Coupang Inc (CPNG) 2021 Q4 法說會逐字稿

Good afternoon, and thank you for holding. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang Earnings Conference Call. (Operator Instructions)

下午好，感謝大家的參與。我叫艾瑪，今天將擔任你們的會議主持人。現在，我歡迎大家參加Coupang財報電話會議。 （接線生指示）

Thank you. Now I'd like to turn the call over to Michael Senno, Vice President of Investor Relations. You may begin your conference.

謝謝。現在我想把電話轉給投資人關係副總裁麥可‧森諾。您可以開始會議了。

Thanks, operator. Welcome to Coupang Inc.'s Quarterly earnings conference call for the fourth quarter and full year ended December 31, 2021. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand.

謝謝接線生。歡迎參加Coupang Inc.截至2021年12月31日的第四季及全年財報電話會議。我很高興今天能與我們的創辦人兼執行長Bom Kim和財務長Gaurav Anand一起參加電話會議。

The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information except as required by law.

以下討論（包括對您問題的回應）僅反映管理層截至今日的觀點。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 are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements.

今天電話會議上的某些陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異。

Please refer to today's earnings release as well as the risks and uncertainties described in our most recent quarterly report on Form 10-Q filed with the SEC on November 12, 2021, and in other filings made with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

請參閱今天的收益報告以及我們於 2021 年 11 月 12 日向美國證券交易委員會提交的最新 10-Q 表季度報告和向美國證券交易委員會提交的其他文件中描述的風險和不確定性，以獲取有關可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的資訊。

During today's call, we will present both GAAP and non-GAAP financial measures. As a reminder, these numbers are unaudited and may be subject to change. Additional disclosures regarding these non-GAAP measures, including reconciliations of non-GAAP measures to the most comparable GAAP measures, are included in our earnings release and our SEC filings, which are posted on the company's Investor Relations website at ir.aboutcoupang.com. In addition, we have posted a presentation in conjunction with today's earnings release that can also be found on our IR website.

在今天的電話會議上，我們將同時介紹 GAAP 和非 GAAP 財務指標。需要提醒的是，這些數字未經審計，可能會有所變動。有關這些非 GAAP 指標的更多披露信息，包括非 GAAP 指標與最具可比性的 GAAP 指標的調節表，已包含在我們的收益報告和美國證券交易委員會 (SEC) 文件中，這些文件已發佈在公司投資者關係網站 ir.aboutcoupang.com 上。此外，我們也發布了與今天收益報告同時發布的演示文稿，您也可以在我們的投資者關係網站上找到。

Now I'll turn the call over to Bom.

現在我將把電話轉給 Bom。

Thanks, everyone, for joining us today. Before we discuss our Q4 results and outlook for the year ahead, here are some highlights for the quarter. Constant currency revenue increased 39% year-over-year for a robust 2-year CAGR of 64%. We continue to grow more than twice as fast as the Korean e-commerce segment, extending our leadership position. Our customer base increased over 20% year-over-year for the 16th straight quarter and grew 7% on a quarter-over-quarter basis, and our unmatched customer experience is driving deeper engagement. Nearly 20% of active customers used 3 or more Coupang offerings in Q4, a fivefold increase from the previous year. Revenues nearly tripled in 2 years, and that blistering growth led to our prioritizing projects to support scaling over improving efficiency and operating leverage.

感謝各位今天的到來。在討論第四季業績和未來一年的展望之前，我們先來回顧一下本季的一些亮點。以固定匯率計算，營收年增39%，兩年複合年增長率高達64%。我們的成長速度是韓國電商產業的兩倍多，進一步鞏固了我們的領導地位。我們的客戶群連續第16季年增超過20%，較上季成長7%。我們無與倫比的客戶體驗正在推動更深入的客戶互動。第四季度，近20%的活躍客戶使用了3種或更多Coupang產品，比去年成長了5倍。收入在兩年內成長了近兩倍，這種迅猛的成長促使我們優先考慮支持規模擴張的項目，而不是提高效率和營運槓桿。

2021 was a tale of 2 halves. In the first half of the year, we saw some of the benefits of that strategy. We were able to scale the business at high rates, even on a sizable base. In the second half, we faced sudden capacity constraints that were complicated by volatility in demand from COVID surges. Labor supply shortages worsened in Q4, and efforts to secure last-minute capacity proved to be costly with limited returns.

2021年就像一個由兩個部分組成的故事。上半年，我們見證了策略的部分成效。即使在規模龐大的情況下，我們仍能高速擴張業務。下半年，我們面臨突如其來的產能限制，新冠疫情激增導致的需求波動更是雪上加霜。第四季度，勞動力供應短缺加劇，為了爭取最後一刻的產能而付出的代價高昂，但回報有限。

Fixed cost leverage also took a hit as Fresh doubled its logistics footprint in 2021, and underutilization was higher in Q4, largely from our inability to secure additional labor for the new facilities. As a result, in the second half of 2021, our strong underlying profit drivers were obscured by short-term disruptions and timing of investments. The question was how short term those disruptions would be. We spent much of Q4 redirecting resources to strengthening, not just adding capacity and improving operating leverage.

固定成本槓桿也受到衝擊，因為Fresh在2021年將物流足跡擴大了一倍，第四季的未充分利用率更高，這主要是因為我們無法為新設施找到更多勞動力。因此，在2021年下半年，我們強勁的潛在利潤驅動力被短期中斷和投資時機所掩蓋。問題是這些中斷會持續多久。我們在第四季度投入了大量資源，將資源用於強化而非僅僅增加產能和提高營運槓桿。

Those efforts are bearing fruit. So far in Q1, we've secured record capacity while driving an over 250 basis point increase in gross margin quarter-over-quarter. We're on track in Q1 to deliver the highest gross margin since COVID began, and that still includes COVID-related costs and investments in new initiatives. We're excited that 2022 is off to a good start.

這些努力正在取得成果。截至目前，第一季度，我們已確保創紀錄的產能，同時毛利率較上季成長超過250個基點。我們預計在第一季實現新冠疫情爆發以來的最高毛利率，這也包含新冠疫情相關的成本和新專案投資。我們很高興看到2022年有一個好的開始。

We're also seeing some positive macro developments. The overall retail market grew 10% year-over-year, and the latest forecast now project that Korea's total commerce market, excluding autos, will grow at a CAGR of 6% over the next 4 years to exceed $600 billion by 2025. And the e-commerce segment is expected to grow over that same period to $290 billion. We're less than 10% of that today, despite being the largest e-commerce player in the market, and our market share of total retail remains in the single digits.

我們也看到了一些正面的宏觀發展。整體零售市場年增10%，最新預測顯示，未來四年韓國（不包括汽車）的整個商業市場將以6%的複合年增長率成長，到2025年將超過6,000億美元。預計電商市場也將在同一時期成長至2,900億美元。儘管我們是韓國最大的電商參與者，但我們目前的市佔率還不到10%，而且我們在整個零售市場的份額仍然保持在個位數。

We have a long runway ahead of us. And our flywheel is strengthening. Our share of product e-commerce growth increased every quarter in 2021. We're the largest in e-commerce scale, growing over twice as fast as the segment, even in Q4. Our WOW membership grew from 6 million at the end of 2020 to nearly 9 million by the end of 2021. Our customer cohorts are still compounding at an impressive rate. Every single annual cohort grew approximately 30% year-over-year or higher in 2021, even our oldest from 2010. In other words, we still don't know how high the entitlement spend will be ultimately, even for our oldest customer cohorts.

我們前途無量，而且我們的飛輪正在不斷增強。 2021年，我們在產品電商成長中的份額每季都在成長。我們的電商規模位居第一，即使在第四季度，其成長速度也是該細分市場的兩倍以上。我們的WOW會員數從2020年底的600萬增加到2021年底的近900萬。我們的客戶群仍在以驚人的速度成長。 2021年，每個年度客戶群的年成長率都達到或超過30%，即使是我們2010年以來最老的客戶群也是如此。換句話說，我們仍然不知道最終的權益支出會達到多少，即使是對我們最老的客戶群也是如此。

Our growth is driven by the superior customer experience enabled by our unmatched e-commerce infrastructure. We deliver millions of products within hours nationwide, 365 days a year with free shipping and returns for WOW members. No other player offers our selection at everyday low prices with the speed and convenience of our services. That is all made possible by the scale of our e-commerce infrastructure now spanning over 40 million square feet. We believe we have a larger footprint than the rest of the e-commerce players combined. And in the past year alone, we added 15 million square feet, widening our lead in the market. And it's not just our 1P offering. Our merchant-driven spend also grew at a multiple of the e-commerce segment and continued to gain significant share this past year.

我們的成長源自於我們無與倫比的電商基礎設施所帶來的卓越客戶體驗。我們全年365天，在全國範圍內數小時內送達數百萬件商品，並為WOW會員提供免費送貨和退貨服務。沒有其他公司能像我們一樣，以每日低價提供我們精選的商品，並提供如此快速便利的服務。這一切都歸功於我們目前超過4000萬平方英尺的電商基礎設施規模。我們相信，我們的覆蓋範圍比其他電商公司的總和還要大。光是去年，我們就增加了1500萬平方英尺的面積，進一步擴大了我們在市場上的領先地位。這不僅僅是我們提供的1P服務。我們商家驅動的支出也以電商細分領域的數倍增長，並在去年繼續獲得顯著的市場份額。

2022 will be an important year on our journey towards long-term adjusted EBITDA margins of 7% to 10% or higher. Retail product profit has increased for 7 consecutive quarters. Advertising continues to grow at a rapid clip. Our renewed focus on long-delayed efficiency projects have already started to drive improvements in operating and fixed cost leverage in Q1. The line of sight we have on these drivers gives us confidence in our long-term EBITDA margins of 7% to 10% or higher, and this should become more evident as we share our progress throughout the year.

2022年將是我們邁向長期調整後EBITDA利潤率7%至10%或更高目標的關鍵一年。零售產品利潤已連續7季成長。廣告業務持續快速成長。我們重新關注長期擱置的能源效率項目，並已在第一季開始推動營運和固定成本槓桿率的改善。我們對這些驅動因素的掌握，使我們對長期EBITDA利潤率達到7%至10%或更高充滿信心，而隨著我們全年分享進展，這一目標將更加清晰。

So far in Q1, as I mentioned, we're seeing an over 250 basis point improvement quarter-over-quarter in gross margin for the whole business. Mature offerings like core are profitable. As Fresh increases utilization of its newly built capacity, we expect it to follow the same trajectory. At the same time, we intend to invest in newer initiatives where we see significant long-term opportunity.

正如我之前提到的，截至第一季度，我們整體業務的毛利率較上季成長了超過250個基點。核心產品等成熟產品系列實現了盈利。隨著Fresh新增產能利用率的提高，我們預期其也將維持同樣的成長軌跡。同時，我們計劃投資那些我們認為具有重大長期機會的新項目。

On Eats, hyper growth continued in 2021. We believe Eats has quickly scaled to become the leader in the fast delivery category, generating billions of dollars of volume in just its second full year of operation. It was the most downloaded mobile app in all of Korea in 2021. In just 2 years, it's achieved double-digit segment share nationally and a lead position in some key regions. Now we're focusing on digesting that growth, investing in initiatives that will increase operating leverage and explore synergies with our Product Commerce offerings. We expect execution in these areas to meaningfully improve profitability in 2022 and position us to be more efficient in our next phase of expansion.

Eats 在 2021 年持續保持高速成長。我們相信 Eats 已迅速擴張，成為快速配送領域的領導者，僅在營運的第二個完整年度就創造了數十億美元的交易額。它是 2021 年韓國下載次數最多的行動應用程式。在短短兩年內，它在全國範圍內實現了兩位數的市場份額，並在一些關鍵地區佔據領先地位。目前，我們正專注於消化這一成長，投資於能夠提高營運槓桿率並探索與我們產品商務產品協同效應的計劃。我們預計，這些領域的執行將顯著提升 2022 年的獲利能力，並使我們在下一階段的擴張中更有效率。

To provide more visibility on profitability, we plan to report Product Commerce as a separate segment starting with our Q1 earnings release. We hope that our progress in '22 will highlight the underlying strength of the business. There's a lot to be excited about for 2022, and we're off to a strong start. We're determined to capitalize on what we believe is a generational opportunity to create value for customers, employees, shareholders and other stakeholders.

為了提高獲利能力的透明度，我們計劃從第一季財報發布開始，將產品商務業務作為一個單獨的部門進行報告。我們希望2022年的進展能凸顯該業務的潛在優勢。 2022年充滿期待，我們已取得良好開端。我們決心抓住我們認為的這一代代機遇，為客戶、員工、股東和其他利害關係人創造價值。

Now I'll turn the call over to Gaurav to go through the financials in more detail.

現在我將把電話轉給 Gaurav，讓他更詳細地介紹一下財務狀況。

Thanks, Bom. Our demand trends remain robust, even against the heightened comps from COVID. Q4 reported revenue grew 34% year-over-year, 39% in constant currency and had a robust 2-year constant currency CAGR of 64%. We exceeded annualized run rate revenue of $20 billion for the first time. Net other revenue continues to drive outsized growth, increasing 68% year-over-year as our advertising and Eats offerings continue to scale rapidly.

謝謝，Bom。即使新冠疫情導致同店銷售成長，我們的需求趨勢依然強勁。第四季報告顯示，營收年增34%，以固定匯率計算成長39%，兩年固定匯率複合年增長率高達64%。我們的年化營業收入首次超過200億美元。其他淨收入持續推動強勁成長，隨著我們的廣告和外送業務持續快速擴張，淨收入年增68%。

Quarterly active customers reached nearly 18 million, increasing 21% year-over-year. Our superior customer value proposition across our offerings continues to attract new customers and drive record levels of customer retention. We added 3 million active customers year-over-year, the best Q4 in our history, and we still have a significant opportunity ahead to expand that base to reach the 37 million active Internet buyers in Korea.

本季活躍客戶數達到近1800萬，年增21%。我們卓越的客戶價值主張貫穿我們所有產品，持續吸引新客戶，並推動客戶留存率創下新高。我們年增300萬活躍客戶，創下公司史上最佳的第四季業績。未來我們仍有龐大的發展空間，可以進一步擴大客戶群，覆蓋韓國3,700萬活躍網路消費者。

Net revenues per customer increased 11% on a reported basis and 15% on a constant currency basis as customers are spending across more categories and offerings. As engagement increases and more customers go deeper into our funnel, we expect increasing wallet share to drive sustained, strong growth in revenue per customer.

由於客戶消費涵蓋更多類別和產品，每位客戶淨收入按報告基礎計算增長了11%，按固定匯率計算增長了15%。隨著客戶參與度的提升以及更多客戶深入我們的管道，我們預計錢包份額的提升將推動每位客戶收入持續強勁成長。

Starting in Q1, we plan to report 2 segments to provide better visibility on profitability of our mature offerings. Product Commerce will include our core 1P and 3P offering, along with Fresh and associated advertising offerings. The Growth Initiatives segment will include Eats and other nascent initiatives like video, fintech and international expansion, which are in investment mode.

從第一季開始，我們計劃報告兩個業務部門，以便更好地展現我們成熟產品的獲利能力。產品商務部門將涵蓋我們的核心第一方和第三方產品，以及生鮮和相關廣告產品。成長計畫部門將涵蓋外送以及其他處於投資模式的新興業務，例如視訊、金融科技和國際擴張。

As Bom noted, short-term headwinds and timing of investments obscured our improving underlying profitability. We invested approximately $130 million in incremental COVID-related expenses in Q4, which is approximately evenly spread across cost of sales and operating, general and administrative costs.

正如Bom所指出的，短期逆風和投資時機掩蓋了我們不斷提升的潛在獲利能力。第四季度，我們新增了約1.3億美元的新冠相關支出，這些支出大致平均分攤在銷售成本以及營運、一般及行政管理成本。

For the past few months, we have made significant progress ramping up labor capacity and optimizing operations to reduce these incremental costs. We currently expect approximately $60 million to $70 million of related costs in Q1, and then expect it to further decline in Q2. We plan to remain disciplined going forward in managing any short-term constraints and expect to operate within our planned capacity.

過去幾個月，我們在提升勞動力產能和優化營運以降低這些增量成本方面取得了顯著進展。我們目前預計第一季相關成本約為6000萬至7000萬美元，並預計第二季將進一步下降。我們計劃在未來繼續嚴格控制任何短期限制，並預計在計劃產能範圍內運作。

Gross profit increased 24% year-over-year to $806 million in Q4, while gross margin declined due to increased investments in Growth Initiatives. Product Commerce segment margin expanded quarter-over-quarter in Q4, even with the higher COVID-related costs. Adjusted EBITDA losses increased to $285 million, primarily due to the incremental COVID-related costs, underutilized capacity related to Fresh expansion and higher investments in our Growth Initiatives.

第四季毛利年增24%，達到8.06億美元，但由於對成長計畫的投資增加，毛利率有所下降。儘管新冠疫情相關成本有所上升，但產品商務部門第四季的利潤率卻較上季成長。調整後EBITDA虧損增至2.85億美元，主要原因是新冠疫情相關成本增加、新鮮產品擴張相關的產能利用不足以及對成長計畫的投資增加。

We continue to invest in Eats to drive growth and iterate on the offering and increased investments in nascent initiatives like on Coupang Play, our video offering, international and fintech. We are already seeing improved profitability in early 2022 and are well positioned to make meaningful progress throughout the year.

我們持續投資於外送業務，以推動成長並不斷改進產品，同時增加對新興項目的投資，例如視訊服務Coupang Play、國際業務以及金融科技業務。 2022年初，我們的獲利能力已有所提升，並已做好準備，在全年取得顯著進展。

Gross margin for the whole business has expanded over 250 basis points to about 18%, thus far, in Q1. The improvements have been driven by declining COVID-related costs, improved operational efficiencies and continued growth in high-margin ad revenue and retail product profit. We expect that gross margin and adjusted EBITDA margin will continue to show meaningful improvement in 2022.

截至第一季度，整體業務毛利率已成長逾250個基點，達到約18%。這一成長主要得益於新冠疫情相關成本的下降、營運效率的提升以及高利潤率廣告收入和零售產品利潤的持續成長。我們預計，2022年毛利率和調整後EBITDA利潤率將持續顯著提升。

On growth, we have carried our strong revenue momentum into early 2022. Constant currency revenue growth has remained above 30% through February, and we expect it to be in the low 30% range for Q1. Demand has been a few percentage points higher than that, but we have chosen to stay disciplined and avoid last-minute capacity investments that proved costly with limited returns in late 2021.

在成長方面，我們強勁的營收成長動能延續到了2022年初。截至2月份，以固定匯率計算的營收成長率一直維持在30%以上，我們預期第一季的營收成長率將在30%左右。雖然需求比這高出幾個百分點，但我們選擇保持紀律，避免在最後一刻進行產能投資，因為這些投資在2021年末被證明成本高昂、回報有限。

We are not giving formal guidance on growth beyond Q1 as consumer behavior remains challenging to forecast in the current COVID environment. However, we have grown more than twice as fast as the e-commerce segment every quarter for the last several years. And we are confident that with our superior customer experience and strong execution, we will continue to grow significantly faster than the e-commerce segment for years to come.

由於在當前新冠疫情環境下，消費者行為仍然難以預測，我們目前無法提供第一季後的正式成長預期。然而，過去幾年，我們的每季成長速度都是電商板塊的兩倍以上。我們相信，憑藉卓越的客戶體驗和強大的執行力，我們在未來幾年將繼續保持遠超電商板塊的成長速度。

Turning to our profit guidance for full year 2022, we expect an adjusted EBITDA loss below $400 million. To provide additional context, on the new Product Commerce segment, we expect it to turn profitable by Q4, a significant improvement from the negative 2.6% margin in Q4 of 2021. On Growth Initiatives, we continue to invest in Eats as it improves profitability.

談到我們對2022年全年的利潤預期，我們預計調整後EBITDA虧損將低於4億美元。此外，關於新的產品商務部門，我們預計該部門將在第四季度實現盈利，較2021年第四季的負2.6%的利潤率有顯著改善。在成長計畫方面，我們將繼續投資於Eats業務，因為它正在提升獲利能力。

In parallel, we plan to increase investments in nascent Growth Initiatives that have shown early promise. Investments across video, international expansion and fintech will increase from around $85 million in 2021 to approximately $200 million in 2022. We are investing more to further iterate on these offerings and build what we believe can be meaningful growth drivers beyond 2022.

同時，我們計劃加大對已初顯成效的新興成長計劃的投資。視訊、國際擴張和金融科技領域的投資將從2021年的約8,500萬美元增加到2022年的約2億美元。我們將加強投資力度，進一步完善這些業務，打造我們認為在2022年後能夠成為重要成長動力的領域。

In closing, we are off to a great start with solid demand trends and an improved profitability profile that we expect will continue to get better as the year progresses.

最後，我們有一個良好的開端，需求趨勢穩健，獲利狀況有所改善，我們預計隨著時間的推移，獲利狀況將繼續好轉。

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) Your first question comes from the line of Eric Cha with Goldman Sachs.

（操作員指示）您的第一個問題來自高盛的 Eric Cha。

Yes. I have 2 questions. First is on Eats. So what is the ultimate goal for the company around Eats? Is it to become the #1 market share player in the market? Or is there some other motive for the business?

是的。我有兩個問題。第一個是關於 Eats 的。那麼，公司圍繞 Eats 的最終目標是什麼？是成為市佔率第一的玩家嗎？還是還有其他目的？

And the second question is, I think, about the guidance. So obviously, you mentioned adjusted EBITDA guidance of less than $400 million loss. And you also mentioned that you are seeing low 30% range for the revenue in the first quarter in constant currency. Would you help us take us through some steps? So what would be the revenue growth assumptions associated with that?

第二個問題，我想是關於業績指引的。顯然，您提到調整後的EBITDA（息稅折舊攤提前利潤）指引是虧損低於4億美元。您也提到，以固定匯率計算，您預期第一季營收將下降30%左右。您能為我們具體講解一下嗎？與此相關的營收成長假設是什麼？

Do you think other than industry deceleration due to comps and probably reopening, beyond that, there could be some idiosyncratic positive factors that supports Coupang's growth beyond the first quarter? And then also, obviously, you mentioned about the gross profit margin, but it will be helpful for the trajectory throughout the year as well as the OpEx trend as well.

您認為，除了同店銷售額下降和復工復產可能帶來的行業放緩之外，是否還有其他一些特殊的積極因素支撐Coupang在第一季後的成長？另外，您顯然提到了毛利率，但這對全年的發展軌跡以及營運支出趨勢都會有所幫助。

Eric, thanks for the questions. So I'll take the first part on Eats. Eats has been the fastest-growing service in our history. As we mentioned, in just the second full year of operations, it's now scaled to billions of dollars of orders, and has grown to become what we believe is the leader in the fast delivery category. The fast delivery model is what we believe will win the space, and it has in other markets that we studied.

Eric，謝謝你的提問。我先來談談Eats。 Eats是我們歷史上成長最快的服務。正如我們所提到的，在營運的第二年，它的訂單量就已達到數十億美元，並且發展成為我們認為的快速配送領域的領導者。我們相信快速配送模式將贏得市場，而且在我們研究的其他市場中，它已經成功了。

We're also excited about the growth potential that still remains. last quarter, 70% of our active customers didn't place a single order on Eats. But first, we'll focus on digesting our record growth. And we believe our culture of operational excellence will help build the right foundation for efficient and ultimately profitable growth there.

我們也對目前依然存在的成長潛力感到興奮。上個季度，70% 的活躍用戶在 Eats 上沒有下過單。但首先，我們將專注於消化創紀錄的成長。我們相信，我們卓越的營運文化將有助於為 Eats 的高效成長和最終獲利成長奠定堅實的基礎。

Additionally, there are synergies with our product commerce side that we get to tap that we believe has the potential to expand the value proposition for customers and drive additional operating leverage in a way that we couldn't wear Eats as stand-alone company. It's still at a very early stage there of what we believe is a long-term opportunity.

此外，我們能夠利用與產品商務部門的協同效應，相信這有潛力拓展客戶價值主張，並提升額外的營運槓桿，而這是Eats作為獨立公司無法實現的。我們認為，Eats仍處於非常早期的階段，這是一個長期機會。

On the guidance question around EBITDA. The -- in Q1, we're seeing growth in the low 30s so far. Demand was actually several points higher. We don't see a reason right now for the quote of TBA later in the year, but it's very hard to predict. As you mentioned, there are so many variables in play. Historically, we haven't given guidance on revenue, and we'll stick with that policy.

關於EBITDA的指引問題。第一季度，到目前為止，我們的成長率在30%出頭。需求實際上高出了好幾個百分點。我們目前還不清楚今年稍後公佈TBA的原因，但這很難預測。正如您所說，有很多變數在起作用。從歷史上看，我們沒有提供過收入指引，我們會堅持這項政策。

Now in any scenario, we expect to grow significantly faster than the e-commerce segment. As we have in the last several years, we've grown at least twice as fast as the e-commerce segment every single quarter. And the overall market opportunity appears to only be getting bigger. I think we mentioned quickly briefly that the latest forecasts have now overall commerce, excluding auto and fuel, to expand at a CAGR of 6% over the next 4 years. And the e-commerce segment projected to approach nearly $300 billion by 2025. So we continue to be confident that we'll grow significantly faster than the e-commerce segment for a long time to come.

現在，無論哪種情況，我們預計成長速度都將遠遠超出電商領域。正如過去幾年一樣，我們每季的成長速度至少是電商領域的兩倍。而且整體市場機會似乎只會越來越大。我記得我們之前簡要提到過，最新預測顯示，未來四年，不包括汽車和燃油在內的整體商業將以 6% 的複合年增長率增長。而電商領域預計到 2025 年將接近 3,000 億美元。因此，我們仍然有信心，在未來很長一段時間內，我們的成長速度都將遠遠超出電商領域。

Now you mentioned -- you asked about what assumptions were in the EBITDA loss guidance. The near-term revenue remains extremely hard to predict. But we do have more confidence over our efficiency initiatives and investments. And that's why we felt comfortable -- more comfortable giving guidance around the EBITDA.

您剛才提到了—您詢問了EBITDA虧損預測中有哪些假設。短期收入仍極難預測。但我們對我們的效率計劃和投資更有信心。這就是為什麼我們能夠更放心地提供EBITDA預測。

Your next question comes from the line of Stanley Yang with JPMorgan.

您的下一個問題來自摩根大通的 Stanley Yang。

First question is about your EBITDA guidance. So you mentioned $400 million adjusted EBITDA -- negative adjusted EBITDA in 2022. And you also guided $200 million investment from international, video and fintech. So should we assume this $200 million investment is kind of a negative EBITDA included in the $400 million on your full year [estimate]. And also, how much negative EBITDA would come from Eats and Fresh? And on the core side of your businesses, what will be the key margin -- EBITDA margin growth drivers? Do you also assume some meaningful take-up of the customer service for 3P sellers in the second half? That was my first question.

第一個問題是關於你們的EBITDA指引。您提到2022年調整後EBITDA為4億美元，即負EBITDA。您也預測了2億美元的國際、視訊和金融科技投資。那麼，我們是否應該假設這2億美元的投資算是負EBITDA，包含在你們全年4億美元的[預期]中呢？此外，Eats和Fresh業務會造成多少負EBITDA？在你們的核心業務方面，關鍵的利潤率－EBITDA利潤率成長動力是什麼？您是否也假設下半年第三方賣家的客戶服務會有一些顯著的提升？這是我的第一個問題。

And my second question is, do you think this labor -- tightening labor supply is issue -- is a structural issue and a persistent issue in Korean e-commerce market even after reopening? That's my second question.

我的第二個問題是，您是否認為勞動力供應緊張是一個結構性問題，即使在重新開放後，韓國電商市場仍將面臨持續存在的問題？這是我的第二個問題。

Thanks, Stanley. Let me take the second part of that first. On the labor capacity issue, there doesn't seem to be a structural constraint from where we stand. As you mentioned, we had some short-term disruptions in Q4. In Q1, we actually secured record capacity while managing down costs and improving gross margin by over 250 basis points, as we mentioned, so far. And that's in part due to the COVID fear subsiding and our focus on strengthening internal processes. Now we may still see some short-term disruptions from time to time, but based on what we've now been able to do in Q1, we don't see a structural constraint in the market today.

謝謝，史丹利。我先來談談第二部分。關於勞動力產能問題，從我們目前的情況來看，似乎沒有結構性限制。正如您所提到的，我們在第四季度遇到了一些短期中斷。在第一季度，我們實際上實現了創紀錄的產能，同時控制了成本，並將毛利率提高了250個基點以上，正如我們之前提到的。這部分是由於對新冠疫情的擔憂正在消退，以及我們專注於加強內部流程。現在我們可能仍會不時看到一些短期中斷，但根據我們在第一季所做的努力，我們認為目前市場沒有結構性限制。

Now were certain disruptions happen, we've also learned from our past, and we plan to remain disciplined and avoid some of the last-minute efforts that ultimately proved to be wasteful in the past as we balance growth and efficiency this year.

現在發生了某些混亂，我們也從過去吸取了教訓，我們計劃在今年平衡增長和效率時保持紀律並避免過去一些最終被證明是浪費的最後一刻的努力。

On the EBITDA guidance, yes, we're investing $200 million in growth -- in new initiatives that had relatively limited budget last year. These have earned their way to additional investment. We believe that these are investments for growth beyond 2022. And we'll continue to -- as we make progress, we'll have more to share at the appropriate juncture.

關於EBITDA指引，是的，我們將投資2億美元用於成長——用於去年預算相對有限的新項目。這些項目已經獲得了額外的投資。我們相信，這些投資是為了2022年以後的成長。我們將繼續——隨著我們取得進展，我們將在適當的時候分享更多資訊。

I think you mentioned -- you asked also about Fresh. Fresh is -- we intend to segment our business as Product Commerce segment, share the Product Commerce segment in Q1. And our expectation is that Fresh, which doubled its logistics capacity or infrastructure capacity in 2021, and therefore, had a peak underutilization in Q4, will grow into its facilities that it scales, and that underutilization problem issue will subside -- will improve over time. We intend to drive Product Commerce on Fresh to profitability by Q4.

我記得您提到過——您也問過關於生鮮業務的問題。我們計劃將生鮮業務細分為產品商務業務，並在第一季分享產品商務業務。我們預計，生鮮業務在2021年將其物流能力或基礎設施容量翻了一番，因此在第四季度的使用率不足達到了高峰。隨著設施規模的擴大，利用率不足的問題將會逐漸消退，隨著時間的推移，利用率不足的問題將會得到改善。我們計劃在第四季推動生鮮業務的產品商務業務獲利。

And finally, I think on FLC. As we mentioned last quarter, we're confident based on the early results that we've seen that FLC will be a driver of tremendous value for merchants and customers. And we expect FLC to contribute more meaningfully towards the end of this year. There is a lead time to build the technology and infrastructure to scale FLC, but we remain very excited about its long-term potential.

最後，我想談談FLC。正如我們上個季度所提到的，基於早期業績，我們堅信FLC將為商家和客戶帶來巨大的價值。我們預計FLC將在今年年底前做出更有意義的貢獻。建造技術和基礎設施以擴展FLC規模需要一定的時間，但我們仍然對其長期潛力充滿信心。

(Operator Instructions) Your next question comes from the line of James Lee with Mizuho.

（操作員指示）您的下一個問題來自瑞穗的 James Lee。

Great. My question is about capacity growth that you guys, I think, growing in FY '22. I think this year, you were planning to do 50%. How should we think about FY '22 given the fact that you have this initiative becoming more efficiency? And maybe to the extent looking at capacity growth for FY '22, if you guys can break out investments in fulfillment versus last mile?

太好了。我的問題是關於你們在2022財年的產能成長。今年你們計劃要成長50%。考慮到你們的這項計畫效率更高，我們該如何規劃2022財年？或許，在2022財年的產能成長方面，你們可以分別列出在「履行」和「最後一哩路」方面的投資嗎？

Thank you for the question. So the -- in '21, we added 15 million square feet. And we're going to add millions more this year. We believe we are increasing our infrastructure lead in the market by adding much more than anyone else in the market. And in addition, we are going to continue to invest into the future for the fulfillment and logistics for 3P. I think the exact capacity plans, we continue to build and fine-tune as we go along, but we are pretty -- going to continue to be aggressive on our capacity build plan.

謝謝你的提問。 2021年，我們增加了1500萬平方英尺的面積。今年我們還將再增加數百萬平方英尺。我們相信，透過比市場上其他任何人都多的新增面積，我們正在鞏固我們在基礎設施方面的市場領先地位。此外，我們將持續投資未來，以提升第三方物流的履行能力。我認為，具體的產能計劃，我們將在推進過程中不斷建構和調整，但我們將繼續積極推進產能建設計劃。

And Gaurav, just one follow up on your commentary here. I just want to reconcile your statement. You're saying that in the past, you're able to fulfill excess demand by ramp in a number of facility that ramp up the cost. And at the same time, you talk about underutilized facility peak in 4Q. I'm trying to reconcile the 2 statements that you guys talked about before here.

Gaurav，關於你的評論，我只想跟進一下。我只是想核實一下你的說法。你說過去你可以透過增加一些設施來滿足過剩的需求，但這也推高了成本。同時，你也提到了第四季未充分利用的設施達到高峰。我正在嘗試核實你們之前討論的兩種說法。

Sure. I think the underutilization remark that Bom mentioned was primarily on the Fresh facilities. Eats -- Fresh facilities, as you can imagine, are much more sophisticated than the normal core facilities and have much longer lead time. So we had an aggressive plan on build-out looking at midterm last year. And because of the labor challenges, which we mentioned in Q3, Q4, we were not able to fulfill customer demand on Fresh and not able to utilize that capacity because of other constraints.

當然。我認為Bom提到的利用率不足主要指的是生鮮設施。 Eats——正如你所想像的，生鮮設施比普通的核心設施要先進得多，而且交付週期也更長。所以我們在去年中期制定了一個積極的擴建計劃。由於我們在第三季和第四季提到的勞動力挑戰，我們無法滿足客戶對生鮮的需求，也因為其他限制因素而無法利用這些產能。

So I think that's what Bom is referring to. That capacity, underutilized capacity is on the Fresh side, it's much more expensive capacity. That's why we are calling it out separately than the normal capacity. But overall, we still continue to build more, as much more as the year goes.

所以我認為這就是Bom所指的。那些產能，也就是未充分利用的產能，指的是新產能，成本高很多。這就是為什麼我們將其與正常產能分開列出。但總的來說，我們仍在繼續建立更多產能，而且會持續增加。

Your next question comes from the line of Seung Ro with CLSA.

您的下一個問題來自里昂證券的 Seung Ro。

I have 2 questions. First one is on the advertising revenue and its potential. Any color here in terms of what is the current scale of the revenue? And how much do you think it can actually get to?

我有兩個問題。第一個是關於廣告收入及其潛力的。請問您能透露一下目前的營收規模嗎？您認為實際上能達到多少？

And the second question is related to the investments. You mentioned that it is actually going to increase from $85 million to $200 million this year. I was just wondering how much of that is allocated for the overseas expansion? And which market are you targeting this year? On the surface, this doesn't really sound much. So should we kind of interpret that as the overseas expansion is going to be (inaudible) and controlled?

第二個問題與投資有關。您提到今年的投資實際上將從8500萬美元增加到2億美元。我想知道其中有多少是用於海外擴張？今年的目標市場是哪個？表面上看，這聽起來並不多。那麼，我們是否可以將其解讀為海外擴張將是（聽不清楚）且可控制的？

Seung, I didn't catch the last word there. You said that we should assume the overseas was? I'm sorry?

承，我沒聽清楚最後一句話。你說我們應該假設海外是？不好意思？

Overseas expansion should be more moderated and controlled process rather than a very aggressive expansion in 2022.

2022 年的海外擴張應該是更溫和、可控制的過程，而不是非常激進的擴張。

Yes, I'll start with the -- our strategy is always to be very disciplined in our investments to make sure that we test, iterate, learn, and that investments earn their way to more investment, that we increase investments or confidence. So that's a general principle and strategy that we apply to all our investments. We believe there are opportunities, certainly beyond the Korean market to great trade-offs between selection, service and price. We remain excited about that. Of course, there are -- it's still relatively early. And as we make progress, we'll provide more updates on that front at the appropriate time. But we remain excited about the opportunity to generate customer WOW and to drive meaningful growth beyond 2022 in that opportunity.

是的，我先從…開始——我們的策略始終是嚴格控制投資，確保我們測試、迭代、學習，並確保投資能夠轉化為更多投資，從而增加投資或增強信心。這是我們應用於所有投資的通用原則和策略。我們相信，除了韓國市場之外，在產品選擇、服務和價格之間也存在著巨大的平衡點。我們對此仍然感到興奮。當然，現在還為時過早。隨著我們取得進展，我們將在適當的時候提供更多這方面的更新資訊。但我們仍然對創造客戶驚喜並在2022年之後推動有意義的成長的機會感到興奮。

And on advertising revenue, it's still -- we're making great progress. We're excited about the progress we're making. We still have a big gap to where we think the full potential is. Very early days. But advertising will grow with our ecosystem. So we know that -- we remain focused on the customer experience that ultimately is the driver of our ecosystem and of advertising growth.

在廣告收入方面，我們仍在取得巨大進展。我們對這些進展感到興奮。我們距離我們認為的全部潛力還有很大的差距。目前還處於非常早期的階段。但廣告收入將隨著我們的生態系統一起成長。所以我們知道，我們仍然專注於客戶體驗，這最終是我們生態系統和廣告成長的驅動力。

Yes. And just to note, the $200 million is across video, international and fintech.

是的。需要注意的是，這2億美元涉及視訊、國際和金融科技領域。

Your next question comes from the line of Peter Milliken with Scotiabank.

您的下一個問題來自豐業銀行的 Peter Milliken。

Just in terms of the margin increase that's been coming through in the first quarter, is that all about cost decreasing? Or has there been some increase in the markup that you've been charging? And if it is all about cost declines? Can we just get a bit more granular in how that's changed so rapidly? Is that pure kind of COVID improvement? Or something else?

就第一季的利潤率成長而言，這完全是因為成本下降嗎？還是你們一直以來的加價幅度有增加？如果完全是因為成本下降呢？我們能否更詳細地解釋一下，這種變化是如何如此迅速的？這純粹是新冠疫情帶來的改善嗎？還是其他原因？

Thanks for your question, Peter. We did not make a change in our pricing policy. We remain committed to providing the best selection service and price for customers. The significant gains we've seen in gross margin, so far, in Q1 have been primarily driven by long -- engaging long-delayed efficiency projects that contributed to operating leverage, sourcing optimization and advertising, among other factors.

謝謝你的提問，Peter。我們的定價政策沒有改變。我們仍然致力於為客戶提供最佳的選擇服務和價格。到目前為止，第一季毛利率的顯著成長主要得益於長期推進的效率提升項目，這些項目有助於提高營運槓桿、優化採購、優化廣告投放等。

These are the same drivers that give us confidence in the long-term EBITDA margins of 7% to 10-plus percent. We'll continue to build on our start in Q1. And our product commerce segment, in particular, is an area where the progress will be most evident. We expect to take that to profitability by Q4, and you'll see our progress as the year unfolds.

這些驅動因素也讓我們對長期EBITDA利潤率維持在7%至10%以上充滿信心。我們將繼續鞏固第一季的良好開局。尤其是我們的產品商務部門，這將是我們進步最為顯著的領域。我們預計該部門將在第四季度實現盈利，隨著時間的流逝，您將看到我們的進步。

Right. Okay. And then if I look at the COVID costs from 4Q, it was meant to be a $130 million incremental increase. What was driving that? Was that paying out more money to delivery people? Was it sign-on bonuses? Was it sort of management of the process, the cleanliness or a combination of all 3?

好的。好的。然後，如果我看一下第四季的新冠疫情成本，它原本應該會增加1.3億美元。是什麼推動了這項成長？是給送貨員支付了更多錢嗎？是簽約獎金嗎？是流程管理、清潔度，還是三者兼具？

Yes, go ahead, Gaurav. I think you're on mute.

是的，說吧，Gaurav。我覺得你靜音了。

I'm sorry. So those costs are primarily driven what you attribute to COVID-related onetime, hopefully. There was -- assuming -- we assume it's reversible. And they are primarily labor related to add additional labor. As Bom mentioned, we were chasing growth, the last minute spikes that were occurring last year. And it became really inefficient from our perspective, but we continue to invest.

抱歉。所以這些成本主要源自於您認為與新冠疫情相關的一次性支出，希望如此。假設這些支出是可逆的，主要與增加勞動力有關。正如Bom所提到的，我們當時追求的是成長，也就是去年最後一刻出現的高峰。從我們的角度來看，這確實效率低下，但我們仍在繼續投資。

And we continue to fine-tune trying to balance long-term capacity versus short-term seasonal growth. It was primarily that. And in addition, there were other COVID-related costs, including the cleaning and social distancing, et cetera. But the incremental cost were primarily labor-related.

我們持續進行微調，試圖平衡長期產能與短期季節性成長。主要就是這個原因。此外，還有其他與新冠疫情相關的成本，包括清潔和保持社交距離等等。但增量成本主要與勞動有關。

The answer is all 3 of those is pretty much in play.

答案是，這三者基本上都在發揮作用。

Okay. That's good to know. And look, going forward, do you think that delivery agent -- delivery van fees have increased permanently? Or is that just -- or is it just something you don't really have the clarity on?

好的。很高興知道。那麼，您覺得以後送貨代理－送貨車的費用會永久上漲嗎？還是說這只是——或者說您只是不太清楚這一點？

Yes. Again, there could be some short-term disruptions from time to time in the future. But as we mentioned, we're encouraged by what we've seen in Q1. It appears that some of the disruptions were temporary, as COVID fears subsided. And of course, we did strengthen also internal processes to deal with that. We've seen improvements. So we're encouraged. We don't think at this moment that this is a structural or permanent constraint, the disruptions we saw in Q4 were permanent or structural.

是的。未來可能還會不時出現一些短期中斷。但正如我們所提到的，第一季的表現令我們感到鼓舞。隨著新冠疫情恐慌消退，一些中斷似乎是暫時的。當然，我們也加強了內部流程來應對這種情況。我們已經看到了改善。所以我們感到鼓舞。目前我們不認為這是一個結構性或永久性的限制，我們在第四季度看到的中斷是永久性或結構性的。

And the other thing was also some of the last-minute efforts that Gaurav mentioned, chasing capacity last minute, that proved to be -- that proved to have very limited returns and was extremely costly. And we've learned from that, and we intend to stay disciplined and avoid some of those efforts as we balance growth and efficiency this year.

另外，正如Gaurav所提到的，我們採取了一些最後一刻的措施，例如最後一刻的產能擴張，這些措施最終被證明回報有限，而且成本高昂。我們已經從中吸取了教訓，並打算在今年平衡成長和效率的同時，保持紀律，避免採取類似的措施。

(Operator Instructions) At this time, there are no further questions. This concludes today's conference call. Thank you for attending. You may now disconnect.

（接線員指示）目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。