COUPANG, INC., 10-Q filed on 11/6/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-40115  
Entity Registrant Name COUPANG, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-2810505  
Entity Address, Address Line One 720 Olive Way  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Seattle  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98101  
City Area Code 206  
Local Phone Number 333-3839  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol CPNG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001834584  
Common class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,624,056,504
Common class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   174,802,990
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Total net revenues $ 7,866 $ 6,184 $ 22,303 $ 17,822
Cost of sales 5,597 4,618 15,963 13,312
Operating, general and administrative 2,160 1,478 6,216 4,168
Total operating cost and expenses 7,757 6,096 22,179 17,480
Operating income 109 88 124 342
Interest income 55 50 163 124
Interest expense (36) (13) (100) (34)
Other income (expense), net 4 (8) 7 (20)
Income before income taxes 132 117 194 412
Income tax expense 68 26 259 85
Net income (loss) 64 91 (65) 327
Net loss attributable to noncontrolling interests (6) 0 (63) 0
Net income (loss) attributable to Coupang stockholders $ 70 $ 91 $ (2) $ 327
Earnings per share        
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in USD per share) $ 0.04 $ 0.05 $ 0 $ 0.18
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in USD per share) $ 0.04 $ 0.05 $ 0 $ 0.18
Weighted-average shares outstanding        
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders, basic (in shares) 1,795 1,784 1,792 1,780
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,829 1,808 1,792 1,801
Net retail sales        
Total net revenues $ 6,140 $ 5,315 $ 17,814 $ 15,660
Net other revenue        
Total net revenues $ 1,726 $ 869 $ 4,489 $ 2,162
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 64 $ 91 $ (65) $ 327
Other comprehensive income (loss):        
Foreign currency translation adjustments, net of tax 148 (26) (36) (53)
Actuarial gain (loss) on defined severance benefits, net of tax 1 2 4 (7)
Total other comprehensive income (loss) 149 (24) (32) (60)
Comprehensive income (loss) 213 67 (97) 267
Comprehensive loss attributable to noncontrolling interests (4) 0 (61) 0
Comprehensive income (loss) attributable to Coupang stockholders $ 217 $ 67 $ (36) $ 267
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 5,822 $ 5,243
Restricted cash 139 353
Accounts receivable, net 517 314
Inventories 2,181 1,666
Prepaids and other current assets 553 316
Total current assets 9,212 7,892
Property and equipment, net 2,997 2,465
Operating lease right-of-use assets 2,240 1,601
Deferred tax assets 764 925
Intangible assets, net 306 37
Long-term lease deposits and other 823 426
Total assets 16,342 13,346
Liabilities, redeemable noncontrolling interests, and equity    
Accounts payable 5,899 5,099
Accrued expenses 473 352
Deferred revenue 191 97
Short-term borrowings 379 282
Current portion of long-term debt 22 203
Current portion of long-term operating lease obligations 456 386
Other current liabilities 765 526
Total current liabilities 8,185 6,945
Long-term debt 1,194 529
Long-term operating lease obligations 1,970 1,387
Defined severance benefits and other 716 381
Total liabilities 12,065 9,242
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests 84 15
Equity    
Class A — shares authorized 10,000, outstanding 1,621 and 1,616 Class B — shares authorized 250, outstanding 175 and 175 0 0
Additional paid-in capital 8,625 8,489
Accumulated other comprehensive loss (51) (17)
Accumulated deficit (4,385) (4,383)
Noncontrolling interests 4 0
Total equity 4,193 4,089
Total liabilities, redeemable noncontrolling interests and equity $ 16,342 $ 13,346
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - shares
shares in Millions
Sep. 30, 2024
Dec. 31, 2023
Common class A    
Common stock, shares authorized (in shares) 10,000 10,000
Common stock, shares outstanding (in shares) 1,621 1,616
Common class B    
Common stock, shares authorized (in shares) 250 250
Common stock, shares outstanding (in shares) 175 175
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Redeemable Noncontrolling Interests
Class A and Class B Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Noncontrolling Interests
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2022 $ 2,414 $ 0 $ 0 $ 8,154 $ 3 $ (5,743) $ 0
Beginning balance (in shares) at Dec. 31, 2022     1,773        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 91         91  
Foreign currency translation adjustments, net of tax (19)       (19)    
Actuarial gain on defined severance benefits, net of tax 1       1    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 3     3      
Issuance of common stock upon settlement of restricted stock units (in shares)     3        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 70     70      
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2023 2,560 0 $ 0 8,227 (15) (5,652) 0
Ending balance (in shares) at Mar. 31, 2023     1,777        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 145         145  
Foreign currency translation adjustments, net of tax (8)       (8)    
Actuarial gain on defined severance benefits, net of tax (10)       (10)    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 2     2      
Issuance of common stock upon settlement of restricted stock units (in shares)     3        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 86     86      
Equity, including portion attributable to noncontrolling interest, ending balance at Jun. 30, 2023 2,775 0 $ 0 8,315 (33) (5,507) 0
Ending balance (in shares) at Jun. 30, 2023     1,781        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 91         91  
Foreign currency translation adjustments, net of tax (26)       (26)    
Actuarial gain on defined severance benefits, net of tax 2       2    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 2     2      
Issuance of common stock upon settlement of restricted stock units (in shares)     4        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 84     84      
Equity, including portion attributable to noncontrolling interest, ending balance at Sep. 30, 2023 2,928 0 $ 0 8,401 (57) (5,416) 0
Ending balance (in shares) at Sep. 30, 2023     1,786        
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2023 4,089 15 $ 0 8,489 (17) (4,383) 0
Beginning balance (in shares) at Dec. 31, 2023     1,791        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 1 (25)       5 (4)
Capital contributions from noncontrolling interest holders 0 55          
Recognition of noncontrolling interest upon acquisition 10 69         10
Foreign currency translation adjustments, net of tax (105)       (105)    
Actuarial gain on defined severance benefits, net of tax 1       1    
Issuance of common stock upon exercise of stock options 1     1      
Issuance of common stock upon settlement of restricted stock units (in shares)     4        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 88     88      
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2024 4,085 114 $ 0 8,578 (121) (4,378) 6
Ending balance (in shares) at Mar. 31, 2024     1,795        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (84) (21)       (77) (7)
Foreign currency translation adjustments, net of tax (79) (1)     (79)    
Actuarial gain on defined severance benefits, net of tax 2       2    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 0            
Issuance of common stock upon settlement of restricted stock units (in shares)     4        
Issuance of common stock upon settlement of restricted stock units 0            
Repurchase of Class A common stock (in shares)     (10)        
Repurchase of Class A common stock (178)     (178)      
Equity-based compensation 109     109      
Equity, including portion attributable to noncontrolling interest, ending balance at Jun. 30, 2024 3,855 92 $ 0 8,509 (198) (4,455) (1)
Ending balance (in shares) at Jun. 30, 2024     1,790        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 75 (11)       70 5
Foreign currency translation adjustments, net of tax 146 3     146    
Actuarial gain on defined severance benefits, net of tax 1       1    
Issuance of common stock upon exercise of stock options 2     2      
Issuance of common stock upon settlement of restricted stock units (in shares)     5        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 114     114      
Equity, including portion attributable to noncontrolling interest, ending balance at Sep. 30, 2024 $ 4,193 $ 84 $ 0 $ 8,625 $ (51) $ (4,385) $ 4
Ending balance (in shares) at Sep. 30, 2024     1,795        
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ (65) $ 327
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 313 198
Provision for severance benefits 138 117
Equity-based compensation 311 240
Non-cash operating lease expense 325 248
Deferred income taxes 142 0
Other 175 100
Change in operating assets and liabilities, net of acquisition:    
Accounts receivable, net 116 (114)
Inventories (234) (87)
Other assets (264) (65)
Accounts payable 310 1,235
Accrued expenses 32 15
Other liabilities (89) (171)
Net cash provided by operating activities 1,210 2,043
Investing activities    
Purchases of property and equipment (665) (662)
Proceeds from sale of property and equipment 8 12
Net cash acquired in acquisition 68 0
Other investing activities (89) (14)
Net cash used in investing activities (678) (664)
Financing activities    
Proceeds from issuance of common stock, equity-based compensation plan 3 7
Repurchase of Class A common stock (178) 0
Proceeds from short-term borrowings and long-term debt 425 417
Repayment of short-term borrowings and long-term debt (383) (64)
Other financing activities 44 2
Net cash (used in) provided by financing activities (89) 362
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (78) (167)
Net increase in cash and cash equivalents, and restricted cash 365 1,574
Cash and cash equivalents, and restricted cash, as of beginning of period 5,597 3,687
Cash and cash equivalents, and restricted cash, as of end of period $ 5,962 $ 5,261
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2023 Form 10-K.
Farfetch Acquisition
In January 2024, we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry (the “Farfetch Acquisition”). Refer to “Note 11 - Business Combinations – Farfetch” for additional information.
Recent Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ending December 31, 2024.
Recent Accounting Pronouncements Yet To Be Adopted
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We will apply the guidance starting with our consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.
v3.24.3
Net Revenues
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Net Revenues Net Revenues
Details of total net revenues were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Net retail sales$6,140 $5,315 $17,814 $15,660 
Third-party merchant services1,499 709 3,920 1,732 
Other revenue227 160 569 430 
Total net revenues$7,866 $6,184 $22,303 $17,822 
This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from owned inventory product sales to consumers. Third-
party merchant services represent commissions, advertising, and delivery fees earned from merchants and restaurants that sell their products through our online businesses. Other revenue includes revenue earned from our Rocket WOW membership program and various other offerings.
Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in deferred revenue on the condensed consolidated balance sheets. We recognized revenue of $92 million and $89 million for the nine months ended September 30, 2024 and 2023, respectively, primarily related to payments in advance of products and services delivered which were included in deferred revenue on the consolidated balance sheets as of the beginning of the respective years.
v3.24.3
Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We own and operate a retail business that primarily serves the Korean retail market along with other international markets. The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. We have two operating and reportable segments: Product Commerce and Developing Offerings. These segments are based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance.
Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery category offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions, and logistics and fulfillment fees earned from merchants that sell products through our mobile application and website, and from Rocket WOW membership.
Developing Offerings includes our more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service in Korea, Coupang Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch, our newly acquired global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from our luxury fashion marketplace through Farfetch, our online restaurant ordering and delivery services in Korea and retail operations in Taiwan.
Our segment operating performance measure is segment adjusted EBITDA. Segment adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations.
We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, we do not report asset information by segment.
Results of operations for the reportable segments and reconciliation to income before income taxes is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Net revenues
Product Commerce$6,891 $5,966 $19,816 $17,306 
Developing Offerings975 218 2,487 516 
Total net revenues$7,866 $6,184 $22,303 $17,822 
Segment adjusted EBITDA
Product Commerce$470 $399 $1,467 $1,095 
Developing Offerings(127)(161)(513)(316)
Total segment adjusted EBITDA$343 $239 $954 $780 
Reconciling items:
Depreciation and amortization$(112)$(67)$(313)$(198)
Equity-based compensation(114)(84)(311)(240)
Acquisition and restructuring related costs(8)— (85)— 
KFTC administrative fine (see Note 10)
— — (121)— 
Interest expense(36)(13)(100)(34)
Interest income55 50 163 124 
Other income (expense), net4 (8)7 (20)
Income before income taxes$132 $117 $194 $412 
Note: Amounts may not foot due to rounding.
v3.24.3
Defined Severance Benefits
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Defined Severance Benefits Defined Severance Benefits
The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Current service costs$43 $36 $123 $104 
Interest cost3 3 11 10 
Amortization of:
Prior service credit1 1 2 2 
Net actuarial loss1 1 2 1 
Net periodic benefit cost$48 $41 $138 $117 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to tax credits, the inclusion of the global intangible low-taxed income (GILTI) provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences.
The increase in our effective tax rate for the three and nine months ended September 30, 2024 is primarily due to the loss before income taxes incurred by Farfetch, with no offsetting tax benefit, and the prospective impact of releasing the valuation allowance on our Korean deferred tax assets in the fourth quarter of 2023. Specific to the nine months ended September 30, 2024, our effective tax rate also increased due to the impact of the non-deductible KFTC administrative fine (the “administrative fine”) discussed in “Note 10 - Commitments and Contingencies”.
v3.24.3
Earnings per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic earnings per share is computed by dividing net (loss) income attributable to Coupang stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income attributable to Coupang stockholders by the weighted-average number of shares of common stock and potentially dilutive common stock outstanding during the period.
We have two classes of common stock outstanding, Class A common stock and Class B common stock (collectively “common stock”), with equal rights to dividends and income. Earnings per share attributable to Coupang stockholders are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)
2024202320242023
Numerator:
Net income attributable to Coupang stockholders
$70 $91 $(2)$327 
Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic1,795 1,784 1,792 1,780 
Dilutive effect of equity compensation awards34 24 — 21 
Diluted1,829 1,808 1,792 1,801 
Earnings per share:
Basic$0.04 $0.05 $— $0.18 
Diluted$0.04 $0.05 $— $0.18 
Anti-dilutive shares— 2 30 4 
Note: Amounts may not foot due to rounding.
v3.24.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP established a hierarchy framework to classify the fair value measurement into one of the three levels based on the observability of significant inputs to the measurement.
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions)
ClassificationMeasurement LevelSeptember 30, 2024December 31, 2023
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,737 $1,582 
Money market fundCash and cash equivalentsLevel 1$723 $1,205 
Money market trustRestricted cashLevel 1$92 $86 
v3.24.3
Supplemental Financial Information
 9 Months Ended
Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Supplemental Disclosure of Cash flow Information
Nine Months Ended September 30,
(in millions)
20242023
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities$425 $325 
Operating lease assets obtained in exchange for lease obligations$829 $321 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$168 $77 
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable$51 $14 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
(in millions)September 30, 2024December 31, 2023
Current assets
Cash and cash equivalents$5,822 $5,243 
Restricted cash
139 353 
Noncurrent assets
Restricted cash included in long-term lease deposits and other
1 1 
Total cash, cash equivalents and restricted cash$5,962 $5,597 
Supplier Financing Arrangements
We have agreements with third-party financial institutions to facilitate participating vendors’ and suppliers’ ability to settle payment obligations from us to designated third-party financial institutions. Participating vendors and suppliers may, at their sole discretion, settle obligations prior to their scheduled due dates at a discounted price to the participating financial institutions. The invoices that have been confirmed as valid under the program require payment, in full, based on the original standard invoice terms. Confirmed invoices owed to financial institutions under these programs are included within accounts payable and were $465 million and $459 million as of September 30, 2024 and December 31, 2023, respectively. Coupang or the financial institutions may terminate the agreement upon giving notice.
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive loss includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on our defined severance benefits. As of September 30, 2024 and December 31, 2023, the ending balance in accumulated other comprehensive (loss) income related to foreign currency translation adjustments was $6 million and $44 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(56) million and $(60) million, respectively.
Share Repurchase
In April 2024, we repurchased 10 million shares of our Class A common stock for $178 million in a private transaction.
v3.24.3
Short-term Borrowings and Long-term Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Revolving Credit Facility
In January 2024, our senior unsecured credit facility (the “Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions.
The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. The Revolving Credit Facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions.
Taiwan Revolving Credit Facility
In September 2024, a Taiwan subsidiary entered into a new five-year senior unsecured credit facility (the “Taiwan Revolving Credit Facility”) providing for revolving loans in an aggregate principal amount of up to $207 million. The Taiwan Revolving Credit Facility permits the borrower to obtain incremental commitments up to $307 million, subject to customary conditions. Borrowings under the Taiwan Revolving Credit Facility bear interest at a rate per annum equal to the Taipei Interbank Offered Rate (TAIBOR) plus 1.25%.
The Taiwan Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of September 30, 2024, there was no balance outstanding on the Taiwan Revolving Credit Facility.
Farfetch Term Loan
As part of the Farfetch Acquisition, our subsidiary assumed the then outstanding syndicated Term Loans (“Farfetch Term Loans”) under Farfetch’s existing Credit Agreement with certain banks and financial institutions of $575 million, inclusive of fees incurred and less $58 million we repurchased upon acquisition. Repayment of the Farfetch Term Loans is due in quarterly installments, of 0.25% of the original principal balance, payable on the last business day of each fiscal quarter. The Farfetch Term Loans mature in October 2027, and early payment is permitted. The Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum. As of September 30, 2024, $571 million was outstanding.
The Farfetch Term Loans contain customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities within Farfetch’s ability to incur additional debt, make investments, make distributions, dispose of assets, or enter into certain types of related party transactions. The loans are secured against specified assets of the Farfetch group and guaranteed by certain subsidiaries of Farfetch.
Our debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rate for similar types of borrowing arrangements. The carrying amount of debt approximates its fair value as of September 30, 2024 and December 31, 2023 due primarily to the interest rates approximating market interest rates.
We were in compliance with the covenants for each of our borrowings and debt agreements as of September 30, 2024.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. These contractual commitments primarily relate to technology related service contracts, fulfillment center construction contracts and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date.
New Guards Group
As a result of efforts to restructure unfavorable economic terms within licensing arrangements involving New Guards Group Holdings S.p.A. and certain of its subsidiaries (collectively “NGGH”), a subsidiary acquired in the Farfetch Acquisition, and Authentic Brands Group LLC (the “licensor”), NGGH received a termination notice from the licensor in October 2024. The license agreement granted NGGH distribution rights for Reebok-branded footwear and apparel ranges within certain countries in the European region and provided for minimum guaranteed royalties to be paid by NGGH over the remaining eight years of the agreement, with no cancellation rights. NGGH’s minimum guarantee liability was recorded at fair value at acquisition and had a carrying value of $136 million as of September 30, 2024. Licensor has alleged as an effect of the notice all unpaid minimum guarantees and other related breach payments totaling $312 million became payable by NGGH to the licensor, and all rights in and to the licensed property reverted to the licensor. Coupang has not guaranteed payments under the license agreement, and the liability is limited to NGGH. The brand license intangible asset acquired was recorded at fair value at acquisition and had a carrying value of $44 million as of September 30, 2024.
Legal Matters
From time to time, we may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of currently pending legal matters will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
Litigation
On August 26, 2022, a putative class action was filed on behalf of all purchasers of Coupang Class A common stock pursuant and/or traceable to Coupang’s registration statement issued in connection with our initial public offering. Choi v. Coupang, Inc. et al was brought against Coupang, Inc., and certain of its former and current directors, current officers, and certain underwriters of the offering. The action was filed in the United States District Court for the Southern District of New York alleging inaccurate and misleading or omitted statements of material fact in Coupang's Registration Statement in violation of Sections 11, 12, and 15 of the Securities Act of 1933. The action was amended on May 22, 2023, and added allegations of securities fraud under Sections 10 and 20 of the Securities Exchange Act of 1934. The action seeks unspecified compensatory damages, attorneys’ fees, and reasonable costs and expenses. Between August and December 2023, three separate stockholders’ derivative actions were filed in the United States District Court for the Southern District of New York against certain of Coupang’s former and current directors and current officers. Coupang was named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Coupang and make substantially similar factual allegations to Choi v. Coupang, Inc. et al, bringing claims for, among other things, breach of fiduciary duty, unjust enrichment, and violations of securities laws. The actions seek compensatory damages, governance reforms, and other relief. We believe all the aforementioned actions are without merit and intend to vigorously defend against the aforementioned actions. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Accordingly, we can provide no assurance as to the scope and outcome of this matter and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.
Korea Fair Trade Commission Investigations
In June 2021, the Korea Fair Trade Commission (the “KFTC”) initiated an investigation into a potential violation of the Monopoly Regulation and Fair Trade Act, including alleged preferential treatments of private labelled products provided by our subsidiary, Coupang Private Label Brands. In June 2024, the KFTC publicly announced that as a result of their investigation, they determined that our product search rankings violated Korean law; a regulatory finding subject to judicial review, and that they would impose an administrative fine on us and that they intended to direct us to take certain related corrective actions. Payments of fines to the KFTC are not stayed during an appeal process and as a result, we accrued the administrative fine in the second quarter of 2024, resulting in a charge, included within operating, general and administrative expenses, of approximately $121 million. The Company will pay the administrative fine in six installments over two years and made the first payment in October 2024 and will make the last payment in June 2026.
In August 2024, we received the KFTC’s formal written decision, and in September 2024, we appealed such decision. That appeal is pending, and the first hearing of the administrative litigation action will be held on November 21, 2024. We also filed a preliminary injunction with the Seoul High Court to stay the fine and corrective orders during the pendency of the appeal. In October 2024, the Seoul High Court granted our request for suspension of the KFTC’s corrective orders, but dismissed the request for a stay of the KFTC’s administrative fine. The KFTC subsequently appealed the Seoul High Court’s decision to grant a suspension of the corrective orders.
The KFTC is also investigating us on other matters related to the alleged violations of certain KFTC regulations. We are diligently cooperating with these investigations, and actively defending our practices as appropriate.
Under Korean law, the issues addressed in the investigations can be resolved through civil, administrative, or criminal proceedings. The ultimate case resolution could include fines, orders to alter our processes or procedures, and criminal investigations or charges against individuals or us. We cannot reasonably estimate any penalties, loss or range of loss that may arise from these other KFTC Investigations, in excess of the amounts accrued. Accordingly, we can provide no assurance as to the scope and outcome of these other matters and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.
v3.24.3
Business Combinations - Farfetch
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations - Farfetch Business Combinations – Farfetch
Farfetch Acquisition
On January 30, 2024 we completed the acquisition of Farfetch. We believe the acquisition will allow us to expand into luxury retail. We have accounted for this acquisition as a business combination. Total purchase consideration consisted of amounts previously funded to Farfetch under a loan prior to acquisition (the “Bridge Loan”) and required partial repayment of the Farfetch Term Loans at the close of the transaction.
(in millions)
Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Purchase Price Allocation
We have estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information becomes available during the measurement period. The measurement period will end no later than one year from the acquisition date.
The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Estimated Fair Value
Assets acquired
Cash and cash equivalents
$126 
Accounts receivable, net
288 
Inventories
310 
Prepaids and other current assets
224 
Property and equipment, net
95 
Intangible assets
325 
Operating lease right-of-use assets
209 
Other non-current assets
227 
Liabilities assumed
Accounts payable
(505)
Other current liabilities
(169)
Long-term debt
(557)
Operating lease obligations
(214)
Other non-current liabilities
(177)
Net assets assumed
182 
Noncontrolling interests
(78)
Goodwill on acquisition
104 
Total consideration
$208 
The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill which is not deductible for tax purposes. Goodwill represents the future economic benefits we expect to achieve as a result of the acquisition, including the workforce of the acquired business as well as future operational and logistical cost efficiencies expected to be achieved. During the three months ended September 30, 2024, certain insignificant measurement period adjustments were made to the initial allocation, and the preliminary amount of goodwill was increased by $22 million. Goodwill was recorded in our Developing Offerings segment.
The identifiable intangible assets acquired were as follows:
(in millions, except years)
Weighted Average Useful Life
Estimated Fair Value
Brand trademarks
5 years$130 
Customer relationships
5 years34 
Supplier relationships
15 years61 
Developed technology
3 years38 
Brand licenses
8 years62 
Total intangible assets
$325 
The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024
Total net revenues
$439 $1,187 
Net loss
$(44)$(274)
Acquisition-related costs were recorded as operating expenses for the three months ended September 30, 2024 and were not material.
Supplemental Pro Forma Information (Unaudited)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Pro Forma Information
Total net revenues
$7,866 $6,791 $22,490 $19,558 
Net income (loss)
$61 $103 $(167)$158 
These pro forma results are based on estimates and assumptions, which we believe are reasonable. They are illustrative only and are not the results that would have been achieved had the acquisition actually occurred on January 1, 2023, nor are they indicative of future results. The pro forma results include adjustments related to the business combination, including amortization of acquired intangibles, stock-based compensation, lease expense, and income taxes.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 70 $ 91 $ (2) $ 327
v3.24.3
Insider Trading Arrangements
shares in Millions
 3 Months Ended
Sep. 30, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Bom Kim [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Mr. Bom Kim, our founder and Chief Executive Officer, adopted a pre-arranged stock trading plan (the “Plan”) in accordance with the SEC guidelines specified under Rule 10b5-1(c) under the Exchange Act and the policies of Coupang regarding stock transactions, to sell up to 15,000,000 shares of Coupang Class A Common Stock (the “Shares”), subject to certain terms and conditions, beginning no earlier than November 11, 2024. The Plan, which was entered into on August 12, 2024, will terminate the earlier of the sale of all 15,000,000 Shares pursuant to the Plan or August 29, 2025. Mr. Kim entered into the Plan to satisfy significant financial requirements, including tax obligations.
Name Bom Kim
Title founder and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 12, 2024
Expiration Date August 29, 2025
Arrangement Duration 382 days
Aggregate Available 15
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting.
Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Principles of Consolidation
The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2023 Form 10-K.
Recent Accounting Pronouncements Adopted
Recent Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ending December 31, 2024.
Recent Accounting Pronouncements Yet To Be Adopted
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We will apply the guidance starting with our consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.
v3.24.3
Net Revenues (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of Revenue
Details of total net revenues were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Net retail sales$6,140 $5,315 $17,814 $15,660 
Third-party merchant services1,499 709 3,920 1,732 
Other revenue227 160 569 430 
Total net revenues$7,866 $6,184 $22,303 $17,822 
v3.24.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Results of operations for the reportable segments and reconciliation to income before income taxes is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Net revenues
Product Commerce$6,891 $5,966 $19,816 $17,306 
Developing Offerings975 218 2,487 516 
Total net revenues$7,866 $6,184 $22,303 $17,822 
Segment adjusted EBITDA
Product Commerce$470 $399 $1,467 $1,095 
Developing Offerings(127)(161)(513)(316)
Total segment adjusted EBITDA$343 $239 $954 $780 
Reconciling items:
Depreciation and amortization$(112)$(67)$(313)$(198)
Equity-based compensation(114)(84)(311)(240)
Acquisition and restructuring related costs(8)— (85)— 
KFTC administrative fine (see Note 10)
— — (121)— 
Interest expense(36)(13)(100)(34)
Interest income55 50 163 124 
Other income (expense), net4 (8)7 (20)
Income before income taxes$132 $117 $194 $412 
Note: Amounts may not foot due to rounding.
v3.24.3
Defined Severance Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit costs
The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Current service costs$43 $36 $123 $104 
Interest cost3 3 11 10 
Amortization of:
Prior service credit1 1 2 2 
Net actuarial loss1 1 2 1 
Net periodic benefit cost$48 $41 $138 $117 
v3.24.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Loss Per Share/Common Unit
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)
2024202320242023
Numerator:
Net income attributable to Coupang stockholders
$70 $91 $(2)$327 
Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic1,795 1,784 1,792 1,780 
Dilutive effect of equity compensation awards34 24 — 21 
Diluted1,829 1,808 1,792 1,801 
Earnings per share:
Basic$0.04 $0.05 $— $0.18 
Diluted$0.04 $0.05 $— $0.18 
Anti-dilutive shares— 2 30 4 
Note: Amounts may not foot due to rounding.
v3.24.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of financial assets measured at fair value on a recurring basis
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions)
ClassificationMeasurement LevelSeptember 30, 2024December 31, 2023
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,737 $1,582 
Money market fundCash and cash equivalentsLevel 1$723 $1,205 
Money market trustRestricted cashLevel 1$92 $86 
v3.24.3
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Disclosure of Cash-flow Information
Supplemental Disclosure of Cash flow Information
Nine Months Ended September 30,
(in millions)
20242023
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities$425 $325 
Operating lease assets obtained in exchange for lease obligations$829 $321 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$168 $77 
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable$51 $14 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
(in millions)September 30, 2024December 31, 2023
Current assets
Cash and cash equivalents$5,822 $5,243 
Restricted cash
139 353 
Noncurrent assets
Restricted cash included in long-term lease deposits and other
1 1 
Total cash, cash equivalents and restricted cash$5,962 $5,597 
v3.24.3
Business Combinations - Farfetch (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
(in millions)
Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Estimated Fair Value
Assets acquired
Cash and cash equivalents
$126 
Accounts receivable, net
288 
Inventories
310 
Prepaids and other current assets
224 
Property and equipment, net
95 
Intangible assets
325 
Operating lease right-of-use assets
209 
Other non-current assets
227 
Liabilities assumed
Accounts payable
(505)
Other current liabilities
(169)
Long-term debt
(557)
Operating lease obligations
(214)
Other non-current liabilities
(177)
Net assets assumed
182 
Noncontrolling interests
(78)
Goodwill on acquisition
104 
Total consideration
$208 
Finite-Lived Intangible Assets Acquired
The identifiable intangible assets acquired were as follows:
(in millions, except years)
Weighted Average Useful Life
Estimated Fair Value
Brand trademarks
5 years$130 
Customer relationships
5 years34 
Supplier relationships
15 years61 
Developed technology
3 years38 
Brand licenses
8 years62 
Total intangible assets
$325 
Business Acquisition, Pro Forma Information
The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024
Total net revenues
$439 $1,187 
Net loss
$(44)$(274)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Pro Forma Information
Total net revenues
$7,866 $6,791 $22,490 $19,558 
Net income (loss)
$61 $103 $(167)$158 
v3.24.3
Net Revenues - Schedule of disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Total net revenues $ 7,866 $ 6,184 $ 22,303 $ 17,822
Net retail sales        
Disaggregation of Revenue [Line Items]        
Total net revenues 6,140 5,315 17,814 15,660
Third-party merchant services        
Disaggregation of Revenue [Line Items]        
Total net revenues 1,499 709 3,920 1,732
Other revenue        
Disaggregation of Revenue [Line Items]        
Total net revenues $ 227 $ 160 $ 569 $ 430
v3.24.3
Net Revenues - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]    
Deferred revenue recognized in period $ 92 $ 89
v3.24.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
Segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.24.3
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues $ 7,866 $ 6,184 $ 22,303 $ 17,822
Total segment adjusted EBITDA 343 239 954 780
Reconciling items:        
Interest expense (36) (13) (100) (34)
Interest income 55 50 163 124
Other income (expense), net 4 (8) 7 (20)
Income before income taxes 132 117 194 412
Operating segments | Product Commerce        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues 6,891 5,966 19,816 17,306
Total segment adjusted EBITDA 470 399 1,467 1,095
Operating segments | Developing Offerings        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues 975 218 2,487 516
Total segment adjusted EBITDA (127) (161) (513) (316)
Segment reconciling items        
Reconciling items:        
Depreciation and amortization (112) (67) (313) (198)
Equity-based compensation (114) (84) (311) (240)
Acquisition and restructuring related costs (8) 0 (85) 0
KFTC administrative fine (see Note 10) 0 0 (121) 0
Interest expense (36) (13) (100) (34)
Interest income 55 50 163 124
Other income (expense), net $ 4 $ (8) $ 7 $ (20)
v3.24.3
Defined Severance Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Retirement Benefits [Abstract]        
Current service costs $ 43 $ 36 $ 123 $ 104
Interest cost 3 3 11 10
Amortization of:        
Prior service credit 1 1 2 2
Net actuarial loss 1 1 2 1
Net periodic benefit cost $ 48 $ 41 $ 138 $ 117
v3.24.3
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Numerator:        
Net income attributable to Coupang stockholders $ 70 $ 91 $ (2) $ 327
Denominator:        
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders, basic (in shares) 1,795 1,784 1,792 1,780
Dilutive effect of equity compensation awards (in shares) 34 24 0 21
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,829 1,808 1,792 1,801
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in USD per share) $ 0.04 $ 0.05 $ 0 $ 0.18
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in USD per share) $ 0.04 $ 0.05 $ 0 $ 0.18
Share-based Payment Arrangement        
Denominator:        
Anti-dilutive shares (in shares) 0 2 30 4
v3.24.3
Fair Value Measurement (Details) - Level 1 - Fair Value, Recurring - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Money market trust    
Financial assets    
Cash and cash equivalents $ 1,737 $ 1,582
Restricted cash 92 86
Money market fund    
Financial assets    
Cash and cash equivalents $ 723 $ 1,205
v3.24.3
Supplemental Financial Information - Supplemental Disclosure of Cash-flow Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Supplemental disclosure of cash flow information    
Cash paid for the amount used to measure the operating lease liabilities $ 425 $ 325
Operating lease assets obtained in exchange for lease obligations 829 321
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations 168 77
Non-cash investing and financing activities    
Increase in property and equipment-related accounts payable $ 51 $ 14
v3.24.3
Supplemental Financial Information - Schedule of Cash and Cash Equilvalents (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Current assets        
Cash and cash equivalents $ 5,822 $ 5,243    
Restricted cash 139 353    
Noncurrent assets        
Restricted cash included in long-term lease deposits and other 1 1    
Total cash, cash equivalents and restricted cash $ 5,962 $ 5,597 $ 5,261 $ 3,687
v3.24.3
Supplemental Financial Information - Supplier Financing Arrangements (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
Supplier finance program, obligation $ 465 $ 459
v3.24.3
Supplemental Financial Information - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accumulated foreign currency adjustment attributable to parent    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Equity, attributable to parent $ 6 $ 44
Accumulated defined benefit plans adjustment attributable to parent    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Equity, attributable to parent $ (56) $ (60)
v3.24.3
Supplemental Financial Information - Share Repurchase (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2024
Jun. 30, 2024
Repurchase of Class A common stock   $ 178
Common class A    
Stock repurchased during period (in shares) 10  
Repurchase of Class A common stock $ 178  
v3.24.3
Short-Term Borrowings and Long-term Debt (Details)
$ in Millions
 1 Months Ended
Jan. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jan. 31, 2024
USD ($)
Subsidiary of Limited Partnership | Farfetch Holdings | Farfetch Term Loan      
Debt Instrument [Line Items]      
Debt instrument, face amount $ 575    
Farfetch Term Loan repayment $ 58    
Term loan acquired through credit agreement quarterly repayments (in percent) 0.0025    
Long-term debt, outstanding   $ 571  
Subsidiary of Limited Partnership | Farfetch Holdings | Farfetch Term Loan | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Variable rate 6.25%    
Line of credit | Revolving credit facility | February 2026 Revolving Credit Facility      
Debt Instrument [Line Items]      
Borrowing limit, total initial borrowings     $ 875
Additional accordion feature, incremental increase limit     $ 1,250
Line of credit | Revolving credit facility | Taiwan Revolving Credit Facility      
Debt Instrument [Line Items]      
Borrowing limit, total initial borrowings   207  
Additional accordion feature, incremental increase limit   $ 307  
Debt instrument term   5 years  
Line of credit | Revolving credit facility | Taiwan Revolving Credit Facility | Taipei Interbank Offered Rate (TAIBOR)      
Debt Instrument [Line Items]      
Variable rate   1.25%  
v3.24.3
Commitments and Contingencies (Details)
$ in Millions
 3 Months Ended 5 Months Ended 9 Months Ended
Jun. 30, 2024
USD ($)
Dec. 31, 2023
action
Sep. 30, 2024
USD ($)
paymentInstallment
Jan. 30, 2024
USD ($)
Loss Contingencies [Line Items]        
Number of legal actions filed against former and current directors and officers | action   3    
Farfetch Holdings        
Loss Contingencies [Line Items]        
Intangible assets       $ 325
New Guards Group        
Loss Contingencies [Line Items]        
Licensing agreement, term     8 years  
Loss contingency, damages sought, value     $ 312  
New Guards Group | Farfetch Holdings        
Loss Contingencies [Line Items]        
Guarantee liability     136  
Intangible assets     $ 44  
KFTC vs Coupang        
Loss Contingencies [Line Items]        
Number of penalty payment installments | paymentInstallment     6  
Penalty payment term     2 years  
Judicial Ruling | KFTC vs Coupang        
Loss Contingencies [Line Items]        
Loss contingency, damages awarded $ 121      
v3.24.3
Business Combinations - Farfetch - Farfetch Acquisition (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Business Combination, Separately Recognized Transactions [Line Items]  
Total consideration $ 208
Farfetch Term Loan | Subsidiary of Limited Partnership  
Business Combination, Separately Recognized Transactions [Line Items]  
Farfetch Term Loan repayment 58
Bridge Loan  
Business Combination, Separately Recognized Transactions [Line Items]  
Bridge Loan contribution $ 150
v3.24.3
Business Combinations - Farfetch - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Assets acquired  
Cash and cash equivalents $ 126
Accounts receivable, net 288
Inventories 310
Prepaids and other current assets 224
Property and equipment, net 95
Intangible assets 325
Operating lease right-of-use assets 209
Other non-current assets 227
Liabilities assumed  
Accounts payable (505)
Other current liabilities (169)
Long-term debt (557)
Operating lease obligations (214)
Other non-current liabilities (177)
Net assets assumed 182
Noncontrolling interests (78)
Goodwill on acquisition 104
Total consideration $ 208
v3.24.3
Business Combinations - Farfetch Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Farfetch Holdings  
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]  
Goodwill, measurement period adjustment $ 22
v3.24.3
Business Combinations - Farfetch - Finite-Lived Intangible Assets Acquired (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Estimated Fair Value $ 325
Brand trademarks  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 130
Customer relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 34
Supplier relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 15 years
Estimated Fair Value $ 61
Developed technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 3 years
Estimated Fair Value $ 38
Brand licenses  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 8 years
Estimated Fair Value $ 62
v3.24.3
Business Combinations - Farfetch - Proforma Information (Details) - Farfetch Holdings - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]        
Total net revenues $ 439   $ 1,187  
Net loss (44)   (274)  
Total net revenues 7,866 $ 6,791 22,490 $ 19,558
Net income (loss) $ 61 $ 103 $ (167) $ 158