Net Revenues of $5.8 billion, up 16%
YoY and 21% on an FX-neutral basis
Gross Profit of $1.5 billion, up 32%
YoY
Net Income of $145 million, an increase of
$221 million YoY
Operating Cash Flow of $2.0 billion and Free
Cash Flow of $1.1 billion for the trailing twelve months
Coupang, Inc. (NYSE: CPNG) today announced financial results for
its second quarter ended June 30, 2023.
Q2 2023 Key Financial and Operational Highlights
Consolidated Highlights:
- Net revenues were $5.8 billion, up 16% YoY on a reported basis
and 21% YoY on an FX-neutral basis.
- The revenue growth rate would have been an estimated 300 bps
higher than the 21% growth rate without the accounting change this
quarter in FLC revenue, which is now recorded on a net basis
starting in Q2 2023.
- Gross profit increased 32% YoY to $1.5 billion.
- Gross profit margin was 26.1%, an improvement of 320 bps YoY.
The accounting change in FLC revenue this quarter had a positive
100 bps impact.
- Net income was $145 million, with a margin of 2.5%, an
improvement of $221 million over last year.
- Adjusted EBITDA was $300 million with a margin of 5.1%, an
improvement of 380 bps over last year.
- EPS was $0.08, an increase of $0.12 YoY.
- Operating cash flow for the trailing twelve months was $2.0
billion, an increase of $2.3 billion YoY.
- Free cash flow was $1.1 billion for the trailing twelve months,
an increase of $2.2 billion YoY.
- Active customers growth continues to increase and was 10% YoY
with 19.7 million active customers.
Segment Highlights:
- Product Commerce segment net revenues was $5.7 billion, up 16%
YoY on a reported basis and 21% on an FX-neutral basis.
- Product Commerce segment adjusted EBITDA was $408 million, up
$310 million YoY.
- Product Commerce segment adjusted EBITDA margin was 7.2%, up
520 bps YoY.
- Developing Offerings segment (including International, Coupang
Eats, Play and Fintech) adjusted EBITDA was negative $107
million.
“We have only a single-digit share of a massive retail market,”
said Coupang’s CFO, Gaurav Anand. “Our Active Customer growth
accelerated while we continued to deliver record profitability,
highlighted by 7.2% adjusted EBITDA margin in our Product Commerce
segment. And over the trailing twelve months, we generated $2
billion of operating cash flow and over $1 billion of free cash
flow. We are consistently expanding profitability and generating
high growth because of our unmatched investment in technology and
infrastructure, and an unwavering focus on wowing the
customer.”
Second Quarter 2023 Results
Consolidated Financial Summary
(in thousands, except net revenues per
Active Customer and net income/loss per share)
Three Months Ended June
30,
2023
2022
% Change
Total net revenues
$
5,837,889
$
5,037,821
16
%
Total net revenues growth, constant
currency(1)
21
%
Active Customers
19,713
17,885
10
%
Total net revenues per Active Customer
$
296
$
282
5
%
Total net revenues per Active Customer,
constant currency(1)
$
309
10
%
Gross profit(2)
$
1,523,788
$
1,153,793
32
%
Net income (loss)
$
145,192
$
(75,491
)
NM(3)
Adjusted EBITDA(1)
$
300,224
$
66,172
354
%
Net income (loss) attributable to Class A
and Class B common stockholders per share, basic and diluted
$
0.08
$
(0.04
)
NM(3)
Net cash provided by (used in) operating
activities
$
819,751
$
(18,262
)
NM(3)
Free cash flow(1)
$
449,898
$
(195,465
)
NM(3)
Segment Information
Three Months Ended June
30,
(in thousands)
2023
2022
% Change
Product Commerce
Net revenues
$
5,681,590
$
4,877,531
16
%
Net revenues growth, constant
currency(1)
21
%
Segment adjusted EBITDA
$
407,597
$
97,840
317
%
Developing Offerings
Net revenues
$
156,299
$
160,290
(2
)%
Net revenues growth, constant
currency(1)
2
%
Segment adjusted EBITDA
$
(107,373
)
$
(31,668
)
239
%
_________ (1)
Total net revenues growth, constant currency, total net revenues
per Active Customer, constant currency, and adjusted EBITDA 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)
Non-meaningful
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss second
quarter results on August 8, 2023 at 5:30 PM Eastern Daylight Time
(August 9, 2023 at 6:30 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 second
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 we 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
markets including South Korea, Taiwan, Singapore, and China.
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, our financial
performance, our ability to retain existing suppliers and to add
new suppliers, our market position, our operation and management of
our fulfillment and logistics infrastructure, other legal and
regulatory developments, and the impact of the global economy
including inflation and foreign currency exchange rates. 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 thousands, except per share
amounts)
2023
2022
2023
2022
Net retail sales
$
5,140,346
$
4,481,165
$
10,345,146
$
9,037,272
Net other revenue
697,543
556,656
1,293,273
1,117,235
Total net revenues
5,837,889
5,037,821
11,638,419
10,154,507
Cost of sales
4,314,101
3,884,028
8,694,704
7,957,308
Operating, general and administrative
1,376,146
1,220,936
2,689,298
2,470,047
Total operating cost and expenses
5,690,247
5,104,964
11,384,002
10,427,355
Operating income (loss)
147,642
(67,143
)
254,417
(272,848
)
Interest income
41,630
7,364
73,491
10,898
Interest expense
(12,813
)
(6,143
)
(21,091
)
(13,511
)
Other expense, net
(5,241
)
(9,229
)
(11,780
)
(8,739
)
Income (loss) before income taxes
171,218
(75,151
)
295,037
(284,200
)
Income tax expense
26,026
340
58,990
585
Net income (loss)
145,192
(75,491
)
236,047
(284,785
)
Net income (loss) attributable to Class A
and Class B common stockholders per share:
Basic and diluted
$
0.08
$
(0.04
)
$
0.13
$
(0.16
)
Weighted-average shares used in computing
net income (loss) per share attributable to Class A and Class B
common stockholders:
Basic
1,779,508
1,763,264
1,777,188
1,760,019
Diluted
1,800,102
1,763,264
1,797,293
1,760,019
COUPANG, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (unaudited)
(in thousands, except par value)
June 30, 2023
December 31, 2022
Assets
Cash and cash equivalents
$
4,473,193
$
3,509,334
Restricted cash
268,975
176,316
Accounts receivable, net
138,855
184,463
Inventories
1,565,373
1,656,851
Prepaids and other current assets
270,382
303,166
Total current assets
6,716,778
5,830,130
Long-term restricted cash
1,523
1,624
Property and equipment, net
2,119,340
1,819,945
Operating lease right-of-use assets
1,427,407
1,405,248
Long-term lease deposits and other
421,965
455,956
Total assets
$
10,687,013
$
9,512,903
Liabilities and stockholders'
equity
Accounts payable
$
4,077,023
$
3,622,332
Accrued expenses
271,950
298,869
Deferred revenue
93,255
92,361
Short-term borrowings
232,248
175,403
Current portion of long-term debt
185,753
128,936
Current portion of long-term operating
lease obligations
331,505
325,924
Other current liabilities
451,586
418,681
Total current liabilities
5,643,320
5,062,506
Long-term debt
718,681
537,880
Long-term operating lease obligations
1,255,344
1,233,680
Defined severance benefits and other
294,191
264,924
Total liabilities
7,911,536
7,098,990
Contingencies
Stockholders' equity
Class A common stock, $0.0001 par value,
10,000,000 shares authorized, 1,606,466 and 1,597,804 shares issued
and outstanding as of June 30, 2023 and December 31, 2022,
respectively; Class B common stock, $0.0001 par value, 250,000
shares authorized, 174,803 shares issued and outstanding as of June
30, 2023 and December 31, 2022
178
177
Additional paid-in capital
8,316,100
8,154,076
Accumulated other comprehensive (loss)
income
(34,289
)
2,219
Accumulated deficit
(5,506,512
)
(5,742,559
)
Total stockholders' equity
2,775,477
2,413,913
Total liabilities and stockholders'
equity
$
10,687,013
$
9,512,903
COUPANG, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
Six Months Ended June
30,
(in thousands)
2023
2022
Operating activities
Net income (loss)
$
236,047
$
(284,785
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
130,423
119,639
Provision for severance benefits
76,102
87,436
Equity-based compensation
156,303
128,509
Non-cash operating lease expense
163,329
155,686
Other
85,131
63,621
Change in operating assets and
liabilities:
Accounts receivable, net
41,198
(37,342
)
Inventories
18,226
(185,091
)
Other assets
7,594
(147,058
)
Accounts payable
578,763
190,578
Accrued expenses
(27,933
)
(37,665
)
Other liabilities
(144,129
)
(126,729
)
Net cash provided by (used in) operating
activities
1,321,054
(73,201
)
Investing activities
Purchases of property and equipment
(471,623
)
(419,674
)
Proceeds from sale of property and
equipment
7,213
7,810
Other investing activities
(47,710
)
(17,834
)
Net cash used in investing activities
(512,120
)
(429,698
)
Financing activities
Proceeds from issuance of common stock,
equity-based compensation plan
5,722
12,367
Proceeds from short-term borrowings and
long-term debt
319,422
403,436
Repayment of short-term borrowings and
long-term debt
(37,150
)
(333,097
)
Net short-term borrowings and other
financing activities
40,686
(2,038
)
Net cash provided by financing
activities
328,680
80,668
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash
(81,197
)
(115,962
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash
1,056,417
(538,193
)
Cash and cash equivalents, and restricted
cash, as of beginning of period
3,687,274
3,810,347
Cash and cash equivalents, and
restricted cash, as of end of period
$
4,743,691
$
3,272,154
Supplemental Financial Information
Cash Flow and Share Information
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands)
2023
2022
2023
2022
Purchases of land and buildings
$
(271,286
)
$
(25,563
)
$
(298,611
)
$
(48,492
)
Purchases of equipment
(105,116
)
(155,205
)
(173,012
)
(371,182
)
Total purchases of property and
equipment
(376,402
)
(180,768
)
(471,623
)
(419,674
)
Outstanding common stock
1,781,269
1,765,117
Outstanding equity-based awards
65,844
63,202
Outstanding common stock and equity-based
awards
1,847,113
1,828,319
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 success in increasing the share
of wallet.
Three Months Ended June
30,
(in thousands, except net revenues per
Active Customer)
2023
2022
% Change
Active Customers
19,713
17,885
10
%
Total net revenues per Active Customer
$
296
$
282
5
%
Total net revenues per Active Customer,
constant currency (YoY)
$
309
10
%
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 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.
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 June
30,
Year over Year Growth
2023
2022
(in thousands)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
Constant Currency
Basis
Consolidated
Net retail sales
$
5,140,346
$
215,384
$
5,355,730
$
4,481,165
$
559,765
$
5,040,930
15
%
20
%
Net other revenue
697,543
30,146
727,689
556,656
69,419
626,075
25
%
31
%
Total net revenues
$
5,837,889
$
245,530
$
6,083,419
$
5,037,821
$
629,184
$
5,667,005
16
%
21
%
Net Revenues by Segment
Product Commerce
$
5,681,590
$
238,847
$
5,920,437
$
4,877,531
$
608,782
$
5,486,313
16
%
21
%
Developing Offerings
156,299
6,683
162,982
160,290
20,402
180,692
(2
)%
2
%
Total net revenues
$
5,837,889
$
245,530
$
6,083,419
$
5,037,821
$
629,184
$
5,667,005
16
%
21
%
Six Months Ended June
30,
Year over Year Growth
2023
2022
(in thousands)
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
Exchange Rate Effect
Constant Currency
Basis
As Reported
Constant Currency
Basis
Consolidated
Net retail sales
$
10,345,146
$
520,471
$
10,865,617
$
9,037,272
$
931,517
$
9,968,789
14
%
20
%
Net other revenue
1,293,273
65,066
1,358,339
1,117,235
115,159
1,232,394
16
%
22
%
Total net revenues
$
11,638,419
$
585,537
$
12,223,956
$
10,154,507
$
1,046,676
$
11,201,183
15
%
20
%
Net Revenues by Segment
Product Commerce
$
11,339,939
$
570,520
$
11,910,459
$
9,813,584
$
1,011,535
$
10,825,119
16
%
21
%
Developing Offerings
298,480
15,017
313,497
340,923
35,141
376,064
(12
)%
(8
)%
Total net revenues
$
11,638,419
$
585,537
$
12,223,956
$
10,154,507
$
1,046,676
$
11,201,183
15
%
20
%
Free Cash Flow (QTD and YTD)
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands)
2023
2022
2023
2022
Net cash provided by (used in)
operating activities
$
819,751
$
(18,262
)
$
1,321,054
$
(73,201
)
Adjustments:
Purchases of land and buildings
(271,286
)
(25,563
)
(298,611
)
(48,492
)
Purchases of equipment
(105,116
)
(155,205
)
(173,012
)
(371,182
)
Total purchases of property and
equipment
(376,402
)
(180,768
)
(471,623
)
(419,674
)
Proceeds from sale of property and
equipment
6,549
3,565
7,213
7,810
Total adjustments
$
(369,853
)
$
(177,203
)
$
(464,410
)
$
(411,864
)
Free cash flow
$
449,898
$
(195,465
)
$
856,644
$
(485,065
)
Net cash used in investing activities
$
(429,388
)
$
(180,670
)
$
(512,120
)
$
(429,698
)
Net cash provided by financing
activities
$
250,561
$
(117,914
)
$
328,680
$
80,668
Free Cash Flow (TTM)
Trailing Twelve Months
Ended
(in thousands)
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
Net cash provided by (used in)
operating activities
$
1,959,694
$
1,121,681
$
565,439
$
(217,783
)
$
(331,313
)
Adjustments:
Purchases of land and buildings
(476,706
)
(230,983
)
(226,587
)
(243,609
)
(134,391
)
Purchases of equipment
(399,505
)
(449,594
)
(597,675
)
(627,574
)
(643,450
)
Total purchases of property and
equipment
(876,211
)
(680,577
)
(824,262
)
(871,183
)
(777,841
)
Proceeds from sale of property and
equipment
12,585
9,601
13,182
11,504
9,549
Total adjustments
$
(863,626
)
$
(670,976
)
$
(811,080
)
$
(859,679
)
$
(768,292
)
Free cash flow
$
1,096,068
$
450,705
$
(245,641
)
$
(1,077,462
)
$
(1,099,605
)
Net cash used in investing activities
$
(930,676
)
$
(681,958
)
$
(848,254
)
$
(887,166
)
$
(799,642
)
Net cash provided by financing
activities
$
495,364
$
126,889
$
247,352
$
131,148
$
101,160
Adjusted EBITDA and Adjusted EBITDA Margin (QTD)
Three Months Ended
(in thousands)
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
Total net revenues
$
5,837,889
$
5,800,530
$
5,326,774
$
5,101,334
$
5,037,821
Net income (loss)
145,192
90,855
102,064
90,679
(75,491
)
Net income (loss) margin
2.5
%
1.6
%
1.9
%
1.8
%
(1.5
)%
Adjustments:
Depreciation and amortization
66,178
64,245
56,902
54,424
60,399
Interest expense
12,813
8,278
7,173
6,485
6,143
Interest income
(41,630
)
(31,861
)
(26,497
)
(15,403
)
(7,364
)
Income tax expense (benefit)
26,026
32,964
(8,531
)
6,883
340
Other expense (income), net
5,241
6,539
9,200
(11,224
)
9,229
Equity-based compensation
86,404
69,899
70,682
63,075
72,916
Adjusted EBITDA
$
300,224
$
240,919
$
210,993
$
194,919
$
66,172
Adjusted EBITDA margin
5.1
%
4.2
%
4.0
%
3.8
%
1.3
%
Adjusted EBITDA and Adjusted EBITDA Margin (YTD)
Six Months Ended June
30,
(in thousands)
2023
2022
Total net revenues
$
11,638,419
$
10,154,507
Net income (loss)
236,047
(284,785
)
Net income (loss) margin
2.0
%
(2.8
)%
Adjustments:
Depreciation and amortization
130,423
119,639
Interest expense
21,091
13,511
Interest income
(73,491
)
(10,898
)
Income tax expense
58,990
585
Other expense, net
11,780
8,739
Equity-based compensation
156,303
128,509
Adjusted EBITDA
$
541,143
$
(24,700
)
Adjusted EBITDA margin
4.6
%
(0.2
)%
Segment Gross Profit and Segment Gross Profit Margin
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands)
2023
2022
2023
2022
Gross profit
$
1,523,788
$
1,153,793
$
2,943,715
$
2,197,199
Segment gross profit and gross profit
margin:
Product Commerce
$
1,546,642
$
1,127,014
2,945,051
2,192,434
Gross profit margin
27.2
%
23.1
%
26.0
%
22.3
%
Developing Offerings
(22,854
)
26,779
(1,336
)
4,765
Gross profit margin
(14.6
)%
16.7
%
(0.4
)%
1.4
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808563218/en/
Investor Contact: Coupang IR ir@coupang.com
Media Contact: Coupang PR press@coupang.com
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