Net Revenues of $6.6 billion, up 23% YoY and
20% on an FX-neutral basis
Gross Profit of $1.7 billion, up 32%
YoY
Operating Cash Flow of $2.7 billion and Free
Cash Flow of $1.8 billion for the full year
Coupang, Inc. (NYSE: CPNG) today announced financial results for
its fourth quarter ended December 31, 2023.
Q4 2023 Key Financial and Operational Highlights
- Net revenues were $6.6 billion, up 23% YoY on a reported basis
and 20% YoY on an FX-neutral basis.
- The net revenues growth rate would have been an estimated 940
bps higher than the 20% growth without the accounting change in FLC
revenue, which we began recording on a net basis starting in Q2
2023.
- Gross profit increased 32% YoY to $1.7 billion. Gross profit
margin was 25.6%, an improvement of 160 bps YoY.
- Net income was $1.0 billion, and adjusted net income was $137
million after adjusting for the non-cash tax benefit of $895
million from changes in tax-related reserves, including the release
of valuation allowances related to certain deferred tax
assets.
- Diluted EPS was $0.57, and adjusted diluted EPS was $0.08 after
adjusting for the $0.49 benefit from changes in tax-related
reserves.
- Adjusted EBITDA for the quarter was $294 million with a margin
of 4.5%, an improvement of 50 bps over last year. The accounting
change in FLC revenue this quarter had a positive impact of 40 bps
on margin.
- Product Commerce segment net revenues was $6.3 billion, up 21%
YoY on a reported basis and 18% on an FX-neutral basis.
- Product Commerce segment adjusted EBITDA was $444 million with
a margin of 7.1%, an improvement of 190 bps YoY. The Q2 accounting
change in FLC revenue had a positive impact of 60 bps on
margin.
- Developing Offerings segment (including International, Coupang
Eats, Play and Fintech) net revenues was $273 million, up 105% YoY
on a reported basis and 102% on an FX-neutral basis.
- Developing Offerings segment adjusted EBITDA was negative $150
million, compared to negative $55 million in the prior year.
- Active customers surpassed 21 million, growing at 16% YoY.
FY2023 Key Financial and Operational Highlights
- Total net revenues were $24.4 billion, increasing 18% YoY on a
reported basis and 20% YoY on an FX-neutral basis.
- The revenue growth rate would have been an estimated 520 bps
higher than the 20% growth without the accounting change in FLC
revenue, which we began recording on a net basis starting in Q2
2023.
- Total gross profit improved 31% YoY to $6.2 billion with gross
profit margin of 25.4%, an expansion of over 250 bps YoY.
- Net income was $1.4 billion, and adjusted net income was $465
million after adjusting for the non-cash tax benefit of $895
million from the changes in certain tax-related reserves, including
the release of valuation allowances related to certain deferred tax
assets.
- Diluted EPS was $0.75, and adjusted diluted EPS was $0.26 after
adjusting for the $0.50 benefit from the changes in tax-related
reserves.
- Adjusted EBITDA was $1.1 billion with a margin of 4.4%, a YoY
improvement of over 250 bps. The Q2 accounting change in FLC
revenue had a positive impact of 30 bps on margin.
- Product Commerce segment net revenues reached $23.6 billion,
growing 18% YoY on a reported basis and 19% on an FX-neutral
basis.
- Product Commerce segment adjusted EBITDA was $1.5 billion with
a margin of 6.5%, an expansion of 350 bps YoY. The Q2 accounting
change in FLC revenue had a positive impact of 40 bps on
margin.
- Developing Offerings segment net revenues was $789 million, up
26% YoY on a reported basis and 27% on an FX-neutral basis.
- Developing Offerings segment adjusted EBITDA was negative $466
million, compared to negative $225 million in the prior year.
- Cash flow from operations was $2.7 billion, an improvement of
$2.1 billion YoY.
- Free cash flow was $1.8 billion, an improvement of $2.0 billion
YoY.
- WOW membership program had 14 million paid members at the end
of 2023, an increase of 27% YoY.
“Our accelerating growth in revenues, active customers, and WOW
members reflect our unrelenting focus on creating ‘wow’ for our
customers across selection, price, and service,” said Bom Kim,
Founder and CEO of Coupang. “This year we provided a record $3
billion in benefits and savings to our WOW members, providing
relief amidst high inflation. Customers are increasingly turning to
WOW membership for its unparalleled value, from exclusive discounts
on retail products and Eats, to free Dawn Delivery, to unlimited
Play content streaming, and so much more. We’re committed to
investing in even more savings and benefits for customers to make
our WOW membership program indisputably the best deal on the
planet.”
“While we are pleased with the progress we made this quarter, we
see even greater opportunity in front of us, as we represent just a
single digit share of the vast retail spend in Korea, and even
smaller in Taiwan,” said Coupang’s CFO, Gaurav Anand. “We are
extremely proud of our teams whose work over many years is
responsible for the results we reported throughout this year. As we
look towards 2024, we are more excited than ever about the
opportunity to continue delighting our customers and driving
long-term shareholder value.”
Fourth Quarter 2023 Results
Consolidated Financial Summary
Three Months Ended December
31,
(in millions, except net revenues per
Active Customer and earnings per share)
2023
2022
% Change
Total net revenues
$
6,561
$
5,327
23
%
Total net revenues growth, constant
currency(1)
20
%
Active Customers
21.0
18.1
16
%
Total net revenues per Active Customer
$
312
$
294
6
%
Total net revenues per Active Customer,
constant currency(1)
$
303
3
%
Gross profit
$
1,681
$
1,278
32
%
Net income
$
1,032
$
102
NM(3)
Adjusted net income(1)
$
137
$
62
121
%
Adjusted EBITDA(1)
$
294
$
211
39
%
Earnings per share, basic
$
0.58
$
0.06
NM(3)
Earnings per share, diluted
$
0.57
$
0.06
NM(3)
Adjusted diluted earnings per share(1)
$
0.08
$
0.03
167
%
Net cash provided by operating
activities
$
609
$
580
5
%
Free cash flow(1)
$
382
$
462
(17
) %
Segment Information
Three Months Ended December
31,
(in millions)
2023
2022
% Change
Product Commerce
Net revenues
$
6,288
$
5,194
21
%
Net revenues growth, constant
currency(1)
18
%
Segment adjusted EBITDA
$
444
$
266
67
%
Developing Offerings
Net revenues
$
273
$
133
105
%
Net revenues growth, constant
currency(1)
102
%
Segment adjusted EBITDA
$
(150
)
$
(55
)
173
%
Growth Rates
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Active Customers
5
%
10
%
14
%
16
%
Total net revenues
13
%
16
%
21
%
23
%
Total net revenues (constant currency)
20
%
21
%
18
%
20
%
Impact from FLC accounting change in Q2
2023 (constant currency)
—
+3 %
+6 %
+9 %
Full Year 2023 Results
Consolidated Financial Summary
Year Ended December
31,
(in millions, except net revenues per
Active Customer and earnings per share)
2023
2022
% Change
Total net revenues
$
24,383
$
20,583
18
%
Total net revenues growth, constant
currency(1)
20
%
Gross profit(2)
$
6,190
$
4,710
31
%
Net income (loss)
$
1,360
$
(92
)
NM(3)
Adjusted net income (loss)(1)
$
465
$
(133
)
NM(3)
Adjusted EBITDA(1)
$
1,074
$
381
182
%
Earnings per share, basic
$
0.76
$
(0.05
)
NM(3)
Earnings per share, diluted
$
0.75
$
(0.05
)
NM(3)
Adjusted diluted earnings per share(1)
$
0.26
$
(0.08
)
NM(3)
Net cash provided by operating
activities
$
2,652
$
565
NM(3)
Free cash flow(1)
$
1,775
$
(246
)
NM(3)
Segment Information
Year Ended December
31,
(in millions)
2023
2022
% Change
Product Commerce
Net revenues
$
23,594
$
19,955
18
%
Net revenues growth, constant
currency(1)
19
%
Segment adjusted EBITDA
$
1,540
$
606
154
%
Developing Offerings
Net revenues
$
789
$
628
26
%
Net revenues growth, constant
currency(1)
27
%
Segment adjusted EBITDA
$
(466
)
$
(225
)
107
%
- Total net revenues growth, constant currency, adjusted net
income (loss), adjusted diluted earnings per share and adjusted
EBITDA are non-GAAP measures. See “Non-GAAP Financial Measures” and
“Reconciliations of Non-GAAP Measures” below for the reconciliation
of the non-GAAP measures with their comparable amounts prepared in
accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”).
- Gross profit is calculated as total net revenues minus cost of
sales.
- Non-meaningful.
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss fourth
quarter results on February 27, 2024 at 5:30 PM Eastern Time
(February 28, 2024 at 7:30 AM Korea Standard 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 fourth
quarter earnings presentation, are also available on that site.
About Coupang
Coupang is one of the largest retailers in Asia, with a mission
to revolutionize the everyday lives of its customers and create a
world where people wonder, “How did I ever live without Coupang?”
Coupang offers a variety of services, including same-day and
next-morning delivery of general merchandise and groceries,
delivery of prepared foods through Coupang Eats, and video
streaming through Coupang Play. Coupang is headquartered in the
United States, with operations and support services performed in
geographies including South Korea, Taiwan, Singapore, China, and
India.
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, 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 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 presentation 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.
Additional information relating to certain of our financial
measures contained herein, including non-GAAP financial measures,
is available in the appendix to this presentation, our most recent
earnings release and at our website at www.ir.aboutcoupang.com.
COUPANG, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended December
31,
Year Ended December
31,
(in millions, except per share
amounts)
2023
2022
2023
2022
Net retail sales
$
5,563
$
4,761
$
21,223
$
18,338
Net other revenue
998
566
3,160
2,245
Total net revenues
6,561
5,327
24,383
20,583
Cost of sales
4,881
4,049
18,193
15,873
Operating, general and administrative
1,550
1,195
5,717
4,822
Total operating cost and expenses
6,431
5,244
23,910
20,695
Operating income (loss)
130
83
473
(112
)
Interest income
54
27
178
53
Interest expense
(13
)
(7
)
(48
)
(27
)
Other expense, net
—
(9
)
(19
)
(7
)
Income (loss) before income taxes
171
94
584
(93
)
Income tax benefit
(861
)
(8
)
(776
)
(1
)
Net income (loss)
$
1,032
$
102
$
1,360
$
(92
)
Earnings per share
Basic
$
0.58
$
0.06
$
0.76
$
(0.05
)
Diluted
$
0.57
$
0.06
$
0.75
$
(0.05
)
Weighted average shares outstanding
Basic
1,789
1,771
1,782
1,765
Diluted
1,810
1,793
1,803
1,765
COUPANG, INC. CONSOLIDATED BALANCE
SHEETS (unaudited)
(in millions)
December 31, 2023
December 31, 2022
Assets
Cash and cash equivalents
$
5,243
$
3,509
Restricted cash
353
176
Accounts receivable, net
314
184
Inventories
1,666
1,657
Prepaids and other current assets
316
304
Total current assets
7,892
5,830
Property and equipment, net
2,465
1,820
Operating lease right-of-use assets
1,601
1,405
Deferred tax assets
925
40
Long-term lease deposits and other
463
418
Total assets
$
13,346
$
9,513
Liabilities and stockholders'
equity
Accounts payable
$
5,099
$
3,622
Accrued expenses
352
299
Deferred revenue
97
92
Short-term borrowings
282
175
Current portion of long-term debt
203
129
Current portion of long-term operating
lease obligations
386
326
Other current liabilities
526
420
Total current liabilities
6,945
5,063
Long-term debt
529
538
Long-term operating lease obligations
1,387
1,234
Defined severance benefits and other
381
264
Total liabilities
9,242
7,099
Commitments and contingencies
Redeemable noncontrolling interest
15
—
Stockholders' equity
Common Stock
—
—
Class A — shares authorized 10,000,
outstanding 1,616 and 1,598
Class B — shares authorized 250,
outstanding 175 and 175
Additional paid-in capital
8,489
8,154
Accumulated other comprehensive (loss)
income
(17
)
3
Accumulated deficit
(4,383
)
(5,743
)
Total stockholders' equity
4,089
2,414
Total liabilities and stockholders'
equity
$
13,346
$
9,513
COUPANG, INC. CONSOLIDATED STATEMENTS
OF CASH FLOWS (unaudited)
(in millions)
2023
2022
Operating activities
Net income (loss)
$
1,360
$
(92
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
275
231
Provision for severance benefits
159
161
Equity-based compensation
326
262
Non-cash operating lease expense
338
310
Deferred income taxes
(884
)
(41
)
Non-cash others
140
112
Change in operating assets and
liabilities:
Accounts receivable, net
(133
)
(34
)
Inventories
(44
)
(367
)
Other assets
(153
)
(249
)
Accounts payable
1,514
444
Accrued expenses
43
7
Other liabilities
(289
)
(179
)
Net cash provided by operating
activities
2,652
565
Investing activities
Purchases of property and equipment
(896
)
(824
)
Proceeds from sale of property and
equipment
19
13
Other investing activities
(50
)
(37
)
Net cash used in investing activities
(927
)
(848
)
Financing activities
Proceeds from issuance of common
stock/units, equity-based compensation plan
9
18
Proceeds from short-term borrowings and
long-term debt
572
701
Repayment of short-term borrowings and
long-term debt
(392
)
(467
)
Net short-term borrowings and other
financing activities
10
(5
)
Net cash provided by financing
activities
199
247
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash
(14
)
(87
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash
1,910
(123
)
Cash and cash equivalents, and restricted
cash, as of beginning of period
3,687
3,810
Cash and cash equivalents, and
restricted cash, as of end of period
$
5,597
$
3,687
Supplemental Financial Information
Share Information
As of December 31,
(in millions)
2023
2022
Outstanding common stock
1,791
1,773
Outstanding equity-based awards
63
57
Outstanding common stock and equity-based
awards
1,854
1,830
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
Active Customers
As of the last date of each reported period, we determine our
number of Active Customers by counting the total number of
individual customers who have ordered at least once directly from
our apps or websites in Korea 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
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 Active
Customers as a key indicator of our potential for growth in total
net revenues, the reach of our network, the awareness of our brand,
and the engagement of our customers.
Total Net Revenues per Active Customer
Total net revenues per Active Customer is the total net revenues
generated in a period divided by the total number of Active
Customers in that period. A key driver of growth is increasing the
frequency and the level of spend of Active Customers who are
shopping on our apps or websites. We therefore view total net
revenues per Active Customer as a key indicator of engagement and
retention of our customers and our ability to drive future revenue
growth.
Three Months Ended December
31,
(in millions, except net revenues per
Active Customer)
2023
2022
% Change
Active Customers
21.0
18.1
16
%
Total net revenues per Active Customer
$
312
$
294
6
%
Total net revenues per Active Customer,
constant currency (YoY)
$
303
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. For further information regarding these non-GAAP
measures, including the limitations thereof and reconciliations of
each non-GAAP financial measure to its most directly comparable
U.S. GAAP financial measure, please refer to the financial tables
in the “Reconciliations of Non-GAAP Financial Measures” section of
this release.
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 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 (loss)
• Net income (loss), excluding the effects
of tax valuation allowance releases and other tax reserve
adjustments not reflective of our ongoing operations.
• We believe adjusted net income (loss)
and adjusted diluted earnings provides useful supplemental
information for investors to compare our current earnings results
from one period to another exclusive of certain items that are not
reflective of our ongoing operations. Adjusted diluted earnings per
share is a performance measure and should not be used as a measure
of liquidity.
Adjusted diluted earnings per share
• Adjusted net income (loss) divided by
the weighted average dilutive shares outstanding for the
period.
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.
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 December
31,
2023
2022
Year over Year Growth
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Consolidated
Net retail sales
$
5,563
$
(167
)
$
5,397
$
4,761
17
%
13
%
Net other revenue
998
(21
)
977
566
76
%
73
%
Total net revenues
$
6,561
$
(187
)
$
6,374
$
5,327
23
%
20
%
Net Revenues by Segment
Product Commerce
$
6,288
$
(183
)
$
6,106
$
5,194
21
%
18
%
Developing Offerings
273
(5
)
268
133
105
%
102
%
Total net revenues
$
6,561
$
(187
)
$
6,374
$
5,327
23
%
20
%
Year Ended December
31,
2023
2022
Year over Year Growth
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Consolidated
Net retail sales
$
21,223
$
221
$
21,444
$
18,338
16
%
17
%
Net other revenue
3,160
33
3,193
2,245
41
%
42
%
Total net revenues
$
24,383
$
254
$
24,637
$
20,583
18
%
20
%
Net Revenues by Segment
Product Commerce
$
23,594
$
246
$
23,840
$
19,955
18
%
19
%
Developing Offerings
789
8
797
628
26
%
27
%
Total net revenues
$
24,383
$
254
$
24,637
$
20,583
18
%
20
%
Constant Currency Revenue and Constant Currency Revenue Growth
(QoQ)
Three Months Ended December
31,
Quarter over Quarter
Growth
2023
2022
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Total net revenues
$
6,561
$
44
$
6,605
$
5,327
6
%
7
%
Constant Currency Revenue and Constant Currency Revenue Growth
(YoY) Prior Quarters
Three Months Ended
Year over Year Growth
(in millions)
2023
2022
Total net revenues
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Q1
$
5,801
$
340
$
6,141
$
5,117
13
%
20
%
Q2
$
5,838
$
246
$
6,083
$
5,038
16
%
21
%
Q3
$
6,184
$
(144
)
$
6,039
$
5,101
21
%
18
%
Free Cash Flow
Three Months Ended December
31,
Year Ended December
31,
(in millions)
2023
2022
2023
2022
Net cash provided by operating
activities
$
609
$
580
$
2,652
$
565
Adjustments:
Purchases of land and buildings
(42
)
(21
)
(374
)
(226
)
Purchases of equipment
(191
)
(100
)
(522
)
(598
)
Total purchases of property and
equipment
$
(233
)
$
(121
)
$
(896
)
$
(824
)
Proceeds from sale of property and
equipment
7
3
19
13
Total adjustments
$
(227
)
$
(118
)
$
(877
)
$
(811
)
Free cash flow
$
382
$
462
$
1,775
$
(246
)
Net cash used in investing activities
$
(263
)
$
(130
)
$
(927
)
$
(848
)
Net cash provided by (used in) financing
activities
$
(163
)
$
21
$
199
$
247
Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended December
31,
Year Ended December
31,
(in millions)
2023
2022
2023
2022
Total net revenues
$
6,561
$
5,327
$
24,383
$
20,583
Net income (loss)
1,032
102
1,360
(92
)
Net income (loss) margin
15.7
%
1.9
%
5.6
%
(0.4
) %
Adjustments:
Depreciation and amortization
77
57
275
231
Interest expense
13
7
48
27
Interest income
(54
)
(26
)
(178
)
(53
)
Income tax benefit
(861
)
(9
)
(776
)
(1
)
Other expense, net
—
9
19
7
Equity-based compensation
86
71
326
262
Adjusted EBITDA
$
294
$
211
$
1,074
$
381
Adjusted EBITDA margin
4.5
%
4.0
%
4.4
%
1.9
%
Segment Gross Profit and Segment Gross Profit Margin
Three Months Ended December
31,
Year Ended December
31,
(in millions)
2023
2022
2023
2022
Gross profit
$
1,681
$
1,278
$
6,190
$
4,710
Segment gross profit and gross profit
margin:
Product Commerce
$
1,717
$
1,265
$
6,282
$
4,675
Gross profit margin
27.3
%
24.4
%
26.6
%
23.4
%
Developing Offerings
$
(36
)
$
14
$
(91
)
$
35
Gross profit margin
(13.3
) %
10.3
%
(11.6
) %
5.5
%
Adjusted Net Income (Loss) Reconciliation
Three Months Ended December
31,
Year Ended December
31,
(in millions)
2023
2022
2023
2022
Net income (loss)
$
1,032
$
102
$
1,360
$
(92
)
Adjustment:
Change in income tax valuation allowance
and other tax reserves
(895
)
(41
)
(895
)
(41
)
Adjusted net income (loss)
$
137
$
62
$
465
$
(133
)
Adjusted Diluted Earnings per Share Reconciliation
Three Months Ended December
31,
Year Ended December
31,
(in millions)
2023
2022
2023
2022
Diluted earnings per share
$
0.57
$
0.06
$
0.75
$
(0.05
)
Adjustment:
Change in income tax valuation allowance
and other tax reserves
(0.49
)
(0.02
)
(0.50
)
(0.02
)
Adjusted diluted earnings per
share
$
0.08
$
0.03
$
0.26
$
(0.08
)
Certain amounts may not foot due to rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227252388/en/
Investor Contact: Coupang IR ir@coupang.com
Media Contact: Coupang PR press@coupang.com
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