Financial Data and Key Metrics Changes - Consolidated revenue grew 16% year over year or 19% in constant currency to $8.5 billion [5][15] - Adjusted EBITDA reached $428 million, growing margins by over 50 basis points [5][20] - Consolidated gross profit was $2.6 billion, growing 20% year over year or 22% in constant currency, resulting in a gross profit margin of 30% [18][19] - Operating income was $149 million, representing a growth of 55% over last year [20] - Net income attributable to stockholders was $32 million, resulting in $0.02 diluted earnings per share [20] Business Line Data and Key Metrics Changes - Product Commerce segment revenues grew 14% year over year or 17% in constant currency, driven by higher spend levels per active customer and a 10% increase in active customers [16] - Developing Offerings segment revenues grew 33% year over year on both a reported and constant currency basis, primarily due to triple-digit growth in Taiwan and high double-digit growth in Eats [17][18] - Fresh category revenues grew 25% in constant currency year over year, with significant expansion in assortment [8] Market Data and Key Metrics Changes - Taiwan's revenue surged 54% quarter over quarter, with year-over-year revenue growth in triple digits [11][12] - Customer engagement in Taiwan is primarily driven by repeat customers, indicating strong product-market fit [12][38] Company Strategy and Development Direction - The company is focused on transforming commerce and enhancing customer engagement through improvements in selection, price, and service [6][13] - Significant investments are being made in automation and AI to enhance customer experience and operational excellence [10][29] - The company aims to broaden selection and improve inventory availability, particularly in Taiwan, which is seen as a key growth opportunity [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Taiwan, drawing parallels to early growth stages in Korea [12][38] - The company anticipates continued revenue growth driven by existing customer spending and engagement [48] - Management expects consolidated operating expenses to decline as a percentage of revenue in the near to medium term [20][32] Other Important Information - The effective income tax rate was 84% this quarter, primarily due to losses in early-stage operations in Taiwan [23] - The company generated $1.9 billion in operating cash flow and $784 million in free cash flow, a decrease from the previous year [22][23] Q&A Session Summary Question: Margin expectations for the second half and AI strategies - Management expects further product commerce margin improvement in the second half, leveraging technology and automation [27][31] - AI has been integral to operations, with applications in customer experience and operational efficiency, and is seen as a long-term enabler of growth [28][29] Question: Developing offerings investment guidance and Taiwan's unit economics - Investments in developing offerings are expected to continue, with a focus on Taiwan's growth potential [36][40] - Taiwan's growth is driven by repeat customers, and management is confident in achieving positive unit economics over time [38][39] Question: Government project involvement and domestic consumer growth trends - The company is developing its own AI computing infrastructure and exploring external enterprise opportunities [44][46] - Growth outlook remains aligned with previous guidance, driven by deepening customer engagement [47][48] Question: Last mile delivery initiatives and gross margin drivers - Investments in last mile delivery are ongoing, with a focus on customer experience and operational excellence [52][56] - Gross profit margin expansion is attributed to increased efficiency and margin-accretive offerings [58][59] Question: Selection growth in Taiwan and food delivery margin trends - Selection growth in Taiwan is expected to continue, with strong customer response [61][63] - Food delivery initiatives are aimed at enhancing customer value, with ongoing improvements in engagement [64][66]