Net Revenues of $7.1 billion, up 23%
YoY and 28% on an FX-neutral basis
Gross Profit of $1.9 billion, up 36%
YoY
Operating Cash Flow of $2.4 billion and Free
Cash Flow of $1.5 billion for the trailing twelve months
Coupang, Inc. (NYSE: CPNG) today announced financial results for
its first quarter ended March 31, 2024.
Consolidated Highlights:
- Net revenues were $7.1 billion, up 23% YoY on a reported basis
and 28% YoY on an FX-neutral basis. Excluding Farfetch, the growth
was 18% YoY on a reported basis and 23% YoY on an FX-neutral
basis.
- The net revenues growth rates excluding Farfetch would have
been an estimated 10 percentage points higher than the 23%
FX-neutral growth rate without the accounting change in FLC
revenue, which we began recording on a net basis starting in Q2
last year.
- Gross profit increased 36% YoY to $1.9 billion. Gross profit
margin was 27.1%, an improvement of 260 bps YoY. Excluding
Farfetch, gross profit was $1.8 billion, growing 27% YoY, and gross
profit margin was 26.5%.
- Net income attributable to Coupang stockholders was $5 million,
a decrease of $86 million from last year. This is primarily due to
the inclusion of the losses incurred at Farfetch. Excluding
Farfetch, net income attributable to Coupang stockholders was $98
million.
- Diluted EPS was $0.00, a decline of $0.05 over last year,
primarily driven by the inclusion of the losses incurred at
Farfetch. Excluding Farfetch, adjusted diluted EPS was $0.05.
- Adjusted EBITDA for the quarter was $281 million with a margin
of 3.9%, down 20 bps from last year. The accounting change in FLC
revenue had a positive impact of 30 bps on margin this quarter.
Excluding Farfetch, adjusted EBITDA was $312 million with a margin
of 4.6%.
- Adjusted EBITDA for the trailing twelve months was $1.1 billion
with a margin of 4.3%, a YoY improvement of 100 bps. Excluding
Farfetch, adjusted EBITDA for the trailing twelve months was $1.1
billion with a margin of 4.5%, a 110 bps improvement YoY.
- Operating cash flow for the trailing twelve months was $2.4
billion, an increase of $1.2 billion YoY.
- Free cash flow was $1.5 billion for the trailing twelve months,
an increase of $1.0 billion YoY.
Segment Highlights:
- Product Commerce segment net revenues was $6.5 billion, up 15%
YoY on a reported basis and 20% on an FX-neutral basis. These
growth rates would have been an estimated 10 percentage points
higher without the accounting change in FLC revenue.
- Product Commerce Active Customers reached 21.5 million, growing
16% YoY.
- Product Commerce segment adjusted EBITDA was $467 million, up
$179 million YoY.
- Product Commerce segment adjusted EBITDA margin was 7.2%, up
210 bps YoY.
- Developing Offerings segment (including International, Coupang
Eats, Play, Fintech and Farfetch) net revenues was $620 million, up
337% YoY on a reported basis and 346% on an FX-neutral basis.
Excluding Farfetch, the growth was 134% YoY on a reported basis and
143% YoY on an FX-neutral basis.
- Developing Offerings segment adjusted EBITDA was negative $186
million, which includes a negative $31 million impact from the
consolidation of Farfetch.
“Our results are a reflection of our commitment to customer
experience and operational excellence,” said Gaurav Anand, CFO of
Coupang. “We continue to be focused on wowing our customers as we
remain just single digit share of a massive and highly fragmented
$560 billion commerce opportunity in Korea, and an even smaller
share in Taiwan. With the addition of Farfetch results in our
Developing Offerings segment, we now estimate that our 2024
adjusted EBITDA losses for Developing Offerings will be around $750
million, an increase of just $100 million. We also anticipate that
Farfetch will achieve close to positive adjusted EBITDA on a
run-rate basis by the end of 2024.”
First Quarter 2024 Results
Consolidated Financial Summary
(in millions, except net revenues per
Product Commerce Active Customer and earnings per share)
Three Months Ended March
31,
2024(5)
2023
% Change
Total net revenues
$
7,114
$
5,801
23
%
Total net revenues growth, constant
currency(1)
28
%
Product Commerce Active Customers(2)
21.5
18.6
16
%
Net revenues per Product Commerce Active
Customer(2)
$
302
$
305
(1
)%
Net revenues per Product Commerce Active
Customer, constant currency(1)(2)
$
315
3
%
Gross profit(3)
$
1,929
$
1,420
36
%
Net income attributable to Coupang
stockholders
$
5
$
91
(95
)%
Adjusted EBITDA(1)
$
281
$
241
17
%
Earnings per share, basic and diluted
$
—
$
0.05
(100
)%
Adjusted diluted earnings per share(1)
$
0.05
$
0.05
—
%
Net cash provided by operating
activities
$
212
$
501
(58
)%
Free cash flow(1)
$
107
$
407
(74
)%
The following summarizes the impact Farfetch had on our results
for the three months ended March 31, 2024:
(in millions, except earnings per
share)
Impact from
Farfetch(5)
Consolidated
Total net revenues
$
288
Gross profit(3)
$
122
Net income attributable to Coupang
stockholders
$
(93
)
Diluted earnings per share
$
(0.05
)
Adjusted EBITDA(1)
$
(31
)
Developing Offerings
Net revenues
$
288
Segment adjusted EBITDA
$
(31
)
Segment Information
Three Months Ended March
31,
(in millions)
2024(5)
2023
% Change
Product Commerce
Net revenues
$
6,494
$
5,658
15
%
Net revenues growth, constant
currency(1)
20
%
Segment adjusted EBITDA
$
467
$
288
62
%
Developing Offerings
Net revenues
$
620
$
142
337
%
Net revenues growth, constant
currency(1)
346
%
Segment adjusted EBITDA
$
(186
)
$
(47
)
NM(4)
_________
(1)
Total net revenues growth, constant currency, net revenues per
Product Commerce Active Customer, constant currency, adjusted
EBITDA and adjusted diluted earnings per share and free cash flow
are non-GAAP financial measures as defined by the Securities and
Exchange Commission (the “SEC”). See the “Non-GAAP Financial
Measures” and “Reconciliations of Non-GAAP Measures” sections
herein for more information regarding our use of these measures and
reconciliations to the most directly comparable financial measures
calculated in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”).
(2)
As of Q1 2024, we are providing quarterly Product Commerce Active
Customers in lieu of Active Customers. Historically, Active
Customers included all purchasing customers in Korea. Product
Commerce Active Customers includes those customers that use our
Product Commerce offerings in Korea. We believe Product Commerce
Active Customers and related Revenue per Product Commerce Active
Customer provide a better presentation of our more mature retail
operations and predominant customer base as they exclude revenue
and customer data specific only to our more nascent Developing
Offerings. Q1 2023 Active Customers previously disclosed was 19.0
million and equivalent number in Q1 2024 is 21.7 million.
(3)
Gross profit is calculated as total net revenues minus cost of
sales.
(4)
Non-meaningful
(5)
We completed the acquisition of the assets of Farfetch at the end
of January in Q1 2024. The operating results of Farfetch for
February and March 2024 are included in our consolidated results
and in our Developing Offerings segment.
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss first
quarter results on May 7, 2024 at 5:30 PM Eastern Time. A live
webcast of the conference call will be available on our Investor
Relations website, ir.aboutcoupang.com, and a replay of the
conference call will be available for at least three months. This
press release, including the reconciliations of certain non-GAAP
measures to their nearest comparable U.S. GAAP measures, as well as
our first quarter earnings presentation, are also available on that
site.
About Coupang
Coupang is a Fortune 200 technology company listed on the NYSE,
that provides retail, restaurant delivery, video streaming, and
fintech services to customers around the world. Coupang’s mission
is to revolutionize the everyday lives of its customers and create
a world where people wonder, “How did I ever live without Coupang?”
Headquartered in the United States, Coupang has operations and
support services in geographies including South Korea, Taiwan,
Singapore, China, India and Europe.
FORWARD-LOOKING STATEMENTS
This earnings release or related management commentary may
contain statements that may be deemed to be "forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the “Act”), that are intended to
enjoy the protection of the safe harbor for forward-looking
statements provided by the Act as well as protections afforded by
other federal securities laws.
We have based the forward-looking statements contained in this
report on our current expectations and projections about future
events and trends that we believe may affect our industry,
business, financial condition, and results of operations. Actual
results and outcomes could differ materially for a variety of
reasons, including, among others: the continued growth of the
retail market and the increased acceptance of online transactions
by potential customers, competition in our industry, managing our
growth and expansion into new markets and offerings, risks
associated with current and future acquisitions, mergers,
dispositions, joint ventures or investments, our financial
performance, to the extent to which we owe income or other taxes,
our ability to retain existing suppliers and to add new suppliers,
our market position, our operation and management of our
fulfillment and delivery infrastructure, legal and regulatory
developments, and the impact of the global economy including
inflation, foreign currency exchange rates and other geopolitical
events. For additional information on other potential risks and
uncertainties that could cause actual results to differ from the
results predicted, please see our most recent Annual Report on Form
10-K and subsequent filings. All forward-looking statements in this
earnings release or related management commentary are based on
information available to Coupang and assumptions and beliefs as of
the date hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law. We may not
actually achieve the plans, intentions, or expectations disclosed
in our forward-looking statements, and you should not place undue
reliance on our forward-looking statements.
Investors and others should note that we may announce material
business and financial information to our investors using our
investor relations website (ir.aboutcoupang.com), our filings with
the SEC, webcasts, press releases, and conference calls. We use
these mediums, including our website, to communicate with investors
and the general public about our company, our offerings, and other
issues. It is possible that the information that we make available
on our website may be deemed to be material information. We
therefore encourage investors and others interested in our company
to review the information that we make available on our
website.
COUPANG, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
(in millions, except per share
amounts)
2024
2023
Net retail sales
$
5,895
$
5,205
Net other revenue
1,219
596
Total net revenues
7,114
5,801
Cost of sales
5,185
4,381
Operating, general and administrative
1,889
1,313
Total operating cost and expenses
7,074
5,694
Operating income
40
107
Interest income
55
32
Interest expense
(27
)
(8
)
Other expense, net
(9
)
(7
)
Income before income taxes
59
124
Income tax expense
83
33
Net (loss) income
(24
)
91
Net loss attributable to noncontrolling
interests
(29
)
—
Net income attributable to Coupang
stockholders
5
91
Earnings per share
Basic
$
—
$
0.05
Diluted
$
—
$
0.05
Weighted-average shares outstanding
Basic
1,794
1,775
Diluted
1,815
1,794
COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in millions, except par value)
March 31, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
5,226
$
5,243
Restricted cash
347
353
Accounts receivable, net
601
314
Inventories
1,938
1,666
Prepaids and other current assets
457
316
Total current assets
8,569
7,892
Property and equipment, net
2,509
2,465
Operating lease right-of-use assets
1,912
1,601
Deferred tax assets
841
925
Intangible assets, net
349
37
Long-term lease deposits and other
769
425
Total assets
$
14,949
$
13,346
Liabilities, redeemable noncontrolling
interests, and equity
Accounts payable
$
5,370
$
5,099
Accrued expenses
388
352
Deferred revenue
135
97
Short-term borrowings
272
282
Current portion of long-term debt
196
203
Current portion of long-term operating
lease obligations
419
386
Other current liabilities
655
526
Total current liabilities
7,435
6,945
Long-term debt
1,062
529
Long-term operating lease obligations
1,668
1,387
Defined severance benefits and other
585
381
Total liabilities
10,750
9,242
Commitments and contingencies
Redeemable noncontrolling interests
114
15
Equity
Common stock
—
—
Class A — shares authorized 10,000,
outstanding 1,620 and 1,616
Class B — shares authorized 250,
outstanding 175 and 175
Additional paid-in capital
8,578
8,489
Accumulated other comprehensive loss
(121
)
(17
)
Accumulated deficit
(4,378
)
(4,383
)
Noncontrolling interests
6
—
Total equity
4,085
4,089
Total liabilities, redeemable
noncontrolling interests and equity
$
14,949
$
13,346
COUPANG, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended March
31,
(in millions)
2024
2023
Operating activities
Net (loss) income
$
(24
)
$
91
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
95
64
Provision for severance benefits
45
39
Equity-based compensation
88
70
Non-cash operating lease expense
103
84
Deferred income taxes
47
—
Other
42
29
Change in operating assets and
liabilities, net of acquisition:
Accounts receivable, net
(14
)
56
Inventories
(33
)
(61
)
Other assets
(55
)
60
Accounts payable
(31
)
162
Accrued expenses
(30
)
(47
)
Other liabilities
(21
)
(46
)
Net cash provided by operating
activities
212
501
Investing activities
Purchases of property and equipment
(107
)
(95
)
Proceeds from sale of property and
equipment
2
1
Net cash acquired in acquisition
68
—
Other investing activities
(80
)
11
Net cash used in investing activities
(117
)
(83
)
Financing activities
Proceeds from issuance of common stock,
equity-based compensation plan
1
3
Proceeds from short-term borrowings and
long-term debt
14
32
Repayment of short-term borrowings and
long-term debt
(17
)
(1
)
Other financing activities
54
44
Net cash provided by financing
activities
52
78
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash
(170
)
(59
)
Net (decrease) increase in cash and cash
equivalents, and restricted cash
(23
)
437
Cash and cash equivalents, and restricted
cash, as of beginning of period
5,597
3,687
Cash and cash equivalents, and
restricted cash, as of end of period
$
5,574
$
4,124
Supplemental Financial Information
Share Information
As of March 31,
(in millions)
2024
2023
Outstanding common stock
1,795
1,777
Outstanding equity-based awards
66
56
Outstanding common stock and equity-based
awards
1,861
1,833
Key Business Metrics and Non-GAAP Financial Measures
We review the key business and financial metrics discussed
below. We use these measures to evaluate our business, measure our
performance, identify trends affecting our business, formulate
business plans, and make strategic decisions.
Key Business Metrics
Product Commerce Active Customers
As of the last date of each reported period, we determine our
number of Product Commerce Active Customers by counting the total
number of individual customers who have ordered at least once
directly from our Product Commerce apps or websites during the
relevant period. A customer is anyone who has created an account on
our apps or websites, identified by a unique email address. The
change in Product Commerce Active Customers in a reported period
captures both the inflow of new customers as well as the outflow of
existing customers who have not made a purchase in the period. We
view the number of Product Commerce Active Customers as a key
indicator of growth in our net revenue, the reach of our network,
the awareness of our brand, and the engagement of our
customers.
Net Revenues per Product Commerce Active Customer
Net revenues per Product Commerce Active Customer is the net
revenues generated in a period divided by the total number of
Product Commerce Active Customers in that period. A key driver of
growth is increasing the frequency and the level of spend of
customers who are shopping on our Product Commerce apps or
websites. We therefore view net revenues per Product Commerce
Active Customer as a key indicator of engagement and retention of
our customers and our ability to drive future revenue growth,
though there may be a short-term dilutive impact when a large
number of new Product Commerce active customers are added in a
recent period.
Three Months Ended March
31,
(in millions, except net revenues per
Product Commerce Active Customer)
2024
2023
% Change
Product Commerce Active Customers
21.5
18.6
16
%
Net revenues per Product Commerce Active
Customer
$
302
$
305
(1
)%
Net revenues per Product Commerce Active
Customer (Constant Currency)
$
315
3
%
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP.
However, management believes that certain non-GAAP financial
measures provide investors with additional useful information in
evaluating our performance. These non-GAAP financial measures may
be different than similarly titled measures used by other
companies.
Our non-GAAP financial measures should not be considered in
isolation from, or as substitutes for, financial information
prepared in accordance with U.S. GAAP. Non-GAAP measures have
limitations in that they do not reflect all the amounts associated
with our results of operations as determined in accordance with
U.S. GAAP. These measures should only be used to evaluate our
results of operations in conjunction with the corresponding U.S.
GAAP measures.
Non-GAAP Measure
Definition
How We Use The Measure
Adjusted EBITDA
• Net income (loss), excluding the effects
of:
- depreciation and
amortization,
- interest expense,
- interest income,
- other income (expense),
net,
- income tax expense
(benefit),
- equity-based
compensation,
- impairments, and
- other items not reflective of
our ongoing operations.
• Provides information to management to
evaluate and assess our performance and allocate internal
resources.
• We believe Adjusted EBITDA and Adjusted
EBITDA Margin are frequently used by investors and other interested
parties in evaluating companies in the retail industry for
period-to-period comparisons as they remove the impact of certain
items that are not representative of our ongoing business, such as
material non-cash items, acquisition-related transaction and
restructuring costs, and certain variable charges.
Adjusted EBITDA Margin
• Adjusted EBITDA as a percentage of total
net revenues.
Constant Currency Revenue
• Constant currency information compares
results between periods as if exchange rates had remained
constant.
• We define constant currency revenue as
total revenue excluding the effect of foreign exchange rate
movements, and use it to determine the constant currency revenue
growth on a comparative basis.
• Constant currency revenue is calculated
by translating current period revenues using the prior period
exchange rate.
• The effect of currency exchange rates on
our business is an important factor in understanding
period-to-period comparisons. Our financial reporting currency is
the U.S. dollar (“USD”) and changes in foreign exchange rates can
significantly affect our reported results and consolidated trends.
For example, our business generates sales predominantly in Korean
Won (“KRW”), which are favorably affected as the USD weakens
relative to the KRW, and unfavorably affected as the USD
strengthens relative to the KRW.
• We use constant currency revenue and
constant currency revenue growth for financial and operational
decision-making and as a means to evaluate comparisons between
periods. We believe the presentation of our results on a constant
currency basis in addition to U.S. GAAP results helps improve the
ability to understand our performance because they exclude the
effects of foreign currency volatility that are not indicative of
our actual results of operations.
Constant Currency Revenue Growth
• Constant currency revenue growth (as a
percentage) is calculated by determining the increase in current
period revenue over prior period revenue, where current period
foreign currency revenue is translated using prior period exchange
rates.
Free Cash Flow
• Cash flow from operations
Less: purchases of property and
equipment,
Plus: proceeds from sale of property and
equipment.
• Provides information to management and
investors about the amount of cash generated from our ongoing
operations that, after purchases and sales of property and
equipment, can be used for strategic initiatives, including
investing in our business and strengthening our balance sheet,
including paying down debt, and paying dividends to
stockholders.
Segment Gross Profit
• Gross profit for a period attributable
to each respective reportable segment.
• We believe segment gross profit and
segment gross profit margin are frequently used by investors and
other interested parties in evaluating companies in the retail
industry for period-to-period comparisons. However, other companies
may calculate segment gross profit and segment gross profit margin
in a manner different from ours and therefore they may not be
directly comparable to similar terms used by other companies.
Segment Gross Profit Margin
• Segment gross profit as a percentage of
segment net revenues.
Adjusted net income excluding Farfetch
• Net income attributable to Coupang,
excluding the impact of the Farfetch acquisition.
• We believe adjusted net income excluding
Farfetch and adjusted diluted earnings per share excluding Farfetch
provides useful supplemental information for investors, in the year
of an acquisition, to compare our current earnings results from one
period to another. Adjusted diluted earnings per share is a
performance measure and should not be used as a measure of
liquidity.
Adjusted diluted earnings per share
excluding Farfetch
• Adjusted net income excluding the impact
of the Farfetch acquisition divided by the weighted average
dilutive shares outstanding for the period.
Total net revenues excluding Farfetch
• Total net revenues excluding the impact
of the Farfetch acquisition.
• We believe total net revenues excluding
Farfetch, gross profit excluding Farfetch, adjusted EBITDA
excluding Farfetch and Developing Offerings net revenues excluding
Farfetch and Developing Offerings net revenues, constant currency
excluding Farfetch provide useful supplemental information for
investors, in the year of a significant acquisition, to compare our
revenues, gross profit, adjusted EBITDA and segment revenues from
one period to another exclusive of certain items that impact
comparability with the prior period. These measures are performance
measures and should not be used as a measure of liquidity.
Gross Profit excluding Farfetch
• Gross profit excluding the impact of the
Farfetch acquisition.
Adjusted EBITDA excluding Farfetch
• Adjusted EBITDA excluding the impact of
the Farfetch acquisition.
Developing Offerings net revenues
excluding Farfetch
• Developing Offerings net revenues
excluding the impact of the Farfetch acquisition.
Developing Offerings net revenues,
constant currency excluding Farfetch
• Developing Offerings net revenues,
constant currency excluding the impact of the Farfetch
acquisition.
Reconciliations of Non-GAAP Measures
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty of expenses that may be
incurred in the future. Although, it is important to note that
these factors could be material to Coupang’s results computed in
accordance with GAAP. Certain amounts may not foot due to
rounding
The following tables present the reconciliations from each U.S.
GAAP measure to its corresponding non-GAAP measure for the periods
noted:
Constant Currency Revenue and Constant Currency Revenue Growth
(YoY)
Three Months Ended March
31,
Year over Year Growth
2024
2023
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Consolidated
Net retail sales
$
5,895
$
239
$
6,134
$
5,205
13
%
18
%
Net other revenue
1,219
44
1,263
596
105
%
112
%
Total net revenues
$
7,114
$
283
$
7,397
$
5,801
23
%
28
%
Net Revenues by Segment
Product Commerce
$
6,494
$
269
$
6,763
$
5,658
15
%
20
%
Developing Offerings
620
14
634
142
337
%
346
%
Total net revenues
$
7,114
$
283
$
7,397
$
5,801
23
%
28
%
Free Cash Flow
Three Months Ended
March 31,
Trailing Twelve Months Ended
March 31,
(in millions)
2024
2023
2024
2023
Net cash provided by operating
activities
$
212
$
501
$
2,363
$
1,122
Adjustments:
Purchases of land and buildings
(10
)
(27
)
(357
)
(231
)
Purchases of equipment
(97
)
(68
)
(551
)
(450
)
Total purchases of property and
equipment
(107
)
(95
)
(908
)
(681
)
Proceeds from sale of property and
equipment
2
1
20
10
Total adjustments
$
(105
)
$
(94
)
$
(888
)
$
(671
)
Free cash flow
$
107
$
407
$
1,475
$
451
Net cash used in investing activities
$
(117
)
$
(83
)
$
(961
)
$
(682
)
Net cash provided by financing
activities
$
52
$
78
$
173
$
127
Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended March
31,
Trailing Twelve Months Ended
March 31,
(in millions)
2024
2023
2024
2023
Total net revenues
$
7,114
$
5,801
$
25,697
$
21,266
Net income attributable to Coupang
shareholders
5
91
1,273
208
Net loss attributable to noncontrolling
interests
(29
)
—
(29
)
—
Net (loss) income
(24
)
91
1,244
208
Net (loss) income margin
(0.3
)%
1.6
%
4.8
%
1.0
%
Adjustments:
Depreciation and amortization
95
64
305
236
Interest expense
27
8
66
28
Interest income
(55
)
(32
)
(201
)
(81
)
Income tax expense
83
33
(727
)
32
Other expense, net
9
7
24
14
Acquisition and restructuring related
costs
58
—
58
—
Equity-based compensation
88
70
344
277
Adjusted EBITDA
$
281
$
241
$
1,113
$
713
Adjusted EBITDA margin
3.9
%
4.2
%
4.3
%
3.4
%
Segment Gross Profit and Segment Gross Profit Margin
Three Months Ended March
31,
(in millions)
2024
2023
Gross profit
$
1,929
$
1,420
Segment gross profit and gross profit
margin:
Product Commerce
1,836
1,398
Gross profit margin
28.3
%
24.7
%
Developing Offerings
93
22
Gross profit margin
15.0
%
15.5
%
Adjusted Net Income excluding Farfetch
Three Months Ended March
31,
(in millions)
2024
2023
Net income attributable to Coupang
stockholders
$
5
$
91
Adjustments:
Farfetch losses, excluding taxes
113
—
Net losses attributable to noncontrolling
interests
(29
)
—
Farfetch tax effect
9
—
Adjusted net income attributable to
Coupang stockholders
$
98
$
91
Adjusted Diluted Earnings per Share excluding Farfetch
Three Months Ended March
31,
2024
2023
Diluted earnings per share
$
—
$
0.05
Adjustments:
Farfetch losses, excluding taxes
0.06
—
Net losses attributable to noncontrolling
interests
(0.02
)
—
Farfetch tax effect
0.01
—
Adjusted diluted earnings per
share
$
0.05
$
0.05
Revenues excluding Farfetch
Three Months Ended March
31,
Trailing Twelve Months
Ended March 31,
(in millions)
2024
2023
2024
2023
Total net revenues
$
7,114
$
5,801
$
25,697
$
21,266
Revenues of Farfetch
(288
)
—
(288
)
—
Total net revenues excluding
Farfetch
$
6,826
$
5,801
$
25,409
$
21,266
Total net revenues excluding Farfetch Constant Currency Revenue
and Constant Currency Revenue Growth (YoY)
Three Months Ended March
31,
Year over Year Growth
2024
2023
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Consolidated
Total net revenues
$
7,114
$
283
$
7,397
$
5,801
23
%
28
%
Revenues of Farfetch
(288
)
—
(288
)
—
Total net revenues excluding
Farfetch
$
6,826
$
283
$
7,109
$
5,801
18
%
23
%
Total net revenues excluding Farfetch Constant Currency Revenue
and Constant Currency Revenue Growth (TTM) (YoY)
Trailing Twelve Months Ended
March 31,
Year over Year Growth
2024
2023
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Consolidated
Total net revenues
$
25,697
$
197
$
25,894
$
21,266
21
%
22
%
Revenues of Farfetch
(288
)
—
(288
)
—
Total net revenues excluding
Farfetch
$
25,409
$
197
$
25,606
$
21,266
19
%
20
%
Gross profit excluding Farfetch
Three Months Ended March
31,
Trailing Twelve Months
Ended March 31,
(in millions)
2024
2023
2024
2023
Gross Profit
$
1,929
$
1,420
$
6,699
$
5,086
Gross Profit of Farfetch
(122
)
—
(122
)
—
Gross Profit excluding Farfetch
$
1,807
$
1,420
$
6,577
$
5,086
Gross profit margin excluding Farfetch
26.5
%
24.5
%
25.9
%
23.9
%
Adjusted EBITDA excluding Farfetch
Three Months Ended March
31,
Trailing Twelve Months
Ended March 31,
(in millions)
2024
2023
2024
2023
Adjusted EBITDA
$
281
$
241
$
1,113
$
713
Adjusted EBITDA of Farfetch
31
—
31
—
Adjusted EBITDA excluding
Farfetch
$
312
$
241
$
1,144
$
713
Adjusted EBITDA margin excluding
Farfetch
4.6
%
4.2
%
4.5
%
3.4
%
Developing Offerings Net Revenues excluding Farfetch
Three Months Ended March
31,
(in millions)
2024
2023
Developing Offerings net
revenues
$
620
$
142
Revenues of Farfetch
(288
)
—
Developing Offerings net revenues
excluding Farfetch
$
332
$
142
Developing Offerings Net Revenues excluding Farfetch Constant
Currency Revenue and Constant Currency Revenue Growth (YoY)
Three Months Ended March
31,
Year over Year Growth
2024
2023
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Net Revenues by Segment
Developing Offerings net revenues
$
620
$
14
$
634
$
142
337
%
346
%
Revenues of Farfetch
(288
)
—
(288
)
—
Developing Offerings net
revenues
$
332
$
14
$
346
$
142
134
%
143
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507785328/en/
Investor Contact: Coupang IR ir@coupang.com
Media Contact: Coupang PR
press@coupang.com
Coupang (NYSE:CPNG)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Coupang (NYSE:CPNG)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
