– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
SEOUL, South Korea--(BUSINESS WIRE)--Coupang, Inc. (NYSE: CPNG) today announced financial results for its fourth quarter ended December 31, 2021.
“Our revenues are nearly three times what they were two years ago. Even at this scale, the spend of every single annual cohort—even our oldest from 2010—grew roughly 30% or more in 2021. This shows that we’re still far from our full potential,” said Bom Kim, Coupang founder and CEO. “It’s a testament to the groundbreaking customer experience we’ve pioneered over the years, from Dawn Delivery and Effortless Returns to Coupang Play. We’re excited to continue delivering innovations that customers find indispensable in their lives.”
“Following two years of record growth and expansion, we entered 2022 focused on driving efficiencies and improving operating leverage. These efforts are already paying off with Q1 gross margin on track to improve by over 250 basis points and expected to reach its highest level since COVID began,” added Coupang’s CFO, Gaurav Anand. “Top-line momentum also remains strong with constant-currency revenue growth in the low-30% range so far in Q1. We’re off to a strong start in 2022 and well positioned to build on this momentum as the year progresses.”
Operational Highlights
Fourth Quarter 2021 Financial Metrics
Fourth Quarter 2021 Results
|
Three Months Ended December 31, |
|
|
||||||
(in thousands, except net revenues per Active Customer) |
2021 |
|
2020 |
|
% Change |
||||
Total net revenues |
$ |
5,076,693 |
|
|
$ |
3,803,493 |
|
|
34% |
Total net revenues growth, constant currency(1) |
|
|
|
|
39% |
||||
Active Customers |
|
17,936 |
|
|
|
14,850 |
|
|
21% |
Total net revenues per Active Customer |
$ |
283 |
|
|
$ |
256 |
|
|
11% |
Gross profit |
$ |
805,601 |
|
|
$ |
649,252 |
|
|
24% |
Net loss |
$ |
(404,979 |
) |
|
$ |
(82,755 |
) |
|
NM(3) |
Adjusted EBITDA(1) |
$ |
(285,089 |
) |
|
$ |
(81,620 |
) |
|
NM(3) |
Full Year 2021 Results
|
Year Ended December 31, |
|
|
||||||
(in thousands) |
2021 |
|
2020 |
|
% Change |
||||
Total net revenues |
$ |
18,406,372 |
|
|
$ |
11,967,339 |
|
|
54% |
Total net revenues growth, constant currency(1) |
|
|
|
|
49% |
||||
Gross profit(2) |
$ |
2,951,128 |
|
|
$ |
1,986,237 |
|
|
49% |
Net loss(4) |
$ |
(1,542,590 |
) |
|
$ |
(463,157 |
) |
|
NM(3) |
Adjusted EBITDA(1) |
$ |
(747,636 |
) |
|
$ |
(357,144 |
) |
|
109% |
| _______________ | ||
(1) |
Total net revenues growth, constant currency and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” below for the reconciliation of the Non-GAAP measures with their comparable amounts prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
|
(2) |
Gross profit is calculated as total net revenues minus cost of sales, and for the year ended December 31, 2021 includes $158 million related to inventory losses from the FC Fire. |
|
(3) |
Non-meaningful. |
|
(4) |
Net loss for the year ended December 31, 2021 includes $296 million in losses recognized during the second quarter of 2021 related to the FC Fire. |
|
FC Fire: On June 17, 2021, a fire damaged one of the Company’s fulfillment centers in Deokpyeong, Icheon resulting in a loss to the property and equipment and inventory stored at the site. In the second quarter of 2021 and for full year 2021, inventory losses from the FC Fire of $158 million are recognized in “Cost of sales” and property and equipment losses of $127 million and other losses of $11 million are included in “Operating, general and administrative.” The Company is insured on property losses from the FC Fire; however, no insurance recoveries have been recognized. To the extent insurance proceeds are recovered for these losses, they will be recognized as a benefit in the future.
Updated Financial Reporting Structure
Starting in the first quarter of 2022, Coupang will implement a new financial reporting structure with two reportable segments:
Full Year 2022 Financial Guidance
_____________ |
1Product Commerce segment numbers are not audited and could be subject to change as we begin reporting during 2022. |
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss fourth quarter results on March 2, 2022 at 5:30 PM Eastern Standard Time (March 3, 2022 at 7:30 AM Korea Standard Time). A live webcast of the conference call will be available on our Investor Relations website, ir.aboutcoupang.com, and a replay of the conference call will be available for at least three months. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable U.S. GAAP measures, is also available on that site.
Coupang is one of the largest e-commerce companies in Asia, with a mission to revolutionize the everyday lives of its customers and create a world where people wonder, “How did we ever live without Coupang?” Coupang offers a variety of services, including same-day and next-morning delivery of groceries and general merchandise, delivery of prepared foods through Coupang Eats, and video streaming through Coupang Play. Coupang has offices in Beijing, Hong Kong, Los Angeles, Seattle, Seoul, Singapore, Shanghai, Silicon Valley, Taipei, and Tokyo.
COUPANG, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share/units) (unaudited) |
|||||||
|
December 31, |
||||||
|
2021 |
|
2020 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
3,487,708 |
|
|
$ |
1,251,455 |
|
Restricted cash |
|
319,800 |
|
|
|
144,949 |
|
Accounts receivable, net |
|
175,350 |
|
|
|
71,257 |
|
Inventories |
|
1,421,501 |
|
|
|
1,161,205 |
|
Other current assets |
|
232,447 |
|
|
|
211,848 |
|
Total current assets |
|
5,636,806 |
|
|
|
2,840,714 |
|
|
|
|
|
||||
Long-term restricted cash |
|
2,839 |
|
|
|
4,898 |
|
Property and equipment, net |
|
1,347,531 |
|
|
|
1,017,947 |
|
Operating lease right-of-use assets |
|
1,374,629 |
|
|
|
1,011,255 |
|
Goodwill |
|
9,739 |
|
|
|
4,247 |
|
Long-term lease deposits and other |
|
270,290 |
|
|
|
188,271 |
|
Total assets |
$ |
8,641,834 |
|
|
$ |
5,067,332 |
|
Liabilities, redeemable convertible preferred units and stockholders'/members’ equity (deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
3,442,720 |
|
|
$ |
2,907,918 |
|
Accrued expenses |
|
304,293 |
|
|
|
115,606 |
|
Deferred revenue |
|
93,972 |
|
|
|
65,259 |
|
Short-term borrowings |
|
7,811 |
|
|
|
156,678 |
|
Current portion of long-term debt |
|
341,717 |
|
|
|
67,576 |
|
Current portion of long-term operating lease obligations |
|
287,066 |
|
|
|
207,196 |
|
Other current liabilities |
|
266,709 |
|
|
|
212,477 |
|
Total current liabilities |
|
4,744,288 |
|
|
|
3,732,710 |
|
|
|
|
|
||||
Long-term debt |
|
283,190 |
|
|
|
353,342 |
|
Long-term operating lease obligations |
|
1,201,277 |
|
|
|
859,477 |
|
Convertible notes |
|
— |
|
|
|
589,851 |
|
Defined severance benefits and other |
|
237,122 |
|
|
|
135,203 |
|
Total liabilities |
|
6,465,877 |
|
|
|
5,670,583 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
Redeemable convertible preferred units no par value; no units authorized, issued or outstanding, and no liquidation preference as of December 31, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of $3,584,028 as of December 31, 2020 |
|
— |
|
|
|
3,465,611 |
|
Stockholders'/members’ equity (deficit) |
|
|
|
||||
Common units no par value; no units authorized, issued or outstanding as of December 31, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of December 31, 2020 |
|
— |
|
|
|
45,122 |
|
Class A common stock, $0.0001 par value, 10,000,000,000 shares authorized and 1,579,399,667 shares issued and outstanding as of December 31, 2021; Class B common stock, $0.0001 par value, 250,000,000 shares authorized and 174,802,990 shares issued and outstanding as of December 31, 2021; no shares of Class A and Class B common stock authorized, issued and outstanding as of December 31, 2020 |
|
175 |
|
|
|
— |
|
Additional paid-in capital |
|
7,874,038 |
|
|
|
25,036 |
|
Accumulated other comprehensive loss |
|
(47,739 |
) |
|
|
(31,093 |
) |
Accumulated deficit |
|
(5,650,517 |
) |
|
|
(4,107,927 |
) |
Total stockholders'/members' equity (deficit) |
|
2,175,957 |
|
|
|
(4,068,862 |
) |
Total liabilities, redeemable convertible preferred units and stockholders'/members' equity (deficit) |
$ |
8,641,834 |
|
|
$ |
5,067,332 |
|
COUPANG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net retail sales |
$ |
4,549,290 |
|
|
$ |
3,489,504 |
|
|
$ |
16,487,975 |
|
|
$ |
11,045,096 |
|
Net other revenue |
|
527,403 |
|
|
|
313,989 |
|
|
|
1,918,397 |
|
|
|
922,243 |
|
Total net revenues |
|
5,076,693 |
|
|
|
3,803,493 |
|
|
|
18,406,372 |
|
|
|
11,967,339 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
4,271,092 |
|
|
|
3,154,241 |
|
|
|
15,455,244 |
|
|
|
9,981,102 |
|
Operating, general and administrative |
|
1,202,199 |
|
|
|
780,154 |
|
|
|
4,445,090 |
|
|
|
2,502,231 |
|
Total operating cost and expenses |
|
5,473,291 |
|
|
|
3,934,395 |
|
|
|
19,900,334 |
|
|
|
12,483,333 |
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
(396,598 |
) |
|
|
(130,902 |
) |
|
|
(1,493,962 |
) |
|
|
(515,994 |
) |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
3,195 |
|
|
|
1,479 |
|
|
|
8,645 |
|
|
|
10,991 |
|
Interest expense |
|
(7,311 |
) |
|
|
(29,339 |
) |
|
|
(45,358 |
) |
|
|
(107,762 |
) |
Other (expense) income, net |
|
(3,434 |
) |
|
|
76,071 |
|
|
|
(10,913 |
) |
|
|
149,900 |
|
Loss before income taxes |
|
(404,148 |
) |
|
|
(82,691 |
) |
|
|
(1,541,588 |
) |
|
|
(462,865 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
831 |
|
|
|
64 |
|
|
|
1,002 |
|
|
|
292 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(404,979 |
) |
|
|
(82,755 |
) |
|
|
(1,542,590 |
) |
|
|
(463,157 |
) |
Less: premium on repurchase of redeemable convertible preferred units |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(92,734 |
) |
Net loss attributable to Class A and Class B common stockholders |
$ |
(404,979 |
) |
|
$ |
(82,755 |
) |
|
$ |
(1,542,590 |
) |
|
$ |
(555,891 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to Class A and Class B common stockholders per share, basic and diluted |
$ |
(0.23 |
) |
|
$ |
(2.38 |
) |
|
$ |
(1.08 |
) |
|
$ |
(19.16 |
) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted |
|
1,752,238 |
|
|
|
34,749 |
|
|
|
1,423,887 |
|
|
|
29,012 |
|
COUPANG, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
|
Year Ended December 31, |
||||||
|
2021 |
|
2020 |
||||
Operating activities: |
|
|
|
||||
Net loss |
$ |
(1,542,590 |
) |
|
$ |
(463,157 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
201,480 |
|
|
|
127,519 |
|
Provision for severance benefits |
|
128,214 |
|
|
|
71,328 |
|
Equity-based compensation |
|
249,345 |
|
|
|
31,331 |
|
Paid-in-kind interest and accretion of discount on convertible notes |
|
20,148 |
|
|
|
91,035 |
|
Revaluation of derivative instrument |
|
— |
|
|
|
(149,830 |
) |
Inventory and fixed asset losses due to fulfillment center fire |
|
284,825 |
|
|
|
— |
|
Non-cash operating lease expense |
|
258,965 |
|
|
|
154,739 |
|
Non-cash others |
|
57,978 |
|
|
|
55,176 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
(120,206 |
) |
|
|
(4,312 |
) |
Inventories |
|
(527,959 |
) |
|
|
(504,294 |
) |
Other assets |
|
(178,383 |
) |
|
|
(172,576 |
) |
Accounts payable |
|
728,488 |
|
|
|
1,065,850 |
|
Accrued expenses |
|
206,597 |
|
|
|
50,835 |
|
Deferred revenue |
|
14,024 |
|
|
|
31,887 |
|
Other liabilities |
|
(191,504 |
) |
|
|
(83,977 |
) |
Net cash (used in) provided by operating activities |
|
(410,578 |
) |
|
|
301,554 |
|
|
|
|
|
||||
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(673,663 |
) |
|
|
(484,630 |
) |
Proceeds from sale of property and equipment |
|
1,864 |
|
|
|
507 |
|
Other investing activities |
|
(3,726 |
) |
|
|
(36,531 |
) |
Net cash used in investing activities |
|
(675,525 |
) |
|
|
(520,654 |
) |
|
|
|
|
||||
Financing activities: |
|
|
|
||||
Repurchase of common units and preferred units |
|
— |
|
|
|
(97,043 |
) |
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts |
|
3,431,277 |
|
|
|
— |
|
Deferred offering costs paid |
|
(11,618 |
) |
|
|
— |
|
Proceeds from issuance of common stock/units, equity-based compensation plan |
|
62,281 |
|
|
|
28,613 |
|
Proceeds from short-term borrowings |
|
24,722 |
|
|
|
144,740 |
|
Proceeds from long-term debt, net of issuance costs |
|
408,932 |
|
|
|
142,170 |
|
Repayment of short-term borrowings |
|
(166,023 |
) |
|
|
(2,983 |
) |
Repayment of long-term debt |
|
(169,575 |
) |
|
|
(35,141 |
) |
Other financing activities |
|
(3,146 |
) |
|
|
(1,854 |
) |
Net cash provided by financing activities |
|
3,576,850 |
|
|
|
178,502 |
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash |
|
(81,702 |
) |
|
|
70,365 |
|
Net increase in cash and cash equivalents, and restricted cash |
|
2,409,045 |
|
|
|
29,767 |
|
Cash and cash equivalents, and restricted cash, as of beginning of period |
|
1,401,302 |
|
|
|
1,371,535 |
|
Cash and cash equivalents, and restricted cash, as of end of period |
$ |
3,810,347 |
|
|
$ |
1,401,302 |
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release and related management commentary contains statements or may include or may incorporate by reference Coupang management’s guidance regarding constant currency revenue growth, gross margin, total adjusted EBITDA loss and Product Commerce segment Adjusted EBITDA for the fiscal year ending December 31, 2022. Coupang believes such statements may be deemed to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act") and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Assumptions on which such forward-looking statements are based are also forward-looking statements. Such forward-looking statements are not statements of historical facts, but instead express our estimates or expectations for our consolidated, or one of our segment's or business’, economic performance or results of operations for future periods or as of future dates or events or developments that may occur in the future or discuss our plans, objectives or goals. Our actual results may differ materially from those expressed in or implied by any of these forward-looking statements as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors including: the continued growth of the e-commerce market, competition, financial performance, including the impact of the COVID-19 pandemic on our business and operations and our ability to forecast our performance due to our limited operating history and the COVID-19 pandemic, expansion into new markets and offerings, our ability to attract or retain suppliers, merchants and customers to our platform, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, and our brand and reputation.
Our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 11, 2021 and subsequent periodic reports filed with the SEC discuss other risks and factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statement in the release and related management commentary. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Coupang cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this release. Coupang undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Key Business Metrics and Non-GAAP Financial Measures
We review the key business and financial metrics discussed below. We use these measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.
Key Business Metrics
Active Customers
As of the last date of each reported period, we determine our number of Active Customers by counting the total number of individual customers who have ordered at least once directly from our apps or websites during the relevant period. A customer is anyone who has created an account on our apps or websites, identified by a unique email address. The change in Active Customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Active Customers as a key indicator of our potential for growth in total net revenues, the reach of our network, the awareness of our brand, and the engagement of our customers.
Total Net Revenues per Active Customer
Total net revenues per Active Customer is the total net revenues generated in a period divided by the total number of Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of Active Customers who are shopping on our apps or websites. We therefore view total net revenues per Active Customer as a key indicator of engagement and retention of our customers and our success in increasing the share of wallet.
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.
Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures. For further information regarding these non-GAAP measures, including the limitations thereof and reconciliations of each non-GAAP financial measure to its most directly comparable U.S. GAAP financial measure, please refer to the financial tables in the “Reconciliations of Non-GAAP Financial Measures” section of this report.
Adjusted EBITDA and Adjusted EBITDA Margin
During the first quarter of 2021, we began using adjusted EBITDA and adjusted EBITDA margin as non-GAAP financial measures. Adjusted EBITDA is defined as net income/(loss) for a period before depreciation and amortization, interest expense, interest income, income tax expense (benefit), other income (expense), net, equity-based compensation, impairments, and other items that we do not believe are reflective of our ongoing operations. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of total net revenues. We use adjusted EBITDA and adjusted EBITDA margin as key measures to evaluate and assess our performance, allocate internal resources, prepare and approve our annual budget, and develop operating plans. We believe adjusted EBITDA and adjusted EBITDA margin are frequently used by investors and other interested parties in evaluating companies in the e-commerce industry for period-to-period comparisons as they remove the impact of non-cash items and certain variable charges. However, other companies may calculate adjusted EBITDA and adjusted EBITDA margin in a manner different from ours and therefore they may not be directly comparable to similar terms used by other companies. Adjusted EBITDA and adjusted EBITDA margin are not measures of financial performance under U.S. GAAP and should not be considered as alternatives to cash flow from operating activities or as measures of liquidity or alternatives to net income/(loss) as indicators of operating performance or any other measures of performance derived in accordance with U.S. GAAP. Adjusted EBITDA and adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP.
Constant Currency Revenue and Constant Currency Revenue Growth
The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the U.S. dollar (“USD”) and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in Korean Won (“KRW”), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW. We use non-GAAP constant currency revenue and constant currency revenue growth for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations.
Constant currency information compares results between periods as if exchange rates had remained constant. We define constant currency revenue as total revenue excluding the effect of foreign exchange rate movements, and use it to determine the constant currency revenue growth on a comparative basis. Constant currency revenue is calculated by translating current period revenues using the prior period exchange rate. Constant currency revenue growth (as a percentage) is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates.
These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. GAAP. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not a measure of performance presented in accordance with U.S. GAAP.
Reconciliations of Non-GAAP Measures
The following tables present the reconciliations from each U.S. GAAP measure to its corresponding non-GAAP measure for the periods noted.
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Coupang’s results computed in accordance with GAAP.
Adjusted EBITDA and Adjusted EBITDA Margin
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Total net revenues |
$ |
5,076,693 |
|
|
$ |
3,803,493 |
|
|
$ |
18,406,372 |
|
|
$ |
11,967,339 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(404,979 |
) |
|
|
(82,755 |
) |
|
|
(1,542,590 |
) |
|
|
(463,157 |
) |
Net loss margin |
|
(8.0 |
)% |
|
|
(2.2 |
)% |
|
|
(8.4 |
)% |
|
|
(3.9 |
)% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization(1) |
|
55,614 |
|
|
|
41,968 |
|
|
|
201,480 |
|
|
|
127,519 |
|
Interest expense |
|
7,311 |
|
|
|
29,339 |
|
|
|
45,358 |
|
|
|
107,762 |
|
Interest income |
|
(3,195 |
) |
|
|
(1,479 |
) |
|
|
(8,645 |
) |
|
|
(10,991 |
) |
Income tax expense |
|
831 |
|
|
|
64 |
|
|
|
1,002 |
|
|
|
292 |
|
Other (income) expense, net |
|
3,434 |
|
|
|
(76,071 |
) |
|
|
10,913 |
|
|
|
(149,900 |
) |
Equity-based compensation(2) |
|
55,895 |
|
|
|
7,314 |
|
|
|
249,345 |
|
|
|
31,331 |
|
FC Fire losses |
|
— |
|
|
|
— |
|
|
|
295,501 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(285,089 |
) |
|
$ |
(81,620 |
) |
|
$ |
(747,636 |
) |
|
$ |
(357,144 |
) |
Adjusted EBITDA margin |
|
(5.6 |
)% |
|
|
(2.1 |
)% |
|
|
(4.1 |
)% |
|
|
(3.0 |
)% |
| _______________ | ||
| (1) | Depreciation and amortization includes amounts in cost of sales of $12 million and $11 million for the three months ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $44 million and $31 million for the three months ended December 31, 2021 and 2020, respectively. |
|
Depreciation and amortization includes amounts in cost of sales of $47 million and $30 million for the years ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $155 million and $98 million for the years ended December 31, 2021 and 2020, respectively. |
||
| (2) | Equity-based compensation includes amounts in cost of sales of $4 million and $0 million for the three months ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $52 million and $7 million for the three months ended December 31, 2021 and 2020, respectively. |
|
Equity-based compensation includes amounts in cost of sales of $11 million and $1 million for the years ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $238 million and $31 million for the years ended December 31, 2021 and 2020, respectively. Some amounts may not reconcile due to rounding. |
||
Constant Currency Revenue and Constant Currency Revenue Growth
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Total net revenues |
$ |
5,076,693 |
|
|
$ |
3,803,493 |
|
|
$ |
18,406,372 |
|
|
$ |
11,967,339 |
|
Total net revenues growth |
|
34 |
% |
|
|
100 |
% |
|
|
54 |
% |
|
|
91 |
% |
Adjustment: |
|
|
|
|
|
|
|
||||||||
Exchange rate effect |
|
218,333 |
|
|
|
(123,028 |
) |
|
|
(555,755 |
) |
|
|
147,840 |
|
Total net revenues, constant currency |
$ |
5,295,026 |
|
|
$ |
3,680,465 |
|
|
$ |
17,850,617 |
|
|
$ |
12,115,179 |
|
Total net revenues growth, constant currency |
|
39 |
% |
|
|
93 |
% |
|
|
49 |
% |
|
|
93 |
% |
СЕУЛ, Южная Корея – (BUSINESS WIRE) – Coupang, Inc. (NYSE: CPNG) сегодня объявила финансовые результаты за четвертый квартал, закончившийся 31 декабря 2021 года.
«Наши доходы почти в три раза больше, чем два года назад. Даже в этом масштабе расходы каждой годовой когорты — даже нашей самой старой из 2010 года — выросли примерно на 30% или более в 2021 году. Это показывает, что мы все еще далеки от своего полного потенциала», — сказал Бом Ким, основатель и генеральный директор Coupang. . «Это свидетельство новаторского опыта работы с клиентами, который мы стали пионерами на протяжении многих лет, от Dawn Delivery и Effortless Returns до Coupang Play. Мы рады продолжать предлагать инновации, которые клиенты считают незаменимыми в своей жизни».
«После двух лет рекордного роста и расширения мы вошли в 2022 год, сосредоточившись на повышении эффективности и улучшении операционного рычага. Эти усилия уже окупаются: валовая прибыль в первом квартале должна вырасти более чем на 250 базисных пунктов и, как ожидается, достигнет самого высокого уровня с начала пандемии», — добавил финансовый директор Coupang Гаурав Ананд. «Импульс выручки также остается сильным с ростом выручки в постоянной валюте в диапазоне низких 30% в первом квартале. Мы уверенно стартуем в 2022 году и располагаем хорошими возможностями для наращивания этого импульса в течение года».
Операционные особенности
Финансовые показатели за четвертый квартал 2021 г.
Итоги четвертого квартала 2021 года
|
Three Months Ended December 31, |
|
|
||||||
(in thousands, except net revenues per Active Customer) |
2021 |
|
2020 |
|
% Change |
||||
Total net revenues |
$ |
5,076,693 |
|
|
$ |
3,803,493 |
|
|
34% |
Total net revenues growth, constant currency(1) |
|
|
|
|
39% |
||||
Active Customers |
|
17,936 |
|
|
|
14,850 |
|
|
21% |
Total net revenues per Active Customer |
$ |
283 |
|
|
$ |
256 |
|
|
11% |
Gross profit |
$ |
805,601 |
|
|
$ |
649,252 |
|
|
24% |
Net loss |
$ |
(404,979 |
) |
|
$ |
(82,755 |
) |
|
NM(3) |
Adjusted EBITDA(1) |
$ |
(285,089 |
) |
|
$ |
(81,620 |
) |
|
NM(3) |
Итоги за весь 2021 год
|
Year Ended December 31, |
|
|
||||||
(in thousands) |
2021 |
|
2020 |
|
% Change |
||||
Total net revenues |
$ |
18,406,372 |
|
|
$ |
11,967,339 |
|
|
54% |
Total net revenues growth, constant currency(1) |
|
|
|
|
49% |
||||
Gross profit(2) |
$ |
2,951,128 |
|
|
$ |
1,986,237 |
|
|
49% |
Net loss(4) |
$ |
(1,542,590 |
) |
|
$ |
(463,157 |
) |
|
NM(3) |
Adjusted EBITDA(1) |
$ |
(747,636 |
) |
|
$ |
(357,144 |
) |
|
109% |
| _______________ | ||
(1) |
Total net revenues growth, constant currency and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” below for the reconciliation of the Non-GAAP measures with their comparable amounts prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
|
(2) |
Gross profit is calculated as total net revenues minus cost of sales, and for the year ended December 31, 2021 includes $158 million related to inventory losses from the FC Fire. |
|
(3) |
Non-meaningful. |
|
(4) |
Net loss for the year ended December 31, 2021 includes $296 million in losses recognized during the second quarter of 2021 related to the FC Fire. |
|
Пожар FC: 17 июня 2021 г. пожар повредил один из центров выполнения заказов компании в Деокпхёне, Ичхон, что привело к потере имущества, оборудования и инвентаря, хранившихся на объекте. Во втором квартале 2021 года и за весь 2021 год потери товарно-материальных запасов в результате пожара FC в размере 158 миллионов долларов США признаны в «Себестоимости продаж», а потери основных средств в размере 127 миллионов долларов США и прочие убытки в размере 11 миллионов долларов США включены в «Операционные, общие и административное». Компания застрахована от имущественных убытков от пожара ФК; однако никаких страховых возмещений не было. В той мере, в какой возмещены страховые поступления по этим убыткам, они будут признаваться в качестве прибыли в будущем.
Обновленная структура финансовой отчетности
Начиная с первого квартала 2022 года, Coupang будет внедрять новую структуру финансовой отчетности с двумя отчетными сегментами:
Финансовое руководство на весь 2022 год
_____________ |
1Product Commerce segment numbers are not audited and could be subject to change as we begin reporting during 2022. |
Интернет-трансляция и конференц-связь
Coupang, Inc. проведет телефонную конференцию для обсуждения результатов за четвертый квартал 2 марта 2022 г. в 17:30 по восточному поясному времени (3 марта 2022 г. в 7:30 по корейскому стандартному времени). Прямая веб-трансляция телефонной конференции будет доступна на нашем веб-сайте по связям с инвесторами ir.aboutcoupang.com, а запись телефонной конференции будет доступна не менее трех месяцев. Этот пресс-релиз, включая сверку некоторых показателей, не относящихся к GAAP, с их ближайшими сопоставимыми показателями GAAP США, также доступен на этом сайте.
Coupang — одна из крупнейших компаний электронной коммерции в Азии, миссия которой — революционизировать повседневную жизнь своих клиентов и создать мир, в котором люди задаются вопросом: «Как мы раньше жили без Coupang?» Coupang предлагает различные услуги, в том числе доставку продуктов и товаров общего назначения в тот же день и на следующее утро, доставку готовых блюд через Coupang Eats и потоковое видео через Coupang Play. Coupang имеет офисы в Пекине, Гонконге, Лос-Анджелесе, Сиэтле, Сеуле, Сингапуре, Шанхае, Силиконовой долине, Тайбэе и Токио.
Coupang, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share/units) (unaudited) |
|||||||
|
December 31, |
||||||
|
2021 |
|
2020 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
3,487,708 |
|
|
$ |
1,251,455 |
|
Restricted cash |
|
319,800 |
|
|
|
144,949 |
|
Accounts receivable, net |
|
175,350 |
|
|
|
71,257 |
|
Inventories |
|
1,421,501 |
|
|
|
1,161,205 |
|
Other current assets |
|
232,447 |
|
|
|
211,848 |
|
Total current assets |
|
5,636,806 |
|
|
|
2,840,714 |
|
|
|
|
|
||||
Long-term restricted cash |
|
2,839 |
|
|
|
4,898 |
|
Property and equipment, net |
|
1,347,531 |
|
|
|
1,017,947 |
|
Operating lease right-of-use assets |
|
1,374,629 |
|
|
|
1,011,255 |
|
Goodwill |
|
9,739 |
|
|
|
4,247 |
|
Long-term lease deposits and other |
|
270,290 |
|
|
|
188,271 |
|
Total assets |
$ |
8,641,834 |
|
|
$ |
5,067,332 |
|
Liabilities, redeemable convertible preferred units and stockholders'/members’ equity (deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
3,442,720 |
|
|
$ |
2,907,918 |
|
Accrued expenses |
|
304,293 |
|
|
|
115,606 |
|
Deferred revenue |
|
93,972 |
|
|
|
65,259 |
|
Short-term borrowings |
|
7,811 |
|
|
|
156,678 |
|
Current portion of long-term debt |
|
341,717 |
|
|
|
67,576 |
|
Current portion of long-term operating lease obligations |
|
287,066 |
|
|
|
207,196 |
|
Other current liabilities |
|
266,709 |
|
|
|
212,477 |
|
Total current liabilities |
|
4,744,288 |
|
|
|
3,732,710 |
|
|
|
|
|
||||
Long-term debt |
|
283,190 |
|
|
|
353,342 |
|
Long-term operating lease obligations |
|
1,201,277 |
|
|
|
859,477 |
|
Convertible notes |
|
— |
|
|
|
589,851 |
|
Defined severance benefits and other |
|
237,122 |
|
|
|
135,203 |
|
Total liabilities |
|
6,465,877 |
|
|
|
5,670,583 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
Redeemable convertible preferred units no par value; no units authorized, issued or outstanding, and no liquidation preference as of December 31, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of $3,584,028 as of December 31, 2020 |
|
— |
|
|
|
3,465,611 |
|
Stockholders'/members’ equity (deficit) |
|
|
|
||||
Common units no par value; no units authorized, issued or outstanding as of December 31, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of December 31, 2020 |
|
— |
|
|
|
45,122 |
|
Class A common stock, $0.0001 par value, 10,000,000,000 shares authorized and 1,579,399,667 shares issued and outstanding as of December 31, 2021; Class B common stock, $0.0001 par value, 250,000,000 shares authorized and 174,802,990 shares issued and outstanding as of December 31, 2021; no shares of Class A and Class B common stock authorized, issued and outstanding as of December 31, 2020 |
|
175 |
|
|
|
— |
|
Additional paid-in capital |
|
7,874,038 |
|
|
|
25,036 |
|
Accumulated other comprehensive loss |
|
(47,739 |
) |
|
|
(31,093 |
) |
Accumulated deficit |
|
(5,650,517 |
) |
|
|
(4,107,927 |
) |
Total stockholders'/members' equity (deficit) |
|
2,175,957 |
|
|
|
(4,068,862 |
) |
Total liabilities, redeemable convertible preferred units and stockholders'/members' equity (deficit) |
$ |
8,641,834 |
|
|
$ |
5,067,332 |
|
Coupang, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net retail sales |
$ |
4,549,290 |
|
|
$ |
3,489,504 |
|
|
$ |
16,487,975 |
|
|
$ |
11,045,096 |
|
Net other revenue |
|
527,403 |
|
|
|
313,989 |
|
|
|
1,918,397 |
|
|
|
922,243 |
|
Total net revenues |
|
5,076,693 |
|
|
|
3,803,493 |
|
|
|
18,406,372 |
|
|
|
11,967,339 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
4,271,092 |
|
|
|
3,154,241 |
|
|
|
15,455,244 |
|
|
|
9,981,102 |
|
Operating, general and administrative |
|
1,202,199 |
|
|
|
780,154 |
|
|
|
4,445,090 |
|
|
|
2,502,231 |
|
Total operating cost and expenses |
|
5,473,291 |
|
|
|
3,934,395 |
|
|
|
19,900,334 |
|
|
|
12,483,333 |
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
(396,598 |
) |
|
|
(130,902 |
) |
|
|
(1,493,962 |
) |
|
|
(515,994 |
) |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
3,195 |
|
|
|
1,479 |
|
|
|
8,645 |
|
|
|
10,991 |
|
Interest expense |
|
(7,311 |
) |
|
|
(29,339 |
) |
|
|
(45,358 |
) |
|
|
(107,762 |
) |
Other (expense) income, net |
|
(3,434 |
) |
|
|
76,071 |
|
|
|
(10,913 |
) |
|
|
149,900 |
|
Loss before income taxes |
|
(404,148 |
) |
|
|
(82,691 |
) |
|
|
(1,541,588 |
) |
|
|
(462,865 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
831 |
|
|
|
64 |
|
|
|
1,002 |
|
|
|
292 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(404,979 |
) |
|
|
(82,755 |
) |
|
|
(1,542,590 |
) |
|
|
(463,157 |
) |
Less: premium on repurchase of redeemable convertible preferred units |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(92,734 |
) |
Net loss attributable to Class A and Class B common stockholders |
$ |
(404,979 |
) |
|
$ |
(82,755 |
) |
|
$ |
(1,542,590 |
) |
|
$ |
(555,891 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to Class A and Class B common stockholders per share, basic and diluted |
$ |
(0.23 |
) |
|
$ |
(2.38 |
) |
|
$ |
(1.08 |
) |
|
$ |
(19.16 |
) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted |
|
1,752,238 |
|
|
|
34,749 |
|
|
|
1,423,887 |
|
|
|
29,012 |
|
Coupang, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
|
Year Ended December 31, |
||||||
|
2021 |
|
2020 |
||||
Operating activities: |
|
|
|
||||
Net loss |
$ |
(1,542,590 |
) |
|
$ |
(463,157 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
201,480 |
|
|
|
127,519 |
|
Provision for severance benefits |
|
128,214 |
|
|
|
71,328 |
|
Equity-based compensation |
|
249,345 |
|
|
|
31,331 |
|
Paid-in-kind interest and accretion of discount on convertible notes |
|
20,148 |
|
|
|
91,035 |
|
Revaluation of derivative instrument |
|
— |
|
|
|
(149,830 |
) |
Inventory and fixed asset losses due to fulfillment center fire |
|
284,825 |
|
|
|
— |
|
Non-cash operating lease expense |
|
258,965 |
|
|
|
154,739 |
|
Non-cash others |
|
57,978 |
|
|
|
55,176 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
(120,206 |
) |
|
|
(4,312 |
) |
Inventories |
|
(527,959 |
) |
|
|
(504,294 |
) |
Other assets |
|
(178,383 |
) |
|
|
(172,576 |
) |
Accounts payable |
|
728,488 |
|
|
|
1,065,850 |
|
Accrued expenses |
|
206,597 |
|
|
|
50,835 |
|
Deferred revenue |
|
14,024 |
|
|
|
31,887 |
|
Other liabilities |
|
(191,504 |
) |
|
|
(83,977 |
) |
Net cash (used in) provided by operating activities |
|
(410,578 |
) |
|
|
301,554 |
|
|
|
|
|
||||
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(673,663 |
) |
|
|
(484,630 |
) |
Proceeds from sale of property and equipment |
|
1,864 |
|
|
|
507 |
|
Other investing activities |
|
(3,726 |
) |
|
|
(36,531 |
) |
Net cash used in investing activities |
|
(675,525 |
) |
|
|
(520,654 |
) |
|
|
|
|
||||
Financing activities: |
|
|
|
||||
Repurchase of common units and preferred units |
|
— |
|
|
|
(97,043 |
) |
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts |
|
3,431,277 |
|
|
|
— |
|
Deferred offering costs paid |
|
(11,618 |
) |
|
|
— |
|
Proceeds from issuance of common stock/units, equity-based compensation plan |
|
62,281 |
|
|
|
28,613 |
|
Proceeds from short-term borrowings |
|
24,722 |
|
|
|
144,740 |
|
Proceeds from long-term debt, net of issuance costs |
|
408,932 |
|
|
|
142,170 |
|
Repayment of short-term borrowings |
|
(166,023 |
) |
|
|
(2,983 |
) |
Repayment of long-term debt |
|
(169,575 |
) |
|
|
(35,141 |
) |
Other financing activities |
|
(3,146 |
) |
|
|
(1,854 |
) |
Net cash provided by financing activities |
|
3,576,850 |
|
|
|
178,502 |
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash |
|
(81,702 |
) |
|
|
70,365 |
|
Net increase in cash and cash equivalents, and restricted cash |
|
2,409,045 |
|
|
|
29,767 |
|
Cash and cash equivalents, and restricted cash, as of beginning of period |
|
1,401,302 |
|
|
|
1,371,535 |
|
Cash and cash equivalents, and restricted cash, as of end of period |
$ |
3,810,347 |
|
|
$ |
1,401,302 |
|
особое примечание относительно прогнозных заявлений
Этот выпуск и соответствующий комментарий руководства содержат заявления или могут включать или могут включать в себя рекомендации руководства Coupang в отношении постоянного роста выручки в валюте, валовой прибыли, общего скорректированного убытка EBITDA и скорректированного EBITDA сегмента Product Commerce за финансовый год, закончившийся 31 декабря 2022 года. Coupang считает, что такие заявления могут считаться «прогнозными заявлениями» по смыслу Раздела 21E Закона о фондовых биржах от 1934 г. с поправками («Закон») и предназначены для защиты безопасной гавани для прогнозных заявления, предусмотренные Законом, а также средства защиты, предоставляемые другими федеральными законами о ценных бумагах. Предположения, на которых основаны такие прогнозные заявления, также являются прогнозными заявлениями. Такие прогнозные заявления не являются заявлениями об исторических фактах, а вместо этого выражают наши оценки или ожидания в отношении наших консолидированных или одного из наших сегментов или бизнеса, экономических показателей или результатов деятельности в будущие периоды или на будущие даты, события или события. которые могут произойти в будущем или обсудить наши планы, задачи или цели. Наши фактические результаты могут существенно отличаться от тех, которые выражены или подразумеваются в любом из этих прогнозных заявлений, в результате изменения обстоятельств, нереализованных предположений или других рисков, неопределенностей и факторов, включая: продолжающийся рост рынка электронной коммерции. , конкуренцию, финансовые показатели, в том числе влияние пандемии COVID-19 на наш бизнес и операции, а также нашу способность прогнозировать наши результаты из-за нашей ограниченной операционной истории и пандемии COVID-19, выход на новые рынки и предложения, нашу способность привлекать или удерживать поставщиков, продавцов и клиентов на нашей платформе, судебные разбирательства и нормативные вопросы и разработки, любые будущие изменения в нашем бизнесе или нашей финансовой или операционной модели, а также в нашем бренде и репутации.
В нашем проспекте эмиссии, поданном в соответствии с правилом 424(b) Закона о ценных бумагах 1933 г. с поправками от 11 марта 2021 г., и последующих периодических отчетах, поданных в SEC, обсуждаются другие риски и факторы, которые могут привести к существенному отличию фактических результатов от выраженных или подразумевается любым прогнозным заявлением в пресс-релизе и соответствующим комментарием руководства. Мы призываем вас внимательно учитывать все риски, неопределенности и факторы, указанные выше или обсуждаемые в таких отчетах, при оценке прогнозных заявлений в этом выпуске. Coupang не может гарантировать вам, что результаты, отраженные или подразумеваемые в любом прогнозном заявлении, будут реализованы или, даже если они будут реализованы в значительной степени, что эти результаты будут иметь прогнозируемые или ожидаемые последствия и влияние на нашу деятельность или финансовые показатели. Прогнозные заявления, сделанные сегодня, действительны на дату настоящего выпуска. Coupang не берет на себя никаких обязательств по обновлению этих прогнозных заявлений для отражения последующих событий или обстоятельств.
Ключевые бизнес-показатели и финансовые показатели не по GAAP
Мы рассматриваем ключевые деловые и финансовые показатели, обсуждаемые ниже. Мы используем эти показатели для оценки нашего бизнеса, измерения эффективности, выявления тенденций, влияющих на наш бизнес, формулирования бизнес-планов и принятия стратегических решений.
Ключевые бизнес-показатели
Активные клиенты
По состоянию на последнюю дату каждого отчетного периода мы определяем количество наших Активных клиентов, подсчитывая общее количество отдельных клиентов, которые сделали заказ хотя бы один раз непосредственно из наших приложений или веб-сайтов в течение соответствующего периода. Клиент — это любой, кто создал учетную запись в наших приложениях или на веб-сайтах и идентифицируется по уникальному адресу электронной почты. Изменение числа активных клиентов за отчетный период отражает как приток новых клиентов, так и отток существующих клиентов, не совершивших покупки за этот период. Мы рассматриваем количество активных клиентов как ключевой показатель нашего потенциала роста общей чистой выручки, охвата нашей сети, узнаваемости нашего бренда и вовлеченности наших клиентов.
Общий чистый доход на одного активного клиента
Общий чистый доход на одного активного клиента – это общий чистый доход, полученный за период, разделенный на общее количество активных клиентов за этот период. Ключевым фактором роста является увеличение частоты и уровня расходов активных клиентов, совершающих покупки в наших приложениях или на веб-сайтах. Поэтому мы рассматриваем общий чистый доход на одного активного клиента как ключевой показатель вовлеченности и удержания наших клиентов и нашего успеха в увеличении доли кошелька.
Финансовые показатели не по GAAP
Мы сообщаем о наших финансовых результатах в соответствии с US GAAP. Однако руководство считает, что определенные финансовые показатели, не предусмотренные GAAP, предоставляют инвесторам дополнительную полезную информацию для оценки нашей деятельности. Эти финансовые показатели не по GAAP могут отличаться от аналогичных показателей, используемых другими компаниями.
Наши финансовые показатели, не относящиеся к GAAP, не следует рассматривать отдельно или в качестве замены финансовой информации, подготовленной в соответствии с GAAP США. Показатели, не относящиеся к GAAP, имеют ограничения, заключающиеся в том, что они не отражают все суммы, связанные с результатами нашей деятельности, определенными в соответствии с ОПБУ США. Эти показатели следует использовать только для оценки результатов нашей деятельности в сочетании с соответствующими показателями ОПБУ США. Для получения дополнительной информации об этих показателях, не предусмотренных GAAP, включая их ограничения и сверку каждого финансового показателя, не относящегося к GAAP, с его наиболее непосредственно сопоставимым финансовым показателем GAAP США, см. финансовые таблицы в разделе «Сверка финансовых показателей, не предусмотренных GAAP». раздел настоящего отчета.
Скорректированная EBITDA и маржа по скорректированной EBITDA
В первом квартале 2021 года мы начали использовать скорректированную EBITDA и скорректированную маржу EBITDA в качестве финансовых показателей не по GAAP. Скорректированный показатель EBITDA определяется как чистая прибыль/(убыток) за период до износа и амортизации, процентных расходов, процентных доходов, расходов (доходов) по налогу на прибыль, прочих доходов (расходов), чистых, компенсаций, основанных на долевом капитале, обесценений и прочих статей. которые, по нашему мнению, не отражают нашу текущую деятельность. Рентабельность по скорректированному показателю EBITDA определяется как скорректированный показатель EBITDA в процентах от общей чистой выручки. Мы используем скорректированную EBITDA и маржу по скорректированной EBITDA в качестве ключевых показателей для оценки нашей деятельности, распределения внутренних ресурсов, подготовки и утверждения нашего годового бюджета и разработки операционных планов. Мы считаем, что скорректированная EBITDA и маржа по скорректированной EBITDA часто используются инвесторами и другими заинтересованными сторонами при оценке компаний в отрасли электронной коммерции для сравнения периодов, поскольку они устраняют влияние неденежных статей и определенных переменных сборов. Однако другие компании могут рассчитывать скорректированную EBITDA и маржу по скорректированной EBITDA способом, отличным от нашего, и поэтому они могут быть несопоставимы напрямую с аналогичными условиями, используемыми другими компаниями. Скорректированный показатель EBITDA и маржа по скорректированному показателю EBITDA не являются показателями финансовых результатов в соответствии с ОПБУ США и не должны рассматриваться как альтернативы денежным потокам от операционной деятельности или как показатели ликвидности или альтернативы чистой прибыли/(убытку) в качестве показателей операционной деятельности или любых других показателей. показатели эффективности, полученные в соответствии с ОПБУ США. Скорректированный показатель EBITDA и рентабельность по скорректированному показателю EBITDA имеют ограничения в качестве аналитических инструментов, и вам не следует рассматривать их изолированно или вместо анализа наших результатов, представленных в соответствии с ОПБУ США.
Постоянная валютная выручка и постоянный рост валютной выручки
Влияние обменных курсов валют на наш бизнес является важным фактором для понимания сравнения периодов. Валютой нашей финансовой отчетности является доллар США («доллар США»), и изменения валютных курсов могут существенно повлиять на наши отчетные результаты и консолидированные тенденции. Например, наш бизнес генерирует продажи преимущественно в корейских вонах («KRW»), на которые благоприятно влияет ослабление доллара США по отношению к KRW и неблагоприятно влияет укрепление доллара США по отношению к KRW. Мы используем выручку в постоянной валюте без учета GAAP и рост выручки в постоянной валюте для принятия финансовых и операционных решений, а также в качестве средства для оценки сравнений между периодами. Мы считаем, что представление наших результатов в постоянной валюте в дополнение к результатам по ОПБУ США помогает лучше понять наши результаты, поскольку они исключают влияние волатильности иностранной валюты, которая не свидетельствует о наших фактических результатах деятельности.
Информация о постоянной валюте сравнивает результаты между периодами, как если бы обменные курсы оставались постоянными. Мы определяем постоянную валютную выручку как общую выручку без учета влияния колебаний обменных курсов и используем ее для определения роста постоянной валютной выручки на сравнительной основе. Доход в постоянной валюте рассчитывается путем пересчета доходов за текущий период с использованием обменного курса предыдущего периода. Рост выручки в постоянной валюте (в процентах) рассчитывается путем определения увеличения выручки за текущий период по сравнению с выручкой за предыдущий период, где выручка в иностранной валюте за текущий период пересчитывается с использованием обменных курсов за предыдущий период.
Эти результаты следует рассматривать в дополнение, а не вместо результатов, представленных в соответствии с ОПБУ США. Результаты в постоянной валюте в том виде, в каком мы их представляем, могут быть несопоставимы с аналогичными показателями, используемыми другими компаниями, и не являются мерой эффективности, представляемой в соответствии с ОПБУ США.
Сверка показателей, не предусмотренных GAAP
В следующих таблицах представлены сверки каждого показателя US GAAP с соответствующим показателем не-GAAP за указанные периоды.
Сверка ориентировочных показателей, не предусмотренных GAAP, с соответствующими показателями GAAP недоступна на перспективной основе без необоснованных усилий из-за неопределенности расходов, которые могут быть понесены в будущем, хотя важно отметить, что эти факторы могут быть существенными. к результатам Coupang, рассчитанным в соответствии с GAAP.
Скорректированная EBITDA и маржа по скорректированной EBITDA
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Total net revenues |
$ |
5,076,693 |
|
|
$ |
3,803,493 |
|
|
$ |
18,406,372 |
|
|
$ |
11,967,339 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(404,979 |
) |
|
|
(82,755 |
) |
|
|
(1,542,590 |
) |
|
|
(463,157 |
) |
Net loss margin |
|
(8.0 |
)% |
|
|
(2.2 |
)% |
|
|
(8.4 |
)% |
|
|
(3.9 |
)% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization(1) |
|
55,614 |
|
|
|
41,968 |
|
|
|
201,480 |
|
|
|
127,519 |
|
Interest expense |
|
7,311 |
|
|
|
29,339 |
|
|
|
45,358 |
|
|
|
107,762 |
|
Interest income |
|
(3,195 |
) |
|
|
(1,479 |
) |
|
|
(8,645 |
) |
|
|
(10,991 |
) |
Income tax expense |
|
831 |
|
|
|
64 |
|
|
|
1,002 |
|
|
|
292 |
|
Other (income) expense, net |
|
3,434 |
|
|
|
(76,071 |
) |
|
|
10,913 |
|
|
|
(149,900 |
) |
Equity-based compensation(2) |
|
55,895 |
|
|
|
7,314 |
|
|
|
249,345 |
|
|
|
31,331 |
|
FC Fire losses |
|
— |
|
|
|
— |
|
|
|
295,501 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(285,089 |
) |
|
$ |
(81,620 |
) |
|
$ |
(747,636 |
) |
|
$ |
(357,144 |
) |
Adjusted EBITDA margin |
|
(5.6 |
)% |
|
|
(2.1 |
)% |
|
|
(4.1 |
)% |
|
|
(3.0 |
)% |
| _______________ | ||
| (1) | Depreciation and amortization includes amounts in cost of sales of $12 million and $11 million for the three months ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $44 million and $31 million for the three months ended December 31, 2021 and 2020, respectively. |
|
Depreciation and amortization includes amounts in cost of sales of $47 million and $30 million for the years ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $155 million and $98 million for the years ended December 31, 2021 and 2020, respectively. |
||
| (2) | Equity-based compensation includes amounts in cost of sales of $4 million and $0 million for the three months ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $52 million and $7 million for the three months ended December 31, 2021 and 2020, respectively. |
|
Equity-based compensation includes amounts in cost of sales of $11 million and $1 million for the years ended December 31, 2021 and 2020, respectively, and amounts in operating, general and administrative of $238 million and $31 million for the years ended December 31, 2021 and 2020, respectively. Some amounts may not reconcile due to rounding. |
||
Постоянная валютная выручка и постоянный рост валютной выручки
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Total net revenues |
$ |
5,076,693 |
|
|
$ |
3,803,493 |
|
|
$ |
18,406,372 |
|
|
$ |
11,967,339 |
|
Total net revenues growth |
|
34 |
% |
|
|
100 |
% |
|
|
54 |
% |
|
|
91 |
% |
Adjustment: |
|
|
|
|
|
|
|
||||||||
Exchange rate effect |
|
218,333 |
|
|
|
(123,028 |
) |
|
|
(555,755 |
) |
|
|
147,840 |
|
Total net revenues, constant currency |
$ |
5,295,026 |
|
|
$ |
3,680,465 |
|
|
$ |
17,850,617 |
|
|
$ |
12,115,179 |
|
Total net revenues growth, constant currency |
|
39 |
% |
|
|
93 |
% |
|
|
49 |
% |
|
|
93 |
% |
