Coupang Inc (CPNG) 2021 Q2 法說會逐字稿

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

午安.我叫麥迪，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Coupang 財報電話會議。 （操作員說明）

Now I'd like to turn the call over to Michael Senno, Vice President of Investor Relations. You may begin your conference, sir.

現在我想將電話轉給投資者關係副總裁 Michael Senno。先生，您可以開始會議了。

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

謝謝，接線生。歡迎參加 Coupang Inc. 截至 2021 年 6 月 30 日的第二季財報電話會議。以及我們的財務長高拉夫·阿南德 (Gaurav Anand)。

The following discussion, including responses to your questions, reflect 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 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 May 13, 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.

以下討論（包括對您的問題的答案）僅反映管理層截至今天的觀點。除法律要求外，我們不承擔更新或修改此資訊的任何義務。在今天的電話會議中所做的某些陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異。請參閱今天的收益發布以及我們於2021 年5 月13 日向SEC 提交的10-Q 表格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，以了解可能導致風險和不確定性的因素我們的實際結果與這些前瞻性陳述有重大差異。

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 filings, 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.

在今天的電話會議中，我們將介紹公認會計準則和非公認會計準則的財務指標。有關這些非GAAP 衡量標準的其他揭露，包括非GAAP 衡量標準與最具可比性GAAP 衡量標準的調節，均包含在我們的收益報告和SEC 文件中，每份文件均發佈在公司投資者關係網站ir .aboutcoupang 上。我要提醒您的是，這些數字未經審計，可能會發生變化。

Let me now turn the call over to Bom.

現在讓我把電話轉給 Bom。

Thanks, Michael, and thank you to everyone for joining us today. Our unrelenting focus on wowing customers resulted in our 15th consecutive quarter of over 50% constant currency revenue growth. Our revenue has more than tripled in just the past 2 years, now reaching $18 billion on an annualized run rate basis. Total reported revenues increased to robust 71% in Q2, even as we operate with industry-leading scale.

謝謝邁克爾，也謝謝大家今天加入我們。我們堅持不懈地致力於讓客戶驚嘆不已，這使得我們的貨幣收入連續第 15 個季度保持超過 50% 的恆定增長。僅在過去 2 年裡，我們的收入就成長了兩倍多，以年化運行率計算，目前已達到 180 億美元。儘管我們的營運規模處於行業領先水平，但第二季報告的總收入增加了 71%。

We believe we're the largest e-commerce player growing at a multiple of one of the biggest and fastest-growing e-commerce opportunities in the world. Our top of the funnel continued to expand with, not only strong active customer growth, but revenue per active customer increasing 36% against strong COVID-fueled comps last year. Balancing that growth is an improving profitability profile. Direct investments in just 2 of our new initiatives: Rocket Fresh, our fresh grocery offering; and Coupang Eats, our food delivery offering, accounted for $120 million of the $122 million adjusted EBITDA loss. That highlights the profitability of our mature offerings.

我們相信，我們是最大的電子商務公司，其成長速度是世界上最大、成長最快的電子商務機會之一的數倍。我們的漏斗頂部持續擴大，不僅活躍客戶成長強勁，而且與去年受新冠疫情推動的強勁對比相比，每個活躍客戶的收入也成長了 36%。平衡這種成長的是獲利狀況的改善。僅對我們的兩項新舉措進行直接投資：Rocket Fresh，我們的生鮮雜貨產品；我們的食品配送服務 Coupang Eats 佔調整後 EBITDA 虧損 1.22 億美元中的 1.2 億美元。這凸顯了我們成熟產品的獲利能力。

And as we will describe in more detail, our confidence around the future cash flows of Fresh and Eats has never been stronger. Their rapidly improving economics with increasing scale confirm that they are on a similar trajectory as our earlier offerings. We see these results as a validation of the operating tenets of our company. One, we exist to deliver new moments of wow for customers. As we create these moments, we will continue to unlock a better world for every customer, merchant and employee retouch, leading all to wonder how did we ever live without Coupang. Two, we don't start with what looks easy. We work backwards from imagining jaw-dropping customer experiences, and we embrace the hard work required to challenge trade-offs that customers take for granted.

正如我們將更詳細地描述的那樣，我們對 Fresh and Eats 未來現金流的信心從未如此強烈。他們的經濟狀況迅速改善，規模不斷擴大，這證實了他們與我們早期產品的發展軌跡相似。我們將這些結果視為對我們公司經營宗旨的驗證。第一，我們的存在是為了為客戶帶來令人驚嘆的新時刻。當我們創造這些時刻時，我們將繼續為每位顧客、商家和員工解鎖一個更美好的世界，讓所有人都想知道如果沒有 Coupang，我們是如何生活的。第二，我們不會從看起來容易的事情開始。我們從想像令人瞠目結舌的客戶體驗開始，我們擁抱挑戰客戶認為理所當然的權衡所需的努力。

Three, we will employ technology, process innovation and economies of scale to create amazing customer experiences and drive operating leverage and significant cash flows over time. Four, we always prioritize growth in long-term cash flows. When we find opportunities, we reinvest cash flows from established offerings to generate greater cash flows in the future. And five, we are disciplined capital allocators. We start with small investments, then test and iterate rigorously. We invest more capital over time in opportunities that have the best long-term cash flow potential.

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，並隨著時間的推移提高營運槓桿和大量現金流。第四，我們始終優先考慮長期現金流的成長。當我們發現機會時，我們會對現有產品的現金流量進行再投資，以便在未來產生更多的現金流。第五，我們是紀律嚴明的資本配置者。我們從小額投資開始，然後嚴格測試和迭代。隨著時間的推移，我們會在具有最佳長期現金流潛力的機會上投入更多資本。

As we are still early in our journey as a public company, we thought it would be helpful to spend time on 3 foundational topics today before discussing the quarter. First, the slide wheel that we're building and how it is accelerating across all our offerings; second, our disciplined investment approach and how our latest projects are following the trajectory of our earlier successes; and third, how our model is setting the global standard and creating unparalleled benefits for local economies, small businesses and employees.

作為一家上市公司，我們仍處於起步階段，因此我們認為今天在討論本季之前花時間討論 3 個基本主題會有所幫助。首先，我們正在建造的滑輪以及它如何在我們所有的產品中加速；其次，我們嚴謹的投資方法以及我們最新的專案如何遵循我們早期成功的軌跡；第三，我們的模式如何制定全球標準並為當地經濟、小型企業和員工創造無與倫比的利益。

First on how our flywheel is perpetuating growth across all our offerings. Korea is a massive commerce market opportunity, poised to exceed $530 billion by 2024. We believe Coupang is already the largest e-commerce player in Korea, and we're growing meaningfully faster than the rest of the e-commerce segment. And importantly, we see our size and momentum as an indication that we're becoming the default destination for customers to begin and end their journey entirely on our services. This is due to the shared flywheel of our offerings. Every new moment of wow broadens the top of the funnel that in turn drives growth to other offerings. We believe that a key measure of success is how quickly that top of the funnel or the number of e-commerce journeys that begin at Coupang is growing.

首先是我們的飛輪如何在我們所有的產品中實現持久增長。韓國是一個巨大的商業市場機遇，預計到 2024 年將超過 5300 億美元 我們相信 Coupang 已經是韓國最大的電子商務公司，而且我們的成長速度明顯快於電子商務領域的其他公司。重要的是，我們認為我們的規模和勢頭表明我們正在成為客戶完全依靠我們的服務開始和結束旅程的預設目的地。這是由於我們的產品共享飛輪。每一個令人驚嘆的新時刻都會拓寬漏斗的頂部，進而推動其他產品的成長。我們認為，衡量成功的關鍵標準是漏斗頂部或從 Coupang 開始的電子商務旅程數量的成長速度。

A platform with a stalling top of the funnel can still have a fast-growing offering but only at the cost of another product line's grow, but a booming top of the funnel is typically a rising tide that lifts all boats. For Coupang, all of our offerings are growing quickly. As one offering grows, we see customer frequency drive growth in other offerings. New products create more reason for customers to start their journey on Coupang, and that expansion of the top of the funnel drives growth in existing products as well.

漏斗頂部停滯的平台仍然可以提供快速成長的產品，但代價是另一條產品線的成長，但漏斗頂部的繁榮通常是水漲船高。對於 Coupang 來說，我們的所有產品都在快速成長。隨著一種產品的成長，我們看到客戶頻率推動了其他產品的成長。新產品為客戶在 Coupang 上開始他們的旅程創造了更多理由，而漏斗頂部的擴張也推動了現有產品的成長。

Let's take a moment to walk through how our own inventory retail offering, or 1P, helps drive the broader flywheel that accelerates the growth of our third-party marketplace, or 3P. Despite 1P being a harder problem to solve, we chose to invest in 1P before 3P because we believe 1P leadership is the foundation for providing the best overall experience, including the best 3P offering in the market. By breaking the trade-offs across price, service and selection, our superior 1P offering attracts more and more customers to make Coupang their default shopping destination.

讓我們花點時間來了解我們自己的庫存零售產品（1P）如何幫助推動更廣泛的飛輪，從而加速我們的第三方市場（3P）的成長。儘管 1P 是一個更難解決的問題，但我們選擇在 3P 之前投資 1P，因為我們相信 1P 的領導地位是提供最佳整體體驗的基礎，包括市場上最好的 3P 產品。透過打破價格、服務和選擇之間的權衡，我們卓越的 1P 產品吸引了越來越多的客戶將 Coupang 作為他們的預設購物目的地。

This increased traffic leads into more sales for 3P, which attracts more 3P sellers who further expand the selection on Coupang. That increases selection and convenience for customers, which in turn attracts even more customers and higher frequency, broadening the top of the funnel for both offerings. But to jump-start the flywheel, we first invested in 1P, and we're now seeing the fruits of that decision.

流量的增加導致 3P 銷售增加，從而吸引更多 3P 賣家，進一步擴大 Coupang 上的選擇範圍。這增加了客戶的選擇和便利性，進而吸引了更多的客戶和更高的頻率，從而擴大了這兩種產品的漏斗頂部。但為了啟動飛輪，我們首先投資了 1P，現在我們正在看到這個決定的成果。

Total 3P sales have grown at more than double the rate of the Korean e-commerce segment over the past 2 years, and that trend continued in Q2.

過去兩年，3P 總銷售額的成長速度是韓國電子商務領域的兩倍以上，且這一趨勢在第二季度持續保持。

And some of the strongest proof that our 1P flywheel drives the 3P flywheel is that our largest 3P offerings are in the exact categories and use cases where we have our largest 1P offering. Consumables, where we focused on building our Rocket services first, became our largest 1P category. The sales of 3P consumables followed suit, increasing at an approximately 80% CAGR from 2018 to 2020 to become our largest 3P category. We are seeing the same story play out in consumer electronics. 3P in CE grew at a CAGR of over 60% from 2018 to 2020 on the back of a strong 1P flywheel, even though the category involves very different product types, price points and purchase frequencies from consumables.

我們的 1P 飛輪驅動 3P 飛輪的最有力證據是，我們最大的 3P 產品與我們最大的 1P 產品完全相同的類別和用例。我們首先專注於建立 Rocket 服務的消耗品成為我們最大的 1P 類別。 3P消耗品的銷售額也緊隨其後，從2018年到2020年以約80%的複合年增長率成長，成為我們最大的3P類別。我們在消費性電子產品領域也看到了同樣的故事。在強勁的 1P 飛輪的支持下，消費性電子領域的 3P 從 2018 年到 2020 年的複合年增長率超過 60%，儘管該類別涉及的產品類型、價格點和消耗品的購買頻率截然不同。

We ended Q2 with annualized run rate transaction volume of over $2 billion in soft lines, a category we began investing in later, which includes apparel, shoes and accessories. Aided by triple-digit growth in 1P soft lines, 3P soft lines is growing meaningfully faster than the broader online segment, and its metrics appear similar to what we saw in consumable 3P several years ago. We believe we're on pace to become the largest soft line destination online in time.

第二季末，我們在軟裝產品領域的年化運行率交易超過 20 億美元，我們後來開始投資這個類別，其中包括服裝、鞋子和配件。在 1P 軟產品線三位數成長的幫助下，3P 軟產品線的成長速度明顯快於更廣泛的線上細分市場，其指標與我們幾年前在消費品 3P 中看到的類似。我們相信，我們很快就會成為最大的線上軟線目的地。

The 1P flywheel that we've spent over 7 years building is not only hard to replicate, it serves as a foundation for the flywheel of other offerings. We are consistently seeing significant 3P growth follow 1P hyper growth in the categories we focused on first, and the underlying metrics for our nascent 3P categories indicate that they are on track to repeat the success of the earlier categories. And as our 3P offering continues to accelerate, it puts us in prime position to unlock additional opportunities in areas like merchant services and fintech that will further perpetuate the virtuous cycle of growth across our entire business.

我們花了 7 年多的時間打造的 1P 飛輪不僅難以複製，而且可以作為其他產品飛輪的基礎。我們一直看到，在我們首先關注的類別中，隨著 1P 的高速增長，3P 也將出現顯著增長，而我們新生的 3P 類別的基本指標表明，它們有望重複早期類別的成功。隨著我們的 3P 產品不斷加速，它使我們處於有利地位，可以在商業服務和金融科技等領域釋放更多機會，進一步維持我們整個業務的良性成長循環。

It's why one offerings growth doesn't come at the cost of another at Coupang. All offerings are growing fast and fueling one another, and each additional moment of wow broadens the top of the funnel shared by all. And our growth is not reflective of our full top-of-the-funnel customer demand, which exceeds our capacity in many areas. This is most apparent with our Fresh offering, where we continue to see remarkable growth. Fresh grocery revenue more than doubled year-over-year in Q2. Less than 3 years after its launch, it is the leading nationwide online grocer with annualized run rate revenue well above $2 billion. Meanwhile, each revenue nearly tripled over just the past 2 quarters as we continue to expand and invest in the service.

這就是為什麼 Coupang 的一種產品的成長不會以犧牲另一種產品為代價。所有產品都在快速成長並相互促進，每一個額外的驚喜時刻都拓寬了所有人共享的漏斗頂部。我們的成長並不能完全反映我們的漏斗頂部客戶需求，這種需求在許多領域超出了我們的能力。這在我們的生鮮產品中表現得最為明顯，我們繼續看到顯著的成長。第二季生鮮雜貨收入較去年同期成長了一倍以上。推出不到 3 年，它就成為全國領先的線上雜貨商，年化營業收入遠超過 20 億美元。同時，隨著我們繼續擴大和投資該服務，每項收入在過去兩個季度幾乎增加了兩倍。

Both offerings are growing faster than we expected, and continuing to scale at this rate requires large investments. For context, total adjusted EBITDA in Q2 was negative $122 million, of which direct investments in Fresh and Eats alone accounted for $120 million. And while the accelerated growth of Fresh and Eats drove higher losses in the period, the contribution margin for both are improving with scale, and we're even more confident that these offerings are on track to reach profitability.

這兩種產品的成長速度都比我們預期的要快，並且繼續以這種速度擴展需要大量投資。就背景而言，第二季調整後 EBITDA 總額為負 1.22 億美元，其中僅對 Fresh 和 Eats 的直接投資就佔 1.2 億美元。儘管生鮮和餐飲業務的加速成長導致期內虧損增加，但兩者的邊際貢獻率都在隨著規模的擴大而提高，我們更有信心這些產品有望實現盈利。

In Fresh, contribution margin improved by nearly 1,000 basis points over the last year. The underlying metrics give us high confidence that Fresh will replicate the positive cash flow dynamics of our more mature investments. Eats is earlier in the journey than Fresh, but following a similar trend line. While revenue nearly tripled over just the past 2 quarters, the loss per order has decreased every quarter since the beginning of 2020. And in Q2, it was down over 50% year-over-year.

在生鮮業務中，邊際貢獻比去年提高了近 1,000 個基點。基本指標讓我們充滿信心，Fresh 將複製我們更成熟投資的正現金流動態。 Eats 的發展早於 Fresh，但遵循相似的趨勢線。儘管營收在過去兩個季度幾乎增長了兩倍，但自 2020 年初以來每個季度的每筆訂單虧損都在下降。

Fresh grocery and food delivery are significant opportunities with large addressable markets and low online penetration, and the trends we're seeing give us even more conviction that we can be a leading player and provide healthy, long-term ROI and cash flows for Fresh and Eats. We plan to lean in and continue to invest aggressively to scale these offerings and to create even better experiences for our customers.

生鮮雜貨和食品配送是重要的機遇，具有巨大的潛在市場和較低的在線滲透率，我們所看到的趨勢讓我們更加相信我們可以成為領先者，並為生鮮和食品配送提供健康、長期的投資報酬率和現金流。我們計劃繼續積極投資，擴大這些產品的規模，為客戶創造更好的體驗。

In addition to Fresh and Eats, we're investing in capacity across the business. And in total, we continue to make progress on our plan to add more than 13 million square feet to our market-leading 25 million square feet of e-commerce fulfillment and logistics infrastructure as we announced last quarter. These investments continue to strengthen our moat, providing the foundation to support growth, drive economies of scale and raise the bar even higher on service levels for customers.

除了生鮮和餐飲外，我們還在整個業務領域進行產能投資。總的來說，我們在上個季度宣布的市場領先的 2500 萬平方英尺的電子商務履行和物流基礎設施基礎上增加超過 1300 萬平方英尺的計劃繼續取得進展。這些投資持續強化我們的護城河，為支持成長、推動規模經濟和提高客戶服務水準奠定基礎。

Everything we do at Coupang revolves around wowing our customers, and creating new moments of wow is hard to do. Building truly differentiated offerings requires bold and unconventional thinking as well as investment of time and capital, but we employ a disciplined investment approach. We start with small bets, then test rigorously and invest more capital over time, but only into the opportunities we feel strongest about. We're making sizable investments in Fresh and Eats, for example, because we believe they are just earlier on the same trajectory as our mature offerings, which are profitable.

我們在 Coupang 所做的一切都是為了讓客戶驚嘆，而創造令人驚嘆的新時刻是很難做到的。打造真正差異化的產品需要大膽和非傳統的思維以及時間和資本的投資，但我們採用嚴格的投資方法。我們從小額賭注開始，然後嚴格測試並隨著時間的推移投入更多資金，但僅限於我們認為最有潛力的機會。例如，我們正在對生鮮和餐飲進行大量投資，因為我們相信它們只是更早地與我們成熟的產品處於相同的軌道上，這些產品是有利可圖的。

And true to our DNA, we're continuously seeding new initiatives to develop the next vectors of growth. We're excited to highlight in this category opportunities like merchant services, international expansion and fintech. There are many other early-stage initiatives in the portfolio, and I expect that we will not continue all of them. Only the investments whose underlying metrics show strong potential for meaningful cash flows in the future will earn their way to more significant investment. The initial capital for these projects is small, and the real capital investment comes over time as we overcome hurdles and become more confident about future cash flows. It's the same proven disciplined approach we used to build our earlier projects.

秉承我們的基因，我們不斷推出新舉措，開發下一個成長載體。我們很高興在此類別中強調商業服務、國際擴張和金融科技等機會。組合中還有許多其他早期計劃，我預計我們不會繼續所有這些計劃。只有那些基本指標顯示出未來產生有意義的現金流的強大潛力的投資才能獲得更重要的投資。這些項目的初始資本很小，隨著我們克服障礙並對未來現金流變得更加有信心，真正的資本投資會隨著時間的推移而到來。這與我們用於建立早期專案的經過驗證的嚴格方法相同。

In the same way that we increased investments in Fresh and Eats as our early offerings matured and became self-funding, as Fresh and Eats mature and become self-funding, the most promising among these new initiatives will become the next major investment focus. Our investments to continuously strengthen the virtuous cycle across our business are driving significant growth for our merchants and vendors and small and midsized businesses, or SMEs, are among the biggest beneficiaries.

正如我們隨著早期產品成熟並實現自籌資金而增加對Fresh and Eats 的投資一樣，隨著Fresh and Eats 的成熟並實現自籌資金，這些新舉措中最有前途的將成為下一個主要投資重點。我們為不斷加強整個業務的良性循環而進行的投資正在推動我們的商家和供應商的顯著成長，而中小企業是最大的受益者之一。

As we continue to strengthen our 3P offering and drive strong growth, SMEs have benefited exceptionally. SMEs in our marketplace grew sales over 87% year-over-year in Q2, with the aid of our investments in products and services that help merchants better reach and serve customers. This is a remarkable feat considering that total off-line sales for SMEs declined 7% year-over-year in Korea during the same period.

隨著我們繼續加強 3P 產品並推動強勁成長，中小企業受益匪淺。由於我們對產品和服務的投資，幫助商家更好地接觸和服務客戶，我們市場上的中小企業在第二季度的銷售額同比增長了 87% 以上。考慮到同期韓國中小企業的線下總銷售額年減 7%，這是一個了不起的成就。

Our investments are also driving robust job creation throughout Korea, including regions outside Seoul and other major metropolitan areas. We were the #1 private job creator in Korea last year, and we expect that, that will be the case this year as well. And about 80% of the jobs we create are located outside of Seoul, consistent with our commitment to advance long-term economic development throughout the country. We're also continuing to make Coupang the best workplace. We offer all of our drivers full-time employment, and we're the only major logistics company in Korea to directly employ 100% of our full-time drivers.

我們的投資也推動整個韓國強勁創造就業機會，包括首爾以外的地區和其他主要大都市地區。去年，我們是韓國私人就業創造者第一名，我們預計今年也將如此。我們創造的約 80% 的就業機會位於首爾以外，這符合我們推動全國長期經濟發展的承諾。我們也將繼續將 Coupang 打造為最佳工作場所。我們為所有司機提供全職工作，我們是韓國唯一一家直接僱用 100% 全職司機的大型物流公司。

Our drivers have an industry best 5-day work week, insurance and benefits from day 1 and a minimum of 15 paid days off per year. That stands in short contrast to the rest of the market's logistics industry that hire the vast majority of their drivers as third-party contractors with 6-day work weeks, no insurance or benefits and no paid time off. We were the first company in Korea to make our frontline employees, stockholders at scale, providing over 39,000 frontline workers with restricted stock awards at our IPO.

我們的司機享有業界最佳的每週 5 天工作制、從第一天起就有保險和福利，以及每年至少 15 天的帶薪休假。這與市場上的其他物流行業形成鮮明對比，這些行業的絕大多數司機都是第三方承包商，每週工作 6 天，沒有保險或福利，也沒有帶薪休假。我們是韓國第一家大規模讓第一線員工成為股東的公司，在IPO時為超過39,000名第一線員工提供了限制性股票獎勵。

We're also making meaningful investments to help employees improve their health and increase health awareness. Offering direct employment has far-reaching implications. For example, companies are required to report work-related injuries of employee drivers but not work-related injuries of contracted drivers, most of whom are responsible for their own health as well as their own insurance, vehicles and accidents. By directly employing our drivers, we're also taking responsibility for their health and safety, and we're committed to being a global leader in this area.

我們也進行有意義的投資，幫助員工改善健康並提高健康意識。提供直接就業具有深遠的影響。例如，公司需要報告僱員司機的工傷，但不報告合約司機的工傷，他們大多數人要對自己的健康負責，還要對自己的保險、車輛和事故負責。透過直接僱用我們的司機，我們也對他們的健康和安全負責，並且我們致力於成為該領域的全球領導者。

For example, since the beginning of 2020, we've added over 600 safety employees and invested over $200 million in worker safety initiatives. While our approach comes with additional cost and responsibilities, we gladly take it on because we believe this is the right thing to do. We want to continue leading, not only at offering an exponentially better customer experience, but also in setting the global standard in safety, working conditions and benefits for frontline employees.

例如，自 2020 年初以來，我們增加了 600 多名安全員工，並在工人安全計畫上投資了超過 2 億美元。雖然我們的方法會帶來額外的成本和責任，但我們很樂意接受，因為我們相信這是正確的做法。我們希望繼續保持領先地位，不僅要提供指數級更好的客戶體驗，還要為第一線員工製定安全、工作條件和福利方面的全球標準。

In closing, we have terrific momentum across the business. Our unique position in the market enables us to harness this momentum to continue driving value for customers, merchants and employees, among others, in our growing ecosystem. As always, we will continue to attack the biggest trade-offs for customers, making bold decisions and disciplined investments and building sustainable long-term value whilst striving to create a world where everyone wonders how did I ever live without Coupang.

最後，我們的整個業務發展勢頭強勁。我們在市場中的獨特地位使我們能夠利用這一勢頭，在我們不斷發展的生態系統中繼續為客戶、商家和員工等創造價值。一如既往，我們將繼續為客戶做出最大的權衡，做出大膽的決定和嚴格的投資，建立可持續的長期價值，同時努力創造一個每個人都想知道如果沒有 Coupang 我是如何生活的世界。

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

現在我將把電話轉給高拉夫，讓他更詳細地了解財務狀況。

Thanks, Bom. Q2 growth was strong with reported revenue up 71% year-over-year and constant currency revenue growth at 57%, marking our 15th consecutive quarter exceeding 50% of constant currency growth. Quarterly active customers increased 26% to 70 million, another indication of a strong and growing top of the funnel. It's a direct result of our strengthening product flywheel and strong customer loyalty as Coupang becomes the default online shopping destination for more and more consumers. And with over 37 million Internet shoppers in Korea, we will have an opportunity to more than double our customer base over the coming years as we continue creating new moments of wow.

謝謝，鮑姆。第二季成長強勁，報告營收年增 71%，以固定匯率計算營收成長 57%，這標誌著我們連續 15 個季度以固定匯率計算的營收成長超過 50%。季度活躍客戶成長 26%，達到 7,000 萬，這再次顯示漏斗頂部的實力強勁且不斷成長。這是我們加強產品飛輪和強大客戶忠誠度的直接結果，因為 Coupang 已成為越來越多消費者的預設線上購物目的地。韓國擁有超過 3700 萬網路購物者，隨著我們不斷創造令人驚嘆的新時刻，我們將有機會在未來幾年將我們的客戶群增加一倍以上。

Revenue per customer grew 36% as customers continued to increase purchase frequency by more across more categories and spend on new offerings. Net other revenue growth accelerated sequentially, increasing 151% year-over-year. Our Eats, 3P and advertising offerings continue to drive robust growth.

由於客戶繼續增加更多類別的購買頻率以及在新產品上的支出，每位客戶的收入增加了 36%。其他淨收入成長環比加速，較去年同期成長 151%。我們的外送、3P 和廣告產品持續推動強勁成長。

Before moving through our key P&L metrics, I want to provide the Q2 P&L impact related to the fulfillment center Fire. We recognized an inventory write-off of $158 million in cost of sales and $138 million in asset write-offs and other related costs in operating, general and administrative expenses. These costs are excluded from our adjusted EBITDA, but the inventory write-off does impact our reported gross profit. Upon completion of the investigation, any insurance recoveries will be recognized in the future quarters.

在介紹我們的關鍵損益指標之前，我想提供與 Fire 營運中心相關的第二季損益影響。我們在銷售成本中確認了 1.58 億美元的庫存沖銷，在營運、一般和管理費用中確認了 1.38 億美元的資產沖銷和其他相關成本。這些成本不包括在我們調整後的 EBITDA 中，但庫存沖銷確實影響了我們報告的毛利。調查完成後，任何保險賠償將在未來幾季得到確認。

Gross profit, excluding impact from fire, was up 86% year-over-year to $816 million, and gross margin expanded 140 basis points to 18.2%. We expect to continue delivering margin expansion longer term, driven by continued growth in categories like soft line, improving profitability as Fresh and Eats scale and increase in mix of advertising revenue and further operational efficiencies.

剔除火災影響後的毛利年增 86% 至 8.16 億美元，毛利率成長 140 個基點至 18.2%。我們預計，在軟線等品類的持續成長、隨著生鮮和餐飲規模的擴大而提高獲利能力以及廣告收入組合的增加和進一步營運效率的推動下，我們將繼續實現長期利潤成長。

In Q2, total adjusted EBITDA was negative $122 million. That includes the $120 million in investments to scale Fresh and Eats, and the $120 million does not include investments to fund other new initiatives and higher costs due to COVID-related operational headwinds.

第二季度，調整後 EBITDA 總額為負 1.22 億美元。其中包括用於擴大 Fresh 和 Eats 規模的 1.2 億美元投資，這 1.2 億美元不包括為其他新舉措提供資金的投資以及因新冠肺炎相關運營不利因素導致的更高成本。

Trailing 12 months operating cash flow was $74 million in Q2, up from $47 million in Q2 last year. The improvement was driven by working capital inflows from the continued growth in our business, slightly offset by the higher investment reflected in our P&L.

第二季過去 12 個月的營運現金流為 7,400 萬美元，高於去年第二季的 4,700 萬美元。這項改善是由我們業務持續成長帶來的營運資本流入所推動的，但被我們損益表中反映的較高投資略有抵銷。

Overall, our leading position in Korean e-commerce was on display in Q2 with strong growth trends across our offerings, and the momentum is only getting stronger.

總體而言，我們在韓國電子商務中的領先地位在第二季度得到了體現，我們的產品呈現出強勁的成長趨勢，而且勢頭只會越來越強勁。

With that, I now turn the call back to the operator to begin the Q&A. Thank you.

現在，我將電話轉回接線員以開始問答。謝謝。

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

（操作員說明） 您的第一個問題來自高盛的Eric Cha。

Two questions, if I may. What is your GMV or sales outlook -- growth outlook in the second half, obviously, in the context of loss of the FC? And would this also have some influence on the expected 1P and 3P mix?

如果可以的話，有兩個問題。你們的 GMV 或銷售前景如何——顯然，在失去 FC 的情況下，下半年的成長前景如何？這是否也會對預期的 1P 和 3P 組合產生一些影響？

And the second question is, I think you mentioned about fintech being one of the future initiatives, but fintech can mean a lot of things. So what area would you be interested in specifically? And it would be great if you can also share some time line on this.

第二個問題是，我想你提到金融科技是未來的舉措之一，但金融科技可以意味著很多事情。那麼您具體對哪個領域有興趣呢？如果您也能分享一些這方面的時間線，那就太好了。

Eric, thanks for the question. Thanks for your time. So to your -- first on the outlook, as you know, Eric, we -- and as we stressed in our call today, we'll always make decisions that optimize for the long term, and we'll continue to make decisions to do that over maximizing short-term results. And we'll -- as you know, we'll continue to invest aggressively in initiatives that we're excited and confident about, and that includes investments that leverage technology and process innovation, and continue to build economies of scale. And there's, of course, a lot of hard work involved in that, and we won't shy away from it.

艾瑞克，謝謝你的提問。感謝您抽出時間。因此，首先是關於前景，正如您所知，埃里克，我們——正如我們在今天的電話會議中所強調的那樣，我們將始終做出針對長期優化的決策，並且我們將繼續做出決策這樣做而不是最大化短期結果。如您所知，我們將繼續積極投資於我們感到興奮和充滿信心的舉措，其中包括利用技術和流程創新的投資，並繼續建立規模經濟。當然，這涉及到很多艱苦的工作，我們不會迴避它。

So for example, there are large parts of Korea that recently moved to Phase 4 lockdown due to COVID, which is worse than at any point since the COVID-19 outbreak. That resulted in a big surge in customer demand that we're chasing to meet, but it's also creating challenges on capacity that we'll continue to push hard. And because we're confident in the momentum of the business and also we've seen over the cycles of the past 1.5 years that these COVID-related expenses are short term by nature and because of our confidence that we'll continue to make investments, to keep chasing the demand to make sure that our customer experience is not compromised that we protect long-term customer trust because -- and we'll continue to do that aggressively because we know that our investments will pay off over time.

例如，由於新冠疫情，韓國大部分地區最近進入了第四階段封鎖，這比自新冠肺炎爆發以來的任何時候都更糟。這導致我們正在努力滿足的客戶需求大幅增加，但這也給我們將繼續努力推動的容量帶來了挑戰。因為我們對業務的發展勢頭充滿信心，而且我們在過去 1.5 年的周期中看到，這些與新冠病毒相關的費用本質上是短期的，而且我們有信心繼續進行投資，繼續追逐需求，確保我們的客戶體驗不受影響，我們保護長期客戶信任，因為—我們將繼續積極地這樣做，因為我們知道我們的投資將隨著時間的推移而得到回報。

But there always will be noise quarter-to-quarter, and I don't think we want to be in the business of commenting on what we think or predict that noise will be. But I hope that you see the momentum, the long-term momentum that we're building here. And I hope that over the -- over many quarters, you'll see that we're really building on that momentum for our customers and merchants, employees and shareholders.

但每季總會有噪音，我認為我們不想評論我們對噪音的看法或預測。但我希望你們看到我們在這裡建立的勢頭、長期勢頭。我希望在接下來的許多季度裡，您會看到我們確實在為我們的客戶、商家、員工和股東建立這種勢頭。

I think to your second question around fintech, there are many, many different -- there are exciting opportunities in fintech. It is a broad space. Long term, what I think -- I hope is obvious is that we're building huge transaction volumes. We're continuing to expand the top of the funnel. That means that opportunity is there waiting for us, and we have many experiments ongoing that are continuing to try to -- that are experimenting and trying to find ways to break meaningful trade-offs for our customers and our business. So how do we continue to get the best experience at the lowest cost? How do we provide things with more ease and lower cost?

我認為關於金融科技的第二個問題，有很多很多不同的地方——金融科技領域有令人興奮的機會。這是一個廣闊的空間。從長遠來看，我認為——我希望顯而易見的是，我們正在建立巨大的交易量。我們正在繼續擴大漏斗的頂部。這意味著機會在那裡等著我們，我們正在進行許多實驗，並繼續嘗試——嘗試並試圖尋找方法來打破對我們的客戶和我們的業務有意義的權衡。那我們要如何持續以最低的成本獲得最好的體驗呢？我們怎樣才能更輕鬆、更低成本地提供服務？

And we'll continue -- there are different modalities there. And we will try to figure out which ones we want to scale first, but which ones are providing the most exciting solutions for our customers and merchants. And -- but at this point, we're still learning, we're still experimenting. We know that big opportunity is waiting for us. And certainly, we're building the foundation, a bigger and bigger foundation every day as we drive acceleration in our 3P business, as we continue to expand the flywheel. And I think all of those things, there's a lot of positive signs that put us in prime position to provide a variety of solutions and services for customers and merchants in the long term. So we're quite excited about that opportunity.

我們將繼續——那裡有不同的模式。我們將嘗試找出我們想要首先擴展哪些，但哪些正在為我們的客戶和商家提供最令人興奮的解決方案。而且──但目前，我們仍在學習，仍在試驗中。我們知道巨大的機會正在等著我們。當然，隨著我們推動 3P 業務加速，隨著我們繼續擴大飛輪，我們每天都在打基礎，一個越來越大的基礎。我認為所有這些事情，有很多積極的跡象使我們處於有利地位，可以長期為客戶和商家提供各種解決方案和服務。所以我們對這個機會感到非常興奮。

Let me add on the impact of fire and the influence of 1P and 3P, which you mentioned, Eric. So we didn't have a material impact of fire from the facility. Especially, our technology and the additional capacity we had in 1P has enabled a relatively seamless customer experience and reroute the orders to the facility. We have been doing this and navigating throughout COVID with shutdowns in our facilities. But this is just another challenge that we have to work through, and we'll continue to rebuild for longer term on the fulfillment and continue to optimize our network, but we don't expect any material impact between 1P and 3P because of this.

讓我補充一下你提到的火的影響以及 1P 和 3P 的影響，Eric。因此，我們沒有受到該設施火災的實質影響。特別是，我們的技術和 1P 的額外產能實現了相對無縫的客戶體驗，並將訂單重新路由到設施。我們一直在這樣做，並在整個新冠疫情期間關閉我們的設施。但這只是我們必須解決的另一個挑戰，我們將繼續進行長期重建並繼續優化我們的網絡，但我們預計 1P 和 3P 之間不會因此產生任何實質影響。

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

你的下一個問題來自摩根大通的楊斯坦利。

What is the GMV mix trend between this 1P and 3P? Is there any noticeable trend in terms of the mix shift during the quarter or during the first half? Or do you expect this new mix trend to continue in the second half? I'm just wondering how fast your 3P core -- GMV core revenue is growing, excluding the e-services, so compared with other like open market, because we are seeing price deceleration of the 3P marketplaces, actually, GMV or top line growth this year.

這個1P和3P的GMV搭配趨勢是怎麼樣的呢？本季或上半年的組合變化有什麼明顯的趨勢嗎？或者您預計這種新的混合趨勢會在下半年繼續下去嗎？我只是想知道您的 3P 核心 - GMV 核心收入增長速度有多快，不包括電子服務，因此與其他開放市場相比，因為我們看到 3P 市場的價格減速，實際上，GMV 或頂線增長今年。

And also, I'm just wondering the -- any meaningful pickup of the Jet delivery contributing to your 3P top line growth during the quarter?

另外，我只是想知道 Jet 交付量的增加是否有助於本季 3P 營收成長？

Stanley, thanks for the question. I think we can say, as we've highlighted, 3P is really -- shares the flywheel with 1P. And in our earlier categories, we saw 3P accelerating on the back of strong 1P growth. We're seeing -- we're continuing to see that in our big categories. We're seeing that also in our categories that we entered later like soft lines and CE, and we're really encouraged by 3P continuing to grow at a multiple of the e-commerce segment.

史丹利，謝謝你的提問。我想我們可以說，正如我們所強調的，3P 實際上是與 1P 共享飛輪。在我們先前的類別中，我們看到 3P 在 1P 強勁成長的背景下加速成長。我們正在看到——我們將繼續在我們的大類別中看到這一點。我們在後來進入的品類（如軟線和 CE）中也看到了這一點，我們對 3P 在多個電子商務領域的持續成長感到非常鼓舞。

All of our product offerings across the board are growing much faster than overall e-commerce. 3P certainly fits that trend, and so we're very optimistic. We continue to see strong 3P growth. And certainly, all the later categories in 3P appear -- all the underlying metrics appear to put it following the same trajectory of our earlier 3P categories.

我們所有產品的全面成長速度都快於整體電子商務的成長速度。 3P 確實符合這一趨勢，因此我們非常樂觀。我們繼續看到 3P 的強勁成長。當然，3P 中所有後來的類別都出現了——所有基本指標似乎都遵循我們早期 3P 類別的相同軌跡。

And as for Jet, I think, again, that's an area that we're really excited about. There's huge long-term potential opportunity to increase selection on Rocket. And that's ultimately -- right now, we still have just a fraction of the overall total selection on Rocket, and we're continuing to add more selection. Jet is certainly another way to do that. And we are seeing some positive signs, but I think we'll have more to share in the future.

至於 Jet，我認為這也是我們真正感到興奮的領域。增加火箭的選擇有巨大的長期潛在機會。最終，現在我們仍然只擁有 Rocket 整體選擇的一小部分，並且我們將繼續添加更多選擇。 Jet 無疑是實現這一目標的另一種方式。我們看到了一些積極的跡象，但我認為我們將來會有更多的東西可以分享。

I think this goes to the earlier point of what question that Eric asked as well about timing, which maybe I didn't answer as clearly. We are -- we know these opportunities are significant. We're excited about them. They're waiting for us, but we also -- we are disciplined in the way that we invest. And before we invest to scale anything, we really want to make sure that we're solving hard problems upfront, we're breaking trade-offs, we're seeing positive signs that this could be, not only a great amazing customer experience, but have the foundation to drive operating leverage and significant cash flows over time.

我認為這涉及到埃里克提出的關於時間的問題的早期觀點，也許我沒有回答得那麼清楚。我們知道這些機會非常重要。我們為他們感到興奮。他們在等待我們，但我們也在等待——我們在投資方式上遵守紀律。在我們投資擴大規模之前，我們確實希望確保我們能夠提前解決難題，我們正在打破權衡，我們看到積極的跡象表明這不僅可以帶來令人驚嘆的客戶體驗，但有基礎來隨著時間的推移提高營運槓桿和大量現金流。

And so we want to solve. We don't want to scale and then chase a lot of these hard problems. We want to start to see, build confidence in our solutions before we scale them. That's been the story of how we -- for example, Eats could have -- before we scaled that nationally, we focused on one area in Seoul to really iterate and test rigorously. So we don't rush ourselves to try to scale these things because we know these huge opportunities are there. In fact, our position to take advantage of these opportunities only get stronger as our flywheel gets bigger and as our top of the funnel expands. And we -- a lot of these initiatives at the earlier stages were focused on solving problems, improving the customer experience, making sure the foundations are there for significant cash flows over time. And that's certainly the same approach we're taking with Jet as well.

所以我們想要解決這個問題。我們不想擴大規模，然後再去解決很多這樣的難題。我們希望在擴展解決方案之前開始了解並建立對解決方案的信心。這就是我們（例如 Eats）如何在全國範圍內進行擴展之前，重點關注首爾的一個區域，進行真正嚴格的迭代和測試的故事。因此，我們不會急於嘗試擴大這些規模，因為我們知道存在著巨大的機會。事實上，隨著我們的飛輪變得越來越大，隨著我們的漏斗頂部不斷擴大，我們利用這些機會的地位只會變得更強。我們在早期階段的許多措施都專注於解決問題、改善客戶體驗、確保隨著時間的推移為大量現金流奠定基礎。這當然也與我們對 Jet 採取的方法相同。

(Operator Instructions) Your next question comes from the line of John Yu with Citi.

（操作員說明） 您的下一個問題來自花旗銀行的 John Yu。

This is John Yu from Citi. Do you hear me well?

我是花旗銀行的約翰·餘。你聽得清楚嗎？

Yes, I can hear you.

是的，我聽得到你的聲音。

I have 2 questions. Firstly, on Rocket Fresh, you mentioned earlier that its contribution margin improved nearly 1,000 basis points based on the strong growth, over 100% year-on-year, so could you please elaborate more about the current level of contribution margin of Rocket Fresh in your long-term estimates.

我有 2 個問題。首先，關於Rocket Fresh，您剛才提到其貢獻率在強勁增長的基礎上提高了近1000個基點，同比超過100%，請您詳細介紹一下Rocket Fresh目前的貢獻率水平您的長期估計。

And secondly, on Coupang Eats. In the second quarter, some competitor also launched own delivery, trying to catch up with Coupang Eats and delivery speeds. And indeed, it seemed to have regained in market share. So I would like to ask you how you measure the current competitive landscape in Korea's food delivery market and also any recent changes in the industry-wide delivery fees to freelance riders.

其次，關於Coupang Eats。第二季度，一些競爭對手也推出了自己的配送服務，試圖趕上Coupang Eats的配送速度。事實上，它的市場份額似乎已經恢復。所以我想問您如何衡量目前韓國食品配送市場的競爭格局以及最近全行業對自由騎手的配送費用的變化。

Great. I'll try to cover many of those. So I think first on Fresh, we are -- we believe we're still the largest online nationwide fresh grocer. We believe we're the fastest growing. As you pointed out, we improved our contribution margin by 1,000 basis points year-over-year. And that's in the face of triple-digit growth. So we're continuing to see enormous demand. We're still trying to keep up with -- and chase demand on that front. And the scale has now reached exceeding over $2 billion in annualized revenue.

偉大的。我將嘗試涵蓋其中的許多內容。所以我認為首先在生鮮方面，我們相信我們仍然是全國最大的線上生鮮雜貨商。我們相信我們是成長最快的。正如您所指出的，我們的貢獻率比去年同期提高了 1,000 個基點。而這還是在三位數成長的情況下。因此，我們繼續看到巨大的需求。我們仍在努力跟上並追逐這方面的需求。目前年收入規模已超過20億美元。

And what are the inputs to all of this? What have we invested? This is really the fruits of years of investment not only in Fresh but also in our general core because both of -- Fresh leverages the infrastructure, the processes, the technology that we've also built for core. And we are able to provide the best experience at the lowest cost. We believe that Fresh is not only the best experience. It's certainly the only -- I believe it's the only nationwide fresh grocer still today.

所有這一切的輸入是什麼？我們投資了什麼？這確實是多年投資的成果，不僅是對 Fresh 的投資，也是對我們整體核心的投資的成果，因為 Fresh 充分利用了我們也為核心構建的基礎設施、流程和技術。我們能夠以最低的成本提供最好的體驗。我們相信Fresh不僅是最好的體驗。這當然是唯一的——我相信它是今天唯一的全國性生鮮雜貨店。

Best selection, more selection than anyone else but also the lowest -- also low prices, with a low delivery threshold. These are advantages -- these are experience advantages we can provide customers because we also are building the lowest cost structure, where the economies of scale from our core health is Fresh, our Fresh health core, not only at the top of the flywheel, but also with economies of scale as well.

最好的選擇，比任何人都多的選擇，而且是最低的——價格也低，交貨門檻低。這些都是優勢——這些是我們可以為客戶提供的體驗優勢，因為我們也在建立最低的成本結構，其中我們的核心健康的規模經濟是Fresh，我們的Fresh健康核心不僅在飛輪的頂部，而且也具有規模經濟。

The efficiency gains that we're getting from our technology improvements, our process improvements, our economies of scale, or perhaps I'll give you an example that highlights, that's best highlighted by our earlier or more mature facilities, which represent about half of our active facilities, are not operating at about close to breakeven. And that's because of -- and we're -- that's against COVID challenges, COVID operating cost challenges, and that's before we've made a lot of significant optimization improvements there.

我們從技術改進、流程改進、規模經濟中獲得的效率提升，或者也許我會舉一個例子來強調這一點，最能強調這一點的是我們早期或更成熟的設施，這些設施約佔我們的一半活躍設施並未以接近損益平衡的狀態運作。這是因為——我們是——這是為了應對新冠疫情的挑戰、新冠疫情營運成本的挑戰，而且是在我們在那裡做出了許多重大的優化改進之前。

And so we're extremely excited, not only about the customer experience improvements that we continue to make -- not only about the efficiency improvements we're continuing to make. Overall, Fresh as investment is really following the same trajectory of our mature offerings which are profitable.

因此，我們感到非常興奮，不僅因為我們繼續改進客戶體驗，而且不僅因為我們繼續改進效率。總體而言，Fresh as 投資確實遵循了與我們獲利的成熟產品相同的軌跡。

I think the second -- another question was around Eats. Actually, could you repeat your question around Eats just so that I can have a little bit more color there?

我認為第二個——另一個問題是關於外賣的。事實上，你能重複一下你關於 Eats 的問題嗎？

He has disconnected from the phone.

他已經掛斷了電話。

Okay. So I think something that was around the competitive landscape around Eats. We -- Eats is another category that we have seen tremendous growth. It's a huge -- like food -- like Fresh, it's a huge category with low online penetration. I think Eats has nearly tripled in just the last 2 quarters for us.

好的。所以我認為這與外送的競爭格局有關。我們——飲食是我們看到巨大成長的另一個類別。這是一個巨大的類別，就像食品一樣，就像生鮮一樣，它是一個巨大的類別，但線上滲透率卻很低。我認為僅在過去兩個季度，我們的 Eats 業務就成長了近兩倍。

And there as well, we're also focused on continuing to improve the customer experience and improve efficiencies. We really believe that the wow we deliver for our customers is breaking trade-offs. How do we create the best customer experience, the convenience without the convenience tax, the best customer experience at the lowest cost? And to do so, we have to keep -- we work backwards from that, and we keep investing in technology improvements and process improvements as well. And we're making great progress there.

同樣，我們也致力於持續改善客戶體驗並提高效率。我們堅信，我們為客戶帶來的驚喜正在打破權衡。我們如何創造最佳的客戶體驗、無需繳納便利稅的便利性、以最低的成本創造最佳的客戶體驗？為了做到這一點，我們必須繼續下去——我們從那時開始向後工作，我們也繼續投資於技術改進和流程改進。我們在那裡取得了巨大進展。

I don't -- we haven't spent a lot of time thinking about -- or certainly, as you can tell, our growth has continued to be very fast. I think we haven't spent a lot of time assessing about what other players are doing in the market. The thing that makes me really excited about areas like Fresh and Eats is that there's still a ton of opportunity here.

我不——我們沒有花很多時間思考——或者當然，正如你所知，我們的成長仍然非常快。我認為我們沒有花很多時間評估市場上其他參與者的行為。讓我對像 Fresh and Eats 這樣的領域感到非常興奮的是，這裡仍然存在大量的機會。

And our core strength, who we are, we're not a company that's defined around doing one thing well like building cars or making -- or defined by certain business model. Our strength is our culture of innovation and our technology and operational excellence. And when we apply that -- those strengths to create wow moments for our customers, there are always exciting new developments that happen that we know are going to continue to raise the bar in customer experience and find new areas of efficiency improvement that lower the cost for our customers as well. And we're still excited because it's very early in both areas.

我們的核心優勢，我們是誰，我們不是一家專注於做好一件事（例如製造汽車或製造）的公司，也不是一家由某些商業模式定義的公司。我們的優勢在於我們的創新文化以及我們的技術和卓越營運。當我們應用這些優勢為我們的客戶創造令人驚嘆的時刻時，總是會發生令人興奮的新發展，我們知道這些發展將繼續提高客戶體驗的標準，並找到新的效率改進領域，從而降低成本對我們的客戶也是如此。我們仍然很興奮，因為這兩個領域都還處於早期階段。

And your next question comes from the line of Jennifer Han with UBS.

你的下一個問題來自瑞銀集團的 Jennifer Han。

This is Jennifer Han from UBS. I just have one question. There's been press report that you'll be expanding or you've already expanded quick commerce business into Japan and Taiwan market. I was wondering if you can provide any color on that business expansion. And how much -- what kind of opportunity you see there? And maybe how much losses should we be expecting from that business perhaps in the near term?

我是瑞銀 (UBS) 的珍妮佛韓 (Jennifer Han)。我只有一個問題。有媒體報告您將擴大或已經將快速商務業務擴展到日本和台灣市場。我想知道您是否可以提供有關業務擴展的任何資訊。您在那裡看到了多少—什麼樣的機會？也許我們應該預期該業務在短期內會損失多少？

So we are excited about the long-term opportunities in those markets, especially opportunities to break trade-offs for customers, and we're still very early in that. We're experimenting with different modalities, and we've been successful in different modalities in our previous investments. So we'll test things that we've done before. We'll test things we haven't done before.

因此，我們對這些市場的長期機會感到興奮，尤其是打破客戶權衡的機會，而我們在這方面還處於早期階段。我們正在嘗試不同的模式，在先前的投資中，我們在不同的模式上都取得了成功。所以我們將測試我們之前做過的事情。我們將測試以前沒有做過的事情。

But to your question about investment, our investment approach has always been disciplined and iterated. Now our initial investments are small, and that's where we'll test and iterate. And these investments, we scale our investment in these initiatives as we solve hard problems, as we clear hurdles and our conviction increases. So you'll see that the real capital investments come over time as our confidence grows, and you'll see the biggest investments in the areas that we have the highest conviction around. And right now, we're in the first phase of that testing and iteration, and that will take some time. But we're really excited about the potential long-term opportunities in these markets, and we believe that seeding these investments now at a small scale will allow us to create new moments of wow and build exciting opportunities for us in the future.

但對於你關於投資的問題，我們的投資方式一直是有紀律的、迭代的。現在我們的初始投資很小，這就是我們將進行測試和迭代的地方。在這些投資中，當我們解決難題、清除障礙、增強信心時，我們就會擴大對這些措施的投資。因此，您會看到，隨著我們信心的增強，真正的資本投資會隨著時間的推移而出現，並且您會看到在我們最有信心的領域進行最大的投資。現在，我們正處於測試和迭代的第一階段，這需要一些時間。但我們對這些市場中潛在的長期機會感到非常興奮，我們相信，現在小規模地進行這些投資將使我們能夠創造令人驚嘆的新時刻，並在未來為我們創造令人興奮的機會。

We will now take our last question from the line of James Lee from Mizuho.

現在我們將回答來自瑞穗銀行的 James Lee 的最後一個問題。

Just a quick follow-up on international expansion. Maybe can you guys add more color as to why do you find Japan and Taiwan as attractive markets? And any specific friction in these markets you guys discovered that you can resolve?

只是國際擴張的快速跟進。也許你們可以補充為什麼你們認為日本和台灣是有吸引力的市場？你們發現這些市場有哪些可以解決的具體摩擦？

And also for Gaurav, maybe can you quantify maybe the surge in demand that you've seen recently from rising Delta cases and from which categories?

對於 Gaurav 來說，也許您可以量化您最近看到的達美病例增加以及哪些類別的需求激增？

Sure. I think a lot of -- as you can see, that when we scale these investments and services, we have higher confidence, we feel we've found -- we have a stronger hypothesis on how to break trade-offs. We feel like we've solved some hard problems that give us confidence that we're going to build great customer experiences and very attractive business -- attractive cash flows over time. And then we're ready to share a lot more about what we've learned. And that's the case certainly in Fresh and Eats, as you can tell.

當然。我認為很多——正如你所看到的，當我們擴大這些投資和服務規模時，我們有更高的信心，我們覺得我們已經發現——我們對如何打破權衡有了更強有力的假設。我們覺得我們已經解決了一些難題，這讓我們有信心我們將建立良好的客戶體驗和非常有吸引力的業務——隨著時間的推移，有吸引力的現金流。然後我們準備分享更多我們所學到的知識。如您所知，Fresh and Eats 的情況確實如此。

Today -- and Fresh and Eats is, certainly you can see, on the same trajectory just earlier of our mature offerings that are that are now profitable and funding initiatives beyond Fresh and Eats. I think a lot of these other nascent initiatives, like international, is just still too early, I think. So we'll reserve commentary, both on our hypotheses and the progress, I think, until we're a little further along. We're still early. It's still small testing initially, but -- we're excited about those opportunities but I think the learnings and -- sharing about learnings and solutions, I think, we'll reserve for a bit longer -- for a bit later in the process.

今天，您當然可以看到，Fresh and Eats 與我們早期成熟的產品處於相同的軌跡，這些產品現在已經盈利，並為 Fresh and Eats 以外的項目提供資金。我認為許多其他新生舉措（例如國際舉措）還為時過早。因此，我認為，在我們取得進一步進展之前，我們將保留對我們的假設和進展的評論。我們還早。最初仍然是小型測試，但是 - 我們對這些機會感到興奮，但我認為學習和 - 分享學習和解決方案，我認為，我們將保留更長的時間 - 在此過程的稍後階段。

And Gaurav, do you want to comment on the other question?

Gaurav，您想對另一個問題發表評論嗎？

Yes. We are seeing with COVID levels rising to level 4. And as COVID cases continuing to rise in Korea at all-time high, we are continuing to see demand increase across all categories. And unfortunately, what we've dealt with the COVID level 4, we are also seeing challenges to be able to meet the demand, and we are aggressively pursuing all avenues to increase our capacity to be able to meet the unexpected demand. But because the challenges are increasing our capacity in short term, we are probably investing a little more on that front. But we know that these are great opportunities to invest for long term -- a great time to invest for a long term to meet our customer expectations. But...

是的。我們看到新冠病毒水平上升至 4 級。不幸的是，在我們應對新冠病毒 4 級的情況下，我們也看到了滿足需求的挑戰，我們正在積極尋求一切途徑來提高我們的能力，以滿足意外的需求。但由於挑戰會在短期內提高我們的能力，因此我們可能會在這方面投入更多。但我們知道，這些都是長期投資的絕佳機會——是長期投資以滿足客戶期望的好時機。但...

Can I add a quick point? I think one of the things that we're really -- we are excited to invest. As you can see, Fresh and Eats was $120 million or $122 million of adjusted EBITDA loss. There are, of course, lots of other investments that we're making. You've alluded to a few of them in nascent initiatives, international, also short-term COVID operational costs. But we're really excited about investing all of these because we know fundamentally we're -- we have more confidence than at any point before that these initiatives and investments are going to bear long-term ROI for us.

我可以快速添加一點嗎？我認為我們真正感興趣的事情之一是我們很高興進行投資。如您所見，Fresh and Eats 的調整後 EBITDA 損失為 1.2 億美元或 1.22 億美元。當然，我們正在進行許多其他投資。您在新措施、國際以及短期新冠疫情營運成本中提到了其中一些。但我們對所有這些投資感到非常興奮，因為我們從根本上知道，我們比以往任何時候都更有信心，這些舉措和投資將為我們帶來長期投資回報。

Fresh and Eats shows remarkable progress, especially Fresh, you can see all the signs there that they are really -- they have a straight line of sight to becoming like our mature offerings. And the demand is strong, and we're chasing. There all these challenges with COVID. These are good problems to have. We'll -- we know that the expenses are temporary by nature. We certainly saw that in the cycles over the last 1.5 years with COVID that when the phases go down, these costs do roll back.

Fresh 和 Eats 顯示出顯著的進步，尤其是 Fresh，你可以看到所有跡象表明它們確實 - 他們有直接的視線，變得像我們成熟的產品一樣。而且需求很強勁，我們正在追逐。新冠疫情帶來了所有這些挑戰。這些都是好問題。我們知道這些費用本質上是暫時的。我們當然看到，在過去 1.5 年的新冠疫情週期中，當階段下降時，這些成本確實會回落。

And because of our confidence that these costs are temporary, challenges are temporary, the opportunities are huge, that we have the right model, the right scale and technology and process innovations to really break trade-offs here and build strong offerings. We're going to -- we're excited to lean in. I hope that really -- you can see why we're excited across so many different investments today.

因為我們相信這些成本是暫時的，挑戰是暫時的，機會是巨大的，我們擁有正確的模式、正確的規模以及技術和流程創新，可以真正打破這裡的權衡並打造強大的產品。我們將會——我們很高興能夠投入其中。

Is it fair to assume that the revenue surge, I assumed recently is above the growth rate that we saw in 2Q?

我最近假設的收入激增高於我們在第二季度看到的成長率是否公平？

I'm sorry, the question you were saying was the demand in Q2 a result of...

抱歉，您所說的問題是第二季度的需求是由於...

Yes, revenue and surge that you see due to rising cases that you've seen recently, the growth rate of that revenue, is that above the 2Q level of 71%.

是的，由於最近看到的病例增加，您看到的收入和激增，該收入的成長率高於第二季 71% 的水平。

I'll put it this way. I think we have -- the growth does not fully reflect the top-of-the-funnel demand. We have capacity constraints in many areas. I think as we mentioned in the call, particularly in Fresh, we are always trying to keep up, and we haven't been able to at least -- we haven't been able to keep up with the full demand. So I think, again, there's going to be lots of noise. I don't -- you shouldn't -- demand has not been a problem in Q2. Won't be a problem in Q3. But I don't know if the question is what is the growth rate going to be in Q2 versus Q3, look, it's very hard to -- there's a lot of noise quarter-to-quarter. It's hard to predict.

我會這樣說。我認為我們的成長並沒有完全反映漏斗頂部的需求。我們在許多領域都存在能力限制。我認為正如我們在電話中提到的，特別是在生鮮方面，我們一直在努力跟上，但我們至少沒能做到——我們沒能跟上全部需求。所以我再次認為，將會有很多噪音。我不認為——你不應該——需求在第二季不是問題。第三季不會有問題。但我不知道問題是否是第二季與第三季的成長率是多少，看，這很難——每季都有很多噪音。很難預測。

I think the things that we're excited about is the long-term trajectory and the arc. We will -- whether we solve it sooner or solve it later, we'll continue to solve problems. We are working hard to add capacity. There will be noise. Some of it will -- whether it comes early or later, we're really excited about capturing the full opportunity in the market, and we know that there's demand out there that's waiting for us and waiting for our services and experiences. And we also won't stop there. We'll continue to make our experiences better as we try to make sure we make it accessible to all the people who want it out there.

我認為我們感到興奮的是長期軌跡和弧線。我們會——無論是早點解決還是晚點解決，我們都會繼續解決問題。我們正在努力增加產能。會有噪音。其中一些會——無論是早來還是晚來，我們對抓住市場上的全部機會感到非常興奮，而且我們知道那裡有需求在等待我們，等待我們的服務和體驗。我們也不會就此止步。我們將繼續改善我們的體驗，並努力確保所有想要它的人都能獲得它。

That concludes our Q&A. I would now like to turn the call back over to Bom Kim for closing remarks.

我們的問答到此結束。現在我想將電話轉回給 Bom Kim 進行總結發言。

Thank you, everyone, for joining on this call. Really, the results -- the momentum you see here is the result of hard work over many years by employees. I want to thank them for working with passion and creativity to break trade-offs that wow customers and build a better world for all the people that we touch. Thank you, everyone, for your time today, and we look forward to speaking with you again next quarter.

謝謝大家參加這次電話會議。確實，結果——你在這裡看到的勢頭是員工多年努力工作的成果。我要感謝他們以熱情和創造力打破取捨，讓客戶驚嘆不已，並為我們接觸到的所有人建立一個更美好的世界。謝謝大家今天抽出寶貴的時間，我們期待下個季度再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。