(CPNG) 2022 Q4 法說會逐字稿

Good afternoon. My name is Ashley, 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) After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.

下午好。我叫 Ashley，今天我將擔任你們的會議接線員。在此，歡迎大家參加 Coupang 財報電話會議。 （操作員說明）演講者發言後，將進行問答環節。 （操作員說明）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 Fourth 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 年第四季度收益電話會議。我很高興今天我們的創始人兼首席執行官 Bom Kim 加入了電話會議；以及我們的首席財務官 Gaurav Anand。

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發表的某些聲明包括前瞻性聲明。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. A year ago, we were emerging from a challenging period of COVID-related disruptions. We shared our outlook that 2022 would be an important year to demonstrate our ability to march towards long-term profitability targets while still compounding at a multiple of the overall retail market. We also shared that we would renew our focus on operational improvements, as it was increasingly clear that COVID is winding down, and we would report our results under 2 segments: product commerce and developing offerings to provide increased visibility on our continued progress.

謝謝大家今天加入我們。一年前，我們正從 COVID 相關中斷的充滿挑戰的時期中走出來。我們分享了我們的展望，即 2022 年將是重要的一年，以證明我們有能力向長期盈利目標邁進，同時仍以復合零售市場的倍數增長。我們還分享了我們將重新關注運營改進，因為越來越明顯的是 COVID 正在逐漸結束，我們將在 2 個部分下報告我們的結果：產品商務和開發產品，以提高我們持續進展的可見度。

We ended Q4 of 2021 with a gross profit margin of around 16% and an adjusted EBITDA loss of $285 million. A year later, 2022 Q4 concluded with a gross profit margin of 24%, an improvement of over 800 basis points. We recorded over $200 million in adjusted EBITDA for the quarter, an improvement of nearly $500 million year-over-year. Adjusted EBITDA margin was 4%; an increase of over 900 basis points year-over-year and a net income of $100 million in Q4 represents an improvement of over $500 million versus the prior year. We delivered these results while growing revenues by over 20% year-over-year on an FX-neutral basis.

截至 2021 年第四季度，我們的毛利率約為 16%，調整後的 EBITDA 虧損為 2.85 億美元。一年後，2022 年第四季度的毛利率為 24%，提高了 800 多個基點。本季度我們錄得超過 2 億美元的調整後 EBITDA，同比增長近 5 億美元。調整後的 EBITDA 利潤率為 4%；第四季度同比增長超過 900 個基點，淨收入達到 1 億美元，比上年增長超過 5 億美元。我們取得了這些成果，同時在外匯中性的基礎上收入同比增長超過 20%。

The results or the outcome of focused execution and innovation by many teams with most of the gains coming from operational improvements, such as technology, infrastructure, supply chain optimization and process improvement, including automation.

許多團隊集中執行和創新的結果或結果，其中大部分收益來自運營改進，例如技術、基礎設施、供應鏈優化和流程改進，包括自動化。

The results are also a reflection of the underlying strength of our flywheel in product commerce. Active customers and product commerce increased 5% year-over-year, and a spend of every cohort, including our oldest continue to compound at a fast rate, and our newer cohorts are starting their journey at higher levels of spend and growing faster than earlier cohorts.

結果也反映了我們飛輪在產品商務中的潛在實力。活躍客戶和產品商務同比增長 5%，每個群組的支出（包括我們最老的群組）的支出繼續快速增長，而我們的新群組正在以更高的支出水平開始他們的旅程，並且增長速度比之前更快同夥。

Over the past year, we also added nearly 2 million more customers as paid WOW members whose spend and frequency are many times higher than that of their non-WOW counterparts. Enduring customer loyalty is driven by breaking the trade-offs between and delivering on all 3 levers of commerce, service, price and selection. Much of our significant investment over the years has been devoted to delivering on the hardest 2 legs, building the best experience and the most efficient operations so that we can deliver the best experience at the best price to our customers.

在過去的一年裡，我們還增加了近 200 萬客戶成為付費 WOW 會員，他們的消費和頻率比非 WOW 同行高出許多倍。持久的客戶忠誠度是通過打破商業、服務、價格和選擇這 3 個槓桿之間的權衡取捨來推動的。多年來，我們的大部分重大投資都致力於提供最困難的兩條腿，打造最佳體驗和最高效的運營，以便我們能夠以最優惠的價格為客戶提供最佳體驗。

We've begun to see the power of delivering on the first 2 levers, service and price, and our superior cohort behavior and WOW membership adoption. We expect that momentum to continue in 2023 and the years ahead as we'll strive to improve our customer experience every day.

我們已經開始看到提供前兩個槓桿（服務和價格）以及我們卓越的群組行為和 WOW 會員採用的力量。我們預計這種勢頭將在 2023 年和未來幾年繼續下去，因為我們將每天努力改善我們的客戶體驗。

Expanding selection is the third lever that will amplify our differentiation and service and price for customers. Consequently, we believe selection will be a critical driver going forward of even higher levels of customer engagement and loyalty, which in turn will unlock more growth and profitability over the long term.

擴大選擇是第三個槓桿，它將為客戶擴大我們的差異化、服務和價格。因此，我們相信選擇將成為推動更高水平客戶參與度和忠誠度的關鍵驅動力，這反過來又會在長期內釋放更多的增長和盈利能力。

Currently, only 20% of active customers have purchased 9 or more of the over 20 categories that we offer. These customers purchased more than 2.5x the amount of the average customer. We expect that engagement within and across categories will accelerate with wider selection on Rocket.

目前，只有 20% 的活躍客戶購買了我們提供的 20 多個類別中的 9 個或更多類別。這些客戶的購買量是普通客戶的 2.5 倍以上。我們預計，隨著 Rocket 上更廣泛的選擇，類別內和類別間的參與將加速。

Our oldest cohorts, while spending nearly twice the amount of our newer ones are still growing in spend each year as they experience new selection categories on Rocket. Just 1/3 of active customers in Q4 where customers are fresh, where we will also invest in enriching assortment. More than 20 million customers online have yet to join WOW, but the program's value proposition will become harder to resist with every new item added to Rocket.

我們最老的群體雖然花費幾乎是我們新群體的兩倍，但隨著他們在 Rocket 上體驗新的選擇類別，每年的支出仍在增長。第 4 季度只有 1/3 的活躍客戶是新鮮客戶，我們還將在這些方面進行投資以豐富品類。超過 2000 萬在線客戶尚未加入 WOW，但隨著 Rocket 中添加的每一項新項目，該計劃的價值主張將變得更加難以抗拒。

While rocket selection has grown to millions of items, it pales in comparison to the much larger number of products that have yet to be included. 1P will target the vast catalog of popular products that are yet to be available on Rocket. Fulfillment and logistics by Coupang or FLC, shares with our sellers, the benefits of the billions we've invested in our infrastructure and technology. Over 2/3 of our merchants are SMEs, small and medium enterprises with less than $2.5 million in annual revenues. FLC wields the potential to expand selection exponentially for customers and in parallel, generate unprecedented growth for our merchants, including SMEs.

雖然火箭選擇已增加到數百萬種，但與尚未包括在內的大量產品相比，它就相形見絀了。 1P 將針對尚未在 Rocket 上銷售的大量熱門產品目錄。 Coupang 或 FLC 的履行和物流與我們的賣家分享我們在基礎設施和技術上投資的數十億美元的收益。我們超過 2/3 的商家是中小型企業，年收入低於 250 萬美元。 FLC 具有為客戶呈指數級擴展選擇的潛力，同時為我們的商家（包括中小企業）帶來前所未有的增長。

Early results show that merchants who move their inventory to FLC saw sales increase by over 65% on average. This helped to drive seller adoption that exceeded our expectations last year, and FLC is already driving a significant share of seller sales and higher growth. In Q4, the combined growth of FLC and marketplace outpaced that of 1P.

早期結果顯示，將庫存轉移到 FLC 的商家的銷售額平均增長了 65% 以上。這有助於推動賣家的採用率超出我們去年的預期，並且 FLC 已經在賣家銷售中佔據很大份額並實現了更高的增長。在第四季度，FLC 和市場的綜合增長超過了 1P。

We're still in the early days of expanding selection on Rocket. Accordingly, our penetration in the overall retail market remains low in the single digits, but we're excited about the significant opportunity ahead.

我們仍處於擴大 Rocket 選擇範圍的早期階段。因此，我們在整個零售市場的滲透率仍然很低，只有個位數，但我們對未來的重大機遇感到興奮。

Now on profitability. There are numerous efforts across the company to increase efficiency that will allow us to improve profitability and invest in better selection, service and price for customers. As an example, automation in the form of both software and hardware will yield more savings in the years to come.

現在關於盈利能力。整個公司都在努力提高效率，這將使我們能夠提高盈利能力，並投資於為客戶提供更好的選擇、服務和價格。例如，軟件和硬件形式的自動化將在未來幾年產生更多的節省。

One target of continuous improvement is our fulfillment network where we see that our most automated FCs have demonstrated more than twice the efficiency of the rest of the network. We will continue to increase the efficiency of the network as we drive higher levels of automation. While the rate of improvement will be variable, we remain encouraged by our potential to continuously improve operational excellence and drive meaningful profit growth.

持續改進的目標之一是我們的履行網絡，我們看到我們最自動化的 FC 的效率是網絡其餘部分的兩倍多。隨著我們推動更高水平的自動化，我們將繼續提高網絡的效率。雖然改進的速度會有所不同，但我們仍然對我們不斷改進卓越運營和推動有意義的利潤增長的潛力感到鼓舞。

We're also excited by the potential we see in each of our developing offerings where we'll continue to challenge trade-offs customers take for granted. We'll continue to test and invest in initiatives like Eats, Play, Fintech and international among other initiatives. Only initiatives that demonstrate the potential for meaningful cash flows in the future will earn their way to more significant investment. And each of the major initiatives has the potential to generate significant externalities as part of our ecosystem that will produce outsized value for customers and for shareholders alike.

我們也對我們在每個開發中的產品中看到的潛力感到興奮，我們將繼續挑戰客戶認為理所當然的權衡取捨。我們將繼續測試和投資 Eats、Play、Fintech 和國際等項目。只有能夠證明在未來產生有意義的現金流的潛力的舉措才能贏得更重要的投資。作為我們生態系統的一部分，每一項重大舉措都有可能產生顯著的外部效應，從而為客戶和股東等帶來巨大的價值。

We start 2023 even more confident and excited about the opportunities ahead. As always, we'll take the long view and attack the biggest trade-offs for customers, make bold decision and disciplined investments and build sustainable long-term value for customers and shareholders, striving to create a world where everyone wonders how did I ever live without Coupang?

2023 年開始，我們對未來的機遇更加自信和興奮。一如既往，我們將著眼長遠，為客戶爭取最大的權衡，大膽決策，嚴謹投資，為客戶和股東創造可持續的長期價值，努力創造一個人人都想知道我曾經如何過的世界沒有 Coupang 怎麼活？

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. Our demand continued to remain strong even amidst macroeconomic pressure. We continue to grow at a multiple of the market with total dollar net revenue growth of 5% year-over-year and constant currency growth of 21% year-over-year and 6% quarter-over-quarter.

謝謝，阿姆。即使在宏觀經濟壓力下，我們的需求依然強勁。我們繼續以市場倍數增長，總美元淨收入同比增長 5%，貨幣同比增長 21%，環比增長 6%。

Our revenue growth continues to be driven by the increase in our active customers and revenue per active customer. Total active customers grew 1% year-over-year. This was negatively impacted by our each offering as our active customers in product commerce grew at 5% year-over-year. Our net revenue per active customer increased 19% year-over-year and 5% quarter-over-quarter on a constant currency basis as we continue to see even deeper engagement from our customers.

我們的收入增長繼續受到活躍客戶和每位活躍客戶收入增長的推動。活躍客戶總數同比增長 1%。這受到我們每項產品的負面影響，因為我們在產品商務方面的活躍客戶同比增長 5%。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 5%，因為我們繼續看到客戶的更深入參與。

Our investments into our WOW membership program and the compounding value of WOW helped drive record membership growth in Q4, ending the year with 11 million WOW members. We are encouraged by the adoption we continue to see with our WOW membership program.

我們對 WOW 會員計劃的投資和 WOW 的複合價值幫助推動了第四季度創紀錄的會員增長，到年底有 1100 萬 WOW 會員。我們繼續看到我們的 WOW 會員計劃被採用，這讓我們感到鼓舞。

We generated over $1.3 billion of gross profit in the fourth quarter, a nearly 60% year-over-year improvement. Our gross profit margin was 24%, an increase of over 800 bps year-over-year. Product commerce saw gross profit margin expansion of over 600 bps year-over-year, ending the quarter at 24.4%. This is 20 bps lower quarter-over-quarter, primarily because of product mix change. The driver of this year-over-year improvement remain consistent with those that we have highlighted throughout this year.

我們在第四季度創造了超過 13 億美元的毛利潤，同比增長近 60%。我們的毛利率為 24%，同比增長超過 800 個基點。產品商務的毛利率同比增長超過 600 個基點，本季度末為 24.4%。這比上一季度低 20 個基點，主要是因為產品組合發生變化。這一同比改善的驅動因素與我們在今年全年強調的驅動因素保持一致。

Benefit from investment in technology, infrastructure, supply chain optimization, scaling margin-accretive offerings and process improvement, including automation. The vast majority of the gains in 2022 was generated by operational improvements outside of ad. We are seeing the result of many ongoing initiatives, most of which have been in process for some time. We expect these efforts to continue driving further margin expansion in the future. Though we may not always see meaningful improvement each quarter or the same rate of improvement as the past few quarters. Continuing the trend we saw in the last quarter, we again improved OG&A over 120 bps year-over-year and over 20 bps quarter-over-quarter in spite of our continued investments for growth.

受益於對技術、基礎設施、供應鏈優化、擴大利潤增長產品和流程改進（包括自動化）的投資。 2022 年的絕大部分收益來自廣告以外的運營改進。我們看到了許多正在進行的舉措的結果，其中大部分已經進行了一段時間。我們預計這些努力將在未來繼續推動利潤率進一步擴大。儘管我們可能並不總能在每個季度看到有意義的改進，也不一定能看到與過去幾個季度相同的改進速度。延續我們在上個季度看到的趨勢，儘管我們繼續投資增長，但我們再次將 OG&A 同比提高 120 個基點以上，環比提高 20 個基點以上。

We delivered a record $211 million of adjusted EBITDA for a margin of 4%. Product Commerce generated adjusted EBITDA of $266 million or 5.1% of revenue, continuing our improvements through each of the quarters this year, while developing offerings recorded adjusted EBITDA of minus $55 million to $105 million year-over-year improvement. We continue to focus on improving the profitability foundation of our Eats offering.

我們以 4% 的利潤率交付了創紀錄的 2.11 億美元的調整後 EBITDA。產品商務產生的調整後 EBITDA 為 2.66 億美元，佔收入的 5.1%，在今年每個季度繼續取得改善，而開發產品的調整後 EBITDA 錄得負 5500 萬美元至 1.05 億美元的同比改善。我們繼續專注於提高 Eats 優食產品的盈利基礎。

Included in the developing offerings, results are our investments into our more nascent offerings like Coupon play, Fintech and international. The amount of these investments for the full year was consistent with the $200 million amount that we forecasted at the start of the year. For the full year 2022, we reported minus $246 million of free cash flow, an improvement of over $830 million from the prior year. This includes opportunistic investments in the procurement of strategic land and building assets of $227 million.

包括在開發產品中，結果是我們對我們更新生的產品的投資，如優惠券遊戲、金融科技和國際。全年的這些投資金額與我們年初預測的 2 億美元一致。對於 2022 年全年，我們報告的自由現金流為負 2.46 億美元，比上一年增加了超過 8.3 億美元。這包括對 2.27 億美元的戰略土地和建築資產採購的機會性投資。

Our next milestone is achieving positive free cash flow on a trailing 12-month cumulative basis. We are confident in the potential of the business to generate meaningful free cash flows, as indicated by our adjusted EBITDA profitability. As we look back on 2022, we are proud of the way our teams executed each quarter. This was a year of many milestones. We had positive adjusted EBITDA for product commerce in Q1 achieved positive adjusted EBITDA for the consolidated business in Q2 delivered a positive net income of $91 million for the consolidated business in Q3 and delivered a record gross profit, adjusted EBITDA and net income in Q4. We have consistently grown at multiples of the retail market, and we are confident in our ability to continue that trend in 2023.

我們的下一個里程碑是在過去 12 個月的累計基礎上實現正自由現金流。正如我們調整後的 EBITDA 盈利能力所表明的那樣，我們對業務產生有意義的自由現金流的潛力充滿信心。回顧 2022 年，我們為團隊每個季度的執行方式感到自豪。這是具有許多里程碑的一年。我們在第一季度的產品商業調整後 EBITDA 為正，第二季度合併業務的調整後 EBITDA 為正，第三季度合併業務的淨收入為正 9100 萬美元，第四季度的毛利潤、調整後 EBITDA 和淨收入均創歷史新高。我們一直以零售市場的倍數增長，我們有信心在 2023 年繼續保持這一趨勢。

In the past, we have shared our long-term adjusted EBITDA guidance of 7% to 10% or higher. In light of the progress we have demonstrated over the past year, we are now updating our long-term guidance to 10% or higher. We expect product commerce in 2023 to continue its march towards this long-term adjusted EBITDA target, though again won't be consistent each quarter. For developing offerings, we will continue to be opportunistic and disciplined in our investments in these nascent long-term opportunity. We invest in these opportunities because we are excited about the potential to expand the TAM and generate meaningful additional cash flows over the long term. We expect these losses for 2023 to be consistent with the amount we saw in 2022.

過去，我們分享了 7% 至 10% 或更高的長期調整後 EBITDA 指導。鑑於我們在過去一年取得的進展，我們現在將長期指導更新為 10% 或更高。我們預計 2023 年的產品商務將繼續朝著這個長期調整後的 EBITDA 目標邁進，儘管每個季度都不會保持一致。對於開發產品，我們將繼續在對這些新生的長期機會的投資中保持機會主義和紀律。我們投資於這些機會，因為我們對擴大 TAM 並在長期內產生有意義的額外現金流的潛力感到興奮。我們預計 2023 年的這些損失將與我們在 2022 年看到的金額一致。

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) Please limit your questions to 2 per person. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Eric Cha with Goldman Sachs.

（操作員說明）請將您的問題限制為每人 2 個。我們將暫停片刻來整理問答名單。你的第一個問題來自高盛的 Eric Cha。

I have 2 questions. First is that we noticed that there weren't any full year 2023 guidance given in your disclosure, I assume that this is because of the macro uncertainty, but would like to hear your thought process around this. And also, more importantly, as the months of January and February are now behind us, it would be really helpful if you could share your thoughts around the first quarter trends. Any guidance or color would be really helpful.

我有兩個問題。首先，我們注意到您的披露中沒有給出任何 2023 年全年的指導，我認為這是因為宏觀不確定性，但想听聽您對此的思考過程。而且，更重要的是，由於 1 月和 2 月已經過去，如果您能分享您對第一季度趨勢的看法，那將非常有幫助。任何指導或顏色都會非常有幫助。

Second question is, as you just mentioned, you've raised your long-term target for adjusted EBITDA margin. It would be great if you could walk us through what were the key drivers that you to raise this target? Was it mostly gross profit margin? Or do you guys now see more operating leverage on the SG&A side or a bit of both? Any color around this would be appreciated.

第二個問題是，正如您剛才提到的，您已經提高了調整後 EBITDA 利潤率的長期目標。如果您能向我們介紹一下您提高這個目標的關鍵驅動因素是什麼，那就太好了？主要是毛利率嗎？或者你們現在看到 SG&A 方面或兩者都有更多的運營槓桿？周圍的任何顏色將不勝感激。

Eric, thanks for the questions. We've historically not given top line guidance. But as we've demonstrated quarter after quarter, we're confident that in any scenario, we'll continue to grow at a multiple of the market. In the first 2 months of Q1, we've seen growth at a similar rate to what we saw in Q4. And while the short term, it is hard to predict, we're really confident about our ability to continue to compound and grow at a faster rate over the long term.

埃里克，謝謝你的提問。我們歷來沒有給出頂線指導。但正如我們一個季度又一個季度所展示的那樣，我們相信在任何情況下，我們都將繼續以市場倍數增長。在第一季度的前兩個月，我們看到了與第四季度相似的增長速度。雖然短期內很難預測，但我們對我們在長期內繼續以更快的速度複合和增長的能力充滿信心。

We're still in the single-digit share of overall market opportunity. The overwhelming majority of the retail market is offline, high prices and limited selection. We're excited about the opportunity to allow customers with wider selection, lower prices and exceptional service to continue to capture significant growth.

我們仍然處於整體市場機會的個位數份額。絕大多數零售市場是線下的，價格高，選擇有限。我們很高興有機會為客戶提供更廣泛的選擇、更低的價格和卓越的服務，以繼續實現顯著增長。

On your second question about our profit guidance and future expansion potential. The drivers -- we're continually encouraged by the improvement we see and the progress we're making on the drivers of margin improvement, which are efforts and continuous improvement programs that leverage years of investment in technology, infrastructure, supply chain optimization and new services, among others, process improvements, including automation, as I mentioned, will also contribute to efficiency gains in the future, and we're increasingly confident about our long-term margin opportunity. And we believe we're investing in the right drivers that will get us there, though the gains may not be as dramatic as last year will be realized every quarter.

關於我們的利潤指導和未來擴張潛力的第二個問題。驅動因素——我們看到的改進和我們在提高利潤率的驅動因素方面取得的進展不斷鼓舞著我們，這些努力和持續改進計劃利用了多年在技術、基礎設施、供應鏈優化和新產品方面的投資服務，除其他外，流程改進，包括自動化，正如我提到的，也將有助於提高未來的效率，我們對我們的長期利潤機會越來越有信心。我們相信我們正在投資於能夠讓我們實現目標的正確驅動因素，儘管每個季度的收益可能不會像去年那樣顯著。

We'll take our next question from Mr. Seyon Park with Morgan Stanley.

我們將與摩根士丹利一起接受 Seyon Park 先生的下一個問題。

I have 2 questions. The first is on FLC. Can you get a little bit of color on how much of -- or what percentage of your GMV is now coming from FLC. And then given, I guess, there are some concerns about the overall market growth in the near term. Can you maybe talk a little bit about how Coupang can utilize FLC to maybe increase the overall utilization of your distribution capacity, whether that is something that is already being actively considered or is being utilized would be very helpful to us.

我有兩個問題。第一個是在 FLC 上。您能否了解一下 FLC 現在有多少或您的 GMV 的百分比？然後，我猜，人們對短期內的整體市場增長存在一些擔憂。你能不能談談 Coupang 如何利用 FLC 來提高你的分銷能力的整體利用率，無論是已經在積極考慮還是正在使用的東西都會對我們很有幫助。

The second question is on Coupang Eats. I know you're in the stage where management is reassessing the options. And I think it's been about 2, 3 quarters since you've done that. Can you kind of give us maybe some color on how that is progressing and when some kind of a conclusion on your stance could be reached.

第二個問題是關於 Coupang Eats 的。我知道您正處於管理層重新評估選項的階段。我認為自從您這樣做以來已經有 2、3 個季度了。你能否給我們一些關於進展情況以及何時可以就你的立場得出某種結論的顏色。

Thanks for the question. On your first topic of FLC, as we mentioned in the call, FLC exceeded our expectations in 2022 and is already starting to scale. It of course, leverages our end-to-end integrated network, allows us to share the speed and efficiency with merchants to help them capture growth and savings; in parallel, of course, allows us to gain even better economies of scale, efficiency gains there as well, helps customers gain access to even wider selection with the experience of Rocket that we believe will ultimately unlock considerable growth over the long term.

謝謝你的問題。關於 FLC 的第一個主題，正如我們在電話會議中提到的，FLC 在 2022 年超出了我們的預期，並且已經開始擴大規模。當然，它利用我們的端到端集成網絡，使我們能夠與商家分享速度和效率，幫助他們獲得增長和節省；同時，當然，使我們能夠獲得更好的規模經濟和效率，幫助客戶通過 Rocket 的經驗獲得更廣泛的選擇，我們相信這最終將在長期內實現可觀的增長。

We mentioned the adoption rates for merchants and customers alike are strong on FLC. So far, early results show that merchants who moved their inventory to FLC saw sales increase by over 65% on average. Like any new initiative, there is a lead-time to perfect the tools and technology, processes and infrastructure to scale FLC to its full potential, but we're very excited about the long-term opportunity here.

我們提到商家和客戶在 FLC 上的採用率都很高。到目前為止，早期結果顯示，將庫存轉移到 FLC 的商家的銷售額平均增長了 65% 以上。與任何新舉措一樣，完善工具和技術、流程和基礎設施以充分發揮 FLC 的潛力需要提前期，但我們對這裡的長期機會感到非常興奮。

On Eats. We made significant progress in Eats. The $110 million year-over-year gross profit improvement in developing offerings was primarily driven by improvements in Eats. We're also working relentlessly and have many efforts and many initiatives to improve aspects of a customer experience on Eats. Eats is a strategically important offering for us now and in the future. Among other benefits, like our fresh offering, Eats helps deepen our customer engagement across many services. And there's a lot more to do, but we're excited about the strong profitable foundation we're building for Eats. And we're excited about driving the next phase of growth on that stronger foundation at the right time.

在吃。我們在 Eats 優食方面取得了重大進展。開發產品的毛利潤同比增長 1.1 億美元，這主要是由 Eats 的改進推動的。我們也在不懈努力，並做出了許多努力和許多舉措來改善客戶在 Eats 優食上的體驗。 Eats 優食對我們現在和未來都具有重要的戰略意義。 Eats 優食還提供其他好處，例如我們的新鮮產品，有助於加深我們在許多服務中的客戶參與度。還有很多事情要做，但我們為 Eats 建立的強大盈利基礎感到興奮。我們很高興能在正確的時間在更強大的基礎上推動下一階段的增長。

And we will take our next question from James Lee with Mizuho Securities.

我們將接受 James Lee 與瑞穗證券的下一個問題。

2 here, please. First, on consumer demand. With South Korea right now facing some inflationary pressure, are you seeing any of the mix shift to maybe services very similar to U.S. or maybe trade downs by consumers? And second, and maybe can we get a sense maybe some puts and takes on developing offering for 2023? What segments do you feel like you need to double down? And maybe what segment do you look to be more rational? Any commentary regarding the $200 million losses that you incurred this year, how should we think about 2023 on that?

2 在這裡，請。第一，消費需求。由於韓國目前面臨一些通脹壓力，您是否看到任何組合轉向可能與美國非常相似的服務，或者消費者可能會減少交易？其次，也許我們可以了解一些為 2023 年開發產品的投入和承擔？您覺得哪些細分市場需要加倍努力？也許您認為哪個細分市場更理性？關於您今年遭受的 2 億美元損失的任何評論，我們應該如何看待 2023 年？

OKAY. James, thanks for your question. I think on consumer demand, I think that was your first question. There are economic uncertainties globally that affect all of us. But as you've seen, we continue to grow much faster than the market, continue to grow at a robust pace. We're at different stages of selection acquisition across categories, but we're early in the selection acquisition for nearly every category. You see that in our customer corporate behavior.

好的。詹姆斯，謝謝你的問題。我認為關於消費者需求，我認為這是你的第一個問題。全球經濟存在不確定性，影響著我們所有人。但正如您所見，我們的增長速度繼續快於市場，繼續以強勁的速度增長。我們處於跨類別的選擇收購的不同階段，但我們幾乎在每個類別的選擇收購中都處於早期階段。您可以在我們的客戶企業行為中看到這一點。

The spend of our customer cohorts, even our oldest continues to compound at a fast rate. We're seeing strong growth across all categories, even our largest maybe perhaps because of the stage that we're at selection acquisition; it's hard to isolate the macroeconomic impact at a category level. And seeing our oldest -- all of our cohorts continue to compound all of our categories continue to grow we still don't know what our full potential spend is for our customers in any category. But it's very clear that customers want low prices, fast delivery and selection in all categories. And those are the 3 levers that we'll continue to focus on. We have not yet seen an exception to the simple truth. And we believe that our growth in the future will be driven by these 3 levers.

我們客戶群體的支出，甚至是我們最老的客戶群的支出繼續快速增長。我們看到所有類別的強勁增長，甚至是我們最大的類別，也許是因為我們處於選擇收購的階段；很難在類別級別隔離宏觀經濟影響。看到我們最老的——我們所有的隊列繼續複合，我們所有的類別繼續增長，我們仍然不知道我們對任何類別的客戶的全部潛在支出是多少。但很明顯，客戶想要低價、快速交貨和所有類別的選擇。這些是我們將繼續關注的 3 個槓桿。我們還沒有看到一個簡單事實的例外。我們相信，我們未來的增長將由這三個槓桿驅動。

On developing offerings, we remain excited about the potential to unlock significant gains in these new areas of growth. We believe the benefits of which will be amplified by our broader ecosystem. We'll continue to be disciplined and intelligent in the way that we've approached developing offerings. And you'll see that our developing offering losses for 2023 will be consistent, as Gaurav mentioned, with the amount of investment we made in 2022.

在開發產品方面，我們仍然對在這些新增長領域釋放重大收益的潛力感到興奮。我們相信，我們更廣泛的生態系統將擴大其好處。我們將繼續以我們接近開發產品的方式保持紀律和智慧。正如 Gaurav 提到的那樣，您會看到我們 2023 年的開發產品損失將與我們在 2022 年的投資額一致。

(Operator Instructions) And we'll take our next question from Jan Zhao with Barclays.

（操作員說明）我們將從 Jan Zhao 和 Barclays 提出下一個問題。

I have 2 as well. The first question is about your fresh. I was just wondering are you able to provide a little bit additional color about the GMV contribution where you are in terms of the profitability. Any kind of outlook when that business may be profitable at some point in a somewhat near future. Anything you can provide would be very helpful.

我也有2個。第一個問題是關於你的新鮮度。我只是想知道您能否提供一些關於 GMV 貢獻的額外顏色，說明您在盈利能力方面的貢獻。當該業務在不久的將來某個時候可能盈利時的任何一種前景。你能提供的任何東西都會很有幫助。

Second question is about the developing offering as well. As some of your peers, global peers seem to have had a very good success in the Fintech area. But every country, whether or not it's Brazil or Southeast Asia, they have different off-line banking system. With that as a backdrop of the off-line banking system or financial services industry in Korea, could you elaborate a bit on the sort of the specific products you are contemplating or already launched to get additional growth for your business in the financial services of Fintech area.

第二個問題也是關於開發中的產品。與你們的一些同行一樣，全球同行似乎在金融科技領域取得了非常好的成功。但是每個國家，無論是巴西還是東南亞，都有不同的離線銀行系統。以韓國的線下銀行系統或金融服務業為背景，您能否詳細說明您正在考慮或已經推出的具體產品類型，以便在金融科技金融服務領域為您的業務帶來額外增長？區域。

Thanks, Jon, for the question. On fresh, as we've mentioned before, we have a structural advantage of combining fresh and general merchandise in the same logistics and network that allows us, enables us to provide customers with the best experience at the lowest cost. Fresh has positive unit economics. We expect profitability to continue to improve with economies of scale and continued efforts to improve our technology and operations. We still also have a significant growth opportunity in fresh. Just 1/3 of active customers in Q4 or customers are fresh. We'll continue to expand assortment and focus on providing high quality and low prices -- high-quality products and low prices to customers there.

喬恩，謝謝你提出這個問題。關於新鮮，正如我們之前提到的，我們具有將新鮮商品和普通商品結合在同一物流和網絡中的結構優勢，這使我們能夠以最低的成本為客戶提供最佳體驗。 Fresh 的單位經濟效益為正。我們預計盈利能力將隨著規模經濟和不斷努力改進我們的技術和運營而繼續提高。我們在新鮮食品方面仍然有重要的增長機會。第 4 季度只有 1/3 的活躍客戶或客戶是新鮮客戶。我們將繼續擴大品種，專注於提供高質量和低價格——為那裡的客戶提供高質量和低價格的產品。

On developing offerings in Fintech, I think, again, generally, we will continue to be opportunistic and disciplined here. We do see lots of opportunities. We're still in the learning phase in some of those areas. Our approach has always been to test, learn, iterate, discipline and opportunistic there. And I think you'll see us continue to take that approach there. I think at the right time, we'll share more information, but we're still very early in the journey on many of the initiatives that we are pursuing on developing offerings.

在開發金融科技產品方面，我認為，總體而言，我們將繼續在這裡保持機會主義和紀律。我們確實看到了很多機會。在其中一些領域，我們仍處於學習階段。我們的方法一直是在那裡進行測試、學習、迭代、紀律和機會主義。我想你會看到我們繼續在那裡採用這種方法。我認為在適當的時候，我們會分享更多信息，但我們在開發產品方面所追求的許多舉措仍處於早期階段。

(Operator Instructions) It does appear that we have no further questions at this time. And this will conclude today's conference call.

（操作員說明）目前看來我們沒有其他問題了。這將結束今天的電話會議。