Financial Performance - Total net revenues for Q1 2023 reached 5,800,530,a135,116,686 in Q1 2022[85] - Gross profit for Q1 2023 was 1,419,927,representinga361,043,406 in Q1 2022[85] - Net income for Q1 2023 was 90,855,comparedtoanetlossof(209,294) in Q1 2022, marking a significant turnaround[85] - Net retail sales amounted to 5,204,800,reflectinga144,556,107 in the same period last year[104] - The company reported a net income of 90.9millionforQ12023,asignificantimprovementof300.1 million compared to a net loss of 209.3millioninQ12022[125]−NetcashprovidedbyoperatingactivitiesforQ12023was501.3 million, an increase of 556.2millionfromacashoutflowof54.9 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 305inQ12023,comparedto283 in Q1 2022, indicating improved customer engagement[86] Cash Flow and Liquidity - Free cash flow for Q1 2023 was 406,746,arecoveryfromanegativefreecashflowof(289,600) in Q1 2022[99] - As of March 31, 2023, the company had total cash and cash equivalents of 4.1billion,with2.4 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 4.1billionasofMarch31,2023[146]OperationalEfficiency−AdjustedEBITDAforQ12023was240,919, compared to an adjusted EBITDA loss of (90,872)inQ12022[85]−TheadjustedEBITDAmarginimprovedto4.25,693,755, a 7% increase from 5,322,391inQ12022[102]SegmentPerformance−ThesegmentadjustedEBITDAforProductCommercewas288,370, a significant increase from 2,877inQ12022[85]−DevelopingOfferingssegmentreportedanadjustedEBITDAlossof(47,451), an improvement from (93,749)inQ12022[85]−ProductCommercesegmentnetrevenuesincreasedby155,658,349, 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,attributedtoadecreaseinActiveCustomersusingtheEatsoffering[109]InterestandTaxation−InterestincomeforQ12023increasedby28 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 429millionasofMarch31,2023,relatedtonewconstructioncontractsforfulfillmentcentersexpectedtobecompletedoverthenextthreeyears[124]−Thecompanyplanstoinvestseveralbilliondollarsoverthenextseveralyearstoexpanditsinfrastructureandworkforce−relatedcosts[124]−Thecompanyexpectsfutureexpendituresforinfrastructureandworkforce−relatedcoststoexceedseveralbilliondollarsoverthenextseveralyears[124]RiskManagement−Ahypothetical10514 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(CPNG)2023-05-09 16:00