(CPNG) 2023 Q4 法說會逐字稿

Hello, everyone. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2023 Fourth Quarter Earnings Conference Call. (Operator Instructions)

大家好。我叫克里斯塔，今天我將擔任你們的會議操作員。在此，我歡迎大家參加Coupang 2023年第四季財報電話會議。 （操作員說明）

Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations, you may begin your conference.

現在我想將電話轉給投資者關係副總裁麥克帕克，您可以開始會議了。

Thanks, operator. Welcome, everyone, to Coupang's Fourth Quarter 2023 Earnings Conference Call. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand.

謝謝，接線生。歡迎大家參加 Coupang 2023 年第四季財報電話會議。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 Gaurav Anand。

The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information except as required by law. Certain statements made on today's call include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

以下討論（包括對您的問題的答案）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。今天的電話會議中所做的某些陳述包括前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最新的 10-K 表格年度報告和後續文件。

During today's call, we may present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures are included in our earnings release, our slides accompanying this webcast and our SEC filings, which are posted on the company's Investor Relations website.

在今天的電話會議中，我們可能會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，包括這些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、本網絡廣播附帶的幻燈片和SEC 文件中，這些文件發佈在公司的投資者關係網站上。

And now I'll turn the call over to Bob.

現在我將把電話轉給鮑伯。

Thanks, everyone, for joining us today. The fourth quarter of 2023 capped a year of accelerating growth, record profits and expanding free cash flows for our business. We believe that creating moments of wow, for customers across selection, price and service, form the foundation for long-term growth profitability, and ultimately, free cash flow, which serves as the basis of long-term shareholder value.

謝謝大家今天加入我們。 2023 年第四季是我們業務加速成長、創紀錄利潤和擴大自由現金流的一年。我們相信，透過選擇、價格和服務為客戶創造令人驚嘆的時刻，構成長期獲利成長的基礎，並最終形成自由現金流，這是長期股東價值的基礎。

In 2023, our growth in both active customers and revenues accelerated every quarter. In Q1, we began the year with 5% year-over-year growth in active customers. In Q4, our active customers grew 16% year-over-year. And the spend of every annual customer cohort is growing over 15%, even our oldest cohorts. In Q1, our revenues grew at 20% year-over-year on a constant currency basis, apples-to-apples without the FLC accounting change we made in Q2, our Q4 revenue growth rate would have been over 900 basis points higher than our Q1 growth rate of 20%.

2023 年，我們的活躍客戶和收入成長每季都在加速。今年第一季度，我們的活躍客戶數量年增了 5%。第四季度，我們的活躍客戶年增 16%。每個年度客戶群的支出成長超過 15%，即使是我們最老的客戶群也是如此。第一季度，我們的營收以固定匯率計算年增 20%，如果沒有第二季的 FLC 會計變更，我們第四季的營收成長率將比我們高出 900 個基點以上。Q1 成長率為20% 。

We also generated record net income and free cash flow for the year, thanks to the expanding profitability of Product Commerce, our largest and most established offering whose adjusted EBITDA now exceeds 7% in Q4. We did all of this while only growing our share count by 1.3%, our share dilution has remained at around 1% in each of the 3 years since we became a public company, including the year of our IPO.

我們今年也創造了創紀錄的淨利潤和自由現金流，這要歸功於產品商務盈利能力的不斷擴大，這是我們最大、最成熟的產品，第四季度調整後的 EBITDA 已超過 7%。我們在完成這一切的同時，股票數量僅增加了 1.3%，自我們成為上市公司以來的 3 年（包括 IPO 當年），我們的股票稀釋率每年都保持在 1% 左右。

And our free cash flow generation for 2023 totaled $1.8 billion, even after investment of over $450 million in our Developing Offerings. Our cash balance today stands at over $5.5 billion. Sizable and durable free cash flow streams are not created overnight or even in a few quarters. Since the beginning of this company, we have made foundational bets on new competency initiatives. These are bold bets that required years of investment, persistence and patience before they began producing meaningful free cash flows for our business. They were attractive to us because we saw opportunities to break trade-offs and deliver a wow experience to customers.

即使在我們的開發產品中投資超過 4.5 億美元之後，我們 2023 年的自由現金流產生總額仍達到 18 億美元。目前我們的現金餘額超過 55 億美元。大量且持久的自由現金流不是一夜之間甚至幾季就能創造出來的。自公司成立以來，我們就對新的能力計劃進行了基礎押注。這些都是大膽的賭注，需要多年的投資、堅持和耐心，才能開始為我們的業務產生有意義的自由現金流。它們對我們很有吸引力，因為我們看到了打破權衡並為客戶提供令人驚嘆的體驗的機會。

For example, Rocket Delivery was an entirely new competency. We had never purchased and managed inventory, open fulfillment centers, assembled a nationwide logistics fleet or build bespoke technology to orchestrate 1-day delivery on our unique integrated network. With the success of this new competency, we were able to add incremental initiatives that have expanded our impact like Dawn Delivery.

例如，火箭交付是一項全新的能力。我們從未購買和管理庫存、開設履行中心、組建全國性的物流車隊或建立客製化技術來在我們獨特的整合網路上安排一日送達。隨著這項新能力的成功，我們能夠增加增量計劃，擴大我們的影響力，例如黎明交付。

Today, we benefit from the success of the new competency initiatives we've scaled and we have the ability now to seed and scale incremental initiatives, leveraging our vast technology, processes, scale and knowledge.

今天，我們受益於我們所擴展的新能力計劃的成功，並且我們現在有能力利用我們龐大的技術、流程、規模和知識來播種和擴展增量計劃。

Our bar for investments remains incredibly high. We only invest when we have conviction that our opportunities can reach meaningful scale and deliver high returns on capital. We look for confirming evidence at each stage of investment. If they don't meet our high thresholds, we reduce or exit investments. And when we see strong signals, we're not shy about investing more.

我們的投資門檻仍然非常高。只有當我們確信我們的機會能夠達到有意義的規模並帶來高資本回報時，我們才會進行投資。我們在投資的每個階段都尋找確切的證據。如果他們達不到我們的高門檻，我們就會減少或退出投資。當我們看到強烈的訊號時，我們會毫不猶豫地加大投資。

A number of our investments are already showing remarkable progress and promise. One such incremental initiative is Fulfillment and Logistics by Coupang or FLC, for which we continue to make significant investment in infrastructure and technology. Customers responded enthusiastically to expanding selection on Rocket. In Q4, our FLC volumes doubled year-over-year, and the number of participating merchants in FLC jumped 80%.

我們的一些投資已經顯示出顯著的進展和前景。其中一項增量舉措是 Coupang 或 FLC 的履行和物流，為此我們繼續在基礎設施和技術方面進行大量投資。客戶對 Rocket 上擴大的選擇反應熱烈。第四季度，我們的 FLC 交易量年增了一倍，參與 FLC 的商家數量增加了 80%。

Small and medium enterprises, or SMEs, who do not have access to physical shelves in traditional retail and lack the capital to build their own technology and infrastructure account for over 80% of our merchant base in FLC today. We're delighted to share with these enterprising small businesses access to billions of dollars of historical investment we've made in our Rocket network to help them delight customers and grow their businesses.

如今，中小型企業（SME）佔 FLC 商家群體的 80% 以上，這些企業無法進入傳統零售業的實體貨架，也缺乏建立自己的技術和基礎設施的資金。我們很高興與這些有進取心的小型企業分享我們在 Rocket 網路中進行的數十億美元的歷史投資，以幫助他們取悅客戶並發展業務。

Another incremental investment that is proving its potential on growth, scale and impact is Taiwan. We're excited about the opportunity to challenge trade-offs and wow customers in a geography with an attractive retail market. Since launching Rocket in October of 2022, Taiwan's customers and revenues have continued to compound at an incredible rate, more than doubling over the last 2 quarters alone. It's a pace of adoption and growth that exceeds what we experienced in Korea over the same period of time after the launch of Rocket. In Taiwan, we're able to leverage the advanced technology learnings and processes among other assets that we've developed over many years. We expect that to enable us to reach profitability in Taiwan faster than we did in Korea.

另一個正在證明其成長、規模和影響潛力的增量投資是台灣。我們很高興有機會在零售市場有吸引力的地區挑戰權衡並讓客戶驚嘆不已。自 2022 年 10 月推出 Rocket 以來，台灣的客戶和收入繼續以令人難以置信的速度複合，僅在過去兩個季度就增加了一倍多。這種採用和成長的速度超過了我們在 Rocket 推出後同期在韓國所經歷的速度。在台灣，我們能夠利用我們多年來開發的先進技術學習和流程以及其他資產。我們預計這將使我們能夠比韓國更快地在台灣實現盈利。

Many of our incremental investments benefit from our already strong customer cohort behavior. Our cohorts continuously expand their levels of spend across Coupang. With our new categories and offerings, we have the ability to further expand the spending and engagement potential of all of our customers. Eats is a great example. Since we launched the wow membership savings program in early Q2, we've seen our order volumes double. Every month, we've seen new adoption and strong retention of those new customers. And as we see onetime investments such as new merchant acquisition promotions expire, we expect Eats's positive underlying unit economics along with scale to drive cash generation in the future.

我們的許多增量投資都受益於我們已經強大的客戶群行為。我們的團隊不斷擴大在 Coupang 的支出水準。憑藉我們的新類別和產品，我們有能力進一步擴大所有客戶的支出和參與潛力。吃就是一個很好的例子。自從我們在第二季初推出 Wow 會員儲蓄計劃以來，我們的訂單量翻了一番。每個月，我們都會看到新客戶的採用和強勁的保留。當我們看到新商家收購促銷等一次性投資到期時，我們預期 Eats 積極的基礎單位經濟效益以及規模將推動未來的現金產生。

What is equally exciting is the positive externalities we've seen in customer engagement across our products and offerings. Just as purchasing in one category helps for engagement in other categories, we've seen higher engagement on Eats lead to higher engagement in Product Commerce.

同樣令人興奮的是我們在我們的產品和服務的客戶參與中看到的積極外部性。正如某一類別的購買有助於提高其他類別的參與度一樣，我們發現，外送的參與度越高，產品商務的參與度也越高。

We also see this engagement pattern with Play our video streaming service. Play was the most downloaded app in Korea in all categories on both iOS and Android in 2022 and 2023. It's also delighted customers by not just broadcasting but creating from scratch unprecedented live sporting events in Korea. Some of the most streamed live sporting events over the past 2 years in Korea have been unique sports matches created and exclusively streamed by Play.

我們在 Play 視訊串流服務中也看到了這種參與模式。 Play 是 2022 年和 2023 年韓國 iOS 和 Android 上所有類別中下載次數最多的應用程式。它不僅可以廣播，還可以在韓國從頭開始創建前所未有的現場體育賽事，從而讓客戶感到高興。過去 2 年，韓國直播最多的一些體育賽事都是由 Play 製作和獨家直播的獨特體育賽事。

For the first time ever millions were able to see Neymar, Haaland, and Son play in Korea with international franchises like Manchester City, PSG and Tottenham Spurs. This spring, the Dodgers and Padres will open the regular season with 2 games in Seoul for which tickets and live broadcast in Korea will be available exclusively to our members. This will mark the first time that regular season MLB games have ever been played in Korea.

數百萬人第一次能夠在韓國觀看內馬爾、哈蘭德和孫興慜與曼城、巴黎聖日耳曼和托特納姆熱刺等國際球隊的比賽。今年春天，道奇隊和教士隊將在首爾以兩場比賽拉開常規賽序幕，韓國的門票和現場直播將僅供我們的會員獨家購買。這將是美國職棒大聯盟(MLB)常規賽首次在韓國舉行。

And last, a note about Farfetch. While we were seeking an acquisition, we came across a rare opportunity to buy a sector-leading service with $4 billion in GMV for a $500 million investment. We hope in a few years, we'll be having the conversation about how Coupang turned Farfetch into a business that transformed the customer experience around luxury fashion, while also providing strategic value for Coupang. It's too early for that conversation today.

最後，關於 Farfetch 的說明。當我們尋求收購時，我們遇到了一個難得的機會，可以用 5 億美元的投資購買 GMV 為 40 億美元的行業領先服務。我們希望幾年後，我們能夠討論 Coupang 如何將 Farfetch 打造成一家改變奢侈時尚客戶體驗的企業，同時也為 Coupang 提供戰略價值。今天的談話還為時過早。

Even if that full potential is not fully realized, we're highly confident that this will prove to be a prudent financial decision. We're already executing on a plan to make Farfetch self-funding with no additional investments beyond the announced capital commitment, and we see many paths to making this a worthwhile investment for shareholders.

即使這種潛力沒有完全實現，我們也非常有信心這將被證明是一個審慎的財務決策。我們已經在執行一項計劃，讓 Farfetch 自籌資金，除了宣布的資本承諾之外，不進行任何額外投資，而且我們看到了許多方法可以使其成為對股東有價值的投資。

And while we're excited about the long-term potential of such investments, we remain focused on our biggest priority. We have a very small share of the retail markets in Korea and Taiwan. Each of those opportunities are massive, and capturing them remains by far our greatest prospect and priority. As always, we remain committed to the relentless focus on wowing our customers to create a world where they wonder how did I ever live without Coupang.

雖然我們對此類投資的長期潛力感到興奮，但我們仍然專注於我們的首要任務。我們在韓國和台灣的零售市佔率很小。每一個機會都是巨大的，抓住它們仍然是我們迄今為止最大的前景和優先事項。一如既往，我們仍然致力於不懈地致力於讓我們的客戶驚嘆不已，創造一個他們想知道如果沒有 Coupang 我該如何生活的世界。

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

現在我將把電話轉給 Gaurav，以更詳細地審查財務狀況。

Thanks, Bom. This quarter, we saw an even greater acceleration in customer engagement with a record 21 million active customers. The rate of active customer growth accelerated every quarter in 2023, culminating with 16% year-over-year growth in Q4. That's the highest growth rate we have seen in the past 2 years. We also now have 14 million WOW members, up 27% since last year, reflecting the broadening recognition of the tremendous value that WOW membership provides for our members.

謝謝，鮑姆。本季度，我們看到客戶參與度進一步加速，活躍客戶達到創紀錄的 2,100 萬人。 2023 年每季的活躍客戶成長速度都在加快，最終在第四季實現了 16% 的年成長。這是我們過去兩年來看到的最高成長率。我們現在還擁有 1400 萬 WOW 會員，比去年增長了 27%，這反映出 WOW 會員資格為我們的會員提供的巨大價值得到了越來越多的認可。

Our total net revenues of $6.6 billion grew 23% year-over-year or 20% in constant currency. Adjusted for the FLC impact our growth would have been 940 basis points higher than the 20% constant currency revenue growth rate reported. Adjusting for this accounting change, constant currency revenues grew at an increasingly faster rate, each successive quarter of 2023. The accounting adjustment is from the change in FLC accounting that we have highlighted earlier. It will continue to adversely affect our reported revenue growth rate for the next couple of quarters as they will comp against quarters with our previous accounting treatment.

我們的總淨收入為 66 億美元，年增 23%，以固定匯率計算成長 20%。根據 FLC 影響進行調整後，我們的成長將比報告的 20% 固定貨幣收入成長率高出 940 個基點。根據此會計變更進行調整後，2023 年連續每季的固定貨幣收入成長速度越來越快。會計調整源自於我們先前強調的 FLC 會計變更。這將繼續對我們報告的未來幾季的收入成長率產生不利影響，因為它們將與我們先前會計處理的季度進行比較。

It is important to highlight that the spend of every annual cohort grew over 15% year-over-year. Even our oldest cohorts continue to grow above that rate, demonstrating that there is still massive opportunity for us to continue to WOW even our oldest customers with new selection at the best prices and a best-in-class delivery experience.

需要強調的是，每個年度族群的支出較去年同期成長超過 15%。即使是我們最老的客戶群也在繼續以高於這一速度的速度增長，這表明我們仍然有巨大的機會繼續以最優惠的價格提供新的選擇和一流的交付體驗，讓我們最老的客戶驚嘆不已。

In addition, each successive annual cohort is starting with higher levels of spend and growing even faster. We saw a 3% increase in constant currency net revenues per active customer, while all our annual cohorts are growing over 15% year-over-year, our new active customers are naturally at much lower levels of spend than the mature cohorts. The large number of new active customers we have added over the last few quarters has a short-term dilutive impact on the average spend per active customer. We believe a large amount of growth will continue to come from the spend of newer cohorts converging to the much higher spend of the oldest cohorts whose spend levels also continue to climb.

此外，每個連續的年度隊列都以更高水平的支出開始，並且增長速度更快。我們看到每個活躍客戶的固定貨幣淨收入成長了 3%，而我們所有的年度客戶群年增超過 15%，我們的新活躍客戶的支出水準自然比成熟客戶群低得多。過去幾季我們增加的大量新活躍客戶對每個活躍客戶的平均支出產生了短期攤薄影響。我們相信，很大一部分成長將繼續來自新群體的支出，這些群體的支出將與老群體的支出高得多，而老群體的支出水平也將繼續攀升。

In our Product Commerce segment, revenues grew 21% on a reported basis and 18% in constant currency. This growth is being driven by deeper spend penetration across many categories and offerings. Higher spend levels per customer and increasing adoption of our new products and offerings. Our Product Commerce growth rate continues to compound at high multiples of the growth rate of total retail spend in Korea which grew at 2% this quarter. We believe we are in the very early stages of our growth journey in Korea as Coupang currently represents a very small fraction of the projected $560 billion of total commerce spend in Korea by 2027.

在我們的產品商務部門，營收按報告計算成長 21%，以固定匯率計算成長 18%。這種成長是由許多類別和產品的支出滲透率加深所推動的。每位客戶的支出水準較高，我們的新產品和產品的採用率也越來越高。我們的產品商務成長率持續以高倍數的速度複合成長，韓國零售總支出的成長率本季成長了 2%。我們相信，我們正處於韓國成長之旅的早期階段，因為 Coupang 目前僅佔韓國預計到 2027 年 5,600 億美元商業支出總額的一小部分。

As Bom noted, we are also excited about the increasing momentum we are generating in Developing Offerings Its segment revenue grew 105% year-over-year on a reported basis and 102% in constant currency. Along with other signals, this growth demonstrates a vast potential we are seeing from this portfolio of nascent initiatives, especially in Eats and Taiwan.

正如 Bom 指出的那樣，我們也對我們在開發產品方面產生的不斷增長的勢頭感到興奮，其部門收入按報告計算同比增長 105%，按固定匯率計算增長 102%。與其他訊號一起，這種成長表明我們從這個新興舉措組合中看到了巨大的潛力，尤其是在 Eats 和台灣。

We delivered a record $1.7 billion in gross profit, an increase of 32% year-over-year. This represents a gross profit margin of 25.6%, improving 160 basis points year-over-year and 30 basis points quarter-over-quarter. We are driving higher efficiency across our operations through improvements in our logistics network and greater utilization of automation and technology, including AI.

我們實現了創紀錄的 17 億美元毛利，年增 32%。這意味著毛利率為25.6%，年增160個基點，季增30個基點。我們透過改善物流網路以及更多地利用自動化和技術（包括人工智慧）來提高整個營運的效率。

We also continue to benefit from further optimization in our supply chain and the scaling of margin-accretive offerings, including ads. While these tailwinds were partially offset by the continued investment in selection expansion and increased investment in Developing Offerings this quarter, we see significant runway ahead of us to continue delivering margin expansion to each of these initiatives.

我們也繼續受益於供應鏈的進一步優化以及包括廣告在內的利潤增值產品的擴展。雖然這些有利因素被本季對選擇擴展的持續投資和對開發產品的增加投資所部分抵消，但我們認為我們前面還有很大的路要走，以繼續為這些舉措提供利潤擴張。

OG&A expense as a percentage of revenue increased 120 basis points this quarter versus last year. This change was due to an estimated 170 basis points negative impact from the FLC accounting change.

本季 OG&A 費用佔收入的百分比比去年增加了 120 個基點。這項變更是由於 FLC 會計變化估計產生 170 個基點的負面影響。

This quarter, we recorded a nonrecurring adjustment of $895 million from changes in tax-related reserves, including the release of valuation allowances related to certain deferred tax assets from historical net operating losses. This resulted in an income tax net benefit of $861 million for the quarter.

本季度，我們根據稅務相關準備金的變化進行了 8.95 億美元的非經常性調整，其中包括釋放與歷史淨營運虧損中的某些遞延稅資產相關的估值備抵。這使得本季所得稅淨收益達到 8.61 億美元。

We generated net income of $1 billion and diluted earnings per share of $0.57, largely impacted by the $895 million in tax reserve adjustments. This adjustment had a $0.49 impact on diluted EPS. Removing the impact of onetime taxes of adjustment, our diluted EPS for the quarter would have been $0.08.

我們的淨利潤為 10 億美元，攤薄後每股收益為 0.57 美元，主要受到 8.95 億美元稅收儲備調整的影響。此次調整對攤薄後每股收益產生 0.49 美元的影響。除去一次性調整稅的影響，本季稀釋後每股盈餘將為 0.08 美元。

For our consolidated operations, we reported $294 million of adjusted EBITDA this quarter, and $1.1 billion for the full year. The Q4 adjusted EBITDA margin was 4.5%, representing a 50-basis-point improvement year-over-year, which includes a 40-basis-point benefit from the FLC accounting change.

對於我們的合併業務，本季調整後 EBITDA 為 2.94 億美元，全年為 11 億美元。第四季調整後 EBITDA 利潤率為 4.5%，年增 50 個基點，其中包括 FLC 會計變更帶來的 40 個基點收益。

Our Product Commerce segment delivered $444 million of adjusted EBITDA, an improvement of nearly 70% over the previous year. This resulted in a 7.1% margin which expanded 190 basis points over the last year and includes a 60 basis point benefit from the FLC accounting change.

我們的產品商務部門實現了 4.44 億美元的調整後 EBITDA，比前一年增長了近 70%。這導致利潤率為 7.1%，比去年擴大了 190 個基點，其中包括 FLC 會計變更帶來的 60 個基點收益。

The growth in margin was also driven by the expansion in gross profit margin this quarter as well as improvements in efficiencies across our operations that we are harvesting from our many years of investments in infrastructure, technology and operational excellence. And we believe we are still in the early stages of realizing the full margin potential of the business.

利潤率的成長也得益於本季毛利率的擴大以及我們從多年來對基礎設施、技術和卓越營運的投資中獲得的整個營運效率的提高。我們相信，我們仍處於實現業務全部利潤潛力的早期階段。

In our Developing Offerings segment, the adjusted EBITDA loss was $150 million, increasing $95 million year-over-year but decreasing $10 million quarter-over-quarter.

在我們的開發產品部門，調整後的 EBITDA 損失為 1.5 億美元，年增 9,500 萬美元，但季減 1,000 萬美元。

We ended the year with roughly $5.6 billion in cash, an improvement of more than 50% over last year. This was the result of producing $2.7 billion in operating cash flow and $1.8 billion of free cash flow for the full year. This is significantly higher than the $1.1 billion of adjusted EBITDA this year due to some onetime and seasonal working capital benefits among other factors. As we have previously communicated, we expect that over time, free cash flow on a TTM basis will be closer to the levels of adjusted EBITDA generated.

截至年底，我們的現金約為 56 億美元，比去年增加了 50% 以上。這是全年產生 27 億美元營運現金流和 18 億美元自由現金流的結果。由於一些一次性和季節性營運資本利得等因素，這明顯高於今年 11 億美元的調整後 EBITDA。正如我們之前所傳達的，我們預計隨著時間的推移，按 TTM 計算的自由現金流將更接近產生的調整後 EBITDA 的水平。

Now a few comments on our outlook for 2024. While we are exiting 2023 with strong growth, we expect our growth rate going forward to be more consistent with the average growth rate we have seen over the past year, we anticipate incurring adjusted EBITDA losses in Developing Offerings of approximately $650 million in 2024, excluding losses related to Farfetch. And as Bom noted, we do not anticipate incremental investment in Farfetch beyond our already communicated investment to get it to profitability.

現在對我們對 2024 年的展望進行一些評論。雖然我們將以強勁的增長結束 2023 年，但我們預計未來的增長率將與過去一年的平均增長率更加一致，我們預計會出現調整後 EBITDA 損失到2024 年，開發產品約6.5 億美元，不包括與Farfetch 相關的損失。正如 Bom 指出的那樣，除了我們已經傳達的投資以使其盈利之外，我們預計不會對 Farfetch 進行增量投資。

We continue to expect growing adjusted EBITDA margins on an annual basis, excluding Farfetch.

我們繼續預計調整後的 EBITDA 利潤率將逐年成長（不包括 Farfetch）。

Due to the $895 million tax reserve adjustment we recorded this quarter, we anticipate we will experience a temporarily high effective tax rate between 45% to 50% in 2024. This is just an accounting effective tax rate as we expect our cash tax obligation to be closer to 20% to 25%. Over the mid- to long term, we expect to normalize to an effective tax rate closer to 25%.

由於本季我們記錄了8.95 億美元的稅收儲備調整，我們預計2024 年我們將經歷45% 至50% 之間的暫時較高的有效稅率。這只是一個會計有效稅率，因為我們預計我們的現金稅義務為接近20%到25%。從中長期來看，我們預期有效稅率將正常化至接近25%。

Bom and I are extremely proud of our teams whose work over many years is responsible for the results we have enjoyed this past year. We are confident our teams will remain committed to execute with a passion for customer experience and operational excellence to deliver on the vast potential ahead.

Bom 和我為我們的團隊感到非常自豪，他們多年來的工作為我們在過去一年中取得的成果做出了貢獻。我們相信，我們的團隊將繼續致力於以對客戶體驗和卓越營運的熱情來執行，以實現未來的巨大潛力。

Operator, we are now ready to begin the Q&A.

接線員，我們現在準備開始問答。

(Operator Instructions) Your first question comes from the line of Stanley Yang with JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的Stanley Yang。

Congratulations on good result for fourth quarter. I have two questions. With regard to 2024 guidance. First question is about your Product Commerce strategy and the margin outlook. You have focused on the selection increase and the new merchant onboarding in 2023, which I think, paid off in light of strong user and top line and the market share gains, but at the expense of the margin to a degree. Moving on to 2024, do you plan to maintain such selection increasing strategy? If so, do you expect the Product Commerce margin growth to sequentially soften in 2024?

恭喜第四季取得好成績。我有兩個問題。關於 2024 年指導。第一個問題是關於您的產品商務策略和利潤前景。你們重點關注 2023 年選擇的增加和新商家的加入，我認為，鑑於強大的用戶和營收以及市場份額的增長，這得到了回報，但在一定程度上犧牲了利潤。展望2024年，您是否計劃維持這種增加選擇的策略？如果是這樣，您預計 2024 年產品商務利潤率成長是否會依序放緩？

My second question is about your Developing Offerings loss guidance of $650 million. Is this inclusive of Farfetch deal?

我的第二個問題是關於 6.5 億美元的開發產品損失指引。這是否包含 Farfetch 優惠？

And I would appreciate if you provide a bit more color of the breakdown of each segment in terms of the Taiwan, Eats and video. And when do you expect this Developing Offerings loss to kick out and start stabilizing or declining?

如果您能提供更多有關台灣、餐飲和視頻方面每個細分市場的詳細信息，我將不勝感激。您預計開發產品的損失何時會結束並開始穩定或下降？

Stanley, thank you for your questions. On our strategy to increase selection and merchant acquisition, the levers that we've been focusing on for growth remain the same. We do see some impact from our selection expansion, but we are expanding margins through improvements in our logistics network and greater utilization of automation, technology, including AI.

史丹利，謝謝你的提問。在我們增加選擇和商家收購的策略中，我們一直在關注的成長槓桿保持不變。我們確實看到了選擇範圍擴大的一些影響，但我們正在透過改善物流網絡和更多地利用自動化、技術（包括人工智慧）來擴大利潤。

During 2023, we generated $1.1 billion in adjusted EBITDA, while increasing margins by 250 bps. Product Commerce adjusted EBITDA margin improved nearly 200 bps to 7.1%.

2023 年，我們實現了 11 億美元的調整後 EBITDA，同時利潤率提高了 250 個基點。產品商務調整後的 EBITDA 利潤率提高了近 200 個基點，達到 7.1%。

As we stated in the past, margins may be uneven quarter-to-quarter, but you should see our profit margins continue its march upwards over time, expanding on an annual basis, excluding Farfetch. And the improvements that we're driving come from years and years of investment in infrastructure, technology and operational excellence, we're seeing these efficiency improvements across our operations. The underlying drivers of margin are strong, and there's still a lot of room for expansion.

正如我們過去所說，每個季度的利潤率可能不平衡，但你應該看到我們的利潤率隨著時間的推移繼續上升，逐年擴大（不包括 Farfetch）。我們推動的改進來自多年來對基礎設施、技術和卓越營運的投資，我們在整個營運中看到了這些效率的提高。利潤率的潛在驅動因素強勁，並且仍有很大的擴張空間。

On Developing Offerings, the $650 million does not include Farfetch. We anticipate that the majority of the increase in these investments will be in Taiwan. Even with these investments, we expect to continue expanding our EBITDA margin on a consolidated basis, excluding Farfetch in 2024. We continue to operate in line with the tenants we've shared in the past. We'll focus on opportunities where we can break trade-offs and provide the best customer experience at the lowest cost.

在開發產品方面，6.5 億美元不包括 Farfetch。我們預計這些投資的大部分成長將來自台灣。即使有了這些投資，我們預計 2024 年將繼續擴大綜合 EBITDA 利潤率（不包括 Farfetch）。我們將繼續按照我們過去共享的租戶進行營運。我們將重點放在能夠打破權衡並以最低成本提供最佳客戶體驗的機會。

At each stage, we're evaluating with rigor and deciding which efforts demonstrate potential to achieve both meaningfully differentiated customer experience, and significant future cash flows, and only these initiatives are earning their way to more significant investments.

在每個階段，我們都會進行嚴格的評估，並確定哪些努力顯示出實現有意義的差異化客戶體驗和大量未來現金流的潛力，只有這些措施才能贏得更重大的投資。

We have in the past and will continue to discontinue investments that don't -- do not demonstrate that potential to achieve these objectives. We are seeing positive signs in Taiwan. And where we see positive signals, we also won't be shy about investing more. As always, we'll continue to be disciplined and opportunistic to maximize long-term shareholder value.

我們過去已經並將繼續停止那些沒有展現出實現這些目標的潛力的投資。我們在台灣看到了積極的跡象。當我們看到正面訊號時，我們也不會羞於加大投資。一如既往，我們將繼續保持紀律和機會主義，以實現長期股東價值最大化。

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

我們的下一個問題來自Eric Cha 與高盛的對話。

I have two. First is on Farfetch and capital allocation. I know you said it's a bit too early, but can you share what was the biggest factor that appeared attractive to you to acquire Farfetch. And also, what would be your general principle regarding capital allocation, including share buybacks.

我有兩個。首先是關於 Farfetch 和資本配置。我知道您說現在有點太早了，但您能分享一下對您收購 Farfetch 最具吸引力的因素是什麼嗎？另外，您關於資本分配（包括股票回購）的一般原則是什麼？

Second is on competition. There's a heightened interest in competition in the market, it seems related to the rise in Chinese cross-border e-commerce platforms. And when you look at your core behavior, do you see any impact on user attrition? And also, more importantly, do you see any impact on basket size among your cohorts related to this competition?

二是關於競爭。市場競爭的加劇，似乎與中國跨境電商平台的崛起有關。當您查看您的核心行為時，您是否發現對使用者流失有任何影響？而且，更重要的是，您是否認為與本次比賽相關的群體對購物籃規模有任何影響？

Eric, thanks for the question. Luxury is a very large market segment, and it's one that hasn't been captured in any meaningful way by e-commerce players yet. We know marketplace, we know operations, we know how to focus on and drive innovation around customer experience. And we saw a business that we thought if we were better at those things, could be much more valuable, and if run differently, could create possibly billions of dollars of equity value. We also saw a potential for strategic value for our existing Coupang business. But it's just too early to have a more in-depth conversation beyond that today.

艾瑞克，謝謝你的提問。奢侈品是一個非常大的細分市場，但電子商務參與者尚未以任何有意義的方式佔領這個細分市場。我們了解市場，我們了解運營，我們知道如何專注於客戶體驗並推動創新。我們看到一家企業，我們認為如果我們在這些方面做得更好，可能會更有價值，如果以不同的方式經營，可能會創造數十億美元的股權價值。我們也看到了現有 Coupang 業務的策略價值潛力。但現在進行更深入的對話還為時過早。

M&A is not our strategy. I remind you that we weren't looking -- we were not looking to do a deal. This was a very opportunistic situation. We're moving quickly afforded us the opportunity to buy Farfetch at a very attractive price.

併購不是我們的策略。我提醒你們，我們並沒有尋求達成交易。這是一個非常機會主義的情況。我們的快速行動使我們有機會以非常有吸引力的價格購買 Farfetch。

Our strategy remains growing organically, our very small share in our existing markets into much larger share over time. We have so much opportunity in our existing markets for Coupang bet. Our core strategy remains organic growth.

我們的策略仍然在有機成長，隨著時間的推移，我們在現有市場中的很小份額會變成更大的份額。我們在現有市場上有很多機會進行 Coupang 投注。我們的核心策略仍然是有機成長。

On your second question around competition. We continue to believe our success is determined primarily by our execution on improving customer experience and operational excellence. It's important to point out that we still have just single-digit share of the over $560 billion projected retail market, just a massive opportunity in front of us. And the market is large enough to support many winners.

關於你關於競爭的第二個問題。我們仍然相信，我們的成功主要取決於我們在改善客戶體驗和卓越營運方面的執行力。需要指出的是，在預計價值超過 5,600 億美元的零售市場中，我們的份額仍然僅為個位數，而我們面前的機會卻龐大。而且市場夠大，足以支撐很多贏家。

Retail has been, and continues to be dynamic and highly competitive with many players ranging from traditional offline retailers to large Chinese competitors and a constant stream of new entrants, both domestic and international. Customers are always going to seek the best selection, the best price and the best service. And they have a lot of alternatives, whether down the street or across the border from China, a 5-minute walk or a finger slipway. So we have to constantly find new moments of WOW for our customers to fight for and earn their loyalty every day. That's what we spend all of our energy obsessing about.

零售業一直並將繼續充滿活力，競爭激烈，競爭者眾多，從傳統的線下零售商到大型中國競爭對手，以及源源不斷的國內外新進入者。客戶總是尋求最好的選擇、最優惠的價格和最好的服務。他們有很多選擇，無論是沿著街道還是跨越中國邊境，步行 5 分鐘或通過手指滑道。因此，我們必須每天不斷地為我們的客戶尋找WOW的新時刻，以爭取並贏得他們的忠誠度。這就是我們花費所有精力所著迷的。

We see the result of our efforts in our cohort behavior. Where, as I mentioned earlier, every one of our cohort is growing over 15%, even our oldest cohorts. Again, we still have just single-digit share of a massive retail market opportunity. And we'll remain laser-focused on customer experience and operational excellence to capture our share of that opportunity.

我們在群體行為中看到了我們努力的結果。正如我之前提到的，我們每個群體的成長率都超過 15%，即使是我們最年長的群體也是如此。同樣，我們在巨大的零售市場機會中仍然只佔有個位數的份額。我們將繼續專注於客戶體驗和卓越運營，以抓住我們的機會。

I'll point out one more time as well that we have a large -- our newer cohorts are also joining at higher levels of spend and increasing spend faster than new customers in the past. And we've added a large number of new active customers over the last few quarters. That large mix of new customers portends a large amount of future growth. As the spend of newer cohorts converts to much higher levels of spend and the spend levels of the older cohorts also continue to climb. But that will be, of course, over a longer time frame.

我還要再次指出，我們有一大群新客戶，他們的支出水準也更高，而且支出成長速度比過去的新客戶更快。在過去的幾個季度中，我們增加了大量新的活躍客戶。大量的新客戶預示著未來的巨大成長。隨著新群體的支出轉化為更高的支出水平，老群體的支出水準也持續攀升。但這當然需要更長的時間。

Your next question comes from the line of Seyon Park with Morgan Stanley.

你的下一個問題來自 Seyon Park 與摩根士丹利的對話。

I kind of just wanted to maybe follow up on -- I think this was a question that kind of very [hinted] on. But as you look at each quarter, I don't think over, I guess, the last 2 years. I don't think there's much doubt about execution, I think, Bom, yourself, and the company has done a tremendous job in terms of executing. I guess from an equity perspective, obviously, we kind of have an overhang with some of the sell-down that's coming from SoftBank and the like.

我只是想跟進——我認為這是一個非常[暗示]的問題。但當你查看每個季度時，我想我不會考慮過去兩年的情況。我認為執行力方面沒有太多疑問，我認為，Bom，你自己，公司在執行方面做得非常出色。我想從股票的角度來看，顯然，我們對來自軟銀等公司的一些拋售感到擔憂。

So now that the company is in a much more comfortable position with respect to free cash flow, can you maybe just share your thoughts on how you're thinking about some kind of a way to address some of the shared supply that continues to come to the market. Maybe if not immediate, maybe over the longer term, maybe how you're thinking about a potential share buyback or a tender to kind of address the supply, I think, would be very much helpful in understanding the equities.

因此，既然公司在自由現金流方面處於更加舒適的位置，您能否分享一下您的想法，談談您如何考慮某種方法來解決一些持續出現的共享供應問題？市場。也許，如果不是立即，也許從長遠來看，也許你如何考慮潛在的股票回購或招標以解決供應問題，我認為，這對理解股票非常有幫助。

Yes, Seyon, I'll take that. Over the last years, and before even IPO, we have been working with our investors closely to find an optimal solution for everyone, for all shareholders, and we'll continue to do so. I think at this point, I think that's all we have to say on this. But that said, with a company growth looking good, our profitability improving, we are excited about all the investment opportunities we believe that will take care of itself.

是的，西昂，我會接受的。在過去的幾年裡，甚至在首次公開募股之前，我們一直與投資者密切合作，為每個人、所有股東尋找最佳解決方案，我們將繼續這樣做。我想在這一點上，我想這就是我們要說的。但話雖如此，隨著公司成長看起來不錯，我們的獲利能力不斷提高，我們對所有投資機會感到興奮，我們相信這些機會會自然而然地實現。

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

我們的下一個問題來自詹姆斯李和瑞穗的對話。

I have two on Taiwan here. I was wondering if you guys can give more color on signals you guys saw in that market that give you confidence to continue to lean in. And just curious, any learnings here that can help you adjust your execution tactically?

我這裡有兩個在台灣。我想知道你們是否可以對你們在市場上看到的信號提供更多的信息，讓你們有信心繼續前進。只是好奇，這裡有什麼經驗可以幫助你們在戰術上調整執行力嗎？

And secondly, on your guidance, on EBITDA losses of $650 million. And relating to Taiwan investment, can you give us a sense maybe at the end of this year, what kind of investment on the ground should we visualize should we get a sense of, including like selection, fulfillment center or even when it comes to local delivery.

其次，根據您的指導，EBITDA 損失為 6.5 億美元。關於台灣投資，您能否給我們一個大致的印象，也許在今年年底，我們應該設想什麼樣的實地投資，包括像選擇、履行中心，甚至當涉及到當地時？送貨。

James, thanks for your question. It's still early in Taiwan. We are seeing strong momentum there. As I mentioned, we launched Rocket in October of 2022, and growth there has been faster so far than it was in Korea. And in just the last 2 quarters alone, we've seen active customers and revenues double.

詹姆斯，謝謝你的問題。台灣時間還早。我們在那裡看到了強勁的勢頭。正如我所提到的，我們在 2022 年 10 月推出了 Rocket，到目前為止，那裡的成長速度比韓國更快。僅在過去兩個季度，我們就看到活躍客戶和收入翻了一番。

It's also worth noting that we are learning with every iteration. But we're also leveraging so much from what we've built over many years in Korea. Everything from our selection, processes and learnings, knowledge from building and optimizing fulfillment logistics, supply chain optimization, the technology that we've built over a decade that's all contributing to our scaling faster in Taiwan. And we also expect that they will help us reach profitability there faster.

還值得注意的是，我們在每次迭代中都在學習。但我們也充分利用了我們多年來在韓國建立的基礎。從我們的選擇、流程和學習、建構和優化履行物流的知識、供應鏈優化，到我們十多年來建立的技術，所有這些都有助於我們在台灣更快地擴大規模。我們也期望它們將幫助我們更快地實現盈利。

I think it's still too early to have a lot of conversations, but we're very excited by the progress we're making and the promise we're seeing on the ground there.

我認為現在進行大量對話還為時過早，但我們對我們正在取得的進展和我們在實地看到的承諾感到非常興奮。

Yes, I think that's -- at the right time, we'll have a deeper conversation, but it will be rigorous in our analysis, continue to assess at every stage, and invest only in the opportunities and when we believe that our investments will generate a meaningful differentiation of customer experience and meaningful returns for our shareholders.

是的，我認為——在適當的時候，我們將進行更深入的對話，但我們的分析將是嚴謹的，在每個階段繼續評估，並且只投資於機會，並且當我們相信我們的投資將為我們的股東帶來有意義的客戶體驗差異化和有意義的回報。

(Operator Instructions) We will now take our last question from the line of Jiong Shao with Barclays.

（操作員指示）我們現在將接受巴克萊銀行邵炯的最後一個問題。

Congrats on the very strong results. I have two questions as well. First -- sorry, I have to ask about Farfetch again. I understand you said, you guys are ready to tell us a lot about it. But I was just wondering, would you be able to talk about sort of later on, how would you accounting-wise, where do you book the revenues and expenses from Farfetch? And how big is Korea in today's Farfetch business. And what about the other countries therein because Coupang is clearly only in Korea and Taiwan, not in these other countries. What -- I mean, just broadly speaking, what are you going to do over there?

祝賀取得了非常強勁的成果。我也有兩個問題。首先——抱歉，我不得不再次詢問 Farfetch 的情況。我明白你說的，你們已經準備好告訴我們很多相關資訊了。但我只是想知道，您能否稍後談談您如何進行會計處理，在哪裡記入 Farfetch 的收入和支出？韓國在今天的 Farfetch 業務中佔有多大的份額。那麼其他國家呢？因為 Coupang 顯然只在韓國和台灣，而不是在其他國家。什麼——我的意思是，從廣義上講，你要去那裡做什麼？

And then on Farfetch, I think you said in your prepared remarks, if I'm not mistaken, I think you might have mentioned the goal is for it to be self-funded. You're not going to spend your capital to kind of save the business per se?

然後在 Farfetch 上，我想你在準備好的發言中說過，如果我沒記錯的話，我想你可能已經提到目標是自籌資金。您不會花費資金來拯救企業本身嗎？

My second question is about the FLC or the accelerating growth for FLC, like you said, in the last few quarters, the growth for your FLC business, the delta, right? has been accelerating for the last 3 quarters since you changed the accounting. When your contracts really all going to revise to the newer version by end of Q2, but you still see the growth accelerating in Q3, Q4. I was just wondering what are the drivers you see behind that acceleration? And then any kind of outlook for that acceleration for the next quarter or 2 will be very helpful.

我的第二個問題是關於 FLC 或 FLC 的加速成長，就像您所說的，在過去幾個季度中，您的 FLC 業務（三角洲）的成長，對嗎？自從您更改會計核算以來，過去三個季度一直在加速。當你的合約確實會在第二季末全部修改為新版本時，但你仍然會看到第三季、第四季的成長加速。我只是想知道您認為這種加速背後的驅動因素是什麼？然後，對下一兩個季度加速的任何展望都將非常有幫助。

Let me address the FLC question first. First, our growth this quarter wasn't a reflection of any levers we pulled in this past quarter or specifically this past quarter or even recent quarters. It is -- it really represents customer adoption of our investment over many years into providing the best experience at the lowest price across the broadest assortment.

首先讓我解決 FLC 問題。首先，我們本季的成長並不反映我們在過去一個季度，特別是過去一個季度甚至最近幾季使用的任何槓桿。它確實代表了客戶多年來採用我們的投資，以最低的價格在最廣泛的產品類別中提供最佳體驗。

We are investing in growing our selection, and one of our initiatives is Farfetch -- excuse me, FLC. And we believe our growth is a reflection of that customer response. We think the growth is, broadly speaking, a reflection of not only the investments that we've made but also the stage that we're at in the market.

我們正在投資擴大我們的選擇，我們的舉措之一是 Farfetch——對不起，FLC。我們相信我們的成長是客戶反應的反映。我們認為，從廣義上講，成長不僅反映了我們所做的投資，也反映了我們所處的市場階段。

We're still in the single-digit share of a $560 billion retail market, it's -- we're still very early, and it is a massive opportunity. And there are tens of millions of shoppers who have yet to join our WOW membership, we are just at an early stage of our development and excited about the potential that we see ahead.

在 5,600 億美元的零售市場中，我們的份額仍處於個位數，我們還處於早期階段，這是一個巨大的機會。還有數千萬購物者尚未加入我們的 WOW 會員資格，我們正處於發展的早期階段，並對我們看到的未來​​潛力感到興奮。

On Farfetch, let me take that one. So we just finalized the deal a few weeks ago, and we are getting into the details. But on broad strokes, we will be consolidating it into our financials for a couple of months. On segment classification, we'll come back. We probably will take a onetime restructuring charge in Q1 and we'll split it out. But more to come on that in the next call.

在 Farfetch 上，讓我選那個。所以我們幾週前剛剛敲定了這筆交易，我們正在討論細節。但從廣義上講，我們將在幾個月內將其合併到我們的財務數據中。關於細分分類，我們稍後會回來。我們可能會在第一季承擔一次性重組費用，然後將其分開。但在下一次電話會議中還會有更多內容。

There are no further questions. This concludes today's conference call. Thank you, and you may now disconnect.

沒有其他問題了。今天的電話會議到此結束。謝謝，您現在可以斷開連接了。