Coupang(CPNG) - 2024 Q4 - Annual Results

Financial Performance - Total net revenues for Q4 2024 were $8.0 billion, up 21% YoY and 28% on an FX-neutral basis[5] - Total net revenues for FY2024 were $30.3 billion, increasing 24% YoY on a reported basis and 29% YoY on an FX-neutral basis[5] - Total net revenues for the year ended December 31, 2024, were $30,268 million, up 24.5% from $24,383 million in 2023[23] - Total net revenues for Q4 2024 reached $7,965 million, representing a year-over-year growth of 21%[45] - Total net revenues for Q4 2024 were $8,395 million, representing a year-over-year growth of 28%[38] - Total net revenues for the year ended December 31, 2024, were $31,552 million, a 29% increase compared to 2023[38] - Total net revenues excluding Farfetch for Q4 2024 were $7,494 million, compared to $6,561 million in Q4 2023, indicating a growth of 14.2%[44] - Total net revenues excluding Farfetch for the year ended December 31, 2024, were $28,610 million, a 17% increase compared to 2023[45] Segment Performance - Product Commerce segment net revenues reached $6.9 billion, up 9% YoY on a reported basis and 16% YoY on an FX-neutral basis[9] - Developing Offerings segment net revenues were $1.1 billion, up 296% YoY on a reported basis and 308% YoY on an FX-neutral basis[5] - Product Commerce net revenues reached $7,280 million in Q4 2024, with a year-over-year growth of 16%[38] - Developing Offerings net revenues for Q4 2024 were $1,115 million, showing a significant year-over-year growth of 308%[38] - Developing Offerings net revenues excluding Farfetch for the year ended December 31, 2024, were $1,911 million, a 142% increase from 2023[47] Profitability Metrics - Gross profit for Q4 2024 increased 48% YoY to $2.5 billion, with a gross profit margin of 31.3%, an improvement of 570 bps YoY[5] - Net income attributable to Coupang stockholders was $156 million, a decrease of $876 million from last year due to a non-cash tax benefit in Q4 2023[5] - Net income attributable to Coupang shareholders for Q4 2024 was $156 million, a decrease of 84.9% compared to $1,032 million in Q4 2023[43] - Basic earnings per share for Q4 2024 was $0.09, down from $0.58 in Q4 2023[23] - Adjusted EBITDA for Q4 2024 was $421 million, with a margin of 5.3%, up 80 bps YoY[5] - Adjusted EBITDA for the year ended December 31, 2024, was $1,375 million, up 28.1% from $1,074 million in 2023, with an adjusted EBITDA margin of 4.5%[1] - Adjusted net income attributable to Coupang stockholders excluding the impact from the FC Fire insurance gain was $24 million for Q4 2024, down from $1,032 million in Q4 2023[43] Cash Flow and Assets - Free cash flow for the full year was $1.0 billion, a decrease of 43% YoY[7] - Free cash flow for Q4 2024 was $463 million, an increase from $382 million in Q4 2023[39] - Cash and cash equivalents as of December 31, 2024, totaled $5,879 million, an increase from $5,243 million in 2023[25] - Total assets increased to $15,344 million as of December 31, 2024, compared to $13,346 million in 2023[25] - Net cash provided by operating activities for 2024 was $1,886 million, down from $2,652 million in 2023[27] - The company reported a net cash provided by operating activities of $676 million for Q4 2024, compared to $609 million in Q4 2023[39] Liabilities and Noncontrolling Interests - Coupang's total liabilities increased to $11,167 million as of December 31, 2024, from $9,242 million in 2023[25] - The company reported a net loss attributable to noncontrolling interests of $25 million in Q4 2024[23] - The company reported a net loss attributable to noncontrolling interests of $25 million for Q4 2024, compared to no loss in Q4 2023[1] Other Notable Points - The acquisition of Farfetch was completed at the end of January 2024, impacting the Developing Offerings segment results[12] - The company emphasizes the importance of constant currency revenue for understanding period-to-period comparisons, particularly due to foreign exchange rate effects[35] - Adjusted gross profit for Q4 2024 was $2,491 million, with an adjusted gross profit margin of 29.0%[45] - The gross profit margin excluding the impact from the FC Fire insurance gain was 29.8% for Q4 2024, up from 25.6% in Q4 2023[45] - Adjusted basic earnings per share for Q4 2024 was $0.01, compared to $0.58 in Q4 2023, reflecting the impact of the FC Fire insurance gain[42]