Coupang Inc (CPNG) 2024 Q1 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 2024 First Quarter Earnings Conference Call. (Operator Instructions)

大家好。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加Coupang 2024年第一季財報電話會議。 （操作員指示）

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

現在我想把電話轉給投資者關係副總裁 Mike Parker。您可以開始您的會議了。

Thanks, operator. Welcome, everyone, to Coupang's First Quarter 2024 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 2024 年第一季財報電話會議。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（包括對您的問題的回答）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。今天電話會議上的某些聲明包括前瞻性聲明。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表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，我們可能會展示 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 指標的額外揭露，包括這些指標與最可比較 GAAP 指標的對賬，包含在我們的收益報告、本次網絡廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中，這些文件均發佈在公司的投資者關係網站上。

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

現在我將把電話轉給 Bom。

Thanks, everyone, for joining us today. Before we dive in, here are 5 takeaways from a strong start to 2024. First, we continue to deliver results because we focus on what matters most, customer experience and operational excellence. Second, we're still single-digit share of a massive retail opportunity in Korea and an even smaller share of Taiwan's. Third, newer services like Rocket Fresh and Fulfillment and Logistics by Coupang or FLC, are gaining momentum.

感謝大家今天加入我們。在我們深入探討之前，以下是 2024 年強勁開局的 5 個要點。首先，我們繼續取得成果，因為我們專注於最重要的事情：客戶體驗和卓越營運。其次，我們在韓國龐大的零售機會中所佔份額仍然只有個位數，在台灣所佔份額則更小。第三，Rocket Fresh 和 Coupang 或 FLC 的 Fulfillment and Logistics 等新服務正在獲得發展動力。

Offerings like these enable us to expand selection on Rocket exponentially for customers and provide critical support to suppliers, particularly small and medium enterprises or SMEs, by giving them access to our Rocket infrastructure and network. Fourth, our Developing Offerings are making significant strides, meeting our milestones and, in many cases, performing ahead of plan.

透過提供這些服務，我們可以為客戶大幅擴展 Rocket 的選擇範圍，並透過讓供應商（尤其是中小型企業或 SME）存取我們的 Rocket 基礎設施和網絡，為他們提供關鍵支援。第四，我們的開發產品正在取得重大進展，實現了我們的里程碑，並且在許多情況下，表現超出了計劃。

Finally, we continue to invest in infrastructure and WOW benefits to raise the bar again and again for what customers should expect as their standard experience. We'll be relentless in our pursuit of new moments of WOW for customers across selection, price and service.

最後，我們將持續投資基礎設施和 WOW 優勢，持續提高客戶對標準體驗的期望。我們將不懈追求在選擇、價格和服務方面為客戶帶來全新的驚喜。

Now some numbers to highlight our performance at the start of the year. In Q1, our revenues increased 28% year-over-year in constant currency or 23%, excluding Farfetch, which we began consolidating at the end of January. And adjusting for the FLC accounting change we made beginning in Q2 of last year, these Q1 revenue growth rates would have been over 10 percentage points higher. That robust growth was primarily driven by the increase in spend of all of our existing customer cohorts, even our oldest.

現在用一些數字來突出我們今年年初的表現。在第一季度，我們的營收以固定匯率計算年增了 28%，如果不包括 Farfetch，則成長了 23%，因為我們從 1 月底開始合併 Farfetch。並且根據我們從去年第二季開始做出的 FLC 會計變更進行調整，第一季的營收成長率將高出 10 個百分點以上。這種強勁的成長主要是由於我們所有現有客戶群（甚至是最老的客戶群）的支出增加所致。

Our product commerce active customers also grew 16% year-over-year. Newer customers naturally spend less, but their spend levels have followed the same trajectory of older customers over time. While new active customers were not the primary driver of this past quarter's revenue growth, the rising number of new active customers should contribute more to growth for the business in the years ahead.

我們的產品商業活躍客戶也較去年同期成長了16%。新客戶的消費自然較少，但隨著時間的推移，他們的消費水準與老客戶的消費軌跡相同。雖然新活躍客戶並不是上個季度營收成長的主要驅動力，但新活躍客戶數量的增加應該會為未來幾年的業務成長做出更大的貢獻。

The growth of our fresh offering was also notable this past quarter, growing 70% year-over-year in units sold. Customers are attracted to what we believe is the widest assortment of fresh goods in the market, low prices, high quality and a free shipping threshold of just $11. This is the best free shipping program for online grocery that we know of in the world. And to top it off, we guarantee that your order placed by midnight will be in front of your door before 7 a.m. in the morning.

上個季度，我們新鮮產品的銷售量也顯著成長，年增 70%。我們認為，市面上新鮮商品種類最齊全、價格低廉、品質上乘，而且免運費門檻僅為 11 美元，這些特點吸引了眾多顧客。這是我們所知的世界上最好的線上雜貨免費送貨計劃。最重要的是，我們保證您在午夜之前下的訂單將在早上 7 點之前送到您家門口。

We're also proud that Fresh provided critical support to farmers and fishers by increasing the inventory we purchased directly from them, while also delivering significant savings in both time and money to customers.

我們也很自豪，Fresh 透過增加直接從農民和漁民那裡購買的庫存為他們提供了關鍵支持，同時也為客戶節省了大量的時間和金錢。

We continue to see impressive growth in FLC which recorded a 130% increase in units sold year-over-year. As a result, the assortment available to customers with the convenience of overnight, same day or next day delivery is expanding with each passing day. And FLC is providing critical support to thousands of merchants who are able to grow faster by selling their products with Rocket service levels without investing in prohibitively expensive infrastructure and technology.

我們繼續看到 FLC 的令人矚目的成長，其銷量年增了 130%。因此，為客戶提供隔夜、當日或隔日送達便利的商品種類日益增加。 FLC 為數千家商家提供關鍵支持，這些商家無需投資昂貴的基礎設施和技術，就能透過 Rocket 服務等級銷售產品，從而實現更快的成長。

FLC sellers, over 80% of whom are SMEs, have seen their sales on average more than double within 90 days of converting to FLC. And on Developing Offerings, we've been pleased with our execution and progress. We've consolidated Farfetch into our Developing Offerings starting this quarter. Our journey at Farfetch is just beginning, and the team is focused on generating close to positive adjusted EBITDA on a run rate basis by the end of the calendar year.

FLC 賣家中超過 80% 是中小企業，在轉換為 FLC 後的 90 天內，他們的銷售額平均增長了一倍以上。在開發產品方面，我們對我們的執行情況和進展感到滿意。從本季開始，我們已將 Farfetch 整合到我們的開發產品中。 Farfetch 的旅程才剛開始，團隊致力於在年底前以運行率實現接近正調整後 EBITDA。

On Eats, customer adoption is accelerating. In the month of March, when Eats launched its free delivery program, Eats recorded the largest year-over-year increase in customers and orders in its history. We continue to make progress in Taiwan where we're working to bring meaningful trade-offs for customers.

在 Eats 上，客戶採用率正在加速成長。 3月份，Eats推出免費送貨計劃，創下了客戶數量和訂單量同比增長的最大紀錄。我們在台灣不斷取得進展，致力於為客戶帶來有意義的權衡。

We're also providing access to wide Korean selection and helping over 21,000 Korean suppliers export their products to the Taiwan market over the last year. It's early days in Taiwan, but we're as excited as ever about its potential.

我們還提供廣泛的韓國選擇，並在去年幫助超過 21,000 家韓國供應商將其產品出口到台灣市場。台灣市場尚處於起步階段，但我們對它的潛力仍感到興奮不已。

While we're further along in Korea, it's important to note that we're still just single-digit share of a massive and highly fragmented $560 billion commerce opportunity. New China commerce entrants remind us that barriers to entry are low, and consumers can switch shopping options faster in retail than in almost any other industry within seconds and with a swipe of the finger.

雖然我們在韓國取得了長足的進步，但值得注意的是，在龐大且高度分散的 5,600 億美元商業機會中，我們僅佔個位數的份額。中國商業新進業者提醒我們，進入門檻很低，消費者在零售業中只需在幾秒鐘內輕輕滑動手指就能比幾乎任何其他行業更快地切換購物選擇。

Customers cast a new vote with every purchase they make and will not hesitate to spend their money at another venue, they deem to be better. We have to win their vote each and every time by offering them the best selection price and service. And we strive relentlessly to make that value proposition better every day.

顧客每次購物都會投出新的一票，並且毫不猶豫地在他們認為更好的其他地方花錢。我們必須每次都透過向他們提供最佳的選擇價格和服務來贏得他們的投票。我們每天都在不懈地努力，使這個價值主張變得更好。

To that end, we plan to continue investing billions of dollars in CapEx over the next several years to strengthen our fulfillment and logistics infrastructure. We aim to increase the speed of delivery across the market and make free delivery available to even the most remote corners of Korea, including secluded islands and mountain settlements that currently do not have access to our fastest delivery options. That investment in infrastructure will help Korean manufacturers and SMEs get even better service levels for their products on Rocket.

為此，我們計劃在未來幾年繼續投資數十億美元資本支出，以加強我們的履行和物流基礎設施。我們的目標是提高整個市場的配送速度，並免費配送到韓國最偏遠的角落，包括目前無法使用我們最快配送方式的偏遠島嶼和山區定居點。基礎設施投資將幫助韓國製造商和中小企業在 Rocket 上獲得更好的產品服務水準。

We're also deepening our commitment to Korean manufacturing. We plan to increase the amount of goods that we purchase and sell that are manufactured in Korea from $13 billion in 2023 to over $16 billion in 2024.

我們也在深化對韓國製造業的承諾。我們計劃將購買和銷售的韓國製造商品金額從 2023 年的 130 億美元增加到 2024 年的 160 億美元以上。

Last year, we provided over $3 billion in WOW membership benefits, including free delivery and return services and WOW exclusive discounts. This year, we expect to expand those membership benefits even further, providing over $4 billion in WOW-related benefits for our customers in 2024. This includes free access to exciting sporting events we've created, like the MLB season opening games we hosted between the Dodgers and Padres in Korea, in March, as well as the world-class European football matches, we bring live to fans in Korea each summer.

去年，我們為WOW會員提供了超過30億美元的福利，包括免費送貨和退貨服務以及WOW專屬折扣。今年，我們預計將進一步擴大這些會員福利，到 2024 年為我們的客戶提供超過 40 億美元的 WOW 相關福利。其中包括免費觀看我們創建的激動人心的體育賽事，例如 3 月份我們在韓國舉辦的道奇隊和教士隊之間的 MLB 賽季揭幕戰，以及每年夏天我們為韓國球迷現場直播的世界級歐洲足球比賽。

We also recently began providing unlimited free delivery on Eats for WOW members across Korea, to eliminate one of the biggest recurring costs for consumers in food delivery. 2024 will be an important year to strengthen our experience for customers and to expand programs that provide vital support to our manufacturing and SME partners.

我們最近也開始為韓國各地的 WOW 會員提供 Eats 無限次免費送貨服務，以消除消費者在食品配送方面最大的經常性成本之一。 2024 年將是加強我們為客戶提供的體驗並擴展為我們的製造業和中小企業合作夥伴提供重要支援的計畫的重要一年。

We remain as energized as ever to transform the lives of every customer and stakeholder we touch, to create a world where everyone wonders how did I ever live without Coupang.

我們始終充滿活力，致力於改變我們接觸到的每位客戶和利害關係人的生活，創造一個讓每個人都想知道如果沒有 Coupang 我該如何生活的世界。

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

現在我將把電話轉給 Gaurav，讓他更詳細地回顧我們的結果。

Thanks, Bom. Q1 was a strong start to the year as we saw sustained momentum continue across our business. We again delivered durable growth in customers, revenue and profit, driven by our focus on providing even greater value to our customers.

謝謝，Bom。今年第一季開局強勁，我們的業務繼續保持強勁成長勢頭。我們再次實現了客戶、收入和利潤的持續成長，這得益於我們專注於為客戶提供更大的價值。

Before I go through the numbers in detail, I want to remind everyone that the acquisition of Farfetch was completed earlier this year at the end of January. As a result, 2 months of Farfetch financials are now included in our quarterly consolidated results and in our Developing Offerings segment, with no adjustments made to any periods prior to the date of acquisition.

在我詳細介紹這些數字之前，我想提醒大家，對 Farfetch 的收購已經在今年 1 月底完成。因此，Farfetch 的 2 個月財務數據現已包含在我們的季度合併業績和開發產品部門中，且未對收購日期之前的任何期間進行調整。

In Q1, our total net revenues grew 23% year-over-year or 18% excluding the impact of Farfetch. On a constant currency basis, total net revenues grew 28% or 23% excluding Farfetch. Adjusted for the FLC accounting change the growth would have been 10 percentage points higher than the 23% constant currency growth rate, excluding Farfetch. The adjustment is a result of the change in FLC revenue accounting last year from gross to net.

第一季度，我們的總淨收入年增 23%，若不計 Farfetch 的影響則成長 18%。以固定匯率計算，總淨收入成長 28%，不包括 Farfetch 則成長 23%。經 FLC 會計變更調整後，不包括 Farfetch ，成長率將比 23% 的恆定貨幣成長率高出 10 個百分點。此項調整是由於去年 FLC 收入核算從總額變為淨額所致。

Product Commerce segment revenues grew 15% year-over-year in Q1 on a reported basis or 20% in constant currency. Adjusted for the FLC accounting change, the growth rates would have been over 10 percentage points higher. Our growth rate continues to compound at high multiples of the growth rate of the total retail spend in Korea, which grew at 2% this quarter.

以報告基礎計算，產品商務部門第一季營收年增 15%，以固定匯率計算成長 20%。根據 FLC 會計變更進行調整後，成長率將高出 10 個百分點以上。我們的成長率持續與韓國零售總支出的成長率保持高倍數成長，本季韓國零售總支出的成長率為 2%。

We observed increasing spend by all of our cohorts, even our oldest, along with a 16% year-over-year increase in Product Commerce active customers as we added 2.9 million active customers over the last year. This demonstrates the tremendous value that customers come to expect from Coupang as we continue to make significant investments to provide the broadest selection, the fastest, most reliable delivery at the lowest prices.

我們觀察到，我們所有群組的支出都在增加，甚至包括最年長的用戶，同時產品商務活躍客戶同比增長了 16%，去年我們增加了 290 萬活躍客戶。這表明客戶對 Coupang 的巨大價值抱有期望，因為我們將繼續進行大量投資，以最低的價格提供最廣泛的選擇、最快、最可靠的送貨服務。

Product Commerce segment revenues per active customers grew 3% year-over-year in constant currency. This includes a short-term dilutive impact of large number of new Product Commerce active customers we have added over the last few quarters as well as the impact of FLC accounting change. We believe a large amount of future growth will continue to come from the spend of newer customers converging to the much higher spends of the older customer cohorts.

以固定匯率計算，產品商務部門每位活躍客戶的營收年增 3%。這包括我們在過去幾季增加的大量新產品商務活躍客戶所帶來的短期稀釋影響以及 FLC 會計變更的影響。我們相信，未來很大一部分成長將繼續來自於新客戶的支出與老客戶群更高支出的融合。

We continue to see exciting momentum building in our Developing Offerings segment, where segment revenues grew over 330% year-over-year or 134% excluding Farfetch. On a constant currency basis, Developing Offerings segment revenues grew over 340% or 143% excluding Farfetch.

我們繼續看到開發產品部門令人興奮的發展勢頭，該部門收入同比增長超過 330%，不包括 Farfetch 則增長了 134%。以固定匯率計算，開發產品部門的收入成長了 340% 以上，若不包括 Farfetch，則成長了 143%。

Q1 produced a record $1.9 billion in gross profit with a gross margin of 27.1%, excluding Farfetch. We delivered $1.8 billion in gross profit with a margin of 26.5%, a margin improvement of 200 basis points year-over-year and 90 basis points quarter-over-quarter.

第一季毛利創歷史新高，達 19 億美元，毛利率為 27.1%（不含 Farfetch）。我們實現了 18 億美元的毛利，利潤率為 26.5%，利潤率年增 200 個基點，環比提高 90 個基點。

Product commerce gross profit increased 31% year-over-year, and gross profit margin increased 100 basis points quarter-over-quarter to 28.3%. Our margin improvement continues to be driven by investments in process, technology and automation as well as further optimization in our supply chain and the scaling of margin-accretive offerings, including ads and FLC.

產品商業毛利年增31%，毛利率較上季增加100個基點至28.3%。我們的利潤率提高繼續受到對流程、技術和自動化的投資以及供應鏈的進一步優化和利潤增值產品（包括廣告和 FLC）的擴大的推動。

OG&A expense as a percentage of revenue increased 390 basis points this quarter versus last year. This change was primarily due to the inclusion of Farfetch whose expenses also include $58 million of onetime costs this quarter relating to the acquisition and subsequent restructuring activities.

本季度，石油、天然氣及一般行政費用佔收入的百分比比去年同期增加了 390 個基點。這項變更主要是由於 Farfetch 的納入，其費用還包括本季與收購和後續重組活動相關的 5,800 萬美元一次性成本。

We generated $59 million of income before income taxes and $5 million in net income attributable to Coupang stockholders this quarter. This resulted in diluted earnings per share of $0.00. Excluding Farfetch, net income attributable to Coupang's stockholders was $98 million for the quarter, and diluted earnings per share would have been $0.05.

本季度，我們的稅前收入為 5,900 萬美元，歸屬於 Coupang 股東的淨收入為 500 萬美元。這導致每股攤薄收益為 0.00 美元。不計 Farfetch，本季歸屬於 Coupang 股東的淨收入為 9,800 萬美元，每股攤薄收益為 0.05 美元。

Our consolidated operations generated $281 million of adjusted EBITDA this quarter, this does not include the onetime costs relating to the acquisition and subsequent restructuring activities in Farfetch.

本季度，我們的合併業務產生了 2.81 億美元的調整後 EBITDA，這還不包括與 Farfetch 的收購和後續重組活動相關的一次性成本。

The Q1 adjusted EBITDA margin was 3.9%, which was favorably impacted 30 basis points from the accounting change in FLC. Adjusted EBITDA over the trailing 12 months was $1.1 billion with a margin of 4.3% this quarter representing 100 basis points improvement year-over-year. Excluding Farfetch, we recorded $312 million of adjusted EBITDA this quarter and $1.1 billion over the trailing 12 months. This resulted in a trailing 12-month adjusted EBITDA margin of 4.5%, a 110 basis point improvement year-over-year.

第一季調整後的 EBITDA 利潤率為 3.9%，受 FLC 會計變更的 30 個基點的有利影響。過去 12 個月的調整後 EBITDA 為 11 億美元，本季利潤率為 4.3%，比去年同期提高了 100 個基點。不包括 Farfetch，本季我們的調整後 EBITDA 為 3.12 億美元，過去 12 個月的調整後 EBITDA 為 11 億美元。這使得過去 12 個月的調整後 EBITDA 利潤率為 4.5%，比去年同期提高了 110 個基點。

We believe we are still far from realizing the full margin potential of our business and are confident in our ability to continue expanding consolidated margins on an annual basis this year.

我們相信，我們距離實現業務的全部利潤潛力還很遠，並且有信心今年我們有能力繼續擴大年度合併利潤率。

Product Commerce segment delivered $467 million of adjusted EBITDA, an increase of 62% year-over-year and a margin of 7.2%. This represents a margin expansion of 210 basis points over the last year and includes a 60 basis points benefit from the FLC accounting change.

產品商務部門的調整後 EBITDA 為 4.67 億美元，較去年同期成長 62%，利潤率為 7.2%。這意味著利潤率比去年增加了 210 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 continues to be driven by further operational efficiencies, improvements from supply chain optimization and contribution from the growth of our higher-margin categories and offerings.

利潤率的成長繼續受到進一步的營運效率、供應鏈優化的改進以及高利潤率類別和產品成長的貢獻的推動。

Our Developing Offerings segment adjusted EBITDA loss was $186 million, increasing $139 million year-over-year. This was driven by our increased level of investments in these early stage opportunities as well as a $31 million impact from the consolidation of our Farfetch.

我們的開發產品部門調整後的 EBITDA 虧損為 1.86 億美元，年增 1.39 億美元。這是由於我們對這些早期機會的投資增加，以及合併 Farfetch 帶來的 3,100 萬美元的影響。

Last quarter, we provided guidance that we anticipate incurring adjusted EBITDA losses in Developing Offerings of approximately $650 million in 2024, excluding Farfetch. With the addition of Farfetch in Developing Offerings, we now estimate that our 2024 adjusted EBITDA losses for Developing Offerings will be around $750 million. We also anticipate that Farfetch will reach close to positive adjusted EBITDA run rate by the end of the calendar year.

上個季度，我們提供了指導，預計 2024 年發展中產品（不包括 Farfetch）的調整後 EBITDA 損失約為 6.5 億美元。隨著 Farfetch 加入發展中產品系列，我們現在估計，2024 年發展中產品系列的調整後 EBITDA 損失將達到約 7.5 億美元。我們也預計，到今年年底，Farfetch 的調整後 EBITDA 運作率將接近正值。

We ended the first quarter with roughly $5.6 billion in cash, increasing 35% over last year. This was a result of generating $2.4 billion in operating cash flow and $1.5 billion of free cash flow over the trailing 12 months.

第一季結束時，我們的現金約為 56 億美元，比去年同期成長了 35%。這是由於過去 12 個月產生了 24 億美元的營運現金流和 15 億美元的自由現金流。

This quarter, we saw an increase in effective income tax rate driven by consolidation of pretax losses in Farfetch. With the inclusion of Farfetch, we now anticipate, we'll experience a temporarily high book tax rate between 95% to 100% in 2024. This is just an accounting tax rate as we expect our cash tax obligations to be closer to 20% to 25%, excluding Farfetch losses. Over the long term, we expect to normalize to an effective tax rate closer to roughly 27%.

本季度，由於 Farfetch 稅前虧損的合併，我們看到有效所得稅率上升。隨著 Farfetch 的加入，我們現在預計，2024 年我們的帳面稅率將暫時處於高位，介於 95% 至 100% 之間。這只是一個會計稅率，因為我們預計我們的現金稅負將接近 20% 至 25%，不包括 Farfetch 的損失。從長遠來看，我們預計有效稅率將趨於正常化，接近 27% 左右。

Shortly after quarter end, we repurchased $178 million of Class A common stock from one of our early stage investors. We are continually evaluating our capital allocation strategy, assessing various opportunities, including share repurchases to generate long-term shareholder value.

季度末後不久，我們從一位早期投資者手中回購了價值 1.78 億美元的 A 類普通股。我們不斷評估我們的資本配置策略，評估各種機會，包括股票回購，以創造長期股東價值。

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

接線員，我們現在可以開始問答了。

(Operator Instructions) Our first question comes from the line of Eric Cha.

（操作員指示）我們的第一個問題來自 Eric Cha。

First off, just wanted to say the guidance on Farfetch is much appreciated. It should be very helpful for the investment community. On that note, my first question is, could you maybe elaborate on the long-term strategy on Farfetch? We understand that the initial step is to take your positive adjusted EBITDA on a run rate basis by year-end. But just wanted to see if we can get more details on your long-term strategy and what sort of opportunities you see with the platform?

首先，我只想說，非常感謝 Farfetch 的指導。這對於投資界來說應該會很有幫助。關於這一點，我的第一個問題是，您能否詳細說明一下 Farfetch 的長期策略？我們了解到，第一步是在年底前根據運行率計算出正調整後的 EBITDA。但我只是想看看我們是否可以了解更多關於您的長期策略的細節，以及您認為平台有什麼樣的機會？

Second question is around Taiwan. Will Taiwan eventually mimic the end-to-end logistics strategy it has done in Korea? As this would be the key differentiating factor. And are there any Taiwan-specific factors that impacts or dictate the level of CapEx if Coupang does decide to build out its own logistics network there?

第二個問題是關於台灣的問題。台灣最終會效法韓國的端到端物流策略嗎？因為這將是關鍵的區別因素。如果 Coupang 決定在台灣建立自己的物流網絡，是否有影響或決定資本支出水準的特定因素？

Eric, thanks for your questions. On Farfetch, we're very early in our journey. We just completed our acquisition at the end of January. And our ruthless prioritization at this moment is to stabilize Farfetch without compromising our level of service and value to customers.

艾瑞克，謝謝你的提問。在 Farfetch 上，我們才剛起步。我們剛剛在一月底完成收購。而我們目前的首要任務是穩定 Farfetch，同時不損害我們為客戶提供的服務水準和價值。

As we've mentioned, we've begun executing to that plan. And we anticipate that Farfetch will achieve close to positive adjusted EBITDA on a run rate basis by the end of this calendar year. It's a bit early to be discussing our mid- or long-term strategy, but we look forward to sharing more after we reach that important milestone.

正如我們所提到的，我們已經開始執行該計劃。我們預計，到今年年底，Farfetch 將實現接近正調整後 EBITDA 的運作率。現在討論我們的中期或長期策略還為時過早，但我們期待在達到這一重要里程碑後分享更多資訊。

On Taiwan, as with any new context, there are important similarities and some meaningful differences. I can say we're fortunate to be able to leverage a lot of what we've built in Korea over many years. Everything from our selection, learnings from years of building processes and optimizing Fulfillment and Logistics, supply chain optimization, the advanced technology we've built and refined over a decade. They're all helping us to scale faster in Taiwan, and we expect they will also help us reach profitability there faster than we did in Korea.

在台灣問題上，與任何新情況一樣，存在著重要的相似之處和一些有意義的差異。我可以說，我們很幸運能夠利用多年來在韓國建立的許多成果。一切都來自我們的選擇、多年建置流程和優化履行和物流、供應鏈優化的經驗，以及我們十多年來建立和完善的先進技術。他們都在幫助我們在台灣更快擴大規模，我們也預期他們也能幫助我們比在韓國更快獲利。

While we're excited about applying what we've learned, we're also -- we'll seek out new solutions when appropriate to create meaningful differentiation of customer experience. And also to seek out meaningful returns for our shareholders.

雖然我們很高興能夠應用我們所學到的知識，但我們也會在適當的時候尋找新的解決方案，以創造有意義的客戶體驗差異化。同時也為我們的股東尋求有意義的回報。

Your next question comes from the line of Stanley Yang.

您的下一個問題來自 Stanley Yang。

My question is about the Developing Offering loss guidance. You raised the guidance from USD 650 million to USD 750 million. So is this incremental $100 million increase driven by Farfetch only or any other factors included? My -- the other question is actually, when it comes to your existing developing business segments, the adjusted EBITDA loss seems to be stabilizing at current level. When do you expect the loss from the Eats in Taiwan to start declining?

我的問題是關於開發發行損失指導。您將指導金額從 6.5 億美元提高到了 7.5 億美元。那麼，這 1 億美元的增量只是由 Farfetch 推動的，還是還有其他因素？我的——另一個問題實際上是，當涉及您現有的正在發展的業務部門時，調整後的 EBITDA 損失似乎正在穩定在當前水平。您預計台灣外送的虧損什麼時候會開始下降？

Thanks, Stanley, for your question. The increase in guidance that we have provided is primarily -- it's pretty much from Farfetch. So we expect Farfetch to add on about $100 million to our adjusted EBITDA losses for the year. By end of the year, we expect it to hit the run rate of breakeven or positive.

謝謝史丹利提出的問題。我們提供的指導增加主要來自 Farfetch。因此，我們預計 Farfetch 今年的調整後 EBITDA 損失將增加約 1 億美元。到今年年底，我們預計其運行率將達到損益兩平或正值。

We integrated Farfetch into Coupang only in end of Jan, and we have made some massive restructuring changes there. And as Bom mentioned earlier, we have very ruthlessly prioritized to hit EBITDA positive there. So all of the Developing Offerings are on track or above expectations. So we're good there.

我們於 1 月底將 Farfetch 整合到 Coupang，並且在那裡進行了一些大規模的重組變革。正如 Bom 之前提到的，我們非常堅定地優先考慮實現 EBITDA 正值。因此，所有開發產品均符合預期或超出預期。所以我們現在一切順利。

Yes. I'll add on, Stanley, that as we've shared, our Development Offerings are making positive strides. They're meeting our milestones, in many cases, performing ahead of plan. And it's important to note that even with these investments, we expect to continue expanding our consolidated EBITDA margin on an annual basis this year. And we'll continue to be disciplined with our investments. Our goal and our objective will always be to maximize long-term free cash flow for our shareholders, and we'll continue to operate with discipline and within the operating tenants that we've shared with you every quarter.

是的。史丹利，我要補充一點，正如我們所分享的，我們的開發產品正在取得積極進展。他們正在實現我們的里程碑，在許多情況下，他們的表現都超出了計劃。值得注意的是，即使進行了這些投資，我們預計今年的合併 EBITDA 利潤率仍將繼續擴大。我們將繼續嚴格控制投資。我們的目標和宗旨始終是為股東實現長期自由現金流最大化，我們將繼續嚴格遵守每季與您分享的經營原則。

Your next question comes from the line of Seyon Park.

您的下一個問題來自 Seyon Park。

I have 2 questions. The first is on the share repurchase that the company conducted recently. I think it has come as a bit of a positive surprise. And I'm just kind of wondering how you're thinking about share buybacks going forward. The sell-downs you've seen from SoftBank have obviously been a bit of a hurdle for investors. So the fact that you are starting to do repurchases come -- clearly, I think, as a welcome sign, should -- will you be conducting these kind of repurchases from? Or is it possible to do so from SoftBank directly? Or would it really be more in the form of an open kind of repurchase, it is I think the first question that I wanted to ask.

我有兩個問題。一是關於公司近期進行的股份回購。我認為這是一個令人驚喜的驚喜。我只是有點好奇您對未來的股票回購有何看法。軟銀的拋售行為顯然對投資人來說是一個障礙。所以，您開始進行回購這一事實——顯然，我認為這是一個值得歡迎的跡象——您會進行此類回購嗎？或是可以直接從 SoftBank 進行嗎？或者它實際上會更多地採取一種開放的回購形式，我想這是我想問的第一個問題。

The second question is on advertisement. I know this has been an initiative that the company has been pushing for, I think, the last 1.5 years or so. And I just wanted to get some maybe qualitative comments as to how far that progress has been, whether it's still early innings, what kind of response that you've been seeing from your merchants? And what the plan is, maybe for the near to the medium term would be greatly appreciated.

第二個問題是關於廣告的。我知道這是公司一直在推動的一項舉措，我想，已經持續了大約一年半了。我只是想得到一些定性的評論，看看進展如何，是否還處於早期階段，您從商家那裡看到了什麼樣的反應？而關於近期到中期的計劃是什麼，也許會受到極大的讚賞。

Thanks, Seyon, for your question. As you noted, in April, we repurchased and canceled about $178 million of our Class A common stock from one of our early stage investors. Our strategy for capital deployment remains the same. We continuously assess various opportunities, including share repurchases to what -- and how we can drive long-term returns for the shareholders.

謝謝 Seyon 提出的問題。正如您所說，四月份，我們從一位早期投資者手中回購並註銷了價值約 1.78 億美元的 A 類普通股。我們的資本配置策略維持不變。我們不斷評估各種機會，包括股票回購，以及如何為股東帶來長期回報。

As for SoftBank, they have been a good partner and they continue and they are one of our largest investors, and we continue interacting with them. But at a higher level, we are evaluating multiple opportunities at the same time and could make decisions on what's best for our long-term shareholders.

至於軟銀，他們一直是我們良好的合作夥伴，並且他們仍然是我們最大的投資者之一，我們將繼續與他們互動。但在更高層次上，我們正​​在同時評估多個機會，並且可以做出對我們的長期股東最有利的決定。

On the advertising front, I think as you mentioned, it's an important area of investment and innovation for us. It continues to grow significantly faster than our overall business. It's still a very small percentage of our overall transaction volume and lower than the levels we see at our global peers. We're in the -- still in the early stages of developing the full range of tools and services to provide the best experience on that front for both customers and advertisers. Again, we see strong growth adoption significant potential, but we're still early in that journey.

在廣告方面，我認為正如您所說，這是我們投資和創新的重要領域。它的成長速度仍然遠快於我們的整體業務。它仍然只占我們整體交易量的一小部分，並且低於我們全球同行的水平。我們仍處於開發全系列工具和服務的早期階段，以便為客戶和廣告商提供最佳體驗。再次，我們看到強勁的成長採用巨大的潛力，但我們仍處於這一旅程的早期階段。

Your next question comes from the line of Jiong Shao.

您的下一個問題來自邵炯。

Congrats on the very strong results despite it's a bit messy with the Farfetch consolidation. Two questions from me. You talked about the growth last time for 2024 to be sort of consistent with last year's growth. And I think Q1 growth, if you adjust for the FLC with constant currency growth rate, I think you continue to accelerate a higher growth rate than the quarter before. I think this is the fifth quarter consecutively, I think, for the acceleration. With this kind of growth accelerating, any comments about your 2024 sort of revenue growth outlook, excluding Farfetch, obviously.

儘管 Farfetch 合併帶來了一些混亂，但仍然祝賀您取得了非常強勁的業績。我有兩個問題。您上次談到 2024 年的成長與去年的成長基本一致。我認為，如果以固定貨幣成長率調整 FLC，第一季的成長速度將繼續高於上一季。我認為這是連續第五個季度加速。隨著這種成長的加速，您對 2024 年的營收成長前景有何評論？顯然，不包括 Farfetch。

The second question is on the Eats. I think you talked about the very strong growth for Eats, especially after you sort of launched the free delivery with a bundled order for the WOW members. Previously, you talked about the Eats' contribution margin, I think, is breakeven to positive with a 10% discount for the WOW members. Now, you don't need to do 10% discount, but it's kind of free delivery. So you have plus and minus. Could you talk about compared to the previous 10% discount, but for delivery version, what the unit economics looks like now for the sort of free delivery side of the Eats segment?

第二個問題是關於 Eats 的。我想您談到了 Eats 的強勁增長，特別是在您為 WOW 會員推出捆綁訂單免費送貨服務之後。之前，您談到了 Eats 的貢獻利潤率，我認為，如果為 WOW 會員提供 10% 的折扣，那麼 Eats 的貢獻利潤率就是盈虧平衡或為正。現在，您不需要打 10% 的折扣，但這是一種免費送貨。所以你有加號和減號。您能否談談與之前的 10% 折扣相比，但對於送貨版本，現在 Eats 部門免費送貨方面的單位經濟效益如何？

Thank you, Jiong, for the question. I think it's important to see our growth in the longer-term context. We certainly look at it that way rather than looking at it in a short window. The growth you see each quarter, the acceleration you see is not necessarily a reflection of any levers we've pulled within the past few months. It's driven by and represents customers' adoption of years of investment in the best experience at the lowest price across the broadest assortment, and we continue to make such investments, especially around selection, where we're focused on adding more assortment that customers want and increasing delivery speed for Rocket.

謝謝 Jiong 的提問。我認為從長遠角度看待我們的成長非常重要。我們當然會這樣看待它，而不是在短時間內看待它。您每季看到的成長、看到的加速並不一定反映了我們在過去幾個月採取的任何措施。它是由客戶多年來對最廣泛的商品中最低價格的最佳體驗的投資所推動的，並且代表了這一點，我們將繼續進行此類投資，特別是在選擇方面，我們專注於增加客戶想要的更多商品種類並提高 Rocket 的交付速度。

One example of that selection, by the way, is the private label offerings that we're providing for customers, private label offerings are a small fraction of our overall sales, but have been very popular with our customers and our suppliers, particularly SMEs. And SME supply nearly 90% of our private label units sold. And in addition to saving customers money by directly offering lower-priced items, private label also helps lower prices more broadly for customers by helping SMEs compete with larger manufacturers.

順便說一下，這種選擇的一個例子就是我們為客戶提供的自有品牌產品，自有品牌產品只占我們整體銷售額的一小部分，但卻受到我們的客戶和供應商，尤其是中小企業的歡迎。中小企業供應了我們銷售的自有品牌單位的近 90%。除了直接提供低價商品為客戶節省資金之外，自有品牌還可以幫助中小企業與大型製造商競爭，從而更廣泛地降低客戶價格。

We're excited that our private label offers continue to help customers save money, increase competition, to lower prices, provide critical support and growth to SME manufacturers and suppliers in the market. Initiatives like that have really broadened our selection and deepen the value that we provide for customers.

我們很高興我們的自有品牌產品能夠繼續幫助客戶節省資金、增強競爭力、降低價格，並為市場上的中小型製造商和供應商提供關鍵支援和成長。此類舉措確實拓寬了我們的選擇範圍，並深化了我們為客戶提供的價值。

And I think another reason that you see our strong growth persists, in the larger context, we're still in the single-digit share of a massive and highly-fragmented $560 billion commerce opportunity. And you'll see that our growth is not driven by one segment. It's really driven by broad spend increase across all of our cohorts, even our oldest, which we believe reflects the appetite that customers have to buy even more on Coupang. If we can provide better selection at low prices and fast delivery, our strategy and the drivers of our growth remain consistent with what we've been focused on and have been investing in for over the past decade.

我認為，我們持續保持強勁成長的另一個原因是，從更大的背景來看，在規模龐大且高度分散的 5,600 億美元商業機會中，我們僅佔個位數的份額。你會發現我們的成長並不是由單一的細分市場所推動的。這實際上是由我們所有群體（甚至是最年長的用戶）的廣泛支出成長所推動的，我們認為這反映了客戶在 Coupang 上購買更多商品的慾望。如果我們能夠以低廉的價格和快速的交付提供更好的選擇，我們的策略和成長動力將與我們過去十年來一直關注和投資的方向保持一致。

I think to your second question on Eats, as we pointed out, free delivery has really unlocked a lot of growth for Eats. We saw the single largest increase in orders and customers in the history of Eats. Eats continues to be unit economics positive, excluding onetime merchant acquisition costs. And the majority of WOW members are still not on Eats. So we have a huge opportunity ahead of us. And we're proud that we've ushered in this era of 0 delivery costs even for restaurant orders.

我認為關於 Eats 的第二個問題，正如我們所指出的，免費送貨確實為 Eats 帶來了很大的成長。我們見證了 Eats 歷史上訂單量和客戶量的最大成長。除一次性商家收購成本外，Eats 的單位經濟效益持續為正。且大多數 WOW 會員仍未使用 Eats。因此，我們面前有巨大的機會。我們很自豪能夠開創這個即使餐廳訂單也能享受 0 配送費用的時代。

We began by offering 0 delivery costs in general merchandise then in cold chain fresh deliveries. And now we've extended that even to restaurant orders, and we're just delighted by the response of our customers have shown us to date. And we'll continue to focus on breaking trade-offs and providing the best experience in restaurant delivery and in commerce more broadly.

我們先為日用百貨提供 0 運費，然後為冷鏈生鮮商品提供 0 運費。現在我們甚至將這項服務擴展到餐廳訂單，我們對迄今為止客戶的反應感到非常高興。我們將繼續致力於打破權衡，在餐廳外賣和更廣泛的商業領域提供最佳體驗。

(Operator Instructions) Our last question comes from the line of James Lee.

（操作員指示）我們的最後一個問題來自詹姆斯李。

Two over here, First, can you guys talk about your AI investments. Are you building applications on your existing foundational models? Or are you training on your own? And can you also talk about maybe some of the use cases that differentiate your offering?

這裡有兩個人，首先，你們能談談你們的人工智慧投資嗎？您是否正在現有的基礎模型上建立應用程式？還是你自己在訓練？您能否談談一些使您的產品與眾不同的用例？

And secondly, I think, Bom, you had mentioned about new China entrants. I'm just curious about what you're seeing here, which category are you seeing the most overlap? And also any responses you guys initiated, for example, maybe sourcing more from Chinese suppliers?

其次，Bom，我認為您提到了新進入中國的公司。我只是好奇您在這裡看到了什麼，哪個類別的重疊最多？還有你們採取了什麼措施嗎，例如，可能從中國供應商採購更多產品？

James, thanks for your questions. First on AI, we are exploring, both for us, as you mentioned, foundational models as well as our own. Machine learning and AI continues to be -- have been a core part of our strategy. We've deployed them in many facets of our business, from supply chain management to same-day logistics. We're also seeing tremendous potential with large language models in a number of areas from search and ads, to catalog and operations, among others.

詹姆斯，謝謝你的提問。首先，在人工智慧方面，正如您所說，我們正在探索基礎模型以及我們自己的模型。機器學習和人工智慧一直是我們策略的核心部分。我們已將它們部署到業務的許多方面，從供應鏈管理到當日物流。我們也看到大型語言模型在搜尋和廣告、目錄和營運等多個領域的巨大潛力。

There's exciting potential for AI that we see and we see opportunities for it to contribute even more significantly to our business. But like any investment we make, we'll test and iterate and then invest further only in the cases where we see the greatest potential for return.

我們看到人工智慧具有令人興奮的潛力，我們看到它為我們的業務做出更大貢獻的機會。但就像我們所做的任何投資一樣，我們會進行測試和迭代，然後僅在看到最大回報潛力的情況下進行進一步投資。

On competition that you mentioned, retail has been -- commerce in general, has been a very competitive market. It's always been that way since we've started. We've always had many competitors, constant stream of new entrants. And the Chinese commerce players are -- that you mentioned are some of the latest to enter the market.

關於您提到的競爭，零售業——總體而言，商業業一直是一個競爭非常激烈的市場。自從我們開始以來，情況一直如此。我們一直有很多競爭對手，新進入者也不斷出現。您提到的中國商業參與者是最新進入該市場的參與者之一。

Again, I want to note that we still have just single-digit share of a huge $560 billion commerce opportunity. It remains fragmented. Customers are constantly shopping around to find the best selection, pricing, service. And customers can compare and purchase at multiple retailers with a swipe of a finger.

我想再次指出，在 5,600 億美元的巨大商業機會中，我們仍然只佔有個位數的份額。它仍然是碎片化的。顧客不斷貨比三家，以找到最佳的選擇、價格和服務。顧客只需輕輕一劃手指，即可在多家零售商處進行比較和購買。

So we have to continue to invest and innovate to provide the best experience to win their purchase every single time. We have to win customers by creating new moments of WOW. That's what's mattered in the past. That's what will continue to matter in this competitive market. And we believe that our success will be determined primarily by our execution on that front, on improving customer experience and operational excellence.

因此，我們必須不斷投資和創新，提供最佳體驗，以贏得他們的每次購買。我們必須透過創造新的驚喜時刻來贏得顧客。這才是過去重要的事。在這個競爭激烈的市場中，這一點仍將至關重要。我們相信，我們的成功主要取決於我們在這方面的執行情況，即改善客戶體驗和卓越營運。

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。