Coupang Inc (CPNG) 2024 Q2 法說會逐字稿

Hello, everyone. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2024 second quarter earnings conference call. All lines have been placed on mute to prevent any background noise.

大家好。我叫克里斯塔，今天我將擔任你們的會議操作員。此時，我歡迎大家參加Coupang 2024年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

演講者發言後，將進行問答環節。（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 Mike Parker。您可以開始您的會議了。

Thanks, operator. Welcome, everyone, to Coupang’s second 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 的 2024 年第二季財報電話會議。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.

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，我們不承擔更新或修改此資訊的任何義務。

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.

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。有關這些非公認會計準則衡量標準的其他揭露，包括這些衡量標準與最具可比性的公認會計準則衡量標準的調節，均包含在我們的收益發布、本網絡廣播附帶的幻燈片以及我們向SEC 提交的文件中，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 Bom.

現在，我將把電話轉給 Bom。

Thanks, everyone, for joining us today. Before we dive into the results for Q2, here are three takeaways from another strong quarter.

謝謝大家今天加入我們。在我們深入研究第二季的業績之前，以下是另一個強勁季度的三個要點。

First, our results continue to be driven by years of investment and innovation to provide what we believe is the best retail customer experience on the planet. Second, our focus on innovation and operational excellence helps us break traditional tradeoffs, so we can provide that superior customer experience at the lowest cost, and in turn strengthen growth and profitability.

首先，我們的業績繼續受到多年投資和創新的推動，以提供我們認為是地球上最好的零售客戶體驗。其次，我們對創新和卓越營運的關注有助於我們打破傳統的權衡，因此我們能夠以最低的成本提供卓越的客戶體驗，從而增強成長和獲利能力。

One example. We deliver the vast majority of our Fresh orders using ecobags that replaced almost all of the delivery-related disposable packaging. That saves us packaging cost, helps the environment, and allows us to provide free delivery within hours, and do so profitably. That’s just one example of how we strive to provide the best customer experience at the lowest cost, and generate growth while expanding profitability, not one at the expense of the other.

舉一個例子。我們使用生態袋配送絕大多數生鮮訂單，該袋取代了幾乎所有與配送相關的一次性包裝。這節省了我們的包裝成本，有利於環境，並使我們能夠在數小時內提供免費送貨服務，並實現盈利。這只是我們如何努力以最低的成本提供最佳的客戶體驗，並在擴大獲利能力的同時實現成長，而不是以犧牲另一個為代價的一個例子。

Third, our developing offerings are generating strong growth and exciting momentum for the future. Our historical investments in product commerce were misunderstood at the time, but today help generate the strong growth and cash flows you see each quarter. We believe our investments in developing offerings are building the next set of offerings that will further compound our growth and cash flow generation in the future.

第三，我們正在開發的產品正在為未來帶來強勁的成長和令人興奮的動力。我們對產品商務的歷史投資當時被誤解了，但今天有助於產生每季強勁的成長和現金流。我們相信，我們對開發產品的投資正在建立下一組產品，這將進一步促進我們未來的成長和現金流的產生。

Now a few numbers to highlight from our second quarter performance. This quarter we grew constant currency revenues 30% over last year, or 23% excluding Farfetch, which we acquired in Q1 of this year. And adjusting for the fulfillment and logistics by Coupang or FLC accounting change we began in Q2 of last year, the growth would have been 660 bps higher than the 23% constant currency growth rate excluding Farfetch.

現在要重點介紹我們第二季業績的一些數字。本季度，我們的固定貨幣收入比去年增長了 30%，如果不包括今年第一季收購的 Farfetch，則增長 23%。我們從去年第二季開始根據 Coupang 或 FLC 會計變更對履行和物流進行調整，成長將比不包括 Farfetch 的 23% 的恆定貨幣成長率高出 660 個基點。

Our Product Commerce Active Customers grew 12% year-over-year. It’s important to note, however, that while new customers contribute to future growth, our growth today and tomorrow is powered primarily by the increasing spend of our existing customers.

我們的產品商務活躍客戶年增 12%。然而，值得注意的是，雖然新客戶有助於未來的成長，但我們今天和明天的成長主要是由現有客戶支出的增加所推動的。

And we believe our future growth opportunity is massive and largely untapped because we still account for a small percentage of overall retail spend, even of our oldest and best customer cohorts. That’s why all our customer cohorts continue to increase their spend, even our oldest and highest spending cohorts. We can’t stress enough how small a share we are of the massive and highly fragmented $560 billion commerce opportunity in the market, and how early we are in that journey.

我們相信，我們未來的成長機會是巨大的，而且很大程度上尚未開發，因為我們仍然只佔整體零售支出的一小部分，即使是我們最古老和最好的客戶群。這就是為什麼我們所有的客戶群體都在繼續增加支出，甚至是我們最老、支出最高的群體。無論如何強調，在價值 5,600 億美元的龐大且高度分散的商業機會中，我們所佔的份額是多麼小，而且我們在這趟旅程中還處於起步階段。

This quarter, we saw the growth in our marketplace, which includes both third party and FLC, significantly outpace the growth of our overall business. For the 13th consecutive quarter, our marketplace sales have grown faster than our first party sales.

本季度，我們看到包括第三方和 FLC 在內的市場成長明顯超過了我們整體業務的成長。連續第 13 個季度，我們的市場銷售額成長速度快於第一方銷售額。

Marketplace sellers are not only growing faster than our first party, they’re also growing exponentially faster than the overall Korean retail market. Many of these marketplace sellers who have enjoyed this tremendous growth are SMEs, and that doesn’t include sellers who were once SMEs but are now large businesses, thanks to the growth they’ve enjoyed on Coupang.

市場賣家的成長速度不僅比我們的第一方更快，而且比整個韓國零售市場的成長速度也呈指數級增長。許多享受這種巨大增長的市場賣家都是中小企業，這不包括曾經是中小企業但由於在 Coupang 上享受增長而現在成為大型企業的賣家。

We’re proud that we’ve helped over 9,000 SMEs graduate from SME status since 2020. We continue to invest in services that power that marketplace growth and FLC’s growth trajectory is worth highlighting. In Q2, the number of sellers joining FLC grew 25% quarter-over-quarter and over 150% year-over-year.

自 2020 年以來，我們已幫助超過 9,000 家中小企業資格，對此我們深感自豪。我們持續投資於推動市場成長的服務，FLC 的成長軌跡值得強調。第二季度，加入FLC的賣家數量較上季成長25%，年增超過150%。

Now a few words on developing offerings. We continue to be pleased with the progress and momentum we’re seeing in Eats where customer adoption continues on its strong trajectory since we launched our WOW free delivery program last quarter.

現在談談開發產品。我們仍然對 Eats 所取得的進展和勢頭感到滿意，自上季度我們推出 WOW 免費送貨計劃以來，客戶採用率繼續保持強勁勢頭。

And merchants are benefiting from that growth: in just three months, restaurants on Coupang on average have seen a nearly 30% growth in volumes. In Taiwan, we’re focused on breaking the same tradeoffs for the Taiwanese customer that we did for the Korean customer to win their loyalty and trust. Our conviction of the potential in Taiwan is as strong as ever.

商家也從這種成長中受益：在短短三個月內，Coupang 上的餐廳平均銷量成長了近 30%。在台灣，我們致力於為台灣客戶打破與韓國客戶相同的權衡，以贏得他們的忠誠和信任。我們一如既往地堅信台灣的潛力。

On a side note, while Korean products are just part of the assortment that we offer to customers in Taiwan, we’re enabling tens of thousands of Korean companies to get their products to Taiwanese consumers, and our growth has helped triple their total sales volumes this year over last year.

順便說一句，雖然韓國產品只是我們向台灣客戶提供的產品種類的一部分，但我們正在幫助數以萬計的韓國公司向台灣消費者提供他們的產品，而且我們的增長幫助他們的總銷售額增加了兩倍今年的銷售量超過去年。

On Farfetch, as we stated last quarter, our goal is to generate close to positive adjusted EBITDA on a run-rate basis by the end of the calendar year. We’re executing to plan, and it’s on track to achieve these goals for the year so far.

在 Farfetch 上，正如我們上季度所說，我們的目標是在日曆年年底前按運行率產生接近正值的調整後 EBITDA。我們正在按計劃執行，到目前為止，我們有望實現今年的這些目標。

Though we’re still in the very early stages of our journey, we’re excited about Farfetch’s progress and potential. It’s important to highlight that in the markets we serve, we see massive potential that is still largely untapped.

儘管我們仍處於旅程的早期階段，但我們對 Farfetch 的進步和潛力感到興奮。需要強調的是，在我們服務的市場中，我們看到了尚未開發的巨大潛力。

And our strategy to capture that potential has been unwavering, disciplined investment and operational excellence to deliver customer wow--the best selection, service and savings for our customers. We believe to our core that the happiness of our customers is the key to maximizing opportunities in the long term for our suppliers, merchants, employees and shareholders.

我們捕捉這一潛力的策略是堅定不移、嚴格的投資和卓越的運營，為客戶提供最佳的選擇、服務和節省。我們堅信，客戶的幸福是為我們的供應商、商家、員工和股東提供長期機會最大化的關鍵。

Now I’ll turn the call over to Gaurav to review our results in greater detail.

現在我將把電話轉給 Gaurav，以更詳細地審查我們的結果。

Thanks, Bom. This quarter we saw a continuation of the strong momentum across our business that we reported in Q1. In Q2, we again delivered robust growth in revenue, product commerce active customers, gross profit, and adjusted EBITDA.

謝謝，鮑姆。本季度，我們的業務延續了第一季報告的強勁勢頭。第二季度，我們在營收、產品商務活躍客戶、毛利和調整後 EBITDA 方面再次實現強勁成長。

As we go through the numbers, I want to remind everyone of our acquisition of Farfetch that was completed at the end of January this year. Q2 represents the first quarter consolidating three full months of Farfetch operating results, with no Farfetch financials included in the prior year comps. Wherever possible, I will provide results for the quarter with and without Farfetch, to highlight the performance of our existing business and the impact from the Farfetch acquisition.

當我們回顧這些數字時，我想提醒大家，我們在今年 1 月底完成了對 Farfetch 的收購。第二季度代表第一季度，整合了 Farfetch 整整三個月的營運業績，上一年的比較中沒有包含 Farfetch 的財務數據。只要有可能，我將提供有和沒有 Farfetch 的季度業績，以突顯我們現有業務的業績以及收購 Farfetch 的影響。

Our total net revenues grew 25% year-over-year in Q2, or 18% excluding the impact of Farfetch. Adjusting for the effects of changes in foreign currencies, total net revenues grew 30%, or 23% excluding Farfetch. As a reminder, beginning in Q2 last year, we made certain changes to FLC revenue accounting, changing the accounting from gross to net on a prospective basis.

第二季我們的總淨收入年增 25%，排除 Farfetch 的影響則成長 18%。調整外幣變動的影響後，總淨收入成長了 30%，排除 Farfetch 後淨收入成長了 23%。提醒一下，從去年第二季開始，我們對 FLC 收入會計進行了某些更改，將會計從毛額改為淨額。

Adjusting for the impact of this change, the growth would have been 660 bps higher than the 23% constant currency growth rate excluding Farfetch.

調整此變化的影響後，成長率將比不包括 Farfetch 的 23% 恆定貨幣成長率高出 660 個基點。

Within our product commerce segment, Q2 revenues grew 13% year-over-year, or 18% in constant currency. This growth rate would have been 680 bps higher after adjusting for the FLC accounting change. With the total retail spend in Korea growing at just 1%, Coupang continues to be a growing value destination for consumers and the primary source of consistent growth for sellers and suppliers in Korea.

在我們的產品商務部門，第二季營收年增 13%，以固定匯率計算成長 18%。調整 FLC 會計變更後，此成長率將高出 680 個基點。儘管韓國的零售總額僅成長 1%，但 Coupang 仍然是消費者不斷增長的價值目的地，也是韓國賣家和供應商持續成長的主要來源。

Net revenues per product commerce active customer grew 5% year-over-year in constant currency. This includes the short-term dilutive impact of the large number of new product commerce active customers we have added over the last few quarters as well as the impact of the FLC accounting change. The impact of new customers is dilutive because new customers spend less initially, but we have seen their spend levels grow in line with the trajectory of older cohorts over time.

以固定匯率計算，每個產品商務活躍客戶的淨收入年增 5%。這包括我們在過去幾季增加的大量新產品商務活躍客戶的短期稀釋影響以及 FLC 會計變更的影響。新客戶的影響是稀釋的，因為新客戶最初的支出較少，但我們看到他們的支出水平隨著時間的推移與老客戶的軌跡一致。

It's important to note that the vast majority of our growth is powered by increasing spend of our existing customers. We continue to see the spend levels of all our cohorts increase, even our oldest and highest spending. We believe there is still a long runway for growth, given that we account for a small percentage of their overall retail spend.

值得注意的是，我們的成長絕大多數是由現有客戶支出的增加所推動的。我們繼續看到所有群體的支出水準都在增加，甚至是我們年齡最大和支出最高的人。我們相信，鑑於我們只佔其整體零售支出的一小部分，成長還有很長的路要走。

As we have shared previously, we believe we have a significant opportunity to grow that small percentage of overall retail spend to much higher levels by improving our selection, service and savings for customers.

正如我們之前所分享的，我們相信，透過改善我們的選擇、服務和客戶節省，我們有很大的機會將整體零售支出的一小部分提高到更高的水平。

As Bom noted, we continue to be encouraged by the progress we are seeing within our developing offerings segment. Developing offerings revenues grew over 470% year-over-year, or 177% excluding Farfetch. On a constant currency basis, developing offerings segment revenue grew over 480%, or 188% excluding Farfetch.

正如 Bom 指出的那樣，我們在開發產品領域的進展繼續令我們感到鼓舞。開發產品營收年增超過 470%，不包括 Farfetch 則成長 177%。以固定匯率計算，開發產品部門收入成長超過 480%，若不包括 Farfetch，則成長 188%。

Given the evolving mix of the various offerings, services, and channels within our business, we believe a primary indicator of the underlying growth in our business is gross profit. This quarter, we again delivered a record quarter of gross profit, reaching over $2.1 billion, growing over 40% year-over-year with a gross margin of 29.3%.

鑑於我們業務中各種產品、服務和管道的不斷變化，我們認為毛利是我們業務潛在成長的主要指標。本季度，我們再次實現了創紀錄的季度毛利，達到超過 21 億美元，年成長超過 40%，毛利率為 29.3%。

Excluding Farfetch, we delivered $1.9 billion in gross profit for a growth rate of 27% and a margin of 28.3%. This represents an improvement of 220 basis points year-over-year, accelerating even faster than the growth we saw last quarter.

不包括 Farfetch，我們的毛利為 19 億美元，成長率為 27%，利潤率為 28.3%。這意味著年比提高了 220 個基點，成長速度甚至比我們上季看到的成長速度還要快。

Product commerce gross profit increased 26% year-over-year to over $1.9 billion, and a record gross profit margin of 30.3%. This represents a 310 basis points improvement over last year, and 200 basis points over last quarter.

產品商務毛利年增 26%，超過 19 億美元，毛利率達到創紀錄的 30.3%。這比去年提高了 310 個基點，比上季提高了 200 個基點。

Our margin improvement this quarter was driven by strong growth rates in categories with a higher margin composition, as well as higher efficiencies across operations including benefits from greater utilization of automation and technology, including AI.

我們本季的利潤率改善是由於利潤率構成較高的類別的強勁成長率以及整個營運效率的提高（包括更多地利用自動化和技術（包括人工智慧）帶來的好處）所推動的。

We also continue to benefit from further optimization in our supply chain and the scaling of margin accretive offerings. We expect these drivers to continue contributing to further margin expansion over the quarters and years to come.

我們也持續受惠於供應鏈的進一步優化和利潤增值產品的擴大。我們預計這些驅動因素將在未來幾季和幾年內繼續推動利潤率的進一步擴大。

OG&A expense as a percentage of revenue this quarter increased 600 basis points versus last year. This change was primarily due to the inclusion of Farfetch and its related restructuring costs, as well as the estimated $121 million administrative fine that we accrued as announced by the Korean Fair Trade Commission.

本季 OG&A 費用佔收入的百分比比去年增加了 600 個基點。這項變更主要是由於納入了 Farfetch 及其相關重組成本，以及韓國公平貿易委員會宣布的我們預計 1.21 億美元的行政罰款。

We generated $3 million of income before income taxes, and a $77 million of net loss attributable to Coupang stockholders this quarter. This resulted in diluted loss per share of $0.04. Excluding Farfetch and the estimated accrued fine, net income attributable to Coupang stockholders was approximately $124 million for the quarter and diluted earnings per share was $0.07.

本季我們的所得稅前收入為 300 萬美元，Coupang 股東淨虧損為 7,700 萬美元。這導致每股攤薄虧損 0.04 美元。不包括 Farfetch 和估計的應計罰款，本季歸屬於 Coupang 股東的淨利潤約為 1.24 億美元，攤薄後每股收益為 0.07 美元。

Our consolidated business reported $330 million of adjusted EBITDA this quarter, which excludes the one-time costs relating to the restructuring activities in Farfetch as well as the accrued fine. This resulted in an adjusted EBITDA margin of 4.5%. The trailing 12 months adjusted EBITDA was $1.1 billion with a margin of 4.2%.

我們的合併業務本季調整後 EBITDA 為 3.3 億美元，其中不包括與 Farfetch 重組活動相關的一次性成本以及應計罰款。調整後的 EBITDA 利潤率為 4.5%。過去 12 個月調整後 EBITDA 為 11 億美元，利潤率為 4.2%。

Excluding Farfetch, we recorded $361 million of adjusted EBITDA this quarter and $1.2 billion over the trailing 12 months, with a trailing 12 month adjusted EBITDA margin of 4.6%. We remain confident in our ability to continue expanding consolidated margins on an annual basis going forward.

不含 Farfetch，本季調整後 EBITDA 為 3.61 億美元，過去 12 個月為 12 億美元，過去 12 個月調整後 EBITDA 利潤率為 4.6%。我們對未來每年繼續擴大綜合利潤率的能力仍然充滿信心。

Product commerce segment delivered $530 million of adjusted EBITDA, with a record margin of 8.2%. This represents a margin expansion of over 100 basis points over the last year. This growth in margin was driven by the expansion in gross profit margin, as well as the benefits from further improvements in operational efficiencies.

產品商務部門調整後 EBITDA 達 5.3 億美元，利潤率為創紀錄的 8.2%。這意味著利潤率比去年增長了 100 個基點以上。利潤率的成長是由於毛利率的擴大以及營運效率的進一步提高所帶來的好處。

Our segment adjusted EBITDA in developing offerings was a $200 million loss for the quarter, relatively flat to last quarter and increasing $93 million year-over-year. This increase was driven by additional investment in these early-stage opportunities, as well as a $31 million impact from the consolidation of Farfetch.

我們部門在開發產品方面調整後的 EBITDA 本季虧損 2 億美元，與上季持平，但年增 9,300 萬美元。這一增長是由對這些早期機會的額外投資以及 Farfetch 整合帶來的 3,100 萬美元影響所推動的。

We remain encouraged by the progress we are making in Farfetch. Our team is focused on doing one of the things we do best at Coupang: driving operational efficiencies through discipline and process improvement. We remain convinced of the ability for Farfetch to get close to positive adjusted EBITDA run rate by the end of this year.

我們對 Farfetch 所取得的進展感到鼓舞。我們的團隊專注於做我們在 Coupang 最擅長的事情之一：透過紀律和流程改進來提高營運效率。我們仍然相信 Farfetch 有能力在今年年底前接近調整後的正 EBITDA 運作率。

Our ending cash balance at the end of Q2 was roughly $5.8 billion, increasing 22% over the last year. We generated $2.2 billion in operating cash flow and $1.5 billion of free cash flow over the trailing 12 months. As we guided to last quarter, in Q2 we saw an increase in the effective income tax rate, driven by consolidation of pre-tax losses in Farfetch and non-deductible expenses.

第二季末我們的期末現金餘額約為 58 億美元，比去年增加 22%。過去 12 個月，我們產生了 22 億美元的營運現金流和 15 億美元的自由現金流。正如我們上季度的指導，在 Farfetch 稅前虧損和不可抵扣費用合併的推動下，第二季有效所得稅率有所上升。

As a reminder, this is just an accounting tax rate, as we expect our cash tax obligation this year to be closer to 20% to 25%, excluding Farfetch losses. Operator, we are now ready to begin the Q&A.

提醒一下，這只是一個會計稅率，因為我們預計今年的現金稅義務將接近 20% 至 25%，不包括 Farfetch 的損失。接線員，我們現在準備開始問答。

(Operator Instructions) Stanley Yang.

（操作員指示）Stanley Yang。

Thanks for the opportunity to ask the question. Congratulations on strong results on major core metrics line items. My first question is about product commerce margin, which saw a strong margin expense in the second quarter.

感謝您有機會提問。祝賀主要核心指標行項目取得強勁成果。我的第一個問題是關於產品商務利潤率，第二季的利潤率支出很高。

Can you please provide more color on the margin drivers in the second quarter? And also overall, in 2024, what are the current major tailwinds and headwinds for your tele-commerce margin trend? Is rapidly growing FLC, increasing margin equities?

您能否提供有關第二季度利潤驅動因素的更多資​​訊？總體而言，到 2024 年，您的電信利潤率趨勢當前的主要有利因素和不利因素是什麼？快速成長的 FLC 是否會增加利潤率股票？

My second question is about the Eats side. So the Eats market should gain momentum, seems to be even stronger in the second quarter. Is Eats stand-alone margin improving with the economy of scale? That's my first question on this note. A sub-question on the first question, the second question, and going forward, will you prioritize top-line focused market share gain strategy going forward? Or do you look for a more balanced strategy between growth and profitability?

我的第二個問題是關於 Eats 方面的。因此，餐飲市場應該會獲得動力，在第二季似乎會更加強勁。Eats 的獨立利潤率是否會隨著規模經濟而提高？這是我在本筆記中的第一個問題。關於第一個問題、第二個問題的子問題，以及展望未來，您會優先考慮未來以營收為中心的市場份額增益策略嗎？或者您在尋找成長和獲利之間更平衡的策略？

Hi, Stanley, thanks for the questions. On product commerce, as you mentioned, Q2 we recorded significant improvements generating nearly $2 billion of gross profit, margin of 30%, which represents an improvement of over 300 bps year-over-year.

你好，史丹利，謝謝你的提問。在產品商務方面，正如您所提到的，第二季我們實現了顯著改善，產生了近 20 億美元的毛利，利潤率為 30%，這意味著同比改善超過 300 個基點。

The drivers of that margin expansion continue to be the same that we've seen over the last several quarters and years. These are continuous improvements in our operations and supply chain, scaling of margin-accretive offerings, greater utilization of automation technology including AI.

利潤率擴張的驅動因素與我們在過去幾個季度和幾年中看到的仍然相同。這些是我們的營運和供應鏈的持續改進、利潤加值產品的擴展、包括人工智慧在內的自動化技術的更大利用。

And we still have a lot of opportunity to improve on these variables. That's one reason why we provided the long-term guidance of over 10% adjusted EBITDA and we pointed this out in the past, margins may be uneven quarter to quarter, but we expect our profit margin to continue its march upwards over time toward that target.

我們仍然有很多機會改進這些變數。這就是我們提供超過10% 調整後EBITDA 的長期指導的原因之一，我們過去曾指出過，季度與季度之間的利潤率可能不均衡，但我們預計我們的利潤率將隨著時間的推移繼續向該目標邁進。

On Eats, as you point out, we've continued to see strong momentum there, great adoption and increasing frequency from WOW members who are discovering Eats because of our unlimited free delivery benefit. It's important to note that we're doing that while also continuing to improve our cost structure.

正如您所指出的，在 Eats 上，我們繼續看到強勁的勢頭，WOW 會員的採用率很高，並且由於我們無限的免費送貨優惠而發現 Eats 的頻率不斷增加。值得注意的是，我們在這樣做的同時也持續改善我們的成本結構。

That's aided by the benefits of scale, our focus on operational excellence. Eats is currently unit economics positive and we see that only continuing to improve at each scale. And as is the case with product commerce, we're obsessed with providing customers with selection, service and savings, not one at the expense of the other.

這得益於規模效益以及我們對卓越營運的關注。Eats 目前的單位經濟效益是正面的，我們看到它在各個規模上只會繼續改善。與產品商務一樣，我們致力於為客戶提供選擇、服務和節省，而不是以犧牲其中一個為代價。

We'll continue to focus on breaking trade-offs between selection, service, savings, between growth and economics to provide the best experience in restaurant delivery and commerce more broadly.

我們將繼續致力於打破選擇、服務、節省、成長和經濟之間的權衡，以在更廣泛的餐廳配送和商業領域提供最佳體驗。

Stanley, you had one more question on FLC margins, so I'll just jump in here. So as Bom mentioned in his note, we are excited about the progress FLC is making. In Q2, the number of sellers joining FLC grew 25% quarter over quarter and over 150% year-over-year.

Stanley，您還有一個關於 FLC 利潤的問題，所以我就直接插到這裡。正如 Bom 在他的筆記中提到的，我們對 FLC 所取得的進展感到興奮。第二季度，加入FLC的賣家數量較上季成長25%，年增超過150%。

The overall FLC is accretive from margin perspective, but there are still many areas that need improvement. We are making investments to onboard merchants, and we'll continue to improve our suboptimal processes and tech systems there.

從利潤率的角度來看，整體 FLC 有所增加，但仍有許多領域需要改進。我們正在對商戶進行投資，我們將繼續改進那裡的次優流程和技術系統。

Eric Cha.

埃里克·查.

Yeah. Thank you. Thank you for the opportunity to ask questions. I have two. The first question is on developing offering. So I've noticed the developing offering loss has increased to $20 million in second quarter.

是的。謝謝。感謝您給我提問的機會。我有兩個。第一個問題是關於開發產品。因此，我注意到第二季的開發發行損失已增加至 2,000 萬美元。

So just simply extrapolating this for the year, would you say there's a potential for Coupang to meaningfully go over $750 million loss guidance for developing offerings? And it would be helpful if you could elaborate a little bit more on key -- the moving parts for the bigger loss compared to the first quarter.

因此，僅簡單地推斷今年的情況，您是否認為 Coupang 開發產品的損失指引有可能有意義地超過 7.5 億美元？如果您能詳細闡述關鍵問題——與第一季相比更大的虧損的移動部分，那將會很有幫助。

And my second question is around G&A for product commerce. It seems like gross profit margin increase has been the key driver for the adjusted EBITDA margin improvement for product commerce lately. And we don't really have much insight into the cadence of G&A for product commerce going forward.

我的第二個問題是關於產品商務的一般管理費用。毛利率的成長似乎是最近產品商務調整後的 EBITDA 利潤率改善的關鍵驅動因素。我們對未來產品商務的 G&A 節奏並沒有太多了解。

So could you explain on what the drivers are for the G&A increase and when we could expect some operating leverage coming from this slide? Thank you.

那麼，您能否解釋一下一般行政費用增加的驅動因素是什麼，以及我們何時可以預期這張投影片會產生一些營運槓桿？謝謝。

Yeah. Eric, thanks for your questions. So on developing offerings, last quarter, we updated our full year guidance of adjusted EBITDA losses of roughly $750 million this year, including Farfetch. So while the timing of these expenses within the various components of developing offerings may fluctuate quarter to quarter, we still believe our full year actual results will be in line with the guidance that we have previously provided.

是的。艾瑞克，謝謝你的提問。因此，在開發產品方面，上個季度，我們更新了全年指導，調整後的 EBITDA 損失約為 7.5 億美元，其中包括 Farfetch。因此，雖然開發產品的各個組成部分中的這些費用的時間可能會按季度波動，但我們仍然相信我們的全年實際業績將與我們之前提供的指導一致。

On overhead expenses, our expenses as a percentage of revenue this quarter increased versus last year. This was primarily due to the inclusion of Farfetch and it's related to restructuring costs, the increased investments in developing offerings, as well as estimated $121 million administrative fine that we previously mentioned.

在管理費用方面，本季我們的費用佔收入的百分比比去年增加。這主要是由於 Farfetch 被納入其中，並且與重組成本、開發產品投資的增加以及我們之前提到的估計 1.21 億美元的行政罰款有關。

Within our core operation, we are also investing in technology and infrastructure to build a stronger foundation for future scalability. So while these investments may temporarily decrease our operating margins in the near term, we will leverage these costs in the next couple of years. And we believe they will create long-term value as they help us better serve customers and support our future growth.

在我們的核心業務中，我們也投資於技術和基礎設施，為未來的可擴展性奠定更堅實的基礎。因此，雖然這些投資可能會在短期內暫時降低我們的營業利潤率，但我們將在未來幾年內利用這些成本。我們相信，他們將創造長期價值，幫助我們更好地服務客戶並支持我們未來的成長。

Seyon Park, Morgan Stanley.

摩根士丹利的塞永公園。

Hi. Thank you for the opportunity. I also have two questions. First of all, just to follow up on what Stanley had asked. I think this quarter, the gross profit margin improvement for product commerce was particularly more impressive. And so maybe I know that the mix of operational efficiencies and the faster growth, the higher-margin products are the drivers.

你好。謝謝你給我這個機會。我還有兩個問題。首先，只是為了跟進史丹利的要求。我認為本季產品商務的毛利率改善尤其令人印象深刻。所以也許我知道營運效率和更快的成長、更高利潤的產品的結合是驅動因素。

Could you maybe share just a little bit more color as to, for this quarter, within those drivers, what was particularly more evident?

您能否分享一下本季在這些驅動因素中特別明顯的內容？

My second question is with regards to Taiwan, and I'm very cognizant that management would not like to give any forward-looking, I guess guidance on Taiwan. But at least looking back, can we at least get a sense as to how far Coupang's services have been rolled out in Taiwan, what is available, what is not available, what kind of coverage you have, next-morning delivery? Is that available in Taiwan into most residents? Can we get some sense on that, please? Thank you.

我的第二個問題是關於台灣的，我非常清楚管理層不想提供任何有關台灣的前瞻性指導。但至少回過頭來看，我們至少能了解Coupang的服務在台灣推出到什麼程度了，什麼是可用的，什麼是不可用的，你有什麼樣的覆蓋範圍，隔天早上送達？台灣的大多數居民都能享受這種服務嗎？我們能對此有所了解嗎？謝謝。

Hi. Seyon, thanks for the questions. I think it's important to highlight that on our margin expansion that we really are early on our improvement journey on these variables. There's still a lot of room. It's the reason why you continue to see these margin improvements happen over the last few years on a continuous basis.

你好。西昂，謝謝你的提問。我認為重要的是要強調，在我們的利潤擴張方面，我們確實處於這些變數改進之旅的早期階段。還有很大的空間。這就是為什麼您在過去幾年中繼續看到利潤率不斷提高的原因。

Now there are fluctuations quarter to quarter. The improvement is not always in a straight line. But we believe we're on a long-term trajectory to continue to improve all of these variables over time to achieve our long-term guidance of over 10% adjusted EBITDA.

現在每季都有波動。改進並不總是直線的。但我們相信，我們正處於長期發展軌道上，隨著時間的推移，我們將繼續改善所有這些變量，以實現調整後 EBITDA 超過 10% 的長期指導。

On Taiwan, it is too early to share details, but I can share that we continue to be very encouraged by the momentum and progress we're seeing there. Our customer experience, selection, service, and savings, none of them were quite at the levels that we've now built in Korea yet. But we are able to start in a much better place.

關於台灣，現在分享細節還為時過早，但我可以分享的是，我們仍然對那裡看到的勢頭和進展感到非常鼓舞。我們的客戶體驗、選擇、服務和節省，都還沒有達到我們現在在韓國建立的水平。但我們能夠從一個更好的地方開始。

And that strong start is in part due to the fact that we're able to leverage in Taiwan a lot of what we've built in Korea. And we start in a very different place. Our selection processes, fulfillment logistics optimization, supply chain management, our technology stack, all of these things, we've invested and refined over a decade.

這一強勁的開局部分是因為我們能夠在台灣利用我們在韓國建立的許多東西。我們從一個非常不同的地方開始。我們的選擇流程、履行物流優化、供應鏈管理、我們的技術堆棧，所有這些，我們都經過十多年的投資和改進。

We're fortunate to be able to leverage a lot of that in Taiwan. So while we are early in the journey and the experience is not where we'd like to be yet both on the customer experience and operational excellence, we're very excited about the momentum and progress we're making. And we'll continue to be very disciplined with any increased level of spend, investing only when we're convinced about the returns we can generate.

我們很幸運能夠充分利用台灣的優勢。因此，雖然我們還處於這段旅程的早期階段，而且在客戶體驗和卓越營運方面還沒有達到我們想要的水平，但我們對我們正在取得的勢頭和進展感到非常興奮。我們將繼續對任何增加的支出水準保持嚴格的紀律，只有當我們確信我們可以產生的回報時才進行投資。

We're also pleased that we won't have to make the same kind of investments in many areas because we're able to leverage the investments we've already made in the Korean market. Just generally, the potential to create meaningful differentiation in customer experience and meaningful returns for our shareholders, we think, is extremely high, and we're very excited about the opportunity we see in Taiwan.

我們還很高興的是，我們不必在許多領域進行同樣的投資，因為我們能夠利用我們在韓國市場已經進行的投資。總的來說，我們認為，在客戶體驗方面創造有意義的差異化並為股東帶來有意義的回報的潛力非常高，我們對在台灣看到的機會感到非常興奮。

Thank you.

謝謝。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Thank you very much for taking my question. First I have a follow-up question about the margin. I think Bom just talked about your long-term target of EBITDA margin of 10% or more. I was wondering, could you talk about, just for your 1P business, do you think that's also achievable?

非常感謝您回答我的問題。首先我有一個關於保證金的後續問題。我想 Bom 剛剛談到了 EBITDA 利潤率達到 10% 或更高的長期目標。我想，您能談談，就您的1P業務而言，您認為這也是可以實現的嗎？

And in that sort of the margin guide, the gross margin that a few of my peers have highlighted this quarter was particularly strong. Do you feel there's more room to go? The higher margin categories, could you talk about what are those categories? Are there new categories you think you're going to expect to further growth in those categories?

在這種利潤率指南中，我的一些同業強調本季的毛利率特別強勁。你覺得還有更大的空間嗎？利潤率較高的類別，可以談談這些類別是什麼嗎？您認為這些類別中是否有新的類別會進一步成長？

My second question is about the WOW membership fee increase. I was wondering -- I know the higher fee kicked in beginning of August, a few days ago. for the existing members. But as the new members, I think the higher fee kicked in three months ago. I was wondering if you could talk about, in terms of the new member sign-ups or the existing member churn, if any. Any comments will be appreciated. Thank you.

我的第二個問題是關於WOW會員費上漲的問題。我想知道 - 我知道幾天前八月初開始收取更高的費用。對於現有成員。但作為新會員，我認為更高的費用是在三個月前開始的。我想知道您是否可以談談新會員註冊或現有會員流失的情況（如果有的話）。任何意見將不勝感激。謝謝。

Hi, Jiong, thanks for the questions. We see a lot of opportunity. I think both Gaurav and I mentioned earlier that we still represent a very small percentage of overall retail spend. There's a lot of expansion potential that we see in spend in almost every category. So that's just the general trend.

你好，炅，謝謝你的提問。我們看到了很多機會。我認為高拉夫和我之前都提到過，我們在整體零售支出中所佔的比例仍然很小。我們幾乎在每個類別的支出中都看到了很大的擴張潛力。所以這只是總體趨勢。

I think we represent a very small percentage of a fragment and a massive $560 billion commerce opportunity. And that spend will go up as we increase selection across all those categories, improve our service, and continue to expand savings for our customers.

我認為我們只代表了一小部分的一小部分，但卻代表了價值 5,600 億美元的巨大商業機會。隨著我們增加所有這些類別的選擇、改善我們的服務並繼續為客戶節省開支，這筆支出將會增加。

On WOW, we generally disclose our WOW membership numbers on an annual basis. So we will share more at year-end. And our focus continues to be on creating a massive value surplus for our members. Maybe this is a good chance for us to expound a little bit on what value surplus is for our customers there. We create value surplus through WOW. There are 14 different benefits that we've built over the years and added to the program.

在 WOW 上，我們通常每年揭露我們的 WOW 會員數量。因此，我們將在年底分享更多內容。我們的重點仍然是為我們的會員創造巨大的價值盈餘。也許這是一個很好的機會，讓我們稍微解釋一下對於我們的客戶來說，價值剩餘是什麼。我們透過WOW創造價值剩餘。我們多年來建立了 14 種不同的福利，並將其添加到該計劃中。

As an example, let me just take one of those benefits, free delivery savings and parents with young children are some of the most time and resource constrained customers in the market. For a monthly fee, that's equivalent to roughly the cost of two deliveries, these customers save on 23 free deliveries a month. That's saving more than 10 times the amount they pay, and that's just from free delivery.

舉個例子，讓我舉一個例子，免費送貨節省和有小孩的父母是市場上時間和資源最緊張的客戶。每月支付的費用大約相當於兩次送貨的費用，這些客戶每月可以節省 23 次免費送貨。這比他們支付的金額節省了 10 倍以上，而且這只是免費送貨。

Not including the savings they get on free returns, exclusive discounts, free video streaming, and not to mention hours they save from skipping trips to the store to better spend with their children. And we're really focused, laser-focused on increasing these benefits and savings to serve our existing customers and to attract tens of millions of retail shoppers who have yet to join WOW. And that's where our focus is, to continue to strive to make WOW a best deal on the planet for our customers.

這還不包括他們透過免費退貨、獨家折扣、免費影片串流節省的時間，更不用說他們為了更好地陪伴孩子而無需去商店購物而節省的時間。我們非常專注，專注於增加這些福利和節省，以服務我們現有的客戶並吸引數千萬尚未加入 WOW 的零售購物者。這就是我們的重點所在，繼續努力為我們的客戶提供全球最優惠的 WOW 優惠。

(Operator instructions) James Lee, Mizuho.

（操作員指示）James Lee，Mizuho。

Great. Thanks for taking my questions. Two here. One on food delivery. Given your market share gains, can you talk about some of the competitive responses you've seen in market? In terms of restaurant selections in general, maybe help us understand what do you plan to reach maybe parity with your number one peer in the market.

偉大的。感謝您回答我的問題。這裡有兩個。其中之一是送餐。鑑於您的市場佔有率有所成長，您能談談您在市場上看到的一些競爭反應嗎？就一般餐廳選擇而言，也許可以幫助我們了解您計劃如何與市場上排名第一的同行平起平坐。

And also in terms of potential M&A, I was wondering under what conditions would kind of acquisition make sense in the space. Thanks.

另外，就潛在的併購而言，我想知道在什麼條件下，該領域的收購才有意義。謝謝。

Sorry, the second question, when you said parity, James, could you clarify parity on what dimension?

抱歉，第二個問題，當你說平價時，詹姆斯，你能澄清一下平價在什麼維度上嗎？

In terms of restaurant selections.

在餐廳選擇方面。

I see. Eats, generally speaking, we're continuing to add selection. I would say that in some places, our selection is better. Probably, some place's selection still has areas of improvement to go.

我懂了。吃，總的來說，我們正在繼續增加選擇。我想說，在某些地方，我們的選擇比較好。或許，有些地方的選擇還有待改進的地方。

I think the most important thing is that we continue to focus on all three of those pillars, selection, service, savings, delivering on all three pillars, that has been key to winning long-term customer loyalty to continuing to unlock a lot of growth for the program. So I think that generally is our focus. There are no plans for M&A. I think we just are focused on our internal execution in that space.

我認為最重要的是，我們繼續專注於所有三個支柱，即選擇、服務、節省，實現所有三個支柱，這是贏得長期客戶忠誠度、繼續實現大幅增長的關鍵對於該程序。所以我認為這通常是我們的重點。目前尚無併購計畫。我認為我們只是專注於該領域的內部執行。

Great. Thank you.

偉大的。謝謝。

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。您現在可以斷開連線。