Coupang Inc (CPNG) 2021 Q1 法說會逐字稿

Good afternoon. My name is Alexander, 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)

午安.我叫亞歷山大，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）

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

謝謝。現在我想將電話轉給投資者關係副總裁 Michael Senno。您可以開始您的會議了。

Thanks, operator. Welcome to Coupang, Inc.'s quarterly earnings conference call for the first quarter ended March 31, 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 3 月 31 日的第一季季度財報電話會議。我很高興今天能與我們的創辦人兼執行長 Bom Kim 一起參加電話會議；以及我們的財務長高拉夫·阿南德 (Gaurav Anand)。

The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information except as required by law. Certain statements made on today's call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements.

以下討論（包括對您的問題的答案）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資訊的義務。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。

Please refer to today's earnings release as well as the risks and uncertainties described in our prospectus filed with the SEC on March 11, 2021, and in other filings made with the SEC, when available, for information about factors which could cause our actual results to differ materially from these forward-looking statements.

請參閱今天的收益發布以及我們於2021 年3 月11 日向SEC 提交的招股說明書以及向SEC 提交的其他文件（如果有）中所述的風險和不確定性，以了解可能導致我們的實際結果發生變化的因素的資訊。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 filings with the SEC, each of which is posted on the company's Investor Relations website at ir.aboutcoupang.com. I will 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發布和向SEC 提交的文件中，每份文件均發佈在公司的投資者關係網站上，網址為ir. aboutcoupang.com。我要提醒您的是，這些數字未經審計，可能會發生變化。

And with that, let me turn the call over to Bom.

接下來，讓我把電話轉給 Bom。

Thanks, Michael. Since this is our first earnings call, before we talk to the results, I'd like to take a moment here to speak about why we're so excited about the decades-long opportunity ahead of us at Coupang.

謝謝，麥可。由於這是我們的第一次財報電話會議，因此在討論結果之前，我想花一點時間談談為什麼我們對 Coupang 未來數十年的機會如此興奮。

To understand Coupang, we begin with our mission: to create a world where customers wonder, "How did I ever live without Coupang?" Our orientation is our most important advantage. We work backwards from the customer from a vision of a world where our customers have it all, jaw-dropping convenience without a convenience tax.

要了解 Coupang，我們首先要了解我們的使命：創造一個讓客戶好奇「沒有 Coupang 我該如何生活？」的世界。我們的定位是我們最重要的優勢。我們從客戶的角度出發，設想一個客戶擁有一切、令人驚嘆的便利且無需繳納便利稅的世界。

Historically, online shopping has forced customers to choose between amazing service, low prices and broad selection. Delivery within hours isn't amazing if your selection shrinks to that of a convenience store or if it forces you to pay higher fees or prices. We aim to break these trade-offs. It's only when we deliver all 3 in harmony, amazing service, low prices and broad selection, that we deliver a true wow experience for our customers and sustain long-term growth for the company.

從歷史上看，網上購物迫使顧客在優質的服務、低廉的價格和廣泛的選擇之間做出選擇。如果您的選擇範圍縮小到便利商店，或者迫使您支付更高的費用或價格，那麼數小時內交貨並不令人驚奇。我們的目標是打破這些權衡。只有當我們和諧地提供這三者、卓越的服務、低廉的價格和廣泛的選擇時，我們才能為客戶提供真正令人驚嘆的體驗並維持公司的長期成長。

So we built an end-to-end integrated e-commerce system that, we believe, is setting a new standard for commerce globally. And we ingrained into our culture a willingness to be brave, to take risks, to make bold choices and to learn from our failures. These values are at the core of our DNA and drive our continuous innovation today.

因此，我們建立了一個端到端整合電子商務系統，我們相信該系統正在為全球商業樹立新標準。我們將勇敢、敢於冒險、做出大膽選擇以及從失敗中學習的意願深深植根於我們的文化中。這些價值觀是我們 DNA 的核心，推動著我們今天的持續創新。

Here's an example. A few years ago, while almost all Rocket orders were 1-day delivery, we learned that many customers are returning home late at night and were only able to use what they had ordered the following day, which meant that our 1-day delivery was, in effect, a 2-day experience. So we launched Dawn and Same-Day Delivery with access to not just convenience store selection but millions of items from computers to baby food. Customers can order seconds before midnight, head off to sleep and wake up to find their items waiting at their doorstep before 7 a.m. via Dawn Delivery for free. It's like Christmas morning every day.

這是一個例子。幾年前，雖然幾乎所有的Rocket訂單都是一日達，但我們了解到很多顧客都是深夜回家，第二天才能使用他們訂購的東西，這意味著我們的一日達是，實際上是為期2 天的體驗。因此，我們推出了「黎明」和「當日送達」服務，不僅可以選擇便利商店的商品，還可以購買從電腦到嬰兒食品等數百萬種商品。顧客可以在午夜前幾秒鐘下訂單，然後去睡覺，早上 7 點前醒來發現自己的物品已經透過 Dawn Delivery 免費送達家門口。每天都像聖誕節的早晨。

And how convenient was our service if customers could get every brand of cereal on Rocket but still have to drive out to a store for milk? So we launched a nationwide online grocery service, offering customers one of the largest selection of fresh goods delivered within hours at low prices. As a result, we've quickly become the leading nationwide online grocer.

如果顧客可以在 Rocket 上買到所有品牌的麥片，但仍然需要開車去商店買牛奶，那麼我們的服務有多方便？因此，我們推出了全國性的線上雜貨服務，為客戶提供數量最多的生鮮商品選擇之一，並在數小時內以低廉的價格送達。結果，我們很快就成為全國領先的線上雜貨商。

And why couldn't returns be as effortless as placing an order online? For returns on Rocket, you simply open the app, tap a few times and leave the item out in front of your door for pickup. No packaging, printing of a label or cumbersome scheduling with a carrier required. And the moment our drivers scans the item in front of your door at pickup, we initiate the refund. And returns within 30 days on Rocket WOW are completely free.

為什麼退貨不能像在線下訂單一樣輕鬆？對於 Rocket 的退貨，您只需打開應用程序，點擊幾次，然後將物品放在門前等待取貨。無需包裝、列印標籤或與承運人進行繁瑣的安排。當我們的司機在取貨時掃描您門前的物品時，我們就會啟動退款。 Rocket WOW 30 天內退貨完全免費。

We tackled another convenience tax and e-commerce packaging waste. Packaging is required to protect the items during shipment, but because we control the entire process end-to-end, we found a way to protect items without boxes. Today, more than 75% of the deliveries we process and ship are box-less, in a simple sleeve with no additional cardboard, air cushions or bubble wrap.

我們解決了另一項便利稅和電子商務包裝廢棄物問題。在運輸過程中需要包裝來保護物品，但由於我們端到端地控制整個過程，因此我們找到了一種無需盒子即可保護物品的方法。如今，我們處理和運輸的超過 75% 的貨物都是無盒的，裝在一個簡單的套筒中，沒有額外的紙板、氣墊或泡沫包裝。

And we didn't stop there. We asked, "Can we get rid of all disposable packaging?" We introduced eco-bags for Rocket Fresh, which replaces nearly all disposable packaging with completely reusable bags that are picked up by our delivery network for reuse.

我們並沒有就此止步。我們問：“我們可以擺脫所有一次性包裝嗎？”我們為 Rocket Fresh 推出了生態袋，它用完全可重複使用的袋子取代了幾乎所有一次性包裝，這些袋子由我們的配送網絡拾取以供重複使用。

Today, our trucks that once left full and returned empty are coming back with returns from customers and eco-bags for reuse. We estimate that in Q1 alone, we saved over 8,000 tons or over 15 million pounds of packaging waste due to innovations like box-less delivery and eco-bags.

如今，我們曾經滿載而空返回的卡車將帶著客戶退貨和可重複使用的環保袋回來。我們估計，僅在第一季度，由於無箱配送和生態袋等創新，我們就節省了超過 8,000 噸或超過 1500 萬磅的包裝廢物。

Breaking trade-offs is hard work. That's why few have done it. But it's our lives' work, and we're passionate about it. We've invested the last 7 years and billions of dollars into countless internal systems, algorithms and 25 million square feet of e-commerce infrastructure. Today, 70% of the Korean population lives within 7 miles of one of our centers. We also manage the largest fleet of full-time drivers in Korea, directly employing 15,000 delivery drivers who utilize our proprietary software and custom design trucks.

打破權衡是一項艱苦的工作。這就是為什麼很少人這樣做的原因。但這是我們一生的工作，我們對此充滿熱情。在過去 7 年裡，我們在無數的內部系統、演算法和 2500 萬平方英尺的電子商務基礎設施上投資了數十億美元。如今，70% 的韓國人口居住在我們中心之一的 7 英里範圍內。我們還管理韓國最大的全職司機車隊，直接僱用了 15,000 名使用我們專有軟體和客製化設計卡車的送貨司機。

And proprietary technology is critical to our ability to provide a wide selection, delivery experience and free shipping. Our dynamic orchestration technology, for example, predicts and assigns the fastest and most efficient path for every order out of hundreds of millions of combinations of inventory processing truck and route options within seconds of an order being placed.

專有技術對於我們提供廣泛的選擇、交付體驗和免費送貨的能力至關重要。例如，我們的動態編排技術可以在下訂單後幾秒鐘內從數億個庫存處理卡車和路線選項組合中預測並為每個訂單分配最快、最有效的路徑。

We are a technology company at our core, and the homegrown technology that underpins our value proposition is designed to optimize our one-of-a-kind end-to-end integration. As a result of our unmatched e-commerce investment in the market and years of scale and iteration, we remain the only major e-commerce company in Korea that delivers 365 days per year, guaranteeing 1-day delivery or faster on millions of items and keeping our promise on nearly 100% of our Rocket orders even on peak days before Lunar New Year or Korean Thanksgiving.

我們的核心是一家科技公司，支撐我們價值主張的本土技術旨在優化我們獨特的端到端整合。由於我們在市場上無與倫比的電子商務投資以及多年的規模和迭代，我們仍然是韓國唯一一家每年 365 天交付的大型電子商務公司，保證數百萬件商品的 1 天或更快的交付，並且即使在農曆新年或韓國感恩節前的高峰日，我們的火箭訂單也幾乎100% 信守承諾。

And it's not just delivery speed. Our unique investments and growing scale create operational efficiencies, which we can pass on to our customers in the form of lower prices. According to a recent third-party study, Coupang's prices were cheaper on average across all surveyed product categories. And we estimate that Rocket WOW customers saved over $200 million in shipping fees in the first quarter alone.

這不僅僅是交付速度。我們獨特的投資和不斷增長的規模創造了營運效率，我們可以以更低的價格將其傳遞給我們的客戶。根據最近的一項第三方研究，Coupang 的所有調查產品類別的平均價格都更便宜。我們估計 Rocket WOW 客戶僅在第一季就節省了超過 2 億美元的運費。

The most exciting part is that we're still early in the journey. All of the things that we've built are getting better every year, and we plan to build more square footage of infrastructure over the next year than in any year since our inception. Our plan is to increase our nationwide footprint by over 50% in the coming year. We have a differentiation that will keep growing over time.

最令人興奮的部分是我們仍處於旅程的早期階段。我們建造的所有東西每年都在變得更好，我們計劃在明年建造比我們成立以來任何一年都更多的基礎設施面積。我們的計劃是來年將我們的全國覆蓋範圍擴大 50% 以上。我們的差異化將隨著時間的推移而不斷增長。

The size, growth and structure of the market is another tailwind. Korea is a massive e-commerce opportunity. It's the fifth largest globally and grew at a 20% CAGR over the last 5 years, second only to China. And it's the largest e-commerce opportunity not won by Amazon or Alibaba, but there is a broader play here.

市場的規模、成長和結構是另一個推動因素。韓國是一個巨大的電子商務機會。它是全球第五大經濟體，過去 5 年複合年增長率為 20%，僅次於中國。這是亞馬遜或阿里巴巴沒有贏得的最大的電子商務機會，但這裡有更廣泛的競爭機會。

Similar to China, Korea is leapfrogging the off-line retail revolution. The U.S. has more than 10x the off-line retail footprint per capita of Korea. We believe we're at the center of 2 revolutions, not just the transition from off-line to online, but also a retail revolution that happened first off-line in the U.S. but is now starting online in Korea.

與中國類似，韓國正在跨越式推進線下零售革命。美國的人均線下零售規模是韓國的 10 倍以上。我們相信，我們正處於兩次革命的中心，不僅是從線下到線上的轉變，而且也是一場零售革命，這場革命首先發生在美國的線下，但現在正在韓國開始線上。

The market also boasts a highly connected, tech-savvy consumer base with high mobile usage. We believe these structural characteristics create strong tailwinds for e-commerce that will lead to higher online penetration than other markets. That makes this a broader commerce opportunity.

該市場還擁有高度互聯、精通技術且行動裝置使用率很高的消費者群。我們相信，這些結構特徵將為電子商務創造強大的推動力，從而導致比其他市場更高的線上滲透率。這使得這是一個更廣泛的商業機會。

Korea's total commerce market is expected to exceed $530 billion by 2024, and we were still less than 5% of the total market last year. And Coupang has been rapidly gaining traction, growing at a multiple of the overall e-commerce segment over the last few years, even as our scale increased. That trend continued in Q1 with year-over-year revenue growth approximately 3x faster than the overall Korean e-commerce segment.

到2024年，韓國的商業市場總額預計將超過5,300億美元，而去年我們還不到市場總額的5%。儘管我們的規模不斷擴大，但 Coupang 一直在迅速獲得關注，在過去幾年中其成長速度是整個電子商務領域的數倍。這一趨勢在第一季得以延續，營收年增速度比整個韓國電子商務領域快約 3 倍。

Our cohort behavior confirms that trend. As we showed in our S-1 filing, our annual cohorts are accelerating in size and spend each year, further evidence of the engagement and loyalty that our customer experience creates. And even our oldest cohorts are still increasing their spend, indicating that we're still at the early stages of our growth cycle.

我們的團體行為證實了這個趨勢。正如我們在 S-1 文件中所示，我們的年度客戶群規模和支出每年都在增加，這進一步證明了我們的客戶體驗所創造的參與度和忠誠度。即使是我們最年長的群體仍在增加支出，這表明我們仍處於成長週期的早期階段。

All the benefits we offer customers are amplified by our Rocket WOW membership. Fueled by access to services like Dawn and Same-Day Delivery as well as our streaming video offering Coupang Play, Rocket WOW members purchase with significantly higher frequency and across more categories than non-WOW members.

我們為客戶提供的所有好處都因我們的 Rocket WOW 會員資格而放大。在 Dawn 和同日送達等服務以及 Coupang Play 串流影片的推動下，Rocket WOW 會員的購買頻率明顯高於非 WOW 會員，且涉及的類別更多。

Fundamentally, Coupang is not a consumer goods company or a delivery company or even an e-commerce company. Coupang is added essence, a company that challenges trade-offs and delivers wow in customers' daily lives. We started with product e-commerce but have since launched 2 new services in Fresh and Eats. I'd like to spend a moment on their early success.

從根本上來說，Coupang 不是一家消費品公司，也不是一家快遞公司，甚至不是一家電子商務公司。 Coupang 是一家附加精髓的公司，它挑戰權衡並為客戶的日常生活帶來驚喜。我們從產品電子商務開始，但此後在生鮮和餐飲領域推出了兩項新服務。我想花點時間談談他們早期的成功。

In Rocket Fresh, we offer one of the largest selection of groceries online with the only nationwide Dawn and Same-Day Delivery service. We also offer, according to a recent third-party study, the lowest fresh prices among competitive services. As a result of our value proposition, Fresh revenue in Q1 was more than 2.5x the revenue in the same period last year.

在 Rocket Fresh，我們提供最齊全的線上雜貨選擇之一，並提供全國唯一的黎明和當日送貨服務。根據最近的第三方研究，我們還提供競爭性服務中最低的新鮮價格。由於我們的價值主張，第一季的生鮮收入是去年同期營收的 2.5 倍以上。

Coupang Eats started small and focused on the Gangnam region in Seoul until the middle of 2020. A little less than a year later, Eats launched in Jeju Island and is now national. In Q1, Coupang Eats was the most downloaded mobile app in Korea, and this service has scaled faster than any in our history.

Coupang Eats 從小規模起步，直到 2020 年年中都專注於首爾江南地區。不到一年後，Eats 在濟州島推出，現已成為全國性的。在第一季度，Coupang Eats 是韓國下載次數最多的行動應用程序，而且該服務的擴展速度比我們歷史上任何服務都要快。

Despite rapid growth in 2020, our penetration in both categories remain low. And while Fresh and Eats were the first new services we've launched since product commerce, they won't be the last. We're confident about the runway ahead, and we'll continue to invest aggressively in these and more offerings in the future.

儘管 2020 年成長迅速，但我們在這兩個類別的滲透率仍然較低。雖然 Fresh 和 Eats 是我們自產品商務以來推出的第一個新服務，但它們不會是最後一個。我們對未來的發展充滿信心，未來我們將繼續積極投資這些產品和更多產品。

Finally, we're excited to be reporting our first quarter results because we think they validate the investments we've made and speak to the continued execution along our strategy. In Q1, we delivered total revenue growth of 74% year-over-year, and our quarterly Active Customers increased 21% to 16 million.

最後，我們很高興報告第一季的業績，因為我們認為它們驗證了我們所做的投資，並說明了我們策略的持續執行。第一季度，我們的總營收年增 74%，季度活躍客戶成長 21%，達到 1,600 萬。

Keep in mind that our strong first quarter growth comes against 2 headwinds: first, a comp against a strong quarter last year that experienced large order spikes due to the COVID-19 outbreak, which started in Korea in late January; and second, a challenging operating environment that persists due to the pandemic.

請記住，我們第一季的強勁成長面臨兩個不利因素：首先，與去年強勁的季度相比，去年由於 1 月底在韓國爆發的 COVID-19 疫情，導致訂單大幅成長；其次，由於疫情的影響，經營環境仍充滿挑戰。

To that second point, we had 20 complete closures of operational centers due to COVID at various times in Q1, an average of nearly 2 closures per week. In spite of those and countless other challenges, we upheld our high on-time delivery rates. It's a testament not only to the capabilities that we've built in our end-to-end integrated network and technology but also to the dedication of our teams. The lost operational bandwidth and opportunity costs were real, but our team's commitment and hard work helped make our workplace safer while keeping our promise to our customers. I couldn't be prouder of our teams.

就第二點而言，我們在第一季的不同時間有 20 個營運中心因新冠疫情而完全關閉，平均每週關閉近 2 個。儘管面臨這些以及無數其他挑戰，我們仍維持了較高的準時交貨率。這不僅證明了我們在端到端整合網路和技術中建立的能力，也證明了我們團隊的奉獻精神。營運頻寬和機會成本的損失是真實存在的，但我們團隊的承諾和辛勤工作幫助我們提高了工作場所的安全性，同時兌現了對客戶的承諾。我為我們的團隊感到無比自豪。

In conclusion, we're excited to be on this journey with our shareholders, and we're just getting started. While our business will continue to evolve, we won't change how we operate. We'll always work backwards from an ambitious goal for the customer. We won't hesitate to make difficult decisions and bold investments for the long term. We'll keep attacking trade-offs between service, selection and price to create a world where customers wonder, "How did I ever live without Coupang?"

總之，我們很高興能與股東一起踏上這段旅程，而我們才剛開始。雖然我們的業務將繼續發展，但我們不會改變我們的營運方式。我們將始終從為客戶制定的宏偉目標出發。我們會毫不猶豫地做出艱難的決定和大膽的長期投資。我們將繼續在服務、選擇和價格之間進行權衡，以創造一個讓客戶想知道「沒有 Coupang 我該如何生活？」的世界。

With that, I'll turn the call over to Gaurav.

這樣，我會將電話轉給 Gaurav。

Thanks, Bom. And thank you, everyone, for joining today. Before going into the quarter, let me begin with the framework we use to manage our financial profile. Our primary objective is to delight customers as we believe that building enduring customer relationships will maximize long-term value for all our stakeholders, our customers, vendors, sellers and shareholders. On the financial front, that means we intend to prioritize these investments to drive long-term cash flows over short-term profit optimization.

謝謝，鮑姆。感謝大家今天的加入。在進入本季度之前，讓我先介紹一下我們用來管理財務狀況的框架。我們的首要目標是讓客戶滿意，因為我們相信建立持久的客戶關係將為我們所有利害關係人、我們的客戶、供應商、銷售商和股東帶來最大的長期價值。在財務方面，這意味著我們打算優先考慮這些投資，以推動長期現金流，而不是短期利潤優化。

With investments, we'll continue to use the same disciplined approach to deploy capital that we have always used, similar to how we develop offerings like Fresh and Eats. When our teams see a sizable market and an opportunity to create a differentiated customer experience, we start with small investments to test and then focus on iterating on the product and model until we build confidence in customer behavior and unit economics. Only then do we scale investments. While we'll remain bold and ambitious in pursuing new opportunities, we start small, and our teams have to earn their way into bigger investments.

在投資方面，我們將繼續採用我們一直使用的同樣嚴格的方法來部署資本，類似於我們開發生鮮和餐飲等產品的方式。當我們的團隊看到一個龐大的市場和創造差異化客戶體驗的機會時，我們會從小額投資開始進行測試，然後專注於迭代產品和模型，直到我們對客戶行為和單位經濟效益建立信心。這樣我們才能擴大投資規模。雖然我們將繼續大膽而雄心勃勃地尋求新的機會，但我們從小規模做起，我們的團隊必須努力爭取更大的投資。

Turning to our first quarter results. We delivered strong 74% reported revenue growth and a 63% increase on a constant currency basis. That came against challenging comps to last year's first quarter revenue benefit from the COVID lockdowns. For context, while the Korean e-commerce segment declined on a quarter-over-quarter basis, Coupang grew total revenue 11% quarter-over-quarter and 9% on a constant currency basis.

轉向我們第一季的業績。我們報告的營收成長強勁，達到 74%，以固定匯率計算成長 63%。去年第一季因新冠疫情封鎖而帶來的營收收益面臨挑戰。就背景而言，雖然韓國電子商務領域較上季下降，但 Coupang 的總營收較上季成長 11%，以固定匯率計算成長 9%。

Last year, February was the first full month we saw a revenue spike due to COVID. And against that comparison, our constant currency revenue growth in Feb and March remained in the high 50% range. There remains uncertainty around how consumers will respond to developments in the pandemic. However, we are very excited as the fundamentals of our business are as strong as they have ever been.

去年 2 月是我們因新冠疫情而看到收入激增的第一個完整月份。相較之下，我們 2 月和 3 月的恆定貨幣收入成長率仍維持在 50% 的高點。消費者將如何因應疫情的發展仍存在不確定性。然而，我們非常興奮，因為我們業務的基礎一如既往地強勁。

Quarterly Active Customers grew 21% year-over-year in Q1 to 16 million as our customer retention rate remains very high and our superior experience continues to attract new customers. Revenue per Active Customer grew 44%. The higher mix of new customers who initially spend less impacted the growth rate. But we are happy to make that trade as our customer cohorts have proven to have strong retention and increased spend over time.

第一季季度活躍客戶年增 21%，達到 1,600 萬，因為我們的客戶保留率仍然很高，而且我們的卓越體驗持續吸引新客戶。每個活躍客戶的收入成長了 44%。最初支出較少的新客戶數量較多，對成長率產生了影響。但我們很高興進行這項交易，因為事實證明，我們的客戶群擁有很強的保留率，並且隨著時間的推移，支出不斷增加。

In terms of our revenue mix, despite the difficult year-over-year comparison, net other revenue growth accelerated related to prior quarters, increasing 126% year-over-year. The higher growth is related to revenue from Coupang Eats and advertising, 2 newer offerings that have continued to scale over the past year.

就我們的收入組合而言，儘管同比比較困難，但其他淨收入成長較前幾季加速，年增 126%。較高的成長與 Coupang Eats 和廣告的收入有關，這兩項新產品在過去一年中持續擴大規模。

Gross profit increased 70% to $733 million in Q1. Our gross margin was about 40 basis points lower than last year due to the revenue mix across our offerings and additional investments. But we are encouraged that the underlying operating leverage in the business is improving. With our new offerings like Fresh and Eats, we continue to prioritize investments to drive growth and build scale.

第一季毛利成長 70%，達到 7.33 億美元。由於我們的產品和額外投資的收入組合，我們的毛利率比去年低約 40 個基點。但我們感到鼓舞的是，該業務的基本營運槓桿正在改善。憑藉我們的生鮮和餐飲等新產品，我們繼續優先投資以推動成長和擴大規模。

Also, Bom noted how our teams continue to navigate operational challenges related to COVID safety protocols and shutdowns, which has come with an opportunity cost of building efficiency efforts in the near term. As we move past COVID, further scaled new offerings and optimized operations and supply chain, we expect to see increasing efficiencies and meaningful gross margin expansion longer term.

此外，Bom 還指出，我們的團隊如何繼續應對與新冠病毒安全協議和停工相關的營運挑戰，這帶來了短期內提高效率工作的機會成本。隨著我們度過新冠疫情、進一步擴大新產品規模、優化營運和供應鏈，我們預計從長遠來看，效率將不斷提高，毛利率將顯著增長。

Excluding equity compensation and depreciation, operating, general and administrative costs increased to 20.9% of revenue in Q1. The increase is mainly from investments in technology to support continued product enhancements and more corporate personnel. The first quarter also includes nonrecurring costs related to our IPO. As a result of the higher expense growth, our adjusted EBITDA loss was $133 million in the first quarter.

不包括股權薪酬和折舊，第一季營運、一般和管理成本增加至收入的 20.9%。這一成長主要來自於技術投資，以支持持續的產品改進和更多的企業人員。第一季還包括與我們的 IPO 相關的非經常性成本。由於費用成長較高，第一季調整後的 EBITDA 損失為 1.33 億美元。

For cash flow, we focus on trailing 12-month numbers, which we believe are better indicators of ongoing business performance. Trailing 12-month operating cash flow was negative $197 million in the first quarter due to the timing of inventory investments and payable cycles in Q1 related to the first quarter of last year. Last quarter, we made inventory investments following a strong growth late last year to offer customers broader selection. Meanwhile, Q1 2020 cash flow benefited from initial surge in sales from the COVID lockdown, and inventory replenishment lagged a bit. But our cash conversion cycle is unchanged, and we expect these factors to normalize as the year progresses.

對於現金流量，我們專注於過去 12 個月的數據，我們認為這是持續業務績效的更好指標。由於與去年第一季相關的第一季庫存投資時間和應付週期，第一季過去 12 個月的營運現金流為負 1.97 億美元。繼去年年底強勁成長之後，上個季度我們進行了庫存投資，為客戶提供更廣泛的選擇。同時，2020 年第一季的現金流受益於新冠疫情封鎖帶來的最初銷售激增，庫存補充略有落後。但我們的現金轉換週期沒有變化，我們預計這些因素將隨著時間的推移而正常化。

Overall, we are pleased to have carried our operating momentum into 2021, and we are confident that the investments we are making and our focus on operational excellence to deliver an exceptional customer experience will continue to pay off.

總體而言，我們很高興將我們的營運動能延續到 2021 年，我們相信我們正在進行的投資以及我們對卓越營運的關注將繼續獲得回報，以提供卓越的客戶體驗。

I'll now turn the call back to the operator to begin the Q&A.

我現在將把電話轉回接線生以開始問答。

(Operator Instructions) We have your first question from Stanley Yang with JPMorgan.

（操作員說明）我們收到了摩根大通的 Stanley Yang 提出的第一個問題。

Thank you for your very -- first quarter results. I have 2 questions. First question is the competitive landscape. The E-Mart and Market Kurly, the pure grocery player, announced to keep the low-price strategy, I think, conscious of Coupang growth momentum. So what's the countermeasure of your company? And should we expect any disruptive marketing competition going into the second quarter and onward?

感謝你們第一季的業績。我有 2 個問題。第一個問題是競爭格局。我認為，E-Mart 和 Market Kurly（純粹的食品雜貨公司）意識到 Coupang 的成長勢頭，宣布將保持低價策略。那麼貴公司的對策是什麼呢？我們是否應該預期第二季及以後會出現任何顛覆性的行銷競爭？

And my next question is I'm just wondering about this 1P versus 3P the GMV mix change during the first quarter. Can you please cover any GMV trends and any product category trend in terms of GMV?

我的下一個問題是，我只是想知道第一季 GMV 組合的 1P 與 3P 變化。您能介紹一下 GMV 趨勢以及任何產品類別的 GMV 趨勢嗎？

Thanks for the question. I'll take the first part of that. And I think maybe, Gaurav, you can tackle the second question. So I think as we stressed in our opening, I think the most important competitive advantage that Coupang has is really our orientation. We've made -- we've always worked backwards from the customer. It's never been appealing to us to be reactive to competitive changes. And we always -- we believe that enduring long-term trust with customers really comes from consistently delivering the best experience at the low price every day to all customers. And I think that's an important context.

謝謝你的提問。我將採取第一部分。我想也許，Gaurav，你可以解決第二個問題。因此，我認為正如我們在開業時所強調的那樣，我認為 Coupang 最重要的競爭優勢實際上是我們的定位。我們一直以來都從客戶的角度進行逆向工作。對競爭變化做出反應從來沒有吸引過我們。我們始終相信，與客戶的持久長期信任真正來自於每天始終如一地以低廉的價格向所有客戶提供最佳體驗。我認為這是一個重要的背景。

We've built -- we've invested billions of dollars into our end-to-end network. In Fresh, for example, we believe we're the only nationwide Dawn Delivery and Same-Day Delivery. We believe we have the best selection. And we believe we have the lowest price because we have structural advantages and efficiencies that we've shared in part with -- back with our customers.

我們已經投資了數十億美元來建立我們的端到端網路。例如，在 Fresh 方面，我們相信我們是全國範圍內唯一的黎明送達和當日送達服務。我們相信我們有最好的選擇。我們相信我們的價格是最低的，因為我們擁有結構性優勢和效率，我們已經與客戶分享了部分優勢和效率。

So for example, Stanley, we have the lowest shipping -- free shipping threshold in Fresh that we know of anywhere in the world, at least that we know of, which is about $13 minimum or KRW 15,000. That's the kind of everyday low price, fast delivery experience that we're delivering consistently at scale. And it's not an easy thing to do. We've built hard things, invested, built -- a lot of capital to build that unique end-to-end network. That's why you're seeing the growth that you saw in the first quarter.

舉個例子，Stanley，據我們所知，至少據我們所知，Fresh 的免費送貨門檻最低，最低約為 13 美元或 15,000 韓元。這就是我們持續大規模提供的日常低價、快速交付體驗。這並不是一件容易的事。我們已經建立了困難的東西，投資，建立了大量的資本來建立獨特的端到端網路。這就是為什麼你會看到第一季的成長。

In Q1, Fresh was 2.5x the size it was in Q1 of 2020. And that's not on a small scale. So even at large scale, you're starting to still see very high growth, and that's not because we reacted to any competitive -- we're not -- that's not because of a countermeasure or a short-term promotion. That's because we built the infrastructure and the technology nationwide to provide the best selection, the best service at the lowest price consistently every day to everyone. And we'll continue to invest in that. It's one of -- Fresh is one of our new initiatives that we're really excited about, we're focused on and we will invest in, in the upcoming year.

第一季度，Fresh 的規模是 2020 年第一季的 2.5 倍。而且這個規模可不小。因此，即使在大規模上，你仍然開始看到非常高的成長，這並不是因為我們對任何競爭做出了反應——我們沒有——這不是因為對策或短期促銷。這是因為我們在全國範圍內建立了基礎設施和技術，以便每天以最低的價格為每個人提供最好的選擇、最好的服務。我們將繼續對此進行投資。這是我們的新舉措之一，我們對此感到非常興奮，我們將重點關注並將在來年進行投資。

Stanley, on your second question, 1P versus 3P mix change. We continue to see strong growth in both 1P and 3P, and there is no material change in mix at this time. So we are focused on both the services and continue to drive initiatives in each of them. However, over time, we would become agnostic between our owned inventory and third-party selection. We'll continue to optimize for total gross profit dollars. And in the long term, assuming no difference in customer experience, we'll prioritize whatever is more profitable for a given item.

Stanley，關於你的第二個問題，1P 與 3P 組合的變化。我們繼續看到 1P 和 3P 的強勁成長，目前組合沒有重大變化。因此，我們專注於這兩項服務，並持續推動每項服務的措施。然而，隨著時間的推移，我們將在我們自己的庫存和第三方選擇之間變得不可知。我們將繼續優化總毛利潤。從長遠來看，假設客戶體驗沒有差異，我們將優先考慮對給定商品更有利可圖的內容。

Your next question comes from the line of Eric Cha with Goldman Sachs.

你的下一個問題來自高盛 (Goldman Sachs) 的查查 (Eric Cha)。

I just had 2 questions, if I may. First one is we noticed that there seems to be a pretty strong growth coming -- or a pretty strong sustained growth coming from the active users. Just wanted to know what is -- what's the driver behind this?

如果可以的話，我只有兩個問題。首先，我們注意到，活躍用戶似乎將出現相當強勁的成長，或者說，活躍用戶將出現相當強勁的持續成長。只是想知道這背後的驅動因素是什麼？

And the second question is there's been a couple of, I think, news out on Coupang regarding its overseas expansion initiatives. Just wanted to hear from the management whether -- how focused Coupang is on this overseas expansion. And if they are, is it on the e-commerce part? Or is it for the other sort of initiatives? I just wanted to know a little bit more details around that as well.

第二個問題是，我認為 Coupang 上有一些關於其海外擴張計劃的消息。只是想聽聽管理層的意見，Coupang 對海外擴張的關注程度如何。如果是的話，是在電子商務方面嗎？還是為了其他類型的舉措？我也只是想了解更多細節。

Thanks for the question, Eric. On the first part, on the first question, we think the drivers of that Active Customer growth are the same drivers that you saw drive the high adoption and spend growth that we shared in the S-1. If you look at our cohort behavior, our customer adoption, it continues to accelerate, continues to accelerate. And we think it's really a culmination of and really validation of, in our view, of the long-term strategy investments we've made.

謝謝你的提問，艾瑞克。關於第一部分的第一個問題，我們認為活躍客戶成長的驅動因素與我們在 S-1 中分享的推動高採用率和支出成長的驅動因素相同。如果你看看我們的團體行為，我們的客戶採用率會持續加速，繼續加速。我們認為，在我們看來，這確實是我們所做的長期策略投資的頂峰和真正的驗證。

We really believe, no matter what category you're looking at, customers want all 3 of those pillars: service, selection and price. And what we're really excited about is that the primary driver of our growth continues to be organic. Word of mouth is spreading. And you saw that number, that adoption continue to grow. The vast majority of online shoppers in Q1 in Korea did not purchase Rocket yet, right, did not purchase Rocket in Q1. So we're just so excited to see that penetration go up.

我們堅信，無論您專注於哪個類別，客戶都需要所有這三個支柱：服務、選擇和價格。我們真正感到興奮的是，我們成長的主要驅動力仍然是有機的。口碑正在傳播。你看到了這個數字，採用率持續成長。韓國第一季絕大多數網購者還沒買Rocket，對吧，第一季沒有買Rocket。因此，我們很高興看到滲透率上升。

And we're excited because even if these are new customers, we have a lot of evidence that once they experience that selection, service and price differentiation consistently and they build that trust, their spend and loyalty to our services grows and accelerates over time. And we really believe that as we add on more offerings like Fresh and Eats, that it creates more opportunity and more reasons for customers to become loyal to our platform, to put -- place their trust in us. So we're seeing all of those investments really compound our customer adoption and loyalty.

我們很興奮，因為即使這些是新客戶，我們也有大量證據表明，一旦他們持續體驗到選擇、服務和價格差異化並建立了信任，他們對我們服務的支出和忠誠度就會隨著時間的推移而成長和加速。我們確實相信，隨著我們添加更多產品（例如 Fresh 和 Eats），它會為客戶創造更多機會和更多理由來忠誠於我們的平台，並信任我們。因此，我們看到所有這些投資確實提高了我們的客戶採用率和忠誠度。

On the second question of overseas expansion, I think it's important context. I just want to make sure. I think some of this will be obvious to many, if not everyone on the call, that we have a tremendous runway ahead. We just have -- we're so early in our journey in our existing market. This is one of the largest and fastest-growing markets in the world in Korea. The fact that our oldest cohorts are still increasing spend at a fast rate, the fact that our most mature categories are still gaining online share, growing faster than the online segment just speaks to, I think -- and overall growth being 3x out of the e-commerce segment even in a quarter like this quarter that comp COVID months last year just, I think, speaks to how early we are on this journey and how much runway we have.

關於第二個問題，海外擴張，我認為這是一個重要的背景。我只是想確定一下。我認為其中一些對於許多人（即使不是每個參加電話會議的人）來說都是顯而易見的，我們前面有一個巨大的跑道。我們只是──我們在現有市場的旅程中還處於早期階段。韓國是世界上最大、成長最快的市場之一。我認為，我們最老的群體仍在快速增加支出，我們最成熟的類別仍在獲得在線份額，其增長速度比在線細分市場的增長速度更快，這一事實說明了這一點——總體增長是去年的3 倍。我認為，即使在像本季度這樣的季度（與去年的新冠肺炎疫情幾個月相比），電子商務領域的表現也說明了我們在這一旅程上的起步有多早，以及我們有多少跑道。

And the wonderful thing about having such a large and growing opportunity, like the one we have in front of us, is that it gives us ample opportunity to continue to build more and hone our capabilities. And when we -- which means that when we extend those capabilities to new markets, we'll have a greater chance of success. And we, of course, will examine and explore opportunities in new markets as they come to us. And we'll pursue them. We'll pursue opportunities if we find an attractive one, if we identify an attractive one.

擁有如此巨大且不斷增長的機會（就像我們面前的機會一樣）的美妙之處在於，它為我們提供了充足的機會來繼續建立更多並磨練我們的能力。當我們——這意味著當我們將這些能力擴展到新市場時，我們將有更大的成功機會。當然，我們會在新市場出現時檢查和探索機會。我們將追捕他們。如果我們發現一個有吸引力的機會，如果我們發現一個有吸引力的機會，我們就會去追求。

Your next question comes from the line of Peter Milliken with Deutsche Bank.

您的下一個問題來自德意志銀行的 Peter Milliken。

Yes. Firstly, do you have any specific plans for what to do with the $3.5 billion you've raised from the IPO? Because it seems to me to give you an even better chance to further your lead in the market.

是的。首先，對於IPO籌集的35億美元資金，您有什麼具體的計畫嗎？因為在我看來，這為您提供了更好的機會來進一步擴大您在市場中的領先地位。

And secondly, logistics is really a great competitive advantage you have. Can you explain any recent developments you had maybe in the 3P performance side and whether you think merchants would accept more than one e-commerce platform doing 3P fulfillments or whether they would settle for one company doing that?

其次，物流確實是您擁有的巨大競爭優勢。您能否解釋一下您在 3P 績效方面的最新進展，以及您認為商家是否會接受多個電子商務平台進行 3P 履行，或者他們是否會滿足於一家公司這樣做？

Thanks for your question. I think those 2 questions are somewhat related for us, at least the answer will be related. I think when you look at -- so I think you're well aware that we've invested billions of dollars over the last 7-plus years, building 25 million square feet of fulfillment logistics infrastructure, not only that, but a unique tech stack, just countless systems and processes and algorithms that we've invested in and we continue to invest in to optimize and upgrade.

謝謝你的提問。我認為這兩個問題對我們來說有些相關，至少答案是相關的。我認為，當您看到時，我認為您很清楚，我們在過去7 年多的時間裡投資了數十億美元，建造了2500 萬平方英尺的履行物流基礎設施，不僅如此，而且還擁有獨特的技術堆疊，只是我們已經投資並繼續投資以優化和升級的無數系統、流程和演算法。

And we're not resting on that lead. Our goal is not to rest on that lead. We have capital that we're going to use to extend that advantage. So in the coming year, we're going to build more -- we're going to build more in our coming years than we've ever built in any year in our history. Just in infrastructure alone, set aside the technology investments, just in infrastructure, e-commerce infrastructure alone, we are going to build over 50% of what we've built in our entire history in just the coming year. So we're really going to continue to push and extend the structural advantages that we're going to build -- that we've built.

我們不會停留在這一領先地位。我們的目標不是停留在這一領先地位。我們擁有資本，可以用來擴大這項優勢。因此，在未來的一年裡，我們將建造更多的建築物——我們將在未來幾年建造比我們歷史上任何一年建造的更多的建築。僅在基礎設施方面，拋開技術投資，僅在基礎設施方面，僅在電子商務基礎設施方面，我們將在來年建造我們整個歷史中所建造的 50% 以上。因此，我們確實將繼續推動和擴大我們將要建立的東西——我們已經建立的結構性優勢。

And it's not just advantages in customer experience. It's efficiencies that come out of that scale, come out of the processes that we keep iterating on and refining and enhancing with our technology. And those savings, we're going to pass on, in part, to our customers and share with our partners. And I think when you think about whether it's 1P, 3P, I think that's -- I think the way to think of it is who is building the -- who can build infrastructure that creates structural advantages and efficiencies that can be shared back? And if you don't have that scale, that technology, that infrastructure, it's actually not efficiencies but higher costs. And I think that's the way we're continuing to build an advantage, an experience and cost, the best experience at lowest cost.

這不僅是客戶體驗方面的優勢。效率來自於這種規模，來自於我們不斷迭代、完善和增強我們的技術的流程。我們將把這些節省的部分費用轉嫁給我們的客戶，並與我們的合作夥伴分享。我認為，當你考慮是 1P 還是 3P 時，我認為思考的方式是誰在建造——誰可以建立基礎設施，創造可以分享的結構性優勢和效率？如果你沒有那樣的規模、那樣的技術、那樣的基礎設施，其實不是效率而是更高的成本。我認為這就是我們繼續建立優勢、經驗和成本的方式，以最低的成本提供最佳的體驗。

We'll also continue to invest in new offerings. As we mentioned, we're going to -- we're excited about the progress we're making in Fresh and Eats, and they won't be the last investment. They won't be the last new offerings. We're constantly testing more opportunities, and we'll increase our investments in -- as opportunities gain traction.

我們也將繼續投資新產品。正如我們所提到的，我們對生鮮和飲食方面的進展感到興奮，而且它們不會是最後的投資。它們不會是最後的新產品。我們不斷測試更多的機會，隨著機會的吸引力，我們將增加投資。

Your next question comes from the line of Soyun Shin with Credit Suisse.

你的下一個問題來自瑞士信貸銀行 Soyun Shin 的電話。

I have 2 questions. On the -- number one, on your 3P business, on the -- how should we think about our average on the 3P take rate comparing with other marketplaces in Korea? And then also, how fast can this grow along with the expansion of the jet delivery on these services?

我有 2 個問題。第一，關於您的 3P 業務，我們應該如何考慮與韓國其他市場相比我們的 3P 平均採用率？此外，隨著這些服務的噴射機交付的擴展，這種成長速度能有多快？

My second question on your customer base. Can you give us more color like in terms of like the age groups or certain areas? So I would like to think where we can see the upside on the [found] population in Korea. And then also, I would like to know like the percentage of like the Rocket WOW, the membership, the subscribers. And also, if you can provide any target ratio of the Rocket WOW, the subscriber, that would be great.

我的第二個問題是關於你們的客戶群。您能給我們更多關於年齡層或某些地區的資訊嗎？所以我想想想我們可以在哪裡看到韓國[發現的]人口的優勢。然後，我也想知道 Rocket WOW 的百分比、會員資格、訂閱者。而且，如果您能提供 Rocket WOW 訂戶的任何目標比例，那就太好了。

Yes. Thank you. That's a lot of -- that's a lot. So let me try to tackle all of it. Hopefully -- I'll try to cover as much ground as I can. So just to give you a sense of the opportunity -- you asked about the age groups and the demographics. This is how -- we're seeing we're still underpenetrated in almost every age category you can think of, every demographic. So in Q1, at least according to the sources that we found, there were 37 million shoppers online in Korea, over 37 million in Q1. We had 16 million, which is, of course, a big jump from what we had year-over-year. And that continues to grow.

是的。謝謝。這是很多——很多。所以讓我嘗試解決所有問題。希望——我會盡力涵蓋盡可能多的內容。因此，為了讓您了解機會，您詢問了年齡層和人口統計。這就是我們所看到的，在幾乎所有你能想到的年齡類別、每個人群中，我們的滲透率仍然不足。因此，在第一季度，至少根據我們發現的消息來源，韓國有 3700 萬在線購物者，第一季超過 3700 萬。我們有 1600 萬，這當然比去年同期有很大的成長。而且這種情況還在持續成長。

And you know from our cohort data that we shared that once they start adopting our services, that you see the spend grow every year and accelerate. And so we're still very early, and we're excited to see us growing in every age group and gender demographic you can think of because we believe that the vast majority of online shoppers should be shopping on Coupang and shopping on Rocket at the end of the day. And so we still have a lot of runway and a lot of growth that we have to -- a lot of adoption that we have to still target.

從我們分享的隊列數據中您可以知道，一旦他們開始採用我們的服務，您就會看到支出每年都在增長並加速。因此，我們還處於早期階段，我們很高興看到我們在您能想到的每個年齡層和性別人口中都在增長，因為我們相信絕大多數線上購物者應該在Coupang 上購物，並在Rocket 上購物。一天結束。因此，我們仍然有很多跑道和大量增長，我們仍然必須以大量採用為目標。

And you mentioned some services. We're always -- because we're trying to create more chances and more contact points so that people can discover our services, if people come into our services, there's so many different channels. Some will start with Rocket. Some will start on Eats. Some will start Rocket and go to Fresh. We're launching -- we, of course, talk a lot about Fresh and Eats. But at any given point right now, we have dozens of services, of new experiments that we are testing, if not over 100 that we're testing. And we are experimenting. We're learning. We're iterating. And we'll continue to improve, enhance and invest more so that we can create more opportunities for us to engage customers and get them started on that journey with us.

你提到了一些服務。我們總是——因為我們正在努力創造更多的機會和更多的接觸點，以便人們可以發現我們的服務，如果人們進入我們的服務，就會有很多不同的管道。有些將從火箭開始。有些會從 Eats 開始。有些人會開始Rocket並轉到Fresh。我們正在推出——當然，我們談論了很多關於新鮮和飲食的話題。但目前，我們正在測試數十項服務和新實驗，甚至超過 100 項。我們正在嘗試。我們正在學習。我們正在迭代。我們將繼續改進、增強和投資更多，以便為我們創造更多機會來吸引客戶並讓他們與我們一起開始這趟旅程。

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

你的下一個問題來自詹姆斯李和瑞穗的對話。

My first question is for Gaurav. Can you talk about maybe revenue growth expectation for second quarter in FY '21? Is the expected deceleration pretty consistent with your prior view? And it looks like you guys did a good job on EBITDA. Can you also talk about your expectations for the same period as well?

我的第一個問題是問高拉夫的。您能談談 21 財年第二季的營收成長預期嗎？預期的減速與您先前的觀點非常一致嗎？看起來你們在 EBITDA 上做得很好。您能否也談談您對同期的期望？

For Bom specifically, maybe some follow-up question on competition. Given the potential capital raising by one of your major competitors, that being Naver, and also potential increased competition, can you talk about maybe the difficulty for someone to replicate your end-to-end network here? And if they decide to increase their competition, maybe replicate your network, how do you plan to respond to that -- to new competitive pressure here?

特別是對於 Bom，也許有一些關於競爭的後續問題。考慮到你的主要競爭對手之一（即 Naver）潛在的融資，以及潛在的競爭加劇，你能談談有人在這裡複製你的端到端網路的困難嗎？如果他們決定增加競爭，也許複製你的網絡，你打算如何應對──應對這裡新的競爭壓力？

Thank you for the question. So as I had mentioned earlier, our -- in February and March, we saw the year-over-year comps of the COVID -- after COVID hit Korea in 2020. And since that time, the comps we have seen is a growth in high 50s in constant currency and approximately high 60s in U.S. dollars. And there's a lot of uncertainty going forward, but that's where we are -- what we have seen so far.

感謝你的提問。正如我之前提到的，在 2020 年新冠病毒襲擊韓國之後，我們在 2 月和 3 月看到了新冠病毒的同比增長。從那時起，我們看到的增長是以固定匯率計算約為50 多歲，以美元計算約60 多歲。未來存在著許多不確定性，但這就是我們目前所看到的情況。

Yes. I think just to touch a little bit on the profitability side, I think you'll continue to see, in the near term, there's going to be fluctuations in gross margin because of revenue mix across our different services, things that are growing at different rates and also with new investments that we make. But I think in the long run, we're -- the momentum you see in our business -- I think Gaurav just mentioned that our February and March -- February and March, for example, even against fully comped COVID numbers, was growing in the high 50s. We see strong momentum.

是的。我認為，就盈利能力而言，我認為您會在短期內繼續看到，由於我們不同服務的收入組合以及不同增長速度的收入組合，毛利率將會出現波動。利率以及我們所做的新投資。但我認為從長遠來看，我們——你在我們業務中看到的勢頭——我認為高拉夫剛剛提到我們的二月和三月——例如，即使相對於完全計算的新冠病毒數字，二月和三月也在成長在50多歲的時候。我們看到了強勁的勢頭。

Of course, there's uncertainty related to how the year progresses, how the COVID pandemic progresses. But there's strong momentum that we've built because we made choices in the past. We invest -- made investments in the past that maximized or sought to maximize long-term cash flow over short-term profit. And we're fortunate to be in a position to do that. We are still fortunate to be in that position, to be stewards of capital for very long-term investors, for employees or customers who all turn to us.

當然，今年的進展、新冠疫情的進展都存在不確定性。但我們已經建立了強勁的勢頭，因為我們過去做出了選擇。我們過去進行的投資是為了最大化或尋求最大化長期現金流而不是短期利潤。我們很幸運能夠做到這一點。我們仍然很幸運能夠處於這個位置，成為長期投資者、所有轉向我們的員工或客戶的資本管理者。

We believe we are building a generational company. We're making investments that are targeting decades-long opportunities. And we have a chance to build a groundbreaking customer experience to break trade-offs. And we are going to continue to make investments. Whenever we see attractive opportunities to maximize long-term cash flow over short-term profit optimization, we will always choose long-term cash flows. And that's our orientation. That's what we'll continue to do.

我們相信我們正在打造一家世代相傳的公司。我們正在進行的投資瞄準了長達數十年的機會。我們有機會打造突破性的客戶體驗來打破權衡。我們將繼續進行投資。每當我們看到長期現金流最大化而不是短期利潤優化的有吸引力的機會時，我們總是會選擇長期現金流。這就是我們的方向。這就是我們將繼續做的事情。

And similarly in that vein -- and I think what gives us additional confidence to do this is that the underlying operating leverage that we see in our business is improving, especially in our most mature investments. And so that gives us a lot of confidence that, again, if we make the right decisions for the customer and for the long term, they really do, I think -- we're headed in the right direction of providing the best experience at the lowest cost.

同樣，我認為，讓我們更有信心做到這一點的是，我們在業務中看到的基本營運槓桿正在改善，尤其是在我們最成熟的投資中。因此，這給了我們很大的信心，如果我們為客戶做出正確的長期決策，他們確實會這麼做，我認為，我們正朝著提供最佳體驗的正確方向前進。成本最低。

And your second question was around competition. And we -- again, it doesn't change our strategy. It's not as though we're just starting to make investments. We've been making investments over the last decade, especially the last 7 years, in this end-to-end integration, in a fulfillment logistics infrastructure that now blanket the market, in technology that really is driving the scale and efficiency here. And we're going to invest -- we've invested in what we think is unprecedented scale in e-commerce technology and infrastructure. And we believe we'll be unmatched in our future investments as well.

你的第二個問題是關於競爭的。我們再次強調，這不會改變我們的策略。我們並不是剛開始進行投資。過去十年，尤其是過去 7 年，我們一直在進行投資，投資於端到端的整合、目前覆蓋市場的物流基礎設施、以及真正推動規模和效率的技術。我們將進行投資——我們認為電子商務技術和基礎設施的規模是前所未有的。我們相信，我們未來的投資也將是無與倫比的。

As I mentioned, just the next coming year alone, just on the fulfillment logistics infrastructure side, not to mention the technology side, we're going to build -- we plan to build over 50% of what we've built over the entire history of our company in the coming years. So we are going to -- we're going to be as aggressive, if not more, as aggressive as we've been in our past.

正如我所提到的，僅在明年，僅在履行物流基礎設施方面，更不用說技術方面，我們將建造——我們計劃建造超過整個物流基礎設施建設的 50%我們公司未來幾年的歷史。所以我們將——我們將像過去一樣積極進取，甚至更加積極。

We will now take our last question from the line of John Yu with Citi.

現在我們將回答花旗銀行的餘約翰 (John Yu) 提出的最後一個問題。

My first question is about operating cash flow. In the first quarter, our operating cash flow came down to negative territory from the positive figure a year ago. At a first glance, it looks like it was related to the increase of inventory level as well as the net loss. So I would like to understand what would be the reasons or if it was related to the increase in GMV mix of grocery or Rocket Fresh.

我的第一個問題是關於經營現金流。第一季度，我們的經營現金流從一年前的正數降至負數。乍一看，這似乎與庫存水準的增加以及淨虧損有關。所以我想了解原因是什麼，或者是否與雜貨或 Rocket Fresh 的 GMV 組合增加有關。

And the second question is about fulfillment service. Recently, Coupang has started to profile within the services to 3P sellers. So I would like to understand how many sellers onboarded so far or how the feedback was and how much monetization opportunity you are expecting.

第二個問題是關於履行服務。最近，Coupang 開始在 3P 賣家的服務中介紹。因此，我想了解到目前為止有多少賣家加入，或回饋如何，以及您期望有多少獲利機會。

Thank you, John, for the question. So our -- so structurally, on our operating cash flow, there are no changes to the fundamentals of our business. The operating cash flow is negative primarily because of timing of inventory procurement and accounts payable days. We expect it to normalize in the foreseeable future. Our fundamentals still remain strong for both our inventory days and AP days. So there's no change on that.

謝謝約翰提出這個問題。因此，從結構上來說，我們的經營現金流量，我們業務的基本面沒有改變。經營現金流為負主要是因為庫存採購時間和應付帳款天數。我們預計它將在可預見的未來正常化。我們的庫存天數和 AP 天數的基本面仍然強勁。所以這方面沒有改變。

Yes, I think that's -- yes, that's right. There's -- on the fulfillment services question, I think a way to think -- the way we think about this is that we are building structural advantages and efficiencies, whether it's serving -- whether it's in our retail or whether it's in -- that we can share back with our customers and with our suppliers.

是的，我認為是——是的，沒錯。關於履行服務問題，我認為有一種思考方式，我們思考這個問題的方式是，我們正在建立結構性優勢和效率，無論它是在服務中，無論是在我們的零售中還是在——我們可以與我們的客戶和供應商分享。

I think that you mentioned fulfillment services. With all the things that -- with any one of our new initiatives, we always start at a small scale to test, to iterate, to learn. I don't know if you know the background for Eats. For example, we started in just one part of Seoul, Gangnam region. And we would -- for -- through much of last year, the middle of last year, it was still primarily focused on just parts -- the Gangnam region of Seoul. And now it's national because we were able to build the capabilities and to get confidence that we could provide the best experience, again, at the lowest cost.

我認為您提到了履行服務。對於我們的任何一項新舉措，我們總是從小規模開始進行測試、迭代和學習。不知道大家是否了解Eats的背景。例如，我們只從首爾江南地區的一部分開始。我們會 - 因為 - 在去年的大部分時間裡，去年年中，它仍然主要集中在部分地區 - 首爾江南地區。現在它是全國性的，因為我們能夠建立能力並獲得信心，我們可以再次以最低的成本提供最佳體驗。

And that's the same way we think about our Rocket experience that we -- whether it's suppliers or different parties that we partner, that we work with. What we build for retail should help nonretail. We are building scale, structural advantages and efficiencies that we can share back with our customers with lower prices, free shipping, free returns and for suppliers, enhanced growth at lower cost. So that's the scale.

這與我們思考 Rocket 體驗的方式相同——無論是我們合作的供應商還是不同的各方。我們為零售業打造的產品應該有助於非零售業。我們正在建立規模、結構優勢和效率，我們可以以更低的價格、免費送貨、免費退貨與客戶分享，並為供應商以更低的成本促進成長。這就是規模。

There's going to be so many different ways for our suppliers to engage with us and different services that we can create out of that. But the foundation of all of that is still the same. It's still our e-commerce infrastructure and technology and our e-commerce scale, a Rocket scale that allows us to build structural advantages and efficiencies that will allow us to create the best experience for the customers at the lowest cost, which means ultimately the lowest price.

我們的供應商將有很多不同的方式與我們互動，我們可以據此創建不同的服務。但這一切的基礎仍然是一樣的。仍然是我們的電子商務基礎設施和技術以及我們的電子商務規模，火箭規模使我們能夠建立結構性優勢和效率，這將使我們能夠以最低的成本為客戶創造最佳的體驗，這意味著最終是最低的價格。

So hopefully, that gives you a sense. And we're going to have lots of different opportunities, different experiments on that foundation that we'll continue to invest time in.

希望這能給你一種感覺。我們將在此基礎上獲得許多不同的機會、不同的實驗，我們將繼續投入時間。

Mr. Senno, I turn the call back over to you.

Senno 先生，我會將電話轉回給您。

Thank you, everyone, for joining us today. We appreciate the interest. Operator, we can end the call.

謝謝大家今天加入我們。我們感謝您的關注。接線員，我們可以結束通話了。

Thank you.

謝謝。

Thank you.

謝謝。

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。