Coupang, Inc. (CPNG) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock. Over the past month, shares of this company have returned +1.1%, compared to the Zacks S&P 500 composite's +7.3% change. During this period, the Zacks Internet - Commerce industry, which Coupang falls in, has gained 9.3%. The key question now is: What could be the stock's future direction? While media releases ...

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Coupang, Inc. (CPNG), and emphasizes the importance of validating these recommendations with other indicators like the Zacks Rank [1][4]. Group 1: Brokerage Recommendations - Coupang has an average brokerage recommendation (ABR) of 1.25, indicating a consensus between Strong Buy and Buy, with 80% of recommendations being Strong Buy and 10% being Buy [2]. - Despite the favorable ABR, reliance solely on brokerage recommendations is cautioned against, as studies show limited success in guiding investors to stocks with the best price increase potential [2][7]. - Brokerage firms often exhibit a positive bias in their ratings due to vested interests, leading to a disproportionate number of Strong Buy recommendations compared to Strong Sell [3][7]. Group 2: Zacks Rank - The Zacks Rank, which classifies stocks from 1 (Strong Buy) to 5 (Strong Sell), is presented as a more reliable indicator of near-term price performance, based on earnings estimate revisions [5][8]. - The Zacks Rank is timely and reflects changes in earnings estimates quickly, unlike the ABR, which may not be up-to-date [9]. - Coupang's Zacks Consensus Estimate for the current year has increased by 6.3% to $0.24, indicating growing optimism among analysts regarding the company's earnings prospects [10]. Group 3: Investment Implications - The recent change in the consensus estimate and other factors have resulted in a Zacks Rank 2 (Buy) for Coupang, suggesting that the Buy-equivalent ABR may serve as a useful guide for investors [11].

Core Insights - Coupang (CPNG) presents a significant investment opportunity with a potential market size of $560 billion ahead [1] Company Performance - The recent earnings report indicates that Coupang's business fundamentals have improved significantly [1] - Management comments suggest a positive outlook for the company's growth trajectory [1] Market Position - The stock is perceived to be flying under the radar, indicating potential undervaluation in the market [1]

Coupang's sneakily great quarter While Coupang's generally accepted accounting principles (GAAP) sales grew by 23% year over year in Q1, its actual growth was even more impressive. Due to an accounting change made last year regarding its Fulfillment and Logistics by Coupang unit (FLC), Coupang's true revenue growth was 10 percentage points higher at 33%. Accounting for these FLC accounting adjustments, this was the fourth consecutive quarter that the company's sales growth accelerated, rising from 20% year ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 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 720 Olive Way, Suite 600 Seattle, Washington 98101 (206) 333-3839 (Address, including zip code, and telephone number, including area ...

South Korean eCommerce giant Coupang is seeing growing adoption of its latest products and services.Its fulfillment and logistics, grocery delivery and meal delivery offerings made gains during the first quarter, Bom Kim, founder and CEO of Coupang, said Tuesday (May 7) during the company’s quarterly earnings call.The company’s Fulfillment and Logistics by Coupang (FLC), which gives suppliers access to Coupang’s delivery infrastructure and network, saw a 130% year-over-year increase in units sold, Kim said. ...

Coupang, Inc. (NYSE:CPNG) Q1 2024 Earnings Conference Call May 7, 2024 5:30 PM ET Company Participants Mike Parker - VP of IR Bom Kim - Founder and CEO Gaurav Anand - CFO Conference Call Participants Eric Cha - Goldman Sachs Stanley Yang - JP Morgan Seyon Park - Morgan Stanley Jiong Shao - Barclays James Lee - Mizuho Operator Hello, everyone. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2024 First Quarter Earnings Conference C ...

Coupang, Inc. (CPNG) came out with quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -16.67%. A quarter ago, it was expected that this company would post earnings of $0.05 per share when it actually produced earnings of $0.08, delivering a surprise of 60%.Over the last four quarters, the company has ...

[Executive Summary & Q1 2024 Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Q1%202024%20Highlights) [Consolidated Financial Highlights](index=1&type=section&id=1.1%20Consolidated%20Financial%20Highlights) Coupang achieved strong revenue and gross profit growth in Q1 2024, but net income and EPS were impacted by the Farfetch acquisition Q1 2024 Consolidated Financial Highlights | Metric | Amount | YoY Growth | FX-Neutral YoY Growth | | :--- | :--- | :--- | :--- | | Net Revenue | $7.1 billion | 23% | 28% | | Gross Profit | $1.9 billion | 36% | - | | Gross Profit Margin | 27.1% | +260 bps | - | | Adjusted EBITDA | $281 million | - | - | | Adjusted EBITDA Margin | 3.9% | -20 bps | - | | Trailing Twelve Months Operating Cash Flow | $2.4 billion | +$1.2 billion | - | | Trailing Twelve Months Free Cash Flow | $1.5 billion | +$1.0 billion | - | - Excluding Farfetch, net revenue increased by **18%** year-over-year (**23%** FX-neutral growth)[5](index=5&type=chunk) - Net income attributable to Coupang shareholders was **$5 million**, a **$86 million** year-over-year decrease, primarily due to Farfetch's losses; excluding Farfetch, net income was **$98 million**[5](index=5&type=chunk) - Diluted EPS was **$0.00**, a **$0.05** year-over-year decrease, primarily due to Farfetch's losses; excluding Farfetch, adjusted diluted EPS was **$0.05**[5](index=5&type=chunk) [Segment Performance Highlights](index=1&type=section&id=1.2%20Segment%20Performance%20Highlights) The Product Commerce segment showed strong growth in revenue and active customers with improved EBITDA margin, while Developing Offerings saw significant revenue growth but also increased EBITDA losses, mainly due to the Farfetch acquisition Q1 2024 Segment Performance Highlights | Segment | Metric | Amount | YoY Growth | FX-Neutral YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Product Commerce | Net Revenue | $6.5 billion | 15% | 20% | | | Active Customers | 21.5 million | 16% | - | | | Adjusted EBITDA | $467 million | +$179 million | - | | | Adjusted EBITDA Margin | 7.2% | +210 bps | - | | Developing Offerings | Net Revenue | $620 million | 337% | 346% | | | Adjusted EBITDA | $(186) million | - | - | - Adjusted EBITDA for the Developing Offerings segment includes a **$31 million** negative impact from Farfetch[5](index=5&type=chunk) - Excluding Farfetch, Developing Offerings net revenue increased by **134%** year-over-year (**143%** FX-neutral growth)[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=1.3%20Management%20Commentary) CFO Gaurav Anand emphasized the company's commitment to customer experience and operational excellence, noting Coupang's single-digit market share in the vast commercial opportunities in Korea and Taiwan, and updated the adjusted EBITDA loss outlook for Developing Offerings, expecting Farfetch to achieve near positive adjusted EBITDA by the end of 2024 - Coupang holds a single-digit market share in Korea's **$560 billion** commercial opportunity and an even smaller share in Taiwan[5](index=5&type=chunk)[6](index=6&type=chunk) - The adjusted EBITDA loss for the Developing Offerings segment is projected to be approximately **$750 million** in 2024, with Farfetch contributing an additional **$100 million** to the loss[6](index=6&type=chunk) - Farfetch is expected to achieve near positive adjusted EBITDA by the end of **2024**[6](index=6&type=chunk) [First Quarter 2024 Financial Results](index=3&type=section&id=2.%20First%20Quarter%202024%20Financial%20Results) [Consolidated Financial Summary](index=3&type=section&id=2.1%20Consolidated%20Financial%20Summary) Coupang's Q1 2024 consolidated financial results show strong revenue and gross profit growth, but net income and EPS significantly declined due to the Farfetch acquisition, with operating cash flow also decreasing this quarter Q1 2024 Consolidated Financial Summary (million USD, except EPS) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Total Net Revenue | $7,114 | $5,801 | 23 % | | Total Net Revenue Growth (Constant FX) | | | 28 % | | Product Commerce Active Customers | 21.5 million | 18.6 million | 16 % | | Net Revenue per Product Commerce Active Customer | $302 | $305 | (1)% | | Net Revenue per Product Commerce Active Customer (Constant FX) | $315 | | 3 % | | Gross Profit | $1,929 | $1,420 | 36 % | | Net Income Attributable to Coupang Shareholders | $5 | $91 | (95)% | | Adjusted EBITDA | $281 | $241 | 17 % | | EPS (Basic and Diluted) | $0.00 | $0.05 | (100)% | | Adjusted Diluted EPS | $0.05 | $0.05 | — % | | Net Cash Provided by Operating Activities | $212 | $501 | (58)% | | Free Cash Flow | $107 | $407 | (74)% | [Segment Information](index=3&type=section&id=2.2%20Segment%20Information) The Product Commerce segment experienced strong revenue growth and a significant increase in adjusted EBITDA, while the Developing Offerings segment saw explosive revenue growth, primarily due to the Farfetch acquisition, but also a substantial increase in adjusted EBITDA losses Q1 2024 Segment Information (million USD) | Segment | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | :--- | | Product Commerce | Net Revenue | $6,494 | $5,658 | 15 % | | | Net Revenue Growth (Constant FX) | | | 20 % | | | Segment Adjusted EBITDA | $467 | $288 | 62 % | | Developing Offerings | Net Revenue | $620 | $142 | 337 % | | | Net Revenue Growth (Constant FX) | | | 346 % | | | Segment Adjusted EBITDA | $(186) | $(47) | NM | [Impact of Farfetch Acquisition](index=3&type=section&id=2.3%20Impact%20of%20Farfetch%20Acquisition) The Farfetch acquisition, completed in late January 2024, significantly impacted Coupang's Q1 2024 consolidated results, contributing $288 million in total net revenue and $122 million in gross profit, but also leading to a $93 million reduction in net income and a $31 million negative impact on adjusted EBITDA - Farfetch's operating results are included in Coupang's Q1 2024 consolidated results and the Developing Offerings segment, covering February and March 2024[9](index=9&type=chunk) Farfetch Impact on Q1 2024 Consolidated Results (million USD, except EPS) | Metric | Farfetch Impact | | :--- | :--- | | Total Net Revenue | $288 | | Gross Profit | $122 | | Net Income Attributable to Coupang Shareholders | $(93) | | Diluted EPS | $(0.05) | | Adjusted EBITDA | $(31) | Farfetch Impact on Developing Offerings Segment (million USD) | Metric | Farfetch Impact | | :--- | :--- | | Net Revenue | $288 | | Segment Adjusted EBITDA | $(31) | [Corporate Information](index=6&type=section&id=3.%20Corporate%20Information) [Webcast and Conference Call](index=6&type=section&id=3.1%20Webcast%20and%20Conference%20Call) Coupang held its Q1 earnings conference call on May 7, 2024, with the webcast and replay available on its investor relations website, alongside the press release and earnings presentation - The conference call was held on May 7, 2024, at 5:30 PM ET[10](index=10&type=chunk) - The webcast and replay are available on Coupang's investor relations website, ir.aboutcoupang.com[10](index=10&type=chunk) - The press release, non-GAAP reconciliation tables, and Q1 earnings presentation have also been published on the website[10](index=10&type=chunk) [About Coupang](index=6&type=section&id=3.2%20About%20Coupang) Coupang is a Fortune 200 technology company listed on the NYSE, dedicated to revolutionizing customers' daily lives by providing retail, food delivery, video streaming, and fintech services globally - Coupang is a **Fortune 200** technology company listed on the New York Stock Exchange[11](index=11&type=chunk) - Offers retail, food delivery, video streaming, and fintech services[11](index=11&type=chunk) - Headquartered in the U.S., with operations and support services across Korea, Taiwan, Singapore, China, India, and Europe[11](index=11&type=chunk) [Investor & Media Contacts](index=6&type=section&id=3.3%20Investor%20%26%20Media%20Contacts) Contact emails for Coupang's investor relations and media relations are provided - Investor contact: ir@coupang.com[12](index=12&type=chunk) - Media contact: press@coupang.com[12](index=12&type=chunk) [Forward-Looking Statements](index=7&type=section&id=4.%20Forward-Looking%20Statements) This section contains a standard disclaimer regarding forward-looking statements, noting that actual results may differ due to various risks such as market growth, competition, acquisitions, financial performance, and global economic factors, advising investors to consult SEC filings for more risk information - Forward-looking statements are based on current expectations and projections about future events and trends, and may be subject to various factors that could cause actual results and outcomes to differ materially[15](index=15&type=chunk) - Potential risks include: sustained growth in the retail market, industry competition, managing expansion into new markets and businesses, risks associated with current and future acquisitions, financial performance, taxation, supplier relationships, market position, operating fulfillment and delivery infrastructure, legal and regulatory developments, and the impact of the global economy, including inflation, foreign exchange rates, and geopolitical events[15](index=15&type=chunk) - Investors should consult the company's most recent annual report on Form 10-K and subsequent filings for additional potential risks and uncertainties that could cause actual results to differ from projections[15](index=15&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=5.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=8&type=section&id=5.1%20Condensed%20Consolidated%20Statements%20of%20Operations) Coupang reported a net loss of $24 million in Q1 2024, a significant decline from the $91 million net income in Q1 2023, primarily due to increased operating costs and income tax expenses despite growth in total net revenue Condensed Consolidated Statements of Operations (million USD, except per share amounts) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Net retail sales | $5,895 | $5,205 | | Other net revenue | $1,219 | $596 | | **Total Net Revenue** | **$7,114** | **$5,801** | | Cost of sales | $5,185 | $4,381 | | Operating, general and administrative expenses | $1,889 | $1,313 | | **Total operating costs and expenses** | **$7,074** | **$5,694** | | Operating income | $40 | $107 | | Interest income | $55 | $32 | | Interest expense | $(27) | $(8) | | Other expenses, net | $(9) | $(7) | | Income before income taxes | $59 | $124 | | Income tax expense | $83 | $33 | | **Net (loss) income** | **$(24)** | **$91** | | Net loss attributable to noncontrolling interests | $(29) | — | | **Net Income Attributable to Coupang Shareholders** | **$5** | **$91** | | EPS (Basic and Diluted) | $0.00 | $0.05 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=5.2%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Coupang's total assets increased to $14.949 billion from $13.346 billion on December 31, 2023, driven by increases in accounts receivable, inventory, and intangible assets (likely related to the Farfetch acquisition), with total liabilities also rising Condensed Consolidated Balance Sheets (million USD, except par value) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $5,226 | $5,243 | | Restricted cash | $347 | $353 | | Accounts receivable, net | $601 | $314 | | Inventories | $1,938 | $1,666 | | Prepayments and other current assets | $457 | $316 | | **Total current assets** | **$8,569** | **$7,892** | | Property and equipment, net | $2,509 | $2,465 | | Operating lease right-of-use assets | $1,912 | $1,601 | | Deferred tax assets | $841 | $925 | | Intangible assets, net | $349 | $37 | | Long-term lease deposits and others | $769 | $425 | | **Total assets** | **$14,949** | **$13,346** | | **Liabilities, Redeemable Noncontrolling Interests and Equity** | | | | Accounts payable | $5,370 | $5,099 | | Accrued expenses | $388 | $352 | | Deferred revenue | $135 | $97 | | Short-term borrowings | $272 | $282 | | Current portion of long-term debt | $196 | $203 | | Current portion of long-term operating lease obligations | $419 | $386 | | Other current liabilities | $655 | $526 | | **Total current liabilities** | **$7,435** | **$6,945** | | Long-term debt | $1,062 | $529 | | Long-term operating lease obligations | $1,668 | $1,387 | | Defined benefit obligations and others | $585 | $381 | | **Total liabilities** | **$10,750** | **$9,242** | | Redeemable noncontrolling interests | $114 | $15 | | **Equity** | | | | Share capital | — | — | | Additional paid-in capital | $8,578 | $8,489 | | Accumulated other comprehensive loss | $(121) | $(17) | | Accumulated deficit | $(4,378) | $(4,383) | | Noncontrolling interests | $6 | — | | **Total equity** | **$4,085** | **$4,089** | | **Total Liabilities, Redeemable Noncontrolling Interests and Equity** | **$14,949** | **$13,346** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=5.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Coupang's net cash provided by operating activities significantly decreased to $212 million in Q1 2024 from $501 million in Q1 2023, with increased net cash used in investing activities and decreased net cash provided by financing activities, resulting in a net decrease in cash and cash equivalents for the quarter Condensed Consolidated Statements of Cash Flows (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $212 | $501 | | Net cash used in investing activities | $(117) | $(83) | | Net cash provided by financing activities | $52 | $78 | | Effect of exchange rate changes on cash and cash equivalents and restricted cash | $(170) | $(59) | | Net (decrease) increase in cash and cash equivalents and restricted cash | $(23) | $437 | | Cash and cash equivalents and restricted cash at end of period | $5,574 | $4,124 | [Supplemental Financial Information & Non-GAAP Measures](index=11&type=section&id=6.%20Supplemental%20Financial%20Information%20%26%20Non-GAAP%20Measures) [Share Information](index=11&type=section&id=6.1%20Share%20Information) As of March 31, 2024, Coupang had 1.795 billion shares of common stock outstanding and 66 million equity awards outstanding, totaling 1.861 billion common shares and equity awards Share Information (million shares) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Common shares outstanding | 1,795 | 1,777 | | Equity awards outstanding | 66 | 56 | | Total common shares and equity awards outstanding | 1,861 | 1,833 | [Key Business Metrics](index=11&type=section&id=6.2%20Key%20Business%20Metrics) [Product Commerce Active Customers](index=11&type=section&id=6.2.1%20Product%20Commerce%20Active%20Customers) Coupang's Product Commerce active customers reached 21.5 million in Q1 2024, a 16% year-over-year increase, with this metric focusing on customers using Korean Product Commerce services to better reflect the mature retail business - Product Commerce active customers reached **21.5 million** in Q1 2024, a **16%** year-over-year increase[5](index=5&type=chunk)[28](index=28&type=chunk) - Defined as the total number of unique customers who have ordered directly from the Product Commerce applications or websites at least once during the relevant period[26](index=26&type=chunk) - Beginning Q1 2024, the company provides quarterly Product Commerce active customer data to better showcase its more mature retail business and primary customer base[9](index=9&type=chunk)[26](index=26&type=chunk) [Net Revenues per Product Commerce Active Customer](index=11&type=section&id=6.2.2%20Net%20Revenues%20per%20Product%20Commerce%20Active%20Customer) Net revenues per Product Commerce active customer decreased by 1% year-over-year to $302 on a reported basis in Q1 2024, but increased by 3% year-over-year on a constant currency basis, indicating underlying customer spending growth despite exchange rate fluctuations - Net revenues per Product Commerce active customer was **$302** in Q1 2024, a **1%** year-over-year decrease[6](index=6&type=chunk)[28](index=28&type=chunk) - Net revenues per Product Commerce active customer (constant FX) was **$315** in Q1 2024, a **3%** year-over-year increase[6](index=6&type=chunk)[28](index=28&type=chunk) - Defined as net revenues generated during a period divided by the total number of Product Commerce active customers during that period[27](index=27&type=chunk) [Non-GAAP Financial Measures Definitions](index=11&type=section&id=6.3%20Non-GAAP%20Financial%20Measures%20Definitions) This section defines key non-GAAP financial measures used by Coupang, including Adjusted EBITDA, Constant Currency Revenue, Free Cash Flow, Segment Gross Profit, and various metrics excluding Farfetch's impact, explaining their calculation methods and purpose for performance evaluation - Adjusted EBITDA: Net income (loss) excluding depreciation and amortization, interest expense, interest income, other income (expense) net, income tax expense (benefit), share-based compensation, impairment, and other items not reflective of ongoing operations[31](index=31&type=chunk) - Constant Currency Revenue: Compares performance across periods by translating current period revenues at prior period exchange rates to eliminate the impact of foreign currency fluctuations[31](index=31&type=chunk) - Free Cash Flow: Cash flow from operating activities less purchases of property and equipment, plus proceeds from sales of property and equipment[31](index=31&type=chunk) - Metrics Excluding Farfetch: Includes adjusted net income, diluted EPS, total net revenue, gross profit, adjusted EBITDA, and Developing Offerings net revenue, all excluding the impact of the Farfetch acquisition, aiming to improve period-over-period comparability in the year of a significant acquisition[31](index=31&type=chunk) [Reconciliations of Non-GAAP Measures](index=13&type=section&id=6.4%20Reconciliations%20of%20Non-GAAP%20Measures) [Constant Currency Revenue and Growth](index=13&type=section&id=6.4.1%20Constant%20Currency%20Revenue%20and%20Growth) Coupang's total net revenue grew 23% year-over-year on a reported basis and 28% on a constant currency basis in Q1 2024, with Product Commerce net revenue increasing 15% (20% constant currency) and Developing Offerings net revenue soaring 337% (346% constant currency) Constant Currency Revenue and Growth (million USD) | Metric | 2024 Reported | 2024 Constant FX | 2023 Reported | Reported YoY Growth (%) | Constant FX YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net retail sales | $5,895 | $6,134 | $5,205 | 13 | 18 | | Other net revenue | $1,219 | $1,263 | $596 | 105 | 112 | | **Total Net Revenue** | **$7,114** | **$7,397** | **$5,801** | **23** | **28** | | Product Commerce | $6,494 | $6,763 | $5,658 | 15 | 20 | | Developing Offerings | $620 | $634 | $142 | 337 | 346 | [Free Cash Flow](index=13&type=section&id=6.4.2%20Free%20Cash%20Flow) Free cash flow for Q1 2024 was $107 million, a 74% decrease from $407 million in Q1 2023, while free cash flow for the trailing twelve months significantly increased to $1.475 billion, up 227% year-over-year Free Cash Flow (million USD) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $212 | $501 | (58)% | | Total purchases of property and equipment | $(107) | $(95) | 13% | | Proceeds from sales of property and equipment | $2 | $1 | 100% | | **Free Cash Flow** | **$107** | **$407** | **(74)%** | Trailing Twelve Months Free Cash Flow (million USD) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $2,363 | $1,122 | 111% | | Total purchases of property and equipment | $(908) | $(681) | 33% | | Proceeds from sales of property and equipment | $20 | $10 | 100% | | **Free Cash Flow** | **$1,475** | **$451** | **227%** | [Adjusted EBITDA and Margin](index=14&type=section&id=6.4.3%20Adjusted%20EBITDA%20and%20Margin) Adjusted EBITDA increased by 17% year-over-year to $281 million in Q1 2024, with a margin of 3.9%, while trailing twelve months adjusted EBITDA reached $1.113 billion, growing 56% year-over-year with a 4.3% margin Adjusted EBITDA and Margin (million USD) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $281 | $241 | 17 % | | Adjusted EBITDA Margin | 3.9 % | 4.2 % | (0.3)pp | Trailing Twelve Months Adjusted EBITDA and Margin (million USD) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $1,113 | $713 | 56 % | | Adjusted EBITDA Margin | 4.3 % | 3.4 % | 0.9pp | [Segment Gross Profit and Margin](index=14&type=section&id=6.4.4%20Segment%20Gross%20Profit%20and%20Margin) Coupang 2024 first quarter total gross profit increased to $1.929 billion, with the Product Commerce segment reporting $1.836 billion in gross profit and a 28.3% margin, and the Developing Offerings segment reporting $93 million in gross profit with a 15.0% margin Segment Gross Profit and Margin (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Gross Profit (Consolidated) | $1,929 | $1,420 | | Product Commerce Gross Profit | $1,836 | $1,398 | | Product Commerce Gross Profit Margin | 28.3 % | 24.7 % | | Developing Offerings Gross Profit | $93 | $22 | | Developing Offerings Gross Profit Margin | 15.0 % | 15.5 % | [Adjusted Net Income and Diluted EPS Excluding Farfetch](index=14&type=section&id=6.4.5%20Adjusted%20Net%20Income%20and%20Diluted%20EPS%20Excluding%20Farfetch) Excluding the impact of the Farfetch acquisition, Coupang's adjusted net income attributable to shareholders for Q1 2024 was $98 million, up from $91 million in Q1 2023, with adjusted diluted EPS excluding Farfetch remaining unchanged at $0.05 Adjusted Net Income Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Net Income Attributable to Coupang Shareholders | $5 | $91 | | Farfetch loss, pre-tax | $113 | — | | Net loss attributable to noncontrolling interests | $(29) | — | | Farfetch tax impact | $9 | — | | **Adjusted Net Income Attributable to Coupang Shareholders** | **$98** | **$91** | Adjusted Diluted EPS Excluding Farfetch | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Diluted EPS | $0.00 | $0.05 | | Farfetch loss, pre-tax | $0.06 | — | | Net loss attributable to noncontrolling interests | $(0.02) | — | | Farfetch tax impact | $0.01 | — | | **Adjusted Diluted EPS** | **$0.05** | **$0.05** | [Revenues Excluding Farfetch](index=15&type=section&id=6.4.6%20Revenues%20Excluding%20Farfetch) Total net revenue excluding Farfetch for Q1 2024 was $6.826 billion, an 18% year-over-year increase (23% on a constant currency basis), and for the trailing twelve months, it was $25.409 billion, up 19% (20% on a constant currency basis) Total Net Revenue Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Total Net Revenue | $7,114 | $5,801 | 23 % | | Farfetch revenue | $(288) | — | | | **Total Net Revenue Excluding Farfetch** | **$6,826** | **$5,801** | **18 %** | Total Net Revenue Excluding Farfetch (Constant FX) (million USD) | Metric | 2024 Reported | 2024 Constant FX | 2023 Reported | Reported YoY Growth (%) | Constant FX YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Net Revenue | $7,114 | $7,397 | $5,801 | 23 | 28 | | Farfetch revenue | $(288) | $(288) | — | | | | **Total Net Revenue Excluding Farfetch** | **$6,826** | **$7,109** | **$5,801** | **18** | **23** | Trailing Twelve Months Total Net Revenue Excluding Farfetch (Constant FX) (million USD) | Metric | 2024 Reported | 2024 Constant FX | 2023 Reported | Reported YoY Growth (%) | Constant FX YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Net Revenue | $25,697 | $25,894 | $21,266 | 21 | 22 | | Farfetch revenue | $(288) | $(288) | — | | | | **Total Net Revenue Excluding Farfetch** | **$25,409** | **$25,606** | **$21,266** | **19** | **20** | [Gross Profit Excluding Farfetch](index=15&type=section&id=6.4.7%20Gross%20Profit%20Excluding%20Farfetch) Gross profit excluding Farfetch for Q1 2024 was $1.807 billion, up from $1.420 billion in Q1 2023, with a gross profit margin of 26.5%, and for the trailing twelve months, it was $6.577 billion with a 25.9% margin Gross Profit Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Gross Profit | $1,929 | $1,420 | | Farfetch gross profit | $(122) | — | | **Gross Profit Excluding Farfetch** | **$1,807** | **$1,420** | | Gross Profit Margin Excluding Farfetch | 26.5 % | 24.5 % | Trailing Twelve Months Gross Profit Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Gross Profit | $6,699 | $5,086 | | Farfetch gross profit | $(122) | — | | **Gross Profit Excluding Farfetch** | **$6,577** | **$5,086** | | Gross Profit Margin Excluding Farfetch | 25.9 % | 23.9 % | [Adjusted EBITDA Excluding Farfetch](index=16&type=section&id=6.4.8%20Adjusted%20EBITDA%20Excluding%20Farfetch) Adjusted EBITDA excluding Farfetch for Q1 2024 was $312 million, up from $241 million in Q1 2023, with a 4.6% margin, and for the trailing twelve months, it was $1.144 billion with a 4.5% margin Adjusted EBITDA Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Adjusted EBITDA | $281 | $241 | | Farfetch Adjusted EBITDA | $31 | — | | **Adjusted EBITDA Excluding Farfetch** | **$312** | **$241** | | Adjusted EBITDA Margin Excluding Farfetch | 4.6 % | 4.2 % | Trailing Twelve Months Adjusted EBITDA Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Adjusted EBITDA | $1,113 | $713 | | Farfetch Adjusted EBITDA | $31 | — | | **Adjusted EBITDA Excluding Farfetch** | **$1,144** | **$713** | | Adjusted EBITDA Margin Excluding Farfetch | 4.5 % | 3.4 % | [Developing Offerings Net Revenues Excluding Farfetch](index=16&type=section&id=6.4.9%20Developing%20Offerings%20Net%20Revenues%20Excluding%20Farfetch) Developing Offerings net revenues excluding Farfetch for Q1 2024 were $332 million, a 134% year-over-year increase (143% on a constant currency basis) Developing Offerings Net Revenues Excluding Farfetch (million USD) | Metric | March 31, 2024 | March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Developing Offerings Net Revenue | $620 | $142 | 337 % | | Farfetch revenue | $(288) | — | | | **Developing Offerings Net Revenue Excluding Farfetch** | **$332** | **$142** | **134 %** | Developing Offerings Net Revenues Excluding Farfetch (Constant FX) (million USD) | Metric | 2024 Reported | 2024 Constant FX | 2023 Reported | Reported YoY Growth (%) | Constant FX YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Developing Offerings Net Revenue | $620 | $634 | $142 | 337 | 346 | | Farfetch revenue | $(288) | $(288) | — | | | | **Developing Offerings Net Revenue Excluding Farfetch** | **$332** | **$346** | **$142** | **134** | **143** |

The billionaire's family fund is surprisingly concentrated.Stanley Druckenmiller is often known for working closely with George Soros to "break the bank of England" when they shorted the pound and crashed it in 1992.However, Druckenmiller is a highly accomplished investor in his own right, and his Duquesne Capital Management fund is one of the best-performing funds in history. It grew from $1 million in 1981 to $23 billion by the time he closed it in 2010, generating an average annual return around 30%. Tod ...