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. Joining today's call all participants will be in listen-only mode. Joining us today from GigaCloud are the company's Founder, Chairman and CEO, Larry Wu; its President, Dr. Iman Schrock; and its Interim Chief Financial Officer, Erica Wei. Iman will provide an overview of our performance and operations, and Erica will discuss our financial results. After that, there will be a question-and-answer session.
As a reminder, this conference call contains statements about future events and expectations that are forward-looking in nature, and actual results may differ materially. Additionally, today's call will include non-GAAP measures within the meaning of SEC Regulation G. When required, a 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.
With that, I would like to turn the call over to Larry for his opening remarks. Please go ahead, sir.
Larry Lei Wu
Thank you, operator, and welcome, everyone, to today's call. The third quarter built upon the very strong growth path we have followed since the launching of our B2B online marketplace. Despite the continued industry headwinds, we are successfully navigating these challenges. This is shown by the new record high in net income and adjusted EBITDA and growing numbers of marketplace participants due to its unique ability to streamline operations and enhance efficiency for buyers and sellers of a big, bulky nonstandard item globally.
Among other accomplishments, our acquisition of Noble House is on track to reach breakeven by the end of this year. Additionally, we are enhancing our technology through Wondersign, expanding its capability to better serve the brick-and-mortar stores. We believe that GigaCloud's current valuation doesn't fully capture the progress we have made or the exciting path ahead.
To demonstrate our confidence in the future, on September 3, 2024, our Board authorized a $46 million of share repurchase program. As of November 6, 2024, we have repurchased an aggregate of approximately 467,000 Class A ordinary shares in the open market at a total consideration of $11.4 million pursuant to a repurchase plan under Rule 10b5-1.