0001834584FALSE00018345842024-08-062024-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 6, 2024
Date of Report
(Date of earliest event reported)
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COUPANG, INC.
(Exact name of registrant as specified in its charter)

Delaware001-4011527-2810505
(State or other jurisdiction of
incorporation)
(Commission File Number)
(I.R.S. Employer
Identification Number)
720 Olive Way, Suite 600
Seattle, Washington 98101
(Address of principal executive offices, including zip code)

(206) 333-3839
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Class A Common Stock, par value $0.0001 per shareCPNGNew York Stock Exchange
(Title of Each Class)(Trading Symbol)(Name of Each Exchange on Which Registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On August 6, 2024, Coupang, Inc. released its financial results for the second quarter 2024. A copy of the press release is attached as Exhibit 99.1 to this current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberDescription of Exhibit
99.1
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


COUPANG, INC. (REGISTRANT)
By:/s/ Jonathan Lee
Jonathan Lee
Chief Accounting Officer

Dated: August 6, 2024

Exhibit 99.1
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Coupang Announces Results for Second Quarter 2024
Net Revenues of $7.3 billion, up 25% YoY and 30% on an FX-neutral basis
Gross Profit of $2.1 billion, up 41% YoY
Product Commerce segment adjusted EBITDA of $530 million, up $122 million YoY, with a margin of 8.2%
SEATTLE - (BUSINESS WIRE) August 6, 2024—Coupang, Inc. (NYSE: CPNG) today announced financial results for its second quarter ended June 30, 2024.
Consolidated Highlights:
•Net revenues were $7.3 billion, up 25% YoY on a reported basis and 30% YoY on an FX-neutral basis. Excluding Farfetch, the growth was 18% YoY on a reported basis and 23% YoY on an FX-neutral basis.
•Excluding Farfetch, net revenues growth rate would have been an estimated 660 bps higher than the 23% FX-neutral growth rate without the accounting change in FLC revenue, which we began recording on a net basis starting in Q2 last year.
•Gross profit increased 41% YoY to $2.1 billion. Gross profit margin was 29.3%, an improvement of 310 bps YoY. Excluding Farfetch, gross profit was $1.9 billion, growing 27% YoY, and gross profit margin was 28.3%.
•Net loss was $105 million and net loss attributable to Coupang stockholders was $77 million, a decrease of $222 million from last year. This is primarily due to the inclusion of the operating losses incurred at Farfetch and $121 million relating to the estimated KFTC administrative fine.
•Excluding the Farfetch loss and the administrative fine, net income attributable to Coupang stockholders was approximately $124 million.
•Diluted EPS was negative $0.04, a decline of $0.12 over last year, primarily driven by the operating losses incurred at Farfetch and the administrative fine. Excluding the Farfetch loss and the administrative fine, diluted EPS was $0.07.
•Adjusted EBITDA for the quarter was $330 million with a margin of 4.5%, down 60 bps from last year. Excluding Farfetch, adjusted EBITDA was $361 million with a margin of 5.3%.
•Operating cash flow for the trailing twelve months was $2.2 billion, an increase of $250 million YoY.
•Free cash flow was $1.5 billion for the trailing twelve months, an increase of $420 million YoY.
Segment Highlights:
•Product Commerce segment net revenues was $6.4 billion, up 13% YoY on a reported basis and 18% on an FX-neutral basis. These growth rates would have been an estimated 650 and 680 bps higher, respectively, without the accounting change in FLC revenue.
•Product Commerce Active Customers reached 21.7 million, growing 12% YoY.
•Product Commerce segment adjusted EBITDA was $530 million, up $122 million YoY, with a margin of 8.2%, up 110 bps YoY.
•Developing Offerings segment (including International, Coupang Eats, Play, Fintech and Farfetch) net revenues was $892 million, up 472% YoY on a reported basis and 483% on an FX-neutral basis. Excluding Farfetch, the growth was 177% YoY on a reported basis and 188% YoY on an FX-neutral basis.
•Developing Offerings segment adjusted EBITDA was negative $200 million, which includes a negative $31 million impact from the consolidation of Farfetch.

“This quarter we continued to see deeper levels of engagement from our customers, powered by our relentless focus on providing even greater levels of selection, service, and savings for customers,” said Gaurav Anand, CFO of Coupang. “We remain focused on creating moments of WOW for our customers every day, while driving continuous improvement across our operations by leveraging our investments in infrastructure, technology, and automation.”
Coupang, Inc.
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Second Quarter 2024 Results
Consolidated Financial Summary
(in millions, except net revenues per Product Commerce Active Customer and earnings per share)
Three Months Ended June 30,
2024(3)
2023% Change
Total net revenues$7,323 $5,838 25 %
Total net revenues growth, constant currency(1)
30 %
Net revenues per Product Commerce Active Customer
$296 $293 1 %
Net revenues per Product Commerce Active Customer, constant currency(1)
$309 5 %
Product Commerce Active Customers
21.719.412 %
Gross profit(2)
$2,142 $1,524 41 %
Net (loss) income
$(105)$145 (172)%
Net (loss) income attributable to Coupang stockholders
$(77)$145 (153)%
Adjusted EBITDA(1)
$330 $300 10 %
Earnings per share, basic and diluted
$(0.04)$0.08 (150)%
Adjusted diluted earnings per share(1)
$0.07 $0.08 (13)%
Net cash provided by operating activities$664 $820 (19)%
Free cash flow(1)
$488 $450 8 %
The following summarizes the impact Farfetch had on our results for the three and six months ended June 30, 2024:
Impact from Farfetch(3)
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except earnings per share)
2024
Consolidated
Total net revenues
$460 $748 
Gross profit(2)
$203 $325 
Net loss
$(108)$(230)
Net loss attributable to Coupang stockholders
$(80)$(173)
Diluted earnings per share
$(0.04)$(0.10)
Adjusted EBITDA(1)
$(31)$(62)
Developing Offerings
Net revenues
$460 $748 
Segment adjusted EBITDA
$(31)$(62)
Segment Information
Three Months Ended June 30,
(in millions)
2024(3)
2023% Change
Product Commerce
Net revenues$6,431 $5,682 13 %
Net revenues growth, constant currency(1)
18 %
Segment adjusted EBITDA$530 $408 30 %
Developing Offerings
Net revenues$892 $156 472 %
Net revenues growth, constant currency(1)
483 %
Segment adjusted EBITDA$(200)$(107)87 %
_________
(1)Total net revenues growth, constant currency, net revenues per Product Commerce Active Customer, constant currency, adjusted EBITDA, adjusted diluted earnings per share and free cash flow are non-GAAP financial measures as defined by the Securities and Exchange Commission (the “SEC”). See the “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” sections herein for more information regarding our use of these measures and reconciliations
Coupang, Inc.
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to the most directly comparable financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(2)Gross profit is calculated as total net revenues minus cost of sales.
(3)We completed the acquisition of the assets of Farfetch at the end of January in Q1 2024. For the six months ended June 30, 2024, the operating results of Farfetch from February 2024 are included in our consolidated results and in our Developing Offerings segment. For the three months ended June 30, 2024, the operating results of Farfetch are included in our consolidated results and in our Developing Offerings segment.

Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss second quarter results on August 6, 2024 at 5:30 PM Eastern Time. A live webcast of the conference call will be available on our Investor Relations website, ir.aboutcoupang.com, and a replay of the conference call will be available for at least three months. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable U.S. GAAP measures, as well as our second quarter earnings presentation, are also available on that site.
About Coupang
Coupang is a Fortune 200 technology company listed on the NYSE, that provides retail, restaurant delivery, video streaming and fintech services to customers around the world. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?” Headquartered in the United States, Coupang has operations and support services in geographies including South Korea, Taiwan, Singapore, China, India and Europe.
Investor Contact:Media Contact:
Coupang IRCoupang PR
ir@coupang.compress@coupang.com
Coupang, Inc.
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FORWARD-LOOKING STATEMENTS
This earnings release or related management commentary may contain statements that may be deemed to be "forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws.
We have based the forward-looking statements contained in this report on our current expectations and projections about future events and trends that we believe may affect our industry, business, financial condition, and results of operations. Actual results and outcomes could differ materially for a variety of reasons, including, among others: the continued growth of the retail market and the increased acceptance of online transactions by potential customers, competition in our industry, managing our growth and expansion into new markets and offerings, risks associated with current and future acquisitions, mergers, dispositions, joint ventures or investments, our financial performance, to the extent to which we owe income or other taxes, our ability to retain existing suppliers and to add new suppliers, our market position, our operation and management of our fulfillment and delivery infrastructure, legal and regulatory developments, and the impact of the global economy including inflation, foreign currency exchange rates and other geopolitical events. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent Annual Report on Form 10-K and subsequent filings. All forward-looking statements in this earnings release or related management commentary are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com), our filings with the SEC, webcasts, press releases, and conference calls. We use these mediums, including our website, to communicate with investors and the general public about our company, our offerings, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.
Coupang, Inc.
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COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share amounts)
2024202320242023
Net retail sales$5,779 $5,140 $11,674 $10,345 
Net other revenue1,544 698 2,763 1,293 
Total net revenues7,323 5,838 14,437 11,638 
Cost of sales5,181 4,314 10,366 8,695 
Operating, general and administrative2,167 1,376 4,056 2,689 
Total operating cost and expenses7,348 5,690 14,422 11,384 
Operating income
(25)148 15 254 
Interest income53 42 108 73 
Interest expense(37)(13)(64)(21)
Other income (expense), net12 (6)3 (11)
Income before income taxes3 171 62 295 
Income tax expense108 26 191 59 
Net (loss) income
(105)145 (129)236 
Net loss attributable to noncontrolling interests(28)— (57)— 
Net (loss) income attributable to Coupang stockholders(77)145 (72)236 
Earnings per share
Basic$(0.04)$0.08 $(0.04)$0.13 
Diluted$(0.04)$0.08 $(0.04)$0.13 
Weighted-average shares outstanding
Basic1,789 1,780 1,791 1,777 
Diluted1,789 1,800 1,791 1,797 

Coupang, Inc.
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COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except par value)
June 30, 2024December 31, 2023
Assets
Cash and cash equivalents$5,536 $5,243 
Restricted cash257 353 
Accounts receivable, net547 314 
Inventories1,992 1,666 
Prepaids and other current assets477 316 
Total current assets8,809 7,892 
Property and equipment, net2,563 2,465 
Operating lease right-of-use assets1,993 1,601 
Deferred tax assets757 925 
Intangible assets, net319 37 
Long-term lease deposits and other754 426 
Total assets$15,195 $13,346 
Liabilities, redeemable noncontrolling interests, and equity
Accounts payable$5,621 $5,099 
Accrued expenses516 352 
Deferred revenue139 97 
Short-term borrowings336 282 
Current portion of long-term debt165 203 
Current portion of long-term operating lease obligations427 386 
Other current liabilities654 526 
Total current liabilities7,858 6,945 
Long-term debt1,047 529 
Long-term operating lease obligations1,740 1,387 
Defined severance benefits and other603 381 
Total liabilities11,248 9,242 
Commitments and contingencies
Redeemable noncontrolling interests92 15 
Equity
Common stock
— — 
Class A — shares authorized 10,000, outstanding 1,615 and 1,616
Class B — shares authorized 250, outstanding 175 and 175
Additional paid-in capital8,509 8,489 
Accumulated other comprehensive loss(198)(17)
Accumulated deficit(4,455)(4,383)
Noncontrolling interests(1)— 
Total equity3,855 4,089 
Total liabilities, redeemable noncontrolling interests and equity$15,195 $13,346 

Coupang, Inc.
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COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended June 30,
(in millions)
20242023
Operating activities
Net (loss) income$(129)$236 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization201 130 
Provision for severance benefits90 76 
Equity-based compensation197 156 
Non-cash operating lease expense211 163 
Deferred income taxes103 — 
Other118 85 
Change in operating assets and liabilities, net of acquisition:
Accounts receivable, net23 41 
Inventories(163)18 
Other assets(132)8 
Accounts payable351 579 
Accrued expenses111 (28)
Other liabilities(105)(143)
Net cash provided by operating activities876 1,321 
Investing activities
Purchases of property and equipment(285)(472)
Proceeds from sale of property and equipment4 7 
Net cash acquired in acquisition68 — 
Other investing activities(82)(47)
Net cash used in investing activities(295)(512)
Financing activities
Proceeds from issuance of common stock, equity-based compensation plan1 5 
Repurchase of Class A common stock(178)— 
Proceeds from short-term borrowings and long-term debt104 319 
Repayment of short-term borrowings and long-term debt(62)(37)
Other financing activities55 42 
Net cash (used in) provided by financing activities(80)329 
Effect of exchange rate changes on cash and cash equivalents, and restricted cash(304)(81)
Net increase in cash and cash equivalents, and restricted cash197 1,057 
Cash and cash equivalents, and restricted cash, as of beginning of period5,597 3,687 
Cash and cash equivalents, and restricted cash, as of end of period$5,794 $4,744 
Coupang, Inc.
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Supplemental Financial Information
Share Information
As of June 30,
(in millions)
20242023
Outstanding common stock
1,790 1,781 
Outstanding equity-based awards
81 66 
Outstanding common stock and equity-based awards1,871 1,847 

Key Business Metrics and Non-GAAP Financial Measures
We review the key business and financial metrics discussed below. We use these measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.
Key Business Metrics
Net Revenues per Product Commerce Active Customer
Net revenues per Product Commerce Active Customer is the net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce active customers are added in a recent period.
Product Commerce Active Customers
As of the last date of each reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant period. A customer is anyone who has created an account on our apps or websites, identified by a unique email address. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.
Three Months Ended June 30,
(in millions, except net revenues per Product Commerce Active Customer)
20242023% Change
Net revenues per Product Commerce Active Customer$296 $293 1 %
Net revenues per Product Commerce Active Customer (Constant Currency)$309 5 %
Product Commerce Active Customers21.719.412 %
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.
Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures.
Coupang, Inc.
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Non-GAAP MeasureDefinitionHow We Use The Measure
Adjusted EBITDA
• Net income (loss), excluding the effects of:
- depreciation and amortization,
- interest expense,
- interest income,
- other income (expense), net,
- income tax expense (benefit),
- equity-based compensation,
- impairments, and
- other items not reflective of our ongoing operations.
• Provides information to management to evaluate and assess our performance and allocate internal resources.

• We believe Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons as they remove the impact of certain items that are not representative of our ongoing business, such as material non-cash items, acquisition-related transaction and restructuring costs, significant costs related to certain non-ordinary course legal and regulatory matters, and certain variable charges.
Adjusted EBITDA Margin• Adjusted EBITDA as a percentage of total net revenues.
Constant Currency Revenue• Constant currency information compares results between periods as if exchange rates had remained constant.
• We define constant currency revenue as total revenue excluding the effect of foreign exchange rate movements, and use it to determine the constant currency revenue growth on a comparative basis.
• Constant currency revenue is calculated by translating current period revenues using the prior period exchange rate.
• The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the U.S. dollar (“USD”) and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in Korean Won (“KRW”), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW.

• We use constant currency revenue and constant currency revenue growth for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations.
Constant Currency Revenue Growth• Constant currency revenue growth (as a percentage) is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates.
Free Cash Flow• Cash flow from operations
Less: purchases of property and equipment,
Plus: proceeds from sale of property and equipment.		• Provides information to management and investors about the amount of cash generated from our ongoing operations that, after purchases and sales of property and equipment, can be used for strategic initiatives, including investing in our business and strengthening our balance sheet, including paying down debt, and paying dividends to stockholders.
Segment Gross Profit
• Gross profit for a period attributable to each respective reportable segment.
• We believe segment gross profit and segment gross profit margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons. However, other companies may calculate segment gross profit and segment gross profit margin in a manner different from ours and therefore they may not be directly comparable to similar terms used by other companies.
Segment Gross Profit Margin
• Segment gross profit as a percentage of segment net revenues.
Adjusted Net Income Attributable to Coupang Stockholders
• Net income attributable to Coupang Stockholders, excluding the impact of the Farfetch acquisition and the KFTC administrative fine.
• We believe adjusted net income excluding Farfetch and adjusted diluted earnings per share excluding Farfetch provides useful supplemental information for investors, in the year of an acquisition, to compare our current earnings results from one period to another. Adjusted diluted earnings per share is a performance measure and should not be used as a measure of liquidity.
Adjusted Diluted Earnings Per Share
• Adjusted net income excluding the impact of the Farfetch acquisition and the KFTC administrative fine divided by the weighted average dilutive shares outstanding for the period.
Total net revenues excluding Farfetch
• Total net revenues excluding the impact of the Farfetch acquisition.
• We believe total net revenues excluding Farfetch, gross profit excluding Farfetch, adjusted EBITDA excluding Farfetch and Developing Offerings net revenues excluding Farfetch and Developing Offerings net revenues, constant currency excluding Farfetch provide useful supplemental information for investors, in the year of a significant acquisition, to compare our revenues, gross profit, adjusted EBITDA and segment revenues from one period to another exclusive of certain items that impact comparability with the prior period. These measures are performance measures and should not be used as a measure of liquidity.
Gross Profit excluding Farfetch
• Gross profit excluding the impact of the Farfetch acquisition.
Adjusted EBITDA excluding Farfetch
• Adjusted EBITDA excluding the impact of the Farfetch acquisition.
Developing Offerings net revenues excluding Farfetch
• Developing Offerings net revenues excluding the impact of the Farfetch acquisition.
Developing Offerings net revenues, constant currency excluding Farfetch
• Developing Offerings net revenues, constant currency excluding the impact of the Farfetch acquisition.
Coupang, Inc.
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Reconciliations of Non-GAAP Measures
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Although, it is important to note that these factors could be material to Coupang’s results computed in accordance with GAAP. Certain amounts may not foot due to rounding.
The following tables present the reconciliations from each U.S. GAAP measure to its corresponding non-GAAP measure for the periods noted:
Constant Currency Revenue and Constant Currency Revenue Growth
Three Months Ended June 30,Year over Year Growth
20242023
(in millions)
As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant Currency Basis
Consolidated
Net retail sales$5,779 $239 $6,018 $5,140 12 %17 %
Net other revenue1,544 55 1,599 698 121 %129 %
Total net revenues$7,323 $294 $7,617 $5,838 25 %30 %
Net Revenues by Segment
Product Commerce$6,431 $275 $6,706 $5,682 13 %18 %
Developing Offerings892 18 910 156 472 %483 %
Total net revenues$7,323 $294 $7,617 $5,838 25 %30 %
Free Cash Flow
Three Months Ended
June 30,
Trailing Twelve Months Ended June 30,
(in millions)
2024202320242023
Net cash provided by operating activities
$664 $820 $2,206 $1,960 
Adjustments:
Purchases of land and buildings(33)(271)(118)(477)
Purchases of equipment(145)(105)(591)(400)
Total purchases of property and equipment(178)(376)(709)(876)
Proceeds from sale of property and equipment2 6 16 13 
Total adjustments$(176)$(370)$(693)$(864)
Free cash flow$488 $450 $1,513 $1,096 
Net cash used in investing activities$(178)$(429)$(710)$(931)
Net cash (used in) provided by financing activities
$(132)$251 $(210)$495 
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Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended June 30,Trailing Twelve Months Ended June 30,
(in millions)
2024202320242023
Total net revenues$7,323 $5,838 $27,182 $22,067 
Net (loss) income attributable to Coupang shareholders
(77)145 1,051 429 
Net loss attributable to noncontrolling interests
(28)— (57)— 
Net (loss) income
(105)145 994 429 
Net (loss) income margin
(1.4)%2.5 %3.7 %1.9 %
Adjustments:
Depreciation and amortization106 66 345 242 
Interest expense37 13 90 35 
Interest income(53)(42)(212)(115)
Income tax expense (benefit)
108 26 (645)57 
Other (income) expense, net
(12)6 6 11 
Acquisition and restructuring related costs19 — 77 — 
Estimated KFTC administrative fine
121 — 121 — 
Equity-based compensation109 86 367 290 
Adjusted EBITDA$330 $300 $1,143 $947 
Adjusted EBITDA margin4.5 %5.1 %4.2 %4.3 %
Segment Gross Profit and Segment Gross Profit Margin
Three Months Ended June 30,
(in millions)
20242023
Gross profit$2,142 $1,524 
Segment gross profit and gross profit margin:
Product Commerce1,950 1,547 
     Gross profit margin30.3 %27.2 %
Developing Offerings192 (23)
     Gross profit margin21.5 %(14.6)%
Adjusted Net Income Attributable to Coupang Stockholders
Three Months Ended June 30,
(in millions)20242023
Net (loss) income attributable to Coupang stockholders
$(77)$145 
Adjustments:
Farfetch losses, excluding taxes
96 — 
Net losses attributable to noncontrolling interests
(28)— 
Farfetch tax effect
12 — 
Estimated KFTC administrative fine
$121 $— 
Adjusted net income attributable to Coupang stockholders
$124 $145 
Coupang, Inc.
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Q2 2024 Earnings Release
11

Adjusted Diluted Earnings Per Share
Three Months Ended June 30,
20242023
Diluted earnings per share$(0.04)$0.08 
Adjustments:
Farfetch losses, excluding taxes
0.05 — 
Net losses attributable to noncontrolling interests
(0.02)— 
Farfetch tax effect
0.01 — 
Estimated KFTC administrative fine
0.07 — 
Adjusted diluted earnings per share (a)
$0.07 $0.08 
(a)Adjusted diluted earnings per share includes the effect of dilutive shares as a result of adjusted net income attributable to Coupang stockholders. Diluted weighted average shares used for the three months ended June 30, 2024 calculation was 1,823 (in millions).
Total Net Revenues excluding Farfetch
Three Months Ended June 30,
(in millions)20242023
Total net revenues$7,323 $5,838 
Revenues of Farfetch(460)— 
Total net revenues excluding Farfetch$6,863 $5,838 
Total Net Revenues excluding Farfetch Constant Currency Revenue and Constant Currency Revenue Growth (YoY)
Three Months Ended June 30,
Year over Year Growth
20242023
(in millions)
As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant Currency Basis
Consolidated
Total net revenues$7,323 $294 $7,617 $5,838 25 %30 %
Revenues of Farfetch
(460)— (460)— 
Total net revenues excluding Farfetch
$6,863 $294 $7,157 $5,838 18 %23 %
Gross Profit excluding Farfetch
Three Months Ended June 30,
(in millions)20242023
Gross Profit$2,142 $1,524 
Gross Profit of Farfetch(203)— 
Gross Profit excluding Farfetch$1,939 $1,524 
Gross profit margin excluding Farfetch28.3 %26.1 %
Adjusted EBITDA excluding Farfetch
Three Months Ended June 30,
Trailing Twelve Months Ended
June 30,
(in millions)2024202320242023
Adjusted EBITDA$330 $300 $1,143 $947 
Adjusted EBITDA of Farfetch31 — 62 — 
Adjusted EBITDA excluding Farfetch$361 $300 $1,205 $947 
Adjusted EBITDA margin excluding Farfetch5.3 %5.1 %4.6 %4.3 %
Coupang, Inc.
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Q2 2024 Earnings Release
12

Developing Offerings Net Revenues excluding Farfetch
Three Months Ended June 30,
(in millions)20242023
Developing Offerings net revenues
$892 $156 
Revenues of Farfetch
(460)— 
Developing Offerings net revenues excluding Farfetch
$432 $156 
Developing Offerings Net Revenues excluding Farfetch Constant Currency Revenue and Constant Currency Revenue Growth (YoY)
Three Months Ended June 30,
Year over Year Growth
20242023
(in millions)
As ReportedExchange Rate EffectConstant Currency BasisAs ReportedAs ReportedConstant Currency Basis
Net Revenues by Segment
Developing Offerings net revenues$892 $18 $910 $156 472 %483 %
Revenues of Farfetch(460)— (460)— 
Developing Offerings net revenues excluding Farfetch
$432 $18 $450 $156 177 %188 %

Coupang, Inc.
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Q2 2024 Earnings Release
13
v3.24.2.u1
Cover
Aug. 06, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 06, 2024
Entity Registrant Name COUPANG, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40115
Entity Tax Identification Number 27-2810505
Entity Address, Address Line One 720 Olive Way
Entity Address, City or Town Seattle
Entity Address, Postal Zip Code 98101
City Area Code 206
Local Phone Number 333-3839
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol CPNG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001834584
Amendment Flag false
Entity Addresses [Line Items]  
Entity Address, State or Province WA
Local Phone Number 333-3839
Entity Address, Address Line One 720 Olive Way
Entity Address, City or Town Seattle
Entity Address, Postal Zip Code 98101
City Area Code 206
Entity Address, Address Line Two Suite 600
Document Period End Date Aug. 06, 2024
Document Information [Line Items]  
Document Type 8-K
Coupang (NYSE:CPNG)
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