Coupang, Inc. (CPNG) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 11, 2022 5:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is Josh 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. [Operator Instructions] Thank you. Now, I’d like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.

Mike Parker

Thanks, operator. Welcome, everyone to Coupang, Inc.’s quarterly earnings conference call for the first quarter ended March 31, 2022. I am pleased to be joined on our call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand.

The following discussion, including responses to your questions, reflects management’s views as of today’s date only. We do not undertake any obligation to update or revise this information except as required by law. Certain statements made on today’s call include forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially.

Please refer to today’s earnings release as well as the risks and uncertainties described in our most recent annual report on Form 10-K filed with the SEC on March 3, 2022 and then other filings made with the SEC for information about factors, which could cause our actual results to differ materially from these forward-looking statements. During today’s call, we will present both GAAP and non-GAAP financial measures. As a reminder, these numbers are unaudited and may be subject to change.

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

And now, I will turn the call over to Bom.

Bom Kim

Thanks, everyone for joining us today. Let me begin with a few highlights from our first quarter operating results. On a consolidated basis, Q1 constant currency revenues grew 3% quarter-over-quarter and 32% year-over-year. Our Q1 growth rate continues to be multiples of the e-commerce segment and we are confident that we will continue to grow significantly faster than the segment for years to come. Our active customers grew to over 18 million, an increase of 13% year-over-year and our unmatched customer experience is driving even deeper engagement. All of our cohorts, even our oldest, are still compounding at a fast rate. And our oldest active customers are spending on Coupang over 60% of their total estimated online spend today.