Coupang Inc (CPNG) 2024 Q4 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 fourth-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年第四季財報電話會議。（操作員指令）

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

現在，我想將電話轉給投資者關係副總裁麥克帕克。您可以開始您的會議了。

Thanks, operator. Welcome, everyone, to Coupang's fourth-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 2024 年第四季財報電話會議。我很高興今天能與我們的創辦人兼執行長 Bom Kim 一起參加電話會議；以及我們的財務長 Gaurav Anand。以下討論（包括對您的問題的答案）僅反映管理層截至今天的觀點。除非法律要求，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其他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。

As we share our fourth-quarter 2024 results on today's call, the comparisons we make to prior periods will be on a year-over-year basis, unless otherwise noted. We may also 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.

當我們在今天的電話會議上分享我們的 2024 年第四季業績時，除非另有說明，我們與前期的比較將以同比為基礎。我們也可能同時提供 GAAP 和非 GAAP 財務指標。關於這些非公認會計準則指標的額外揭露，包括這些指標與最具可比性的公認會計準則指標的對賬，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.

現在我將電話轉給 Bom。

Thanks, everyone, for joining us today. A few highlights to begin. Over the past 12 months, we grew net revenues by nearly $6 billion or 23% in constant currency, excluding Farfetch. Gross profit grew an even stronger 29%, excluding Farfetch and the FC fire insurance gain we recorded in Q4. And we generated $1.4 billion in adjusted EBITDA, expanding margins to 4.5%, while also delivering over $1 billion in free cash flow.

感謝大家今天的參與。首先介紹幾個亮點。過去 12 個月，不包括 Farfetch，我們的淨收入按固定匯率計算增長了近 60 億美元，增長了 23%。除去 Farfetch 和第四季錄得的 FC 火災保險收益，毛利成長更為強勁，達 29%。我們實現了 14 億美元的調整後 EBITDA，利潤率擴大至 4.5%，同時也實現了超過 10 億美元的自由現金流。

As we close out 2024, I'd like to share how this year's achievements reflect the core principles that drive us. At Coupang, everything begins and ends with the customer. This orientation is our most important advantage. We work backwards from a vision of a world, where our customers have it all, the best experience at the lowest price. We believe it's only when we provide both in harmony that we deliver a true wow experience.

在 2024 年即將結束之際，我想分享今年的成就如何體現了推動我們前進的核心原則。在 Coupang，一切始於客戶，終於客戶。這種定位是我們最重要的優勢。我們從一個世界的願景開始逆向思考，在這個世界裡，我們的客戶可以擁有一切，以最低的價格獲得最好的體驗。我們相信，只有當我們和諧地提供兩者時，我們才能提供真正的令人驚嘆的體驗。

Our ability to break that traditional trade-off between experience and price relies on a relentless focus on innovation and operational excellence. And our mission to continue transforming customers' lives through innovation and operational excellence was at work again this past year. We made significant changes to upgrade our fulfillment and logistics processes, which enabled us this quarter to increase by 45% the deliveries that were either same day or done -- shipments ordered by midnight and delivered just hours later by 7:00 AM.

我們打破傳統體驗與價格之間權衡的能力依賴於對創新和卓越營運的不懈關注。過去的一年，我們再次履行透過創新和卓越營運繼續改變客戶生活的使命。我們對訂單履行和物流流程進行了重大變革，這使得我們本季度的當天交貨量或當天完成的交貨量增加了 45%——午夜前訂購的貨物，幾個小時後在早上 7 點就送達。

We've also been able to extend the order cutoff for same-day delivery by two hours. We've expanded our next-day Rocket Delivery to now provide customers with next-day installation services on thousands of items from large appliances, furniture, electronics to even tires for automobiles. Now a customer who realizes that she needs new tires on her car can purchase them online from home and have them delivered and installed the very next day.

我們也可以把當日送達的訂單截止時間延長兩小時。我們擴大了隔天火箭送貨服務，現在可為客戶提供數千種物品的隔日安裝服務，包括大型家電、家具、電子產品甚至汽車輪胎。現在，如果顧客意識到自己的車需要更換輪胎，就可以在家中線上購買，並在第二天送貨並安裝。

We've increased our fresh assortment by over 30% this quarter, which now includes fresh flower delivery to customers across the market. 100% of our fresh selection comes with the promise of free same-day and dawn delivery, which ensures that their orders are delivered within hours. Now a customer who forgets an important birthday can order with a few clicks on his phone just before midnight and have fresh flowers, ice cream, and a cake waiting at the door for his significant other when they wake up the next morning.

本季度，我們的新鮮品種增加了 30% 以上，現在包括向整個市場的客戶配送新鮮鮮花。我們 100% 的新鮮商品承諾免費當日和黎明送貨，確保訂單在數小時內送達。現在，如果顧客忘記了重要的生日，只需在午夜前點擊幾下手機即可下單，第二天早上醒來時，他的另一半就會收到鮮花、冰淇淋和蛋糕。

We're also working to bring dawn and fresh delivery to more remote areas in the market. This includes Jeju Island, where we recently announced that customers can now get free overnight Rocket Delivery by 7:00 AM for orders placed as late as midnight.

我們也致力於將黎明和新鮮配送服務推廣到市場上更偏遠的地區。其中包括濟州島，我們最近宣布，在那裡，客戶現在可以在午夜前下單，在早上 7:00 之前享受免費的隔夜火箭送貨服務。

Our culture of relentless innovation fuels not only growth but also continuous improvements in our processes and margins. We have always believed that customer experience and operational excellence can advance hand-in-hand. Better processes lead to better outcomes for customers.

我們不斷創新的文化不僅推動了成長，而且推動了我們的流程和利潤的持續改進。我們始終相信客戶體驗和卓越營運可以齊頭並進。更好的流程會為客戶帶來更好的結果。

By innovating tirelessly on behalf of customers, we're simultaneously driving down costs and raising the bar on service quality. In the process of upgrading our fulfillment logistics network this year, we were able to eliminate waste in our processes and improve line haul costs by 16%.

透過為客戶不懈地創新，我們同時降低了成本並提高了服務品質。在今年升級我們的履行物流網路的過程中，我們能夠消除流程中的浪費，並將幹線運輸成本降低 16%。

A key driver of our efficiency improvements is robotics and automation. We've made significant investments to streamline operations, nearly doubling the portion of our fulfillment and logistics infrastructure that is highly automated in the past year alone. This helps make jobs easier for our workforce while also increasing productivity.

我們提高效率的關鍵驅動因素是機器人和自動化。我們投入了大量資金來簡化運營，僅在過去的一年裡，我們的訂單履行和物流基礎設施中高度自動化的部分就增加了近一倍。這有助於讓我們的員工更輕鬆地完成工作，同時提高生產力。

Even with these advances, we've only just begun to tap automation's full potential. The percentage of our total infrastructure that is highly automated is still just in the low teens. That's a huge runway for further improvements. Just as our past innovations have unlocked new levels of performance, the next wave from robotics in our network to AI and the trillions of predictions we make daily promises to drive even higher levels of growth and margin expansion in the quarters and years to come.

即使取得了這些進步，我們才剛開始挖掘自動化的全部潛力。我們整個基礎設施中高度自動化的比例仍然只有百分之十幾。這對於進一步改進來說是一個很大的進步。正如我們過去的創新已經開啟了新的性能水平一樣，下一波從我們網路中的機器人技術到人工智慧的技術以及我們每天做出的數萬億的預測預計將在未來幾個季度和幾年推動更高水平的增長和利潤率擴大。

Another pillar of our strategy has been our long view and willingness to make bold decisions and disciplined investments to build enduring value for customers and shareholders. We spent years building an end-to-end integrated technology and logistics infrastructure that allows us to deliver customer experience that we believe to be unmatched in global commerce today. That investment, though capital intensive, has put us at the frontier of innovation and drives our engine of compounding growth and expanding margins.

我們策略的另一個支柱是我們的長遠眼光和願意做出大膽的決策和嚴謹的投資，為客戶和股東創造持久的價值。我們花了數年時間建立端到端的整合技術和物流基礎設施，使我們能夠提供我們認為在當今全球商業中無與倫比的客戶體驗。儘管這項投資需要大量資本，但它使我們處於創新的前沿，並推動了我們的複合成長和利潤率的提高。

We're still in the early innings of that growth and margin expansion. Importantly, our growth story extends far beyond Korea. We believe the playbook we pioneered in Korea can be applied in other markets with equal success.

我們仍處於成長和利潤擴大的初期。重要的是，我們的成長故事遠遠超越了韓國。我們相信，我們在韓國首創的策略可以應用於其他市場並取得同樣的成功。

Our first international market, Taiwan, is a great example. We launched our full-stack e-commerce service, Rocket Delivery, in Taiwan in late 2022, and the customer response has been impressive. We closed out 2024 with significant momentum, with net revenues in the fourth quarter, growing 23% quarter over quarter, operating at substantial scale. And the vast majority of that growth was organic, a testament to the differentiated customer experience that we're building.

我們的第一個國際市場台灣就是一個很好的例子。我們於 2022 年底在台灣推出了全端電子商務服務 Rocket Delivery，客戶回應令人印象深刻。我們以強勁的發展勢頭結束了 2024 年，第四季的淨收入環比成長 23%，營運規模相當可觀。其中絕大部分的成長都是有機的，證明了我們正在打造差異化的客戶體驗。

We're also delighted to share that we recently launched our WOW membership program in the market. We have an exciting journey ahead in Taiwan, and 2025 is off to a strong start.

我們也很高興地告訴大家，我們最近在市場上推出了我們的 WOW 會員計劃。我們在台灣的旅程令人興奮，2025年將有一個好的開始。

Farfetch is another compelling story to highlight. When we acquired Farfetch at the beginning of 2024, it was losing hundreds of millions of dollars annually and facing declining growth metrics. Yet within this challenge, we saw a rare opportunity.

Farfetch 是另一個值得關注的精彩故事。當我們在 2024 年初收購 Farfetch 時，它每年虧損數億美元，並且面臨成長指標下滑的問題。然而在這項挑戰中，我們看到了難得的機會。

Farfetch was a sector leader with roughly $4 billion in annual transaction volume and a global brand in luxury fashion. In the year since the acquisition, our team applied the same relentless, disciplined execution that defines Coupang's operations. We made tough decisions with the aim of simplifying operations and refocusing the teams on the only two things that truly matter, customer experience and operational excellence.

Farfetch 是該產業的領導者，年交易額約 40 億美元，是奢華時尚領域的全球品牌。自收購以來的一年裡，我們的團隊始終堅持不懈、嚴謹執行，這與 Coupang 的運作方式如出一轍。我們做出了艱難的決定，目的是簡化營運並讓團隊重新專注於真正重要的兩件事：客戶體驗和卓越營運。

The results speak volumes. Farfetch's losses have shrunk dramatically to a breakeven run rate today, and this significant turnaround was achieved with minimal loss of scale. Farfetch continues to attract 49 million monthly visitors in over 190 countries around the world. While we're proud of what the Farfetch team has accomplished so far, we're even more excited about the potential for the team to build on this promising foundation to deliver innovations that will transform the customer experience in global luxury commerce.

結果說明了一切。Farfetch 的虧損如今已大幅縮減至損益平衡，這一重大轉變是在規模損失最小的情況下實現的。Farfetch 繼續吸引來自全球 190 多個國家的每月 4,900 萬訪客。我們為 Farfetch 團隊迄今所取得的成就感到自豪，但我們更為興奮的是，該團隊有潛力在這個有希望的基礎上再接再厲，實現創新，改變全球奢侈品商業的客戶體驗。

Looking to 2025 and beyond, our strategy is simple. We'll continue to put our customers first. We'll continue to innovate relentlessly, and we'll continue to invest in big opportunities with discipline and a long-term horizon. We expect to expand margins in 2025 through greater utilization of automation and technology further supply chain optimization and the scaling of margin-accretive offerings. In our established and newer markets, we see tremendous opportunities to expand selection through both our first- and third-party selection, including FLC that will in turn drive growth.

展望2025年及以後，我們的策略很簡單。我們將繼續把客戶放在第一位。我們將繼續不懈創新，並將繼續以紀律性和長遠眼光投資重大機會。我們預計，透過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規模，到 2025 年利潤率將有所提高。在我們成熟市場和新興市場中，我們看到了透過第一方和第三方精選來擴大選擇的巨大機會，包括 FLC，這反過來又會推動成長。

We're confident that if we keep delivering more value to customers, they will reward us with their enduring trust and loyalty. We're still in the early stages of capturing the full growth and potential of our core offerings. And as we pursue new opportunities, we will maintain a disciplined capital allocation and operational approach.

我們堅信，如果我們繼續向客戶提供更多價值，他們將會以持久的信任和忠誠來回報我們。我們仍處於充分挖掘核心產品的成長和潛力的早期階段。在我們尋求新機會的同時，我們將保持嚴謹的資本配置和運作方式。

We have a robust pipeline of initiatives, but we carefully prioritize those that we believe can meet our high bar for customer impact and long-term returns. We've shown that we can launch and scale new offerings in a way that complements our existing business and shared assets. We'll apply the same discipline as we expand into new segments and geographies. Our approach obsess over customers, invest for the long term, and drive operational excellence remains unchanged.

我們擁有一系列強勁的計劃，但我們會謹慎地優先考慮那些我們認為能夠滿足我們對客戶影響和長期回報的高標準的計劃。我們已經證明，我們可以以補充現有業務和共享資產的方式推出和擴展新產品。當我們拓展新的領域和地區時，我們將採用相同的原則。我們始終堅持以客戶為中心、著眼長遠、推動卓越營運的方針。

None of our 2024 success would have been possible without our incredible teams. They have embraced the mission wholeheartedly. I want to thank each of them for their passion and dedication to exceed the expectations of our customers. I also want to thank our shareholders for their continued support and belief in our long-term vision and our customers for inspiring us to be better every day. Their trust is our most precious asset, and we do not take it for granted.

如果沒有我們出色的團隊，我們不可能在 2024 年取得任何成功。他們全心全意地接受了這項使命。我要感謝他們每個人的熱情和奉獻精神，以超越我們客戶的期望。我還要感謝我們的股東對我們長期願景的持續支持和信任，感謝我們的客戶激勵我們每天做得更好。他們的信任是我們最寶貴的財富，我們不會將其視為理所當然。

With that, I'll turn the call over to our CFO, Gaurav Anand, who will walk you through the financial details of the quarter and year.

說完這些，我將把電話轉給我們的財務長 Gaurav Anand，他將向您介紹本季和本年度的財務細節。

Thanks, Bom. Q4 was another strong quarter across our business as we again delivered sustained growth in revenues, active customers, and profitability. As I walk through the numbers for the quarter in detail, I need to remind everyone that our Farfetch acquisition completed earlier in Q1 of 2024 impacting comparability.

謝謝，Bom。第四季度是我們業務表現強勁的又一個季度，我們的收入、活躍客戶和獲利能力再次實現了持續成長。當我詳細回顧本季的數據時，我需要提醒大家，我們對 Farfetch 的收購在 2024 年第一季早些時候完成，影響了可比性。

Additionally, this quarter, we recognized a non-recurring insurance gain of $175 million relating to the fire that damaged one of our fulfillment centers in 2021 and a loss of inventory and fixed assets recorded in the P&L in 2021. This quarter, we agreed to a settlement on a portion of the related insurance claim resulting in the $116 million gain recorded in gross profit and $59 million gain recorded in OG&A expenses. Where possible, I'll provide results with and without Farfetch and the non-recurring insurance gains to provide better comparability between periods.

此外，本季度，我們確認了 1.75 億美元的非經常性保險收益，該收益與 2021 年損壞我們其中一個配送中心的火災有關，並且 2021 年損益表中記錄了庫存和固定資產的損失。本季度，我們同意對部分相關保險索賠進行和解，導致毛利收益 1.16 億美元，石油及一般行政費用收益 5,900 萬美元。在可能的情況下，我將提供包含和不包含 Farfetch 以及非經常性保險收益的結果，以便更好地進行期間間的可比性。

Total net revenues this quarter grew 21% year over year or 14% excluding the impact of Farfetch. It's worth highlighting that we have seen a significant weakening of the Korean won versus the US dollar, reaching its lowest levels in over 10 years. As a result, it's especially important to review our results on a constant currency basis this quarter. Adjusting for the impacts of these foreign currency changes, we grew 28% or 21% excluding Farfetch.

本季總淨收入年增 21%，若不計 Farfetch 的影響則成長 14%。值得強調的是，韓元兌美元大幅貶值，跌至10多年來的最低水準。因此，本季以固定匯率基礎審查我們的業績尤為重要。調整這些外幣變化的影響後，我們的成長為 28%，不包括 Farfetch 則成長了 21%。

Consolidated gross profit this quarter grew 48% or 29% excluding Farfetch and the fire insurance gain. We are seeing significantly higher growth rates in our FLC offering, where revenue is reported on a net basis. This will naturally compress our revenue growth rates as FLC becomes a more significant part of our overall volumes. As a result, we believe a more meaningful indication of the overall growth of our business going forward will be the growth in gross profit.

本季綜合毛利成長 48%，若不包括 Farfetch 和火災保險收益則成長 29%。我們發現 FLC 產品的成長率明顯更高，其中收入是按淨額報告的。隨著 FLC 在我們的整體銷售中佔據越來越重要的地位，這自然會壓縮我們的營收成長率。因此，我們相信，毛利的成長將是我們未來業務整體成長的更有意義的指標。

We are seeing deeper levels of spend across all our customer cohorts as they respond to the value of Coupang's differentiated customer offering. This year, the annual spend of each of the customer cohorts, even our oldest, grew by more than 20% and while our newest cohorts follow a similar trend as our oldest cohorts, their spend level is just a fraction of the spend of our oldest cohorts. Our oldest cohorts are still increasing their spend, and that shows that we have yet to realize the full wallet share potential of our cohorts.

隨著所有客戶群對 Coupang 差異化客戶服務的價值做出積極響應，我們看到他們的支出水準正在不斷提高。今年，每個客戶群（甚至是最老的客戶群）的年度支出都增加了 20％ 以上，而我們最新的客戶群與最老的客戶群也遵循類似的趨勢，但他們的支出水平只是最老的客戶群支出的一小部分。我們最年長的群體仍在增加支出，這表明我們尚未充分發揮我們群體的錢包份額潛力。

We also represent a small percentage of the market's total retail spend, which highlights the significant growth opportunity ahead. Our product commerce segment saw revenue growth of 9% year over year. In constant currency, that growth rate was 16%, reflecting the notable impact from the weakening Korean won in Q4.

我們還佔市場總零售支出的一小部分，凸顯了未來巨大的成長機會。我們的產品商務部門營收年增 9%。以固定匯率計算，該成長率為 16%，反映出第四季韓元貶值帶來的顯著影響。

Gross profit this quarter grew 31% or 24%, excluding the impacts of the fire insurance game. Our product commerce active customers grew 10% year over year. We also saw growth in WOW members this year. We continued to see strong growth in average spend levels with constant currency revenues per active customer growing 6% year over year.

本季毛利成長31%，若剔除火災保險業務的影響，則成長24%。我們的產品商業活躍客戶年增10％。今年我們也看到 WOW 會員數的成長。我們持續看到平均支出水準的強勁成長，每位活躍客戶的固定貨幣收入較去年同期成長 6%。

Developing offering segment revenues in Q4 grew roughly 300% year over year in both reported and constant currency amounts. Excluding Farfetch, developing offerings segment revenues grew 124% or 136% year over year in constant currency. We are especially encouraged by the growth momentum we saw this quarter in both Eats and Taiwan and expect that momentum to continue throughout 2025.

第四季開發產品部門營收按報告金額和固定匯率計算年增約 300%。不包括 Farfetch，開發產品部門的營收以固定匯率計算年增 124% 或 136%。本季度，外送和台灣市場的成長勢頭令我們尤為鼓舞，我們預計這一勢頭將持續到 2025 年。

This quarter represented another record quarter in gross profit, where we generated $2.5 billion in gross profit. This represents a 48% year-over-year growth and a gross profit margin of 31.3%. Excluding both Farfetch and the $116 million insurance gain, adjusted gross profit in Q4 was $2.2 billion, growing 29% year over year, with a gross profit margin of 29%. This represents a margin improvement of over 330 basis points versus last year and 90 basis points over the last quarter.

本季我們的毛利再創紀錄，達到了 25 億美元。年增48%，毛利率為31.3%。不包括 Farfetch 和 1.16 億美元的保險收益，第四季調整後的毛利為 22 億美元，年增 29%，毛利率為 29%。這意味著利潤率較去年同期提高了 330 個基點，較上一季提高了 90 個基點。

For our product commerce segment, we generated growth in gross profit this quarter of 31% year over year to $2.3 billion and a gross profit margin of 32.7%. Adjusted for the effects of the insurance gain recorded, gross profit was $2.1 billion, growing 24% year over year with a margin of 31%. This represents a margin improvement of more than 370 basis points over last year, driven again by the 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. On a quarter-over-quarter basis, the adjusted product commerce gross profit margin improved 100 basis points versus Q3.

就我們的產品商務部門而言，本季我們的毛利年增 31% 至 23 億美元，毛利率為 32.7%。經記錄的保險收益影響調整後，毛利為 21 億美元，年增 24%，利潤率為 31%。這意味著利潤率較去年同期提高了 370 個基點以上，這同樣得益於整個營運效率的提高，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規模。與上一季相比，調整後產品商業毛利率較第三季提高了 100 個基點。

OG&A expense as a percentage of revenue increased over 370 basis points versus last year or over 440 basis points, excluding the $59 million insurance gain recorded within OG&A. This increase is primarily due to the inclusion of Farfetch and its related acquisition and restructuring costs. As we discussed last quarter, we have also increased our technology and infrastructure expense to build a stronger foundation for future scalability.

石油和天然氣及行政管理費用佔收入的百分比比去年增加了 370 個基點以上，若不包括石油和天然氣及行政管理部門記錄的 5900 萬美元保險收益，則增加了 440 個基點以上。這一成長主要得益於Farfetch的納入以及其相關的收購和重組成本。正如我們上個季度所討論的那樣，我們還增加了技術和基礎設施支出，為未來的可擴展性奠定了更堅實的基礎。

We are excited about the potential we are seeing to drive significant growth in revenues and margins through these increased tech investments into areas like AI and automation. We also expect OG&A expenses will decline over time as a percentage of revenue in the near to medium term.

我們很高興看到透過增加對人工智慧和自動化等領域的技術投資來推動收入和利潤的大幅成長的潛力。我們也預計，在近期至中期內，石油和天然氣及行政管理費用佔收入的百分比將隨著時間的推移而下降。

This quarter, we generated $279 million of income before income taxes and $156 million of net income attributable to Coupang stockholders. This resulted in diluted earnings per share of $0.08. Excluding the fire insurance gain, net income attributable to Coupang shareholders was approximately $24 million for the quarter, and diluted earnings per share was $0.01.

本季度，我們創造了 2.79 億美元的稅前收入和 1.56 億美元的歸屬於 Coupang 股東的淨收入。這導致每股攤薄收益為 0.08 美元。除去火災保險收益，本季歸屬於Coupang股東的淨收入約2,400萬美元，每股攤薄收益為0.01美元。

On a consolidated basis, we reported $421 million of adjusted EBITDA this quarter, which, among other things, excludes the fire insurance gain and the non-recurring acquisition and restructuring costs at Farfetch. This resulted in an adjusted EBITDA margin for the quarter of 5.3%, up 80 basis points over the last year.

在綜合基礎上，我們本季報告的調整後 EBITDA 為 4.21 億美元，其中不包括火災保險收益以及 Farfetch 的非經常性收購和重組成本。這使得本季調整後的 EBITDA 利潤率為 5.3%，較去年同期上升了 80 個基點。

For the full year, we generated adjusted EBITDA of $1.4 billion with a margin of 4.5%. This represents an expansion of adjusted EBITDA margins on an annual basis. Excluding Farfetch, we reported $391 million of consolidated adjusted EBITDA this quarter and $1.4 billion for the full year with a full-year adjusted EBITDA margin of 4.9%.

全年，我們的調整後 EBITDA 為 14 億美元，利潤率為 4.5%。這意味著調整後的 EBITDA 利潤率在年度基礎上有所擴大。不包括 Farfetch，我們本季報告的綜合調整後 EBITDA 為 3.91 億美元，全年報告的綜合調整後 EBITDA 為 14 億美元，全年調整後 EBITDA 利潤率為 4.9%。

Our product commerce segment delivered $539 million of adjusted EBITDA in Q4 with a margin of 7.8%. This consists of margin expansion of over 70 basis points year over year and over 100 basis points quarter over quarter.

我們的產品商務部門第四季的調整後 EBITDA 為 5.39 億美元，利潤率為 7.8%。其中包括利潤率較去年同期擴大超過 70 個基點、較上季擴大超過 100 個基點。

For developing offerings, our Q4 segment adjusted EBITDA loss was $118 million, improving $32 million year over year and $9 million quarter over quarter. The progress we saw this quarter were primarily driven by improvement in both Eats and Farfetch. We also note that Farfetch benefited this quarter from recurring seasonality and profitability typically seen in Q4 each year as well as certain one-time adjustments.

就開發產品而言，我們第四季部門調整後的 EBITDA 虧損為 1.18 億美元，較去年同期減少 3,200 萬美元，較上一季減少 900 萬美元。我們本季看到的進展主要得益於 Eats 和 Farfetch 的改進。我們還注意到，Farfetch 本季受益於每年第四季度常見的季節性和盈利能力以及某些一次性調整。

For the full year, we generated $1.9 billion in operating cash flow and $1 billion of free cash flow. This represents a decrease in free cash flow of $759 million versus last year and an $81 million quarter-over-quarter improvement over the Q3 [PPM] free cash flow. As we noted last quarter, we do not believe there has been a structural change in our free cash flow generation as a decrease over the prior year is driven primarily by certain non-recurring working capital benefits that we previously communicated were in the prior year.

全年我們創造了 19 億美元的營運現金流和 10 億美元的自由現金流。這意味著自由現金流比去年同期減少了 7.59 億美元，比第三季 [PPM] 自由現金流環比增加了 8,100 萬美元。正如我們上個季度所指出的那樣，我們認為我們的自由現金流產生沒有發生結構性變化，因為與上年相比的下降主要是由於我們之前傳達的上一年產生的某些非經常性營運資本收益所致。

This quarter, we reported an effective income tax rate of 53%, driven by consolidation of pre-tax losses in Farfetch and certain non-deductible expenses. As a reminder, this is just an accounting tax rate as our cash tax obligation in 2024 is closer to 20%, excluding Farfetch losses.

本季度，我們報告的有效所得稅率為 53%，這主要是由於 Farfetch 的稅前虧損和某些不可扣除費用的合併。提醒一下，這只是一個會計稅率，因為不包括 Farfetch 損失，我們 2024 年的現金稅負接近 20%。

Now a few comments on our outlook for 2025. We anticipate our constant currency consolidated growth rates for the full year to be about 20% year over year within the range of our 2024 Q4 constant currency growth rate, excluding Farfetch. We also expect the Q1 constant currency growth rate to be about 20%.

現在我們就 2025 年的展望發表一些評論。我們預計，全年固定匯率綜合成長率將年增約 20%，在 2024 年第四季固定匯率成長率範圍內（不包括 Farfetch）。我們也預計第一季的固定匯率成長率將達到 20% 左右。

As we have discussed, FLC continues to grow at a faster rate than our overall product commerce revenue growth, which is not fully reflected in the revenue growth rates. As a result, we expect product commerce gross profit to grow faster than the related constant currency revenues. And while overall margins may be uneven quarter to quarter, we expect to deliver adjusted EBITDA margin expansion on an annual basis.

正如我們所討論的，FLC 的成長速度仍然快於我們的整體產品商業收入成長速度，但這並未完全反映在收入成長率中。因此，我們預期產品商業毛利的成長速度將快於相關的恆定貨幣收入。儘管整體利潤率可能在各季度之間不均衡，但我們預計調整後的 EBITDA 利潤率將按年度擴大。

For developing offerings, we anticipate incurring adjusted EBITDA losses between $650 million to $750 million in 2025. Regarding income tax expense, we anticipate we will continue to experience a temporarily high effective tax rate between 50% to 55% in 2025. As a reminder, this is just an accounting effective tax rate. We expect our cash tax obligation to be closer to 40%.

對於開發產品，我們預計 2025 年調整後的 EBITDA 損失將在 6.5 億美元至 7.5 億美元之間。關於所得稅費用，我們預計 2025 年我們將繼續經歷 50% 至 55% 之間的暫時高有效稅率。提醒一下，這只是會計有效稅率。我們預計我們的現金稅負將接近 40%。

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

接線員，我們現在可以開始問答環節。操作員？

(Operator Instructions)

（操作員指令）

Stanley Yang, JPMorgan.

摩根大通的 Stanley Yang。

Thank you for the opportunity to ask some questions. First question is, over the past several months, both government data and third-party data have indicated an elevated slowdown of domestic e-commerce market growth this fourth quarter. Have you seen the similar trend in your per-commerce GMV growth year to date?

感謝您給我這個機會提問。第一個問題，過去幾個月，無論是政府數據或第三方數據都顯示，今年第四季國內電子商務市場成長放緩幅度加大。今年迄今為止，您是否發現每個商業項目的 GMV 成長呈現類似的趨勢？

I would appreciate if you share a bit more color on the macro impact on your top-line growth outlook in 2025. And I appreciate your guidance of 20% top-line growth, but I just wonder between -- the breakdown between the product commerce versus developed offering revenue growth?

如果您能詳細介紹一下這對 2025 年營收成長前景的宏觀影響，我將不勝感激。我很欣賞您所預測的 20% 的營收成長，但我只是想知道產品商業收入成長與開發產品收入成長之間的細目如何？

And my second question is about your FLC business, which has emerged a strong growth driver. Management guided FLC is margin accretive, but can you please give a bit more color on the SLC margin profile trend going into 2025? Thank you.

我的第二個問題是關於你們的FLC業務，這項業務已經成為強勁的成長動力。管理層指導的 FLC 利潤率會增加，但您能否詳細介紹 2025 年 SLC 利潤率走勢？謝謝。

Hi, Stanley. Thanks for your question. I think with macro, we understand that there is some uncertainty in the macroenvironment. We've seen cycles like this before, including a couple of years ago when we were coming out of COVID. I think our outlook for growth continues to remain strong.

你好，史丹利。感謝您的提問。我認為，從宏觀角度來看，我們知道宏觀環境中存在一些不確定性。我們以前也經歷過這樣的週期，包括幾年前我們剛擺脫新冠疫情的時候。我認為我們的成長前景仍然強勁。

Keep in mind, we're still a relatively small share of the overall retail market, just a small fraction. And what's driving our expansion is not a one-time bump or cycle, but deep and increasing engagement from our customers. The spend of every single court of our customers, even our oldest, continues to compound each year. And that's driven by our continuous improvement of selection, service, and price.

請記住，我們在整個零售市場中所佔的份額仍然相對較小，只是一小部分。推動我們擴張的不是一次性的衝擊或週期，而是來自客戶的深入和不斷增加的參與。我們的每一位客戶，甚至最年長的客戶，其支出每年都在增加。這是由我們不斷改進選擇、服務和價格所推動的。

We expect that our focus on these four value proposition drivers will support our growth -- continue to support our growth. And as we've mentioned, we expect our Q1 growth to remain consistent relatively to the growth that you've seen in Q4 to be -- in line with Q4, excluding Farfetch.

我們期望，對這四個價值主張驅動因素的關注將支持我們的成長——繼續支持我們的成長。正如我們所提到的，我們預計第一季的成長將與第四季的成長保持一致 - 與第四季度保持一致，不包括 Farfetch。

Our strategy remains the same through any phase of these cycles. We provide customers with the best experience at the lowest price. Whatever the macroeconomic environment may be -- and we've seen uncertainty like this before -- as long as we deliver that, we're confident we can continue to outpace the market's growth significantly for years to come.

在這些週期的任何階段，我們的策略都是相同的。我們以最低的價格為客戶提供最好的體驗。無論宏觀經濟環境如何——我們以前也見過類似的不確定性——只要我們實現這一目標，我們就有信心在未來幾年繼續大幅超越市場的成長速度。

On FLC, our focus right now is on optimizing the service levels for our customers and our merchants. We continue to see strong momentum in FLC. The trends that we've shared over the past few quarters have only continued. And FLC is still growing at a high multiple of our overall business. We're encouraged by the strong rate of adoption that we're seeing from merchants who are increasingly recognizing the benefits of leveraging our operational capabilities to serve customers better and that, in turn, helps their business thrive.

在 FLC，我們目前的重點是優化我們的客戶和商家的服務水準。我們繼續看到 FLC 的強勁勢頭。我們在過去幾季所分享的趨勢仍在持續。FLC 仍以高於我們整體業務的速度成長。我們很高興看到商家的採用率不斷提高，他們越來越認識到利用我們的營運能力更好地服務客戶的好處，從而幫助他們的業務蓬勃發展。

Our focus right now is to invest in enhancing that service. There's still a lot more to build out to improve the selection and convenience for our customers, which will, in turn, drive higher levels of engagement and lead to even greater growth opportunities for merchants and suppliers.

我們現在的重點是投資加強這項服務。我們還有很多工作要做，以改善客戶的選擇和便利，這反過來會推動更高水準的參與，並為商家和供應商帶來更大的成長機會。

Eric Cha, Goldman Sachs.

高盛的 Eric Cha。

Yeah. Thank you for the opportunity to ask questions. I have two. Firstly on Eats, I believe Coupang is adjusting the platform fee. And could you help us quantify the impact coming from these changes? And is that included in your -- reflected on your developing offering guidance, adjusted EBITDA loss guidance range.

是的。感謝您給我提問的機會。我有兩個。首先關於 Eats，我相信 Coupang 正在調整平台費用。您能幫助我們量化這些變化所帶來的影響嗎？這是否包含在您正在製定的發行指引、調整後的 EBITDA 虧損指引範圍內？

The second question is on tech spending. Obviously, we are continuing to see a rise in OG&A driven by these drivers. But when can we expect some moderation of pace in the investment? Could that maybe come within '25? Or should it be a little bit more long term?

第二個問題是關於科技支出。顯然，在這些驅動因素的推動下，我們將繼續看到 OG&A 的成長。但是，何時我們才能期待投資步伐放緩呢？這有可能在 25 年內實現嗎？還是應該稍微長期一點？

And what's the -- could you explain to us what the specific benefits that the consumers or the merchants may have coming from these investments? Thank you.

您能否向我們解釋一下消費者或商家可以從這些投資中獲得哪些具體好處？謝謝。

Thanks, Eric. I'll take that. So Eric, we believe we partnered really well with all our stakeholders in Eats -- the restaurants, drivers, and customers. As a general practice, we don't comment on the individual profitability of each of these components in our segment. But in Eats, we see many opportunities to continue improving the customers' offering as we have done as well as improving our operations.

謝謝，埃里克。我接受。因此 Eric，我們相信我們與 Eats 的所有利害關係人（餐廳、司機和顧客）都建立了良好的合作關係。按照一般慣例，我們不會對我們部門中每個組成部分的單獨盈利能力發表評論。但在 Eats 方面，我們看到了很多機會，可以像我們之前所做的那樣繼續改善客戶服務並改善我們的營運。

So in Eats, we provide free delivery with zero additional fees in any form to our customers. We offer merchants what we believe to be the lowest fees and commission of any food delivery service in the world. With that, we are committed to build a strong partnership with our restaurant and delivery partners and striving to improve the experience for our customers.

因此，在 Eats 中，我們為客戶提供免費送貨服務，不收取任何形式的額外費用。我們向商家提供我們認為是世界上所有食品配送服務中最低的費用和佣金。為此，我們致力於與我們的餐廳和配送合作夥伴建立牢固的合作夥伴關係，並努力改善顧客的體驗。

And moving on to your next question, Eric, on the overhead expense, so the OG&A expense as a percentage of revenue has increased versus last year. But this increase is primarily driven due to the inclusion of Farfetch and the related acquisition and restructuring costs. But as we discussed last quarter, we also increased the tech and infrastructure expenses to build a stronger foundation for future scalability.

艾瑞克，繼續回答你的下一個問題，關於管理費用，OG&A 費用佔收入的百分比與去年相比有所增加。但這一成長主要得益於 Farfetch 的納入以及相關的收購和重組成本。但正如我們上個季度所討論的那樣，我們還增加了技術和基礎設施支出，為未來的可擴展性奠定了更堅實的基礎。

So we are excited about the potential that we are seeing to drive significant growth in revenues and margins through these increased investments in AI and automation, primarily supporting our per-commerce business. So we do expect OG&A expenses will decline over time as a percentage of revenue. I think the guidance we are giving is the near to medium term right now.

因此，我們對透過增加對人工智慧和自動化的投資來推動收入和利潤大幅成長的潛力感到非常興奮，這主要支持我們的每個商業業務。因此，我們確實預計，石油和天然氣管理費用佔收入的百分比將隨著時間的推移而下降。我認為我們目前給予的指導是近期到中期的。

And Eric, I'll address your last question about the benefits of the gains that customers and merchants -- what they may or could expect from our investments here. And machine learning and generative AI, in particular, continue to be a core part of our strategy. They have contributed to some of the results that you've seen in the past, and we're deploying them throughout our business.

艾瑞克，我將回答你的最後一個問題，關於客戶和商家的收益——他們可能或能夠從我們的投資中期待什麼。尤其是機器學習和產生人工智慧，繼續成為我們策略的核心部分。他們為您過去看到的一些成果做出了貢獻，而且我們正在將它們部署到我們的整個業務中。

We expect them to have an impact on the trillions of predictions we make every day from search, ads, catalog, our engineering, operations, among many others. And we're already seeing benefits and an even greater potential for improvements to come. So we'll continue to invest to leverage AI to enhance the customer experience and improve operational efficiencies. And as always, as with all of our investments, we continue to test and iterate and invest only we're convinced of the potential for attractive returns.

我們預期它們會對我們每天在搜尋、廣告、目錄、工程、營運等領域做出的數兆個預測產生影響。我們已經看到了好處以及未來更大的改進潛力。因此，我們將繼續投資，利用人工智慧來增強客戶體驗並提高營運效率。像往常一樣，就像我們所有的投資一樣，我們會繼續測試和迭代，並且只投資我們確信有可觀回報潛力的投資。

Seyon Park, Morgan Stanley.

摩根士丹利的 Seyon Park。

Hi, good morning. Thank you for the opportunity. I also have two questions. The first is on Farfetch. If maybe management can share what the ambition -- now that the restructuring phase appears to be done, what the strategy going forward will be and whether Farfetch could -- we could see potentially an integration of Farfetch into Coupang or with the Korean consumers is my first question.

嗨，早安。感謝您給我這個機會。我也有兩個問題。第一個是Farfetch。我的第一個問題是，管理層是否可以分享他們的目標——現在重組階段似乎已經完成，未來的策略是什麼，以及 Farfetch 是否能夠——我們可能會看到 Farfetch 與 Coupang 或韓國消費者整合。

The second question is just kind of on the CapEx investment outlook. I'm assuming that the increase in coverage in Korea is not as fast as it was in the past, given that we already have nationwide coverage. And hence, should we expect the same cadence of tax spending going forward? Or is there a chance that that could be adjusted or a shift to investments outside of just pure coverage? Thank you.

第二個問題只是關於資本支出投資前景。由於我們已經實現了全國覆蓋，因此我認為韓國的覆蓋率成長速度不會像過去那麼快。那麼，我們是否應該預期未來稅收支出的節奏是同樣的呢？或者是否有可能進行調整或轉向純粹覆蓋範圍之外的投資？謝謝。

So let me start with Farfetch. We're pleased with the early progress we've seen at Farfetch. We focused on operational improvements that, as you point out, have helped turn large losses at this time -- sorry, at the time of our acquisition to profitability today. We'll continue to leverage resources and capabilities across the company when helpful and also explore synergies.

那麼就讓我從 Farfetch 開始吧。我們對 Farfetch 的早期進展感到非常滿意。我們專注於營運改進，正如您所指出的，這有助於將目前的巨額虧損——對不起，是我們收購時的巨額虧損——扭轉為今天的盈利。我們將在必要時繼續利用整個公司的資源和能力，並探索協同效應。

But most of all, we want to finish the job of streamlining our operations. and sharpening Farfetch's execution around customer experience. We're committed to delivering exceptional experiences for luxury customers, boutiques, and brands. That and operational rigor will set Farfetch on the path to sustainable growth and leadership in the global luxury retail market. It won't happen overnight, but we're excited about what's ahead there.

但最重要的是，我們想完成精簡營運的工作。並加強 Farfetch 在客戶體驗上的執行力。我們致力於為奢侈品客戶、精品店和品牌提供非凡的體驗。這項特點和嚴謹的營運策略將使 Farfetch 走上全球奢侈品零售市場可持續成長和領導地位的道路。這不會在一夜之間發生，但我們對未來充滿期待。

Yeah. And I'll take the CapEx question. On levels of CapEx, as a percentage of revenue has historically remained relatively consistent over time and leveraging as we scale, and we are very disciplined on how and where we invest our CapEx into, the majority of our CapEx investment is related to building our capacity to support our growth in both Korea and now Taiwan. And that's why we measure it as a percentage of revenue, indicating the growth.

是的。我將回答有關資本支出的問題。就資本支出水準而言，由於收入百分比歷來隨時間推移保持相對穩定，並且隨著規模擴大而不斷增加，而且我們對如何以及在何處投資資本支出非常嚴格，我們的大部分資本支出投資與建設我們的能力有關，以支持我們在韓國和現在的台灣的增長。這就是為什麼我們用收入百分比來衡量它，以顯示成長。

The inherent peaks and lead times naturally create some unevenness in the timing. But overall, we continue and expect to continue to leverage CapEx as percentage of revenue.

固有的高峰和前置時間自然會造成時間上的一些不均勻。但總體而言，我們將繼續並預期將繼續利用資本支出佔收入的百分比。

Jiong Shao, Barclays.

巴克萊銀行的邵炯（Jiong Shao）。

Thank you very much for taking my questions. I have two as well. First is on your developing offering guide. I want to -- I was hoping you can elaborate a bit on your guide of $650 million to $750 million investments. So I want to be clear, I suspect you have Farfetch in it. Just rough -- the Farfetch run rate is about $120 million profit. Does that mean the rest of the old kind of core developing offering, the loss should be $750 million to $850 million? I want to make sure my math or my understanding is correct.

非常感謝您回答我的問題。我也有兩個。首先是關於您的開發產品指南。我想——我希望您可以詳細說明一下 6.5 億美元到 7.5 億美元投資指南。所以我想說清楚，我懷疑你在裡面有 Farfetch。粗略地說—Farfetch 的營業利潤約為 1.2 億美元。這是否意味著其餘舊的核心開發產品的損失應該是 7.5 億至 8.5 億美元？我想確保我的數學或我的理解是正確的。

And it will be helpful to all of us if you can talk about, what are you thinking of investment directionally for Taiwan, for Eats, and for Play in '25 vis-à-vis '24. And recently, you entered into Japan food delivery as well according to some media reports, could you talk about the rationale there, especially when you exited Japan a couple of years ago and the level of investment you are looking to do for the Japanese food delivery market? Sorry for the long-winded question.

如果您能談談您對 2025 年和 2024 年台灣、飲食和娛樂的投資方向有何看法，這將對我們所有人都很有幫助。最近，根據一些媒體的報道，你們也進入了日本的食品外賣市場，能不能談談你們進入日本市場的理由，尤其是幾年前你們退出日本市場的時候，以及你們希望對日本食品外賣市場進行怎樣的投資？抱歉，這個問題問得太長了。

Second question, it's a quick one, at least a shorter one. Your investment intensity last year was very good. As a result, more than -- sorry, the year before -- last year, for example, you more than doubled your EBITDA margin. But last year, the EBITDA margin went up only slightly because of the intense investments.

第二個問題，這是一個簡單的問題，至少是一個較短的問題。去年你們的投資力道非常好。因此，對不起，是前年，例如去年，您的 EBITDA 利潤率增加了一倍以上。但去年，由於投資密集，EBITDA利潤率僅小幅上升。

I was wondering for '25, do you feel like -- because these investment cycles, they come in kind of different magnitude from year to year. I was just wondering for 2025, do you think the investment intensity is going to be similar to '24, or is it going to be less or more? Thank you so much.

我想知道對於 25 年，您是否覺得——因為這些投資週期每年的幅度都不同。我只是想知道，對於 2025 年，您認為投資強度會與 24 年相似嗎，還是會更高或更低？太感謝了。

Hi, Jiong. Thanks for the question. I think there's a lot of things in your question. In fact, I'll try to address as many of us as I can.

你好，囧。謝謝你的提問。我覺得你的問題包含很多內容。事實上，我會​​盡力向盡可能多的人講解。

I think it's important to remember the developing offerings is really a collection of investments. We are investing in services and offerings that we believe strengthen our customer value proposition and also generate attractive returns for our shareholders in the long term. Many of these initiatives are gaining solid momentum and already contributing to our long-term strategy.

我認為，重要的是要記住，開發產品實際上是投資的集合。我們正在投資我們認為可以加強我們的客戶價值主張並為我們的股東帶來長期可觀的回報的服務和產品。其中許多舉措正在獲得堅實發展動能並已為我們的長期策略做出貢獻。

I think to your specific question about Farfetch, I think I would point out that there are some one-off benefits in Q4. So I think Q4 generally is seasonally a high profit period for that offering.

對於您關於 Farfetch 的具體問題，我想我會指出第四季度有一些一次性好處。因此我認為第四季通常是該產品的季節性高利潤期。

But the more important point here, I think, is to take a step back and whether it's Farfetch or Japan, which you mentioned, I think that's one of several investment opportunities that we have in our developing offerings, we evaluate a lot of opportunities. And the select few cases that we do make an investment and across all of these initiatives, our approach is consistent. Really, it's one of disciplined execution.

但我認為這裡更重要的一點是退一步考慮，無論是您提到的 Farfetch 還是日本，我認為這都是我們在開發產品中擁有的幾個投資機會之一，我們評估了許多機會。我們確實對少數幾個案例進行了投資，並且在所有這些舉措中，我們的方法都是一致的。確實，這是一次有紀律的執行。

We're focusing on ensuring that these investments are driven by two things: one, a clear customer demand for our differentiation and two, a strong path to operational excellence. When the evidence doesn't meet our expectations, we'll be disciplined and reevaluate as we have in the past. And when we do invest more -- and I want to emphasize and invest -- we hope our shareholders are excited, because it's a reflection of our growing confidence from what we're seeing on the ground that we'll deliver a wow experience for customers and an attractive return for our shareholders.

我們專注於確保這些投資由兩件事驅動：一、客戶對我們差異化的明確需求；二、通往卓越營運的強大途徑。當證據不符合我們的預期時，我們會像過去一樣受到紀律處分並重新評估。當我們確實投入更多資金時——我想強調並投入——我們希望我們的股東感到興奮，因為這反映了我們根據實地看到的情況不斷增長的信心，我們將為客戶提供令人驚嘆的體驗，為股東帶來可觀的回報。

Our investments for developing offerings across all of these initiatives in 2025, is expected to be about between 650 and 750. And there's still a lot to learn across each of these initiatives, and they're all at various stages but where we are investing more, we hope it's a reflection of the confidence. I hope you see it as a reflection of our growing conviction that we are delivering -- we have a line of sight to delivering a clear WOW experience and attractive returns for our shareholders.

預計到 2025 年，我們將在所有這些計劃中投入約 650 至 750 項產品開發投資。每個措施都處於不同的階段，還有很多東西需要學習。但我們希望，我們在加大投資方面能夠體現出我們的信心。我希望你們將其視為我們日益增強的信念的體現，我們致力於為股東帶來清晰的 WOW 體驗和可觀的回報。

Then on your third question on EBITDA margin expansion, I believe you are referring to the OpEx investment. And we had discussed that a few minutes ago. We continue to be disciplined. We made decisions to invest, and we do expect OG&A expenses will decline over time in the near to medium term.

然後關於您關於 EBITDA 利潤率擴大的第三個問題，我相信您指的是營運支出投資。幾分鐘前我們就討論過這個問題。我們將繼續嚴守紀律。我們做出了投資的決定，我們確實預計石油天然氣及行政管理費用將在近期至中期內隨著時間的推移而下降。

This concludes today's conference call. Thank you, and you may now disconnect.

今天的電話會議到此結束。謝謝您，您現在可以斷開連線了。