Coupang Inc (CPNG) 2022 Q2 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang earnings conference call. (Operator Instructions)

午安.我是 Abby，今天將擔任本次電話會議的接線生。現在，我謹代表 Coupang 公司歡迎各位參加財報電話會議。 （接線生指示）

Thank you. And now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.

謝謝。現在我把電話交給投資人關係副總裁麥克‧帕克先生。您可以開始您的會議了。

Thanks, operator. Welcome, everyone, to Coupang, Inc.'s Quarterly Earnings Conference Call for the second quarter ended June 30, 2022. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand.

謝謝接線生。歡迎各位參加Coupang公司截至2022年6月30日的第二季財報電話會議。今天我很高興與我們的創辦人兼執行長Bom Kim以及財務長Gaurav Anand一起參加會議。

The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information except as required by law. Certain statements made on today's call include forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially. Please refer to today's earnings release as well as the risks and uncertainties described in our most recent quarterly report on Form 10-Q filed with the SEC on May 12, 2022, and in other filings made with the SEC for information about factors, which could cause our actual results to differ materially from those forward-looking statements.

以下討論（包括您問題的答案）僅反映管理層截至今日的觀點。除法律要求外，我們不承擔更新或修訂此資訊的義務。本次電話會議中的某些陳述包含前瞻性陳述。您不應過度依賴前瞻性陳述。實際結果可能與前瞻性陳述有重大差異。有關可能導致我們的實際結果與這些前瞻性陳述有重大差異的因素，請參閱今日發布的獲利報告以及我們於2022年5月12日向美國證券交易委員會（SEC）提交的最新季度報告（10-Q表格）和其他提交給SEC的文件中所述的風險和不確定性。

During today's call, we will present both GAAP and non-GAAP financial measures. As a reminder, these numbers are unaudited and may be subject to change. Additional disclosures regarding these non-GAAP measures, including reconciliations of non-GAAP measures to the most comparable GAAP measures are included in our earnings release and our SEC filings, which are posted on the company's Investor Relations website at ir.aboutcoupang.com.

在今天的電話會議上，我們將提供GAAP和非GAAP財務指標。請注意，這些數據未經審計，可能會有所變動。有關這些非GAAP指標的更多披露信息，包括非GAAP指標與最接近的GAAP指標的調節表，請參閱我們的盈利報告和提交給美國證券交易委員會（SEC）的文件，這些文件已發佈在公司投資者關係網站ir.aboutcoupang.com上。

And now I'll turn the call over to Bom.

現在我把電話交給Bom。

Thanks, everyone, for joining us today.

感謝各位今天蒞臨。

Let me begin with some highlights from our second quarter operating results. First, we achieved an adjusted EBITDA of $66 million for the entire business, an improvement of $157 million quarter-over-quarter and $188 million year-over-year. Second, we recorded $1.2 billion in gross profit and 22.9% gross margin, representing a 250-basis point improvement quarter-over-quarter and 470 basis point improvement net of the fire year-over-year. Third, constant currency revenues grew 27% year-over-year and 3% quarter-over-quarter, and revenue per Active Customer for the overall business grew 20% year-over-year and 4% quarter-over-quarter on a constant currency basis. In short, the spend of our customer cohorts continues to compound at a fast rate and we continue to grow at multiples of the overall e-commerce segment in Korea. In just 3 short years, by 2025, that e-commerce segment is projected to exceed $290 billion in sales.

首先，我想重點介紹一下我們第二季的營運表現。首先，我們整體業務的調整後 EBITDA 為 6,600 萬美元，季增 1.57 億美元，年增 1.88 億美元。其次，我們實現了 12 億美元的毛利和 22.9% 的毛利率，環比增長 250 個基點，扣除火災相關因素後，同比增長 470 個基點。第三，以固定匯率計算，營收年增 27%，季增 3%；以固定匯率計算，整體業務的每位活躍客戶營收年增 20%，季增 4%。簡而言之，我們客戶群的消費支出持續快速成長，我們的成長速度仍然是韓國整體電子商務產業的數倍。預計到 2025 年，在短短三年內，韓國電子商務產業的銷售額將超過 2,900 億美元。

While we've grown to significant scale, we remain a small portion of what is expected to soon become the third largest e-commerce opportunity in the world. And our growth is powered by our relentless customer focus. We'll always strive to make experiences richer and prices lower for our customers. We increased our investments in free Rocket shipping, exclusive discounts and free video content for our WOW members by 50% over last year to a record $500 million in Q2 alone.

雖然我們已發展到相當可觀的規模，但我們仍然只佔全球第三大電子商務市場（預計很快就會成為全球第三大電子商務市場）的一小部分。而我們持續成長的動力源自於我們對客戶的不懈關注。我們將始終致力於為客戶打造更豐富的體驗和更低的價格。光是第二季度，我們就將對WOW會員的免費Rocket配送、專屬折扣和免費影片內容的投資增加了50%，創下歷史新高，達到5億美元。

In addition to providing unmatched delivery and service levels, we continue to offer the best prices to our customers. A recent study by KPMG found Coupang to have a 25% to 60% average price advantage compared to major competitors for top-selling items across the category survey.

除了提供無與倫比的配送和服務水準外，我們還持續為客戶提供最優惠的價格。畢馬威會計師事務所最近的一項研究發現，在所調查的類別中，Coupang 在暢銷商品方面的平均價格優勢比主要競爭對手高出 25% 至 60%。

Now a few details on the operating results of our individual segments. To provide more visibility into the underlying performance of our business, for the first time in Q1, we broke out Product Commerce as a segment representing our core e-commerce and fresh offerings separate from the Developing Offerings segment, which captured our investment in nascent initiatives like Eats and international.

現在，我們來詳細了解各個業務板塊的經營績效。為了更清晰地展現我們業務的潛在表現，我們在第一季首次將「產品商務」板塊拆分出來，該板塊代表我們的核心電商和生鮮產品，與「新興產品」板塊區分開來。 「新興產品」板塊涵蓋了我們對新興業務（例如外送和國際市場）的投資。

In Q2, Product Commerce generated $98 million of adjusted EBITDA, an improvement of $95 million quarter-over-quarter and $146 million year-over-year. We continue to see strong gross profit margin results in Product Commerce with improvements of 150 bps quarter-over-quarter, 380 bps year-over-year, net of the fire. Despite ongoing inflationary headwinds, these positive results were driven by levers that we highlighted in Q1, benefits from investments in technology, infrastructure, automation, supply chain automization and scaling margin-accretive offerings, including advertising.

第二季度，產品電商業務調整後EBITDA為9,800萬美元，季增9,500萬美元，較去年同期成長1.46億美元。產品電商業務的毛利率表現仍強勁，季增150個基點，較去年成長380個基點（已扣除火災影響）。儘管通膨持續構成不利因素，但這些正面業績主要得益於我們在第一季重點強調的各項驅動因素，包括對技術、基礎設施、自動化、供應鏈自動化以及擴大利潤成長型產品（例如廣告）的投資所帶來的收益。

We believe the progress we've made and the 2% adjusted EBITDA that we recorded in Product Commerce in Q2 is just a glimpse of the significant long-term profitability of our business. The rate of improvement won't be consistent or is dramatic each quarter, but we're excited about the potential ahead.

我們相信，我們在第二季產品電商業務中取得的進展以及2%的調整後EBITDA成長，僅僅是我們業務長期獲利能力顯著提升的冰山一角。雖然每季的提升速度不會一致或突飛猛進，但我們對未來的發展潛力充滿信心。

On growth, Product Commerce revenues grew at 27% year-over-year and 3% quarter-over-quarter on a constant currency basis. In contrast, the broader product e-commerce segment in Korea grew 6% year-over-year and 0% quarter-over-quarter. Our share of product e-commerce growth has increased every quarter since we've gone public, and this quarter was no exception, setting a new record.

在成長方面，以固定匯率計算，產品電商營收年增27%，季增3%。相較之下，韓國整體產品電商市場較去年同期成長6%，較上季成長0%。自上市以來，我們在產品電商領域的成長份額每季都在提升，本季也不例外，創下新紀錄。

Increasing customer adoption and engagement across more offerings is accelerating our flywheel. Nowhere is that more evident than in our fresh offering. After just 3 full years of operation, fresh annual run rate stands at nearly $3 billion on the back of what we believe is the best value proposition for an online fresh offering in any market. We believe we provide the largest fresh selection of any retailer in the market, and we're the only online grocer that offers free shipping for orders above just $11. What's more? Customers can have their fresh orders delivered via dawn or same-day delivery, along with millions of non-fresh items because we deliver both fresh and non-fresh orders on the same logistics infrastructure.

不斷提升客戶對更多產品和服務的接受度和參與度，正在加速我們的成長。這一點在我們的生鮮產品領域中體現得尤為明顯。營運僅三年，生鮮產品的年銷售額就已接近30億美元，這得益於我們相信是所有市場中最具性價比的線上生鮮產品。我們相信，我們提供的生鮮產品種類比市場上任何其他零售商都多，而且我們是唯一一家訂單滿11美元即可享受免運費的線上雜貨商。更重要的是，由於我們使用同一套物流基礎設施配送生鮮和非生鮮商品，客戶不僅可以享受清晨送達或當日送達服務，還可以同時配送數百萬種非生鮮商品。

Customers love the convenience of ordering everything in a single checkout experience, and the combined scale of both offerings generates economies that are difficult to match for any off-line retailer or a stand-alone fresh grocer online. And fresh is still far from its full potential. The vast majority of our Active Customers did not make a purchase in fresh in Q2, highlighting the significant opportunity to scale this offering in the years ahead.

顧客喜歡一次下單購買所有商品的便利體驗，而線上線下商品和服務的結合所帶來的規模優勢，是任何線下零售商或獨立的生鮮食品線上零售商都難以匹敵的。此外，生鮮商品的潛力遠未充分發揮。第二季度，我們絕大多數活躍客戶並未購買生鮮商品，凸顯了未來幾年拓展生鮮商品業務的巨大潛力。

We're also encouraged by the progress of fulfillment and logistics by Coupang or FLC, which allows 3P merchants to leverage our Rocket Delivery services and infrastructure for growth. The offering promises to unlock for customers the speed and convenience of Rocket Delivery for millions of additional SKUs, and it allows us to share the value and growth of our Rocket offering with potentially hundreds of thousands of merchants, many of whom are small businesses with limited access to shelves of off-line retailers.

我們對Coupang或FLC在物流和配送方面的進展感到鼓舞，這使得第三方商家能夠利用我們的Rocket Delivery服務和基礎設施來實現業務成長。這項服務可望為數百萬個新增SKU帶來Rocket Delivery的快速便利，同時也讓我們能夠與數十萬潛在商家分享Rocket服務的價值和成長，其中許多商家是難以進入線下零售商貨架的小型企業。

As of the end of Q2, over 90% of the 3P merchants benefiting from the services provided by FLC were small and medium enterprises or SMEs, with less than $2.5 million in sales. FLC has the potential to unleash exponential value for both customers and small merchants in the years to come.

截至第二季末，超過90%受惠於FLC服務的第三方商家為中小企業（SME），年銷售額低於250萬美元。 FLC預計在未來幾年為客戶和小型商家創造指數級成長的價值。

Another investment we're especially proud of is our effort to create a more sustainable environment. We invested in process and infrastructure changes to eliminate our box packaging for over 85% of our Rocket deliveries, which not only saves on box and plastic packaging waste but also allows us to reduce the number of trips our trucks make to complete deliveries, leading to a significant reduction in emissions.

我們引以為傲的另一項投資是致力於打造更永續的環境。我們投資改善了流程和基礎設施，使超過 85% 的 Rocket 配送不再使用紙箱包裝。這不僅減少了紙箱和塑膠包裝的浪費，還減少了卡車完成配送所需的運輸次數，從而顯著降低了排放。

We've gone one step further in fresh, delivering most of our fresh orders in completely reusable eco bags. Customers take their products and leave the eco bags for pickup and reuse, like empty bottles left on the porch in the old days of milk bottle delivery. That has allowed us to eliminate virtually all styrofoam and most of the onetime packaging waste in our fresh deliveries. We estimate that for 2022, these 2 efforts alone will save the equivalent of 8 million trees and offset the majority of the carbon footprint of our existing delivery fleet even as they deliver unmatched savings and convenience to our customers. Our small victories on this front serve as a powerful reminder that smart innovation, sustainable practices and good business can go hand in hand.

我們在生鮮配送方面更進一步，大部分生鮮訂單都使用可重複使用的環保袋配送。顧客拿走商品後，只需將環保袋留在門廊即可回收再利用，就像以前牛奶配送時顧客把空瓶子放在門廊上一樣。這讓我們幾乎完全杜絕了生鮮配送中的泡沫塑膠和大部分一次性包裝垃圾。我們預計，光是這兩項措施在2022年就能節省相當於800萬棵樹木的資源，並抵銷我們現有配送車隊的大部分碳排放，同時還能為顧客帶來無與倫比的實惠和便利。我們在這一領域取得的小小勝利有力地提醒我們，巧妙的創新、可持續的實踐和良好的商業模式可以並行不悖。

Now on Developing Offerings, revenues increased 24% year-over-year but declined 7% quarter-over-quarter on a constant currency basis, driven primarily by our Eats offering. The decline in quarter-over-quarter revenue is due in part to the post-COVID slowdown in the online food delivery segment in Korea. Growth has also not been our priority this past quarter. As we mentioned in our last call, our primary focus in each continues to be on making structural improvements that will improve customer experience and position us to be more efficient in our next phase of expansion. Adjusted EBITDA losses in the Developing Offerings segment decreased $62 million quarter-over-quarter. The key driver for this improvement was optimization efforts in our Eats offering, including enhancements and operating efficiency.

在「發展中產品」業務方面，營收年增24%，但以固定匯率計算較上季下降7%，主要受外送業務的影響。環比收入下降的部分原因是新冠疫情后韓國線上食品配送市場成長放緩。此外，成長並非我們上個季度的首要任務。正如我們在上次電話會議中所述，我們始終專注於結構性改進，以提升客戶體驗，並為下一階段的擴張奠定更有效率的基礎。 「發展中產品」業務的調整後EBITDA虧損季減了6,200萬美元。這項改善的關鍵在於我們對外送業務的最佳化，包括功能增強和營運效率提升。

Developing Offerings also includes promising initiatives outside of Eats that target additional customer spend beyond our current e-commerce segment, specifically, investments in video, fintech and international have the potential to expand the TAM for Coupang beyond the forecasted $290 billion in e-commerce sales by 2025.

發展產品還包括 Eats 以外的有前景的舉措，旨在吸引客戶在當前電子商務領域之外的額外支出，特別是對視頻、金融科技和國際領域的投資，有可能將 Coupang 的潛在市場擴大到 2025 年電子商務銷售額預計達到 2900 億美元以上。

As we do with all parts of our business, we will continue to invest and execute in keeping with our operating tenants, which we first shared publicly shortly after our IPO last year. One, we exist to deliver new moments of WOW for customers; two, we don't start with what looks easy. We worked backwards from imagining jaw-dropping customer experiences, and we embrace the hard work required to challenge trade-offs that customers take for granted. Three, we will employ technology, process innovation and economies of scale to create amazing customer experiences and drive operating leverage and significant cash flows over time. Four, we always prioritize growth in long-term cash flows. And five, we are disciplined capital allocators. We start with small investments, then test and iterate rigorously. We invest more capital over time and opportunities that have the best long-term cash flow potential.

正如我們對待所有業務一樣，我們將繼續秉持營運原則進行投資和執行，這些原則我們在去年IPO後不久便首次公開。第一，我們存在的意義在於為顧客創造全新的驚喜體驗；第二，我們從不從看似容易的事情開始。我們從構想令人嘆為觀止的客戶體驗開始，反向推導，並欣然接受挑戰客戶習以為常的權衡取捨所需的艱辛努力；第三，我們將運用技術、流程創新和規模經濟，創造卓越的客戶體驗，並隨著時間的推移提升運營槓桿和可觀的現金流；第四，我們始終優先考慮長期現金流的增長；第五，我們嚴格將營運槓桿和可觀的現金流；第四，我們始終優先考慮長期現金流的增長；第五，我們嚴格將營運槓桿和可觀的現金流；第四，我們始終優先考慮長期現金流的增長資本；我們從小額投資開始，然後進行嚴格的測試和迭代。隨著時間的推移，我們會增加對具有最佳長期現金流潛力的投資機會的投入。

In closing, I want to thank our employees for their dedication in executing on these tenants even during some of the most trying times in recent history. It would have been easy for the team to make a trade-off between customer experience and operational discipline to choose one and give up the other. Despite the unprecedented challenges of the last few years, our teams refused to compromise on customer experience and focused relentlessly on strong execution to delight customers and drive operational excellence. Gaurav and I are honored to represent such an amazing team, and we're excited to work together to continue to break trade-offs and deliver even greater moments of WOW for our customers in the years to come.

最後，我要感謝我們的員工，感謝他們在近年來最艱難的時期，依然兢兢業業地貫徹執行這些原則。團隊完全可以在客戶體驗和營運規範之間做出取捨，二選一。儘管過去幾年面臨前所未有的挑戰，我們的團隊始終堅持客戶體驗至上，不懈努力，力求卓越執行，讓客戶滿意，並推動營運效率的提升。我和Gaurav很榮幸能代表這樣優秀的團隊，我們期待與大家攜手合作，在未來的歲月裡，繼續打破取捨的桎梏，為顧客帶來更多驚喜體驗。

Now I'll turn the call over to Gaurav to review the financials in more detail.

現在我將把電話交給 Gaurav，讓他更詳細地分析一下財務狀況。

Thanks, Bom.

謝謝，Bom。

Our demand continues to remain strong despite the post-COVID reopening impacts seen here in Korea. Our total net revenue grew 12% year-over-year on a reported basis or 27% in constant currency. Quarter-over-quarter, we grew minus 1.5% on a reported basis or 3.1% in constant currency. Our Active Customers grew 5% year-over-year but declined quarter-over-quarter by 1%. While Active Customers and Product Commerce increased both year-over-year and quarter-over-quarter, Active Customers in our Eats offering declined due in part to a minus 11% contraction quarter-over-quarter in the overall online food delivery segment after the loosening of COVID restrictions.

儘管韓國在疫情後重新開放階段受到了一定影響，但我們的需求仍然強勁。以報告匯率計算，我們的總淨收入年增12%，以固定匯率計算成長27%。以報告匯率計算，我們季減1.5%，以固定匯率計算下降3.1%。我們的活躍用戶較去年同期成長5%，但較上季下降1%。雖然活躍用戶和產品交易額均較去年同期成長且較上季成長，但我們的外送業務活躍用戶有所下降，部分原因是疫情限制措施放寬後，整個線上食品配送市場較上季下降11%。

As Bom noted, we continue to see strong growth in our net revenue per Active Customer, increasing 20% year-over-year on a constant-currency basis as our customers continue to deepen their engagement with our services. Q2 marked another record quarter with gross profit of $1.2 billion representing 75% year-over-year improvement or 41%, excluding the impact of the FC Fire in 2021. Our gross profit margin was 22.9% or 250 bps quarter-over-quarter improvement. This improvement is a continuation of the drivers that we saw earlier in Q1 this year, benefits from investment in technology, infrastructure, automation, supply chain optimization and scaling margin-accretive offerings, including advertising.

正如Bom所指出的，隨著客戶對我們服務的持續深入使用，我們的每位活躍客戶的淨收入繼續保持強勁增長，按固定匯率計算同比增長20%。第二季再次創下業績新高，毛利達12億美元，年增75%，若不計入2021年FC火災的影響，則較去年同期成長41%。我們的毛利率為22.9%，季增250個基點。這一成長延續了我們在今年第一季初看到的成長動力，得益於我們在技術、基礎設施、自動化、供應鏈優化以及擴大包括廣告在內的利潤成長型產品規模方面的投資。

And for the first time as a public company, we reached positive adjusted EBITDA for the total company with $66 million in adjusted EBITDA for Q2. This represents $157 million quarter-over-quarter improvement that follows a $194 million quarter-over-quarter improvement in the prior quarter. Over the past 2 quarters, we have given a total improvement of over $350 million, a reflection of our disciplined execution across our business.

作為一家上市公司，我們首次實現了公司整體調整後 EBITDA 為正值，第二季調整後 EBITDA 為 6,600 萬美元。這比上一季增長了 1.57 億美元，而上一季環比增長了 1.94 億美元。過去兩個季度，我們累計實現了超過 3.5 億美元的成長，這體現了我們業務各個環節的嚴謹執行。

We provided guidance at the beginning of the year that we expected adjusted EBITDA losses to be below $400 million for full year 2022. We are now raising that guidance to achieve positive adjusted EBITDA for the full year.

年初我們曾預測，2022年全年調整後EBITDA虧損將低於4億美元。現在我們上調了這個預期，力爭實現全年調整後EBITDA為正。

While we are encouraged by the ramp in profitability that we have been able to achieve over the last 2 quarters, the rate of improvement going forward will be a bit uneven quarter-to-quarter due to cadence and sequencing of optimization efforts, variances and investments and some seasonality impacts among other factors. As we stated at the beginning of the year, forecasting revenue growth this year with the reopening of the market after COVID remains challenging. However, as Bom noted, we are confident that we will continue the trend of growing significantly faster than the overall Korean e-commerce segment.

儘管我們對過去兩個季度盈利能力的提升感到鼓舞，但由於優化工作的節奏和順序、各種差異和投資以及一些季節性因素的影響，未來幾季的提升速度可能會略有波動。正如我們在年初所說，隨著新冠疫情后市場重新開放，預測今年的收入成長仍然充滿挑戰。然而，正如Bom所指出的，我們有信心繼續保持遠超過韓國整體電商產業成長速度的趨勢。

Overall, we are pleased with our results this quarter. We believe that our position and customer value proposition will continue to drive significant revenue expansion as well as increase our operating leverage. In light of our performance to date, we are more convinced than ever of our potential to generate long-term 7% to 10% or greater adjusted EBITDA margins.

總體而言，我們對本季的業績感到滿意。我們相信，憑藉我們的市場地位和客戶價值主張，我們將繼續推動收入顯著成長，並提升營運槓桿。鑑於我們迄今為止的業績表現，我們比以往任何時候都更加確信，我們有潛力實現長期7%至10%甚至更高的調整後EBITDA利潤率。

Operator, we are now ready to begin the Q&A.

操作員，我們現在可以開始問答環節了。

(Operator Instructions) Your first question comes from the line of Stanley Yang with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Stanley Yang。

Congratulations. I have 2 questions. First question on your adjusted EBITDA in the second quarter, the Q-o-Q improvement has been dramatic, more than USD 150 million. Can you break down the driver of this EBITDA improvement by segments or by products? And my second -- and the other follow up question is actually, when do you expect the free cash flow turning positive?

恭喜！我有兩個問題。第一個問題是關於您第二季的調整後 EBITDA，環比成長非常顯著，超過 1.5 億美元。您能否依業務部門或產品細分 EBITDA 成長的驅動因素？我的第二個問題——實際上是後續問題——是，您預計自由現金流何時轉正？

And my next question is what's your outlook for the fulfillment capacity growth and utilization? In the wake of the e-commerce market growth deceleration this year, do you have any plan to incrementally strengthen 3P (inaudible) service jet delivery. What's your expectation on your jet delivery volume growth this year and next year? Do you see the potential take-up of the jet delivery as margin equity?

我的下一個問題是，您對物流產能成長和利用率有何展望？鑑於今年電子商務市場成長放緩，您是否有任何計劃逐步加強第三方（聽不清楚）服務噴射機配送？您對今年和明年的噴射機配送量成長有何預期？您認為噴射機配送的潛在應用能否轉化為利潤？

Hi, Stanley, thank you for the questions. So first on the drivers of the adjusted EBITDA improvement. And most of the impact came from continuous improvement programs that we also mentioned last quarter and many of which were launched before 2022. The main drivers were improvements in technology, infrastructure, automation, supply chain optimization and the continued growth of various offerings like advertising. I think what hopefully is becoming more clear is that COVID last year really obscured the underlying strength of our business, some of which we are now seeing more clearly. It's hard to overstate the unprecedented pressure and problems we faced during the pandemic and how hard the team worked to get through that period to where we are now.

史丹利，你好，感謝你的提問。首先，關於調整後 EBITDA 改善的驅動因素。大部分影響來自我們上個季度提到的持續改進項目，其中許多項目在 2022 年之前就已經啟動。主要驅動因素包括技術、基礎設施、自動化、供應鏈優化的改進，以及廣告等各項業務的持續成長。我認為，現在越來越明顯的是，去年的 COVID-19 疫情確實掩蓋了我們業務的潛在優勢，而我們現在對其中一些優勢的認識更加清晰了。疫情期間我們面臨的壓力和挑戰前所未有，團隊為了渡過難關、取得今天的成就付出了巨大的努力，這一點怎麼強調都不為過。

We have operational initiatives underway targeting significant margin improvement ahead. And we do expect benefits to continue to come from greater economies of scale, improved operational excellence, and the growth of higher-margin categories and services. But as we've stressed, the rate of improvement will not be consistent as a result of the efforts will materialize unevenly.

我們正在推行一系列營運舉措，旨在大幅提升未來的利潤率。我們預計，規模經濟效益的提升、營運效率的提高以及高利潤率品類和服務的成長將持續帶來收益。但正如我們先前強調的，由於各項舉措的成效不均衡，利潤率的提升速度不會始終如一。

There are also some pressures from inflation, including higher fuel costs. Of course, our teams are focused on generating operational efficiencies to mitigate it, but there are some short-term disruptions and -- that we should highlight. But we remain confident in our ability to achieve the long-term targets of 7% to 10% or higher adjusted EBITDA for the overall business in the long term.

通貨膨脹也帶來了一些壓力，包括燃油成本上漲。當然，我們的團隊正致力於提高營運效率以緩解這些壓力，但短期內仍存在一些幹擾——這一點我們必須強調。不過，我們仍有信心實現長期目標，即整體業務調整後 EBITDA 成長 7% 至 10% 或更高。

We continue to invest in our FLC. As you mentioned, there are -- FLC timeline isn't dictated by macro trends. It's really driven mostly by our internal execution. We're continuing to see a very positive response from our customers and merchants, which has reinforced our belief that FLC will create tremendous value for both customers and merchants. But there is a lead time to build the technology and infrastructure to scale FLC, and we continue to test and iterate and refine processes. It's still very early, but our confidence is growing that FLC will be a meaningful driver of growth and margin in the long run. We look forward to sharing more data points, Stanley, at the right time.

我們持續投資於FLC。正如您所說，FLC的進度並非受宏觀趨勢左右，而是主要取決於我們內部的執行情況。我們不斷收到客戶和商家的正面回饋，這更加堅定了我們對FLC將為客戶和商家創造巨大價值的信念。但建置FLC所需的技術和基礎設施需要一定的時間，我們也在不斷測試、迭代和改進流程。目前仍處於早期階段，但我們越來越有信心，FLC將在長期內成為推動成長和利潤的重要動力。史丹利，我們期待在合適的時機與您分享更多數據。

Stanley, on the FCF question, we have not given guidance on it, but of course, we continue to work towards it.

史丹利，關於自由現金流問題，我們還沒有給出相關指導，但當然，我們會繼續朝著這個方向努力。

Your next question comes from the line of Eric Cha with Goldman Sachs.

你的下一個問題來自高盛的 Eric Cha。

And myself as well, congrats on the great set of results. I have two questions, if I may. So around Eats, it's obviously been impacted by the slowdown of the industry, but there also seems to be a bit of a idiosyncratic issues as well if I call it -- if I can call it an issue. But in what ways do you plan to rationalize the unit economics on that business going forward? And at the same time, how do you balance your sort of plans to gain market share as well? That's the first question.

我也要祝賀你們取得如此優異的成績。如果可以的話，我有兩個問題。關於外送業務，顯然受到了行業整體放緩的影響，但似乎也存在一些特殊情況——如果我能稱之為問題的話。你們計劃如何優化這項業務的單位經濟效益？同時，你們又將如何平衡拓展市場佔有率的計畫？這是第一個問題。

My second question is another question on FLC, actually. So more around the strategy. So how do you plan to acquire the big 3P merchants or migrate the current 3P players to migrate to the FLC. What would motivate them to do that? And how will FLC impact Coupang's profitability?

我的第二個問題其實也是關於FLC的，比較著重在策略方面。你們打算如何取得大型第三方商家，或如何引導現有第三方商家遷移到FLC平台？什麼因素會促使他們這麼做？ FLC又將如何影響Coupang的獲利能力？

So Eric, on FLC, as I mentioned, it's still very early. We're still testing, iterating, we're building tools and the infrastructure to scale. The intent here is to share the value that -- and the growth that Rocket generates with our merchants. And of course, for our customers as well, we're expanding exponentially the value of Rocket Delivery to many, many more products and selections that are provided by merchants in the broader market. So we're excited about the value that we can create for both customers and merchants by sharing Rocket Delivery's value with 3P merchants. But it's still very early. And I think as we mentioned in Q1 towards the back half of this year, we look forward to sharing more data points.

艾瑞克，關於FLC，正如我之前提到的，目前還處於非常早期的階段。我們仍在進行測試、迭代，並建立可擴展的工具和基礎設施。我們的目標是與商家分享Rocket Delivery帶來的價值和成長。當然，對於我們的客戶而言，我們也正在以指數級速度擴展Rocket Delivery的價值，使其涵蓋更廣泛市場中商家提供的更多產品和選擇。因此，我們很高興能夠透過與第三方商家分享Rocket Delivery的價值，為客戶和商家創造價值。但這仍然處於非常早期的階段。正如我們在今年下半年第一季提到的那樣，我們期待分享更多的數據。

On your question on Eats, you're right that we were affected by the negative 11% quarter-over-quarter slowdown in the overall food delivery sector. But we saw a significant improvement in Eats profitability in Q2 due to our focus on improving operational efficiencies.

關於您提出的Eats業務問題，您說得對，我們確實受到了外賣行業整體環比下滑11%的影響。但由於我們專注於提升營運效率，Eats業務在第二季的獲利能力顯著提高。

This quarter, we're also exploring synergies between Eats and other offerings in our ecosystem to expand value for customers and improve efficiency before the next phase of expansion. And it's important to highlight that long term, we remain very excited about Eats potential. And we believe it will be a valuable and profitable offering in our ecosystem that generates synergies with other offerings and expands the value proposition for our customers in the ecosystem.

本季度，我們也正在探索 Eats 與我們生態系統中其他產品之間的協同效應，以期在下一階段擴張之前提升客戶價值並提高效率。值得強調的是，我們對 Eats 的長期潛力依然充滿信心。我們相信，它將成為我們生態系統中一項極具價值且獲利的產品，與其他產品產生協同效應，並提升我們生態系統中顧客的價值主張。

Your next question comes from the line of Seyon Park with Morgan Stanley.

你的下一個問題來自 Seyon Park 與摩根士丹利的合作。

I think the results were actually very encouraging. Given the focus on the investors' focus really on margins, I was just wondering whether you can provide a little bit more color on where you have seen the biggest gains in terms of gross profit margin improvement for the Product Commerce segment, particularly, would there -- could you say that in terms of the utilization of your delivery capacity a higher utilization is a key reason for the improvements? And I guess along those lines, how much of improvement do you foresee kind of going through the remaining 2 quarters of the year? Has the low-hanging fruit been taken? And does that make the slope a little bit more difficult in the second half along with the impact of inflation and the slowing market overall? Or do you still think that there is still a lot of room for these efficiency gains to continue? That's my first question.

我認為結果確實非常令人鼓舞。鑑於投資人非常關注利潤率，我想請您詳細說明一下，在產品電商業務板塊，毛利率提升最顯著的領域是哪些？特別是，您能否指出，更高的產能利用率是利潤率提升的關鍵因素？另外，您預計今年剩餘兩季還能達到多大的提升？是否已經實現了最容易實現的提升？通膨和整體市場放緩是否會使下半年的提升更加困難？或者您仍然認為效率提升的空間很大？這是我的第一個問題。

Second question, I think just given the other analysts have already asked on Eats, so I'd like to ask just on the strategic direction for Coupang Play. Just the function of Coupang Play and just given some of the content investments that Coupang has been doing recently, obviously, that's, it's a negative in terms of near-term margins. But I was just trying to see whether you had other ways you were thinking of monetizing this service over the longer term.

第二個問題，鑑於其他分析師已經問過關於Eats的問題了，我想就Coupang Play的策略方向再問一次。 Coupang Play的功能，以及Coupang最近在內容方面的一些投入，顯然會對短期利潤率產生負面影響。但我只是想了解一下，你們是否考慮過其他方式來實現這項服務的長期盈利。

So there's many parts to unpack there, but let me start with the Product Commerce with the overall margin improvement. I think this also touches on a question, maybe I can go a little bit deeper that Stanley mentioned. We have -- when you talk about which segment it came -- the margin improvements were driven in, we have a structural advantage in the network and infrastructure that we've built in the sense that we -- the scale advantages that are driven in one category benefits the economies of the other. So for example, our structural advantage in fresh of combining fresh and general merchandise on the same logistics infrastructure allows us to provide customers not only with the best experience and delivery within hours but also the lowest cost structure that enables us to provide free shipping and low prices.

所以這裡面有很多方面需要分析，但我先從產品商務和整體利潤率的提升說起。我認為這也牽涉到史丹利提到的一個問題，或許我可以更深入地探討一下。說到利潤率的提升來自哪個細分市場，我們擁有結構性優勢，這體現在我們建構的網路和基礎設施。也就是說，一個品類的規模優勢能夠惠及其他品類的經濟效益。例如，我們在生鮮品領域的結構性優勢在於，我們將生鮮和一般商品整合到同一物流基礎設施中，這不僅使我們能夠為客戶提供最佳體驗和數小時內送達服務，還能提供最低的成本結構，從而實現免運費和低價。

You'll continue to see that with economies -- generate greater economies of scale, improved operational excellence across multiple segments for that reason. And of course, our margin expansion is aided by the growth of higher-margin categories and services. Much of our growth ahead is concentrated in services and offerings that are higher margin. So the acceleration of our flywheel, we believe should also, over the long term, drive margin expansion as well. So we're very confident that there's a lot of room for margin expansion over the long term that, and we remain more confident than ever in our ability to achieve the 7% to 10% or greater EBITDA margins in the long term. However, in the short term, as you mentioned, there are disruptions like inflation, that have led to higher fuel costs among other things. And we continue to work through them. We were net positive this past quarter because of our team's ability to mitigate much of that impact, but that continues to remain a short-term headwind going forward.

您將會看到，隨著規模經濟的不斷擴大，多個業務板塊的營運效率也將因此提升。當然，高利潤率類別和服務的成長也助力了我們利潤率的提升。我們未來的成長主要集中在高利潤率的服務和產品。因此，我們相信，從長遠來看，我們飛輪效應的加速也將推動利潤率的提升。我們非常有信心，長期來看利潤率還有很大的提升空間，而且我們比以往任何時候都更有信心實現長期7%至10%甚至更高的EBITDA利潤率。然而，正如您所提到的，短期內會受到通貨膨脹等因素的影響，導致燃油成本上漲等問題。我們正在努力應對這些問題。由於團隊有效地緩解了大部分影響，我們在上個季度實現了淨盈利，但這仍然是未來短期內的不利因素。

On Eats, I think we continue to remain focused on making the structural improvements. As you mentioned, there are synergies across that we believe we can capture, both in creating structural efficiency -- both in creating operating efficiency as well as the monetization across offerings in our entire ecosystem, but we will again update you as we make more progress on that front.

關於 Eats，我認為我們仍將專注於結構性改進。正如您所提到的，我們相信可以充分利用各個環節的綜效，從而提高結構效率、營運效率以及整個生態系內各項產品的獲利能力。但我們會隨著這方面取得更多進展而及時向您報告。

On Play, long term, we believe, Play's an exciting opportunity to enhance [WOW] membership experience and capture spend currently not included in the $290 billion e-commerce opportunity in 2025.

從長遠來看，我們相信 Play 是一個令人興奮的機會，可以提升 [WOW] 會員體驗，並抓住目前尚未計入 2025 年 2900 億美元電子商務機會的消費。

Much of our Developing Offerings' investment is in initiatives that allow us to expand the TAM beyond the $290 billion e-commerce opportunity over the next 3 years. And we'll continue to invest in a disciplined way in those offerings in keeping with our operating principles.

我們「新興產品」部門的大部分投資都用於旨在未來三年內將潛在市場規模（TAM）拓展至2,900億美元電子商務市場之外的各項舉措。我們將繼續秉持營運原則，以嚴謹的方式投資於這些產品。

Our next question comes from James Lee with Mizuho Securities.

下一個問題來自瑞穗證券的 James Lee。

I have two here. First, on demand on by categories here. In the U.S., we're seeing essential product outperforming, discretionary items due to inflationary pressure and mix shift to services. I'm just curious that you're seeing a similar trend in Korea. And also help us understand what the trends look like in 3Q so far in July?

我這裡有兩個問題。首先，以類別來看，在美國，由於通膨壓力和服務業的消費結構轉變，必需品表現優於非必需品。我很好奇你們在韓國是否也觀察到了類似的趨勢。另外，能否幫我們分析一下截至7月的第三季趨勢？

And second question is on FY '22 EBITDA guidance. Now how should we think about the EBITDA for Developing Offering. Previously, you said you plan to lose about $200 million. Just curious what's your thinking there for FY '22 now.

第二個問題是關於2022財政年度的EBITDA預期。我們該如何看待開發業務的EBITDA？您之前說過預計虧損約2億美元。現在您對2022財年的看法如何？

On your first question, as we noted earlier, our revenue per Active Customers grew on a constant currency basis, 20% year-over-year and continues -- customer spend continues to compound at a fast rate because we are seeing growth and strong adoption across many categories and offerings. We are still very early in our journey. And we represent -- we're only in the single-digit share of the overall commerce market. We continue to see customers expand their spend into newer categories from our older categories. Customers want selection, low prices and fast delivery for all categories. And we've yet to find an exception to that truth. So we're seeing broad growth across multiple categories. I think that was your first question.

關於您的第一個問題，正如我們之前提到的，以固定匯率計算，我們的每位活躍客戶的收入同比增長了20%，並且這一增長勢頭仍在持續——客戶支出持續快速增長，因為我們看到許多品類和產品都實現了增長，並且用戶採納率也很高。我們目前仍處於發展初期，在整個電商市場中僅佔個位數份額。我們看到客戶不斷將消費從原有品類擴展到新的品類。顧客希望所有品類都能提供豐富的選擇、低廉的價格和快速的配送服務。我們至今尚未發現任何例外。因此，我們看到多個品類都實現了全面成長。我想這就是您的第一個問題。

And on your second question (inaudible) the $200 million investment in Developing Offerings, we continue to invest, as I mentioned, in long-term opportunities that may not yield revenue growth in the short term because we're excited about the opportunity to capture spend in fintech and video and international, for example. That help us expand the TAM over the long term. And we'll continue to do that and test and iterate investment. We're confident in the ability to generate long-term cash flows, we continue to be disciplined on that front.

關於您的第二個問題（聽不清楚），即對產品開發投入的2億美元，正如我之前提到的，我們將繼續投資於一些短期內可能不會帶來營收成長的長期機遇，因為我們對在金融科技、視訊和國際市場等領域抓住消費機會充滿信心。這有助於我們長期擴大市場規模。我們將繼續這樣做，並不斷測試和迭代投資策略。我們對創造長期現金流的能力充滿信心，並將繼續在這方面保持謹慎。

Great. So Bom, if I can ask you a follow-up question, more about your investment philosophy. Given the fact that you guys have done a great job becoming more efficient. So how should we think about your approach in terms of balancing growth and profitability going forward, and especially in Developing offering, right, what indicators do you need to see to double down the investments? And what do you need to see to really back off continuously to reduce losses?

好的。 Bom，我可以再問你一個後續問題嗎？我想更深入了解你的投資理念。鑑於你們在提高效率方面做得非常出色，那麼我們該如何看待你們在未來平衡成長和獲利能力的方法呢？尤其是在產品開發方面，你們需要看到哪些指標才會加強投資力道？又需要看到哪些指標才會持續減持以減少損失？

One thing I should really -- one thing that I should point out and I hope is clear is these improvements you're seeing was not created over 1 quarter. Many of these programs that are driving this impact today that are materializing in the numbers today were made over many, many quarters and sometimes over many years. The continuous improvement programs that drove our -- very much of the impact that will continue to drive much of the impact going forward were started before this year.

我必須強調一點，希望這一點大家明白：你們看到的這些進步並非一個季度就能實現的。許多如今在數據上體現出顯著成效的項目，都是經過多個季度甚至數年才得以實施的。那些持續改進的項目——這些項目不僅推動了我們所取得的許多成果，而且在未來也將繼續產生巨大的影響——早在今年之前就已經啟動了。

And it was -- as I mentioned in earlier calls, COVID last year obscured a lot of the underlying improvements and strength. And we had -- our business went from -- our business tripled from 2019 to 2021 while COVID presented unprecedented challenges to our operations. And we had -- I cannot overstate how -- what an incredible job the team did not only this past couple of quarters but throughout the couple of years of the pandemic when we had to -- when we refused to compromise on customer experience and continued to make progress on the underlying structural -- the underlying operational excellence. And so I hope that's clear. And I hope we don't misinterpret these results as the output of a few months. And we -- that operational excellence is a part of our DNA.

正如我在之前的電話會議中提到的，去年的新冠疫情掩蓋了許多潛在的進步和優勢。我們的業務在2019年至2021年間成長了兩倍，而新冠疫情也為我們的營運帶來了前所未有的挑戰。我必須強調，我們的團隊在過去幾季以及疫情期間的兩年都做得非常出色。我們始終堅持客戶體驗，並不斷提升營運效率，這是一項了不起的成就。我希望這一點大家能夠理解。也希望大家不要誤解這些業績只是幾個月的成果。卓越營運已經融入了我們的基因。

As we mentioned in our principles that we shared not this year, but over a year ago, shortly after IPO, we are disciplined. We test, we iterate. And when we see our hypothesis confirmed and we have more confidence in long-term cash flow generation, we invest more. When we don't, we cap the budget. And that's the same approach you'll see as we invest in Developing Offerings that will -- that have the potential to yield a lot of impact to the business that drive meaningful growth and meaningful profits for us in the long term.

正如我們一年多前，也就是IPO後不久，在分享的原則中提到的那樣，我們秉持嚴謹的原則。我們不斷測試、迭代。當我們的假設得到證實，並且對長期現金流的產生更有信心時，我們會增加投資。反之，我們會控制預算。在投資開發那些有望對業務產生重大影響、並能長期為我們帶來顯著成長和利潤的產品和服務時，您將會看到相同的策略。

Your next question comes from the line of Susie Lee with Bank of America.

你的下一個問題來自美國銀行的 Susie Lee。

I have two quick questions. First, I would really love to get your thoughts on big macro, big picture and consumer spending trend. So it seems like investors around the world seem to worry about potential recession and recent inflation may lead to consumer wallet shrinking and also edge budget decline. So in the past couple of months, have you witnessed any changes in the behavior of your customers or advertisers, like customers, even the moderate things like they seem to prefer cheaper products or any signals that the basket size declines? Or for the advertisers, they become more prudent and they seem to delay the advertising towards the end of this year or even next year. So that would be my first question.

我有兩個問題想請教一下。首先，我想了解您對宏觀經濟狀況和消費者支出趨勢的看法。目前看來，全球投資人似乎都在擔憂潛在的經濟衰退，而近期的通貨膨脹也可能導致消費者錢包縮水，預算減少。那麼，在過去的幾個月裡，您是否觀察到客戶或廣告商的行為發生了任何變化？例如，客戶是否更傾向於購買價格較低的產品，或者購物籃的金額是否有所下降？廣告商是否變得更加謹慎，將廣告投放推遲到今年年底甚至明年？這是我的第一個問題。

And then the second thing is I think James also asked about this, if possible, any chance, could you help us understand the latest trend in your revenue growth in July and early August?

其次，我想詹姆斯也問過這個問題，如果可以的話，您能否幫助我們了解一下貴公司在 7 月和 8 月初的收入增長最新趨勢？

As I noted -- as we've mentioned, there are unpredictable variables in the near term and growth remains difficult to forecast but we're very confident that in any scenario, we'll continue to grow significantly faster than the overall e-commerce sector. And as you can see, the revenue per Active Customer growth highlights how fast customer spend is compounding. That's happening because of strong adoption across many categories and offerings. So we are -- advertising continues to grow fast.

正如我之前提到的——正如我們之前所說，短期內存在許多不可預測的因素，成長仍然難以預測，但我們非常有信心，無論在何種情況下，我們的成長速度都將持續顯著高於整個電子商務產業。如您所見，每位活躍客戶的收入成長突顯了客戶支出快速成長的趨勢。這得益於眾多品類和產品的強勁成長。因此，我們的廣告業務也將持續保持高速成長。

But on both trajectories, we are still very early, far from where we want to be. So I don't think there's -- we see a general trend -- long-term trend that we're very encouraged by, but the short-term variables make it very difficult to forecast. And I think we'll -- as we've mentioned before, this year especially, we'll refrain from making forecasts on short-term growth.

但無論從哪個方向來看，我們都還處於非常早期的階段，距離目標還很遠。所以我認為，我們目前還沒有看到什麼令人鼓舞的長期趨勢，但短期變數使得預測變得非常困難。而且我認為，正如我們之前提到的，尤其是在今年，我們將避免對短期成長做出預測。

And we will now take our last question from the line of Peter Milliken with Deutsche Bank.

現在，我們將回答來自德意志銀行的彼得·米利肯提出的最後一個問題。

Great results. Really nice to see EBITDA profit. And my question really is, how did you feel about improving quarter-on-quarter so much. Would you attribute that more to COVID costs coming out and efficiency costs being driven or through margins being higher either through this positive mix shift that you talk about or even pricing in higher pricing per item?

業績很棒，EBITDA利潤成長令人欣喜。我的問題是，您對環比業績如此大幅提升有何感想？您認為這主要歸功於新冠疫情相關成本的下降和效率提升，還是利潤率的提高（例如您提到的產品組合的積極轉變，或單價上漲）？

There were no price increases. Our pricing strategy, policies and implementation are unchanged. And as we mentioned, in fact, we increased our investments in benefits for our customers in free services and exclusive discounts for [line] members by over 50% to a record $500 million in Q2 alone. So -- and we continue to invest not only in the low prices in fast delivery and richer experiences but also in new benefits and services and offerings for the long term, like the ones we highlighted in Developing Offerings.

價格沒有上漲。我們的定價策略、政策和執行方式均保持不變。正如我們之前提到的，事實上，我們增加了對客戶福利的投資，包括免費服務和會員專屬折扣，僅第二季度就達到了創紀錄的5億美元，增幅超過50%。因此，我們不僅會繼續投資於低價、快速交付和更豐富的體驗，還會繼續投資於新的福利、服務和產品，以期實現長期發展，例如我們在「產品開發」部分重點介紹的內容。

And as I've repeated, these efforts were not the results -- these results were not produced by efforts in just 1 quarter. Our improvements around process technology, supply chain optimization, automation, infrastructure -- we're driven by continuous improvement programs that preceded -- many of which preceded this year. Now some of those efforts did accelerate as we directed more resources towards them, resources that have been previously tied up in response to pandemic-related challenges, but it's not a single short-term variable that drove this broad-based improvement in margin.

正如我一再強調的，這些努力並非最終結果——這些成果並非僅憑一個季度的努力就能取得。我們在流程技術、供應鏈優化、自動化和基礎設施方面的改進，都得益於先前持續進行的改進項目——其中許多項目甚至早於今年。誠然，隨著我們投入更多資源（這些資源先前主要用於應對疫情帶來的挑戰），部分改進工作確實加速推進，但利潤率的全面提升並非源自於單一的短期因素。

Got it. Okay. And while I have you on the line, could you maybe perhaps give us your views on the competitive space that we have now? We've seen a lot of investment going to your competitors or at least plan to over the last year. With the post-COVID slowdown, do you see that continuing or any sign of change?

明白了。好的。既然您在線，能否請您談談對當前競爭格局的看法？過去一年，我們看到很多投資流向了您的競爭對手，或者至少他們計劃這樣做。隨著新冠疫情後的經濟放緩，您認為這種情況會持續下去嗎？或會有改變的跡象嗎？

I think we can say that more so that at any point in our history, the core drivers of our business are unaffected by competition. Our share of product e-commerce growth has increased every quarter since IPO, including this past Q2. And that acceleration is the result of our investments, our innovation to provide customer value. A relentless focus on customer value and operational excellence. And that's where we're spending all of our time and energy. And I think we're more confident than ever in our ability to deliver for customers and unaffected by competition, more so than at any point in our history.

我認為我們可以更肯定地說，在我們公司發展歷程的任何階段，我們業務的核心驅動力都未受到競爭的影響。自IPO以來，我們的產品電商成長份額每季都在提升，包括剛剛過去的第二季。這種加速成長源自於我們的投資和創新，旨在為客戶創造價值。我們始終堅持以客戶價值和卓越營運為核心，並將所有時間和精力投入其中。我認為，我們比以往任何時候都更有信心為客戶提供服務，並且不受競爭的影響，這在我們公司歷史上從未有過。

And ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您可以掛斷電話了。