Coupang Inc (CPNG) 2022 Q3 法說會逐字稿

Good afternoon. My name is Paula, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Coupang Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

午安.我叫 Paula，今天我將擔任各位的會議主持人。現在，我歡迎大家參加 Coupang 2022 年第三季業績電話會議。 （接線生指示）

Now I would like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.

現在我想把電話轉給投資人關係副總裁麥克帕克。您可以開始會議了。

Thanks, operator. Welcome, everyone, to Coupang's Third Quarter 2022 Earnings Conference Call. 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。歡迎大家參加Coupang 2022年第三季財報電話會議。我很高興今天能與我們的創辦人兼執行長Bom Kim和財務長Gaurav Anand一起參加電話會議。

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, actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

以下討論（包括對您問題的回應）僅反映截至今日管理層的觀點。除法律要求外，我們不承擔更新或修改此資訊的任何義務。今天電話會議上的某些陳述包含前瞻性陳述，實際結果可能與預期有重大差異。有關可能影響我們財務業績的因素的更多信息，請參閱今天的新聞稿以及我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表格年度報告及後續文件。

During today's call, we may present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including reconciliations of these 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.

在今天的電話會議上，我們可能會同時公佈 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 指標的更多揭露，包括這些指標與最具可比性的 GAAP 指標的調整表，已包含在我們的收益報告和美國證券交易委員會 (SEC) 文件中，這些文件已發佈在公司投資者關係網站上。

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

現在，我將把電話轉給 Bom。

Thanks, everyone, for joining us today. I'm excited to share with you some highlights from our third quarter operating results.

感謝大家今天的參與。我很高興與大家分享我們第三季營運表現的一些亮點。

Revenues increased to $5.1 billion, growing 27% year-over-year on an FX-neutral basis and over 10% year-over-year on a U.S. dollar basis. This was driven by an increase in both active customers and revenue per active customer. We generated over $1.2 billion in gross profit, with a record 24.2% gross margin, representing over $3.4 billion in gross profit recorded year-to-date.

營收增至51億美元，剔除匯率因素，年增27%，以美元計算，年增超過10%。這得益於活躍客戶數量和每活躍客戶收入的成長。我們創造了超過12億美元的毛利，毛利率創歷史新高，達到24.2%，年初至今的毛利超過34億美元。

Our adjusted EBITDA was $195 million for the quarter at a 3.8% adjusted EBITDA margin. Our cumulative adjusted EBITDA year-to-date is positive $170 million. And in Q3, we achieved positive net income of $91 million for the consolidated business, improving $415 million year-over-year.

本季度，我們的調整後EBITDA為1.95億美元，調整後EBITDA利潤率為3.8%。年初至今，我們的累計調整後EBITDA為正1.7億美元。第三季度，我們的合併業務淨利為9,100萬美元，年增4.15億美元。

First, on Product Commerce; while the macro environment remains uncertain around the world, the Korean retail market in Q3 grew at a strong pace of 7% year-over-year. Even as the world reopens post-COVID, our growth has been resilient; our FX-neutral revenue recorded a robust 27% year-over-year growth. Our active customers for Product Commerce grew even faster than the 7% year-over-year active customer growth for the consolidated business. The spend of our customer cohorts, even our oldest, continues to compound at a fast rate, and that strong spend growth can be seen across all categories, even our most mature.

首先，關於產品商務：儘管全球宏觀環境依然充滿不確定性，但韓國零售市場在第三季實現了7%的強勁年成長。即使在新冠疫情後全球經濟重啟之際，我們的成長依然維持韌性；剔除匯率因素，我們的營收年增27%。產品商務的活躍客戶成長速度甚至超過了合併業務7%的年成長。即使是最老的客戶群，其支出也持續快速成長，而且強勁的支出成長在所有類別中都可見，即使是最成熟的類別。

We still don't know the entitlement spend of our customers in any category, much less in aggregate, in a total commerce market projected to exceed $600 billion by 2025. That momentum positions us well to support merchants, suppliers, and consumers to succeed in the current economic environment. Over 70% of our merchants are small-and-medium enterprises, or SMEs, with less than $2.5 million in annual revenues. Those merchants generated growth on Coupang that was multiples of the overall retail market. We believe we've become the #1 source of growth for our SMEs.

我們仍然不清楚客戶在任何類別的權益支出，更不用說總額了，因為預計到2025年，整個商業市場規模將超過6000億美元。這種勢頭使我們能夠在當前的經濟環境下，更好地支持商家、供應商和消費者取得成功。我們超過70%的商家是中小型企業（SME），年收入低於250萬美元。這些商家在Coupang平台上創造的成長是整個零售市場的數倍。我們相信，我們已經成為中小企業成長的首要來源。

Q3 marked the third quarter in a row of significant profitability improvement. While we continue to see positive impact from increasing economies of scale and margin-accretive offerings, most of the recent improvement has been the result of investments in technology, infrastructure, supply chain optimization, and process innovation, including automation.

第三季是公司獲利能力連續第三個季度顯著提升。雖然我們持續看到規模經濟效益和利潤加值產品帶來的正面影響，但近期獲利提升主要源自於公司在技術、基礎設施、供應鏈優化以及包括自動化在內的流程創新方面的投資。

For instance, typically inventory loss grows as you increase the breadth of selection in Fresh, especially across multiple regions. We set out to break this tradeoff and provide customers with the widest assortment of Fresh at the lowest cost. Our teams found ways to leverage machine learning, among other means, to better predict changes in customer demand by region and optimize inventory orders and placement. That was a key driver of the over 50% year-over-year reduction in Fresh inventory losses in Q3 alone. There are numerous such efforts across the company to improve efficiency, many of which have been ongoing for years.

例如，通常情況下，隨著生鮮產品選擇範圍的擴大，尤其是在跨區域銷售時，庫存損失也會隨之增加。我們致力於打破這種困境，以最低的成本為客戶提供最豐富的生鮮產品。我們的團隊找到了利用機器學習等多種手段來更好地預測各區域客戶需求變化並優化庫存訂單和佈局的方法。光是第三季度，這便是生鮮產品庫存損失年減超過50%的關鍵驅動因素。公司上下都在大力推行類似的效率提升舉措，其中許多舉措已持續多年。

The rate of improvement won't be consistent or as dramatic each quarter, but we're excited about the potential ahead. Above all, the results of the quarter reflect our accelerating flywheel that is powered by our relentless focus on customer experience and operational excellence. We obsess about how to make experiences richer and prices lower for our customers, and our unique e-commerce network's scale and design enable our superior customer service and efficiency.

每個季度的改進速度不會保持一致或顯著，但我們對未來的潛力充滿期待。最重要的是，本季的業績反映了我們持續加速的飛輪效應，這源自於我們對客戶體驗和卓越營運的不懈關注。我們專注於為客戶提供更豐富的體驗和更低的價格，而我們獨特的電商網路的規模和設計，則使我們擁有卓越的客戶服務和效率。

Over the past 7 years, we invested billions of dollars to build a network that integrated from inception fulfillment and last-mile logistics. Today, we have built the largest fulfillment infrastructure in the market. We also believe we have the largest last-mile network of directly employed drivers. And from order to delivery to returns, virtually every aspect of our customer experience is orchestrated by our technology. Our home-grown technology directs the movement of our goods and tens of thousands of drivers and staffers seamlessly across our integrated network of over 40 million square feet of infrastructure. Stacked side by side, that would be the equivalent of 500 soccer fields, or an area larger than that of Central Park in New York.

過去7年，我們投入數十億美元，打造了從初步履行到最後一哩物流的一體化網絡。如今，我們已建成了市場上最大的履行基礎設施。我們也相信，我們擁有規模最大的最後一哩直屬司機網絡。從訂單到配送再到退貨，幾乎客戶體驗的各個方面都由我們的技術精心策劃。我們自主研發的技術引導著我們的貨物以及數萬名駕駛和員工在我們超過4000萬平方英尺的基礎設施整合網路中無縫流動。如果將這些基礎設施並排堆疊起來，其面積相當於500個足球場，或比紐約中央公園的面積還要大。

That distinct integration of technology, fulfillment infrastructure, and last-mile logistics, allows us to break traditional tradeoffs between selection, service and price for our customers. Because of it, we are able to deliver millions of items via Dawn Delivery, ordered as late as midnight and arriving at the door before 7 AM, with unlimited free shipping. Because of it, our customers can leave items for return outside their door without the hassle of packaging it in a box or even printing a label. And because of it, we are able to eliminate box packaging for over 85% of our Rocket deliveries, as well as deliver most of our Fresh orders in Ecobags. that we pick up and reuse.

這種技術、配送基礎設施和最後一哩物流的獨特整合，使我們能夠打破客戶在選擇、服務和價格之間傳統的權衡。正因如此，我們得以透過Dawn Delivery遞送數百萬件商品，即使午夜下單，也能在早上7點前送達，並享有無限次免費送貨服務。正因如此，我們的客戶可以將商品放在門外退貨，無需費力包裝，甚至無需列印標籤。正因如此，我們能夠為超過85%的Rocket配送取消紙箱包裝，並將大部分生鮮訂單送至環保袋，這些環保袋可回收再利用。

Much of the efficiency gains we've captured are exclusive to a network of our design. We customize processes upstream to generate efficiencies downstream, and alter design downstream to optimize processes upstream. The integration also allows us to deliver Fresh products in the same last-mile trucks with our general merchandise deliveries, without a separate cold-chain delivery network. Boxless and ecobag deliveries make customer lives easier and drive significant reductions in packaging waste and the number of trips our trucks make to complete deliveries, which results in lower emissions.

我們實現的效率提升，很大一部分源自於我們自主設計的網路。我們客製化上游流程，以提高下游效率；調整下游設計，以優化上游流程。這種整合也使我們能夠使用同一輛卡車將生鮮產品與普通商品一起運送至最後一英里，而無需單獨的冷鏈配送網路。無箱配送和環保袋配送讓顧客的生活更加便捷，並顯著減少了包裝浪費和卡車完成配送的行程次數，從而降低了排放。

Our increasing scale will help us fulfill our potential, but we will also continue to invest in automation, including machine learning and robotics. This will make work even easier for our workers and prices even lower for our customers.

我們不斷擴大的規模將有助於我們充分發揮潛力，同時我們也將繼續投資自動化領域，包括機器學習和機器人技術。這將使我們的員工工作更加輕鬆，並為客戶提供更低的價格。

In addition to better service and low prices, we'll continue to expand both first-party and third-party selection for our customers. That includes new selection on Rocket enabled by Fulfillment & Logistics by Coupang, or FLC. FLC provides hundreds of thousands of merchants access to the speed, efficiency and convenience of Rocket delivery and returns.

除了提供更優質的服務和更低的價格外，我們還將繼續為客戶拓展自營和第三方平台的選擇。其中包括由 Coupang 的物流和配送服務（FLC）支援的 Rocket 平台的全新選擇。 FLC 讓數十萬商家能夠享受 Rocket 配送和退貨服務的速度、效率和便利性。

We're excited to share the benefits of billions of dollars of investment in infrastructure and technology with tens of thousands of small and medium enterprises, that have traditionally been excluded from shelves in offline stores. This will help them capture the growth and savings generated by our end-to-end integrated operations. In turn, they'll help customers gain access to even wider selection with the experience of Rocket, and build an even richer ecosystem that benefits both small businesses and customers alike.

我們很高興能與數以萬計的中小企業分享數十億美元基礎設施和技術投資的成果，這些企業過去一直被線下門市拒之門外。這將有助於他們抓住我們端到端一體化營運帶來的成長和成本節約。反過來，他們也能幫助客戶利用Rocket的體驗獲得更廣泛的選擇，並建構一個更豐富的生態系統，讓小型企業和客戶都能從中受益。

Finally, let me touch on Developing Offerings, where revenues increased 10% year-over-year on a constant currency basis, driven by our Eats offering. As we've stressed recently, our focus in Eats has been on creating a profitable foundation, and the dramatic improvements in economics over the last few quarters are reflected in the gross profit improvement of nearly $42 million year-over-year.

最後，我想談談發展中產品業務。受外送業務的推動，該業務的收入按固定匯率計算年增了10%。正如我們最近強調的那樣，外送業務的重點是打造獲利基礎，過去幾季經濟狀況的顯著改善體現在毛利同比增長近4200萬美元。

We are also excited by the Customer engagement that we're seeing in our initial efforts in Coupang Play, fintech, and international. We're in the very early stages of these offerings, but we believe they have the potential to expand the TAM for Coupang and extend our innovations to customers in new sectors and new markets. We'll continue to invest with discipline, in keeping with our operating tenets, starting with small investments, testing rigorously, and allocating more capital in opportunities that maximize our long-term cash flows. As you have seen with our execution in Product Commerce, we will be disciplined and long-term oriented in our investments in Developing Offerings.

我們也對在Coupang Play、金融科技和國際業務的初期努力中看到的客戶參與度感到興奮。這些產品尚處於起步階段，但我們相信它們有潛力擴大Coupang的TAM，並將我們的創新擴展到新產業和新市場的客戶。我們將繼續嚴格投資，秉承我們的營運宗旨，從小額投資開始，嚴格測試，並將更多資金投入到能夠最大化我們長期現金流的機會中。正如您在我們產品商務執行中所看到的，我們將在產品開發方面的投資中保持嚴謹並著眼於長遠。

Overall, the results of Q3 despite the challenging environment reflect the focused execution of our teams and the fruits of significant investment over many years. While we remain vigilant about the persistent short-term pressures in the macro environment, we also continue to be excited by the strong underlying trends that we are seeing in the business.

總體而言，儘管環境充滿挑戰，但第三季的業績反映了我們團隊專注的執行力以及多年來大量投資的成果。儘管我們對宏觀環境中持續存在的短期壓力保持警惕，但我們也對業務中強勁的潛在趨勢感到興奮。

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

現在，我將把電話轉給 Gaurav，讓他更詳細地審查財務狀況。

Thanks, Bom. As a reminder, we continue to look at our business through the perspectives of Product Commerce segment, representing our General Merchandise and Fresh offerings, and our Developing Offerings segment, which includes our investment in nascent initiatives like Eats, Play, Fintech and International.

謝謝，Bom。提醒一下，我們將繼續從產品商務部門（代表我們的日用百貨和生鮮產品）和發展中產品部門（包括我們對 Eats、Play、金融科技和國際等新興項目的投資）的角度來審視我們的業務。

Our teams have executed remarkably over the last 3 quarters, reaching notable milestones in each quarter. We hit positive adjusted EBITDA for Product Commerce in Q1, achieved positive adjusted EBITDA for the consolidated business in Q2, and delivered a positive net income of $91 million for the consolidated business in Q3. We are really proud of our teams and their execution.

我們的團隊在過去三個季度表現卓越，每個季度都取得了顯著的里程碑。第一季度，產品商務部門的調整後息稅折舊攤銷前利潤（EBITDA）達到正值，第二季合併業務的調整後息稅折舊攤銷前利潤（EBITDA）也達到正值，第三季合併業務的淨利潤達到9,100萬美元。我們為我們的團隊及其出色的執行力感到無比自豪。

At the start of the year, we provided guidance for 2022 that we expected to achieve adjusted EBITDA of minus $400 million for the total company for the full year, and that our Product Commerce segment would be profitable by Q4 of this year. As of Q3, our adjusted EBITDA YTD for the entire business is over $170 million. We continued to see strong demand again this quarter. Our total net revenue grew 10% year-over-year on a reported basis, or 27% year-over-year and 8% quarter-over-quarter in constant currency. And more importantly, we continued the trend of growing at a multiple of the eCommerce segment growth.

年初，我們曾為2022年提供業績指引，預計公司全年調整後EBITDA將為負4億美元，而我們的產品商務部門將在今年第四季獲利。截至第三季度，我們整個業務的調整後EBITDA（年初至今）已超過1.7億美元。本季我們再次看到了強勁的需求。我們的總淨收入按報告口徑年增10%，以固定匯率計算年增27%，較上季成長8%。更重要的是，我們持續維持電商部門倍數級的成長趨勢。

Our topline growth was driven by both strong customer adoption and deeper penetration with existing customers. Active customers grew 7% year-over-year. The active customers in Product Commerce grew even faster. Our net revenue per active customer increased 19% year-over-year and 7% quarter-over-quarter on a constant currency basis, reflecting greater engagement by our customers.

我們的營收成長得益於強勁的客戶採用率和現有客戶滲透率的提升。活躍客戶較去年同期成長7%。產品商務的活躍客戶成長更快。以固定匯率計算，我們的每位活躍客戶淨收入年增19%，較上季成長7%，反映出我們客戶參與度的提升。

Our customers come to us every day for our unrivaled customer experience, low prices, and vast assortment and we strive to exceed those expectations with each interaction. We continued to invest hundreds of millions of dollars into our customers this quarter, through investments in free Rocket shipping and returns, discounted pricing, and free video content for our WOW members.

我們的客戶每天都會光顧我們，因為我們提供無與倫比的客戶體驗、低廉的價格和豐富的商品選擇。我們力求在每一次互動中超越這些期望。本季度，我們繼續為客戶投入數億美元，包括為Rocket提供免費送貨和退貨服務、折扣價格以及為WOW會員提供免費影片內容。

Q3 marked another record quarter for gross profit margin. We generated over $1.2 billion of gross profit, a 64% year-over-year improvement. Our gross profit margin was 24.2%, an increase of nearly 800 bps year-over-year and 130 bps quarter-over-quarter. Product commerce continued the trend of strong gross profit margin expansion, increasing by over 720 bps year-over-year and 150 bps quarter-over-quarter, ending this quarter at 24.6%. The drivers for this improvement remain consistent with the factors we have highlighted throughout this year; benefits from investments in technology, infrastructure, automation, supply chain optimization, and scaling margin-accretive offerings.

第三季度，毛利率再創歷史新高。我們創造了超過12億美元的毛利，年增64%。我們的毛利率為24.2%，較去年成長近800個基點，較上季成長130個基點。產品商務延續了強勁的毛利率成長趨勢，較去年同期成長超過720個基點，較上季成長150個基點，本季毛利率達到24.6%。推動這一成長的因素與我們今年一直強調的因素一致：得益於對技術、基礎設施、自動化、供應鏈優化以及擴大利潤增值產品的投資。

This quarter we showed a large improvement in OG&A expenses as a percentage of revenue, improving 160 bps of revenue quarter-over-quarter, despite additional investments in fulfillment and headcount. Our operating margin performance demonstrates our ability to leverage our scale while we continue to invest with discipline for future growth. We do want to note that the reduction of OG&A expenses in absolute dollars was affected by the higher FX rate.

本季度，我們的總務及行政管理 (OG&A) 費用佔收入的百分比大幅改善，儘管在訂單履行和員工人數方面增加了投資，但收入環比增長了 160 個基點。我們的營業利潤率表現表明，我們有能力利用規模優勢，同時繼續嚴格投資，以促進未來成長。需要指出的是，總務及行政管理 (OG&A) 費用絕對金額的下降受到了匯率上升的影響。

We also had a record $195 million of adjusted EBITDA, which is 3.8% of revenue. Product commerce generated an adjusted EBITDA of $239 million or 4.8% of revenue, driven by the gross margin expansion and leverage in other operating and general expenses. This level of adjusted EBITDA margins in our product commerce, reinforces our belief that we're on track to deliver our entitlement margin over the long term.

我們的調整後EBITDA也創下了1.95億美元的紀錄，佔營收的3.8%。產品商務業務的調整後EBITDA達到2.39億美元，佔營收的4.8%，這得益於毛利率的提升以及其他營運和一般費用的槓桿作用。產品商務業務的調整後EBITDA利潤率達到這一水平，進一步增強了我們的信心，即我們預計在長期內實現應得利潤率。

In the short term, revenue remains hard to predict in these uncertain times, but we are pleased with our track record of growing at multiples of the Korean e-commerce segment, and expect that trend to continue. And while we don't expect profitability improvement every quarter, we do expect to generate meaningful profit expansion over time.

短期來看，在當前不確定的時期，收入仍然難以預測，但我們對韓國電商領域成長速度的記錄感到滿意，並預期這一趨勢將持續下去。雖然我們並不期望每季的獲利能力都會提高，但我們確實預期利潤將隨著時間的推移而顯著增長。

We are committed to maintaining discipline in our investments in nascent, long-term opportunities. We invest in these offerings, because we're excited about the opportunity to expand the TAM and generate greater cash flows over the long term. Earlier this year we communicated that we expected these investments in fintech, Coupang Play, and international would not exceed $200 million in 2022. Our year-to-date results thus far are consistent with that expectation.

我們致力於在投資新興的長期機會時保持紀律。我們投資這些產品，因為我們對擴大潛在市場 (TAM) 和創造更多長期現金流的機會感到興奮。今年早些時候，我們曾表示，預計2022年在金融科技、Coupang Play和國際業務上的投資不會超過2億美元。我們今年迄今的業績與這一預期一致。

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

接線員，我們現在可以開始問答了。

(Operator Instructions) Your first question comes from the line of Eric Cha of Goldman Sachs.

（操作員指示）您的第一個問題來自高盛的 Eric Cha。

And congrats on the great set of results. I have 2 questions. First, on the product commerce gross profit margin. And I understand that there were commentary around this in your early presentation, but would you give us bit more details around what this quarter leverage were for the product commerce gross profit margin to yet again go up as much as it did? And a bit of a near-term outlook would be helpful. And then also, does this change your long-term target or outlook in any way?

恭喜您取得如此出色的業績。我有兩個問題。首先，關於產品商務毛利率。我知道您之前的演示中對此有所評論，但您能否更詳細地說明一下，本季度產品商務毛利率再次大幅上漲的槓桿作用是什麼？如果能介紹一下近期前景，那就更好了。其次，這會改變您的長期目標或前景嗎？

And the second question is the revenue seems to be up 7% sequentially, constant currency, but your OpEx seems to be flat, also adjusted for FX. It would be great if you can let us know where this operating leverage came from? Was there any specific efforts from the company this quarter, or can we consider this as being structural going forward? That's it.

第二個問題是，以固定匯率計算，收入似乎環比增長了7%，但您的營運支出似乎持平，也根據匯率進行了調整。請問您能否告訴我們，這種營運槓桿的來源是什麼？公司本季是否有任何具體的舉措，或者我們可以將其視為未來的結構性舉措嗎？就是這樣。

Thanks, Eric, for the question. On gross profit margin, you are seeing benefits from continuous improvement programs and many years of investment in technology, infrastructure, supply chain optimization, among others. These are consistent with the drivers that we've mentioned in the last few quarters, and you are seeing gains in the past few quarters, the gains won't come every quarter, but we expect to continue to see benefits from these improvements over time.

謝謝Eric的提問。關於毛利率，您看到了持續改善計畫以及多年來在技術、基礎設施、供應鏈優化等方面的投資帶來的效益。這些與我們在過去幾個季度中提到的驅動因素一致，而且您在過去幾個季度也看到了成長。雖然這種成長不會每個季度都出現，但我們預計這些改進將持續帶來效益。

This past quarter, process improvements, including automation were also big drivers. I mentioned the inventory waste challenge in fresh, offering wide selection creates the risk of inventory waste, in fact, increases the risk of inventory waste. Our teams were able to leverage machine learning, greatly improve forecast accuracy and inventory placement, helped reduce Fresh inventory waste by over 50% in Q3 alone. Those are the kinds of initiatives that we continue to invest throughout the company. There are many such efforts currently ongoing.

上個季度，包括自動化在內的流程改善也是一大推動力。我之前提到過生鮮業務面臨的庫存浪費問題，提供豐富的選擇不僅會增加庫存浪費的風險，實際上還會加劇庫存浪費的風險。我們的團隊能夠利用機器學習，大幅提高預測準確性和庫存佈局，僅在第三季度就幫助生鮮業務的庫存浪費減少了50%以上。我們將繼續在全公司範圍內投入這些措施。目前，許多類似的措施正在推進中。

We understand the drivers that are -- that we believe will get us to that long-term margin opportunity, which as we've stated before, is 7% to 10% or higher EBITDA. Those are the drivers that have led to 830 bps of gross profit margin improvement year-to-date. We are all excited about that long-term potential, but it is important to note that they will not happen overnight. And as you can imagine, Eric, we won't realize gains every quarter.

我們了解那些能夠幫助我們實現長期利潤率成長的驅動因素，正如我們之前所說，也就是7%到10%甚至更高的EBITDA。這些驅動因素使得今年迄今的毛利率提高了830個基點。我們都對這種長期潛力感到興奮，但需要注意的是，這並非一朝一夕就能實現的。艾瑞克，你可以想像，我們不會每季都成長。

Yes. On the OG&A expenses, Eric, you're right to note that in constant currency, it was flat quarter-over-quarter. We generated efficiencies with process improvements and innovative projects in our fulfillment costs, which are in those numbers. While we continue to increase headcount, we also generated a few points -- a few bps of leverage with our scaling there. So you're right to note, we believe it's structural as we continue to invest in both these areas in a disciplined way.

是的。關於總務及行政費用，艾瑞克，你說得對，以固定匯率計算，季比持平。我們透過流程改善和創新項目提高了訂單執行成本的效率，這些成本也包含在內。在我們持續增加員工人數的同時，我們也透過規模擴張獲得了一些槓桿率。所以你說得對，我們認為這是結構性的，因為我們會繼續以有紀律的方式在這兩個領域進行投資。

Your next question comes from Stanley Yang of JPMorgan.

您的下一個問題來自摩根大通的 Stanley Yang。

Thank you very much for your great result and congratulations again. The OP count -- and net profit counting positive was much lower than I think our expectation. So -- and I think that's a big milestone of Coupang's financial history, and a meaningful step forwards your long-term EBITDA margin guidance. Can you please guide the next financial milestones, such as free cash flow turning positive point and your EBITDA margin guidance, achieving timing? And second question is, what will be the key strategic changes, once you turn free cash flow positive in the future? Are you going to pursue a more aggressive development -- developing business investments?

非常感謝你們取得的出色業績，再次恭喜你們。營業利益率和淨利潤的正值遠低於我們的預期。所以，我認為這是Coupang財務史上的一個重要里程碑，也是你們實現長期EBITDA利潤率目標的重要一步。請問，你們能否指導一下接下來的財務里程碑，例如自由現金流轉正以及EBITDA利潤率目標的實現時機？第二個問題是，一旦你們未來實現自由現金流轉正，你們將進行哪些關鍵的策略調整？你們會採取更積極的發展策略－拓展業務投資嗎？

Related to this question, you seem to ramp up rocket delivery and cross-border product in Taiwan, do you plan to enter Taiwan market with a sizable investment like in Korea, or do you have a different approach in Taiwan or other international market expansion?

與此問題相關，您似乎正在台灣加大火箭配送和跨境產品力度，您是否計劃像韓國一樣以大規模投資進入台灣市場，或者您是否在台灣或其他國際市場擴張方面採取不同的方法？

Yes, regarding the -- Stanley, I'll take the first part of your question. So as you pointed out, Stanley, we are really excited about the milestones we have hit this year. In Q4, we got to adjusted EBITDA positive for product e-commerce. In Q2, we got to adjusted EBITDA positive for the entire company. And Q3, we got to positive net income for the entire company. So our next milestone that we are focused on is being free cash flow positive.

是的，關於……史丹利，我來回答你問題的第一部分。正如你所指出的，史丹利，我們對今年取得的里程碑感到非常興奮。第四季度，我們的產品電商業務調整後EBITDA為正值。第二季度，我們整個公司的調整後EBITDA為正值。第三季度，我們整個公司的淨利潤為正值。因此，我們關注的下一個里程碑是實現自由現金流為正值。

Historically, prior to 2021, our free cash flow was roughly equivalent to or better than our adjusted EBITDA. This year, specifically, we have made some strategic investments, including onetime CapEx in owning facilities and building facilities, large inventory buys in areas of growth. But over time, we expect this relationship between free cash flow and adjusted EBITDA to normalize. That's our next milestone to deliver.

從歷史上看，在2021年之前，我們的自由現金流大致相當於或優於調整後的EBITDA。具體來說，今年我們進行了一些策略性投資，包括用於購買和建設設施的一次性資本支出，以及在成長領域進行的大規模庫存採購。但隨著時間的推移，我們預期自由現金流與調整後的EBITDA之間的關係將趨於正常化。這是我們下一個要實現的里程碑。

Stanley, thanks for the question. And just I think Gaurav meant Q1, not Q4, but on the product commerce adjusted EBITDA positive. I think to your question about whether there will be strategic changes in our investment approach in the future, whether Taiwan, other markets will be sizable investments. First of all, we're excited about the long-term opportunity in markets beyond Korea. We do believe that we -- we're confident that we can be intelligent and disciplined in our execution.

Stanley，謝謝你的提問。 Gaurav 指的是第一季度，不是第四季度，而是產品商務調整後的 EBITDA 為正。關於你提到的我們未來投資策略是否會有策略性變化，台灣或其他市場是否會成為大規模投資，我想先回答這個問題。首先，我們對韓國以外市場的長期機會感到興奮。我們確實相信，我們有信心在執行過程中做到明智且嚴謹。

We also believe we have opportunities to leverage many strengths that we've already built, including technology, processes and even selection. And as you've seen us demonstrate in our core offerings, we execute in keeping with our operating tenants. We communicated earlier this year, that we expected our investments in fintech and play and international would not exceed $200 million in 2022. Our year-to-date results, thus far are consistent with that expectation.

我們也相信，我們有機會充分利用現有的諸多優勢，包括技術、流程，甚至人才甄選。正如您在核心產品中看到的那樣，我們始終與營運租戶保持一致。我們今年稍早曾表示，預計2022年我們在金融科技、遊戲及國際業務的投資不會超過2億美元。我們今年迄今的業績與這項預期一致。

Our investment approach is not dependent on our financial results from our core offerings. It's always been in keeping with our disciplined approach, our operating tenants that we shared, shortly after we went public last year. We test and iterate. We make sure that we're confident of long-term cash flow potential, before we invest more. And when we do invest more, it's a reflection of that confidence. So we don't expect our philosophy, our culture to change. We hope to continue to show and show you that we can execute in an intelligent and measured fashion.

我們的投資策略並非取決於核心產品的財務表現。它始終秉持著我們嚴謹的作風，以及我們去年上市後不久就分享的經營理念。我們會不斷測試和迭代。在追加投資之前，我們會確保對長期現金流潛力充滿信心。而當我們追加投資時，正是這種信心的展現。因此，我們並不期望我們的理念和文化會改變。我們希望繼續向大家證明，我們能夠以明智而審慎的方式執行。

Your next question comes from Seyon Park of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Seyon Park。

Two questions from my side. As you look into the fourth quarter, which is seasonally strong for Korea. But then I think in the past, you've also seen that the fourth quarter tends to be a little bit more promotional and competitive. Does that imply that we should be expecting some of that promotional activity to impact your gross margin in the fourth quarter is my first question? Second question is, can we get some kind of color on how much advertisement revenue you are generating, what's the kind of run rate that we could expect for the year, and what kind of potential you see from ads? I think if we look at some of the international benchmarks like Amazon or I think JD, 5% plus of GMV apparently is being generated in terms of advertisements. Would that be some kind of a benchmark that we could also look forward to, as you grow your advertising business?

我有兩個問題。首先，請您關註一下第四季度，韓國市場在季節性因素下表現強勁。但我想，過去您也看過，第四季的促銷力道更大，競爭也更激烈。我的第一個問題是，這是否意味著我們應該預期這些促銷活動會影響第四季的毛利率？其次，能否透露一下貴公司目前創造了多少廣告收入？全年的預期營收是多少？以及您認為廣告業務的潛力如何？我認為，如果我們參考一些國際標竿企業，例如亞馬遜或京東，廣告顯然創造了5%以上的GMV（商品交易總額）。隨著貴公司廣告業務的成長，這是否也是一個值得我們期待的基準？

I think to your question about quarterly guidance, we expect to -- we intend to share annual guidance at the beginning of the new year as we did this year. I think while we're excited about our progress to date, we exceeded our adjusted EBITDA guidance for the year. These are uncertain times, and we'd like to refrain from making specific revisions. I think in general, if you look at our business on the -- our growth and our customer spend growth in particular, is really driven by the experience that we've built over many years.

關於您關於季度指引的問題，我們預計—我們打算像今年一樣，在新年伊始分享年度指引。雖然我們對迄今為止的進展感到興奮，但我認為，我們今年的調整後EBITDA已經超越了指引。現在是充滿不確定性的時期，我們不想做出具體的修改。總的來說，如果你看看我們的業務——我們的成長，尤其是我們的客戶支出成長，實際上是由我們多年來累積的經驗所驅動的。

The constant everyday low price, fast delivery, vast assortment, it really isn't dependent on any short-term or periodic promotions -- and as we pointed out, the spend of our customers continues to compound at a fast rate. We're seeing strong growth across all categories, even our largest. And that everyday promise selection of low prices, fast delivery is what we're focused on. That continues to be the driver for growth. And certainly has been the driver for growth over the last few quarters, we can expect it to be the driver of growth in quarters and years to come.

持續的每日低價、快速配送和豐富的商品種類，實際上並不依賴任何短期或定期促銷——正如我們所指出的，我們客戶的支出持續快速增長。我們看到所有品類，甚至是我們最大的品類，都呈現強勁成長。而我們專注於每日承諾的低價和快速配送。這將繼續成為成長的驅動力。在過去幾個季度中，這無疑是成長的驅動力，我們預計它將繼續成為未來幾季甚至幾年的成長驅動力。

On ads, we're pleased with the progress that it's making. It has been a positive story over the last year, and it's still far early and far from where we want it to be. We have opportunities to improve that service and expand functionality, and I think it's also important to note that, we've seen synergy between ads in not only our product commerce with many offerings, beyond that as well. And it will continue to benefit from the continued growth of our overall business. So it's still very early in that journey, and we're excited about the potential to come.

在廣告方面，我們對它所取得的進展感到滿意。過去一年來，廣告業務取得了積極的進展，但目前仍處於起步階段，距離我們預期的目標仍有很大差距。我們有機會改進這項服務並擴展功能。值得一提的是，我們已經看到廣告不僅在我們的產品商務中，還與其他許多產品產生了協同效應。廣告業務將繼續受益於我們整體業務的持續成長。所以，這條旅程還處於起步階段，我們對未來的潛力感到興奮。

Your next question comes from Susie Lee of Bank of America.

您的下一個問題來自美國銀行的 Susie Lee。

I have one quick question regarding your labor cost and operating expenses. So in Korea, as you are aware, those headline and core inflation are rising rapidly. And then do you expect to see any incremental burden on your labor cost, especially for those working in either logistics center or those working in last-mile delivery, especially your Coupang [Fresh]? And if there is any upward burden on your labor cost? How would that potentially impact your overall operating expenses and the margin? So that will be all.

我有一個關於你們的勞動成本和營運費用的簡短問題。如你所知，韓國的整體通膨率和核心通膨率正在快速上升。那麼，你預期你們的勞動成本會增加嗎？尤其是對物流中心的員工，或是最後一哩配送的員工，尤其是你們的Coupang Fresh？你們的勞動成本是否會有任何上升的負擔？這會如何影響你們的整體營運費用和利潤率？就這些了。

There are inflationary headwinds. But our results this quarter, again, were net positive because of our investments, our disciplined execution that we continue to see benefits from throughout the year. At least so far, we don't believe that these factors will create a material disruption to our business. While the macro conditions are uncertain, we continue to be confident about our ability to drive the inputs that we control in our business.

雖然存在通膨阻力，但本季我們的業績再次實現淨正成長，這得益於我們的投資和嚴謹的執行，這些因素在全年持續帶來效益。至少到目前為止，我們認為這些因素不會對我們的業務造成重大干擾。儘管宏觀環境存在不確定性，但我們仍對自己掌控業務投入的能力充滿信心。

Your next question comes from James Lee of Mizuho.

您的下一個問題來自瑞穗的詹姆斯李。

Thanks for taking my questions. 2 here, first one on consumer behavior; in the U.S., we saw a mix shift to services and offline. And just curious what you're seeing? Whether you're seeing a similar trend? And also with inflation in Korea, are you seeing any sort of consumer trade down? And second question is on EBITDA guidance, any adjustment to your prior kind of indication? Should we assume that your disciplined approach in investment will kind of carry over in FY '23, how should we think about maybe puts and takes on the profitability levels heading into FY '23?

感謝您回答我的問題。第二個問題，首先是關於消費者行為的；在美國，我們看到消費者行為轉向服務和線下消費。我很好奇您看到了什麼？您是否看到了類似的趨勢？此外，由於韓國的通貨膨脹，您是否看到消費者的消費下降？第二個問題是關於EBITDA指引，您之前的預測有任何調整嗎？我們是否應該假設您在投資上的嚴謹態度會在2023財年延續下去？我們該如何看待2023財年獲利水準的預期與預期？

James, as I mentioned our guidance, I think we'll reserve that for the beginning of the new year, as we did this year. You're right that the underlying strength of the business that we're seeing today, we're encouraged by it. But I think the -- I think any adjustments to guidance or revisions, we'd like to -- we look forward to sharing that at the beginning of the new year. And your first question was about...?

詹姆斯，正如我之前提到的，我們的業績指引，我想我們會把它留到新年伊始，就像今年一樣。你說得對，我們今天看到的業務潛力巨大，這讓我們感到鼓舞。但我認為，任何對業績指引的調整或修訂，我們都希望──我們期待在新年伊始與大家分享。你的第一個問題是關於…？

Consumer behavior, any mix shift?

消費者行為有任何混合轉變嗎？

Consumer behavior. We -- perhaps it's a reflection of how early we are, the stage of our journey that we're at, but we're seeing strong growth across all categories. Our customer cohorts are compounded. We're still a very small percentage. We're a small percentage of the overall commerce market, that's projected to exceed $600 billion by 2025. The overall retail market in Korea is also showing signs of strength, growing 7% year-over-year this past quarter, which is reminiscent of the strong growth it had displayed in the years leading into -- prior COVID.

消費者行為。這或許反映了我們處於發展初期階段，但我們看到所有品類都在強勁成長。我們的客戶群正在不斷成長。我們仍然只佔很小的比例。我們在整個商業市場中只佔很小的比例，預計到2025年，整個商業市場的規模將超過6,000億美元。韓國整體零售市場也顯示出強勁的跡象，上個季度同比增長7%，這讓人想起了新冠疫情爆發前幾年的強勁增長。

So the overall market is growing. We're still a small percentage of it. We're seeing compounding [cohorts] still across all categories, even our oldest -- even our largest. We still don't know what the full potential spend is for our customers in any category, much less in aggregate. What we do know is that we're still early in the journey, and customers want selection, low prices, that has delivery in all categories, we have yet to find an exception to that simple truth.

所以，整體市場正在成長。我們仍然只佔很小的比例。我們看到所有品類，甚至是我們最老的——甚至是最大的——的顧客群仍在成長。我們仍然不知道客戶在各個品類的全部潛在支出是多少，更不用說整體支出了。我們知道的是，我們仍處於發展的早期階段，客戶希望所有品類都能提供選擇、低價和配送服務，我們還沒有發現任何例外。

If I can squeeze in a follow-up question, and I get a lot of questions from investors in general. In the U.S., Amazon has been raising its Prime membership monthly pricing or yearly pricing. I think they did that early in the year. Just wondering, from your perspective, do you have any -- do you feel like you have any room to increase your pricing? And if that's the case, why do you think that's the case?

我想補充一個後續問題，投資人也常問我這個問題。在美國，亞馬遜一直在提高Prime會員的月費或年費。我記得他們今年年初就這麼做了。請問您覺得亞馬遜還有漲價空間嗎？如果是的話，您認為漲價的原因是什麼？

Our focus in WOW, continues to be on creating extreme value surplus for our members. We want the benefits to vastly exceed the price they pay. We've added 7 services to WOW since launch. We're still looking to invest in more. We'll keep expanding the value proposition so that -- so that it is in excess of the price they pay for WOW members for years to come. That's our strategy and that's our plan.

我們在WOW的重點始終是為會員創造極致的價值盈餘。我們希望會員獲得的收益遠遠超過他們所支付的價格。自推出以來，我們已經為WOW增加了7項服務。我們仍在尋求更多投資。我們將繼續擴展價值主張，以便在未來幾年內，WOW會員獲得的收益將超過他們所支付的價格。這就是我們的策略，也是我們的計劃。

Your next question comes from Josh Levin of Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Josh Levin。

I have 2 questions. The first question is, so net revenue per active customer was up quite a bit year-over-year on a constant currency basis. Can you provide some more granular color as to what is driving that and how sustainable that trend might be? How much of that trend is greater frequency of purchase versus a wider diversity of goods purchased? And second, active customers were up just a bit quarter-over-quarter, but how much would active customers be up, if you excluded Coupang Eats customers?

我有兩個問題。第一個問題是，以固定匯率計算，每位活躍客戶的淨收入年增了不少。您能否更詳細地解釋一下推動這一趨勢的因素以及這種趨勢的可持續性？這種趨勢在多大程度上是源自於購買頻率的提高，還是源自於購買商品的種類的增加？第二個問題是，活躍客戶較上季僅略有成長，但如果排除Coupang Eats的客戶，活躍客戶成長幅度會是多少？

The net revenue per active, as I mentioned, it's a reflection of the stage of growth that we're at. We're still a small percentage of the overall commerce market. We are seeing greater frequencies, (inaudible) from all the variables that you mentioned. We're seeing customers spend compound in existing categories and new categories, even our oldest -- even our most mature even (technical difficulty) significant spend growth in our cohorts. And what's driving that is selection, low prices, fast delivery, the convenience of rocket delivery and returns among other services.

正如我所提到的，每活躍用戶淨收入反映了我們所處的成長階段。我們在整個商業市場中仍然只佔很小的比例。從您提到的所有變數來看，我們看到了更高的頻率（聽不清楚）。我們看到客戶在現有類別和新類別上的支出呈現複合成長趨勢，即使是我們最老、最成熟、甚至（技術難度）最顯著的客戶群的支出也出現了成長。推動這一成長的因素包括選擇、低價、快速配送、便利的火箭配送以及退貨等服務。

So we -- it's what our integrated end-to-end integrated network delivers. It's what we invested billions of dollars to build a technology and infrastructure and processes around, we continue to optimize that. So the experiences get better, more reliable, faster, cheaper for our customers. We believe that will continue to drive our customers spend growth as well as our active customers.

這就是我們端到端整合網路所能提供的。我們投入了數十億美元來建立技術、基礎設施和流程，並持續對其進行最佳化。因此，我們的客戶體驗將變得更好、更可靠、更快速、更經濟。我們相信，這將繼續推動我們客戶支出的成長以及活躍客戶的成長。

On active customers as you mentioned -- sorry, can you repeat the (technical difficulty)

關於您提到的活躍客戶—抱歉，您能重複（技術難題）

Yes. The question was how much our... (technical difficulty)

是的。問題是我們的……（技術難題）

No, it was about product commerce. That's right. You're right to observe that active customers grew 7% year-over-year for the consolidated business, and product commerce, active customers grew even faster. So you're absolutely right to observe that difference. So we're still seeing great momentum in both active customer growth. (technical difficulty)

不，是關於產品商務的。沒錯。您觀察到合併業務的活躍客戶年增了7%，而產品商務的活躍客戶成長速度更快，這一點您說得對。所以，您觀察到的這種差異完全正確。因此，我們仍然看到活躍客戶成長勢頭強勁。 （技術難題）

Should we move to the next question?

我們應該轉到下一個問題嗎？

Yes. Your next question comes from the line of Junhyun Kim of HSBC.

是的。您的下一個問題來自匯豐銀行的金俊鉉。

Thanks for your opportunity to... (technical difficulty).

感謝您提供機會...（技術難題）。

You may proceed with your question.

你可以繼續你的問題。

Can you hear me? (technical difficulty)

你聽見我說話嗎？ （技術困難）

Apologies to everyone. I think we're having some technical problems.

向大家致歉。我覺得我們遇到了一些技術問題。

Sorry for this. Could you -- can you hear me?

抱歉。你聽得到我說話嗎？

Yes, we can hear you. Okay. Sorry for this. Thanks for your opportunity to ask, could you please share any data for -- any operating ratio...

是的，我們能聽到。好的。抱歉。感謝您的提問，請問您能否分享一些數據—例如營運比率…

I think we are having trouble with the operator. So I'm not sure exactly how we can hear the questions. Hi operator, could you unmute? Okay. Unfortunately, I think we have to end the call. Thank you, everyone, for your questions today and for your time. We really appreciate your time and questions. Thank you very much.

我覺得接線生有點問題。所以我不確定我們怎麼能聽到提問。您好，接線員，可以取消靜音嗎？好的。很遺憾，我想我們得結束通話了。感謝大家今天的提問和寶貴時間。我們非常感謝您抽出時間和提問。非常感謝。

Ladies and gentlemen, we do appreciate your participation in today's event. This does conclude today's call. You may now disconnect.

女士們，先生們，非常感謝大家參加今天的活動。今天的電話會議到此結束。您可以掛斷電話了。