Coupang Inc (CPNG) 2025 Q1 法說會逐字稿

Hello, everyone. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2025 First Quarter Earnings Conference Call. (Operator Instructions)

大家好。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加Coupang 2025年第一季財報電話會議。（操作員指示）

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

現在我想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 First Quarter 2025 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 2025 年第一季財報電話會議。我很高興今天能與我們的創辦人兼執行長 Bom Kim 一起參加電話會議；以及我們的財務長 Gaurav Anand。以下討論（包括對您的問題的回答）僅反映管理層截至今天的觀點。除法律要求外，我們不承擔更新或修改此資訊的任何義務。

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更多資​​訊包含在今天的新聞稿中，以及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 first quarter 2025 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 2025 年第一季的業績時，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。有關這些非 GAAP 指標的額外揭露，包括這些指標與最可比較 GAAP 指標的對賬，包含在我們的收益報告、本次網絡廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中，這些文件均發佈在公司的投資者關係網站上。

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

現在我將把電話轉給 Bom。

Thanks, everyone, for joining us today. Let me begin with a few highlights. We began the year with a strong start in Q1 with consolidated revenue growing 11% or 21% on a constant currency basis. We also delivered strong expansion in margins with gross profit margin growing 217 basis points to 29.3%, and adjusted EBITDA margins improving nearly 90 basis points to 4.8%.

感謝大家今天加入我們。首先讓我講幾個重點。我們今年第一季開局強勁，綜合營收成長 11%，以固定匯率計算成長 21%。我們的利潤率也實現了強勁成長，毛利率成長 217 個基點至 29.3%，調整後的 EBITDA 利潤率提高近 90 個基點至 4.8%。

Over the trailing 12 months, we generated $1.5 billion in adjusted EBITDA and over $1 billion in free cash flow. Our consistent trend of delivering both strong growth and margin expansion is the result of years of investment and a determination to deliver the best customer experience at the lowest cost. That's most evident in our product commerce segment, where our focus on expanding selection, lowering prices and raising the bar on delivery experience has powered sustained growth at high multiples of the overall Korean retail market.

在過去的 12 個月中，我們產生了 15 億美元的調整後 EBITDA 和超過 10 億美元的自由現金流。我們持續實現強勁成長和利潤擴張的趨勢是多年投資和以最低成本提供最佳客戶體驗的決心的結果。這在我們的產品商務領域最為明顯，我們專注於擴大選擇、降低價格和提高配送體驗的標準，推動了韓國整體零售市場的持續高倍成長。

On the selection front, we've seen a positive response from our customers as we focus on adding more of the selection they want on Rocket across all price points in both our established and newer categories. In Beauty, for example, this quarter, we've onboarded a steam brands such as Kiehl's, Dolce & Gabbana and Jo Malone, joining existing brands like Estee Lauder and Lancome to the delight of our RLX customers.

在選擇方面，我們看到了客戶的正面回應，因為我們專注於在 Rocket 上增加更多客戶想要的選擇，涵蓋我們現有類別和較新類別的所有價位。例如，在美容領域，本季度，我們引入了 Kiehl's、Dolce & Gabbana 和 Jo Malone 等熱門品牌，並與雅詩蘭黛和蘭蔻等現有品牌聯手，令我們的 RLX 客戶感到高興。

This is in addition to other popular brands we've welcomed across many other categories, including Swarovski, Converse, Wedgwood, Royal Copenhagen and Nespresso. This selection expansion is driving strong engagement from our customers, where we saw the number of customers purchasing in nine or more categories grow over 25% this quarter.

除此之外，我們在許多其他類別中也歡迎其他受歡迎的品牌，包括施華洛世奇、匡威、韋奇伍德、皇家哥本哈根和雀巢。選擇範圍的擴大極大地提高了客戶的參與度，我們發現本季購買 9 個或更多類別的客戶數量增加了 25% 以上。

Our teams continue to expand the reach of our signature Rocket Delivery service, providing more customers with access to even more selection with same-day, dawn or next-day delivery. That creates a virtuous cycle as we invest in delivering more selection faster and with greater reliability, customers reward us with a greater share of the retail spend, which in turn attracts even more selection.

我們的團隊繼續擴大我們標誌性的 Rocket Delivery 服務的覆蓋範圍，透過當日、黎明或隔天送達服務為更多客戶提供更多選擇。這就形成了一個良性循環，因為我們投資於以更快的速度和更高的可靠性提供更多的選擇，客戶會以更大份額的零售支出來回報我們，這反過來又會吸引更多的選擇。

Fulfillment and Logistics by Coupang or FLC, strengthens that virtuous cycle for our marketplace sellers, improving the delivery experience for marketplace products and accelerating seller growth. This quarter, we saw strong momentum in FLC with sellers, selection and overall volumes all growing at multiples of our overall business.

Coupang 或 FLC 的履行和物流增強了我們市場賣家的良性循環，改善了市場產品的交付體驗並加速了賣家的成長。本季度，我們看到 FLC 勢頭強勁，賣家、選擇和整體銷售均以整體業務的數倍增長。

While we still have much to do to optimize this offering, it has quickly become a tremendous growth engine for sellers who want to tap into the speed, convenience and efficiencies we offer. By handling storage, packing, shipping and even returns for our third-party merchants, FLC dramatically lowers the barriers to success for tens of thousands of small businesses.

雖然我們仍有許多工作要做來優化這項服務，但它已迅速成為希望利用我們提供的速度、便利性和效率的賣家的巨大成長引擎。透過為我們的第三方商家處理儲存、包裝、運輸甚至退貨，FLC 大大降低了成千上萬家小型企業的成功門檻。

Behind the scenes, we're constantly refining our operations. Our investments in technology, innovation, automation and robotics are generating substantial benefits across our business. For example, this quarter, we saw benefits from advances in our automated picking, packing and sorting systems and machine learning utilization that deploys inventory with more precise prediction of demand.

在幕後，我們不斷改進我們的營運。我們在技術、創新、自動化和機器人方面的投資正在為我們的業務帶來巨大的效益。例如，本季度，我們看到了自動揀選、包裝和分類系統以及機器學習利用方面的進步帶來的好處，這些進步可以透過更精確地預測需求來部署庫存。

This coupled with our focus on operational excellence enables us to continually improve the customer experience while also lowering their cost of service. Today, product commerce has become a thriving enterprise, delivering consistent growth alongside expanding margins, but that didn't happen overnight. It's the result of years of strategic investments and disciplined execution even at times when progress wasn't immediately visible.

再加上我們對卓越營運的關注，我們能夠持續改善客戶體驗，同時降低服務成本。如今，產品商務已成為一個蓬勃發展的產業，在利潤不斷擴大的同時實現了持續成長，但這並非一朝一夕就能實現的。這是多年戰略投資和嚴格執行的結果，即使在進展尚未立即顯現的時候也是如此。

Likewise, the investments we're making in developing offerings are building the foundation for even greatest potential to deliver the same jaw-dropping WOW experiences that have resonated so strongly with consumers in Korea. We're making significant progress in expanding our selection and forging direct relationships with suppliers, including global brands like Coke, Pepsi, P&G and Unicharm as well as many of the local brands so important to Taiwanese customers.

同樣，我們在開發產品方面所做的投資正在為發揮最大潛力奠定基礎，以提供同樣令人驚嘆的 WOW 體驗，這種體驗已經引起韓國消費者的強烈共鳴。我們在擴大選擇範圍和與供應商建立直接關係方面取得了重大進展，其中包括可口可樂、百事可樂、寶潔和尤妮佳等全球品牌以及許多對台灣客戶至關重要的本地品牌。

This helped drive an expansion and selection of nearly 500% this quarter. And customers in Taiwan are responding. They're coming back more frequently and spending more each time they visit. We also launched our WOW membership program this quarter in Taiwan. This program offers members tremendous value and savings, which, similar to our WOW membership program in Korea, drives higher levels of spend from WOW members.

這有助於推動本季近 500% 的擴張和選擇。台灣的顧客也做出了回應。他們回來的次數越來越多，而且每次的消費也越來越多。本季我們也在台灣推出了WOW會員計畫。該計劃為會員提供了巨大的價值和節省，與我們在韓國的 WOW 會員計劃類似，可以推動 WOW 會員的消費水平提高。

We're excited about the investments we're making in Taiwan. Our continued investment in the market reflects our rising confidence in what we're seeing on the ground, and we trust our shareholders will share that excitement. As we continue to allocate capital with the same level of discipline that has defined our success in the early years, we believe these investments will follow the same trajectory as product commerce creating significant shareholder value over the medium and long term.

我們對在台灣進行的投資感到非常興奮。我們對市場的持續投資反映了我們對實際情況日益增強的信心，我們相信我們的股東也會分享這種興奮。隨著我們繼續以早年成功的相同紀律來分配資本，我們相信這些投資將遵循與產品商業相同的軌跡，在中長期創造顯著的股東價值。

For Farfetch, we're positioning the business for its next phase of expansion. At its heart, Farfetch is about bringing the world's best assortment and experience in luxury to customers wherever they live around the world. We made significant progress over the past few quarters, streamlining both the operations and customer offerings that align with this strategy. And these changes are already yielding encouraging results.

對於 Farfetch，我們正在為其下一階段的擴張進行業務定位。Farfetch 的核心是為世界各地的顧客提供世界上最好的奢侈品種類和體驗。過去幾個季度，我們取得了重大進展，簡化了符合該策略的營運和客戶服務。這些變化已經產生了令人鼓舞的成果。

Eats is another area where this quarter, we continued to sustain the momentum that we saw throughout 2024. Our vision for Eats is simple, to wow customers with the best customer experience in food delivery by providing them with the broadest selection, great value and the fastest and most reliable delivery.

飲食是本季我們繼續保持 2024 年全年勢頭的另一個領域。我們對 Eats 的願景很簡單，即透過為顧客提供最廣泛的選擇、最大的價值以及最快、最可靠的配送服務，讓顧客以最佳的食品配送體驗感到驚嘆。

As always, we continue to execute across these initiatives in line with our core operating principles. Customer obsession, operational excellence and disciplined investment. We recognize the tremendous potential before us, and we're eager to continue delivering results for our customers and shareholders.

像往常一樣，我們將繼續按照我們的核心營運原則執行這些舉措。客戶至上、卓越營運和嚴謹投資。我們認識到我們面前的巨大潛力，我們渴望繼續為我們的客戶和股東創造成果。

And now I'll turn the call over to our CFO, Gaurav Anand, who will walk you through the financial results of the quarter in more detail.

現在，我將把電話轉給我們的財務長 Gaurav Anand，他將向您更詳細地介紹本季度的財務結果。

Thanks, Bom. We saw a strong start to the year in Q1, continuing the momentum we ended last year within terms of durable growth in both revenues and profitability. On impact of macro, we have not experienced a meaningful impact on our business from recent global events. The underlying flow of inventory of our core business model is not highly susceptible to the recently announced tariffs on goods flowing into the US, and we have not observed a significant impact on our core consumer from recent events.

謝謝，Bom。我們在第一季取得了強勁的開局，延續了去年年末的勢頭，營收和獲利能力均實現了持久成長。就宏觀影響而言，最近的全球事件並未對我們的業務產生重大影響。我們核心業務模式的底層庫存流動並不太容易受到最近宣布的對流入美國的商品徵收關稅的影響，而且我們也沒有觀察到最近的事件對我們的核心消費者產生重大影響。

However, we recognize that no economy is immune to the current global conditions, and we will continue to monitor closely changes in the macro environment. Coming back, we grew total net revenues this quarter by 11% year-over-year or 21% in constant currency. I should highlight that Korean won weakened year-over-year versus the US dollar again in Q1, creating even more of the variance between reported revenue results in US dollars and those in constant currency.

然而，我們意識到沒有一個經濟體能夠免受當前全球情勢的影響，我們將繼續密切關注宏觀環境的變化。回顧一下，本季我們的總淨收入年增 11%，以固定匯率計算成長 21%。我應該強調的是，第一季韓元兌美元再次同比走弱，導致以美元計算的報告收入結果與以固定匯率計算的報告收入結果之間的差異更大。

As a result, we believe it's important to review our growth on a constant currency basis. Our growth in Korea continues to be driven by even deeper levels of spend across our customer cohorts. All of the cohorts, even our oldest are increasing their spend at consistently high levels. We believe we are still far from realizing the full spend potential of each of our customer cohorts as evidenced by our small share of the total retail spend in Korea.

因此，我們認為以固定匯率為基礎來檢視我們的成長非常重要。我們在韓國的成長持續受到客戶群更深層消費的推動。所有群體，甚至最年長的群體，都在持續高水準增加支出。我們認為，我們還遠未充分發揮每個客戶群的消費潛力，這一點從我們在韓國零售總額中所佔的份額很小就可以看出。

Our product commerce segment grew revenue 6% year-over-year or 16% in constant currency. On a quarter-over-quarter basis, revenues grew 4% in constant currency. Product commerce active customers grew 9% year-over-year, which combined with a strong growth in average spend levels where constant currency revenues per active customer grew 6% year-over-year.

我們的產品商務部門營收年增 6%，以固定匯率計算成長 16%。以固定匯率計算，營收季增 4%。產品商務活躍客戶年增 9%，同時平均支出水準強勁成長，其中每位活躍客戶的恆定貨幣收入較去年同期成長 6%。

Developing Offering segment revenues grew 67% year-over-year in Q1 or 78% in constant currency. This growth continues to be driven by the strong customer engagement we see in both Eats and Taiwan. This quarter, we generated $2.3 billion in consolidated gross profit growing 20% year-over-year or 31% in constant currency with a gross profit margin of 29.3%.

第一季度，開發產品部門營收年增 67%，以固定匯率計算成長 78%。這一成長持續受到我們在 Eats 和台灣看到的強勁客戶參與度的推動。本季，我們的綜合毛利為 23 億美元，年增 20%，以固定匯率計算成長 31%，毛利率為 29.3%。

This represents a margin improvement of more than 210 basis points versus last year. For product commerce, we delivered gross profit of $2.2 billion with a gross profit margin of 31.3%. This represents a margin improvement of over 300 basis points versus last year and nearly 30 basis points increase over last quarter, excluding the benefits of the FC fire insurance gain recorded last quarter.

這意味著利潤率較去年同期提高了 210 個基點以上。對於產品商務，我們的毛利為 22 億美元，毛利率為 31.3%。這意味著利潤率比去年同期提高了 300 多個基點，比上一季度提高了近 30 個基點，這還不包括上一季記錄的 FC 火災保險收益。

Gross profit dollars grew 17% year-over-year this quarter or 28% in constant currency. As Bom previously noted, across product commerce, we are seeing benefits from our investments in process improvement, automation and innovation as well as continued improvements through our supply chain and growth in our margin-accretive categories and offerings.

本季毛利年增 17%，以固定匯率計算成長 28%。正如 Bom 之前指出的那樣，在整個產品商務領域，我們從流程改進、自動化和創新方面的投資以及透過供應鏈的持續改進和利潤增值類別和產品的成長中看到了收益。

We still see tremendous opportunity from these drivers and expect them to contribute to even further annual margin expansions in the quarters and years to come in the quarters and years to come. OG&A expense as a percentage of revenue was 27.3% this quarter, representing an increase of nearly 80 basis points over last year. This increase is primarily due to recent increased levels of spend on our technology and infrastructure as we continue to focus on building a stronger foundation for future scalability.

我們仍然看到這些驅動因素帶來的巨大機遇，並預計它們將在未來幾季和幾年內進一步促進年度利潤率的擴大。本季油氣總務及行政管理費用佔收入的百分比為 27.3%，比去年同期增加了近 80 個基點。這一成長主要是由於我們最近在技術和基礎設施上的支出增加，因為我們繼續專注於為未來的可擴展性建立更強大的基礎。

We are encouraged by the tangible benefits we are beginning to see across our business from these investments. And we expect OG&A expenses will decline as a percentage of revenue in the near to medium term. This quarter, we generated $154 million of operating income, growing $114 million year-over-year or nearly 300%. We also reported $107 million of net income attributable to Coupang stockholders.

這些投資開始為我們的業務帶來實際的利益，這讓我們感到鼓舞。我們預計，短期至中期內，石油、天然氣及一般行政費用佔收入的百分比將會下降。本季度，我們的營業收入為 1.54 億美元，年增 1.14 億美元，增幅接近 300%。我們也報告了歸屬於 Coupang 股東的 1.07 億美元淨收入。

This resulted in $0.06 of diluted earnings per share. We also reported $382 million of adjusted EBITDA on a consolidated basis this quarter, an increase of 36% over last year. The Q1 adjusted EBITDA margin was 4.8%, an increase of nearly 90 basis points despite our increased investments into Developing Offerings.

這導致每股攤薄收益為 0.06 美元。我們也報告本季合併調整後 EBITDA 為 3.82 億美元，較去年同期成長 36%。第一季調整後的 EBITDA 利潤率為 4.8%，儘管我們增加了對開發產品的投資，但仍成長了近 90 個基點。

As we have shared previously, the initiatives driving margin improvement across our business are not focused on producing linear margin expansion from quarter-to-quarter. But we expect to consistently expand margins on an annual basis as we continue progressing towards our expected long-term margins of greater than 10%.

正如我們先前所分享的，推動整個業務利潤率提高的舉措並不側重於實現逐季度的線性利潤率擴張。但我們預計，隨著我們繼續朝著預期的長期利潤率 10% 以上邁進，利潤率每年都將持續擴大。

This eventual margin entitlement is best demonstrated in our product commerce segment, which delivered $550 million of adjusted EBITDA this quarter with a margin of 8%. This represents a margin expansion of over 80 basis points year-over-year and just under 20 basis points quarter-over-quarter. For Developing Offerings, we saw Q1 adjusted EBITDA losses of $168 million, reflecting an increased level of investment consistent with the 2025 guidance we provided last quarter.

最終的利潤權利最好地體現在我們的產品商務部門，該部門本季實現了 5.5 億美元的調整後 EBITDA，利潤率為 8%。這意味著利潤率年增超過 80 個基點，較上季增加近 20 個基點。對於開發產品，我們看到第一季調整後的 EBITDA 虧損為 1.68 億美元，這反映出投資水準的提高與我們上個季度提供的 2025 年指引一致。

We continue to expect adjusted EBITDA losses for developing offerings for the full year to be between $650 million to $750 million. On the trailing 12-month basis, we generated $2 billion in operating cash flow and $1 billion of free cash flow. This represents a decrease in free cash flow of $450 million versus last year, which is driven primarily by certain non-recurring working capital benefits that we previously communicated what is the prior period.

我們繼續預計全年開發產品的調整後 EBITDA 損失將在 6.5 億美元至 7.5 億美元之間。在過去 12 個月中，我們產生了 20 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減少了 4.5 億美元，這主要是由於我們先前傳達的上一期間的某些非經常性營運資本利得所致。

This quarter, we reported an effective income tax rate of 47%, driven by the losses in our early-stage operations in Taiwan as well as certain nondeductible expenses. As a reminder, this is just an accounting tax rate as we expect our cash tax obligation for the year to be closer to 40%. We anticipate we'll continue to experience a temporarily high effective tax rate between 50% to 55% for the full year.

本季度，我們的有效所得稅率為 47%，這主要是由於我們在台灣的早期業務損失以及某些不可扣除的費用。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負將接近 40%。我們預計全年仍將面臨 50% 至 55% 之間的暫時高有效稅率。

We are also announcing today that our Board of Directors has approved a $1 billion share repurchase program as part of our broader capital allocation strategy. We view share repurchases as one of the many tools at our disposal, allowing us to act opportunistically when we believe we can take advantage of existing market conditions to generate meaningful returns for the shareholders.

我們今天也宣布，董事會已批准一項 10 億美元的股票回購計劃，作為我們更廣泛的資本配置策略的一部分。我們將股票回購視為我們可以使用的許多工具之一，當我們認為可以利用現有市場條件為股東創造有意義的回報時，我們可以採取機會採取行動。

This is our debut repurchase program at scale, and it's important for us to have flexibility to take advantage of opportunities as they arise. We will be thoughtful and disciplined as it relates to the pace of our buybacks, which we'll consider in the context of our overall capital allocation priorities. We remain committed to generating the highest levels of long-term shareholder value.

這是我們首次大規模回購計劃，對我們來說，靈活地抓住出現的機會非常重要。我們將深思熟慮並嚴格遵守回購速度，並將根據我們的整體資本配置優先事項進行考慮。我們始終致力於創造最高水準的長期股東價值。

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

接線員，我們現在可以開始問答了。

(Operator Instructions). Eric Cha, Goldman Sachs.

（操作員指令）。高盛的 Eric Cha。

I have two. First one is, I meant to ask the impact on macro and tariff on your business, but I heard [Garrod] addressing this in the prepared comments, saying there's a limited impact. but still wanted to ask whether you are seeing any change in user behavior at all? And if you are, whether there is a countermeasure around this, Second question is on the stock repurchase time you have announced today.

我有兩個。第一個問題是，我本來想問宏觀和關稅對你們業務的影響，但我聽到 [Garrod] 在準備好的評論中談到了這一點，說影響有限。但仍想問您是否看到用戶行為有任何變化？如果是的話，是否有應對措施？第二個問題是關於您今天宣布的股票回購時間。

Can you share what the motive is and what the thinking is behind the plan around the timing and the size of the program? And if you could also share some details on the broader capital allocation strategy, that would be great.

您能否分享一下該計劃的動機以及在時間和規模方面的想法？如果您還能分享一些有關更廣泛的資本配置策略的細節，那就太好了。

I'll take the growth outlook question first or the impact of macro customer behavior. As we guided to last quarter, we expect our full year constant currency consolidated growth rate to be about 20%, and we still haven't seen significant impact, as Gaurav mentioned, on our consumers or on our overall business. And -- but we'll continue to monitor changes in the macroeconomic environment closely, and we'll update you in the future if we see any significant change in our outlook.

我首先要回答的是成長前景問題，或是宏觀顧客行為的影響。正如我們上個季度所預測的那樣，我們預計全年固定匯率綜合成長率約為 20%，而且正如 Gaurav 所提到的，我們還沒有看到對我們的消費者或整體業務產生重大影響。並且—但我們將繼續密切關注宏觀經濟環境的變化，如果我們發現前景有任何重大變化，我們將在未來向您通報。

Yes. Thanks, Eric. So on the share repurchase plan, our Board recently approved a $1 billion program. So this plan will basically enable us to act opportunistically when we believe we can take advantage, Eric, of the existing market conditions to generate meaningful returns for the shareholders. There's no fixed term for this repurchase program.

是的。謝謝，埃里克。因此，關於股票回購計劃，我們的董事會最近批准了一項 10 億美元的計劃。因此，埃里克，當我們相信可以利用現有市場條件為股東創造有意義的回報時，這個計劃基本上使我們能夠採取機會行動。此次回購計畫沒有固定期限。

And regarding the pace of buybacks, we'll be opportunistic and disciplined, maintaining focus to generate the highest levels of returns. Eric, it's important to note that this share repurchase program is just one part of our broader capital allocated strategy. And our overall strategy for capital deployment remains the same. We are continually assessing various opportunities, including share repurchases and investments into our existing business to generate what we expect to be the greatest levels of shareholder, -- long-term shareholder value.

至於回購的步伐，我們將把握機會，嚴守紀律，集中精力，創造最高水準的回報。艾瑞克，值得注意的是，這項股票回購計畫只是我們更廣泛的資本配置策略的一部分。我們的資本配置整體策略保持不變。我們不斷評估各種機會，包括股票回購和對現有業務的投資，以創造我們期望的最大水平的股東價值——長期股東價值。

Stanley Yang, JP Morgan.

摩根大通的 Stanley Yang。

I have two questions. First question is regarding your 20% revenue growth guidance this year. Is this revenue growth target is comfortable to achieve under the current macro and competitive environment? In particular, I would appreciate you any additional color on the product commerce revenue growth outlook, especially your old product between first 1P and FLC.

我有兩個問題。第一個問題是關於您今年 20% 的營收成長預期。在目前的宏觀和競爭環境下，這個營收成長目標是否容易實現？特別是，如果您能對產品商業收入成長前景提供更多說明，尤其是您在 first 1P 和 FLC 之間的舊產品，我將非常感激。

And my second question is regarding the development offering loss, which increased quite significantly Q-o-Q. Can you share any color on respective margin trend in East and Taiwan in the first quarter? In particular, your East market share is narrowing the gap with benign, which was highly profitable last year. So any reason of the Coupang Eats continued loss-making operations despite market share catch-up?

我的第二個問題是關於開發產品損失，其環比大幅增加。您能否分享一下第一季東部和台灣各自的利潤趨勢？尤其是你們的東部市場份額正在縮小與去年利潤豐厚的Benign的差距。那麼，Coupang Eats 儘管市場份額有所追趕，但為什麼仍然持續虧損呢？

Stanley, thanks for your question. I think as we've made -- noted, we don't see a change to our outlook for 20% growth at a consolidated level this year. I think we should note that we don't think our inventory model is very susceptible to recently announced tariffs on goods flowing into the US. And we haven't yet observed any significant impact on our overall business and consumer behavior yet, we'll continue to monitor it closely.

史丹利，謝謝你的提問。我認為，正如我們指出的那樣，我們認為今年綜合成長率 20% 的前景不會改變。我認為我們應該注意到，我們認為我們的庫存模型不太容易受到最近宣布的對流入美國的商品徵收關稅的影響。我們尚未觀察到對我們的整體業務和消費者行為的任何重大影響，我們將繼續密切關注。

And you mentioned FLC, we continue to see strong momentum in programs like FLC. The trends we've shared over the past few quarters in FLC have only continued. FLC is growing at a high multiple of our overall business, and we're seeing strong rates of adoption from merchants who are continuing to recognize the benefits of leveraging the operational capabilities of FLC to serve customers better and in turn, help their businesses thrive.

您提到了 FLC，我們繼續看到 FLC 等項目的強勁勢頭。過去幾季我們在 FLC 上分享的趨勢仍在繼續。FLC 的成長速度是我們整體業務的高倍數，我們看到商家的採用率很高，他們繼續認識到利用 FLC 的營運能力來更好地服務客戶並進而幫助他們的業務蓬勃發展的好處。

We're investing in enhancements to our service, including improvements in selection and convenience for customers and better tools and support for FLC merchants, which, in turn, drives higher levels of engagement and lead to even greater growth opportunities for our merchants and suppliers. We expect FLC will be a significant driver of growth in the quarters and years to come.

我們正在投資改善我們的服務，包括改善客戶的選擇和便利性，以及為 FLC 商家提供更好的工具和支持，這反過來又能推動更高水準的參與度，並為我們的商家和供應商帶來更大的成長機會。我們預計 FLC 將成為未來幾季和幾年成長的重要推動力。

You mentioned Eats and -- as well. There Eats' performance continues to be very strong. We see them -- they continue to sustain the same momentum in both growth and margin that we saw throughout 2024. Customers have been enthusiastic in their response to our service there, which we believe is providing the broadest selection, great prices and the fastest and most reliable delivery in the market and possibly anywhere in the world.

您也提到了 Eats 和——。There Eats 的表現持續強勁。我們看到它們——它們繼續保持我們在 2024 年看到的成長和利潤率的相同勢頭。客戶對我們在那裡的服務反應熱烈，我們相信我們的服務提供了市場上乃至世界任何地方最廣泛的選擇、最優惠的價格以及最快、最可靠的送貨服務。

And as Eats continues to scale, we'll see all of that positive momentum bear fruit, both in the top and bottom line. Eats has a lot of room to grow, especially outside of Seoul where we have lower penetration. And we expect that Eats will continue its march towards its full potential in both scale and profitability over time.

隨著 Eats 規模不斷擴大，我們將看到所有這些積極勢頭在營收和利潤方面都結出碩果。Eats 有很大的成長空間，特別是在首爾以外，我們的滲透率較低。我們預計，隨著時間的推移，Eats 將持續發揮其規模和獲利能力的全部潛力。

(Operator Instructions). Seyon Park. Morgan Stanley.

（操作員指令）。西永公園。摩根士丹利。

I also have two questions. One is a follow-up on the share repurchase program. Is there a timeline for this $1 billion repurchase? And we understand it as kind of a one-year commitment. And maybe some thoughts as to whether that $1 billion would be fully exercised or that depends on market circumstances? That's my first question.

我也有兩個問題。一是股票回購計畫的後續跟進。這10億美元的回購有時間表嗎？我們將其理解為為期一年的承諾。也許有人會想，這 10 億美元是否會被充分行使，或者是否取決於市場狀況？這是我的第一個問題。

The second question is just regarding Taiwan. I know you kind of look at some of the third-party data on active users. And there doesn't yet seem to be any material change in terms of users. And just wanted to get a little bit more color after this increase in selection and the launch of the WOW membership, how that's being received right now by consumers? Or whether we should be expecting more change in the coming quarters?

第二個問題只是關於台灣的問題。我知道您會查看一些有關活躍用戶的第三方資料。從使用者角度來看，似乎還沒有任何實質的變化。在增加選擇範圍並推出 WOW 會員資格後，我們想獲得更多色彩，現在消費者對此有何反應？或者我們應該期待未來幾季會發生更多變化？

Thanks, Seyon, for your question. On the share repurchase program, as we announced and as I mentioned earlier, there's no fixed term to this repurchase program. This plan basically will enable us to act opportunistically when we believe we can take advantage of the existing market conditions. And the pace of the buybacks, again, we'll be opportunistic and disciplined, maintaining focus on generating the highest level of return, Seyon.

謝謝 Seyon 提出的問題。關於股票回購計劃，正如我們所宣布的以及我之前提到的，該回購計劃沒有固定期限。當我們認為可以利用現有市場條件時，該計劃基本上可以讓我們採取機會行動。再次強調，我們將把握機會、嚴守紀律，專注於實現最高水準的回報。

On Taiwan, I think we can share that we're seeing strong growth there, both year-over-year and quarter-over-quarter. But we'd like for it to be much higher. We believe it can be much higher. We're making significant progress, as we mentioned, in expanding our selection and forging direct relations with suppliers, both with global and local brands. And as I noted earlier, our selection grew by nearly 500% this past quarter alone.

關於台灣，我想我們可以分享的是，我們看到那裡實現了強勁的成長，無論是同比還是環比。但我們希望這個數字能夠更高。我們相信這個數字還可以更高。正如我們所提到的，我們在擴大選擇範圍和與全球和本地品牌供應商建立直接關係方面取得了重大進展。正如我之前提到的，僅在上個季度，我們的選擇就成長了近 500%。

Quarters have responded with higher levels of engagement and spend, which is also attracting more suppliers who want to work with us. And that in turn increases selection for customers. We expect that virtuous cycle to continue. And we're increasingly optimistic about the investments we're making there because of what we're seeing on the ground.

各季度的參與度和支出水準都有所提高，這也吸引了更多想要與我們合作的供應商。這反過來又增加了客戶的選擇。我們期望這種良性循環能夠持續下去。根據我們實地看到的情況，我們對在那裡的投資越來越樂觀。

We believe our investments in Taiwan will follow the same trajectory as investments that we made in the past in Korea, creating significant shareholder value over the medium and long term. And we're committed to continue to allocate capital with the same level of discipline that has defined our success for many years. Now as with any new offering we launch, there will always be a learning curve as we test and learn and make changes.

我們相信，我們在台灣的投資將遵循我們過去在韓國的投資軌跡，在中長期創造顯著的股東價值。我們致力於繼續以多年來決定我們成功的相同紀律來分配資本。現在，就像我們推出的任何新產品一樣，在我們測試、學習和做出改變的過程中總會有一個學習曲線。

And in Taiwan, we're going through that process and expect to continue to learn and adapt and grow. You mentioned the WOW membership program, there's a lot of exciting initiatives and experiments we have in motion there. That just -- I think March, I believe March was its first full month of operation. So a lot of these initiatives will bear more fruit in the coming months, quarters and years.

在台灣，我們正在經歷這個過程，並期望繼續學習、適應和成長。您提到了 WOW 會員計劃，我們正在進行許多令人興奮的舉措和實驗。那隻是——我認為三月，我相信三月是它開始完整運營的第一個月。因此，許多此類措施將在未來幾個月、幾季和幾年內取得更多成果。

And there's a lot of work to do. I can share that our teams are energized and remain very confident and encouraged about the potential that we see in Taiwan based on everything that we encountered on the ground.

還有很多工作要做。我可以告訴大家，我們的團隊充滿活力，並且根據我們在實地遇到的一切，對我們在台灣看到的潛力充滿信心和鼓舞。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Since the last, maybe I can squeeze half a question after my first two questions. The first question is back to FLC. You talked about the growth for FLC. I think customers revenue being far above the overall growth rate. I was hoping if you can to share a little bit more about, for example, your customer penetration there or merchant penetration there and the fact that FLC is growing much faster than the overall group growth rate.

從上次開始，也許我可以在前兩個問題之後擠出半個問題。第一個問題又回到FLC。您談到了 FLC 的成長。我認為客戶收入遠高於整體成長率。我希望您能分享更多相關信息，例如，您在那裡的客戶滲透率或商家滲透率，以及 FLC 的增長速度遠遠快於整個集團的增長率這一事實。

Does that mean your 3P GMV is growing much faster than 1P? So any color you can share will be very helpful to us. Second question is about sort of leverage. You talked about in the middle of the technology investment cycle, a couple of quarters ago. I recall, as you go through this critical investments, necessary investments for longer-term growth. There's kind of a cyclicality to it using a classic kind of baseball analogy, which inning are we in for the current investment cycle?

這是否意味著您的 3P GMV 成長速度比 1P 快得多？因此，您分享的任何顏色對我們都會非常有幫助。第二個問題是關於槓桿的種類。您談到了幾個季度前的技術投資週期中期。我記得，當你經歷這些關鍵投資時，這些投資對於長期成長是必要的。用經典的棒球比喻來說，它有一定的周期性，我們處於目前投資週期的哪一局？

And my last question is back to macro. I know you highlighted a couple of times that the US tariffs really shouldn't have much of an impact on your core business, which is all in Korea. But on the flip side, given the -- there's a lot of reports around the Chinese exporters are having issues in the US for obvious reasons. So they're looking aggressively for other markets to expand.

我的最後一個問題又回到宏觀層面。我知道您曾多次強調，美國關稅實際上不應該對您的核心業務（全部在韓國）產生太大影響。但另一方面，鑑於—有許多報道稱中國出口商在美國遇到了顯而易見的問題。因此他們正在積極尋找其他市場來擴張。

Are you seeing any behavioral changes from a couple of your Chinese competitors in Korea for the cross-border sales?

您是否發現韓國的一些中國競爭對手在跨境銷售方面的行為發生了變化？

Jiong, thanks for your questions. I think on growth for FLC, I think you asked about our trend there and growth of our marketplace versus our overall business and versus 1P. I think we can show there, as I mentioned, that FLC is growing at high multiples of our overall business and our marketplace as a result is growing much faster than our 1P today. We see good moments. It's still very early.

Jiong，謝謝你的提問。我認為關於 FLC 的成長，我想您詢問的是我們的趨勢以及我們的市場相對於我們的整體業務和 1P 的成長。我認為我們可以證明，正如我所提到的，FLC 的成長速度是我們整體業務的高倍數，因此我們的市場成長速度比我們今天的 1P 快得多。我們看到了美好的時刻。現在還很早。

I think both -- it is -- we've got lots of room and we're certainly far below the penetration levels that we've seen of peers in other markets. . On the macro, our focus has always been on the competitor as opposed to what any one competitor may be doing or what phase or in the cycle that we're at. I think I've mentioned before that we're still a small fraction of the overall market, -- retail markets that we serve.

我認為兩者都有——我們有很大的市場空間，而且我們的滲透率肯定遠低於其他市場的同行。。從宏觀角度來看，我們的重點始終是競爭對手，而不是任何競爭對手可能在做什麼，或我們處於哪個階段或週期。我想我之前提到過，我們仍然只占我們服務的整個零售市場的一小部分。

And our growth continues to be powered by the inputs that we believe are primarily under our control, providing the best experience with the best selection and the highest value for customers. And really, going back to the point about our retail market, they're both massive. And the retail markets broadly have always been and continues to be a very competitive space with room for many winners.

我們的成長持續受到我們認為主要在我們控制之下的投入的推動，為客戶提供最佳體驗、最佳選擇和最高價值。事實上，回到我們的零售市場這個問題上，它們都是巨大的。整體而言，零售市場一直以來都是一個競爭非常激烈的領域，能夠容納許多贏家。

They're massive and growing. I think we've noted in the past and in Korea alone, we expect that the retail market to be well over $500 billion. And we still have a lot of room for growth ahead occupying just a small fraction of the overall retail markets in both Korea and Taiwan. There have been always historically a constant stream of new entrants, both offline and online.

它們規模龐大，而且還在持續成長中。我想我們過去已經注意到，光是在韓國，我們預計零售市場規模將遠遠超過 5000 億美元。儘管我們只佔據韓國和台灣整體零售市場的一小部分，但仍有很大的成長空間。從歷史上看，線上和線下的新進入者一直不斷湧現。

And to stay competitive in such a dynamic environment with low barriers to entry, we have to continue innovating to create new moments of WOW that are set our customer experience apart. We believe success in the market will be determined primarily by our ability to provide customers with the best selection, best service, most savings and that's always going to be our focus and our priority.

為了在如此動態、進入門檻較低的環境中保持競爭力，我們必須不斷創新，創造新的令人驚嘆的時刻，讓我們的客戶體驗與眾不同。我們相信，市場的成功主要取決於我們為客戶提供最佳選擇、最佳服務和最大節省的能力，而這始終是我們的重點和首要任務。

Yes. And on your question on the tech spend, as we noted last few quarters, we are investing tech and infrastructure to build the stronger foundation for scalability. The higher percentage of revenues that investment in tech and infrastructure accounted is primarily driven by timing, and it does not reflect a structural change in our operating costs. And we expect these OG&A expenses will decline as a percentage of revenue in the near to medium term. I think that's the guidance we are giving.

是的。關於技術支出的問題，正如我們過去幾季所指出的，我們正在投資技術和基礎設施，為可擴展性建立更強大的基礎。技術和基礎設施投資佔收入的較高比例主要是由時機驅動的，並不反映我們營運成本的結構性變化。我們預計，在中短期內，這些油氣總成及行政管理費用佔收入的百分比將會下降。我認為這就是我們給的指導。

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，您現在可以斷開連接了。