Coupang(CPNG) - 2024 Q3 - Quarterly Results

Revenue Growth - Net revenues of $7.9 billion, up 27% YoY and 32% on an FX-neutral basis[2] - Developing Offerings segment net revenues were $975 million, up 347% YoY on a reported basis and 356% on an FX-neutral basis[3] - Product Commerce segment net revenues were $6.9 billion, up 16% YoY on a reported basis and 20% on an FX-neutral basis[3] - Net retail sales for Q3 2024 increased to $6,140 million, up 15.5% from $5,315 million in Q3 2023[14] - Total net revenues for Q3 2024 reached $7,866 million, a 27.2% increase from $6,184 million in Q3 2023[14] - Total net revenues for Q3 2024 were $7.866 billion, representing a 27% year-over-year growth, and 32% on a constant currency basis[26] - Net retail sales grew 16% year-over-year to $6.140 billion in Q3 2024, and 20% on a constant currency basis[26] - Net other revenue surged 99% year-over-year to $1.726 billion in Q3 2024, and 105% on a constant currency basis[26] - Consolidated total net revenues including Farfetch reached $7,866 million, with a year-over-year growth of 27% on a reported basis and 32% on a constant currency basis[35] - Total net revenues excluding Farfetch were $7,427 million, showing a year-over-year growth of 20% on a reported basis and 25% on a constant currency basis[35] - Developing offerings net revenues excluding Farfetch were $536 million, reflecting a year-over-year growth of 146% on a reported basis and 155% on a constant currency basis[39] Profitability - Gross profit increased 45% YoY to $2.3 billion, with a gross profit margin of 28.8%, up 350 bps YoY[3] - Adjusted EBITDA for the quarter was $343 million with a margin of 4.4%, up 50 bps from last year[3] - Product Commerce segment gross profit margin improved to 30.0% in Q3 2024 from 27.1% in Q3 2023[30] - Developing Offerings segment gross profit margin turned positive at 20.6% in Q3 2024, compared to -24.6% in Q3 2023[30] - Adjusted EBITDA for Q3 2024 was $343 million, with an Adjusted EBITDA margin of 4.4%, up from 3.9% in Q3 2023[29] - Gross profit excluding Farfetch was $2,086 million, with a gross profit margin of 28.1%, up from 25.3% in the previous year[36] - Adjusted EBITDA excluding Farfetch stood at $345 million, with an adjusted EBITDA margin of 4.6%, compared to 3.9% in the previous year[37] Customer Metrics - Product Commerce Active Customers reached 22.5 million, growing 11% YoY[3] - Product Commerce Active Customers grew to 22.5 million in Q3 2024, an 11% increase from 20.2 million in Q3 2023[22] - Net revenues per Product Commerce Active Customer rose to $307 in Q3 2024, up 4% from $296 in Q3 2023[22] Cash Flow and Financial Position - Operating cash flow for the trailing twelve months was $1.8 billion, a decrease of $805 million YoY[3] - Free cash flow was $935 million for the trailing twelve months, a decrease of $920 million YoY[3] - Cash and cash equivalents increased to $5,822 million as of September 30, 2024, up from $5,243 million at the end of 2023[16] - Total assets grew to $16,342 million as of September 30, 2024, compared to $13,346 million at the end of 2023[16] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $1,210 million, down from $2,043 million in the same period of 2023[18] - Purchases of property and equipment for the nine months ended September 30, 2024, totaled $665 million, slightly up from $662 million in the same period of 2023[18] - Long-term debt increased to $1,194 million as of September 30, 2024, up from $529 million at the end of 2023[16] - Outstanding common stock and equity-based awards totaled 1,875 million as of September 30, 2024, up from 1,850 million at the end of 2023[19] - Free cash flow for Q3 2024 was -$42 million, compared to $536 million in Q3 2023[27] Net Income and Earnings - Net income attributable to Coupang stockholders was $70 million, a decrease of $21 million from last year[3] - Developing Offerings segment adjusted EBITDA was negative $127 million, a decrease of $34 million YoY and $73 million QoQ[3] - Adjusted net income attributable to Coupang stockholders was $108 million in Q3 2024, up from $91 million in Q3 2023[31] - Adjusted diluted earnings per share increased to $0.06 in Q3 2024 from $0.05 in Q3 2023[32] Segment Performance - Product Commerce segment net revenues were $6.9 billion, up 16% YoY on a reported basis and 20% on an FX-neutral basis[3] - Developing Offerings segment net revenues were $975 million, up 347% YoY on a reported basis and 356% on an FX-neutral basis[3] - Developing Offerings segment adjusted EBITDA was negative $127 million, a decrease of $34 million YoY and $73 million QoQ[3] - Product Commerce segment gross profit margin improved to 30.0% in Q3 2024 from 27.1% in Q3 2023[30] - Developing Offerings segment gross profit margin turned positive at 20.6% in Q3 2024, compared to -24.6% in Q3 2023[30] - Developing offerings net revenues excluding Farfetch were $536 million, reflecting a year-over-year growth of 146% on a reported basis and 155% on a constant currency basis[39]