Coupang, Inc. (NYSE:CPNG) Q2 2023 Results Conference Call August 8, 2023 5:30 PM ET Company Participants Mike Parker - Vice President of Investor Relations Bom Kim - Founder and Chief Executive Officer Gaurav Anand - Chief Financial Officer Conference Call Participants Stanley Yang - JPMorgan Eric Cha - Goldman Sachs John Yu - Citi Seyon Park - Morgan Stanley James Lee - Mizuho Jiong Shao - Barclays Operator Hello, my name is Crissa and I will be your conference operator today. At this time, I would like to ...

Financial Performance - Total net revenues for Q2 2023 reached $11,638,419, representing a 15% increase year-over-year[144] - Product Commerce segment generated $11,339,939 in net revenues, a 16% increase compared to the previous year[144] - Developing Offerings segment reported net revenues of $298,480, reflecting a 12% decrease year-over-year[144] - Adjusted EBITDA for Q2 2023 was $300,224, compared to $66,172 in Q2 2022, showing significant improvement[146] - Net income for Q2 2023 was $145,192, a recovery from a net loss of $75,491 in Q2 2022[145] - Operating income for Q2 2023 was $147,642, compared to an operating loss of $67,143 in Q2 2022[145] - Free cash flow for Q2 2023 was $449,898 thousand, a significant improvement from a negative $195,465 thousand in Q2 2022[195] - The company reported a total net revenue of $11,638,419 thousand for the six months ended June 30, 2023, a 15% increase from $10,154,507 thousand in the same period of 2022[171] Customer Metrics - Active Customers increased, indicating growth potential for total net revenues and customer engagement[140] - Active Customers increased to 19,713 thousand as of June 30, 2023, up from 19,010 thousand as of March 31, 2023[163] - Net revenues per Active Customer decreased slightly to $296 in Q2 2023 from $305 in Q1 2023, indicating a focus on customer engagement and retention[163][164] Revenue Segments - Product Commerce revenues were $5,681,590 thousand for Q2 2023, a 16% increase from $4,877,531 thousand in Q2 2022[173] - Total net revenues for Q2 2023 from Product Commerce segment reached $407,597 thousand, up from $97,840 thousand in Q2 2022, indicating a substantial increase[208] - Net other revenue increased by 25% to $697,543 thousand in Q2 2023, compared to $556,656 thousand in Q2 2022[171] Cost and Expenses - Cost of sales increased to $4,314,101, an 11% rise compared to the same quarter last year[145] - Cost of sales as a percentage of revenue decreased from 77.1% in Q2 2022 to 73.9% in Q2 2023, driven by operational efficiencies and higher margin revenue categories[203] Cash Flow and Investments - Net cash provided by operating activities for the six months ended June 30, 2023, was $1,321,054 thousand, compared to a negative $73,201 thousand for the same period in 2022, reflecting a year-over-year increase of $1,394,255 thousand[211] - Net cash used in investing activities for the six months ended June 30, 2023, was $512,120 thousand, compared to $429,698 thousand in the same period of 2022[211] - The company has seen a $296 million decrease in repayments of debt and short-term borrowings, indicating improved cash flow management[182] - The company plans to seek additional cash resources for future investments, acquisitions, or strategic cooperation, which may include technology and logistics infrastructure[213] Tax and Interest - Cash paid for income taxes in the first half of 2023 was $39,329, compared to $1,341 in the same period of 2022[152] - The effective income tax rate for the six months ended June 30, 2023, was 20.0%, a significant increase from (0.2%) in the prior year, reflecting strong operating results[207] - Interest income increased significantly to $41,630 from $7,364 in the previous year[146] - Interest income for Q2 2023 increased by $34 million compared to the prior year, primarily due to higher interest rates and increased average cash balances[205] Strategic Focus and Challenges - The company is focused on expanding its logistics and technology network, which supports free, next-day delivery across millions of products[159] - The company is currently involved in investigations by the Korean Fair Trade Commission, which may result in fines or changes to business practices, but the financial impact remains uncertain[157] - The company emphasizes the importance of constant currency revenue growth for understanding performance, particularly given fluctuations in foreign exchange rates[194] Cash Position - The company had total cash, cash equivalents, and restricted cash of $4.7 billion as of June 30, 2023, with $3.0 billion held by foreign subsidiaries[209]

Coupang, Inc. (NYSE:CPNG) Q1 2023 Earnings Conference Call May 9, 2023 5:30 PM ET Company Participants Mike Parker - Vice President of Investor Relations Bom Kim - Founder and Chief Executive Officer Gaurav Anand - Chief Financial Officer Conference Call Participants Eric Cha - Goldman Sachs Stanley Yang - JPMorgan James Lee - Mizuho Securities Jiong Shao - Barclays John Yu - Citi Soyun Shin - Credit Suisse Operator Good afternoon. My name is Ashley, and I'll be your conference operator today. At this time, ...

Financial Performance - Total net revenues for Q1 2023 reached $5,800,530, a 13% increase from $5,116,686 in Q1 2022[85] - Gross profit for Q1 2023 was $1,419,927, representing a 36% increase from $1,043,406 in Q1 2022[85] - Net income for Q1 2023 was $90,855, compared to a net loss of $(209,294) in Q1 2022, marking a significant turnaround[85] - Net retail sales amounted to $5,204,800, reflecting a 14% growth compared to $4,556,107 in the same period last year[104] - The company reported a net income of $90.9 million for Q1 2023, a significant improvement of $300.1 million compared to a net loss of $209.3 million in Q1 2022[125] - Net cash provided by operating activities for Q1 2023 was $501.3 million, an increase of $556.2 million from a cash outflow of $54.9 million in the same period last year[125] Customer Metrics - Active Customers increased to 19,010 as of March 31, 2023, up from 18,112 a year earlier[86] - Total net revenues per Active Customer rose to $305 in Q1 2023, compared to $283 in Q1 2022, indicating improved customer engagement[86] Cash Flow and Liquidity - Free cash flow for Q1 2023 was $406,746, a recovery from a negative free cash flow of $(289,600) in Q1 2022[99] - As of March 31, 2023, the company had total cash and cash equivalents of $4.1 billion, with $2.4 billion held by foreign subsidiaries[123] - As of March 31, 2023, there were no balances outstanding on the company's revolving credit facilities, indicating strong liquidity management[147] - Coupang, Inc. had cash, cash equivalents, and restricted cash totaling $4.1 billion as of March 31, 2023[146] Operational Efficiency - Adjusted EBITDA for Q1 2023 was $240,919, compared to an adjusted EBITDA loss of $(90,872) in Q1 2022[85] - The adjusted EBITDA margin improved to 4.2% in Q1 2023, compared to a negative margin of (1.8)% in Q1 2022[120] - Cost of sales as a percentage of revenue decreased from 79.6% in Q1 2022 to 75.5% in Q1 2023, indicating improved operational efficiencies[111] - Total operating costs and expenses rose to $5,693,755, a 7% increase from $5,322,391 in Q1 2022[102] Segment Performance - The segment adjusted EBITDA for Product Commerce was $288,370, a significant increase from $2,877 in Q1 2022[85] - Developing Offerings segment reported an adjusted EBITDA loss of $(47,451), an improvement from $(93,749) in Q1 2022[85] - Product Commerce segment net revenues increased by 15% to $5,658,349, driven by growth in Active Customers and total net revenues per Active Customer[108] - Developing Offerings segment reported a decline in revenues by 21% to $142,181, attributed to a decrease in Active Customers using the Eats offering[109] Interest and Taxation - Interest income for Q1 2023 increased by $28 million compared to the prior year, primarily due to higher interest rates on deposits[114] - The effective income tax rate for Q1 2023 was 26.6%, up from (0.1)% in the prior year, reflecting stronger operating results[116] Future Commitments and Investments - The company has remaining capital expenditure commitments of $429 million as of March 31, 2023, related to new construction contracts for fulfillment centers expected to be completed over the next three years[124] - The company plans to invest several billion dollars over the next several years to expand its infrastructure and workforce-related costs[124] - The company expects future expenditures for infrastructure and workforce-related costs to exceed several billion dollars over the next several years[124] Risk Management - A hypothetical 10% adverse change in average exchange rates would have resulted in a decline in total net revenues of approximately $514 million for Q1 2023[149] - Coupang, Inc. does not currently engage in derivatives or other financial instruments to hedge foreign currency risk, but may consider it in the future[150] - The company places cash and cash equivalents with financial institutions of high credit quality to manage credit risk[151] - Interest rate risk arises primarily from undrawn revolving credit facilities and variable rate borrowings, which expose the company to variability in cash flows[146] - Management evaluates and approves credit standards to oversee the credit risk management function related to investments[151] Internal Controls - The company's disclosure controls and procedures were evaluated and deemed effective as of March 31, 2023, providing reasonable assurance for timely decision-making regarding required disclosures[153] - There were no changes in internal control over financial reporting that materially affected the company's controls during the quarter ended March 31, 2023[154]

Coupang, Inc. (NYSE:CPNG) Q4 2022 Earnings Conference Call February 28, 2023 5:30 PM ET Company Participants Mike Parker - VP, IR Bom Kim - Founder, CEO Gaurav Anand - CFO Conference Call Participants Eric Cha - Goldman Sachs Seyon Park - Morgan Stanley James Lee - Mizuho Securities Jiong Shao - Barclays Operator Good afternoon. My name is Ashlee, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang Earnings Conference Call. [Operator Instructions] Now ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-40115 COUPANG, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organizat ...

Coupang, Inc. (NYSE:CPNG) Q3 2022 Results Conference Call November 9, 2022 5:30 PM ET Company Participants Mike Parker - VP, IR Bom Kim - Founder, CEO Gaurav Anand - CFO Conference Call Participants Eric Cha - Goldman Sachs Stanley Yang - JPMorgan Seyon Park - Morgan Stanley Susie Lee - Bank of America James Lee - Mizuho Josh Levin - Autonomous Research Operator Good afternoon. My name is Paula, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang Third ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ | --- | |-------------------------------------| | | | Commission File No. 001-40115 | Delaware 27-2810505 (State or othe ...

Coupang, Inc. (NYSE:CPNG) Q2 2022 Earnings Conference Call August 10, 2022 5:30 PM ET Company Participants Mike Parker - Vice President, Investor Relations Bom Kim - Founder and Chief Executive Officer Gaurav Anand - Chief Financial Officer Conference Call Participants Stanley Yang - JPMorgan Eric Cha - Goldman Sachs Seyon Park - Morgan Stanley James Lee - Mizuho Securities Susie Lee - Bank of America Peter Milliken - Deutsche Bank Operator Good afternoon. My name is Abby, and I will be your conference oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ | --- | |-------------------------------------| | | | Commission File No. 001-40115 | | | Delaware 27-2810505 (State or other ...