Coupang (CPNG) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40115
Entity Registrant Name	COUPANG, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2810505
Entity Address, Address Line One	720 Olive Way
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	333-3839
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CPNG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001834584
Former Address
Document Information [Line Items]
Entity Address, Address Line One	Tower 730, 570, Songpa-daero
Entity Address, City or Town	Songpa-gu
Entity Address, Postal Zip Code	05510
City Area Code	(2)
Local Phone Number	6150-5422
Entity Address, Region	Seoul
Entity Address, Country	KR
Country Region	+82
Common class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,591,879,911
Common class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		174,802,990

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,107,535	$ 3,487,708
Restricted cash	163,468	319,800
Accounts receivable, net	187,644	175,350
Inventories	1,451,428	1,421,501
Other current assets	251,324	232,447
Total current assets	5,161,399	5,636,806
Long-term restricted cash	1,151	2,839
Property and equipment, net	1,471,013	1,347,531
Operating lease right-of-use assets	1,436,363	1,374,629
Goodwill	9,707	9,739
Long-term lease deposits and other	345,570	270,290
Total assets	8,425,203	8,641,834
Current liabilities:
Accounts payable	3,294,481	3,442,720
Accrued expenses	241,316	304,293
Deferred revenue	105,429	93,972
Short-term borrowings	47,551	7,811
Current portion of long-term debt	6,108	341,717
Current portion of long-term operating lease obligations	302,148	287,066
Other current liabilities	266,295	266,709
Total current liabilities	4,263,328	4,744,288
Long-term debt	595,557	283,190
Long-term operating lease obligations	1,268,744	1,201,277
Defined severance benefits and other	229,478	237,122
Total liabilities	6,357,107	6,465,877
Commitments and contingencies (Note 8)
Stockholders' equity
Class A common stock, $0.0001 par value, 10,000,000,000 shares authorized, 1,590,313,751 and 1,579,399,667 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively; Class B common stock, $0.0001 par value, 250,000,000 shares authorized, 174,802,990 shares issued and outstanding as of June 30, 2022 and December 31, 2021	177	175
Additional paid-in capital	8,014,912	7,874,038
Accumulated other comprehensive loss	(11,691)	(47,739)
Accumulated deficit	(5,935,302)	(5,650,517)
Total stockholders' equity	2,068,096	2,175,957
Total liabilities and stockholders' equity	$ 8,425,203	$ 8,641,834

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common class A
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000,000
Common stock, shares issued (in shares)	1,590,313,751
Common stock, shares outstanding (in shares)	1,579,399,667
Common class B
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares issued (in shares)	174,802,990
Common stock, shares outstanding (in shares)	174,802,990

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total net revenues	$ 5,037,821	$ 4,478,114	$ 10,154,507	$ 8,684,974
Cost of sales	3,884,028	3,819,620	7,957,308	7,293,974
Operating, general and administrative	1,220,936	1,173,430	2,470,047	2,173,252
Total operating cost and expenses	5,104,964	4,993,050	10,427,355	9,467,226
Operating loss	(67,143)	(514,936)	(272,848)	(782,252)
Interest income	7,364	1,907	10,898	2,847
Interest expense	(6,143)	(5,848)	(13,511)	(30,671)
Other (expense) income, net	(9,229)	373	(8,739)	(3,453)
Loss before income taxes	(75,151)	(518,504)	(284,200)	(813,529)
Income tax expense	340	97	585	105
Net loss	$ (75,491)	$ (518,601)	$ (284,785)	$ (813,634)
Net loss attributable to Class A and Class B common stockholders per share, basic (in dollars per share)	$ (0.04)	$ (0.30)	$ (0.16)	$ (0.74)
Net loss attributable to Class A and Class B common stockholders per share, diluted (in dollars per share)	$ (0.04)	$ (0.30)	$ (0.16)	$ (0.74)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	1,763,264	1,743,109	1,760,019	1,092,626
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	1,763,264	1,743,109	1,760,019	1,092,626
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	$ (4,970)	$ (351)	$ (1,959)	$ 14,621
Actuarial gain (loss) on defined severance benefits, net of tax	34,196	(9,892)	38,007	(8,974)
Total other comprehensive income (loss)	29,226	(10,243)	36,048	5,647
Comprehensive loss	(46,265)	(528,844)	(248,737)	(807,987)
Net retail sales
Total net revenues	4,481,165	3,994,506	9,037,272	7,801,549
Net other revenue
Total net revenues	$ 556,656	$ 483,608	$ 1,117,235	$ 883,425

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common Units	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Redeemable Convertible Preferred Units
Beginning balance (in shares) at Dec. 31, 2020							1,329,465
Beginning balance at Dec. 31, 2020							$ 3,465,611
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred units into Class A and Class B common stock (in shares)							(1,329,465)
Conversion of redeemable convertible preferred units into Class A and Class B common stock							$ (3,465,611)
Ending balance (in shares) at Mar. 31, 2021							0
Ending balance at Mar. 31, 2021							$ 0
Beginning balance (in shares) at Dec. 31, 2020		105,822	0
Common units, beginning balance at Dec. 31, 2020		$ 45,122
Beginning balance at Dec. 31, 2020	$ (4,068,862)		$ 0	$ 25,036	$ (31,093)	$ (4,107,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(295,033)					(295,033)
Foreign currency translation adjustments, net of tax	14,972				14,972
Actuarial gain (loss) on defined severance benefits, net of tax	918				918
Issuance of common units, equity-based compensation plan (in shares)		22,901
Issuance of common units, equity-based compensation plan	38,968	$ 38,968
Equity-based compensation	2,974	$ 2,974
Conversion of common units into Class A and Class B common stock (in shares)		128,723	128,648
Conversion of common units into Class A and Class B common stock	0	$ (87,064)	$ (13)	(87,051)
Conversion of redeemable convertible preferred units into Class A and Class B common stock (in shares)			1,329,465
Conversion of redeemable convertible preferred units into Class A and Class B common stock	3,465,611		$ 133	3,465,478
Issuance of Class A common stock, net of underwriting discounts and offering costs (in shares)			100,000
Issuance of Class A common stock, net of underwriting discounts and offering costs	3,416,819		$ 10	3,416,809
Conversion of convertible notes into Class A common stock			171,750
Conversion of convertible notes into Class A common stock	609,999		$ 17	609,982
Issuance of common units, equity-based compensation plan (in shares)			2,680
Issuance of common units, equity-based compensation plan	4,767			4,767
Equity-based compensation subsequent to Corporate Conversion and IPO	83,992			83,992
Ending balance (in shares) at Mar. 31, 2021		0	1,732,543
Common units, ending balance at Mar. 31, 2021		$ 0
Ending balance at Mar. 31, 2021	3,275,125		$ 173	7,693,115	(15,203)	(4,402,960)
Beginning balance (in shares) at Dec. 31, 2020							1,329,465
Beginning balance at Dec. 31, 2020							$ 3,465,611
Ending balance (in shares) at Jun. 30, 2021							0
Ending balance at Jun. 30, 2021							$ 0
Beginning balance (in shares) at Dec. 31, 2020		105,822	0
Common units, beginning balance at Dec. 31, 2020		$ 45,122
Beginning balance at Dec. 31, 2020	(4,068,862)		$ 0	25,036	(31,093)	(4,107,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(813,634)
Foreign currency translation adjustments, net of tax	14,621
Actuarial gain (loss) on defined severance benefits, net of tax	(8,974)
Ending balance (in shares) at Jun. 30, 2021		0	1,735,579
Common units, ending balance at Jun. 30, 2021		$ 0
Ending balance at Jun. 30, 2021	2,802,629		$ 173	7,749,463	(25,446)	(4,921,561)
Beginning balance (in shares) at Mar. 31, 2021							0
Beginning balance at Mar. 31, 2021							$ 0
Ending balance (in shares) at Jun. 30, 2021							0
Ending balance at Jun. 30, 2021							$ 0
Beginning balance (in shares) at Mar. 31, 2021		0	1,732,543
Common units, beginning balance at Mar. 31, 2021		$ 0
Beginning balance at Mar. 31, 2021	3,275,125		$ 173	7,693,115	(15,203)	(4,402,960)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(518,601)					(518,601)
Foreign currency translation adjustments, net of tax	(351)				(351)
Actuarial gain (loss) on defined severance benefits, net of tax	(9,892)				(9,892)
Equity-based compensation	50,346			50,346
Issuance of common units, equity-based compensation plan (in shares)			3,036
Issuance of common units, equity-based compensation plan	6,002			6,002
Ending balance (in shares) at Jun. 30, 2021		0	1,735,579
Common units, ending balance at Jun. 30, 2021		$ 0
Ending balance at Jun. 30, 2021	2,802,629		$ 173	7,749,463	(25,446)	(4,921,561)
Beginning balance (in shares) at Dec. 31, 2021							0
Beginning balance at Dec. 31, 2021							$ 0
Ending balance (in shares) at Mar. 31, 2022							0
Ending balance at Mar. 31, 2022							$ 0
Beginning balance (in shares) at Dec. 31, 2021		0	1,754,203
Common units, beginning balance at Dec. 31, 2021		$ 0
Beginning balance at Dec. 31, 2021	2,175,957		$ 175	7,874,038	(47,739)	(5,650,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(209,294)					(209,294)
Foreign currency translation adjustments, net of tax	3,011				3,011
Actuarial gain (loss) on defined severance benefits, net of tax	3,811				3,811
Issuance of common stock upon settlement of restricted stock units (in shares)			2,708
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	55,593			55,593
Issuance of common units, equity-based compensation plan (in shares)			4,147
Issuance of common units, equity-based compensation plan	8,183		$ 1	8,182
Ending balance (in shares) at Mar. 31, 2022		0	1,761,058
Common units, ending balance at Mar. 31, 2022		$ 0
Ending balance at Mar. 31, 2022	2,037,261		$ 176	7,937,813	(40,917)	(5,859,811)
Beginning balance (in shares) at Dec. 31, 2021							0
Beginning balance at Dec. 31, 2021							$ 0
Ending balance (in shares) at Jun. 30, 2022							0
Ending balance at Jun. 30, 2022							$ 0
Beginning balance (in shares) at Dec. 31, 2021		0	1,754,203
Common units, beginning balance at Dec. 31, 2021		$ 0
Beginning balance at Dec. 31, 2021	2,175,957		$ 175	7,874,038	(47,739)	(5,650,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(284,785)
Foreign currency translation adjustments, net of tax	(1,959)
Actuarial gain (loss) on defined severance benefits, net of tax	38,007
Ending balance (in shares) at Jun. 30, 2022		0	1,765,117
Common units, ending balance at Jun. 30, 2022		$ 0
Ending balance at Jun. 30, 2022	2,068,096		$ 177	8,014,912	(11,691)	(5,935,302)
Beginning balance (in shares) at Mar. 31, 2022							0
Beginning balance at Mar. 31, 2022							$ 0
Ending balance (in shares) at Jun. 30, 2022							0
Ending balance at Jun. 30, 2022							$ 0
Beginning balance (in shares) at Mar. 31, 2022		0	1,761,058
Common units, beginning balance at Mar. 31, 2022		$ 0
Beginning balance at Mar. 31, 2022	2,037,261		$ 176	7,937,813	(40,917)	(5,859,811)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(75,491)					(75,491)
Foreign currency translation adjustments, net of tax	(4,970)				(4,970)
Actuarial gain (loss) on defined severance benefits, net of tax	34,196				34,196
Issuance of common stock upon settlement of restricted stock units (in shares)			2,028
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	72,916			72,916
Issuance of common units, equity-based compensation plan (in shares)			2,031
Issuance of common units, equity-based compensation plan	4,184		$ 1	4,183
Ending balance (in shares) at Jun. 30, 2022		0	1,765,117
Common units, ending balance at Jun. 30, 2022		$ 0
Ending balance at Jun. 30, 2022	$ 2,068,096		$ 177	$ 8,014,912	$ (11,691)	$ (5,935,302)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (284,785)	$ (813,634)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	119,639	94,326
Provision for severance benefits	87,436	66,028
Equity-based compensation	128,509	137,312
Paid-in-kind interest and accretion of discount on convertible notes	0	20,148
Inventory and fixed asset losses due to fulfillment center fire	0	284,825
Non-cash operating lease expense	155,686	121,779
Non-cash others	63,621	17,406
Change in operating assets and liabilities:
Accounts receivable, net	(37,342)	(62,381)
Inventories	(185,091)	(267,191)
Other assets	(147,058)	(79,439)
Accounts payable	190,578	396,485
Accrued expenses	(37,665)	9,778
Deferred revenue	20,001	9,136
Other liabilities	(146,730)	(87,044)
Net cash used in operating activities	(73,201)	(152,466)
Investing activities:
Purchases of property and equipment	(419,674)	(315,496)
Proceeds from sale of property and equipment	7,810	125
Other investing activities	(17,834)	9,790
Net cash used in investing activities	(429,698)	(305,581)
Financing activities:
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts	0	3,431,277
Deferred offering costs paid	0	(11,618)
Proceeds from issuance of common stock/units, equity-based compensation plan	12,367	49,737
Proceeds from short-term borrowings and long-term debt	403,436	115,408
Repayment of short-term borrowings and long-term debt	(333,097)	(27,465)
Other financing activities	(2,038)	(981)
Net cash provided by financing activities	80,668	3,556,358
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(115,962)	(38,928)
Net (decrease) increase in cash and cash equivalents, and restricted cash	(538,193)	3,059,383
Cash and cash equivalents, and restricted cash, as of beginning of period	3,810,347	1,401,302
Cash and cash equivalents, and restricted cash, as of end of period	3,272,154	4,460,685
Supplemental disclosure of cash-flow information:
Cash paid (received) for income taxes, net of refunds	1,341	(267)
Cash paid for interest	11,459	8,085
Non-cash investing and financing activities:
Decrease in property and equipment-related accounts payable	(54,975)	(8,738)
Conversion of common units into Class A and Class B common stock	0	87,064
Conversion of redeemable convertible preferred units into Class A and Class B common stock	0	3,465,611
Conversion of convertible notes into Class A common stock	$ 0	$ 609,999

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business Coupang, Inc. (“Coupang”), together with its wholly-owned subsidiaries (collectively, the “Company,” “we,” “us,” or “our”), is a Delaware corporation, which owns and operates an e-commerce business that primarily serves the Korean retail market. Through the Company’s mobile applications and Internet websites, the Company offers products and services that span a wide range of categories, including home goods and décor, apparel and beauty products, fresh food and grocery, sporting goods, electronics, restaurant order and delivery, travel, content streaming, advertising, and everyday consumables, which are offered through a fully integrated technology, fulfillment and logistics infrastructure. The Company’s main operations, including procurement, marketing, technology, administrative functions, and fulfillment and logistics infrastructure, are predominantly located in South Korea, with other significant operations and support services performed in China, Singapore, Japan, Taiwan, and the United States. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations and comprehensive loss, and redeemable convertible preferred units and stockholders’/members’ equity (deficit), and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2021 Form 10-K. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, which include, but are not limited to, equity-based compensation, inventory valuation, income taxes, defined severance benefits, and revenue recognition. Actual results could differ materially from those estimates. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates become more challenging, and actual results could differ materially from these estimates. Segment Information On March 2, 2022, the Company announced that it revised its reportable segments to reflect the way the Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources. The change led to the following two operating and reportable segments: Product Commerce and Developing Offerings. Refer to Note 14 — "Segment Reporting" for further discussion. Fulfillment Center Fire In June 2021, a fire extensively damaged the Company’s Deokpyeong fulfillment center (the “FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site. Inventory and property and equipment losses from the FC Fire of $158 million and $127 million were recognized in “Cost of sales” and “Operating, general and administrative,” respectively, during the second quarter of 2021. The Company is insured on property losses from the FC Fire, however, whether and to what extent the Company may recover insurance proceeds on these losses is currently unknown, and as such, no insurance recoveries have been recognized. During the second quarter of 2021, the Company also incurred or accrued for other costs directly related to the FC Fire of $11 million. The FC Fire resulted in an increase to our net loss of $296 million for the three and six months ended June 30, 2021. Concentration of Credit Risk Cash and cash equivalents and restricted cash are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions that management believes are of high credit quality, of which 68% and 77% were held at two and four financial institutions as of June 30, 2022 and December 31, 2021, respectively. Recent Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40).” The standard reduces the number of models used to account for convertible instruments, amends diluted earnings per share (“EPS”) calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. The ASU is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. We adopted this ASU effective January 1, 2022. The adoption of the ASU did not have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” ASU 2021-08 requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 (Revenue from Contracts with Customers). The ASU will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The ASU is effective on a prospective basis for public companies for fiscal years beginning after December 15, 2022 . We early adopted this ASU effective January 1, 2022. The adoption of the ASU did not have a material impact on our condensed consolidated financial statements.

Net Revenues

Net Revenues	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Net Revenues	Net Revenues Details of total net revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net retail sales $ 4,481,165 $ 3,994,506 $ 9,037,272 $ 7,801,549 Third-party merchant services 475,553 430,231 966,900 781,165 Other revenue 81,103 53,377 150,335 102,260 Total net revenues $ 5,037,821 $ 4,478,114 $ 10,154,507 $ 8,684,974 This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from online product sales to consumers. Third-party merchant services represent commissions, advertising, and delivery fees earned from merchants and restaurants that sell their products through the Company’s online business. Other revenue includes revenue earned from our various other offerings. Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in deferred revenue on the condensed consolidated balance sheets. The Company recognized revenue of $84 million and $60 million for the six months ended June 30, 2022 and 2021, respectively, which were included in deferred revenue on the consolidated balance sheets as of December 31, 2021 and 2020, respectively. Revenue recognized from customer loyalty program liabilities as of December 31, 2021 and 2020 were not material for the six months ended June 30, 2022 and 2021, respectively.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Supplemental Financial Information	Supplemental Financial Information Property and Equipment, net The following summarizes the Company’s property and equipment, net: (in thousands) June 30, 2022 December 31, 2021 Land $ 133,012 $ 140,786 Buildings 295,798 320,059 Equipment and furniture 583,476 551,304 Leasehold improvements 421,995 340,468 Vehicles 140,399 168,585 Software 24,028 34,582 Construction in progress 319,094 200,735 Property and equipment, gross 1,917,802 1,756,519 Less: Accumulated depreciation and amortization (446,789) (408,988) Property and equipment, net $ 1,471,013 $ 1,347,531 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on the Company’s defined severance benefits. As of June 30, 2022 and December 31, 2021, the ending balance in accumulated other comprehensive loss related to foreign currency translation adjustments was $35 million and $36 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(46) million and $(84) million, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases The Company is obligated under operating leases primarily for vehicles, equipment, warehouses, and facilities that expire over the next eleven years. These leases generally contain renewal options. Because the Company is not reasonably certain to exercise these renewal options, or the renewal options are not solely within the Company’s discretion, the options are not considered in determining the lease term, and the associated potential option payments are excluded from expected minimum lease payments. The Company’s leases generally do not include termination options for either party or restrictive financial or other covenants. The components of operating lease cost were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 104,446 $ 84,355 $ 206,544 $ 159,752 Variable and short-term lease cost 9,434 7,907 19,562 16,889 Total operating lease cost $ 113,880 $ 92,262 $ 226,106 $ 176,641 Supplemental disclosure of cash flow information related to leases were as follows: Six Months Ended June 30, (in thousands) 2022 2021 Cash paid for the amount used to measure the operating lease liabilities $ 177,322 $ 128,892 Operating lease assets obtained in exchange for lease obligations $ 291,370 $ 358,204 Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations $ 32,334 $ 27,278 The assumptions used to value leases for the periods presented were as follows: June 30, 2022 December 31, 2021 Operating leases weighted-average remaining lease term 5.9 years 5.8 years Operating leases weighted-average discount rate 6.47 % 6.17 % As of June 30, 2022, the Company had entered into operating leases that have not commenced with future minimum lease payments of $440 million, that have not been recognized on the Company's condensed consolidated balance sheets. These leases have non-cancellable lease terms of 2 to 11 years.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP established a hierarchy framework to classify the fair value based on the observability of significant inputs to the measurement. The levels of the fair value hierarchy are as follows: Level 1: Observable inputs such as quoted prices in an active market for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities. Level 3: Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. The following table summarizes the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis: June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 3,107,535 $ — $ — $ 3,107,535 Restricted cash Time deposit 100,036 — — 100,036 Money market trust 63,432 — — 63,432 Long-term restricted cash Time deposit 1,151 — — 1,151 Total financial assets $ 3,272,154 $ — $ — $ 3,272,154 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 3,487,708 $ — $ — $ 3,487,708 Restricted cash Time deposit 250,839 — — 250,839 Money market trust 68,961 — — 68,961 Long-term restricted cash Time deposit 2,839 — — 2,839 Total financial assets $ 3,810,347 $ — $ — $ 3,810,347 Cash and cash equivalents includes bank deposits, money market trusts and time deposits. The carrying amounts of our cash equivalents approximate their fair values, which are based on Level 1 assumptions.

Short-term Borrowings and Long-

Short-term Borrowings and Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Short-term Borrowings and Long-Term Debt	Short-term Borrowings and Long-term Debt The Company’s short-term borrowings generally include lines of credit or one-year term loan facilities with financial institutions to be utilized for general operating purposes. There were $48 million and $8 million of borrowings outstanding under these facilities as of June 30, 2022 and December 31, 2021, respectively. Details of carrying amounts of long-term debt were as follows: (in thousands) June 30, 2022 December 31, 2021 Maturity Date Interest rate (%) Borrowing Limit February 2024 (1) (4) $ 1,000,000 $ — $ — July 2022 - April 2025 (2) 2.65 – 4.80 20,291 7,741 20,952 October 2023 - March 2027 (3) 2.87 – 5.95 795,732 597,419 605,229 Total principal long-term debt $ 1,816,023 $ 605,160 $ 626,181 Less: current portion of long-term debt (6,108) (341,717) Less: unamortized discounts (3,495) (1,274) Total long-term debt $ 595,557 $ 283,190 _____________ (1) Relates to the Company’s 2021 revolving credit facility. (2) The Company entered into various loan agreements with fixed interest rates for general operating purposes. (3) At June 30, 2022, we had pledged up to $955 million of land and buildings as collateral against term loan facilities. (4) Borrowings under the 2021 revolving credit facility bear interest, at the Company’s option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%. In March 2022, the Company entered into a new five-year loan agreement to borrow $309 million, which was partially used to extinguish the $149 million August 2020 term loan facility which matured in March 2022 and to finance infrastructure of a fulfillment center. The Company pledged up to $371 million of certain existing land and a building as collateral. The loan bears interest at a fixed rate of 4.26%. The Company was in compliance with the covenants for each of its borrowings and debt agreements as of June 30, 2022. The Company’s long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on the Company’s current interest rate for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of June 30, 2022 and December 31, 2021 due primarily to the interest rates approximating market interest rates.

Convertible Notes and Derivativ

Convertible Notes and Derivative Instrument	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Convertible Notes and Derivative Instrument	Convertible Notes and Derivative Instrument From February 23, 2018 to May 16, 2018, the Company issued convertible notes in an aggregate principal amount of $502 million (total proceeds of $507 million, which included a total net funding premium at issuance), the majority of which were purchased by existing unitholders of the Company’s preferred units, with a maturity equal to the earlier of (a) the fourth anniversary from the first issuance date, (b) the consummation of a liquidity event, or (c) upon an event of default, as defined in the LLC Agreement. In connection with the Company’s initial public offering (“IPO”) in March 2021, the principal balance and the accrued interest on the convertible notes were automatically converted into 171,750,446 shares of the Company’s Class A common stock. The convertible notes had an annual effective interest rate of 16.99%. The Company recorded interest expense from its convertible notes for the six months ended June 30, 2021 of $20 million, consisting of $15 million of contractual interest expense and $5 million of debt discount amortization. The convertible notes contained embedded derivatives that allowed or required the holders of the convertible notes to convert them into a variable number of the Company’s equity securities for a value equal to a significant premium over the then principal and accrued interest balance. These embedded derivatives were bifurcated and accounted for separately as a single, compound derivative instrument. The convertible notes did not convert to common shares based on this embedded feature, rather they converted based on a price calculated by dividing $6.3 billion with the number of common equity securities, on an as-converted and as-exercised basis, outstanding on the closing of the IPO. Following the convertible notes conversion to shares of Class A common stock, the embedded derivatives no longer exist.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The following summarizes the Company’s minimum contractual commitments as of June 30, 2022: (in thousands) Unconditional purchase obligations (unrecognized) Long-term debt (including interest) Operating leases Total Remainder of 2022 $ 91,933 $ 12,967 $ 193,866 $ 298,766 2023 183,134 93,788 377,523 654,445 2024 148,490 198,560 339,567 686,617 2025 126,880 15,014 282,110 424,004 2026 33,805 58,244 214,143 306,192 Thereafter 116,598 312,634 520,207 949,439 Total undiscounted payments $ 700,840 $ 691,207 $ 1,927,416 $ 3,319,463 Less: lease imputed interest (356,524) Total lease commitments $ 1,570,892 Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. These contractual commitments primarily relate to technology related service contracts, fulfillment center construction contracts and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date. Effective July 2022, the Company expanded and extended an existing service arrangement which increased the service period by two years and increased the non-cancellable commitment from $450 million to $1 billion. The Company is committed to spend a minimum of $150 million per year, which is consistent with current spend levels. If such agreement had not been amended, the remaining non-cancellable commitment as of June 30, 2022, would have been $270 million. Legal Matters From time to time, the Company may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. The Company assesses the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, the Company considers other relevant factors that could impact its ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. The Company's reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of currently pending legal matters will not have a material adverse effect on its business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit)	Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) Immediately prior to effectiveness of the Company’s IPO registration statement on Form S-1, Coupang, LLC, a Delaware limited liability company, converted into a Delaware corporation pursuant to a statutory conversion, which changed the Company’s name to Coupang, Inc. (“Corporate Conversion”). Prior to the Corporate Conversion, the Company’s Limited Liability Company Agreement (“LLC Agreement”), as amended and restated on April 11, 2019, authorized the issuance of 1,448,632,049 preferred units, which were convertible into the same number of common voting units issued upon conversion of the preferred units, as well as the issuance of 264,166,544 common units. Pursuant to the Corporate Conversion and IPO: • 1,196,605,432 preferred units and 85,579,584 common units (which include 22,443,220 PIUs), in each case, automatically converted into an equal number of shares of Class A common stock, except with respect to a conversion adjustment which reduced the outstanding common units designated as PIUs by 75,862 common units, and excluding any such preferred units and common units (including any PIUs) held by Mr. Bom Kim; and • 132,859,550 preferred units held by Mr. Kim and 43,143,440 common units (all of which were designated as PIUs) held by Mr. Kim, in each case, converted into an equal number of shares of Class B common stock. On March 15, 2021, the Company completed its IPO, in which it issued and sold 100,000,000 shares of its Class A common stock at a price of $35.00 per share. The Company received net proceeds of approximately $3.4 billion from its IPO after deducting underwriting discounts of $69 million and other offering costs. Also, the owner of our Class B common stock converted 1,200,000 shares of Class B common stock into Class A common stock, which were sold in the IPO. Holders of vested PIUs had similar rights to those of common unit holders. The PIUs (with the exception of those granted to the Company’s Chief Executive Officer, which convert into an equal number of shares of Class B common stock) convert to shares of Class A common stock at a ratio based on the excess of the per common unit value of the Company at the time of a Corporate Conversion over the per common unit value designated at the grant date of the PIUs (the participation threshold), as specified in the underlying award agreements. All outstanding PIUs automatically converted into 22,367,358 shares of Class A common stock and 43,143,440 shares of Class B common stock at the time of the Corporate Conversion.

Equity-based Compensation Plans

Equity-based Compensation Plans	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-based Compensation Plans	Equity-based Compensation Plans The 2021 Equity Compensation Plan (the “2021 Plan”) provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other equity-based awards (or the cash equivalent thereof). The number of shares of the Company’s Class A common stock reserved for issuance under the 2021 Plan will be increased on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. Pursuant to the 2021 Plan, effective January 1, 2022, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2021 plan increased by 87,710,132 shares, or 5% of the total number of shares of the Company’s capital stock outstanding as of December 31, 2021. Following the increase, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2021 Plan is 302,813,864 shares RSUs The Company had previously granted restricted equity units under the 2011 Plan, which vest upon the satisfaction of both a service-based condition and a performance-based condition. In connection with the Company’s Corporate Conversion and IPO, the outstanding awards were converted into RSUs. For the RSUs with the performance condition satisfied upon the completion of the Company’s IPO, the Company recorded $41 million in equity-based compensation expense for the six months ended June 30, 2021, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized equity-based compensation expense related to these awards are recorded over the remaining requisite service period. RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date. As of June 30, 2022, the Company had $637 million of unamortized compensation costs related to all unvested RSU awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.7 years, net of estimated forfeitures. The table below summarizes RSU activity for the six months ended June 30, 2022 is as follows: Outstanding RSUs (in thousands, except unit price) Number of RSUs Weighted Average Grant- December 31, 2021 23,511 $ 23.80 Granted 3,816 $ 23.35 Vested (2,708) $ 24.21 Forfeited / cancelled (1,149) $ 27.78 March 31, 2022 23,470 $ 23.48 Granted 18,761 $ 15.88 Vested (2,028) $ 24.07 Forfeited / cancelled (1,766) $ 24.89 June 30, 2022 38,437 $ 19.68 Equity-based Compensation Expense The following table presents the effects of equity-based compensation in the condensed consolidated statements of operations and comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of sales $ 3,887 $ 2,744 $ 7,872 $ 4,353 Operating, general and administrative 69,029 47,602 120,637 132,959 Total equity-based compensation expense $ 72,916 $ 50,346 $ 128,509 $ 137,312

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision, or benefit, from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where the Company anticipates incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. The Company’s resulting effective tax rate differs from the applicable statutory rate, primarily due to the valuation allowance against its deferred tax assets. The Company is subject to income taxation through certain of its subsidiaries predominantly in the United States, China, South Korea, and throughout other Asian countries. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. The impacts of uncertain tax positions are recognized only after determining a more-likely-than-not probability that the uncertain tax positions will not withstand challenge, if any, from the relevant taxing authorities. The Company did not have any material uncertain tax positions as of June 30, 2022 and 2021.

Defined Severance Benefits

Defined Severance Benefits	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Defined Severance Benefits	Defined Severance BenefitsDefined severance benefits are for employees of the Company’s Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees of the Korean subsidiaries receive defined benefits as severance payments upon leaving the Company based on employment length and pay rate. The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Current service costs $ 37,689 $ 32,224 $ 76,656 $ 62,779 Interest expense 1,627 591 3,331 1,185 Amortization of: Prior service credit 866 23 1,772 46 Net actuarial loss 2,772 918 5,677 2,018 Net periodic benefit costs charged to expense $ 42,954 $ 33,756 $ 87,436 $ 66,028

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. As the liquidation and dividend rights are identical, the undistributed earnings or loss are allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net loss per share attributable to common stockholders are therefore the same for Class A and Class B common stock on both an individual and a combined basis. Basic net loss per share is computed using the weighted-average number of shares of Class A and Class B common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of Class A and Class B common stock and potentially dilutive Class A and Class B potential common shares outstanding during the period. The Company's basic and diluted net loss per share are the same because the Company has generated a net loss to common stockholders. Immediately prior to the IPO, the Company completed the Corporate Conversion. The Corporate Conversion resulted in a change of equity interests from common units to shares of common stock, but no change in relative shareholder rights, rank, or value before and after this reorganization transaction. As such, the Corporate Conversion of common units was considered equivalent to a stock split and requires retrospective treatment for net loss per share purposes. All share and per share information has been retroactively adjusted to reflect the Corporate Conversion for all periods presented. PIUs outstanding prior to the Corporate Conversion were considered compensatory arrangements that were settled with shares of Class A or Class B common stock at the time of the Corporate Conversion and have been included as outstanding shares subsequent to that date. Similarly, any preferred units that were converted in accordance with their terms into shares of Class A or Class B common stock at the time of the Corporate Conversion have also been included as outstanding shares subsequent to that date. The following table presents the calculation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator: Net loss $ (75,491) $ (518,601) $ (284,785) $ (813,634) Denominator: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 1,763,264 1,743,109 1,760,019 1,092,626 Net loss attributable to Class A and Class B common stockholders per share, basic and diluted $ (0.04) $ (0.30) $ (0.16) $ (0.74) Equity compensation awards of 21.5 million shares and 47.8 million shares for the three months ended June 30, 2022 and 2021, respectively, and 25.2 million shares and 54.0 million shares for the six months ended June 30, 2022 and 2021, respectively, are excluded from the computation of basic and diluted net loss per share attributable to Class A and Class B common stockholders as their effect would have been anti-dilutive.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company’s CODM is its Chief Executive Officer. On March 2, 2022, the Company announced that it revised its reportable segments to reflect the way the Company manages its business and to promote improved visibility to its business performance. The change led to the following two operating and reportable segments: Product Commerce and Developing Offerings. These segments are based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance. Prior to this change, we operated in one operating and one reportable segment. Product Commerce - primarily includes core retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea and from commissions earned from merchants that sell products through the Company’s mobile application and website. Developing Offerings - primarily includes more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service, Coupang Play, our online content streaming services, fintech, certain international initiatives, as well as advertising products associated with these offerings. Revenues from Developing Offerings are primarily generated from online restaurant ordering and delivery services provided on the Company’s mobile applications and websites. Our segment operating performance measure is segment adjusted EBITDA. Segment adjusted EBITDA is defined as loss before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations. We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, the Company does not report asset information by segment. Results of operations for the reportable segments and reconciliation to loss before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net revenues Product Commerce $ 4,877,531 $ 4,332,725 $ 9,813,584 $ 8,430,376 Developing Offerings 160,290 145,389 340,923 254,598 Total net revenues $ 5,037,821 $ 4,478,114 $ 10,154,507 $ 8,684,974 Segment adjusted EBITDA Product Commerce $ 97,840 $ (47,873) $ 100,717 $ (117,162) Developing Offerings (31,668) (74,274) (125,417) (137,951) Total segment adjusted EBITDA $ 66,172 $ (122,147) $ (24,700) $ (255,113) Reconciling items: Depreciation and amortization $ (60,399) $ (46,942) $ (119,639) $ (94,326) Equity-based compensation (72,916) (50,346) (128,509) (137,312) Interest expense (6,143) (5,848) (13,511) (30,671) Interest income 7,364 1,907 10,898 2,847 Other (expense) income, net (9,229) 373 (8,739) (3,453) Fulfillment center fire losses — (295,501) — (295,501) Loss before income taxes $ (75,151) $ (518,504) $ (284,200) $ (813,529)

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Principles of Consolidation	The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations and comprehensive loss, and redeemable convertible preferred units and stockholders’/members’ equity (deficit), and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2021 Form 10-K.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, which include, but are not limited to, equity-based compensation, inventory valuation, income taxes, defined severance benefits, and revenue recognition. Actual results could differ materially from those estimates. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates become more challenging, and actual results could differ materially from these estimates.
Segment Information	Segment Information On March 2, 2022, the Company announced that it revised its reportable segments to reflect the way the Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources. The change led to the following two operating and reportable segments: Product Commerce and Developing Offerings. Refer to Note 14 — "Segment Reporting" for further discussion.
Concentration of Credit Risk	Concentration of Credit Risk Cash and cash equivalents and restricted cash are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions that management believes are of high credit quality, of which 68% and 77% were held at two and four financial institutions as of June 30, 2022 and December 31, 2021, respectively.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40).” The standard reduces the number of models used to account for convertible instruments, amends diluted earnings per share (“EPS”) calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. The ASU is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. We adopted this ASU effective January 1, 2022. The adoption of the ASU did not have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” ASU 2021-08 requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 (Revenue from Contracts with Customers). The ASU will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The ASU is effective on a prospective basis for public companies for fiscal years beginning after December 15, 2022 . We early adopted this ASU effective January 1, 2022. The adoption of the ASU did not have a material impact on our condensed consolidated financial statements.

Net Revenues (Tables)

Net Revenues (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of Revenue	Details of total net revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net retail sales $ 4,481,165 $ 3,994,506 $ 9,037,272 $ 7,801,549 Third-party merchant services 475,553 430,231 966,900 781,165 Other revenue 81,103 53,377 150,335 102,260 Total net revenues $ 5,037,821 $ 4,478,114 $ 10,154,507 $ 8,684,974

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Property and Equipment	The following summarizes the Company’s property and equipment, net: (in thousands) June 30, 2022 December 31, 2021 Land $ 133,012 $ 140,786 Buildings 295,798 320,059 Equipment and furniture 583,476 551,304 Leasehold improvements 421,995 340,468 Vehicles 140,399 168,585 Software 24,028 34,582 Construction in progress 319,094 200,735 Property and equipment, gross 1,917,802 1,756,519 Less: Accumulated depreciation and amortization (446,789) (408,988) Property and equipment, net $ 1,471,013 $ 1,347,531

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of Lease Impacts	The components of operating lease cost were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 104,446 $ 84,355 $ 206,544 $ 159,752 Variable and short-term lease cost 9,434 7,907 19,562 16,889 Total operating lease cost $ 113,880 $ 92,262 $ 226,106 $ 176,641 Supplemental disclosure of cash flow information related to leases were as follows: Six Months Ended June 30, (in thousands) 2022 2021 Cash paid for the amount used to measure the operating lease liabilities $ 177,322 $ 128,892 Operating lease assets obtained in exchange for lease obligations $ 291,370 $ 358,204 Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations $ 32,334 $ 27,278 The assumptions used to value leases for the periods presented were as follows: June 30, 2022 December 31, 2021 Operating leases weighted-average remaining lease term 5.9 years 5.8 years Operating leases weighted-average discount rate 6.47 % 6.17 %

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis	The following table summarizes the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis: June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 3,107,535 $ — $ — $ 3,107,535 Restricted cash Time deposit 100,036 — — 100,036 Money market trust 63,432 — — 63,432 Long-term restricted cash Time deposit 1,151 — — 1,151 Total financial assets $ 3,272,154 $ — $ — $ 3,272,154 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 3,487,708 $ — $ — $ 3,487,708 Restricted cash Time deposit 250,839 — — 250,839 Money market trust 68,961 — — 68,961 Long-term restricted cash Time deposit 2,839 — — 2,839 Total financial assets $ 3,810,347 $ — $ — $ 3,810,347

Short-term Borrowings and Lon_2

Short-term Borrowings and Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Details of carrying amounts of long-term debt were as follows: (in thousands) June 30, 2022 December 31, 2021 Maturity Date Interest rate (%) Borrowing Limit February 2024 (1) (4) $ 1,000,000 $ — $ — July 2022 - April 2025 (2) 2.65 – 4.80 20,291 7,741 20,952 October 2023 - March 2027 (3) 2.87 – 5.95 795,732 597,419 605,229 Total principal long-term debt $ 1,816,023 $ 605,160 $ 626,181 Less: current portion of long-term debt (6,108) (341,717) Less: unamortized discounts (3,495) (1,274) Total long-term debt $ 595,557 $ 283,190 _____________ (1) Relates to the Company’s 2021 revolving credit facility. (2) The Company entered into various loan agreements with fixed interest rates for general operating purposes. (3) At June 30, 2022, we had pledged up to $955 million of land and buildings as collateral against term loan facilities. (4) Borrowings under the 2021 revolving credit facility bear interest, at the Company’s option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum contractual commitments	The following summarizes the Company’s minimum contractual commitments as of June 30, 2022: (in thousands) Unconditional purchase obligations (unrecognized) Long-term debt (including interest) Operating leases Total Remainder of 2022 $ 91,933 $ 12,967 $ 193,866 $ 298,766 2023 183,134 93,788 377,523 654,445 2024 148,490 198,560 339,567 686,617 2025 126,880 15,014 282,110 424,004 2026 33,805 58,244 214,143 306,192 Thereafter 116,598 312,634 520,207 949,439 Total undiscounted payments $ 700,840 $ 691,207 $ 1,927,416 $ 3,319,463 Less: lease imputed interest (356,524) Total lease commitments $ 1,570,892

Equity-based Compensation Pla_2

Equity-based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of RSU Activity	The table below summarizes RSU activity for the six months ended June 30, 2022 is as follows: Outstanding RSUs (in thousands, except unit price) Number of RSUs Weighted Average Grant- December 31, 2021 23,511 $ 23.80 Granted 3,816 $ 23.35 Vested (2,708) $ 24.21 Forfeited / cancelled (1,149) $ 27.78 March 31, 2022 23,470 $ 23.48 Granted 18,761 $ 15.88 Vested (2,028) $ 24.07 Forfeited / cancelled (1,766) $ 24.89 June 30, 2022 38,437 $ 19.68
Schedule of Equity-Based Compensation	The following table presents the effects of equity-based compensation in the condensed consolidated statements of operations and comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of sales $ 3,887 $ 2,744 $ 7,872 $ 4,353 Operating, general and administrative 69,029 47,602 120,637 132,959 Total equity-based compensation expense $ 72,916 $ 50,346 $ 128,509 $ 137,312

Defined Severance Benefits (Tab

Defined Severance Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit costs	The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Current service costs $ 37,689 $ 32,224 $ 76,656 $ 62,779 Interest expense 1,627 591 3,331 1,185 Amortization of: Prior service credit 866 23 1,772 46 Net actuarial loss 2,772 918 5,677 2,018 Net periodic benefit costs charged to expense $ 42,954 $ 33,756 $ 87,436 $ 66,028

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share/Common Unit	The following table presents the calculation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator: Net loss $ (75,491) $ (518,601) $ (284,785) $ (813,634) Denominator: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 1,763,264 1,743,109 1,760,019 1,092,626 Net loss attributable to Class A and Class B common stockholders per share, basic and diluted $ (0.04) $ (0.30) $ (0.16) $ (0.74)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Results of operations for the reportable segments and reconciliation to loss before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net revenues Product Commerce $ 4,877,531 $ 4,332,725 $ 9,813,584 $ 8,430,376 Developing Offerings 160,290 145,389 340,923 254,598 Total net revenues $ 5,037,821 $ 4,478,114 $ 10,154,507 $ 8,684,974 Segment adjusted EBITDA Product Commerce $ 97,840 $ (47,873) $ 100,717 $ (117,162) Developing Offerings (31,668) (74,274) (125,417) (137,951) Total segment adjusted EBITDA $ 66,172 $ (122,147) $ (24,700) $ (255,113) Reconciling items: Depreciation and amortization $ (60,399) $ (46,942) $ (119,639) $ (94,326) Equity-based compensation (72,916) (50,346) (128,509) (137,312) Interest expense (6,143) (5,848) (13,511) (30,671) Interest income 7,364 1,907 10,898 2,847 Other (expense) income, net (9,229) 373 (8,739) (3,453) Fulfillment center fire losses — (295,501) — (295,501) Loss before income taxes $ (75,151) $ (518,504) $ (284,200) $ (813,529)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
	Mar. 01, 2022 segment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 segment	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Number of reportable segments | segment	1		2
Number of operating segments | segment	1		2
Inventory and fixed asset losses due to fulfillment center fire				$ 0	$ 284,825
Fire
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Increase in net loss due to fulfillment center fire		$ 296,000			296,000
Cost of sales | Fire
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Inventory and fixed asset losses due to fulfillment center fire		158,000
Operating, general and administrative | Fire
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Inventory and fixed asset losses due to fulfillment center fire		127,000
Liability for catastrophe claims		$ 11,000			$ 11,000
Two Financial Institutions | Cash and Cash Equivalents | Financial Institutions
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage				68%
Four Financial Institutions | Cash and Cash Equivalents | Financial Institutions
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage						77%

Net Revenues (Details)

Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total net revenues	$ 5,037,821	$ 4,478,114	$ 10,154,507	$ 8,684,974
Deferred revenue recognized in period			84,000	60,000
Net retail sales
Disaggregation of Revenue [Line Items]
Total net revenues	4,481,165	3,994,506	9,037,272	7,801,549
Third-party merchant services
Disaggregation of Revenue [Line Items]
Total net revenues	475,553	430,231	966,900	781,165
Other revenue
Disaggregation of Revenue [Line Items]
Total net revenues	$ 81,103	$ 53,377	$ 150,335	$ 102,260

Supplemental Financial Inform_3

Supplemental Financial Information - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,917,802	$ 1,756,519
Less: Accumulated depreciation and amortization	(446,789)	(408,988)
Property and equipment, net	1,471,013	1,347,531
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	133,012	140,786
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	295,798	320,059
Equipment and furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	583,476	551,304
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	421,995	340,468
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	140,399	168,585
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	24,028	34,582
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 319,094	$ 200,735

Supplemental Financial Inform_4

Supplemental Financial Information - Accumulated OCI (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity Attributable to Parent	$ 2,068,096	$ 2,037,261	$ 2,175,957	$ 2,802,629	$ 3,275,125	$ (4,068,862)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity Attributable to Parent	35,000		36,000
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity Attributable to Parent	$ (46,000)		$ (84,000)

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	11 years
Lessee, operating lease, lease not yet commenced, undiscounted amount	$ 440
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	11 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost and Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 104,446	$ 84,355	$ 206,544	$ 159,752
Variable and short-term lease cost	9,434	7,907	19,562	16,889
Total operating lease cost	$ 113,880	$ 92,262	$ 226,106	$ 176,641

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Supplemental disclosure of cash-flow information:
Cash paid for the amount used to measure the operating lease liabilities	$ 177,322	$ 128,892
Operating lease assets obtained in exchange for lease obligations	291,370	358,204
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations	$ 32,334	$ 27,278
Weighted Average Remaining Lease Term [Abstract]
Operating leases weighted-average remaining lease term	5 years 10 months 24 days		5 years 9 months 18 days
Operating leases weighted-average discount rate	6.47%		6.17%

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Financial Assets and Liabilities at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial assets:
Cash and cash equivalents	$ 3,107,535	$ 3,487,708
Total financial assets	3,272,154	3,810,347
Level 1
Financial assets:
Cash and cash equivalents	3,107,535	3,487,708
Total financial assets	3,272,154	3,810,347
Level 2
Financial assets:
Cash and cash equivalents	0	0
Total financial assets	0	0
Level 3
Financial assets:
Cash and cash equivalents	0	0
Total financial assets	0	0
Money market trust
Financial assets:
Restricted cash	63,432	68,961
Money market trust | Level 1
Financial assets:
Restricted cash	63,432	68,961
Money market trust | Level 2
Financial assets:
Restricted cash	0	0
Money market trust | Level 3
Financial assets:
Restricted cash	0	0
Time deposit
Financial assets:
Restricted cash	100,036	250,839
Long-term restricted cash	1,151	2,839
Time deposit | Level 1
Financial assets:
Restricted cash	100,036	250,839
Long-term restricted cash	1,151	2,839
Time deposit | Level 2
Financial assets:
Restricted cash	0	0
Long-term restricted cash	0	0
Time deposit | Level 3
Financial assets:
Restricted cash	0	0
Long-term restricted cash	$ 0	$ 0

Short-Term Borrowings and Lon_3

Short-Term Borrowings and Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Short-term borrowings		$ 47,551	$ 7,811
Borrowing Limit		1,816,023
Property and equipment, net		1,471,013	1,347,531
Asset Pledged as Collateral without Right | Land and Building
Debt Instrument [Line Items]
Property and equipment, net		955,000
Line of credit | Line of Credit, Maturing March 2022 Thru November 2026
Debt Instrument [Line Items]
Extinguishment of outstanding principal	$ 149,000
USD 330m | Loans payable
Debt Instrument [Line Items]
Debt instrument term	5 years
Borrowing Limit	$ 309,000
Interest rate (%)	4.26%
USD 330m | Loans payable | Asset Pledged as Collateral without Right | Land and Building
Debt Instrument [Line Items]
Property and equipment, net	$ 371,000
Line of credit
Debt Instrument [Line Items]
Short-term borrowings		$ 48,000	$ 8,000

Short-term Borrowings and Lon_4

Short-term Borrowings and Long-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowing Limit	$ 1,816,023
Total principal long-term debt	605,160	$ 626,181
Current portion of long-term debt	(6,108)	(341,717)
Less: unamortized discounts	(3,495)	(1,274)
Total	595,557	283,190
Property and equipment, net	1,471,013	1,347,531
Asset Pledged as Collateral without Right | Land and Building
Debt Instrument [Line Items]
Property and equipment, net	955,000
Line of credit | February 2024
Debt Instrument [Line Items]
Borrowing Limit	1,000,000
Total principal long-term debt	$ 0	0
Line of credit | February 2024 | Federal funds rate or composite overnight bank borrowings rate
Debt Instrument [Line Items]
Variable interest rate	0.50%
Line of credit | February 2024 | Adjusted LIBOR
Debt Instrument [Line Items]
Variable interest rate	1%
Line of credit | February 2024 | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1%
Loans payable | July 2022 - April 2025
Debt Instrument [Line Items]
Borrowing Limit	$ 20,291
Total principal long-term debt	7,741	20,952
Loans payable | October 2023 - March 2027
Debt Instrument [Line Items]
Borrowing Limit	795,732
Total principal long-term debt	$ 597,419	$ 605,229
Minimum | Loans payable | July 2022 - April 2025
Debt Instrument [Line Items]
Interest rate (%)	2.65%
Minimum | Loans payable | October 2023 - March 2027
Debt Instrument [Line Items]
Interest rate (%)	2.87%
Maximum | Loans payable | July 2022 - April 2025
Debt Instrument [Line Items]
Interest rate (%)	4.80%
Maximum | Loans payable | October 2023 - March 2027
Debt Instrument [Line Items]
Interest rate (%)	5.95%

Convertible Notes and Derivat_2

Convertible Notes and Derivative Instrument (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2021	May 16, 2018	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Principal amount			$ 1,816,023
Proceeds from debt			403,436	$ 115,408
Convertible notes
Debt Instrument [Line Items]
Principal amount		$ 502,000
Proceeds from debt		$ 507,000
Converted instrument, shares issued (in shares)	171,750,446
Effective interest rate				16.99%
Interest expense				$ 20,000
Interest expense, excluding amortization				15,000
Amortization of debt discount				$ 5,000
Convertible debt, equity fair value used to determine conversion			$ 6,300,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of minimum contractual commitments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Unconditional purchase obligations (unrecognized)
Remainder of 2022	$ 91,933
2023	183,134
2024	148,490
2025	126,880
2026	33,805
Thereafter	116,598
Total undiscounted payments	700,840
Long-term debt (including interest)
Remainder of 2022	12,967
2023	93,788
2024	198,560
2025	15,014
2026	58,244
Thereafter	312,634
Total undiscounted payments	691,207
Operating leases
Remainder of 2022	193,866
2023	377,523
2024	339,567
2025	282,110
2026	214,143
Thereafter	520,207
Total undiscounted payments	1,927,416
Less: lease imputed interest	(356,524)
Total lease commitments	1,570,892
Total
Remainder of 2022	298,766
2023	654,445
2024	686,617
2025	424,004
2026	306,192
Thereafter	949,439
Total undiscounted payments	$ 3,319,463

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Jun. 30, 2022
Other Commitments [Line Items]
Total undiscounted payments		$ 700,840
Technology related service contracts
Other Commitments [Line Items]
Total undiscounted payments		450,000
Technology related service contracts | Pro-forma
Other Commitments [Line Items]
Total undiscounted payments		$ 270,000
Technology related service contracts, including two-year extension
Other Commitments [Line Items]
Total undiscounted payments	$ 1,000,000
Recorded unconditional purchase obligation	150,000

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 15, 2021	Mar. 31, 2021	Apr. 11, 2019
Class of Stock [Line Items]
Redeemable convertible preferred units authorized (in shares)			1,448,632,049
Common units authorized (in shares)			264,166,544
Chief Executive Officer
Class of Stock [Line Items]
Conversion of redeemable convertible preferred units (in shares)	132,859,550
Common Units
Class of Stock [Line Items]
Conversion of common units into Class A and Class B common stock (in shares)		128,723,000
Common Units | PIUs
Class of Stock [Line Items]
Conversion of stock, conversion discount (in shares)	(75,862)
Common class A
Class of Stock [Line Items]
Conversion of redeemable convertible preferred units (in shares)	1,196,605,432
Common class A | IPO
Class of Stock [Line Items]
Shares converted (in shares)	1,200,000
Sale of stock, number of shares issued in transaction (in shares)	100,000,000
Sale of stock, price per share (in usd per share)	$ 35
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts	$ 3,400
Payments for underwriting discounts	$ 69
Common class A | PIUs
Class of Stock [Line Items]
Shares converted (in shares)	22,367,358
Common class A | Common Units
Class of Stock [Line Items]
Conversion of common units into Class A and Class B common stock (in shares)	85,579,584
Common class A | Common Units | PIUs
Class of Stock [Line Items]
Shares converted (in shares)	22,443,220
Common class B | IPO
Class of Stock [Line Items]
Shares converted (in shares)	(1,200,000)
Common class B | PIUs | Chief Executive Officer
Class of Stock [Line Items]
Conversion of common units into Class A and Class B common stock (in shares)	43,143,440

Equity-based Compensation Pla_3

Equity-based Compensation Plans - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock	5%
Equity-based compensation expense		$ 72,916	$ 50,346	$ 128,509	$ 137,312
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense					$ 41,000
Unamortized compensation expense		$ 637,000		$ 637,000
Unamortized compensation expense, period for recognition				2 years 8 months 12 days
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				2 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Common class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized	87,710,132
Maximum number of shares to be issued (in shares)	302,813,864

Equity-based Compensation Pla_4

Equity-based Compensation Plans - RSU Activity (Details) - RSUs - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
RSU outstanding, beginning balance (in shares)	23,470,000	23,511,000
Granted (in shares)	18,761,000	3,816,000
Vested (in shares)	(2,028,000)	(2,708,000)
Forfeited / canceled (in shares)	(1,766,000)	(1,149,000)
RSU outstanding, ending balance (in shares)	38,437,000	23,470,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value of RSU at beginning period (in usd per share)	$ 23.48	$ 23.80
Weighted-average grant date fair value, granted (in usd per share)	15.88	23.35
Weighted-average grant date fair value, vested (in usd per share)	24.07	24.21
Weighted-average grant date fair value, forfeited/cancelled (in usd per share)	24.89	27.78
Weighted average grant date fair value of RSU at ending period (in usd per share)	$ 19.68	$ 23.48

Equity-based Compensation Pla_5

Equity-based Compensation Plans - Schedule of Equity Based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 72,916	$ 50,346	$ 128,509	$ 137,312
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	3,887	2,744	7,872	4,353
Operating, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 69,029	$ 47,602	$ 120,637	$ 132,959

Defined Severance Benefits (Det

Defined Severance Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Current service costs	$ 37,689	$ 32,224	$ 76,656	$ 62,779
Interest expense	1,627	591	3,331	1,185
Amortization of:
Prior service credit	866	23	1,772	46
Net actuarial loss	2,772	918	5,677	2,018
Net periodic benefit costs charged to expense	$ 42,954	$ 33,756	$ 87,436	$ 66,028

Net Loss per Share - Calculatio

Net Loss per Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (75,491)	$ (209,294)	$ (518,601)	$ (295,033)	$ (284,785)	$ (813,634)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	1,763,264		1,743,109		1,760,019	1,092,626
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	1,763,264		1,743,109		1,760,019	1,092,626
Earnings Per Share, Basic [Abstract]
Net loss attributable to Class A and Class B common stockholders per share, basic (in dollars per share)	$ (0.04)		$ (0.30)		$ (0.16)	$ (0.74)
Earnings Per Share, Diluted [Abstract]
Net loss attributable to Class A and Class B common stockholders per share, diluted (in dollars per share)	$ (0.04)		$ (0.30)		$ (0.16)	$ (0.74)

Net Loss per Share - Narrative

Net Loss per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	21.5	47.8	25.2	54

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment		4 Months Ended
	Mar. 01, 2022	Jun. 30, 2022
Segment Reporting [Abstract]
Number of operating segments	1	2
Number of reportable segments	1	2

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net revenues	$ 5,037,821	$ 4,478,114	$ 10,154,507	$ 8,684,974
Total segment adjusted EBITDA	66,172	(122,147)	(24,700)	(255,113)
Reconciling items:
Equity-based compensation	(72,916)	(50,346)	(128,509)	(137,312)
Interest expense	(6,143)	(5,848)	(13,511)	(30,671)
Interest income	7,364	1,907	10,898	2,847
Other (expense) income, net	(9,229)	373	(8,739)	(3,453)
Loss before income taxes	(75,151)	(518,504)	(284,200)	(813,529)
Operating segments | Product Commerce
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net revenues	4,877,531	4,332,725	9,813,584	8,430,376
Total segment adjusted EBITDA	97,840	(47,873)	100,717	(117,162)
Operating segments | Developing Offerings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net revenues	160,290	145,389	340,923	254,598
Total segment adjusted EBITDA	(31,668)	(74,274)	(125,417)	(137,951)
Segment reconciling items
Reconciling items:
Depreciation and amortization	(60,399)	(46,942)	(119,639)	(94,326)
Equity-based compensation	(72,916)	(50,346)	(128,509)	(137,312)
Interest expense	(6,143)	(5,848)	(13,511)	(30,671)
Interest income	7,364	1,907	10,898	2,847
Other (expense) income, net	(9,229)	373	(8,739)	(3,453)
Fulfillment center fire losses	$ 0	$ (295,501)	$ 0	$ (295,501)