GigaCloud Technology Inc

Good day and thank you for standing by. Welcome to Giga Cloud Technology's fourth quarter and full year 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Larry Wu, founder and CEO. Please go ahead.

Thank you, operator, and thank you, everyone, for joining us on the call today. 2023 and the fourth quarter in particular have marked a significant inflection point for GigaCloud. one which has changed the trajectory of the business and that we believe will change the way people think about the industry. We have jumped an order of magnitude in the scale of our business and the potential of our supplier-fulfilled rating model. On the top line, we saw revenue increase to $244.7 million for the quarter, up approximately 95% period over period. And for the full year, revenue increased to $703.8 million, an increase of approximately 44% from 2022. While these are certainly impressive results, especially keeping in mind that the Noble House transaction did not close until November 1st, we believe that we have still not seen the full power of our business synergy yet. In alignment with our integration with Noble House, we have taken strategic actions to further optimize this business. This includes stripping lining Noble House's operation by divesting its direct consumer online retail, bridge, and the manufacturing division. This serves two key objectives. First, by sharpening our focus, we ensure our concentration resources are directed towards strengthening our B2B marketplace proposition. And secondly, We want to enhance our B2B market's neutrality and are committed to provide streamlined service to our buyers and sellers of the marketplace. Before passing it over to Yimang to discuss our operational highlights, I want to remind everyone that you will see our first 10K filed within the month. This year will represent our first year as S-Form filer. We believe this is an important step to gain broader access to the international capital markets and are pleased to have a complete list transition in a timely fashion. Going forward, Giga Cloud will have the same reporting, disclosure, and filing obligation as other S-form issuers. And you can expect the same cadence of filing, such as 10Q and 10K, as you would from any domestic NASDAQ-listed company. With that, I would like to turn the call over to Imam.

Thank you, Larry, and thanks again to everyone for joining us. Our mission here at GigaCloud is to revolutionize the way suppliers and resellers manage big and bulky items. Our B2B marketplace streamlines the entire process, offering a seamless end-to-end experience and the successful integration of Noble House and Wondersign fuels this transformation. Through the integration of Noble House, we've expanded our sourcing origin to India and our operations into Canada with a warehouse in Milton, Ontario, in what we believe will be a strategic move to open our marketplace to even more buyers. We've also already onboarded some Noble House customers onto our B2B marketplace as buyers, and we'll continue to recruit both suppliers and new buyers from the existing Noble House-based business. Finally, the financial plan for Noble House remains on track with a minimal net loss in the fourth quarter, positioning us favorably to achieve our goal of breakeven by the end of 2024 and profitability within six quarters. Clearly, we've made tremendous progress in our integration and execution plan we laid out for these acquisitions, which pushed Giga Cloud further into a full-service, end-to-end, B2B solutions provider in the big and bulky landscape. Our Wondersign acquisition was a strategic entry into the brick-and-mortar space and has allowed us to begin work on the GigaIQ package, which will facilitate the seamless integration between retail systems and our constantly expanding B2B digital catalog for a more customer-friendly, streamlined, and optimized transaction process. The beauty of the Wondersign integration and the future rollout of the GigaIQ package is the business model on the GigaCloud side will remain similar, taking an order from the reseller and delivering through our supplier-fulfilled retailing model directly to the end consumer. This model opens up opportunities for Giga Cloud Marketplace to onboard new retailers. The integration of Wondersign and the development of our GigaIQ package is a testament to our excellent technology and R&D. Primarily, our in-house team of approximately 300 employees contributing to our R&D functions, including development of our proprietary cloud warehousing, collection of data and analytics, and the design, development, and the testing of our Giga Cloud Marketplace. I also wanted to mention our addition of three new global 3P sellers with product origins in Mexico, Colombia, and Turkey, which we announced in February. We are committed to continuously expanding our supplier network. This strategic approach diversifies our product portfolio and fosters supply chain redundancy. ensuring our buyers have uninterrupted access to products in a timely manner. Now, let's walk through some operational highlights for the period ending December 31st, 2023. Our Giga Cloud Marketplace GMV grew approximately 53% year over year to $794.4 million in the TTM period. On the seller side, the platform saw an approximately 46% increase in active 3P sellers, which ended at 815 for the quarter. As I've mentioned in the past, we see the expansion of our 3P ecosystem as a crucial aspect of our platform expansion and achieving scale in our supplier fulfilled retailing model. While we continue to devote a significant amount of time and resources into quickly vetting and onboarding new 3P sellers to our platform, we expect to see our acquisition and integration of Noble House continue to incrementally add a number of sellers to this number. We see our three-piece seller marketplace GMV increased dramatically in the quarter, increasing approximately 65% year-over-year to $426.3 million in the TTM period. Overall, this accounted for approximately 54% of our total marketplace GMV in the same period. As I've mentioned on our prior calls, While our 1P approach remains an integral part of our business strategy, ultimately we believe that the growth of our organic 3P GMV will be very important to the scaling of our business. And we see positive momentum in our organic 3P growth rate continuing to drive a larger, more productive marketplace. On the buyer side, we saw active buyers increase to over 5,000 in the 12 months prior period. an increase of approximately 21% from the year prior, with average spend per active buyer accelerating 27% to approximately $159,000. This further demonstrates that we've been successful in attracting the type of high quality seller we want on our platform. Finally, I wanted to briefly mention the incident in one of our Japanese warehouses. First and foremost, There were no injuries to Gigacloud employees, contractors, or anyone else in the incident. The safety and the well-being of our people is paramount, and we are thankful for this outcome. In terms of business impact, we have direct insurance coverage for our 1P inventory involved in the incident. While we believe the facts are still developing, we have three other warehouses in Japan, and we have a plan in place to minimize any disruption to business in the region. We believe this situation is well in hand. However, we will update the market as necessary should there be material change in status. Finally, I could not be more pleased with our results for the quarter and the year. And I am incredibly proud of our entire Giga Cloud family, including those who recently joined from the Nobel House and won their sign from all over the world. Our financial results were incredibly strong, including revenue for the quarter up approximately 95%. We are making excellent progress on the integration of Noble House and Wondersign, with selective Noble House SKUs to be available on our marketplace starting today. We completed our transition to S-Filer, giving investors additional visibility into business and a consistent filing cadence. We expanded our warehouse footprint by over 100%, ending the year with 8.2 million square feet of inventory space across 33 warehouses globally. We are seeing tremendous gain in our operational KPIs with our active buyer spend increasing over 27% and the buyer base increasing over 20%. And with that, I would like to turn the call over to David for a more detailed review of our financials. David?