(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)

下午好。我叫寶拉，今天我將擔任你們的會議接線員。此時，歡迎大家參加Coupang 2022年第三季度財報電話會議。 （操作員說明）

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者關係副總裁邁克帕克。你可以開始你的會議。

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，運營商。歡迎大家參加 Coupang 2022 年第三季度收益電話會議。我很高興今天我們的創始人兼首席執行官 Bom Kim 和我們的首席財務官 Gaurav Anand 加入了電話會議。

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，包括對您問題的答复，僅反映截至今天為止管理層的觀點。除非法律要求，否則我們不承擔更新或修改此信息的任何義務。在今天的電話會議上做出的某些陳述包括前瞻性陳述，實際結果可能存在重大差異。有關可能影響我們財務業績的因素的更多信息包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表格年度報告和後續文件。

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.

在今天的電話會議中，我們可能會提出 GAAP 和非 GAAP 財務措施。關於這些非 GAAP 措施的額外披露，包括這些措施與最可比的 GAAP 措施的調節，包含在我們的收益發布和我們的 SEC 文件中，這些文件發佈在公司的投資者關係網站上。

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

現在，我會把電話轉給 Bom。

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

謝謝大家今天加入我們。我很高興與您分享我們第三季度經營業績的一些亮點。

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.

收入增至 51 億美元，在外匯中性基礎上同比增長 27%，在美元基礎上同比增長超過 10%。這是由活躍客戶和每個活躍客戶的收入增加推動的。我們創造了超過 12 億美元的毛利潤，毛利率達到創紀錄的 24.2%，相當於今年迄今記錄的毛利潤超過 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.

本季度我們調整後的 EBITDA 為 1.95 億美元，調整後的 EBITDA 利潤率為 3.8%。我們年初至今的累計調整後 EBITDA 為正 1.7 億美元。在第三季度，我們的合併業務實現了 9100 萬美元的正淨收入，同比增長 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；在全球宏觀環境仍不明朗的情況下，韓國零售市場在第三季度實現了 7% 的強勁同比增長。即使世界在 COVID 後重新開放，我們的增長仍然具有彈性；我們的外匯中性收入錄得 27% 的強勁同比增長。我們的產品商務活躍客戶增長速度甚至超過合併業務 7% 的活躍客戶同比增長。我們的客戶群，甚至是我們最年長的客戶群的支出繼續以快速復合的速度增長，並且在所有類別中都可以看到強勁的支出增長，甚至是我們最成熟的類別。

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.

在預計到 2025 年將超過 6000 億美元的整個商業市場中，我們仍然不知道我們的客戶在任何類別中的權利支出，更不用說總支出了。這種勢頭使我們能夠很好地支持商家、供應商和消費者取得成功當前的經濟環境。我們超過 70% 的商家是中小型企業，年收入不到 250 萬美元。這些商家在 Coupang 上創造的增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增長的第一大來源。

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.

第三季度標誌著連續第三個季度顯著提高盈利能力。雖然我們繼續看到規模經濟和利潤增長產品的積極影響，但最近的大部分改進都是技術、基礎設施、供應鏈優化和流程創新（包括自動化）投資的結果。

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，庫存損失會隨著您在 Fresh 中增加選擇範圍而增加，尤其是在多個地區。我們著手打破這種權衡，以最低的成本為客戶提供種類最多的生鮮食品。我們的團隊找到了利用機器學習等方法來更好地預測各地區客戶需求的變化並優化庫存訂單和放置。這是僅在第三季度新鮮庫存損失同比減少 50% 以上的關鍵驅動因素。整個公司為提高效率做出了許多此類努力，其中許多已經持續多年。

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一致或顯著，但我們對未來的潛力感到興奮。最重要的是，本季度的業績反映了我們加速的飛輪，這是由我們對客戶體驗和卓越運營的不懈關注所推動的。我們痴迷於如何為我們的客戶提供更豐富的體驗和更低的價格，我們獨特的電子商務網絡的規模和設計使我們能夠提供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.

在過去的 7 年裡，我們投資了數十億美元來建立一個從開始履行到最後一英里物流一體化的網絡。今天，我們已經建立了市場上最大的履行基礎設施。我們還相信，我們擁有最大的直接僱用司機最後一英里網絡。從訂單到交付再到退貨，我們客戶體驗的幾乎每個方面都由我們的技術精心策劃。我們的自主研發技術在我們超過 4000 萬平方英尺的基礎設施集成網絡中無縫引導我們的貨物和數万名司機和員工的移動。並排堆疊起來，相當於 500 個足球場，或者比紐約中央公園的面積還大。

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.

技術、履行基礎設施和最後一英里物流的獨特整合，使我們能夠為客戶打破傳統的選擇、服務和價格之間的權衡。正因為如此，我們能夠通過 Dawn Delivery 交付數百萬件商品，最晚下單並在早上 7 點之前送達門口，並享受無限次免費送貨服務。正因為如此，我們的客戶可以將要退貨的物品留在門外，而無需將其包裝在盒子中甚至打印標籤。正因為如此，我們能夠消除超過 85% 的 Rocket 交付的盒子包裝，並在 Ecobags 中交付我們的大部分新鮮訂單。我們撿起並重複使用。

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.

我們獲得的大部分效率提升都是我們設計的網絡所獨有的。我們定制上游流程以提高下游效率，並改變下游設計以優化上游流程。這種集成還使我們能夠在最後一英里的卡車中使用與我們的一般商品交付相同的卡車來交付生鮮產品，而無需單獨的冷鏈交付網絡。無箱和環保袋交付讓客戶的生活更輕鬆，並顯著減少包裝廢物和我們的卡車完成交付的行程次數，從而減少排放。

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幫助我們發揮潛力，但我們也將繼續投資於自動化，包括機器學習和機器人技術。這將使我們的工人的工作更加輕鬆，並為我們的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.

除了更好的服務和更低的價格，我們還將繼續為我們的客戶擴大第一方和第三方的選擇範圍。這包括由 Coupang 或 FLC 的 Fulfillment & Logistics 啟用的 Rocket 新選擇。 FLC 為數十萬商家提供快速、高效和便利的 Rocket 交付和退貨服務。

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.

我們很高興與數以萬計的中小企業分享數十億美元的基礎設施和技術投資帶來的好處，這些企業傳統上被排除在線下商店的貨架之外。這將幫助他們獲得我們端到端集成運營帶來的增長和節省。反過來，他們將幫助客戶利用 Rocket 的經驗獲得更廣泛的選擇，並建立一個更豐富的生態系統，使小型企業和客戶都受益。

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，讓我談談開發產品，在我們的 Eats 產品的推動下，按固定匯率計算，收入同比增長 10%。正如我們最近強調的那樣，我們在 Eats 的重點一直是創造一個盈利的基礎，過去幾個季度經濟的顯著改善反映在毛利潤同比增長近 4200 萬美元上。

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.

我們也對我們在 Coupang Play、金融科技和國際領域的初步努力中看到的客戶參與感到興奮。我們處於這些產品的早期階段，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領域和新市場的客戶。我們將繼續有紀律地投資，與我們的經營宗旨保持一致，從小額投資開始，嚴格測試，並將更多資金分配給能夠最大化我們長期現金流的機會。正如您在產品商務執行中看到的那樣，我們將在開發產品方面的投資中保持紀律和長期導向。

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，但第三季度的業績反映了我們團隊的專注執行以及多年來大量投資的成果。在我們對宏觀環境中持續存在的短期壓力保持警惕的同時，我們也繼續對我們在業務中看到的強勁潛在趨勢感到興奮。

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，以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，阿姆。提醒一下，我們繼續從產品商務部門的角度來審視我們的業務，代表我們的一般商品和新鮮產品，以及我們的開發產品部門，其中包括我們對 Eats、Play、Fintech 和 International 等新興項目的投資。

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 3 個季度中表現出色，每個季度都達到了顯著的里程碑。我們在第一季度實現了產品商務調整後的正 EBITDA，在第二季度實現了合併業務的正調整 EBITDA，並在第三季度為合併業務實現了 9100 萬美元的正淨收入。我們為我們的團隊和他們的執行力感到非常自豪。

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.

今年年初，我們提供了 2022 年的指導意見，預計全年公司整體調整後的 EBITDA 為負 4 億美元，我們的產品商務部門將在今年第四季度實現盈利。截至第三季度，我們調整後的整個業務的 EBITDA YTD 超過 1.7 億美元。本季度我們繼續看到強勁的需求。根據報告，我們的總淨收入同比增長 10%，按固定匯率計算同比增長 27%，環比增長 8%。更重要的是，我們繼續保持電子商務領域增長倍數的增長趨勢。

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.

我們的收入增長是由強大的客戶採用率和對現有客戶的更深入滲透推動的。活躍客戶同比增長 7%。 Product Commerce 的活躍客戶增長更快。在固定匯率的基礎上，我們每位活躍客戶的淨收入同比增長 19%，環比增長 7%，這反映出客戶參與度的提高。

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.

我們的客戶每天都來找我們，享受我們無與倫比的客戶體驗、低廉的價格和種類繁多的產品，我們努力在每次互動中超越這些期望。本季度，我們通過為 WOW 會員提供免費 Rocket 送貨和退貨、折扣價和免費視頻內容方面的投資，繼續向我們的客戶投資數億美元。

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.

第三季度的毛利率又創歷史新高。我們創造了超過 12 億美元的毛利潤，同比增長 64%。我們的毛利率為 24.2%，同比增長近 800 個基點，環比增長 130 個基點。產品商務延續了強勁的毛利率擴張趨勢，同比增長超過 720 個基點，環比增長 150 個基點，本季度末為 24.6%。這一改進的驅動因素與我們今年強調的因素保持一致；受益於對技術、基礎設施、自動化、供應鏈優化和擴大利潤增長產品的投資。

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.

本季度我們顯示 OG&A 支出佔收入的百分比有很大改善，儘管在履行和員工方面進行了額外投資，但收入環比增長 160 個基點。我們的營業利潤率表現表明我們有能力利用我們的規模，同時我們繼續有紀律地投資以實現未來增長。我們確實要注意，以美元計算的 OG&A 費用的減少受到較高匯率的影響。

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 也達到創紀錄的 1.95 億美元，佔收入的 3.8%。產品商務的調整後 EBITDA 為 2.39 億美元，佔收入的 4.8%，這主要受毛利率擴張以及其他運營和一般費用的影響。我們產品貿易中調整後的 EBITDA 利潤率水平，強化了我們的信念，即我們有望在長期內實現我們的權利利潤率。

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.

短期內，在這些不確定的時期，收入仍然難以預測，但我們對韓國電子商務領域成倍增長的記錄感到滿意，並預計這一趨勢將繼續下去。雖然我們並不期望每個季度的盈利能力都會提高，但我們確實希望隨著時間的推移產生有意義的利潤增長。

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.

我們致力於在對新生的長期機會的投資中保持紀律。我們投資於這些產品，因為我們很高興有機會擴大 TAM 並在長期內產生更大的現金流。今年早些時候，我們曾表示，我們預計到 2022 年，這些對金融科技、Coupang Play 和國際的投資不會超過 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，我們現在準備開始問答。

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

（操作員說明）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?

並祝賀偉大的結果。我有兩個問題。首先，關於產品商業毛利率。我知道您在早期的演講中對此有評論，但是您能否向我們提供更多有關本季度產品商務毛利率再次上漲的槓桿作用的詳細信息？一些近期前景會有所幫助。然後，這是否會以任何方式改變您的長期目標或前景？

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.

第二個問題是收入似乎連續增長了 7%，貨幣不變，但你的運營支出似乎持平，也針對外匯進行了調整。如果您能告訴我們這種經營槓桿是從哪裡來的，那就太好了？公司本季度是否有任何具體努力，或者我們可以將其視為結構性進展嗎？而已。

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.

謝謝埃里克提出這個問題。在毛利率方面，您看到了持續改進計劃和多年在技術、基礎設施、供應鏈優化等方面的投資帶來的好處。這些與我們在過去幾個季度提到的驅動因素一致，您在過去幾個季度看到了收益，收益不會每個季度都出現，但我們希望隨著時間的推移繼續從這些改進中受益.

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進也是重要的推動因素。我在新鮮的時候提到了庫存浪費的挑戰，提供廣泛的選擇會產生庫存浪費的風險，事實上，增加了庫存浪費的風險。我們的團隊能夠利用機器學習，大大提高預測準確性和庫存安排，僅在第三季度就幫助將新鮮庫存浪費減少了 50% 以上。這些是我們在整個公司繼續投資的舉措。目前正在進行許多這樣的努力。

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.

我們了解驅動因素——我們相信這將使我們獲得長期利潤機會，正如我們之前所說，EBITDA 為 7% 至 10% 或更高。這些是導致今年迄今毛利率提高 830 個基點的驅動因素。我們都對這種長期潛力感到興奮，但重要的是要注意它們不會在一夜之間發生。正如你想像的那樣，埃里克，我們不會每個季度都實現收益。

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 OG&A 費用，埃里克，你正確地註意到，以固定匯率計算，它與上一季度持平。我們通過流程改進和創新項目提高了履行成本的效率，這些成本就是這些數字。在我們繼續增加員工人數的同時，我們也產生了一些點——通過我們在那裡的擴展產生了幾個基點的槓桿作用。所以你是對的，我們認為這是結構性的，因為我們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.

你的下一個問題來自摩根大通的斯坦利楊。

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?

非常感謝你取得的好成績，再次祝賀你。 OP 計數 - 淨利潤計數為正數遠低於我認為我們的預期。所以——我認為這是 Coupang 財務史上的一個重要里程碑，也是朝著長期 EBITDA 利潤率指導邁出的有意義的一步。您能否指導下一個財務里程碑，例如自由現金流轉為正點和您的 EBITDA 利潤率指導，實現時機？第二個問題是，一旦你在未來將自由現金流轉為正數，關鍵的戰略變化是什麼？你打算追求更積極的發展——發展商業投資嗎？

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?

跟這個問題相關，你們在台灣好像在加碼火箭發射和跨境產品，你們是打算像在韓國一樣大手筆進軍台灣市場，還是在台灣或其他國際市場擴張上有不同的做法？

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 - 斯坦利，我會回答你問題的第一部分。正如你所指出的，斯坦利，我們對今年取得的里程碑感到非常興奮。在第四季度，我們調整了產品電子商務的 EBITDA 為正數。在第二季度，我們必須調整整個公司的 EBITDA 為正數。第三季度，我們整個公司的淨收入為正。因此，我們關注的下一個里程碑是自由現金流為正。

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我們調整後的 EBITDA。今年，具體來說，我們進行了一些戰略投資，包括在擁有設施和建築設施方面的一次性資本支出，以及在增長領域的大量庫存購買。但隨著時間的推移，我們預計自由現金流和調整後的 EBITDA 之間的這種關係會正常化。這是我們要交付的下一個里程碑。

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.

斯坦利，謝謝你的提問。我認為 Gaurav 指的是第一季度，而不是第四季度，但在產品商務調整後的 EBITDA 上是積極的。我想你這個問題，未來我們的投資方式會不會有策略上的轉變，台灣，其他市場會不會有比較大的投資。首先，我們對韓國以外市場的長期機遇感到興奮。我們確實相信我們 - 我們相信我們可以在執行過程中變得聰明和有紀律。

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利用我們已經建立的許多優勢，包括技術、流程甚至選擇。正如您在我們的核心產品中看到的那樣，我們的執行與我們的運營租戶保持一致。今年早些時候，我們曾表示，我們預計到 2022 年我們在金融科技、娛樂和國際領域的投資不會超過 2 億美元。到目前為止，我們今年迄今的業績與這一預期一致。

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.

我們的投資方法不依賴於我們核心產品的財務業績。在我們去年上市後不久，它一直與我們的紀律方法、我們共享的運營租戶保持一致。我們測試並迭代。在我們進行更多投資之前，我們確保我們對長期現金流潛力充滿信心。當我們確實投資更多時，這反映了這種信心。所以我們不期望我們的理念、我們的文化發生改變。我們希望繼續向您展示我們可以以一種明智和審慎的方式執行。

Your next question comes from Seyon Park of Morgan Stanley.

你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?

我這邊的兩個問題。正如您所看到的第四季度，這對韓國來說是季節性的。但我想在過去，你也看到第四季度往往更具促銷性和競爭性。這是否意味著我們應該期望某些促銷活動會影響您在第四季度的毛利率是我的第一個問題？第二個問題是，我們能否了解一下你們產生了多少廣告收入、我們今年可以預期的運行率是多少，以及你們從廣告中看到了什麼樣的潛力？我認為，如果我們看看亞馬遜或京東等一些國際基準，5% 以上的 GMV 顯然是在廣告方面產生的。隨著您的廣告業務的發展，這會成為我們也可以期待的某種基準嗎？

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.

我認為關於季度指導的問題，我們希望 - 我們打算像今年一樣在新年伊始分享年度指導。我認為雖然我們對迄今為止的進展感到興奮，但我們超出了今年調整後的 EBITDA 指導。現在是不確定的時期，我們不想做具體的修改。我認為總的來說，如果你看看我們的業務——我們的增長，特別是我們的客戶支出增長，真的是由我們多年來積累的經驗推動的。

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.

每天持續的低價、快速交貨、種類繁多，它真的不依賴於任何短期或定期的促銷活動——正如我們指出的那樣，我們客戶的支出繼續快速增長。我們看到了所有類別的強勁增長，甚至是我們最大的類別。而每天承諾選擇低價格、快速交貨是我們關注的重點。這仍然是增長的驅動力。並且肯定是過去幾個季度的增長動力，我們可以預期它會成為未來幾個季度和幾年的增長動力。

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，我們對其取得的進展感到滿意。去年這是一個積極的故事，現在還為時過早，離我們想要的目標還很遠。我們有機會改進該服務並擴展功能，我認為同樣重要的是要注意，我們不僅在我們的產品商務中看到了廣告與許多產品之間的協同作用，而且除此之外。它將繼續受益於我們整體業務的持續增長。所以現在還處於這個旅程的早期階段，我們對未來的潛力感到興奮。

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

你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.

關於您的人工成本和運營費用，我有一個簡短的問題。所以在韓國，正如你所知，那些標題和核心通脹正在迅速上升。然後，您是否希望看到您的勞動力成本增加任何負擔，特別是對於那些在物流中心工作或在最後一英里交付工作的人，尤其是您的 Coupang [Fresh]？如果您的勞動力成本有任何上升負擔？這將如何影響您的整體運營費用和利潤率？所以這就是全部。

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.

存在通脹逆風。但由於我們的投資和我們在全年繼續看到收益的嚴格執行，我們本季度的業績再次是淨利好。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破壞。儘管宏觀條件不確定，但我們仍然對我們推動我們在業務中控制的投入的能力充滿信心。

Your next question comes from James Lee of Mizuho.

你的下一個問題來自瑞穗的 James Lee。

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。 2 這裡，第一個關於消費者行為；在美國，我們看到了向服務和線下的混合轉變。只是好奇你看到了什麼？您是否看到了類似的趨勢？另外，隨著韓國的通貨膨脹，您是否看到任何形式的消費者交易下降？第二個問題是關於 EBITDA 指導，是否對您之前的指示進行了調整？我們是否應該假設您嚴格的投資方法將在 23 財年延續，我們應該如何考慮看跌期權和承擔進入 23 財年的盈利水平？

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，正如我提到的我們的指導，我想我們會像今年一樣在新年伊始保留它。你是對的，我們今天看到的業務的潛在實力，我們對此感到鼓舞。但我認為 - 我認為對指導或修訂的任何調整，我們都希望 - 我們期待在新年伊始分享這一點。你的第一個問題是關於...？

Consumer behavior, any mix shift?

消費者行為，任何混合轉變？

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。我們 - 也許這反映了我們有多早，我們所處的旅程階段，但我們看到所有類別的強勁增長。我們的客戶群很複雜。我們的比例仍然很小。我們只佔整個商業市場的一小部分，預計到 2025 年將超過 6000 億美元。韓國的整體零售市場也顯示出強勁跡象，上個季度同比增長 7%，這讓人聯想到它在進入 COVID 之前的幾年中表現出的強勁增長。

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.

所以整個市場都在增長。我們仍然是其中的一小部分。我們看到所有類別的複合 [隊列] 仍然存在，甚至是我們最老的 - 甚至是我們最大的。我們仍然不知道我們的客戶在任何類別中的全部潛在支出是多少，更不用說總體支出了。我們所知道的是，我們仍處於旅程的早期，客戶想要選擇、低價、所有類別的交付，我們還沒有找到這個簡單事實的例外。

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?

如果我能擠進一個後續問題，一般投資者會問我很多問題。在美國，亞馬遜一直在提高其 Prime 會員的月度定價或年度定價。我認為他們在今年年初就這樣做了。只是想知道，從你的角度來看，你有沒有 - 你覺得你有任何提高定價的空間嗎？如果是這樣，您認為為什麼會這樣？

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 中的重點，繼續是為我們的會員創造極端的價值盈餘。我們希望收益遠遠超過他們付出的代價。自推出以來，我們已向 WOW 添加了 7 項服務。我們仍在尋求更多投資。我們將繼續擴大價值主張，以便 - 使其超過他們在未來幾年為 WOW 會員支付的價格。這是我們的戰略，也是我們的計劃。

Your next question comes from Josh Levin of Autonomous Research.

你的下一個問題來自 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，在固定匯率的基礎上，每個活躍客戶的淨收入同比增長了不少。您能否提供一些更詳細的顏色來說明是什麼在推動這種趨勢以及這種趨勢的可持續性如何？這種趨勢在多大程度上是更高的購買頻率與更廣泛的商品多樣性？其次，活躍客戶環比略有增長，但如果排除 Coupang Eats 客戶，活躍客戶的增長幅度是多少？

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.

正如我提到的，每個活躍的淨收入反映了我們所處的增長階段。我們仍然只佔整個商業市場的一小部分。我們從您提到的所有變量中看到更高的頻率（聽不清）。我們看到客戶在現有類別和新類別中花費複合，甚至是我們最老的——甚至是我們最成熟的，甚至（技術困難）在我們的隊列中顯著的支出增長。推動這一點的是選擇、低價格、快速交付、火箭交付和退貨的便利以及其他服務。

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.

所以我們——這就是我們集成的端到端集成網絡所提供的。這就是我們投資數十億美元來構建技術、基礎設施和流程的原因，我們將繼續優化它。因此，我們的客戶的體驗會變得更好、更可靠、更快、更便宜。我們相信，這將繼續推動我們的客戶支出增長以及我們的活躍客戶。

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

關於你提到的活躍客戶——抱歉，你能重複一下嗎（技術困難）

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

是的。問題是我們有多少...（技術難度）

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，這是關於產品商務。這是正確的。你觀察到合併業務的活躍客戶同比增長 7% 是正確的，而產品商務的活躍客戶增長更快。所以你觀察到這種差異是絕對正確的。因此，我們仍然看到活躍客戶增長的強勁勢頭。 （技術難度）

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。你的下一個問題來自匯豐銀行的Junhyun Kim。

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

感謝您有機會...（技術難度）。

You may proceed with your question.

你可以繼續你的問題。

Can you hear me? (technical difficulty)

你能聽到我嗎？ （技術難度）

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

向大家道歉。我認為我們遇到了一些技術問題。

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

非常遺憾。你能——你能聽到我說話嗎？

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，我們能聽到你的聲音。好的。非常遺憾。感謝您有機會提問，能否請您分享任何數據——任何運營比率……

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.

我認為我們與接線員有問題。所以我不確定我們如何才能聽到這些問題。接線員您好，您可以取消靜音嗎？好的。不幸的是，我認為我們必須結束通話。謝謝大家今天提出的問題和抽出寶貴的時間。我們非常感謝您的時間和問題。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，非常感謝你們參加今天的活動。今天的電話會議到此結束。您現在可以斷開連接。