Coupang Inc (CPNG) 2021 Q3 法說會逐字稿

Good afternoon. My name is Josh, 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) Thank you. Now I'd like to turn the call over to Mr. Michael Senno, Vice President of Investor Relations. Please go ahead.

下午好。我的名字是喬希，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Coupang 收益電話會議。 （操作員說明）謝謝。現在我想把電話轉給投資者關係副總裁邁克爾·森諾先生。請繼續。

Thanks, operator. Welcome to Coupang Inc.'s quarterly earnings conference call for the third quarter ended September 30, 2021. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, 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.

謝謝，接線員。歡迎參加 Coupang Inc. 截至 2021 年 9 月 30 日的第三季度季度收益電話會議。我很高興今天加入我們的創始人兼首席執行官 Bom Kim 的電話會議；和我們的首席財務官 Gaurav Anand。以下討論，包括對您的問題的回答，僅反映了管理層截至今天的觀點。除法律要求外，我們不承擔任何更新或修改此信息的義務。

Certain statements made on today's call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements. Please refer to today's earnings release as well as the risks and uncertainties described in our most recent quarterly report on Form 10-Q filed with the SEC on August 16, 2021, and in other filings made with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

在今天的電話會議上做出的某些陳述是前瞻性陳述。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述大不相同。請參閱今天的收益發布以及我們於 2021 年 8 月 16 日提交給 SEC 的 10-Q 表格的最新季度報告以及向 SEC 提交的其他文件中描述的風險和不確定性，以了解可能導致的因素的信息我們的實際結果與這些前瞻性陳述存在重大差異。

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including reconciliations of non-GAAP measures to the most comparable GAAP measures are included in our earnings release and our SEC filing, each of which is posted on the company's Investor Relations website at ir.aboutcoupang.com. And I'll remind you that these numbers are unaudited and may be subject to change. Let me now turn the call over to Bom.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他披露，包括非 GAAP 措施與最具可比性的 GAAP 措施的對賬，包含在我們的收益發布和我們的 SEC 文件中，每一項都發佈在公司的投資者關係網站 ir.aboutcoupang.com .我會提醒您，這些數字未經審計，可能會發生變化。現在讓我把電話轉給 Bom。

Thanks, Michael, and thank you to everyone for joining us today. We continue to extend our lead in the fast-growing Korean e-commerce segment, posting total revenue growth of 48% in the third quarter. That builds on last year's massive growth for a 2-year compounded annual growth rate of 70%. That growth is underpinned by our expanding customer base and compounding customer cohort behavior. Even against elevated COVID comps, we posted our 15th straight quarter of at least 20% year-over-year growth in active customers and spend grew at least 25% year-over-year for every annual customer cohort, including our oldest cohort from 2010.

謝謝，邁克爾，感謝大家今天加入我們。我們繼續擴大在快速增長的韓國電子商務領域的領先地位，第三季度總收入增長 48%。這建立在去年 70% 的 2 年復合年增長率的巨大增長之上。這種增長得益於我們不斷擴大的客戶群和復雜的客戶群體行為。即使在新冠病毒疫情增加的情況下，我們也連續第 15 個季度公佈了活躍客戶數量至少同比增長 20%，每個年度客戶群體的支出同比增長至少 25%，包括我們自 2010 年以來最老的群體.

Our strategy to build compounding customer loyalty and long-term shareholder value is reflected in our core operating tenants. One, we exist to deliver new moments of WOW for customers and create a world where they ask how did we ever live without Coupang. Two, we don't start with what looks easy. We embrace the hard work of challenging trade-offs customers take for granted. Three, we will employ technology, process innovation and economies of scale to create amazing customer experiences and drive operating leverage and significant cash flows over time. Four, we prioritize growth in long-term cash flows. Five, we are disciplined capital allocators. We start with small investments, then increase investments over time in the opportunities with the best long-term potential.

我們建立復合客戶忠誠度和長期股東價值的戰略反映在我們的核心運營租戶中。一，我們的存在是為了為客戶提供新的 WOW 時刻，並創造一個他們詢問沒有 Coupang 我們如何生活的世界。第二，我們不會從看起來容易的事情開始。我們接受挑戰客戶認為理所當然的權衡的艱苦工作。第三，我們將利用技術、流程創新和規模經濟來創造令人驚嘆的客戶體驗，並隨著時間的推移推動運營槓桿和大量現金流。第四，我們優先考慮長期現金流的增長。五、我們是有紀律的資本配置者。我們從小額投資開始，然後隨著時間的推移增加對具有最佳長期潛力的機會的投資。

The opportunity in the Korean market remains as attractive as ever. The total retail market in Korea, excluding autos, was up 10% year-over-year in Q3 and boasts a 2-year CAGR of 5%. Bolstered by that broader retail market tailwind, the total e-commerce segment grew 20% year-over-year in Q3. And e-commerce, excluding travel, has now grown at least 20% for 12 straight quarters. The Korean e-commerce segment is on track to reach annual sales of approximately $200 billion by 2024, and is projected to become the third largest in the world after only the U.S. and China. Even at our scale as the leader in Korean e-commerce, we continue to grow at a multiple of the e-commerce segment. And our growth is broad-based with all of our offerings growing at least twice as fast as their respective segments.

韓國市場的機會與以往一樣具有吸引力。不包括汽車在內的韓國總零售市場在第三季度同比增長 10%，兩年復合年增長率為 5%。在更廣泛的零售市場順風的推動下，整個電子商務部門在第三季度同比增長了 20%。不包括旅遊在內的電子商務現在已經連續 12 個季度增長了至少 20%。到 2024 年，韓國電子商務部門的年銷售額有望達到約 2000 億美元，預計將成為僅次於美國和中國的世界第三大電子商務部門。即使在我們作為韓國電子商務領導者的規模下，我們仍在電子商務領域的倍數增長。我們的增長基礎廣泛，我們所有產品的增長速度至少是其各自細分市場的兩倍。

The backbone of our sustained growth is our strong customer retention and engagement. While members who spend in purchase frequency are significantly higher, continue to grow faster than active customers. The number of active customers buying across 6 or more categories has more than doubled from just 2 years ago, further evidence of our strengthening flywheel.

我們持續增長的支柱是我們強大的客戶保留和參與度。雖然在購買頻率上花費的會員明顯更高，但繼續比活躍客戶增長更快。購買 6 個或更多類別的活躍客戶數量比 2 年前增加了一倍多，這進一步證明了我們正在加強飛輪。

The result is that the customer spend for our newer cohorts is starting higher and compounding faster. What's more the 25% or higher growth across every one of our annual customer cohorts did not reflect the full customer demand that we saw in Q3. Korea imposed Level 4 COVID restriction starting in July, stricter than at any point in the pandemic, contributing to a decline in attendance and hiring at our facilities. The shortage was exacerbated by the loss of one of our largest fulfillment centers to a fire in June and continued operation center closures due to COVID cases. We sacrificed some growth by taking measures such as not accepting orders beyond daily capacity to preserve our delivery promise to customers. In doing so, we maintained average Rocket delivery times under 12 hours and delivered nearly 99% of orders in 1 day.

結果是，我們的新群體的客戶支出開始更高，複合更快。更重要的是，我們每個年度客戶群體的 25% 或更高的增長並未反映我們在第三季度看到的全部客戶需求。韓國從 7 月開始實施 4 級 COVID 限制，比大流行期間的任何時候都更嚴格，導致我們設施的出勤率和招聘人數下降。 6 月份，我們最大的履行中心之一因火災而喪失，以及由於 COVID 病例導致運營中心持續關閉，加劇了短缺。我們通過採取諸如不接受超出每日產能的訂單等措施來維持我們對客戶的交貨承諾，從而犧牲了一些增長。在此過程中，我們將 Rocket 的平均交付時間保持在 12 小時以下，並在 1 天內交付了近 99% 的訂單。

We're investing to expand capacity to keep up with high demand and extend our competitive mode. We increased our fulfillment and logistics infrastructure footprint by over 8 million square feet year-to-date through Q3 and will add millions more over the next year. For context, we've now added as much square footage of infrastructure since the beginning of 2020 as we did in every year prior to 2020 combined. This includes a significant expansion for our Fresh offering, which has been particularly capacity constrained since COVID started and accelerated adoption. We're on track to double our Fresh performance at our footprint in 2021, and we believe we now have more than doubled the total infrastructure footprint of our largest online first competitors combined.

我們正在投資擴大產能以滿足高需求並擴展我們的競爭模式。截至第三季度，我們的履約和物流基礎設施佔地面積增加了超過 800 萬平方英尺，明年還將增加數百萬平方英尺。就上下文而言，自 2020 年初以來，我們現在增加的基礎設施面積與 2020 年之前每年的總和一樣多。這包括我們的 Fresh 產品的顯著擴展，自 COVID 開始並加速採用以來，該產品的容量特別受限。我們有望在 2021 年將我們的 Fresh 業績翻一番，我們相信我們現在的基礎設施總足跡是我們最大的在線第一競爭對手的總和的兩倍多。

We're cautiously optimistic that attendance and hiring will rebound much as they did after the government relaxed the previous round of restrictions in early 2021. In addition, our operational teams are focused on enhancing recruiting processes and making technology improvements that we believe will also help scale our workforce with greater efficiency in the future. Amid these strong demand tailwinds, our underlying profit drivers are also improving with scale. Retail product level profit before operational costs has increased in each of the past 6 quarters. Our highest profit categories are also growing the fastest. We're still far from entitlement on both margin and mix, and we see a long runway for continued improvement. Our monetization efforts are also gaining traction. Advertising revenue nearly tripled year-on-year in Q3. We're still in the early innings and expect advertising to contribute significantly to margins in the future. Other merchant services are also showing promise. Merchants beta testing, our fulfillment and logistics offering are seeing a significant sales uplift. And we expect fulfillment and logistics by Coupang to become another meaningful contributor to profits over time. These improving profit drivers were obscured by short-term disruptions and timing of investments. First, we invested approximately $95 million in incremental labor and operational costs following the increase in COVID-19 cases and heightened restrictions in Korea in Q3.

我們謹慎樂觀地認為，出勤率和招聘人數將大幅反彈，就像政府在 2021 年初放鬆上一輪限制後所做的那樣。此外，我們的運營團隊專注於加強招聘流程和進行技術改進，我們認為這也將有所幫助在未來以更高的效率擴展我們的員工隊伍。在這些強勁的需求順風中，我們的潛在利潤驅動因素也在隨著規模的擴大而改善。在過去的 6 個季度中，不計運營成本的零售產品級利潤均有所增加。我們利潤最高的類別也增長最快。我們距離利潤和組合的權利還很遠，我們看到持續改進的道路很長。我們的貨幣化努力也越來越受歡迎。第三季度廣告收入同比增長近兩倍。我們仍處於早期階段，預計廣告將在未來對利潤率做出重大貢獻。其他商家服務也顯示出希望。商家 Beta 測試、我們的履行和物流服務的銷售額顯著提升。隨著時間的推移，我們預計 Coupang 的履行和物流將成為另一個有意義的利潤貢獻者。這些改善的利潤驅動因素被短期中斷和投資時機所掩蓋。首先，隨著第三季度 COVID-19 病例的增加和韓國限制的加強，我們在增加的勞動力和運營成本上投入了大約 9500 萬美元。

Second, a higher percentage of capacity was underutilized due to the timing of infrastructure investments. For example, as part of our aggressive expansion efforts in Fresh, nearly half of our fulfillment centers in Fresh recently opened or are still under construction. These centers generate little to no revenue today but account for a sizable portion of our Fresh investments. We believe this capacity will enable us to capitalize on the massive demand for our offerings, drive strong future growth and improve profitability as we scale. Third, we're also investing in WOW membership benefits expanding our free shipping services and delivering more orders by Same-Day or Dawn Delivery. The rapidly growing share of orders by WOW members create higher costs in the short term. But over time, as this share stabilizes, we expect cost per order to improve as operating leverage against fixed costs will only continue to grow with scale. Meanwhile, the higher loyalty and engagement from these differentiated experiences will further broaden our customer funnel and accelerate our flywheel. We've also seen some productivity decline as we add record levels of capacity and reduce delivery times for an increasing number of orders in the current environment.

其次，由於基礎設施投資的時機問題，較高比例的產能未得到充分利用。例如，作為我們在 Fresh 積極擴張努力的一部分，我們在 Fresh 的近一半履行中心最近開業或仍在建設中。這些中心今天幾乎沒有收入，但占我們新鮮投資的很大一部分。我們相信，這種能力將使我們能夠利用對我們產品的巨大需求，推動未來強勁的增長，並隨著我們的擴大規模而提高盈利能力。第三，我們還在投資 WOW 會員福利，擴大我們的免費送貨服務，並通過當日或黎明送貨提供更多訂單。 WOW 會員訂單份額的快速增長在短期內會產生更高的成本。但隨著時間的推移，隨著這一份額的穩定，我們預計每筆訂單的成本將會提高，因為相對於固定成本的運營槓桿只會隨著規模的擴大而繼續增長。同時，這些差異化體驗帶來的更高忠誠度和參與度將進一步拓寬我們的客戶渠道並加速我們的飛輪。在當前環境下，我們增加了創紀錄的產能並減少了越來越多的訂單的交付時間，因此我們還看到了一些生產力下降。

We have seen similar dips in past periods of heavy investment. As was the case with previous investment cycles, we expect to ramp up our new facilities, drive process improvements and leverage increasing order density and other economies of scale to improve unit costs over time. Additionally, we have significant opportunities to amplify efficiency gains with continued investment in technology and automation. Our size and scale put us in a unique position to make such investments, and in doing so, further differentiate our offerings for customers while building on our structural cost advantage. We're also excited to continue investing in our most promising new offerings. Demand for Fresh has outpaced capacity for much of the past year. As I noted, we're aggressively expanding to capitalize on that opportunity and expect significant operating leverage as we grow into the new capacity. Fresh is following a similar trajectory as Rocket, which gained leverage on investments as it scaled and turned profitable in time. Eats is much earlier on that journey. It's been our fastest scaling major offering marked by strong customer adoption and retention. The monthly order frequency for our early cohorts where we first launched is now approaching the same level as WOW members, and we're increasing the confidence in the long-term profitability. That gives us conviction to continue to invest in the near term to scale Eats. In closing, we're encouraged by the underlying trends of the business and confident that continuing to execute in our operating principles will lead to significant shareholder value creation in the long run. Now I'll turn the call over to Gaurav to go through the financials.

在過去的大量投資時期，我們也看到過類似的下跌。與之前的投資週期一樣，我們預計將增加我們的新設施，推動流程改進，並利用不斷增加的訂單密度和其他規模經濟來隨著時間的推移降低單位成本。此外，我們還有很多機會通過對技術和自動化的持續投資來提高效率。我們的規模和規模使我們處於進行此類投資的獨特地位，並在這樣做的過程中進一步區分我們為客戶提供的產品，同時建立我們的結構成本優勢。我們也很高興繼續投資我們最有前途的新產品。在過去一年的大部分時間裡，新鮮食品的需求已經超過了產能。正如我所指出的，我們正在積極擴張以利用這一機會，並期望隨著我們發展到新的產能而產生顯著的運營槓桿。 Fresh 的發展軌跡與 Rocket 類似，後者隨著規模的擴大和及時實現盈利而獲得了投資槓桿。 Eats 在這段旅程中要早得多。這是我們擴展速度最快的主要產品，以強大的客戶採用和保留為標誌。我們最初推出的早期群組的月度訂單頻率現在已接近 WOW 會員的水平，我們正在增強對長期盈利能力的信心。這讓我們有信心在短期內繼續投資以擴大 Eats 的規模。最後，我們對業務的基本趨勢感到鼓舞，並相信繼續執行我們的運營原則將在長期內為股東創造重大價值。現在我將把電話轉給 Gaurav 來檢查財務狀況。

Thanks, Bom. Our reported revenue growth of 48% and constant currency growth of 44% were driven by strength across all our product offerings. Net other revenue exceeded $500 million for the first time in Q3, increasing 113% year-over-year, led by our Eats and advertising offerings. The flywheel we ignited with our 1P offering continues to strengthen and it is fueling strong growth in 3P and our new product offerings, and we expect that momentum to only build. Quarterly active customers increased 20% in Q3 to [16.8] million. Year-over-year growth for returning customers has been healthy and remains consistent throughout 2020 and 2021. And customers' engagement is rising with customers buying across more categories and adopting new offerings. Revenue per customer grew 23% in Q3, driven by a compounding spend across all our customer cohorts. Given our oldest 2010 cohort grew over 25%, further evidence that we still have significant potential to capture wallet share. We were less aggressive on customer acquisition this quarter to protect the experience for existing customers, prioritizing what's best for customers drives loyalty and engagement, and we believe that is the best long-term approach. We are still very early in our growth potential with the opportunity to more than double our active customer count over time as we systematically penetrate the 37 million active Internet shoppers in Korea.

謝謝，邦。我們報告的 48% 的收入增長和 44% 的固定匯率增長是由我們所有產品的實力推動的。在我們的餐飲和廣告產品的帶動下，第三季度其他淨收入首次超過 5 億美元，同比增長 113%。我們用 1P 產品點燃的飛輪繼續加強，它正在推動 3P 和我們的新產品的強勁增長，我們預計這種勢頭只會建立。季度活躍客戶在第三季度增長 20% 至 [16.8] 百萬。回頭客的同比增長是健康的，並且在 2020 年和 2021 年始終保持一致。隨著客戶購買更多類別並採用新產品，客戶的參與度正在提高。在我們所有客戶群的複合支出的推動下，第三季度每位客戶的收入增長了 23%。鑑於我們最古老的 2010 年隊列增長了 25% 以上，進一步證明我們仍有巨大的潛力來獲取錢包份額。本季度我們在客戶獲取方面沒有那麼積極，以保護現有客戶的體驗，優先考慮對客戶最有利的東西可以提高忠誠度和參與度，我們認為這是最好的長期方法。隨著我們系統地滲透到韓國 3700 萬活躍的互聯網購物者，我們的增長潛力仍處於早期階段，隨著時間的推移，我們有機會將活躍客戶數量增加一倍以上。

As Bom noted, we invested nearly $95 million in incremental labor and operations to service as much customer demand as possible in the face of the COVID-related headwinds. This included increased operations costs to keep our employees safe and healthy and higher worker incentives and recruiting costs to navigate the labor constraint. When COVID cases spiked and restrictions increased in Q3 last year, it led to a similar increase in COVID-related costs. These costs then declined when restrictions were loosen in the first half of 2021. While we expect these labor and operating investments to remain elevated at least in Q4, we believe they are temporary and expect the costs to diminish when COVID conditions normalize.

正如 Bom 指出的那樣，面對與 COVID 相關的不利因素，我們在增量勞動力和運營方面投入了近 9500 萬美元，以盡可能多地滿足客戶需求。這包括增加運營成本以確保我們的員工安全和健康，以及提高員工激勵措施和招聘成本以應對勞動力限制。去年第三季度，當 COVID 病例激增且限制增加時，與 COVID 相關的成本也出現了類似的增加。當 2021 年上半年放寬限制後，這些成本隨後下降。雖然我們預計這些勞動力和運營投資至少在第四季度仍將保持較高水平，但我們認為它們是暫時的，並預計當 COVID 狀況正常化時成本會降低。

Moving down the P&L. Gross profit increased 62% year-over-year to $755 million in Q3, with gross margin expanding 130 basis points to 16.3%. Prior to COVID, our gross margin was approaching 20% and underlying fundamental drivers are even stronger today. The incremental COVID-related costs and investments to expand infrastructure and grow our [large] service obscure the full extent of the progress. But we are confident that as we move past these short-term headwinds, we'll unlock meaningful margin expansion. The increased adjusted EBITDA losses in Q3 compared to Q2, primarily spent from the incremental COVID-related labor and operations costs. Excluding such costs from all periods, the Q3 adjusted EBITDA margin was similar to the margin in the first half of the year. Investments to scale Fresh and Eats and to develop new long-term growth initiatives continue to drive the balance of adjusted EBITDA loss, offset in part by increasing profit from our mature offerings.

向下移動損益表。第三季度毛利潤同比增長 62% 至 7.55 億美元，毛利率增長 130 個基點至 16.3%。在 COVID 之前，我們的毛利率接近 20%，而潛在的基本面驅動因素如今更加強勁。為擴展基礎設施和發展我們的 [大型] 服務而增加的與 COVID 相關的成本和投資掩蓋了進展的全部範圍。但我們有信心，隨著我們克服這些短期不利因素，我們將開啟有意義的利潤率擴張。與第二季度相比，第三季度調整後的 EBITDA 損失增加，主要來自與新冠病毒相關的勞動力和運營成本的增加。剔除所有期間的此類成本，第三季度調整後的 EBITDA 利潤率與上半年的利潤率相似。擴大 Fresh and Eats 規模以及開發新的長期增長計劃的投資繼續推動調整後 EBITDA 虧損的平衡，部分被我們成熟產品的利潤增加所抵消。

Trailing 12-month operating cash flow was negative $191 million in the third quarter due to higher losses and a modest working capital headwind. The working capital reflects less benefit from accounts payable. Our cash conversion cycle is unchanged, and we expect the combination of favorable working capital dynamics in our business and improving profitability to drive healthy cash flows over time. With nearly $4 billion of unrestricted cash on our balance sheet, we are well positioned to invest aggressively to extend our lead in Korean e-commerce and capitalize on the significant demand for our offering, and we are excited to build on our momentum and continue driving strong growth for many years to come. Operator, we are now ready to begin the Q&A.

由於更高的虧損和適度的營運資本逆風，第三季度過去 12 個月的經營現金流為負 1.91 億美元。營運資金反映較少的應付賬款收益。我們的現金轉換週期沒有改變，我們預計我們業務中有利的營運資金動態和提高盈利能力的結合將隨著時間的推移推動健康的現金流。憑藉我們資產負債表上近 40 億美元的無限制現金，我們有能力進行積極投資，以擴大我們在韓國電子商務領域的領先地位並利用對我們產品的巨大需求，我們很高興能夠鞏固我們的勢頭並繼續推動未來許多年的強勁增長。接線員，我們現在準備開始問答。

(Operator Instructions) Your first question comes from Eric Cha with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Eric Cha。

Yes. I think you mentioned in your presentation that was disclosed earlier, there was a $95 million incremental labor and operational cost mostly related to COVID-19 issues. I think this probably refers to the capacity issues that you flagged during the last quarter earnings call. And I'm sure this also may have partially affected the company's top line as well, considering the company's philosophy for the consumer experience. So I think the key question that everybody has now is, are you seeing some improvement into the fourth quarter? And if not, when do you expect this to be alleviated and normalize the situation, not only the cost, but the top line growth to its full potential?

是的。我認為您在之前披露的演示文稿中提到，增加了 9500 萬美元的人工和運營成本，主要與 COVID-19 問題有關。我認為這可能是指您在上一季度財報電話會議上指出的產能問題。考慮到公司的消費者體驗理念，我相信這也可能部分影響了公司的收入。所以我認為每個人現在的關鍵問題是，您是否看到第四季度有所改善？如果沒有，您預計這種情況何時會得到緩解並使情況正常化，不僅是成本，而且是頂線增長發揮其全部潛力？

My next question is, and I'm pretty sure that people will be wondering about this as well, the active customers. The year-over-year growth still looks pretty solid, but, if I'm not mistaken, this would be I think for the first sequential active customer decline for the company so could we get some color on this, please?

我的下一個問題是，我很確定人們也會對此感到好奇，即活躍的客戶。同比增長看起來仍然相當穩健，但是，如果我沒記錯的話，我認為這是該公司首次連續活躍客戶下降，所以我們可以對此有所了解嗎？

Thanks for the question. You're right. There was some effect on the top line as well that not only affected our revenue growth, but also affected our active customer growth. First thing on the active customer point -- as you point out, it was still strong growth year-over-year -- 20% year-over-year growth. It did not reflect just as our revenues now reflect our full demand. We sacrificed to preserve customer experience several percentage points of revenue growth. By our estimates, we sacrificed at least 5 percentage points. And it was done through measures such as not taking orders when we reach our daily capacity. It's a difficult decision in the short run, but for us it was an easy decision for the under-operating principles. We've made difficult choices like this in the past. It preserves the long-term customer trust. It's one of the reasons you see our customer cohorts compounding at the rate that they are. And even in spite of that constraint, we still saw not only strong growth in active customers, but we're growing at a multiple of the e-commerce overall growth rate for capturing a higher percentage of every incremental dollar of growth than we ever had Q3 recorded the highest share, more cents per dollar of incremental growth than in any quarter in our company's history. As for how long this will persist, it's difficult to say. We've been through these cycles before. As you know, Eric, last 2020 when restriction levels were heightened in Q3, we saw the same impact on -- similar impact on our labor, on our hiring and our attendance. As restrictions were loosened and social unease and concerns declined, cases declined, we saw a return to normalcy. And I think that's a very different phenomenon. That's the difference between Korea, for example, and the U.S. is that we've been through a cycle where we've seen glimpses of normalcy. In the early part of the year when things returned to a sense of normalcy, we saw those constraints on labor, particularly hiring and attendance dissipate. As the restrictions have been loosened as of November 1, but cases still remain high. So in the near term, I think the situation still remains very fluid, but we are cautiously optimistic in the long run that we are going to see the kind of return to normalcy that we saw a glimpse of early in the year. But we are also not resting and assuming that that would take care of all the issues. Even though in the near term, we face that uncertainty, we continue to make investments in process improvements and recruiting, for example, that we think will help us scale more efficiently. There have also been efforts, projects on automation and process improvement. That's a source of capacity increase.

謝謝你的問題。你是對的。收入也受到了一些影響，不僅影響了我們的收入增長，還影響了我們活躍的客戶增長。首先是活躍客戶點——正如你所指出的，同比增長仍然強勁——同比增長 20%。它並沒有反映出我們現在的收入反映了我們的全部需求。我們犧牲了幾個百分點的收入增長來保持客戶體驗。根據我們的估計，我們至少犧牲了 5 個百分點。這是通過諸如當我們達到我們的每日產能時不接受訂單等措施來完成的。從短期來看，這是一個艱難的決定，但對我們來說，對於運營不足的原則來說，這是一個容易的決定。我們過去曾做出過這樣的艱難選擇。它保持了客戶的長期信任。這是您看到我們的客戶群以他們的速度複合的原因之一。儘管存在這種限制，我們仍然不僅看到活躍客戶的強勁增長，而且我們的增長速度是電子商務整體增長率的倍數，因為我們在每一美元增長中所佔的百分比比以往任何時候都高第三季度的份額最高，每美元的增量增長比我們公司歷史上任何一個季度都多。至於這種情況會持續多久，很難說。我們以前經歷過這些週期。如你所知，Eric，去年第三季度限制水平提高時，我們看到了同樣的影響——對我們的勞動力、招聘和出勤率的類似影響。隨著限制的放鬆，社會不安和擔憂的減少，病例減少，我們看到了恢復正常。我認為這是一個非常不同的現象。這就是韓國和美國之間的區別，例如，我們經歷了一個週期，我們看到了正常的一瞥。今年年初，當一切恢復正常時，我們看到勞動力方面的限制，尤其是招聘和出勤方面的限制正在消失。由於自 11 月 1 日起放寬限制，但病例數仍居高不下。因此，在短期內，我認為情況仍然非常不穩定，但從長遠來看，我們對我們將看到年初看到的那種恢復正常狀態持謹慎樂觀的態度。但我們也沒有休息並假設這會解決所有問題。儘管在短期內，我們面臨著這種不確定性，但我們會繼續在流程改進和招聘方面進行投資，例如，我們認為這將有助於我們更有效地擴大規模。也有關於自動化和流程改進的努力、項目。這是容量增加的來源。

Some of those projects have been delayed because we've been trying to keep up with record demand over the last couple of years. So we'll continue to make investments in automation and process improvements that we believe will help us scale our business going forward. Certainly, again, that takes time. It will take several quarters. But over the next -- over the long term, we are optimistic, cautiously optimistic that the current constraints will be transitory in shortfall.

其中一些項目已被推遲，因為我們一直在努力跟上過去幾年創紀錄的需求。因此，我們將繼續在自動化和流程改進方面進行投資，我們相信這將幫助我們擴大業務規模。當然，再一次，這需要時間。這將需要幾個季度。但在接下來——從長遠來看，我們對當前的限制將是暫時的不足表示樂觀、謹慎的樂觀。

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

您的下一個問題來自美國銀行的 Susie Lee。

I have 2 questions. First, on the profitability. Well, I recall that during the second quarter earnings call last time, you mentioned that the EBITDA from traditional e-commerce business, so excluding Coupang Fresh and Coupang Eats, almost broke even. So I was wondering that if this such a trend continued, hopefully, in third quarter, the traditional e-commerce business was able to turn to profit in EBITDA line? So that is my first question.

我有 2 個問題。首先，關於盈利能力。好吧，我記得上次在第二季度財報電話會議上，您提到傳統電子商務業務的 EBITDA，因此不包括 Coupang Fresh 和 Coupang Eats，幾乎收支平衡。所以我在想，如果這種趨勢繼續下去，希望在第三季度，傳統的電子商務業務能夠在 EBITDA 線上扭虧為盈？這是我的第一個問題。

And then the second question is about Coupang Eats. I think investors are quite interested in your initiative in Coupang Eats further market share gains. So is there any indicator that the management could share with us to help us better understand your presence in this market? Like could be traffic or a number of orders, or probably the best indicator would be a market share in terms of GMV or the total gross order value. So anything you can share will be super helpful.

然後第二個問題是關於 Coupang Eats 的。我認為投資者對你在 Coupang Eats 進一步增加市場份額的舉措很感興趣。那麼管理層是否可以與我們分享任何指標，以幫助我們更好地了解您在這個市場的存在？比如流量或訂單數量，或者最好的指標可能是 GMV 或總訂單價值方面的市場份額。因此，您可以分享的任何內容都會非常有幫助。

Thanks for the questions. I'll start with the second one first on Eats. It continues to -- we continue to see great momentum in that service. It remains our fastest-growing service in the company's history. And we shared in the earnings release that customer adoption, we're excited by the momentum we're seeing there. The Eats app as an indication, was the most downloaded app in all of Korea on iOS and the second most downloaded app in Android in all of 2021 to date. The only app that's been downloaded more than our Coupang Eats app, which was on Android, is the government released app for COVID vaccine. And what's actually more encouraging than that than even the adoption is the retention that we're seeing, which we think is always a reflection of the customer value proposition that we're still working.

感謝您的提問。我將首先在 Eats 上開始第二個。它繼續 - 我們繼續看到該服務的強勁勢頭。它仍然是公司歷史上增長最快的服務。我們在收益發布中分享了客戶採用率，我們對在那裡看到的勢頭感到興奮。迄今為止，Eats 應用程序是韓國 iOS 上下載次數最多的應用程序，也是 2021 年迄今為止 Android 上下載次數第二多的應用程序。唯一比我們在 Android 上的 Coupang Eats 應用程序下載量更多的應用程序是政府發布的 COVID 疫苗應用程序。實際上，比採用更令人鼓舞的是我們看到的保留率，我們認為這始終反映了我們仍在努力的客戶價值主張。

We're still far from where we want to be, but we believe we want to -- we're focused on creating the best experience at the lowest cost and the retention levels that we're seeing in our customer -- the customer cohort compounding, frequency increases are all moving in a positive direction. In fact, in our earliest areas where we launched our earliest cohorts, we're seeing now the frequency approaching that of WOW member frequency, which is exceptional. So we're very excited by the momentum there. It's still early. We're still focused on improving our customer experience, our value proposition around selection, service and of course, cost structure, which allows us to benefit customers as well as merchants.

我們離我們想要的目標還很遠，但我們相信我們想要——我們專注於以最低的成本和我們在客戶中看到的保留水平創造最好的體驗——客戶群複合，頻率增加都在朝著積極的方向發展。事實上，在我們推出最早群組的最早地區，我們現在看到的頻率接近 WOW 成員頻率，這是非常特殊的。所以我們對那裡的勢頭感到非常興奮。現在還早。我們仍然專注於改善我們的客戶體驗，我們圍繞選擇、服務以及成本結構的價值主張，這使我們能夠使客戶和商家受益。

To your first question around profitability, the underlying drivers of profitability are improving. And as you pointed out, there are some short-term noise that -- quarter-to-quarter, there's always some noise that might obscure the improvement that we're seeing in the underlying profit drivers. Short-term disruptions like COVID, as you point out, timing of investments. Overall, the store remains consistent. If you exclude that there's COVID impact of $95 million, we -- Fresh and Eats continues to be our focus for investment, mature parts of our business are investing. We're able to take the cash flow from mature investments -- mature offerings and reinvested in areas like Fresh and Eats. And of course, there are -- there's additional initiatives. There's international small amounts of new initiatives like international, fintech and so forth that we continue to make. But the overall dynamics are moving in the right direction. Timing of investments, as we mentioned, we have a record level of capacity that we're building out. So we have a higher rate of underutilized capacity. Fresh, for example, nearly half of the facilities are under construction or just open so producing no revenue. Those things will be positive sources of strength for us over the long term, allowing us to create a better experience, continue to expand our value proposition to more customers, but creates some noise in the short term that might obscure the improvements that we're making.

關於盈利能力的第一個問題，盈利能力的潛在驅動因素正在改善。正如你所指出的，有一些短期的噪音 - 每季度，總是有一些噪音可能掩蓋我們在潛在利潤驅動因素中看到的改善。正如您所指出的，像新冠病毒這樣的短期中斷是投資時機。總體而言，這家商店保持一致。如果排除 9500 萬美元的 COVID 影響，我們——Fresh and Eats 仍然是我們的投資重點，我們業務的成熟部分正在投資。我們能夠從成熟的投資中獲得現金流——成熟的產品，然後再投資於 Fresh 和 Eats 等領域。當然，還有——還有其他舉措。我們繼續在國際上推出少量新舉措，例如國際化、金融科技等。但整體動力正在朝著正確的方向發展。正如我們所提到的，投資時機已經達到了創紀錄的水平。因此，我們的產能未充分利用率更高。例如，新鮮的，近一半的設施正在建設中或剛剛開放，因此沒有收入。從長遠來看，這些東西將成為我們積極的力量來源，使我們能夠創造更好的體驗，繼續將我們的價值主張擴展到更多客戶，但在短期內會產生一些噪音，可能會掩蓋我們正在取得的改進製造。

Your next question comes from the line of Stanley Yang with JPMorgan.

您的下一個問題來自摩根大通的 Stanley Yang。

I have 2 questions. First question is about this ongoing margin pressure. So you attributed the margin pressure to COVID-19-driven labor and logistic cost pressure. But how about this competitive landscape perspective? The competitors are trying to catch up the faster delivery logistic capabilities. Is this another reason of the structural cost pressure in the midterm? And also separately, when do you expect the Eats business to reach breakeven, OP or EBITDA at which scale? And the other question is actually your logistic capacity. So are you on track with your previous guidance of 50% growth of the footprint center capacity over the next 1 year? And when do you think your 3P fulfillment service to meaningfully take up? Those are my questions.

我有 2 個問題。第一個問題是關於這種持續的利潤壓力。因此，您將利潤率壓力歸因於 COVID-19 驅動的勞動力和物流成本壓力。但是，這種競爭格局的觀點又如何呢？競爭對手正試圖趕上更快的交付物流能力。這是中期結構性成本壓力的另一個原因嗎？另外，您預計 Eats 業務何時能夠達到盈虧平衡、OP 或 EBITDA 的規模？另一個問題實際上是您的後勤能力。那麼，您之前的指導方針是在未來 1 年內實現 50% 的足跡中心容量增長嗎？您認為您的 3P 履行服務何時有意義地使用？這些是我的問題。

Stanley, your last question, was that around 3P or -- sorry, could you repeat your last question again? I didn't hear the 3P...

斯坦利，你的最後一個問題，是關於 3P 還是——抱歉，你能再重複一次你的最後一個問題嗎？沒聽過3P。。。

Sure. Actually, the 3P fulfillment service is now on the testing stage to get deliveries. But we was -- the market was anticipating the meaningful takeoff, right, when it's going to be the right timing?

當然。實際上，3P 履行服務現在正處於測試階段以獲得交付。但我們是——市場正在期待有意義的起飛，對吧，什麼時候是正確的時機？

Yes. Yes. Got it. Got it. Thanks for the question. So there's several things to unpack there. On the competitive front, we did not see -- we saw virtually no impact from competitive factors. I think it's safe to say, from our perspective, more so than at any point in our company's history, we think the drivers of our business are unaffected by competition. As you saw, our demand was not constrained. It was really our capacity. In fact, this past quarter, we reduced efforts to acquiring new customers, for example, because we're trying to protect customer experience. Now there's 37 million new customers. We're well on that track. We've had periods like this where we've leaned into more customer acquisition, other periods where we leaned back. This was a quarter where we leaned back because we wanted to protect customer experience. So it hasn't been demand constrained. It really has not -- we did not see that in fact, as I pointed out, we're seeing more momentum in terms of taking share of every incremental dollar growth in the market.

是的。是的。知道了。知道了。謝謝你的問題。所以那裡有幾件事情要解開。在競爭方面，我們沒有看到——我們幾乎沒有看到競爭因素的影響。我認為可以肯定地說，從我們的角度來看，比我們公司歷史上的任何時候都更重要的是，我們認為我們的業務驅動因素不受競爭的影響。如您所見，我們的需求沒有受到限制。這真的是我們的能力。事實上，在上個季度，我們減少了獲取新客戶的努力，例如，因為我們正在努力保護客戶體驗。現在有 3700 萬新客戶。我們在這條軌道上做得很好。我們曾經有過這樣的時期，我們傾向於更多的客戶獲取，而其他時期我們則向後傾斜。這是我們向後傾斜的一個季度，因為我們想保護客戶體驗。所以它沒有受到需求的限制。它確實沒有 - 事實上，正如我指出的那樣，我們沒有看到這一點，我們看到了在市場上每一個增量美元增長中所佔份額的更多動力。

On the Eats front, we've been encouraged when we've had projects trying to optimize our efficiency there, the gains that we've been able to drive. We've also been able to leverage technology and processes that we built for core e-commerce, whether it's around labor management, route optimization and so forth, on Eats to improve that efficiency. We also think the same structural tailwinds are there increasing orders, economies of scale from that order density. Those factors are still applicable there. So we're excited about that character -- that trait of Eats.

在 Eats 方面，當我們有項目試圖優化我們在那裡的效率時，我們受到鼓舞，我們已經能夠推動的收益。我們還能夠利用我們為核心電子商務構建的技術和流程，無論是圍繞勞動力管理、路線優化等，都可以在 Eats 上提高效率。我們還認為，同樣的結構性順風是訂單增加，訂單密度帶來的規模經濟。這些因素在那裡仍然適用。所以我們對這個角色感到興奮——Eats 的那個特點。

We also have plans in the long run to generate more synergies between our core e-commerce and Eats. Just as we've been able to share the economies of scale from our -- in our core commerce with Fresh, we believe there are opportunities to share core e-commerce's economies of scale with Eats as well. It's still very early in that journey. And there, we're focused on building the right customer experience and making sure that it can get to some critical scale where we can build operating leverage.

從長遠來看，我們還計劃在我們的核心電子商務和 Eats 之間產生更多的協同效應。正如我們已經能夠從我們的 - 在我們與 Fresh 的核心商業中分享規模經濟一樣，我們相信也有機會與 Eats 分享核心電子商務的規模經濟。這段旅程還為時過早。在那裡，我們專注於建立正確的客戶體驗，並確保它能夠達到我們可以建立運營槓桿的關鍵規模。

On the logistics capacity and growth, I think, Gaurav, you can talk a little bit more about that. We've been adding record capacity. We're leading into it, I believe. Gaurav can add more color there. Let me quickly address the 3P fulfillment by logistics. I think, Stanley, you asked a number of questions, but I'll make sure to get to all of them.

關於物流能力和增長，我認為 Gaurav，你可以多談一點。我們一直在增加創紀錄的容量。我相信，我們正在引領它。 Gaurav 可以在那裡添加更多顏色。讓我快速解決物流的 3P 履行問題。我想，斯坦利，你問了很多問題，但我會確保回答所有問題。

That's been, as you point out, is beta testing. We've done that to build confidence and also to understand exactly the needs of the merchants and operations to scale. We're coming out of our efforts this year in beta testing with very high conviction around this offering. Merchants who have participated in our test services have seen significant sales growth, particularly small, medium-sized enterprises.

正如您所指出的，這是 beta 測試。我們這樣做是為了建立信心，並準確了解商家和運營規模的需求。我們在今年的 Beta 測試中全力以赴，對此產品抱有很高的信念。參與我們測試服務的商戶銷售額增長顯著，尤其是中小企業。

We're very encouraged by that. We think the value proposition for customers as well as for merchants is very clear. We're focusing on building the right technology and building the capacity to scale this. That won't happen overnight. We now have a much clearer understanding of exact requirements that's feeding -- that we're scaling up our efforts to build the right technology tools to scale the service capacity. As you know, we're building out for core, but we're also going to be adding more capacity build-out for fulfillment logistics by Coupang. So in the near term, we're going to be focused on -- we're focusing on building out those underlying capabilities to scale fulfillment logistics by Coupang. I think you'll see it start to become a meaningful contributor to the business in the second half -- towards the latter part of next year, towards the end of next year. Certainly, over the long term, we expect this offering to be a meaningful contributor to the top line as well to the bottom line.

我們對此感到非常鼓舞。我們認為對客戶和商家的價值主張非常明確。我們正專注於建立正確的技術並建立擴大規模的能力。這不會在一夜之間發生。我們現在對提供的確切需求有了更清晰的了解——我們正在加大努力，以構建正確的技術工具來擴展服務能力。如您所知，我們正在為核心進行建設，但我們也將通過 Coupang 為履行物流增加更多的能力建設。因此，在短期內，我們將專注於 - 我們專注於構建那些通過 Coupang 擴展履行物流的潛在能力。我認為你會看到它在下半年開始成為業務的重要貢獻者 - 到明年下半年，到明年年底。當然，從長遠來看，我們預計該產品將對收入和利潤做出有意義的貢獻。

And to answer your question on capacity buildup, we have built about 8 million square feet of capacity just year-to-date. And since 2020, we have built as much capacity as we had built in the multiple years prior to it. And we continue to invest aggressively, especially in the context of fulfillment -- the merchant services of fulfillment and logistics, we would be actually building and continue to invest more. And for that to take off, we have been capacity constrained also, and I'm not sure if (inaudible) on that. We've been capacity constrained on that, but we would plan to build for that also next year.

為了回答您關於產能建設的問題，我們今年迄今已建成約 800 萬平方英尺的產能。自 2020 年以來，我們已經建立了與之前多年建立的容量一樣多的容量。我們繼續積極投資，特別是在履行的背景下——履行和物流的商業服務，我們實際上將建立並繼續投資更多。為了實現這一目標，我們的容量也受到限制，我不確定是否（聽不清）。我們在這方面的能力受到限制，但我們計劃明年也為此建造。

Your next question comes from the line of Seungjoo Ro with CLSA.

您的下一個問題來自 CLSA 的 Seungjoo Ro。

So I have 2 questions as well. So the first one would be whether we could have some update over your overseas expansion plans and share a little bit in terms of how your experiments in markets such as Japan, Southeast Asia are progressing at the moment. And are we near to a point where we will become more aggressive in some of these markets in terms of these investments?

所以我也有2個問題。所以第一個問題是我們是否可以對你們的海外擴張計劃進行一些更新，並分享一下你們目前在日本、東南亞等市場的實驗進展情況。就這些投資而言，我們是否接近在其中一些市場上變得更加積極的地步？

My second question is related to the growth outlook and apologies if you're being a bit more short incited, but what would be your sort of growth outlook in terms of revenue over the next 6 months? I mean on top of the constraints that you have mentioned earlier, we are seeing a bit of a deceleration in revenue growth. And partially, that's because of the high base, but Korea offline space is also gradually opening up. COVID policy have now turned more with-COVID from zero-COVID. So are we going to see more continued deceleration into the year-end into the first half of next year? And what will be the degree of such deceleration would be?

我的第二個問題與增長前景有關，如果您被激怒了，請道歉，但是就未來 6 個月的收入而言，您的增長前景是什麼？我的意思是，除了您之前提到的限制之外，我們看到收入增長有所放緩。部分原因是基數高，但韓國線下空間也在逐漸開放。 COVID 政策現在已經從零 COVID 轉變為更多。那麼，到年底到明年上半年，我們是否會看到更多的持續減速？這種減速的程度會是多少？

Thanks for the question. I'll start with the second one first. I think, you pointed out, that there is deceleration. As we mentioned, our growth did not reflect the full demand. We took active measures to protect customer experience. Now that operating principle will continue to fly in future quarters. So we will continue to take steps to protect our long-term customer trust even at the cost of the short term. So our overall philosophies do not maximize growth quarter-to-quarter. In fact, actually, if you look at our overall business, to answer your -- to address your question about what it looks like over the next few quarters. Our business is really an amalgamation of several offerings at different stages of its life cycle. So one, we certainly will take -- make the decisions that optimize for long-term customer loyalty and long-term value maximization and free cash flow over a short-term growth.

謝謝你的問題。我先從第二個開始。我認為，你指出，有減速。正如我們所提到的，我們的增長並未反映全部需求。我們採取積極措施保護客戶體驗。現在，這種經營原則將在未來幾個季度繼續發揮作用。因此，即使以短期為代價，我們仍將繼續採取措施保護我們的長期客戶信任。因此，我們的整體理念並沒有實現季度增長最大化。實際上，實際上，如果您查看我們的整體業務，請回答您的問題，以解決您關於未來幾個季度的情況的問題。我們的業務實際上是其生命週期不同階段的多種產品的合併。因此，我們肯定會做出決定，以優化長期客戶忠誠度和長期價值最大化以及短期增長的自由現金流。

But we also have certain -- but we also have offerings and services that are at different stages of the life cycle. And any quarterly snapshot is really an aggregation of these different offerings with different strategies. So for example, certain offering line, we're going to be leaning into growth aggressively, even more so. There are other service lines where we may be focused on testing and building conviction. There are other offering lines that are more mature that we now need to build the operating efficiency, the excellence, build the operating leverage to start generating meaningful cash flows. We make the analogy internally that many of our offerings are like kids. There are some kids who are toddlers where we're just focused on getting them to be big and healthy, physically big and healthy. But there are other kids that are in college, that are more mature, and we can now build the capabilities for them to become contributing adults.

但我們也有一些——但我們也有處於生命週期不同階段的產品和服務。任何季度快照實際上都是這些具有不同策略的不同產品的集合。因此，例如，某些產品線，我們將積極地傾向於增長，甚至更多。還有其他服務線，我們可能會專注於測試和建立信念。還有其他更成熟的產品線，我們現在需要建立運營效率、卓越性、建立運營槓桿以開始產生有意義的現金流。我們在內部進行了類比，我們的許多產品都像孩子一樣。有些孩子是蹣跚學步的孩子，我們只是專注於讓他們變得大而健康，身體大而健康。但是還有其他上大學的孩子，他們更成熟，我們現在可以培養他們成為有貢獻的成年人的能力。

And really, our -- any quarterly snapshot is going to be an aggregation of these multiple strategies. But what you should see over time is that not only are we growing areas of investment, leaning in, when we know that we have to get to critical scale, many of these offerings have to get to some critical scale to generate those operational efficiencies -- those economies of scale. But we also should now start to see us consolidating some of that -- the gains from that growth, when certain offerings reach maturity to get operating leverage, and we've had these periods where you look at our company's history, even with Rocket where we leaned in to getting to that critical scale and mass. But then making sure that we turn our focus to generating -- to create that operational excellence, then now to create that leverage. In spite of all of that -- so I can't predict for you exactly because we don't manage to a quarterly growth rate. I can't predict for you what it's going to look like on a quarter-to-quarter basis, but I can tell you that, that's the overarching trajectory and arc of our business. And even in spite of us taking those measures -- taking -- and taking measures such as sacrificing short-term growth, we're still growing at a multiple of the e-commerce segment this past quarter. I think that -- we are -- and a lot of that is driven by our compounding cohort -- our compounding customer cohorts.

實際上，我們的任何季度快照都將是這些多種策略的匯總。但是隨著時間的推移，你應該看到的是，我們不僅在不斷擴大投資領域，向內傾斜，當我們知道我們必須達到臨界規模時，其中許多產品必須達到一定的臨界規模才能產生這些運營效率—— - 那些規模經濟。但我們現在也應該開始看到我們鞏固其中的一些——從這種增長中獲得的收益，當某些產品達到成熟以獲得經營槓桿時，我們已經有了這些時期，你可以看看我們公司的歷史，即使是在 Rocket 那裡我們傾向於達到臨界規模和質量。但是然後確保我們將重點轉向生成——創造卓越的運營，然後現在創造這種影響力。儘管如此——所以我無法準確預測你，因為我們無法達到季度增長率。我無法為您預測每季度的情況，但我可以告訴您，這是我們業務的總體軌跡和弧線。即使我們採取了這些措施——採取——並採取了諸如犧牲短期增長之類的措施，我們在過去一個季度的電子商務領域仍在以倍數的速度增長。我認為 - 我們是 - 其中很多是由我們的複合群體 - 我們的複合客戶群體驅動的。

Our oldest cohort, I don't know if this came through enough, our oldest cohort, which is 11 years old, still grew and spent over 25% this past quarter, even with those constraints that we talked about. Every single one of our cohorts are compounding at an extremely fast rate. That's because of the investments we've made, of the hard decisions that we make for the long term that we think are ultimately beneficial to not only customers, but the business and shareholders. And we'll also -- we'll continue to demonstrate that we do consolidate gains from that scale that we're able to grow the operating leverage, and we'll continue to make progress for mature offerings towards the entitlement profitability of those services and offerings as well.

我們最年長的隊列，我不知道這是否足夠，我們最年長的隊列，即 11 歲，在上個季度仍然增長並花費超過 25%，即使有我們談到的那些限制。我們的每一個人都在以極快的速度複合。這是因為我們所做的投資，以及我們長期做出的艱難決定，我們認為最終不僅有利於客戶，也有利於企業和股東。我們還將——我們將繼續證明我們確實鞏固了從這種規模中獲得的收益，我們能夠增加運營槓桿，我們將繼續在成熟的產品方面取得進展，以實現這些服務的權利盈利能力以及供品。

On a related note on overseas expansion, that happens to be in an earlier life stage cycle, that's in a more nascent stage. I've spent some time exploring those markets. We continue to be very encouraged about what we see. We see opportunity to create WOW experiences for customers. Very reminiscent of the kind of opportunities we saw when we were at the earlier part of our journey in Korea. But it's still early, and we're still building out testing, building out the teams, making sure that you'll start to see us -- you'll always see us start with small investments and grow investments as we learn more and build more confidence. That's the disciplined approach we've taken with all of our investments, and we'll continue to take with our international as well.

在有關海外擴張的相關說明中，這恰好處於生命週期的早期階段，即處於初期階段。我花了一些時間探索這些市場。我們繼續對我們所看到的感到非常鼓舞。我們看到了為客戶創造 WOW 體驗的機會。非常讓人想起我們在韓國旅行初期看到的那種機會。但現在還為時過早，我們仍在建立測試，建立團隊，確保您會開始看到我們——您總是會看到我們從小額投資開始，隨著我們了解更多並建立更有信心。這就是我們在所有投資中所採取的嚴格方法，我們也將繼續在我們的國際市場上採取這種方法。

Your next question comes from the line of James Lee with Mizuho.

您的下一個問題來自 James Lee 與 Mizuho 的對話。

Two questions here. Any update on the impact of your warehouse fire? Did you have to incur additional cost to rent temporary warehousing to the extent that you can maybe quantify that cost? And also secondly, on competition, can we get an update on that? Are you seeing your peers maybe ramping up capacity investment to catch up to your capability?

這裡有兩個問題。關於倉庫火災影響的任何更新？您是否必須承擔額外的成本來租用臨時倉儲，以使您可以量化該成本？其次，關於比賽，我們能得到最新消息嗎？您是否看到您的同行可能會加大產能投資以趕上您的能力？

Thanks for the questions. On the warehouse side, as you pointed out, we did have to take -- there's always capacity when you add on short notice, it's going to be inefficient. If any unplanned capacity that you add last minute tends to be less efficient, it did lead to some inefficiency in the network. And over time, that will be replaced with more permanent capacity, with better automation, more improved processes. So there was some short-term disruption, as you point out. And there's short-term disruption not only with that kind of last minute capacity, but with any kind of additional capacity that we add. For example, for Fresh, we're adding capacity that wasn't planned. Because the customer demand is high, and we're trying to minimize the negative impact of, of course, also not taking orders, for example.

感謝您的提問。正如您所指出的，在倉庫方面，我們確實必須採取-當您在短時間內添加時，總會有容量，這將是低效的。如果您在最後一分鐘添加的任何計劃外容量往往效率較低，那麼它確實會導致網絡效率低下。隨著時間的推移，這將被更持久的產能、更好的自動化、更改進的流程所取代。正如您所指出的，因此存在一些短期中斷。不僅是那種最後一分鐘的容量，而且還有我們添加的任何類型的額外容量，都會造成短期中斷。例如，對於 Fresh，我們正在增加未計劃的容量。因為客戶需求很高，我們正在努力將負面影響降到最低，當然，例如不接受訂單。

But we're working our way through that. And we'll continue to improve not only the efficiency of operations within a specific warehouse, but also the network inefficiency that comes from -- sometimes from unplanned capacity -- last-minute capacity additions. Those things we have seen iron out over time. On competition, I can't say this with enough emphasis. We just have not seen any impact from it. We -- nobody has come -- we have unmatched investments. Just to give you a sense of -- we've added 8 million square feet of fulfillment infrastructure, net of the loss of capacity from the fire, for example, this year so far. We have just overwhelming massive capacity advantage, and I don't believe anybody has even come close or announced that they're making any investments close to the investments that we're making. So yes, I mean we spend -- the only -- we spend very, very little time thinking about external factors. Most of our -- almost all of our time is really focused on the things that we control, the things that we have to do to serve our customers and, frankly, keep up with the demand that we know is waiting for us.

但我們正在努力解決這個問題。我們不僅會繼續提高特定倉庫內的運營效率，還會繼續提高網絡效率低下的原因——有時來自計劃外的容量——最後一分鐘的容量增加。隨著時間的流逝，我們看到的那些事情會逐漸消失。關於競爭，我不能強調這一點。我們只是沒有看到它的任何影響。我們——沒有人來——我們擁有無與倫比的投資。只是為了讓您了解——例如，今年到目前為止，我們已經增加了 800 萬平方英尺的履行基礎設施，扣除了火災造成的產能損失。我們剛剛擁有壓倒性的巨大產能優勢，我不相信任何人甚至接近或宣布他們正在進行任何接近我們正在進行的投資的投資。所以是的，我的意思是我們花費 - 唯一的 - 我們花費非常非常少的時間考慮外部因素。我們大部分時間——幾乎我們所有的時間都真正專注於我們控制的事情，我們必須做的事情來服務我們的客戶，坦率地說，跟上我們知道正在等待我們的需求。

And our last question comes from the line of John Yu with Citigroup.

我們的最後一個問題來自花旗集團的 John Yu。

My question is also about the capacity constraint in the third quarter. I would like to understand more details especially if it was more related to labors or more related to physical assets like warehouses. Also recently, local price is highlighting that there is a shortage of gig workers in Seoul and nearby metropolitan cities due to the increased demand from food delivery players and also e-commerce warehouses. So it will be helpful if you could elaborate more on how Coupang Flex is managing the labor shortage and the increase of daily rates to hire enough number of gig workers.

我的問題也是關於第三季度的產能限制。我想了解更多細節，特別是如果它與勞動力或與倉庫等實物資產更相關。同樣最近，由於食品配送公司和電子商務倉庫的需求增加，首爾和附近大城市的零工工人短缺。因此，如果您能詳細說明 Coupang Flex 如何管理勞動力短缺和提高每日工資以僱用足夠數量的零工工人，將會很有幫助。

Thanks for the question, John. So the capacity constraint was both physical and labor. In the case of Fresh, for example, we experienced both and physical capacity is something that we're focused on adding. I think to the earlier question as well, just to give you a sense, we are -- in Fresh, for example, we were doubling -- we're on pace to double our physical capacity this year. We believe now we have doubled the physical capacity of our closest competitors combined, double that, just continuing to build on that. And it's still not enough to keep up with the full demand. So there is, of course, a physical component of it. We're investing in it. We're ramping that up aggressively. About half of our facilities in Fresh are under construction or just open. And we're not sparing our investments on that front.

謝謝你的問題，約翰。因此，能力限制既是體力的，也是勞力的。例如，在 Fresh 的情況下，我們都體驗過，而體能是我們專注於增加的東西。我也認為對於前面的問題，只是為了給你一個感覺，我們 - 例如，在 Fresh 中，我們正在加倍 - 我們今年的體能加倍。我們相信，現在我們已經將最接近的競爭對手的物理容量加起來翻了一番，翻了一番，只是繼續在此基礎上發展。仍然不足以滿足全部需求。所以，當然，它有一個物理組成部分。我們正在投資它。我們正在積極地提高這一點。我們在 Fresh 的設施中約有一半正在建設中或剛剛開放。我們並沒有在這方面節省投資。

And then the labor, we have talked about labor from COVID disruptions and so forth. We've seen this go through these cycles. We hope it will rebound, but we're also taking steps there again to -- we're continuing to beef up our improvements on recruiting or resource that needs recruiting as well as to efficiency improvements, automation that also help us with capacity going forward. On the gig workers capacity side, I think some of the important context to set, at least in the Korean market is that this is different from the U.S. and I think even Europe in the sense that there isn't a huge ride-hailing industry here. So you're not seeing this -- one of the biggest employers of gig workers that tends to be -- is a huge chunk of that supply out is usually ride-hailing. There isn't that there. We continue to be -- so that's a positive context and there's a lot of -- I think the penetration is still lower as a percentage of the total workforce labor compared to other markets where ride-hailing and other services have taken a huge share.

然後是勞動力，我們已經談到了來自 COVID 中斷等的勞動力。我們已經看到這經歷了這些週期。我們希望它會反彈，但我們也將再次採取措施——我們將繼續加強我們在招聘或需要招聘的資源方面的改進，以及效率改進、自動化，這也有助於我們提高能力.在零工工人能力方面，我認為至少在韓國市場設置的一些重要背景是，這與美國不同，我認為即使是歐洲，也沒有龐大的乘車行業這裡。所以你沒有看到這一點——通常是零工工人的最大雇主之一——供應的很大一部分通常是叫車服務。那裡沒有那個。我們繼續——所以這是一個積極的背景，而且有很多——我認為與叫車和其他服務佔據巨大份額的其他市場相比，滲透率在總勞動力勞動力中的百分比仍然較低。

Eats which is still -- even in food delivery, we are the largest logistics food delivery service in the market. We're the largest employer of those food delivery (inaudible). It's still early for us. So I think there's still a -- we believe that there are no macro constraints so far. Of course, it still takes investment to build that pool. So we're continuing to make investments in building that pool. But so far, we haven't seen the kind of macro constraints that one might see, I think, sooner in more mature situations in other markets.

Eats which is still - 即使在送餐方面，我們也是市場上最大的物流送餐服務。我們是那些送餐服務的最大雇主（聽不清）。對我們來說還為時過早。所以我認為仍然存在 - 我們認為到目前為止沒有宏觀限制。當然，建立這個池仍然需要投資。因此，我們將繼續投資建立該池。但到目前為止，我們還沒有看到在其他市場更成熟的情況下可能會更早看到的那種宏觀限制。

There are no further questions at this time. And this does conclude today's conference call. Thank you for your participation. You may now disconnect.

目前沒有其他問題。這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。