Net Revenues of $7.3 billion, up 25% YoY and
30% on an FX-neutral basis
Gross Profit of $2.1 billion, up 41%
YoY
Product Commerce segment adjusted EBITDA of
$530 million, up $122 million YoY, with a margin of 8.2%
Coupang, Inc. (NYSE: CPNG) today announced financial results for
its second quarter ended June 30, 2024.
Consolidated Highlights:
- Net revenues were $7.3 billion, up 25% YoY on a reported basis
and 30% 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.
- Excluding Farfetch, net revenues growth rate would have been an
estimated 660 bps 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 41% YoY to $2.1 billion. Gross profit
margin was 29.3%, an improvement of 310 bps YoY. Excluding
Farfetch, gross profit was $1.9 billion, growing 27% YoY, and gross
profit margin was 28.3%.
- Net loss was $105 million and net loss attributable to Coupang
stockholders was $77 million, a decrease of $222 million from last
year. This is primarily due to the inclusion of the operating
losses incurred at Farfetch and $121 million relating to the
estimated KFTC administrative fine.
- Excluding the Farfetch loss and the administrative fine, net
income attributable to Coupang stockholders was approximately $124
million.
- Diluted EPS was negative $0.04, a decline of $0.12 over last
year, primarily driven by the operating losses incurred at Farfetch
and the administrative fine. Excluding the Farfetch loss and the
administrative fine, diluted EPS was $0.07.
- Adjusted EBITDA for the quarter was $330 million with a margin
of 4.5%, down 60 bps from last year. Excluding Farfetch, adjusted
EBITDA was $361 million with a margin of 5.3%.
- Operating cash flow for the trailing twelve months was $2.2
billion, an increase of $250 million YoY.
- Free cash flow was $1.5 billion for the trailing twelve months,
an increase of $420 million YoY.
Segment Highlights:
- Product Commerce segment net revenues was $6.4 billion, up 13%
YoY on a reported basis and 18% on an FX-neutral basis. These
growth rates would have been an estimated 650 and 680 bps higher,
respectively, without the accounting change in FLC revenue.
- Product Commerce Active Customers reached 21.7 million, growing
12% YoY.
- Product Commerce segment adjusted EBITDA was $530 million, up
$122 million YoY, with a margin of 8.2%, up 110 bps YoY.
- Developing Offerings segment (including International, Coupang
Eats, Play, Fintech and Farfetch) net revenues was $892 million, up
472% YoY on a reported basis and 483% on an FX-neutral basis.
Excluding Farfetch, the growth was 177% YoY on a reported basis and
188% YoY on an FX-neutral basis.
- Developing Offerings segment adjusted EBITDA was negative $200
million, which includes a negative $31 million impact from the
consolidation of Farfetch.
“This quarter we continued to see deeper levels of engagement
from our customers, powered by our relentless focus on providing
even greater levels of selection, service, and savings for
customers,” said Gaurav Anand, CFO of Coupang. “We remain focused
on creating moments of WOW for our customers every day, while
driving continuous improvement across our operations by leveraging
our investments in infrastructure, technology, and automation.”
Second Quarter 2024 Results
Consolidated Financial Summary
(in millions, except net revenues per
Product Commerce Active Customer and earnings per share)
Three Months Ended June
30,
2024(3)
2023
% Change
Total net revenues
$
7,323
$
5,838
25
%
Total net revenues growth, constant
currency(1)
30
%
Net revenues per Product Commerce Active
Customer
$
296
$
293
1
%
Net revenues per Product Commerce Active
Customer, constant currency(1)
$
309
5
%
Product Commerce Active Customers
21.7
19.4
12
%
Gross profit(2)
$
2,142
$
1,524
41
%
Net (loss) income
$
(105
)
$
145
(172
)%
Net (loss) income attributable to Coupang
stockholders
$
(77
)
$
145
(153
)%
Adjusted EBITDA(1)
$
330
$
300
10
%
Earnings per share, basic and diluted
$
(0.04
)
$
0.08
(150
)%
Adjusted diluted earnings per share(1)
$
0.07
$
0.08
(13
)%
Net cash provided by operating
activities
$
664
$
820
(19
)%
Free cash flow(1)
$
488
$
450
8
%
The following summarizes the impact Farfetch had on our results
for the three and six months ended June 30, 2024:
Impact from
Farfetch(3)
Three Months Ended June
30,
Six Months Ended June
30,
(in millions, except earnings per
share)
2024
Consolidated
Total net revenues
$
460
$
748
Gross profit(2)
$
203
$
325
Net loss
$
(108
)
$
(230
)
Net loss attributable to Coupang
stockholders
$
(80
)
$
(173
)
Diluted earnings per share
$
(0.04
)
$
(0.10
)
Adjusted EBITDA(1)
$
(31
)
$
(62
)
Developing Offerings
Net revenues
$
460
$
748
Segment adjusted EBITDA
$
(31
)
$
(62
)
Segment Information
Three Months Ended June
30,
(in millions)
2024(3)
2023
% Change
Product Commerce
Net revenues
$
6,431
$
5,682
13
%
Net revenues growth, constant
currency(1)
18
%
Segment adjusted EBITDA
$
530
$
408
30
%
Developing Offerings
Net revenues
$
892
$
156
472
%
Net revenues growth, constant
currency(1)
483
%
Segment adjusted EBITDA
$
(200
)
$
(107
)
87
%
_________
(1)
Total net revenues growth, constant
currency, net revenues per Product Commerce Active Customer,
constant currency, adjusted EBITDA, 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)
Gross profit is calculated as total net
revenues minus cost of sales.
(3)
We completed the acquisition of the assets
of Farfetch at the end of January in Q1 2024. For the six months
ended June 30, 2024, the operating results of Farfetch from
February 2024 are included in our consolidated results and in our
Developing Offerings segment. For the three months ended June 30,
2024, the operating results of Farfetch 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 second
quarter results on August 6, 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 second 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
June 30,
Six Months Ended
June 30,
(in millions, except per share
amounts)
2024
2023
2024
2023
Net retail sales
$
5,779
$
5,140
$
11,674
$
10,345
Net other revenue
1,544
698
2,763
1,293
Total net revenues
7,323
5,838
14,437
11,638
Cost of sales
5,181
4,314
10,366
8,695
Operating, general and administrative
2,167
1,376
4,056
2,689
Total operating cost and expenses
7,348
5,690
14,422
11,384
Operating income
(25
)
148
15
254
Interest income
53
42
108
73
Interest expense
(37
)
(13
)
(64
)
(21
)
Other income (expense), net
12
(6
)
3
(11
)
Income before income taxes
3
171
62
295
Income tax expense
108
26
191
59
Net (loss) income
(105
)
145
(129
)
236
Net loss attributable to noncontrolling
interests
(28
)
—
(57
)
—
Net (loss) income attributable to
Coupang stockholders
(77
)
145
(72
)
236
Earnings per share
Basic
$
(0.04
)
$
0.08
$
(0.04
)
$
0.13
Diluted
$
(0.04
)
$
0.08
$
(0.04
)
$
0.13
Weighted-average shares outstanding
Basic
1,789
1,780
1,791
1,777
Diluted
1,789
1,800
1,791
1,797
COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in millions, except par value)
June 30, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
5,536
$
5,243
Restricted cash
257
353
Accounts receivable, net
547
314
Inventories
1,992
1,666
Prepaids and other current assets
477
316
Total current assets
8,809
7,892
Property and equipment, net
2,563
2,465
Operating lease right-of-use assets
1,993
1,601
Deferred tax assets
757
925
Intangible assets, net
319
37
Long-term lease deposits and other
754
426
Total assets
$
15,195
$
13,346
Liabilities, redeemable noncontrolling
interests, and equity
Accounts payable
$
5,621
$
5,099
Accrued expenses
516
352
Deferred revenue
139
97
Short-term borrowings
336
282
Current portion of long-term debt
165
203
Current portion of long-term operating
lease obligations
427
386
Other current liabilities
654
526
Total current liabilities
7,858
6,945
Long-term debt
1,047
529
Long-term operating lease obligations
1,740
1,387
Defined severance benefits and other
603
381
Total liabilities
11,248
9,242
Commitments and contingencies
Redeemable noncontrolling interests
92
15
Equity
Common stock
—
—
Class A — shares authorized 10,000,
outstanding 1,615 and 1,616
Class B — shares authorized 250,
outstanding 175 and 175
Additional paid-in capital
8,509
8,489
Accumulated other comprehensive loss
(198
)
(17
)
Accumulated deficit
(4,455
)
(4,383
)
Noncontrolling interests
(1
)
—
Total equity
3,855
4,089
Total liabilities, redeemable
noncontrolling interests and equity
$
15,195
$
13,346
COUPANG, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended June
30,
(in millions)
2024
2023
Operating activities
Net (loss) income
$
(129
)
$
236
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
201
130
Provision for severance benefits
90
76
Equity-based compensation
197
156
Non-cash operating lease expense
211
163
Deferred income taxes
103
—
Other
118
85
Change in operating assets and
liabilities, net of acquisition:
Accounts receivable, net
23
41
Inventories
(163
)
18
Other assets
(132
)
8
Accounts payable
351
579
Accrued expenses
111
(28
)
Other liabilities
(105
)
(143
)
Net cash provided by operating
activities
876
1,321
Investing activities
Purchases of property and equipment
(285
)
(472
)
Proceeds from sale of property and
equipment
4
7
Net cash acquired in acquisition
68
—
Other investing activities
(82
)
(47
)
Net cash used in investing activities
(295
)
(512
)
Financing activities
Proceeds from issuance of common stock,
equity-based compensation plan
1
5
Repurchase of Class A common stock
(178
)
—
Proceeds from short-term borrowings and
long-term debt
104
319
Repayment of short-term borrowings and
long-term debt
(62
)
(37
)
Other financing activities
55
42
Net cash (used in) provided by financing
activities
(80
)
329
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash
(304
)
(81
)
Net increase in cash and cash equivalents,
and restricted cash
197
1,057
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
$
5,794
$
4,744
Supplemental Financial Information
Share Information
As of June 30,
(in millions)
2024
2023
Outstanding common stock
1,790
1,781
Outstanding equity-based awards
81
66
Outstanding common stock and equity-based
awards
1,871
1,847
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
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.
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 an
indicator of future growth in our net revenue, the reach of our
network, the awareness of our brand, and the engagement of our
customers.
Three Months Ended June
30,
(in millions, except net revenues per
Product Commerce Active Customer)
2024
2023
% Change
Net revenues per Product Commerce Active
Customer
$
296
$
293
1
%
Net revenues per Product Commerce Active
Customer (Constant Currency)
$
309
5
%
Product Commerce Active Customers
21.7
19.4
12
%
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,
significant costs related to certain non-ordinary course legal and
regulatory matters, 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 Attributable to
Coupang Stockholders
• Net income attributable to Coupang
Stockholders, excluding the impact of the Farfetch acquisition and
the KFTC administrative fine.
• 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
• Adjusted net income excluding the impact
of the Farfetch acquisition and the KFTC administrative fine
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
Three Months Ended June
30,
2024
2023
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
$
5,779
$
239
$
6,018
$
5,140
12
%
17
%
Net other revenue
1,544
55
1,599
698
121
%
129
%
Total net revenues
$
7,323
$
294
$
7,617
$
5,838
25
%
30
%
Net Revenues by Segment
Product Commerce
$
6,431
$
275
$
6,706
$
5,682
13
%
18
%
Developing Offerings
892
18
910
156
472
%
483
%
Total net revenues
$
7,323
$
294
$
7,617
$
5,838
25
%
30
%
Free Cash Flow
Three Months Ended
June 30,
Trailing Twelve Months Ended
June 30,
(in millions)
2024
2023
2024
2023
Net cash provided by operating
activities
$
664
$
820
$
2,206
$
1,960
Adjustments:
Purchases of land and buildings
(33
)
(271
)
(118
)
(477
)
Purchases of equipment
(145
)
(105
)
(591
)
(400
)
Total purchases of property and
equipment
(178
)
(376
)
(709
)
(876
)
Proceeds from sale of property and
equipment
2
6
16
13
Total adjustments
$
(176
)
$
(370
)
$
(693
)
$
(864
)
Free cash flow
$
488
$
450
$
1,513
$
1,096
Net cash used in investing activities
$
(178
)
$
(429
)
$
(710
)
$
(931
)
Net cash (used in) provided by financing
activities
$
(132
)
$
251
$
(210
)
$
495
Adjusted EBITDA and Adjusted EBITDA
Margin
Three Months Ended
June 30,
Trailing Twelve Months Ended
June 30,
(in millions)
2024
2023
2024
2023
Total net revenues
$
7,323
$
5,838
$
27,182
$
22,067
Net (loss) income attributable to Coupang
shareholders
(77
)
145
1,051
429
Net loss attributable to noncontrolling
interests
(28
)
—
(57
)
—
Net (loss) income
(105
)
145
994
429
Net (loss) income margin
(1.4
)%
2.5
%
3.7
%
1.9
%
Adjustments:
Depreciation and amortization
106
66
345
242
Interest expense
37
13
90
35
Interest income
(53
)
(42
)
(212
)
(115
)
Income tax expense (benefit)
108
26
(645
)
57
Other (income) expense, net
(12
)
6
6
11
Acquisition and restructuring related
costs
19
—
77
—
Estimated KFTC administrative fine
121
—
121
—
Equity-based compensation
109
86
367
290
Adjusted EBITDA
$
330
$
300
$
1,143
$
947
Adjusted EBITDA margin
4.5
%
5.1
%
4.2
%
4.3
%
Segment Gross Profit and Segment Gross
Profit Margin
Three Months Ended June
30,
(in millions)
2024
2023
Gross profit
$
2,142
$
1,524
Segment gross profit and gross profit
margin:
Product Commerce
1,950
1,547
Gross profit margin
30.3
%
27.2
%
Developing Offerings
192
(23
)
Gross profit margin
21.5
%
(14.6
)%
Adjusted Net Income Attributable to
Coupang Stockholders
Three Months Ended June
30,
(in millions)
2024
2023
Net (loss) income attributable to
Coupang stockholders
$
(77
)
$
145
Adjustments:
Farfetch losses, excluding taxes
96
—
Net losses attributable to noncontrolling
interests
(28
)
—
Farfetch tax effect
12
—
Estimated KFTC administrative fine
$
121
$
—
Adjusted net income attributable to
Coupang stockholders
$
124
$
145
Adjusted Diluted Earnings Per Share
Three Months Ended June
30,
2024
2023
Diluted earnings per share
$
(0.04
)
$
0.08
Adjustments:
Farfetch losses, excluding taxes
0.05
—
Net losses attributable to noncontrolling
interests
(0.02
)
—
Farfetch tax effect
0.01
—
Estimated KFTC administrative fine
0.07
—
Adjusted diluted earnings per share
(a)
$
0.07
$
0.08
(a)
Adjusted diluted earnings per share
includes the effect of dilutive shares as a result of adjusted net
income attributable to Coupang stockholders. Diluted weighted
average shares used for the three months ended June 30, 2024
calculation was 1,823 (in millions).
Total Net Revenues excluding Farfetch
Three Months Ended June
30,
(in millions)
2024
2023
Total net revenues
$
7,323
$
5,838
Revenues of Farfetch
(460
)
—
Total net revenues excluding
Farfetch
$
6,863
$
5,838
Total Net Revenues excluding Farfetch
Constant Currency Revenue and Constant Currency Revenue Growth
(YoY)
Three Months Ended June
30,
2024
2023
Year over Year Growth
(in millions)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
As Reported
Constant Currency
Basis
Consolidated
Total net revenues
$
7,323
$
294
$
7,617
$
5,838
25
%
30
%
Revenues of Farfetch
(460
)
—
(460
)
—
Total net revenues excluding
Farfetch
$
6,863
$
294
$
7,157
$
5,838
18
%
23
%
Gross Profit excluding Farfetch
Three Months Ended June
30,
(in millions)
2024
2023
Gross Profit
$
2,142
$
1,524
Gross Profit of Farfetch
(203
)
—
Gross Profit excluding Farfetch
$
1,939
$
1,524
Gross profit margin excluding Farfetch
28.3
%
26.1
%
Adjusted EBITDA excluding Farfetch
Three Months Ended June
30,
Trailing Twelve Months
Ended June 30,
(in millions)
2024
2023
2024
2023
Adjusted EBITDA
$
330
$
300
$
1,143
$
947
Adjusted EBITDA of Farfetch
31
—
62
—
Adjusted EBITDA excluding
Farfetch
$
361
$
300
$
1,205
$
947
Adjusted EBITDA margin excluding
Farfetch
5.3
%
5.1
%
4.6
%
4.3
%
Developing Offerings Net Revenues
excluding Farfetch
Three Months Ended June
30,
(in millions)
2024
2023
Developing Offerings net
revenues
$
892
$
156
Revenues of Farfetch
(460
)
—
Developing Offerings net revenues
excluding Farfetch
$
432
$
156
Developing Offerings Net Revenues
excluding Farfetch Constant Currency Revenue and Constant Currency
Revenue Growth (YoY)
Three Months Ended June
30,
2024
2023
Year over Year Growth
(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
$
892
$
18
$
910
$
156
472
%
483
%
Revenues of Farfetch
(460
)
—
(460
)
—
Developing Offerings net revenues
excluding Farfetch
$
432
$
18
$
450
$
156
177
%
188
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806444642/en/
Investor Contact: Coupang IR ir@coupang.com
Media Contact: Coupang PR press@coupang.com
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