Coupang Inc (CPNG) 2024 Q3 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 third-quarter earnings conference call. (Operator Instructions) Now, I'd like to turn the call over to Mike Parker, Vice President of Investor relations. You may begin your conference.

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年第三季財報電話會議。（操作員說明） 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 third-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. 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.

謝謝，接線生。歡迎大家參加 Coupang 的 2024 年第三季財報電話會議。我很高興今天能參加我們的創辦人兼執行長 Bom Kim 和財務長 Gaurav Anand 的電話會議。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. And now, I’ll turn the call over to Bom.

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原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原則衡量標準的調節，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。現在，我將把電話轉給 Bom。

Thanks, everyone, for joining us today. Before we review our results for the third quarter in detail, I'd like to start with three key takeaways. First, our strong and consistent growth and expanding margins are the result of years of investment and a relentless drive to break trade-offs to do the hard things that deliver an ever improving experience for our customers and operational excellence, not one at the expense of the other.

謝謝大家今天加入我們。在我們詳細回顧第三季的業績之前，我想先從三個關鍵要點開始。首先，我們強勁、持續的成長和不斷擴大的利潤率是多年投資和打破權衡的不懈努力的結果，致力於為我們的客戶提供不斷改善的體驗和卓越的運營，而不是以犧牲另一個。

Second, our growth in product commerce is fueled primarily by deeper engagement from our existing customer cohorts, driven in large part by selection expansion in both established categories and newer offerings like fresh and fulfillment and logistics by Coupang or FLC. Over the long term, growth from existing cohorts will be supplemented by the converging spend of new active customer cohorts.

其次，我們產品商務的成長主要是由現有客戶群的更深入參與推動的，這在很大程度上是由Coupang 或FLC 的生鮮、履行和物流等現有類別和新產品的選擇擴展推動的。從長遠來看，新的活躍客戶群的匯聚支出將補充現有群體的成長。

Third, our nascent offerings like Eat, Taiwan, Play, and Farfetch, along with ads in FLC, continue to march forward on the positive trajectory that we've seen throughout the year. It's important to note that with each of these offerings, we're still in the very early stages of the journey. And with each step, we become even more encouraged by their potential to create meaningful moments of wow for customers and deliver attractive returns.

第三，我們的新產品，如 Eat、Taiwan、Play 和 Farfetch，以及 FLC 中的廣告，繼續沿著我們全年看到的積極軌跡前進。值得注意的是，對於每一項產品，我們仍處於旅程的早期階段。隨著每一步的推進，我們都更加被他們為客戶創造有意義的驚嘆時刻並帶來有吸引力的回報的潛力所鼓舞。

Now a few highlights from our results for the quarter. This quarter, constant currency revenues grew 32% over last year or 25% excluding Farfetch, which we acquired earlier this year. This marks yet another quarter of at least 20% constant currency growth, which we've been able to do in 14 out of the 15 quarters we've reported since our IPO. And still, we continue to represent just a small percentage of the massive commerce opportunity in the markets we serve. We believe the growth opportunity in the years to come is still largely untapped, with much of it yet to be realized.

現在是我們本季業績的一些亮點。本季度，以固定匯率計算的營收比去年成長了 32%，如果不包括我們今年稍早收購的 Farfetch，則成長了 25%。這標誌著又一個季度實現至少 20% 的恆定匯率成長，自 IPO 以來，我們報告的 15 個季度中有 14 個季度實現了這一增長。儘管如此，我們仍然只占我們所服務的市場中巨大商業機會的一小部分。我們相信，未來幾年的成長機會在很大程度上尚未開發，其中大部分尚未實現。

Active customers in product commerce grew again, up 11% year over year. It's important to note that our growth continues to be driven primarily by the increasing spend of our existing customers. We continue to see higher engagement as we add more selection on bucket and provide more services.

產品商務活躍客戶再次成長，較去年同期成長 11%。值得注意的是，我們的成長持續主要由現有客戶支出的增加所推動。隨著我們在儲存桶上添加更多選擇並提供更多服務，我們繼續看到更高的參與度。

Again, this quarter, all of our customer cohorts increased their spend at strong levels, even our oldest and highest spending cohorts. And currently, only one-fourth of our customers purchase in nine or more categories out of the more than 20 categories we offer. We're still in the process of discovering what the potential spend is for all of our cohorts, including our oldest.

同樣，本季度，我們所有的客戶群都大幅增加了支出，甚至是我們最古老和最高支出的群體。目前，在我們提供的 20 多個類別中，只有四分之一的客戶購買九個或更多類別的產品。我們仍在探索所有群體（包括最年長的群體）的潛在支出。

One driver of the expanding cohort spend is the compounding value of our WOW membership savings program. Our WOW members increasingly see the value of WOW and the many benefits they receive on Coupang, including access to free shipping, free dawn and same-day delivery, free returns, free content on Play, free Eats delivery, and free Rocket Fresh deliveries.

團體支出不斷擴大的推動因素之一是我們的 WOW 會員儲蓄計劃的複合價值。我們的WOW 會員越來越多地認識到WOW 的價值以及他們在Coupang 上獲得的諸多好處，包括免費送貨、免費當日送達、免費退貨、Play 上的免費內容、免費Eats 送貨和免費Rocket Fresh 送貨。

We see the higher levels of engagement reflected in the order frequency of our WOW members, which is 9 times that of our non-WOW customers. And our most mature WOW members spend on average over 2.5 times that of our newest WOW members.

我們發現 WOW 會員的訂單頻率反映了較高的參與度，是非 WOW 客戶的 9 倍。我們最成熟的 WOW 會員的平均支出是最新 WOW 會員的 2.5 倍以上。

Our mission is to provide the best overall customer experience, by offering the best in selection, savings, and service. And we believe there’s a significant opportunity to break the tradeoff between selection and service, as there’s still a lot of selection that has yet to become available on Rocket Delivery.

我們的使命是透過提供最好的選擇、優惠和服務來提供最佳的整體客戶體驗。我們相信，這是一個打破選擇和服務之間權衡的重要機會，因為 Rocket Delivery 上仍然有很多選擇尚未提供。

Just one small example: this quarter we launched R.Lux, our new luxury offering, which gives customers access to some of the most in-demand luxury beauty brands. We’ve partnered directly with luxury brands to provide a new kind of white-glove service, customers interact with the most exclusive brands in R.Lux’s rich and sophisticated shopping environment and receive products via Rocket’s next or same day delivery in elevated packaging custom designed exclusively for R.Lux. It's just another example of the latest selection and service we’ve added to our customers’ delight, and there’s much more to come.

舉一個小例子：本季我們推出了 R.Lux，這是我們的新奢侈品產品，讓客戶可以接觸到一些最受歡迎的奢華美容品牌。我們與奢華品牌直接合作，提供新型白手套服務，顧客在 R.Lux 豐富而精緻的購物環境中與最獨特的品牌互動，並透過 Rocket 的 next 或 same 接收產品採用專為R.Lux 設計的高架包裝，當日交付。這只是我們為客戶帶來的最新選擇和服務的另一個例子，而且還會有更多驚喜。

We continue to see impressive momentum in our FLC offering, which also expands the selection that customers can enjoy with free Rocket delivery. Our growth in units, sellers, and overall volumes in FLC continued this quarter at the strong pace we’ve seen throughout the year, each of them growing over 130% year over year.

我們繼續看到 FLC 產品的強勁勢頭，這也擴大了客戶可以享受免費 Rocket 交付的選擇。本季度，我們的 FLC 銷量、銷量和總銷量持續以全年的強勁速度成長，各項指標較去年同期成長超過 130%。

FLC is also in the early stages of its growth trajectory, and we believe it will be a significant part of our growth story for years to come. Now, a few words on developing offerings. As I previously noted, we continue to see our initiatives advancing on the positive trajectory that we’ve seen throughout the year. With Farfetch, our team is making significant progress in driving operational efficiencies through disciplined execution.

FLC 也處於其成長軌跡的早期階段，我們相信它將成為我們未來幾年成長故事的重要組成部分。現在，簡單介紹一下開發產品。正如我之前指出的，我們繼續看到我們的舉措沿著全年的積極軌跡前進。借助 Farfetch，我們的團隊透過嚴格的執行在提高營運效率方面取得了重大進展。

As we stated earlier this year, our goal was to achieve near break-even profitability by the end of the year. We hit that milestone this quarter. We’re also excited about the strong response we’re seeing from Eats customers, who have embraced the exceptional service and value that we’re providing through our food delivery offering.

正如我們今年稍早所說，我們的目標是在年底前實現接近收支平衡的獲利能力。我們本季達到了這一里程碑。我們也對 Eats 顧客的強烈迴響感到興奮，他們接受了我們透過送餐服務提供的卓越服務和價值。

In Taiwan, we’re partnering directly with more and more brands to expand selection and inventory for our customers, and where we’ve added meaningful supply, we’ve seen dramatic growth. We’re excited to redefine what customers in Taiwan can expect from online retail and to alter the growth trajectory of the brands with whom we partner, as we’ve demonstrated many times in the past.

在台灣，我們正在與越來越多的品牌直接合作，為客戶擴大選擇和庫存，在我們增加有意義的供應的地方，我們看到了巨大的成長。我們很高興能夠重新定義台灣客戶對線上零售的期望，並改變與我們合作的品牌的成長軌跡，正如我們過去多次證明的那樣。

In the context of the massive and untapped potential that lies ahead, we’re just getting started. Our ability to capture that opportunity will depend on our ability to stay focused on the relentless pursuit of customer wow and operational excellence. Now, I’ll turn the call over to Gaurav to review the results of the quarter in greater detail.

面對未來巨大且尚未開發的潛力，我們才剛開始。我們抓住這一機會的能力將取決於我們是否有能力繼續專注於不懈地追求客戶讚譽和卓越營運。現在，我將把電話轉給 Gaurav，以更詳細地審查本季的業績。

Thanks Bom. In Q3, we continued the trend of strong results that we have delivered throughout this year. Our customers continue to engage with Coupang with expanding momentum, which is demonstrated by the results. We are reporting this quarter, sustained growth in revenues, product commerce active customers, gross profit, and adjusted EBITA.

謝謝邦姆。在第三季度，我們延續了今年全年取得的強勁業績的趨勢。我們的客戶繼續以不斷擴大的勢頭與 Coupang 互動，這一點已從結果中得到證明。我們報告本季營收、產品商務活躍客戶、毛利和調整後息稅折舊攤銷前利潤的持續成長。

Before I go through the numbers for the quarter in detail, I need to highlight a few items to provide more context to the comparative numbers we are reporting. First, I remind you of our Farfetch acquisition completed earlier in Q1 of this year. Where possible, I'll provide results with and without Farfetch.

在詳細介紹本季的數據之前，我需要強調一些項目，以便為我們報告的比較數據提供更多背景資訊。首先，我提醒您我們在今年第一季早些時候完成的 Farfetch 收購。如果可能，我將提供使用或不使用 Farfetch 的結果。

And second, the FLC accounting change that began in Q2 of last year, no longer impacts our quarterly year over year competitive results. As a result FLC adjustments to quarterly year-over-year revenue growth rates are no longer needed.

其次，去年第二季開始的 FLC 會計變更不再影響我們的季度年比競爭績效。因此，FLC 不再需要對季度年比收入成長率進行調整。

This quarter, our total net revenues grew 27% year over year or 20%, excluding the impact of Farfetch. Our constant currency growth adjusting for the effects of changes in foreign currencies was 32% or 25%, excluding Farfetch.

本季度，我們的總淨收入年增 27%，即 20%（不包括 Farfetch 的影響）。根據外幣變動的影響進行調整後，我們的恆定貨幣成長率為 32% 或 25%（不包括 Farfetch）。

During Q3, the total retail spend in Korea was relatively flat year over year. This compares to a product commerce segment which grew revenues at 16% year over year or 20% in constant currency. This product commerce, constant currency revenue growth of 20% is consistent with the growth in our overall product commerce volumes.

第三季度，韓國的零售總額較去年同期相對持平。相較之下，產品商務部門的營收年增 16%，以固定匯率計算則成長 20%。該產品商務的固定貨幣收入成長 20% 與我們整體產品商務量的成長一致。

As we continue to be a very small portion of the total commerce spent in Korea, we see a massive runway for growth ahead of us. We continue to see strong growth in the average spend levels of our customers this quarter.

由於我們在韓國的商業支出總額中仍然只佔很小的一部分，因此我們看到了巨大的成長空間。我們繼續看到本季客戶的平均支出水準強勁成長。

Net revenues per product commerce active customers grew 4% year over year in Q3 or 8% in constant currency. This was impacted by the short-term dilution from newer active customers that historically have lower spend levels in their early quarters. And as Bom noted earlier, we continue to see the spend levels of all our cohorts increase, even our oldest and highest spending cohorts.

第三季每個產品商務活躍客戶的淨收入年增 4%，以固定匯率計算成長 8%。這是受到新活躍客戶短期稀釋的影響，這些客戶歷來在早期季度的支出水準較低。正如 Bom 之前指出的那樣，我們繼續看到所有群體的支出水平都在增加，甚至是我們年齡最大和支出最高的群體。

Our developing offerings segment continued the similar momentum that we have seen throughout this year. Q3 developing offerings segment revenues grew nearly 350% year over year or over 350% in constant currency. Excluding Farfetch, developing offerings segment revenues grew over 145% or 155% in constant currency. We remain confident about the potential for each of the initiatives within developing offerings as demonstrated by the consistent momentum and strong customer response we have seen throughout the year.

我們的開發產品部門繼續保持了今年全年的類似勢頭。第三季開發產品部門營收年增近 350%，以固定匯率計算成長超過 350%。不包括 Farfetch，開發產品部門營收成長超過 145%，以固定匯率計算成長 155%。我們對開發產品中每項舉措的潛力仍然充滿信心，這一點從我們全年看到的持續勢頭和強烈的客戶反應就可以看出。

We reported another record quarter with $2.3 billion in gross profit representing 45% year-over-year growth and a gross profit margin of 28.8%. Excluding Farfetch, we delivered $2.1 billion in gross profit, growing at 33% year over year with a margin of 28.1%. This represents a margin improvement of over 270 basis points versus last year.

我們報告了另一個創紀錄的季度毛利 23 億美元，年增 45%，毛利率為 28.8%。不包括 Farfetch 在內，我們的毛利為 21 億美元，年增 33%，利潤率為 28.1%。這意味著利潤率比去年提高了 270 個基點以上。

I would also like to emphasize the importance of growth in gross profit as a primary indicator of our overall underlying growth given the evolving mix of various offerings, services, and channels within our business. Within our product commerce segment, we saw gross profit growth of 28% year over year to $2.1 billion and a gross profit margin of 30%. This represents an improvement of more than 280 basis points over last year, driven primarily by similar factors that we have seen driving margin expansion throughout the year.

我還想強調毛利成長作為我們整體潛在成長的主要指標的重要性，因為我們業務中的各種產品、服務和管道的組合不斷變化。在我們的產品商務部門，毛利年增 28%，達到 21 億美元，毛利率為 30%。這比去年提高了 280 個基點，這主要是由於我們在全年中看到的推動利潤率擴張的類似因素所推動的。

We continue to see benefits from increased efficiencies across operations, including benefits from greater utilization of automation and technology, further supply chain optimization, and the scaling of margin accretive offerings.

我們繼續看到整個營運效率提高的好處，包括更多地利用自動化和技術、進一步優化供應鏈以及擴大利潤增值產品的好處。

On a quarter over quarter basis, product commerce gross profit margin decreased 30 basis points versus Q2. This is largely due to quarterly fluctuations in our business including some seasonal impacts. As we have pointed out in the past, margins may continue to be uneven quarter over quarter, but we expect our profit margins to continue expanding over time.

環比來看，產品商務毛利率較第二季下降了 30 個基點。這主要是由於我們業務的季度波動，包括一些季節性影響。正如我們過去指出的那樣，各季度的利潤率可能繼續參差不齊，但我們預計我們的利潤率將隨著時間的推移繼續擴大。

This quarter, we saw a 355 basis points increase in OG&A expense as a percentage of revenue versus last year. This increase was primarily due to the inclusion of Farfetch and its related acquisition and restructuring costs.

本季度，我們發現 OG&A 費用佔收入的百分比比去年增加了 355 個基點。這一增長主要是由於納入了 Farfetch 及其相關的收購和重組成本。

We are also investing in technology and infrastructure to build a stronger foundation for future scalability. The higher investment into tech and infrastructure as a percentage of revenues is driven by timing and does not reflect a structural change in our operating costs. As we have demonstrated many times before, we expect to generate leverage on these investments as we scale, and OG&A will decline over time as a percentage of revenue.

我們也投資技術和基礎設施，為未來的可擴展性奠定更堅實的基礎。對技術和基礎設施的投資佔收入的比例較高是由時機決定的，並不反映我們營運成本的結構性變化。正如我們之前多次證明的那樣，我們預計隨著規模的擴大，這些投資將產生槓桿作用，而 OG&A 佔收入的百分比將隨著時間的推移而下降。

We generated $132 million of income before income taxes in Q3 and a $70 million of net income attributable to Coupang stockholders. This resulted in diluted earnings per share of $0.04. Excluding Farfetch, net income attributable to Coupang shareholders was approximately $108 million for the quarter and diluted earnings per share was $0.06 on a consolidated basis. We reported $343 million of adjusted EBITA this quarter.

第三季度，我們產生了 1.32 億美元的所得稅前收入，歸屬於 Coupang 股東的淨利潤為 7,000 萬美元。這導致稀釋後每股收益為 0.04 美元。不包括 Farfetch，該季度歸屬於 Coupang 股東的淨利潤約為 1.08 億美元，合併後每股攤薄收益為 0.06 美元。我們報告本季調整後 EBITA 為 3.43 億美元。

Among other things, this excludes the non-recurring acquisition and restructuring costs related to Farfetch. Our adjusted EBITDA margin for the quarter was 4.4%. On a trailing 12-month basis, we generated adjusted EBITDA of $1.2 billion with a margin of 4.3%.

其中，這不包括與 Farfetch 相關的非經常性收購和重組成本。本季調整後的 EBITDA 利潤率為 4.4%。在過去 12 個月的基礎上，我們的調整後 EBITDA 為 12 億美元，利潤率為 4.3%。

Excluding Farfetch, we reported $345 million of adjusted EBIDA in Q3 and $1.3 billion over the trailing 12 months -- with a trailing 12 month adjusted EBITDA margin of 4.7%. We continue to be confident in our ability to consistently deliver expanding consolidated margins on an annual basis going forward.

不包括 Farfetch，我們報告第三季調整後 EBITDA 為 3.45 億美元，過去 12 個月為 13 億美元，過去 12 個月調整後 EBITDA 利潤率為 4.7%。我們仍對未來每年持續擴大合併利潤率的能力充滿信心。

Our product commerce segment delivered $470 million of adjusted EBITA this quarter with a margin of 6.8%. This represents a year-over-year margin, expansion of 12 basis points and a decrease of 142 basis points versus last quarter. This quarter-over-quarter decrease is due in part to the fluctuations in fulfillment related operational costs as well as increases in technology related costs this quarter.

我們的產品商務部門本季調整後 EBITA 為 4.7 億美元，利潤率為 6.8%。這意味著與上季相比，年比利潤率擴大了 12 個基點，下降了 142 個基點。這一環比下降的部分原因是本季履行相關營運成本的波動以及技術相關成本的增加。

This increase in technology spend represents an adjustment to our historical spend levels, and we expect to generate operating leverage against these costs over time as we scale. For developing offerings, our segment adjusted EBIDA in Q3 was $127 million loss for the quarter, improving $34 million year over year and $73 million quarter over quarter.

技術支出的增加代表了對我們歷史支出水準的調整，隨著時間的推移，我們預計隨著規模的擴大，將產生針對這些成本的營運槓桿。對於開發產品，我們部門在第三季調整後的 EBIDA 虧損 1.27 億美元，年增 3,400 萬美元，季增 7,300 萬美元。

While we expect to continue to see some unevenness in the level of losses from quarter to quarter, the improvements we saw this quarter are most notably driven from improvements in both Eats and Farfetch. With regards to Farfetch, we are excited to report that we hit our goal of achieving near breakeven profitability.

雖然我們預計每季的虧損水準將繼續出現一些不平衡，但本季我們看到的改善最顯著的是來自 Eats 和 Farfetch 的改善。關於 Farfetch，我們很高興地報告，我們實現了接近盈虧平衡的盈利能力的目標。

We generated $1.8 billion in operating cash flow and $935 million of free cash flow over the trailing 12 months. This represents a decrease of $578 million in trailing 12-month free cash flow versus the prior quarter. There is no structural change in our free cash flow generation, and this variance is driven primarily by certain non-recurring working capital benefits that we previously communicated were in the prior trailing 12-month period as well as the timing of significant capital expenditure payments.

過去 12 個月，我們產生了 18 億美元的營運現金流和 9.35 億美元的自由現金流。這意味著過去 12 個月的自由現金流比上一季減少了 5.78 億美元。我們的自由現金流產生沒有結構性變化，這種差異主要是由我們之前溝通過的過去 12 個月期間的某些非經常性營運資本收益以及重大資本支出支付的時間造成的。

The majority of the increase in CapEx relates to infrastructure investments that we are making in Korea, which creates some unevenness in the timing and levels of spend. We are exploring strategies to reduce the capital intensity of our real estate operations, while also maintaining operational control over these strategic assets.

資本支出的成長大部分與我們在韓國進行的基礎設施投資有關，這在支出時間和水準上造成了一些不平衡。我們正在探索降低房地產業務資本密集度的策略，同時保持對這些策略資產的營運控制。

This quarter, we reported an effective income tax rate of 52%, driven by consolidation of pretax losses in Farfetch and nondeductible expenses. As a reminder, this is just an accounting tax rate as we expect our cash tax obligations this year to be closer to 20% to 25%, excluding Farfetch losses.

本季度，我們報告的有效所得稅率為 52%，這是由於 Farfetch 稅前虧損和不可扣除費用的合併推動的。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。

Our teams delivered another strong quarter in Q3, one that demonstrates our commitment to driving durable growth and investing to deliver long-term value to both customers and shareholders. Operator, we are now ready to begin the Q&A.

我們的團隊在第三季再次表現強勁，這表明我們致力於推動持久成長和投資，為客戶和股東創造長期價值。接線員，我們現在準備開始問答。

(Operator Instructions) Eric Cha, Goldman Sachs.

（操作員指令）Eric Cha，高盛。

Thank you for the opportunity and congrats on great result in a tough quarter. I have two questions on developing offerings. First one is that the developing offering loss has come down quite a bit this quarter compared to the previous quarter.

感謝您提供的機會，並祝賀您在艱難的季度中取得了優異的成績。我有兩個關於開發產品的問題。首先，本季的開發發行損失較上一季大幅下降。

Could you elaborate on some of the moving pieces? And could you also provide some color into what fourth quarter trend might be in terms of the loss? And if you could get a hint on into the trend next year, that would really help.

您能詳細說明一些令人感動的部分嗎？您能否提供一些有關第四季度虧損趨勢的資訊？如果您能對明年的趨勢有所了解，那將會非常有幫助。

The second question is on Farfetch specifically. It's nice to see Farfetch already reached close to breakeven this quarter. Can we be expecting some maybe profits into the fourth quarter and for the next year? And what would be the synergy between Coupang and Farfetch?

第二個問題是專門針對 Farfetch 的。很高興看到 Farfetch 本季已經接近收支平衡。我們可以預期第四季和明年可能會出現一些利潤嗎？Coupang 和 Farfetch 之間的協同作用是什麼？

Hi, Eric. Thanks for your question. On developing offerings, it's worth highlighting that due to the nature of our investments there, the timing of expenses with the various components may fluctuate quarter-to-quarter, as they have in the past. I don't think there's anything material enough to update on that front and certainly for the fourth quarter.

嗨，艾瑞克。謝謝你的提問。在開發產品方面，值得強調的是，由於我們在那裡投資的性質，各種組件的支出時間可能會像過去一樣按季度波動。我認為沒有任何足夠的材料可以在這方面進行更新，尤其是第四季度。

On Farfetch, as Gaurav shared and I shared earlier, we're very happy that the Farfetch team has achieved the end-of-year goal of near breakeven adjusted EBITDA in Q3. We're proud of the speed and especially at scale and the discipline with which the team has executed so far this year.

在 Farfetch 上，正如 Gaurav 和我之前分享的那樣，我們非常高興 Farfetch 團隊在第三季度實現了接近盈虧平衡的調整後 EBITDA 的年終目標。我們對團隊今年迄今執行的速度，尤其是規模和紀律感到自豪。

There's still more work to do there. And our goal is to finish the job of stabilization through the remainder of the year. Next year, we'll begin to assess other opportunities, including synergies with Coupang. And we look forward to sharing updates at the appropriate time.

那裡還有更多工作要做。我們的目標是在今年剩餘時間內完成穩定工作。明年，我們將開始評估其他機會，包括與 Coupang 的協同效應。我們期待在適當的時候分享最新消息。

Seyon Park, Morgan Stanley.

摩根士丹利的塞永公園。

(technical difficulty) looks like it was up, maybe, about $180 million.

（技術難度）看起來可能增加了約 1.8 億美元。

I'm sorry, I don't think I caught most of that question. Seyon, would you mind repeating the question please.

抱歉，我想我沒有聽清楚這個問題的大部分內容。Seyon，您介意重複一下這個問題嗎？

Okay. So the question is on the OG&A cost, which saw about $180 million sequential increase. I know Gaurav had explained that there are seasonal factors in there as well as spending on technology and automation. I just wanted to get a sense of how much maybe of that is temporary compared to structural, especially for the technology spend?

好的。因此，問題在於 OG&A 成本，該成本環比增加了約 1.8 億美元。我知道高拉夫解釋過，其中存在季節性因素以及技術和自動化方面的支出。我只是想了解與結構性支出相比，其中有多少是暫時的，尤其是技術支出？

Usually, I guess, technology spend is accounted for as amortization on some kind of a capital spend. Is that kind of what has been influencing the higher OG&A? That's my first question. The second question, I'm not sure if it's going to be readily available. But if we were to take FLC and have it on a growth basis, do we have a sense of what the year-on-year growth would have been for the third quarter? Thank you.

我猜想，技術支出通常被視為某種資本支出的攤提。這就是影響高級 OG&A 的因素嗎？這是我的第一個問題。第二個問題，我不確定它是否會隨時可用。但如果我們採用 FLC 並將其建立在成長的基礎上，我們是否了解第三季的年成長情況？謝謝。

Hi, Seyon. On the OG&A, and particularly the technology and automation or technology and infrastructure spend, as Gaurav mentioned earlier, we're -- we've always made, and we continue to make investments there to build the foundation for future scalability. The higher percentage of revenues, that investment in tech and infrastructure accounted for this quarter does not reflect to structural change. It's really a matter of timing.

嗨，西昂。在 OG&A 方面，特別是技術和自動化或技術和基礎設施支出，正如 Gaurav 之前提到的，我們一直在進行投資，並將繼續在那裡進行投資，為未來的可擴展性奠定基礎。本季技術和基礎設施投資佔收入的比例較高，但這並不反映結構性變化。這確實是一個時間問題。

And you may see some unevenness quarter to quarter because we just don't manage our business or our investment schedule with an eye towards quarterly numbers. So again, it's a timing issue, not a structural one. And we expect to generate leverage as we have in the past on these investments, and we expect OG&A to decline over time as a percentage of revenue.

您可能會看到季度與季度之間存在一些不平衡，因為我們只是沒有著眼於季度數字來管理我們的業務或投資計劃。再說一遍，這是一個時機問題，而不是結構性問題。我們預計這些投資將像過去一樣產生槓桿作用，我們預計 OG&A 在收入中所佔的百分比將隨著時間的推移而下降。

On FLC, we've seen strong momentum throughout this year that's continued in Q3. FLC's growth in units, sellers, and overall volumes so far this quarter -- this year, each of them grew over 130% year over year. And I think what we can share is that FLC is still in its early stages, and it will continue to be a significant part of our growth for years to come.

在 FLC 上，我們看到今年全年的強勁勢頭，這種勢頭在第三季度仍在延續。本季迄今為止，FLC 的銷量、銷量和總銷量均實現增長，而今年，每一項均同比增長超過 130%。我認為我們可以分享的是，FLC 仍處於早期階段，它將繼續成為我們未來幾年成長的重要組成部分。

Stanley Yang, JPMorgan.

楊斯坦利，摩根大通。

Okay. Thank you for the opportunity. I have two questions. First question is on the product commerce margin side. The margin expansion trajectory has been quite strong and consistent for some years on trailing perspective, although a bit of uneven like this quarter.

好的。謝謝你給我這個機會。我有兩個問題。第一個問題是關於產品商業利潤方面的。從追蹤角度來看，多年來利潤率擴張軌跡一直相當強勁且一致，儘管像本季一樣有點不平衡。

Moving on to next year, do you expect the product commerce margin expansion speed to remain similar to 2004 level or accelerate or decelerate? And also among the margin drivers, will FLC be more meaningful margin driver next year?

展望明年，您預期產品貿易利潤率擴張速度將維持與2004年水準相似，還是加速還是減速？另外，在利潤驅動因素中，FLC 明年是否會成為更有意義的利潤驅動因素？

My second question is on the developing offering side. You already achieved your guidance of the Farfetch margin. Any color on your margin mix trend during the third quarter? Is it a bit of older, but curious about developing offering loss guidance in 2025, that would be appreciated? Thank you.

我的第二個問題是關於開發產品方面的。您已經達到了 Farfetch 利潤指引值。第三季的利潤率組合趨勢有變化嗎？它是否有點老了，但對在 2025 年提供損失指導感到好奇，我們將不勝感激？謝謝。

Hi, Stanley. As you point out, product commerce margin generated $470 million in adjusted EBITDA, which is an improvement of about 10 basis points year over year but decreased 140 basis points versus Q2. So there's some quarterly fluctuation there.

嗨，史丹利。正如您所指出的，產品商務利潤率產生了 4.7 億美元的調整後 EBITDA，比去年同期提高了約 10 個基點，但與第二季度相比下降了 140 個基點。因此存在一些季度波動。

And that's something that's been consistent with our performance in the past. We see these quarterly fluctuations in our business. And this quarter, it included some seasonal impact due to weather-related expenses we often see in Q3 versus Q2.

這與我們過去的表現是一致的。我們的業務出現了這些季度波動。本季度，由於我們在第三季和第二季經常看到的與天氣相關的費用，它包括了一些季節性影響。

And we provided long-term margin guidance for adjusted EBITDA, which is over 10%. We continue to see a lot of upsides in almost every part of our business. And there are opportunities to leverage technology, including AI automation, expand margin accretive offerings, improve processes among many other things to both, enhance the customer experience and reduce waste. And I think you'll see some quarter-to-quarter unevenness, but we're confident about long-term potential opportunity there.

我們為調整後 EBITDA 提供了超過 10% 的長期利潤率指引。我們在業務的幾乎每個部分都繼續看到很多優勢。還有機會利用人工智慧自動化等技術，擴大利潤加值產品，改善流程等，增強客戶體驗並減少浪費。我認為你會看到一些季度與季度之間的不平衡，但我們對那裡的長期潛在機會充滿信心。

On your second question about Farfetch on developing offerings, I think it's -- we'll have more to share on our 2025 guidance or thoughts on 2025 in the upcoming quarter. But so far, we're pleased with the progress we're making on Farfetch. But as I mentioned, we still -- the job is still not done. There's still more work to do, and our focus remains on finishing the job of stabilization throughout the remainder of the year.

關於 Farfetch 關於開發產品的第二個問題，我認為我們將在下個季度分享更多關於 2025 年指導或對 2025 年的想法。但到目前為止，我們對 Farfetch 所取得的進展感到滿意。但正如我所提到的，我們的工作仍然沒有完成。還有更多工作要做，我們的重點仍然是在今年剩餘時間內完成穩定工作。

(Operator Instructions) Jiong Shao, Barclays.

（操作員指示） 邵炯，巴克萊銀行。

Thank you. I have a quick follow-up first and two questions, if I may. I think, Bom, you mentioned earlier, of course, we understand the investments go up and down from quarter to quarter. And I was just wondering because a lot of the investment seems to be in technology, which tend to be amortized as we know.

謝謝。如果可以的話，我首先要快速跟進一下，然後再問兩個問題。我想，Bom，你之前提到過，當然，我們了解投資每季都會上升和下降。我只是想知道，因為很多投資似乎都在技術上，正如我們所知，這些投資往往是攤提的。

And I was just wondering, given the sort of more intensive investments in Q3 this quarter, was there anything like onetime or this is just a base you're going to amortize that going forward and then you will grow out of that, that margins expand again? So just try to get a little bit of extra color there, if I may, then I have two questions.

我只是想知道，考慮到本季第三季的更密集投資，是否有類似一次性的投資，或者這只是一個基礎，你將在未來攤銷，然後你會從中成長，利潤率會擴大再次？因此，如果可以的話，請嘗試在那裡獲得一點額外的色彩，那麼我有兩個問題。

Sure. Look, I think Gaurav can comment more on this, but we don't -- we are not capitalizing our tech investments. So I think this amortization and depreciation question is a little bit surprising for us. There are no onetime -- these are -- this is part of our continued quarterly investment in technology and infrastructure. We've -- you can look at our historical performance on that and certainly on OG&A more broadly that we have demonstrated, and we continue to expect to generate leverage on it over time.

當然。看，我認為高拉夫可以對此發表更多評論，但我們沒有——我們沒有利用我們的技術投資。所以我認為這個攤銷和折舊問題對我們來說有點令人驚訝。沒有一次性的——這些是——這是我們對技術和基礎設施持續季度投資的一部分。我們——你可以看看我們在這方面的歷史表現，當然還有我們所展示的更廣泛的 OG&A 方面的表現，並且我們繼續期望隨著時間的推移，我們將在這方面產生影響力。

You will see quarter to quarter or some unevenness because we just don't manage our business to hit quarterly expectations on investments like this. So I think that's some of the unevenness you're seeing.

你會看到季度與季度之間的差異或一些不平衡，因為我們只是沒有管理我們的業務來達到這樣的投資的季度預期。所以我認為這就是你所看到的一些不平衡之處。

And again, we don't capitalize our tech investments. So this is not an issue of amortization, depreciation reflecting here. And we're not talking about any big onetime investments here.

再說一次，我們不會將我們的技術投資資本化。所以這不是這裡反映的攤提、折舊問題。我們這裡討論的不是任何大型一次性投資。

Okay. This is super helpful. Okay, that's great. That's helped explain things. My questions are, one, I was hoping you could talk a little bit about your ad take rate. I know that has been a growth driver, high margin. If you can share some insight there in terms of the range you currently are and where you think you can get to?

好的。這非常有幫助。好的，太好了。這有助於解釋事情。我的問題是，第一，我希望您能談談您的廣告投放率。我知道高利潤一直是成長動力。您是否可以分享一些關於您目前的範圍以及您認為可以達到的目標的見解？

My second question is that we have noticed you are doing some sort of a campaign to sort of get some of the cross-border guys to do the fulfilled by Coupang offering, just we help deliver our products if you want to do cross-border. Is that something sort of meaningful? Or is that just one of many, many things you do day to day, we shouldn't pay too much attention to that?

我的第二個問題是，我們注意到你們正在進行某種活動，讓一些跨境人員透過 Coupang 提供服務，如果你們想做跨境業務，我們會幫忙交付我們的產品。這是某種有意義的事嗎？或者這只是您每天所做的許多事情之一，我們不應該對此給予太多關注？

I think to your second point, Jiong, there's a number of initiatives. They're initiatives big and small. So I think we're always trying to bring more selection to our customers. We're always trying to increase savings. We're always trying to improve services. And you'll see initiatives across the company on a number of fronts there.

我認為，對於你的第二點，Jong，有很多舉措。它們是大大小小的舉措。所以我認為我們一直在努力為客戶帶來更多選擇。我們一直在努力增加儲蓄。我們一直在努力改善服務。您將在那裡看到整個公司在多個方面的舉措。

On ads, specifically, I think to your first question, it continues to be an important area of investment and innovation for us, and it's going well. As we've said before, it's still a small percentage of our overall transaction volume and lower than the levels we see with our global peers. We're still in the developing stages of building out the full range of innovative tools and services that we believe we need to provide the best experience for both consumers and advertisers.

具體來說，關於廣告，我認為對於你的第一個問題，它仍然是我們投資和創新的重要領域，而且進展順利。正如我們之前所說，這仍然只占我們總交易量的一小部分，並且低於我們在全球同行中看到的水平。我們仍處於建立全方位創新工具和服務的開發階段，我們相信我們需要這些工具和服務來為消費者和廣告商提供最佳體驗。

Okay. Thank you, Bom.

好的。謝謝你，鮑姆。

Thank you.

謝謝。

James Lee, Mizuho.

詹姆斯李，瑞穗。

All right, great. Thanks for taking my questions. Two over here. First on Eats. You guys called out improvement of losses this quarter. Maybe can you unpack that a little bit, maybe which aspect of the business you're seeing increased efficiency?

好吧，太好了。感謝您回答我的問題。兩個在這裡。首先是外帶。你們呼籲本季虧損有所改善。也許您可以稍微解釋一下，也許您看到業務的哪個方面提高了效率？

And can you also comment on the market share and your progress on expanding the supply for the food delivery business? And secondly, on Taiwan, and maybe can you give us an update on the progress you made in that region, your market positioning, and your efforts on resolving some of the quality of service issue currently you're facing in Taiwan e-commerce industry? Thank you.

您能否評論一下外送業務的市場佔有率以及擴大供應方面的進展？其次，關於台灣，也許您可以向我們介紹一下您在該地區取得的進展、您的市場定位以及您在解決台灣電子商務行業當前面臨的一些服務品質問題方面所做的努力？謝謝。

Hi, James, I think what we've shared on developing offerings improvement, Farfetch is the business segment or the offering that we have shared that we've improved our losses. Specifically, we've achieved near breakeven, which was our target for end of the year, which I think it's worth noting again that it's -- we're really proud of the Farfetch team for having achieve that, but the job is also not finished.

嗨，詹姆斯，我認為我們在開發產品改進方面分享的內容，Farfetch 是我們分享的業務部門或產品，我們已經改善了我們的損失。具體來說，我們已經實現了接近收支平衡的目標，這是我們今年年底的目標，我認為再次值得注意的是，我們為 Farfetch 團隊實現了這一目標感到非常自豪，但這項工作也不是完成的。

Eats, we are -- we continue to see a strong response from our customers to the value that we're providing and the service levels that we're providing. Our goal there is to provide customers with more choice, with a service that offers selection service and savings. And it's still very early. And we'll share updates in the future when there are meaningful milestones or developments on that front.

吃，我們 - 我們繼續看到客戶對我們提供的價值和我們提供的服務水準的強烈反應。我們的目標是為客戶提供更多選擇，提供選擇服務和節省費用的服務。現在還很早。當這方面出現有意義的里程碑或進展時，我們將在未來分享更新。

Taiwan, I think, as we have mentioned, we are excited about the opportunity there broadly. It's still early. There's momentum in progress. We're fortunate to be able to leverage there a lot of what we built in Korea over many years. That's certainly helping us scale. And we believe it will also help us generate operational efficiencies more quickly than we did in Korea.

台灣，我認為，正如我們所提到的，我們對那裡的廣泛機會感到興奮。現在還早。有前進的動力。我們很幸運能夠利用我們多年來在韓國建立的許多東西。這無疑有助於我們擴大規模。我們相信，這也將幫助我們比在韓國更快地提高營運效率。

As always, we'll be very disciplined with any increased levels of spend, investing more only when we are convinced about the returns we can generate. And we look forward to providing more updates there at the appropriate time in the future.

一如既往，我們將非常嚴格地對待任何增加的支出水平，只有當我們確信我們能夠產生的回報時才會增加投資。我們期待在未來的適當時間提供更多更新。

Right. Thank you.

正確的。謝謝。

Thank you.

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，您現在可以斷開連接了。