0001834584FALSE00018345842024-02-272024-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 27, 2024
Date of Report
(Date of earliest event reported)
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COUPANG, INC.
(Exact name of registrant as specified in its charter)

Delaware001-4011527-2810505
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification Number)
720 Olive Way, Suite 600
Seattle, Washington 98101
(Address of principal executive offices, including zip code)

(206) 333-3839
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Class A Common Stock, par value $0.0001 per shareCPNGNew York Stock Exchange
(Title of Each Class)(Trading Symbol)(Name of Each Exchange on Which Registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On February 27, 2024, Coupang, Inc. released its financial results for the fourth quarter 2023 and year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1 to this current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 and Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberDescription of Exhibit
99.1
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)



































SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


COUPANG, INC. (REGISTRANT)
By:/s/ Jonathan Lee
Jonathan Lee
Chief Accounting Officer

Dated: February 27, 2024

Exhibit 99.1
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Coupang Announces Results for Fourth Quarter 2023
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
SEATTLE - (BUSINESS WIRE) February 27, 2024—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.
Coupang, Inc.
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•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)
20232022% Change
Total net revenues$6,561 $5,327 23 %
Total net revenues growth, constant currency(1)
20 %
Active Customers21.018.116 %
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)%
Coupang, Inc.
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Segment Information
Three Months Ended December 31,
(in millions)20232022% 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 2023Q2 2023Q3 2023Q4 2023
Active Customers5 %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)
20232022% 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)20232022% 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 %
_________
(1)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”).
(2)Gross profit is calculated as total net revenues minus cost of sales.
(3)Non-meaningful.
Coupang, Inc.
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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.
Investor Contact:Media Contact:
Coupang IRCoupang PR
ir@coupang.compress@coupang.com
Coupang, Inc.
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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.
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COUPANG, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended December 31,Year Ended December 31,
(in millions, except per share amounts)2023202220232022
Net retail sales$5,563 $4,761 $21,223 $18,338 
Net other revenue998 566 3,160 2,245 
Total net revenues6,561 5,327 24,383 20,583 
Cost of sales4,881 4,049 18,193 15,873 
Operating, general and administrative1,550 1,195 5,717 4,822 
Total operating cost and expenses6,431 5,244 23,910 20,695 
Operating income (loss)
130 83 473 (112)
Interest income54 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
Basic1,789 1,771 1,782 1,765 
Diluted1,810 1,793 1,803 1,765 

Coupang, Inc.
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COUPANG, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)
December 31, 2023December 31, 2022
Assets
Cash and cash equivalents$5,243 $3,509 
Restricted cash353 176 
Accounts receivable, net314 184 
Inventories1,666 1,657 
Prepaids and other current assets316 304 
Total current assets7,892 5,830 
Property and equipment, net2,465 1,820 
Operating lease right-of-use assets1,601 1,405 
Deferred tax assets925 40 
Long-term lease deposits and other463 418 
Total assets$13,346 $9,513 
Liabilities and stockholders' equity
Accounts payable$5,099 $3,622 
Accrued expenses352 299 
Deferred revenue97 92 
Short-term borrowings282 175 
Current portion of long-term debt203 129 
Current portion of long-term operating lease obligations386 326 
Other current liabilities526 420 
Total current liabilities6,945 5,063 
Long-term debt529 538 
Long-term operating lease obligations1,387 1,234 
Defined severance benefits and other381 264 
Total liabilities9,242 7,099 
Commitments and contingencies
Redeemable noncontrolling interest15 — 
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 capital8,489 8,154 
Accumulated other comprehensive (loss) income(17)3 
Accumulated deficit(4,383)(5,743)
Total stockholders' equity4,089 2,414 
Total liabilities and stockholders' equity$13,346 $9,513 

Coupang, Inc.
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COUPANG, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)20232022
Operating activities
Net income (loss)$1,360 $(92)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization275 231 
Provision for severance benefits159 161 
Equity-based compensation326 262 
Non-cash operating lease expense338 310 
Deferred income taxes(884)(41)
Non-cash others140 112 
Change in operating assets and liabilities:
Accounts receivable, net(133)(34)
Inventories(44)(367)
Other assets(153)(249)
Accounts payable1,514 444 
Accrued expenses43 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 equipment19 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 plan9 18 
Proceeds from short-term borrowings and long-term debt572 701 
Repayment of short-term borrowings and long-term debt(392)(467)
Net short-term borrowings and other financing activities10 (5)
Net cash provided by financing activities199 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 cash1,910 (123)
Cash and cash equivalents, and restricted cash, as of beginning of period3,687 3,810 
Cash and cash equivalents, and restricted cash, as of end of period$5,597 $3,687 
Coupang, Inc.
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Supplemental Financial Information
Share Information
As of December 31,
(in millions)
20232022
Outstanding common stock
1,791 1,773 
Outstanding equity-based awards
63 57 
Outstanding common stock and equity-based awards1,854 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)20232022% Change
Active Customers21.018.116 %
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.
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Non-GAAP MeasureDefinitionHow 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.
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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,
20232022Year over Year Growth
(in millions)As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant Currency Basis
Consolidated
Net retail sales$5,563 $(167)$5,397 $4,761 17 %13 %
Net other revenue998 (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 Offerings273 (5)268 133 105 %102 %
Total net revenues$6,561 $(187)$6,374 $5,327 23 %20 %

Year Ended December 31,
20232022Year over Year Growth
(in millions)As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant Currency Basis
Consolidated
Net retail sales$21,223 $221 $21,444 $18,338 16 %17 %
Net other revenue3,160 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 Offerings789 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
20232022
(in millions)As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant Currency Basis
Total net revenues$6,561 $44 $6,605 $5,327 6 %7 %
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Constant Currency Revenue and Constant Currency Revenue Growth (YoY) Prior Quarters
Three Months Ended
Year over Year Growth
(in millions)
20232022
Total net revenues
As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant 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)2023202220232022
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)$(824)
Proceeds from sale of property and equipment7 3 19 13 
Total adjustments$(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)2023202220232022
Total net revenues$6,561 $5,327 $24,383 $20,583 
Net income (loss)1,032 102 1,360 (92)
Net income (loss) margin15.7 %1.9 %5.6 %(0.4)%
Adjustments:
Depreciation and amortization77 57 275 231 
Interest expense13 7 48 27 
Interest income(54)(26)(178)(53)
Income tax benefit
(861)(9)(776)(1)
Other expense, net— 9 19 7 
Equity-based compensation86 71 326 262 
Adjusted EBITDA$294 $211 $1,074 $381 
Adjusted EBITDA margin4.5 %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)2023202220232022
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 $4,675 
     Gross profit margin27.3 %24.4 %26.6 %23.4 %
Developing Offerings$(36)$14 $(91)$35 
     Gross profit margin(13.3)%10.3 %(11.6)%5.5 %

Coupang, Inc.
profileimg-icon.jpg
Q4 2023 Earnings Release
12

Adjusted Net Income (Loss) Reconciliation
Three Months Ended December 31,Year Ended December 31,
(in millions)2023202220232022
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)2023202220232022
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
Coupang, Inc.
profileimg-icon.jpg
Q4 2023 Earnings Release
13
v3.24.0.1
Cover
Feb. 27, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2024
Entity Registrant Name COUPANG, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40115
Entity Tax Identification Number 27-2810505
Entity Address, Address Line One 720 Olive Way
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98101
City Area Code 206
Local Phone Number 333-3839
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol CPNG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001834584
Amendment Flag false
Coupang (NYSE:CPNG)
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