balance sheet. We ended the second quarter with a hundred and 81,500,000.0 in cash on the balance sheet, a net increase of approximately 38,000,000 from the quarter ended 12/31/2022, and an increase of 18,800,000.0 from the quarter ended 03/31/2023. Finally, I want to briefly mention our financial outlook. For the third quarter twenty three, we're now expecting total revenues in the range of a hundred and 62 to a hundred and $67,000,000, which will represent an approximately 28.5% gain over the year prior period at the midpoint. In addition, in the third quarter of 'twenty two, as a result of the successful completion of our IPO, we recorded a onetime stock based compensation expense of $8,900,000 The SBC expense for Q2 was $1,500,000 and we expect our SBC expense to be more evenly spread out going forward.

Speaker 3

Thank you all for joining. And with that, I would like to ask the operator to open the line for questions. Thank you.

Operator

Thank you. And our first question comes from the line of Matt Koranda with ROTH. Your line is now open.

Speaker 4

Hey guys, good morning. Thanks for taking the questions. Wanted to cover the third quarter outlook for revenue in a bit more detail. Is there a way you could maybe provide a breakdown between the product and marketplace revenue that you're assuming in that third quarter outlook? It looks like a nice acceleration that you're planning on.

Speaker 4

So just wondering where that's sort of coming from, first of all. And then maybe just on the gross margin commentary as well, you mentioned a similar level of profit through the rest of the year. Just wanted to see if maybe you could comment on sort of does that mean we can stick with the the mid 20% gross margin you put up in the second quarter, for the third and the fourth? Maybe just a little bit more color on that as well.

Speaker 3

Hey, Matt. It's David. Maybe I'll address, your question around, our margin profile. I think we are quite comfortable to, our margin profile today. So I think it's, depending on how the outlook of the second half of the year looks like, you know, given where ocean shipping rates are today, I think it's safe to assume that we can maintain, this trajectory for the second half of the year.

Speaker 3

And then going back to your first question, I think the breakup between our product and service has been, you know, on a revenue basis has been, between, you know, 60% to 40%. I think going forward, that's probably in the second half of the year is probably in the same trajectory as well.

Speaker 4

Okay. I got it. $60.40. That that's helpful. And then just digging into the services revenue line for the second quarter, you mentioned a nice step up in last mile as a driver of growth on a year over year basis.

Speaker 4

So I just wanted to see if you could maybe unpack that, discuss the types of last mile services that your sellers are paying you for. What's that a function of? Maybe just, you know, I would assume better rate card versus your smaller sellers on the platform, but maybe if you could just kind of explain the the drivers of that nice year over year growth.

Speaker 3

Iman, you wanna do that one?

Speaker 2

Matt, could you kindly repeat that question? I was trying to write.

Speaker 4

Sure. Yeah. So just the the step up in last mile services revenue, was notable in the second quarter. So I just wanted to see if you could discuss the drivers of that of that nice acceleration on a year over year basis.

Speaker 1

Yeah. Maybe I can take one this one. This is Larry Wu. I think in the past, because of, you know, restriction that, you know, a lot of the the the shipping partner we have that that they they have, you know, limited capacity. So we didn't allow our customer to ship their product that did not, you know, transact transacted on you know, with our marketplace.

Speaker 1

But we understand that our customer always have the need to ship their product that they're they're selling on their own or through other channels. So because the the we are seeing that that most of our shipping partner are, know, removing those kind of, you know, restrictions. So we are allowing our customer to ship the the product that's not transacted in our marketplace that, you know, provide them the flexibility of using the marketplace in, you know, you know, different way. I I definitely believe that, you know, we are, you know, offering more value by, you know, being able to providing that service.

Speaker 4

Okay. That that's helpful. Thanks, Larry. And then just on the seller growth, it was it was pretty robust year over year at 47%. Just wanted to hear maybe a bit more detail on where you're seeing success in adding sellers.

Speaker 4

And then I noticed a bit of an uptick in the the sales and marketing line. So just wanted to see, are we spending into seller acquisition to get that acceleration? Just maybe a bit more detail on sort of the dynamics of seller acquisition that you're seeing.

Speaker 2

Hi, Matt. Sorry. I was talking on mute, and thank you, Larry, for taking that question. Obviously, you know, as I mentioned earlier in the script as well, bringing in organic seller growth is is gonna be, you know, an a a clear indicator of a healthy marketplace. So we're investing a lot of energy into recruiting, sellers of different kind, you know, that could come to the marketplace.

Speaker 2

And a lot of these sellers will bring with them different intricacies. You know? A big portion of the recruitments as of late have been, you know, the sellers that go to all the way to the end consumer with the LTL portion and last mile delivery and all those added value added services, which is something that alludes to the first question. But, absolutely, we're gonna invest in recruiting sellers, and we're anticipating that trend to continue for the sellers with themselves. They'll bring in variety of SKUs, and that variety of SKUs attracts additional buyers.

Speaker 4

Okay. Great. And then just to that end, I guess, wondering on the spend per buyer, which took a a pretty nice step up. Maybe just wanted to see if you could talk about, are we adding larger buyers? Is the assortment growing and and allowing more spend per average buyer?

Speaker 4

Are we trimming kind of marginal buyers? Maybe just some of the the movements underneath the hood there in terms of the the spend per buyer.

Speaker 2

If I may take that question, we're kinda seeing both, Matt. You know? Because because, you know, there are some buyer consolidation because some of the buyers operate multiple accounts. Sometimes those consolidate to a bigger one. But, also, the competition kinda shines out the the the the better buyers, and, you know, that's that's what really happened.

Speaker 2

The marketplace is becoming a place for, you know, the better, you know, as far as the fitter who can, you know, produce and generate results. So we we're seeing both of those dynamics happening concurrently. And this is very Okay. You know, pleasant for the marketplace because the model is becoming more and more sticky because that average spend growing is basically the indicator that we would like to see.

Speaker 4

Okay. Excellent. Maybe one more for me, and then I'll I'll leave it to others. But on the m and a funnel, you've mentioned some m and a in your prepared remarks and and just potential sort of ideas around what you may do. Just wondering if there's anything in the funnel that's maturing.

Speaker 4

How should we be thinking about capital deployment toward M and A for the remainder of the year?

Speaker 3

Hey, Matt. It's David. Perhaps I'll take this one. Unfortunately, I don't think we'll be able to disclose anything further at this point in time. As we progress at the appropriate time, we'll disclose the market.

Speaker 3

But what we view m and a as a lever for us to quickly enter into areas or markets that we're seeking, that's seeking to enter or expand into. So we're just trying to look for the right target for us. And some of the areas that we're looking for is, you know, and then we discussed this in our prior discussion is looking for channels, looking for, you know, product portfolio expansions. And as you understand, we operate in a pretty fragmented market, and m and a is a great tool for us to consolidate and bring in parties, to to come to our marketplace.

Speaker 4

Yep. Understood. I appreciate it, guys. Nice job on the quarter, and I'll, leave it there. Thanks, Matt.

Operator

Thank you for your questions. One moment for our next question, please. Our next question comes from Raimo Dionisio with Aegis Capital. Your line is now open.

Speaker 5

Good morning. Thank you. I wonder if you could talk about I know you don't necessarily break out the geographic distribution revenues, but I know you're making a big push in Europe and I just wonder if you could sort of characterize how much of the growth you saw in the quarter came from in the core U. S. Business as opposed to some of four markets, Europe?

Speaker 3

Maybe I can take that one. I think European market, as of today is, an important market for us. We've seen some pretty good acceleration growth for the quarter. Unfortunately, I won't be able to break it down to you. That's not really something that we track, but we see a lot of good acceleration growth in the quarter coming out from Europe.

Speaker 5

Okay. Fair enough. And just a follow-up, if I could. During the call, you talked about, and you mentioned this before, a focus on some furniture retailers. And I wonder if you could just in terms of expansion of your customer base, I wonder if you could just talk about the difference in your marketing platform of what it will take to really continue to see you've already seen solid penetration there, but to continue to see the growth in that segment, are you going have to shift gears from a marketing perspective, bringing additional hires, maybe change your marketing platform?

Speaker 5

Or are you just kind of continuing with your current trend, which seems to be working very well?

Speaker 2

Hi, Ramel. So as we alluded to earlier, brick and mortar expansion is a big part of our, you know, future growth plans. And, absolutely, you know, we are going to be actively, you know, involved in recruiting and advertising, and, you know, there's a lot of white space available, especially right now. I think with furniture brick and mortar retailers, a lot of challenges that we can tackle on with the concept of the marketplace, supplier fulfilled retailing, and all the little things that we do so, so well. So that is going to be a huge area of, focus for us going forward.

Speaker 5

Okay. Thank you and congratulations on the quarter.

Speaker 2

Thank you.

Operator

Thank you. One moment for our next question, please. Our next question comes from the line of Sophie Wang with CMBI. Your line is now open.

Speaker 6

Okay. Thank you for taking my question and congratulations on strong quarter. I have two questions here. First, we noticed that you announced repurchase program and we're just wondering you have repurchased an insurance after that. And the second question is about the Q3 outlook.

Speaker 6

We noted that you had to consolidate quarters of profitability, and you're guiding higher Q3 revenue. So do you want to share us more color on what the outlook for Q3 and beyond? Thank you.

Speaker 3

Sorry, I was on mute. Perhaps I'll take your question with respect to, outlook for the rest of the year. I think if you look closely to, our twenty twenty two Q3 earnings, you'll notice actually our net income was, a little under $1,000,000 And if you actually look closely, and that was because of a one off stock based charges, and that was a result of a successful completion of our IPO at that time. So, and I alluded earlier in my speech, we expect our SBC charges to be more spread out going forward, and we will continue to rec record SBC charges to our various stakeholders in the company. So, you know, if you're putting all the pieces together, that's probably the extent I can share in terms of profitability or for the second half of the year.

Speaker 3

And then your earlier questions around repurchase. So Iman actually alluded we didn't, repurchase any shares in the open market in our second quarter. What I can share is we executed a repurchase agreement with a broker by the end of q two, to help the company to execute open market purchases. And we will share to the extent possible when we can to the market.

Speaker 6

Okay. Thank you. That is helpful. Thank you.

Operator

Thank you. One moment for our next question please. And our next question comes from the line of with BCA. Your line is now open.

Speaker 7

Yes. Hey guys, nice to talk to you. I had two questions. Some of this was broadly addressed but I'm going to ask it anyway. I'm just wondering, you know, the efforts in regards to growth inorganically versus organically.

Speaker 7

And, you know, specifically, are there any geographic or product verticals beyond the furniture, for example, that you're looking at going into 2024 to continue the top line growth? And the second question is relating to volatility introduced by shipping rates and what the company is doing to mitigate the variability on the gross margin line in respect to that. Thanks.

Speaker 2

So I can perhaps take the first question. So as a company, we're accelerating our spend in sales and mark marketing aimed at brick and mortar retailers because as of right now, we're seeing a huge, huge issue in the in the industry as a whole with large inventory need, and that represents a lot of opportunity for us to basically penetrate and capture market share. Digital only retailers also continue to gain momentum and large mid but but at the end of the day, the large majority of furniture sales are happening at the physical location, so gaining market share would require us to remain focused on the brick and mortar. And, as far as your question about the the the opportunity, I believe that would also continue to remain with the brick and mortar side of things going forward.

Speaker 7

I mean, just a follow-up there. Mhmm. So where do you think your penetration rate is into that segment if you think it's so underpenetrated?

Speaker 2

So I can give you an idea about the total addressable market, within that category. And by the way, the the big and bulky, you know, is very, very fragmented. It includes you know, for us, you know, furniture is obviously, you know, the biggest, but there's also home fitness. There is gardening. There is even auto parts.

Speaker 2

You know? There are so many categories that would qualify as big and bulky, and it's super fragmented in every single one of those. Furniture being the biggest, the total addressable market in The US, One of our markets, the biggest market, is about $60,000,000,000 a year in wholesale volume.

Speaker 7

I'd say you're pretty underpenetrated, but okay.

Speaker 2

Exactly. So lots of runway ahead of us.

Speaker 7

Okay. Alright. That's great. What what about the variability introduced by shipping rates to margins?

Speaker 2

David?

Speaker 3

Yeah. I think if you look closely to our financials, you will see that ocean shipping rates was at all time high first half of twenty twenty two. If you look at closely at our financials, we still maintain a profit. Obviously, there is a positive correlation between the two. Right?

Speaker 3

So when you see ocean shipping rates rising, it hurts our profitability. But I would say that's not the single factor that can push us in and out of profit. So, while that's a big cost factor for us, but I believe that, we've gone through and navigated through the worst of times, and we still maintain a profit during that time. So I I hope that kinda clears out what you had in mind.

Speaker 7

Okay. And if I just might add one more. Can you just discuss who you see competitively, out there and, you know, maybe one one one or two that you see day to day and who you think your biggest competitors are and an idea of why your clientele is choosing you over them.

Speaker 2

So if if if if you focus on what we do, the the core, you know, value that we deliver, I don't think there is any part of par competitor for us because we're dabbling in big and bulky on the wholesale end, and that is quite an advantage, you know, for us across the board. As as far as the competitive landscape, there is a privately owned company based in Silicon Valley by the name of Fare.com that is kinda similar in the concept, but they they they don't dabble in anything big and bulky. They do smaller, lighter stuff. But we believe all the, you know, the value and the competitive advantage remains in handling the big and bulky, which is a nonstandard item. And the the Fair.com currently has a valuation of $12,000,000,000.

Speaker 5

Okay.

Speaker 7

Alright. Thanks, guys.

Speaker 2

Yep.

Operator

Thank you. Our next question comes from the line of Howard Sum, Private Investor. Your line is now open.

Speaker 7

Hi. I just have a very quick question. I noticed that the company is bringing in two new US based directors to the board. Are you guys trying to be a bit more Americanized from a governance perspective? Thank you.

Speaker 1

Yeah. Maybe I I take that question. It's, Larry. Actually, no. Because majority of our board members today are already US persons.

Speaker 1

While the proposed the board restructuring will have all our board members to be either US resident or citizens, the purpose of this restructuring was mainly from operational and diversity consideration. Like John had over nineteen years of work experience at Walmart and currently serving as the vice president of global logistics at doTERRA International. He will definitely provide us with a lot of invaluable experience that would continue to grow in The United States and internationally. Laurie has a long history of experiencing US furniture industry. She has established a consulting firm providing advisory services to many top US furniture companies.

Speaker 1

So we're confident that our proposed the board will offer a lot of a fresh insight and diverse percepts perspectives on our business.

Speaker 7

Thank you. Thank you.

Operator

And I'm showing no further questions at this time. I'd like to turn the conference back to Mr. David Lau for closing remarks.

Speaker 3

Thank you everyone for joining our earnings call today. If you have any questions for the management team, free to e mail us. We look forward to speaking with you again. Thank you everybody.

Operator

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.

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Earnings Conference Call
GigaCloud Technology Q2 2023
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