CPNG - Earnings call transcript Q2 2022

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Operator

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator like President the of I'd Mike over Parker, Vice Investor to now call turn to And Relations.

You may begin your conference.

Mike Parker

to everyone second Anand. XX, CEO, Bom Welcome call, The call today be to of not operator. to made including forward-looking and responses Founder law. your or obligation quarterly the today’s undertake Inc.’s Thanks and only. our discussion, earnings joined for management's by on the I'm as our questions, statements. quarter information, following views XXXX. on this June do date We Kim; by any ended pleased to required Coupang, include conference except update CFO, Gaurav revise reflects today's as call statements Certain

on statements. refer the with most materially. about may You should Actual in with in statements. uncertainties and on not results May these to well the as XXXX, earnings place XX-Q Please release, risks as forward-looking and could which differ quarterly factors report our SEC, Form the described results materially forward-looking differ recent cause our undue from SEC today's on filed to XX, actual made for filings other information reliance

present and both we financial measures. non-GAAP call, today's During will GAAP

subject these unaudited reminder, numbers As a and to may are be change.

regarding to website Investor most the Bom. turn our non-GAAP SEC company's which And non-GAAP comparable Additional filings, over in the of disclosures earnings ir.aboutcoupang.com. the these Relations and release measures, posted now, GAAP to call included measures reconciliations including our measures, are at are I’ll on

Bom Kim

joining Thanks, us everyone, for today.

some our operating with quarter from results. Let begin highlights me second

$XXX entire million business, of EBITDA adjusted $XXX million million an and year-over-year. of improvement an the for quarter-over-quarter achieved we First, $XX

year-over-year. basis and profit $X.X a billion gross improvement fire net in XXX quarter-over-quarter Second, point XX.X% of representing and the improvement we recorded gross margin, basis-point XXX

spend overall to in to short, XX% to and In XXXX, three constant fast overall the quarter-over-quarter for just basis. and in exceed we In segment year-over-year currency X% e-commerce continues cohorts projected compound active grew of segment constant by billion grew our revenues business multiples currency $XXX X% customer a Korea. on continue of revenue and the sales. a is the per e-commerce Third, years, quarter-over-quarter, at rate, XX% that grow year-over-year customer at and short

we’ve We’ll video remain shipping, for of While our scale, richer to is significant and and discounts, largest customers. opportunity QX become our record small We in to free we always the portion the our million year in to WOW our members XX% grown to soon by growth what exclusive by strive a customer in is e-commerce focus. increased make And content relentless world. powered $XXX expected prices a alone. free experiences lower for last Rocket our investments over third

offer A and to XX% XX% prices customers. categories the our study to we providing Coupang selling to average addition by unmatched compared continue surveyed. recent advantage levels, In across the top major have items competitors KPMG a to to for price found service delivery best to

broke of like Developing Product from of of performance provide results core million Offerings Now, Eats a which time representing and visibility segment business, in $XXX investment captured and of year-over-year. our million adjusted on generated individual the segment, nascent our QX, our in million segments. International. the EBITDA, $XX e-commerce the underlying Commerce separate $XX few into out our Fresh as To details offerings initiatives Commerce QX, improvement operating quarter-over-quarter for the Product more In a we first and an

On results fire. by headwinds, margin strong gross see in were of these Despite we’ve made inflationary including net results highlighted just automation, that growth, in bps contrast, supply we excited scaling driven offerings, optimization, improvements percent Product X% dramatic and to grew year-over-year the of quarter, Commerce, broader chain Product grew quarter-over-quarter and segment ahead. revenues bps consistent EBITDA is Product Commerce e-commerce positive XXX the won’t infrastructure, QX advertising. profit about margin-accretive technology, profitability product year-over-year, levers in or with Commerce of currency of and business. on continued improvement and progress we’re adjusted constant the our we from X% investments benefits basis. quarter-over-quarter each XXX We recorded We at in that a year-over-year in a X% QX: be Korea and of ongoing believe In XX% the but glimpse zero the as long-term the in potential quarter-over-quarter. The rate significant

has growth quarter product gone is and Increasing we’ve offerings e-commerce engagement more customer accelerating across our record. new public, since exception, Our and setting share increased a every this flywheel. quarter of no was adoption

purchase ahead. infrastructure. not fresh fresh highlighting same QX, everything in this generates evident above Customers offerings ordering Nowhere the standalone far the years in and largest Fresh online of selection the is run more make or any our opportunity delivered in offering to online. of $X offering what online the from the that still same-day the in three orders in Fresh years more, logistics and our value is free that orders fresh back just full economies difficult a of non-fresh an Fresh provide offers millions we for believe match Customers fresh retailer of because its the What’s $XX. annual checkout offering. And is shipping via we significant to vast in dawn orders or items convenience both can We both proposition customers deliver the than at single After for scale The the offline market. Fresh best of and are just their on that full any Fresh for potential. love combined believe on of market, a only we’re Active non-Fresh experience, scale retailer stands any the delivery of in grocer along grocer billion, rate did operation, we nearly have majority with

for to by speed progress XP Logistics allows Rocket customers & of and offering growth. unlock for our offline the convenience delivery encouraged Coupang, share whom of SKUs, of Fulfillment and us offering services potentially of small of for which of with FLC, Rocket of limited retailers. infrastructure value to merchants, Delivery with to or the also many promises businesses and allows millions merchants to thousands of our Rocket are it growth and hundreds additional leverage shelves The We’re access by the

than As value in both services for XP small come. of years FLC FLC end and unleash were benefiting of from enterprises, has less the the the over million in and the exponential medium provided XX% merchants the sales. of customers with to merchants or $X.X potential SMEs, to by small QX,

and us further in allows Customers completely deliveries, most the eliminate the for Another the most emissions. changes sustainable trips in milk plastic in bottles to pick That investment for one Fresh, eco-bags in one-time all savings of effort packaging We alone they left also trees two to We’ve and we’re of as days to deliveries. the eliminate of in make packaging and of create invested old waste box and carbon gone XX% our porch our efforts convenience but even reduce that especially products empty our our the saves our virtually infrastructure complete a us significant a estimate step proud over for of on up more on eco-bags. take delivery. of trucks reusable We Styrofoam and has Fresh of box only Fresh leave offset reuse, Rocket and our in number equivalent fleet, and process to bottle waste majority their XXXX, unmatched to footprint delivering reduction deliver our deliveries, X packaging of customers. save not leading is these the delivery like milk to allowed of our will which environment. the million the existing orders to

sustainable as serve business on a and good victories small in hand practices innovation, hand. Our this that smart reminder go can powerful front

Now, our post-COVID we due currency the our slowdown decline call. delivery on driven has X% in declined Korea. XX% offering. food last in primarily quarter, as is been priority in this also Revenues basis, quarter-over-quarter but Eats online Offerings: revenue on not mentioned by in Developing part past constant in increased The Growth to the a our quarter-over-quarter segment year-over-year,

in includes for Adjusted EBITDA expansion. position improvements that be Eats promising be e-commerce improvement million initiatives will to spend and key the to Eats phase in continues also of was in quarter-over-quarter. efficiency. beyond structural this offering, enhancements next including improve optimization us customer current focus Offerings experience of on operating our Eats outside additional losses primary segment The making Offerings more our Developing $XX segment. Our customer our Developing target efficient in that decreased driver in efforts

beyond Coupang have investments video, potential XXXX. international and Specifically, by billion the for forecasted sales in the expand in to TAM $XXX fintech, e-commerce the

business, tenets, which execute with invest the after do to our challenges employ I team, iterate operating few Gaurav we And Two, represent As tradeoffs compromise cash and to flow these focused to will five, that create customers easy. during new start hard I together work continue long-term of we Despite thank to and shared that drive customer publicly customers. in deliver take operational capital unprecedented year: refused in even flows we their growth Three, investments, one cash with we honored on our an customers shortly IPO the customer up and team amazing and of give the our to last times come. leverage moments from easy imagining and first cash are backwards and wow disciplined in recent It to to continue granted. challenge in we of discipline, we for strong over test excited closing, history. flows. to a and to all our and customers keeping and to for the years, and technology, for opportunities innovation, more prioritize amazing to been years even small the relentlessly on start required dedication wow We significant our parts over we execution looks customer with the most executing of what break rigorously. for We have and we’re work have such experience employees capital work delight drive the and experience, our the will deliver in jawdropping customer of One, with we last other. excellence. to invest for Four, embrace operating don’t on We tradeoffs In operational time. best moments of tradeoff time exist some would to then want trying experiences, always in scale tenets, long-term teams we economies between experiences and allocators. to greater are make potential. choose process

to review detail. financials Gaurav to Now, I'll over the in turn the call more

Gaurav Anand

Bom. Thanks,

demand Our the continues remain in to seen re-opening post-COVID here impacts despite Korea. strong,

Our XX% grew net total constant Quarter-over-quarter in basis, grew or minus constant or basis on revenue a reported reported X.X% we XX% X.X% year-over-year a currency. currency. in on

Our grew quarter-over-quarter year-over-year, Active Customers declined by X%. X% but

Product in part While our overall in quarter-over-quarter, delivery Active Active of Customers to Commerce food in contraction a both Eats due the Customers COVID online quarter-over-quarter restrictions. year-over-year the in declined, loosening segment XX% increased offering after and minus

fire net with As our per of a XX% currency in quarter continue billion, Bom excluding to as our noted, another we year-over-year constant FC on XX% services. customer, engagement improvement, impact QX record continue year-over-year their or the profit basis, $X.X to deepen the XXXX. XX% with active increasing representing our of see customers growth in strong gross marked revenue

$XXX total scaling first a Our including benefits drivers supply for technology, earlier in advertising. the that improvement. that a million quarter-over-quarter improvement infrastructure, continuation profit automation, improvement is as chain we XX.X%, And QX in follows the $XXX the bps QX. we investment for in positive a margin-accretive reached of million $XX public EBITDA adjusted represents million company, was a This saw quarter. year: quarter-over-quarter company, improvement from This and in the a with prior this gross offerings, for time optimization, quarter-over-quarter margin adjusted EBITDA XXX

year business. our disciplined losses the we’ve driven Over $XXX the XXXX. a we across over our reflection to million, adjusted full We beginning year improvement the execution of quarters, be provided of total $XXX million guidance at below two expected a of that past for EBITDA

are guidance achieve now adjusted that EBITDA raising full the positive to We year. for

quarter-to-quarter quarters, profitability able a two have improvement going the While cadence achieve encouraged uneven and the forward efforts, due seasonality in ramp to optimization by of we of will last other in variances that are over among been the factors. to rate be investments, some and bit impacts we sequencing

market after this growth beginning the forecasting of reopening revenue As challenging. remains we of COVID, stated the at year year, the the with

this revenue segment. proposition However, significant We than growing overall the e-commerce as continue position confident date, ready expansion, as our to results of believe In our Overall, potential Bom leverage. to noted, we that XX% light of convinced to generate pleased more we increase our greater are the we as performance to faster continue begin with we our margins. or will operating well now adjusted Korean are our EBITDA X% Q&A. we of will long-term are and value ever are significantly that than the trend Operator, customer drive quarter. to

Operator

[Operator Instructions] Stanley of question line with comes first Your from the JPMorgan. Yang

Stanley Yang

great congratulations. questions. two the and have Thanks I results for

potential by when than product? the fulfillment growth and on margin incrementally cash actually, next your the Delivery growth e-commerce my second second expectation other your the dramatic, growth your outlook driver see flow positive? of next and adjusted XP deceleration is year? you question First Delivery? accretive? your partner you by the this plan Do utilization? market improvement my year question improvement been the of volume Jet million. strengthen the quarter, turning any as what's Jet follow in you Delivery service, expect Q-o-Q do on question of for you the EBITDA capacity have has -- to the this wake more and Jet And down EBITDA And break year, In is What's or the US$XXX do segment Can the this free take-up

Bom Kim

you thank questions. Hi, Stanley, for the

optimization came continued of from The drivers were of programs which improvements improvement growth and most the launched in main drivers we offerings the mentioned that various supply XXXX. of also continuous And last on of chain quarter adjusted first impact and infrastructure, improvement. EBITDA So technology, like many before the the advertising. were automation,

are is the business, year seeing and now. hard I It's clear more really the to becoming some through now what where problems our worked that faced obscured we that unprecedented period more pressure which is how hard to and pandemic strength COVID think of hopefully underlying the clearly. during are last team of the to overstate we get

initiatives have are efforts higher fuel ahead. growth from to we've But benefits continue services. will of margin rate the pressures improved consistent improvement greater operational And unevenly. excellence, and materialize scale, of also inflation, not some economies stressed, as do result underway, higher-margin will We the expect of come from of to improvement the targeting we be operational significant as categories including There a costs. and

but course, in that in But Of targets -- operational our or on some long-term business higher the there focused and teams the confident generating we the EBITDA ability to of are are achieve disruptions should adjusted XX% overall highlight. efficiencies to to for long mitigate remain we it, term. short-term X% our

to continue FLC. in We invest our

belief very internal which the FLC lead to right we tremendous that early, value is by the both continue -- to are driven But there to technology processes. infrastructure and It's timeline be see meaningful but FLC macro for our to mentioned, from forward isn't you in growing and continuing sharing points, really merchants. and at trends. of that time. create reinforced time confidence look dictated scale and there data and a by As mostly still We and to our FLC It's Stanley, is a build iterate merchants, customers customers test and the has will positive our We're FLC, execution. more a our response run. long very driver growth margin will refine

Gaurav Anand

it, but continue it. we given on work to FCF have the not we of guidance Stanley question, on course, towards

Operator

Goldman comes Sachs. line Cha question next with from Eric the of Your

Eric Cha

results. And the the may. on I myself congrats two I set have great of if you Thank for questions, as well, opportunity.

Eats, the has question. so it if it been at a to actually, the plan gain also do FLC, well by what of your you impacted forward? question of first well? business idiosyncratic going slowdown in of another industry, the is to around bit around a question that but there unit My the as the obviously So I more economics rationalize second seems issue. plans That's market you But an share time, be on strategy. as on ways how to do And sort call issues same balance the

do XP What to acquire plan merchants motivate big how them to or the the migrate So you to would how coupons migrate XP current the to that? And impact FLC? players FLC do profitability? will

Bom Kim

building intent value to So many, well, broader growth merchants. is infrastructure -- Eric, expanding that and on scale. mentioned, merchants the tools with FLC, very our I and And selection market. as the testing, iterating, in share We're of we're products are our The Rocket we're that course, to and more value the still of by still here Rocket to the it's early. as for exponentially customers Delivery provided many generates the that

offerings the about and Eats more deliveries and QX, we the value Eats' it for significant excited generates in we ecosystem. customers in merchants. Rocket ecosystem expand affected improve to And create value the a that in we question sharing our customers we between negative it's of believe by of back the our focus year sector. can on important our improving forward a look mentioned saw proposition and as offering profitable on for quarter. operational to expand But to that it's right the and in And points. excited ecosystem And QX food we Eats in synergies overall value delivery other remain We're we about you're sharing efficiency term, we're this expansion. and in also potential. the early. long next towards with will value we in highlight due valuable Eats, On the before be I profitability So phase efficiencies other that But offerings exploring XX% for our both synergies customers think half very improvement to still XP merchants this that were quarter-over-quarter data your with very slowdown by

Operator

comes Your the line from Morgan Stanley. of next Seyon question with Park

Seyon Park

the for you opportunity. Thank

And were very I actually once think encouraging. time I results questions. again, asking yes, first think the it’s

you Given gross how of whether improvement would of the more foresee on going the to improvement? slope second the been focus half wondering the little through year? of more room question. make the Product Has the you those really on biggest these efficiency terms taken? difficult still on your a impact along do higher lines, -- a for you was investors' continue? in of that bit remaining kind key gains with a along fruit the bit seen the I much in quarters provide terms reason do a market of and still slowing two capacity, in the lot you that just low-hanging where margin you color can a the profit focus gains And margins, there say segment, That's for overall? Commerce particularly does utilization the delivery And Or of little I guess -- improvement inflation that could my utilization is there of think of the the is first for have

on the asked Coupang think Second direction given for I'd on to ask just Eats, other so already question, the Play. just like I have strategic analysts

you just a the of I was ways had Coupang this negative Just it's recently, content margins. -- see thinking other given of just some the of that's near-term investments that were in Coupang terms you over longer Play trying obviously, whether has and to But term? been service monetizing function the doing of

Bom Kim

Commerce with but parts me unpack there's margin the to Product improvement. there, many start with So the overall let

a bit I also touches little mentioned. a Stanley question, go deeper think that this maybe I on can

talk about infrastructure -- we one advantage We driven in segment improvements which the have benefits scale built that sense in margin were in, a and network the -- -- you in that we've we it the have of economies came advantages the structural when the the are other. driven category that

also in us and customers the provide on advantage structure to general of the within to combining Fresh, structural but only cost delivery allows and merchandise best shipping experience us our hours lowest example, provide with Fresh the low same for not infrastructure free enables and that prices. logistics So

with of higher-margin of reason. our are You'll concentrated scale, segments margin. -- that and margin continue for by offerings Much of across operational services greater to ahead see multiple that of in And and categories economies course, the of growth that higher is aided our economies generate services. expansion excellence is growth improved

the should over of believe also expansion our So acceleration drive we margin the well. as flywheel long-term

of we're X% over EBITDA the very to that more room So and long to XX% expansion remain margins our confident the ever long greater confident lot that than ability or margin -- term in achieve we a there's in the term. for

short as work short because And focused quarter team's higher that think We disruptions but mitigate positive However, ability to continue through continues that of in much past I of structural forward. like inflation, term, are them. other that going led on have mentioned, to to costs to making you our there this things. headwind term a the among we were impact, the net continue remain to fuel On remain Eats, improvements. we

with not investment our that operating the is the beyond to spend billion our of membership years. continue in Much Offerings we the there XXXX. on mentioned, we monetization TAM that the as us in to ecosystem, And in we -- Developing opportunity billion can believe an you we make opportunity over next across term, are those both creating is that in offerings front. efficiency capture we'll $XXX offerings in a in On you e-commerce exciting included Play we allow our again the way structural experience believe as principles. will three operating disciplined creating entire more invest and As in capture, in update both currently but long keeping to progress opportunity our as e-commerce in Play, enhance across initiatives well efficiency $XXX synergies expand

Operator

James Our next Mizuho Securities. Lee from comes with question

James Lee

two have here. I

trends curious I'm outperforming And EBITDA on shift discretionary on essential help demand by a question you're that what trend us items similar the First, on and pressure And services. seeing in due just also inflationary guidance. here. FY In product second in in 'XX to categories seeing so Korea? mix we're far XQ July? look understand the like to U.S., is

Now how million. Developing EBITDA about said lose you you think should we to Previously, about plan $XXX the Offering? for

your FY 'XX there what's curious thinking for Just now?

Bom Kim

grew first a basis year-over-year adoption earlier, as question, On customer we fast continues and strong currency we at your continues constant revenue XX% -- on Customers seeing our because noted Active many to per growth categories across are rate offerings. and compound spend a and

early are share we We very -- the in journey. of represent our And still we're overall only single-digit in the market. commerce

We customers fast into to newer exception their and categories spend continue want Customers all selection, that from prices we've categories. categories. find for our to to expand see truth. low older an And delivery yet

across growth broad seeing categories. we're So multiple

long And think I that fintech the in Developing in example, video continue to international, because expand yield continue long-term help mentioned, iterate short in the excited the long-term generate question. investment the first not that in test to in term. $XXX second over Offerings, question, spend as your ability invest, term opportunities and to we capture the we're investment. on and We're was that confident And and us may that to about we'll opportunity TAM your growth for million and I cash flows. do revenue the

be on disciplined that continue We to front.

James Lee

Great.

philosophy. I your if about investment can Bom, So more questions

to growth profitability you and And especially done efficient, Developing do have forward, to fact about and you a going right? back think of off becoming balancing need see What more indicators your need see job should double so do losses? we the to how Offering, really guys approach what you in great that to reduce investments? down continuously the in terms Given

Bom Kim

improvements couple should hope impact thing that created really -- thing and are many, earlier over a the XXXX were programs clear point driving these continuous I drove what year one many the improvements to lot was not to I in an seeing going programs challenges of is And started from how And and today And over that the sometimes impact, are is underlying over our before incredible quarter. calls, materializing COVID of tripled -- to while COVID had business last did -- business excellence. of are many the make this customer but operational we -- experience when forward that -- the past compromise underlying the these underlying continue had years our out as from only to one the of today were impact to much couple was of job of drive quarters I had numbers should the Many operations. One when I I in continue throughout of progress the you improvement that that -- we year. cannot obscured on team pandemic refused went mentioned XXXX quarters made presented and our we our it much -- in on -- not will this and structural we The unprecedented to years. overstate this strength.

hope we operational few results as misinterpret output a And I of hope And DNA. months. is we the our don't so of excellence a part that clear. that's And I these --

term. but have generation, flow are we don't, long that the drive a for tap yield -- we in And And lot confidence over when we we the we business meaningful potential we principles budget. that cash IPO, we same confirmed the and to see have the profits after our hypothesis that will approach shortly meaningful in We Offerings in iterate. our a impacts more long-term we and see of that year mentioned shared year we ago the As us invest test, disciplined. not we as more. Developing When in growth this to that's invest you'll

Operator

Lee America. Bank Your with of line next of from the question Susie comes

Susie Lee

quick two questions. have I

picture First, to and macro, big big really spending like I thoughts on would love trend. your get consumer

like worry consumer potential and about seems around inflation recession may to also budget it seem edge and decline. wallet lead a investors recent shrinking the So to world

the prudent behavior months, advertisers, have your And size that witnessed could if asked signals they first year and the would thing of in and like early advertising the of for customers possible, in chance, then be basket the products customers, more or think my even is August? this, year? or end in next help couple this declines? your past any to any about any of revenue you prefer towards in So So even Or the James also they that question. growth second the things you July or like advertisers, trend to latest delay the seem changes the the become understand seem I cheaper moderate us they

Bom Kim

overall -- scenario, but the is e-commerce are remains as grow sector. unpredictable across mentioned, continue can highlights forecast growth fast Active as happening And many to significantly That's compounding. in you we'll adoption we're revenue variables growth and noted and term I to strong Customer spend As we've very the customer in difficult see, the any categories that of because than there near how faster confident per offerings.

-- still we we are grow want to So advertising early are both fast. trajectories, on very But to far where be. continues we from

I growth. difficult general I we variables that think year making encouraged it to we'll refrain but a as this don't trend, And there's make long-term mentioned short-term we're general forecast. -- the from very So before, see just -- we'll short-term by, forecasts we on a think -- see we've trend very especially,

Operator

Peter question And the will now from of Deutsche Bank. we our take line Milliken last with

Peter Milliken

go pricing higher efficiency being through nice Really you COVID or talk about you higher see being attribute Great really coming this costs to positive quarter-on-quarter Would that so did item? about either even my profits. in through costs to Or pricing is, shift you out driven? question how more And improving per EBITDA margins mix results. that and much?

Bom Kim

no were price increases. There

for our alone. pricing are Our by customers WOW in $XXX XX% services and mentioned, as to policies free we we in increased members our exclusive discounts QX unchanged. benefits record investments in over fact, for a and And strategy, our in million implementation

not produced So in fast efforts richer And prices invest in efforts delivery we not the only the one ones not in and long to quarter. -- as new were by services offerings for we I've results -- the term, -- highlighted the and low benefits Developing but repeated, like experiences not and were continue and the in Offerings. results just these these in also were

by improvement continuous driven this preceded of optimization, programs supply process chain automation, -- that around many improvements Our infrastructure year. which were preceded technology,

towards those accelerate response in challenges, as been short-term broad-based resources single variable but of drove directed tied up to margin. that some have did that it's we improvement a in not resources previously pandemic-related more efforts this them, Now

Peter Milliken

Got it.

have have last the competitors maybe competitive I at a line, on us or that go over perhaps while the you views give on And space your year. to plan we seen into the your Okay. could We've of investment you least lot now?

any With you that slowdown, sign change? continuing do see of or the post-COVID

Bom Kim

of our can are I by our more at think any unaffected business core that that the so competition. point we drivers say in history,

all And history. our of we're more and where any and for by I than our in that's competition, customers spending And energy. ever to value, including unaffected focus of excellence. share customer point QX. deliver has customer time confident in than our more our quarter think at operational this and provide is relentless Our our innovation result e-commerce investments, acceleration increased every IPO, a past of growth to that product value since And the we're ability on so

Operator

conference And ladies and call. concludes this gentlemen, today's

You disconnect. now may

Coupang (CPNG) 10 Aug 222022 Q2 Earnings call transcript