cpng-20230630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 001-40115

COUPANG, INC.

(Exact name of Registrant as specified in its charter)

Delaware

27-2810505

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

720 Olive Way, Suite 600

Seattle, Washington 98101

(206) 333-3839

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Class A Common Stock, par value $0.0001 per share

CPNG

New York Stock Exchange

(Title of Each Class)

(Trading Symbol)

(Name of Each Exchange on Which Registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Small reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 3, 2023, there were 1,608,940,757 shares of the registrant’s Class A common stock and 174,802,990 shares of the registrant’s Class B common stock, each with a par value of $0.0001 per share, outstanding.

COUPANG, INC.

Form 10-Q

For the Quarterly Period Ended June 30, 2023

TABLE OF CONTENTS


	PART I. FINANCIAL INFORMATION	Page
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Stockholders' Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
	Note 1. Basis of Presentation and Summary of Significant Accounting Policies	9
	Note 2. Net Revenues	9
	Note 3. Segment Reporting	9
	Note 4. Equity-based Compensation Plans	10
	Note 5. Defined Severance Benefits	11
	Note 6. Income Taxes	11
	Note 7. Net Income (Loss) per Share	11
	Note 8. Fair Value Measurement	12
	Note 9. Supplemental Financial Information	12
	Note 10. Short-term Borrowings and Long-term Debt	13
	Note 11. Contingencies	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	26

	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
	Signatures	29

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•our expectations regarding our future operating and financial performance including our ability to achieve, maintain and increase long-term future profitability;

•our ability to successfully execute our business and growth strategy;

•the continued growth of the retail market and the increased acceptance of online transactions by potential customers;

•the size of our addressable markets, market share, and market trends;

•our ability to compete in our industry;

•our ability to maintain and improve our market position;

•our ability to manage expansion into new markets and offerings;

•our ability to effectively manage the continued growth of our workforce and operations;

•our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;

•the sufficiency of our cash and cash equivalents, and investments to meet our liquidity needs;

•our ability to retain existing suppliers and merchants and to add new suppliers and merchants;

•our suppliers’ and merchants’ ability to supply high-quality and compliant merchandise to our customers;

•our ability to maintain adequate cybersecurity with respect to our systems;

•our relationship with our employees and the status of our workers;

•our ability to operate and manage the expansion of our fulfillment and logistics infrastructure;

•the effects of seasonal trends on our results of operations;

•our ability to implement, maintain, and improve our internal control over financial reporting;

•our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;

•world events and the effects of global macroeconomic conditions, including the pandemic, the invasion of Ukraine by Russia and its regional and global ramifications, inflationary pressures, a general economic slowdown or recession, further increases in interest rates and changes in monetary policy;

•our ability to attract, retain, and motivate skilled personnel, including key members of our senior management;

•our ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to our business both in Korea and internationally and our expectations regarding various laws and restrictions that relate to our business; and

•the outcomes of any claims, litigation, governmental audits, inspections, and investigations; and

•the other factors set forth in Part 1, Item 1A, under the caption “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”)

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Form 10-Q.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part 1, Item1A, under the caption “Risk Factors,” of our 2022 Form 10-K and elsewhere in this Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to

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indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com), our filings with the Securities and Exchange Commission (“SEC”), webcasts, press releases, conference calls, and social media. We use these mediums to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Form 10-Q or any other report or document we file with the SEC.

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Part I. Financial Information

Item 1. Financial Statements (Unaudited)

COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Net retail sales	$	5,140,346	$	4,481,165	$	10,345,146	$	9,037,272
Net other revenue	697,543		556,656		1,293,273		1,117,235
Total net revenues	5,837,889		5,037,821		11,638,419		10,154,507

Cost of sales	4,314,101		3,884,028		8,694,704		7,957,308
Operating, general and administrative	1,376,146		1,220,936		2,689,298		2,470,047
Total operating cost and expenses	5,690,247		5,104,964		11,384,002		10,427,355

Operating income (loss)	147,642		(67,143)		254,417		(272,848)

Interest income	41,630		7,364		73,491		10,898
Interest expense	(12,813)		(6,143)		(21,091)		(13,511)
Other expense, net	(5,241)		(9,229)		(11,780)		(8,739)
Income (loss) before income taxes	171,218		(75,151)		295,037		(284,200)

Income tax expense	26,026		340		58,990		585

Net income (loss)	$	145,192	$	(75,491)	$	236,047	$	(284,785)

Net income (loss) attributable to Class A and Class B common stockholders per share:
Basic and diluted	$	0.08	$	(0.04)	$	0.13	$	(0.16)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	1,779,508		1,763,264		1,777,188		1,760,019
Diluted	1,800,102		1,763,264		1,797,293		1,760,019

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Net income (loss)	$	145,192	$	(75,491)	$	236,047	$	(284,785)

Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax	(8,692)		(4,970)		(27,680)		(1,959)
Actuarial (loss) gain on defined severance benefits, net of tax	(9,684)		34,196		(8,828)		38,007
Total other comprehensive (loss) income	(18,376)		29,226		(36,508)		36,048
Comprehensive income (loss)	$	126,816	$	(46,265)	$	199,539	$	(248,737)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(in thousands, except par value)	June 30, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	4,473,193	$	3,509,334
Restricted cash	268,975		176,316
Accounts receivable, net	138,855		184,463
Inventories	1,565,373		1,656,851
Prepaids and other current assets	270,382		303,166
Total current assets	6,716,778		5,830,130

Long-term restricted cash	1,523		1,624
Property and equipment, net	2,119,340		1,819,945
Operating lease right-of-use assets	1,427,407		1,405,248
Long-term lease deposits and other	421,965		455,956
Total assets	$	10,687,013	$	9,512,903

Liabilities and stockholders' equity
Accounts payable	$	4,077,023	$	3,622,332
Accrued expenses	271,950		298,869
Deferred revenue	93,255		92,361
Short-term borrowings	232,248		175,403
Current portion of long-term debt	185,753		128,936
Current portion of long-term operating lease obligations	331,505		325,924
Other current liabilities	451,586		418,681
Total current liabilities	5,643,320		5,062,506

Long-term debt	718,681		537,880
Long-term operating lease obligations	1,255,344		1,233,680
Defined severance benefits and other	294,191		264,924
Total liabilities	7,911,536		7,098,990

Contingencies (Note 11)
Stockholders' equity
Class A common stock, $0.0001 par value, 10,000,000 shares authorized, 1,606,466 and 1,597,804 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively; Class B common stock, $0.0001 par value, 250,000 shares authorized, 174,803 shares issued and outstanding as of June 30, 2023 and December 31, 2022	178		177
Additional paid-in capital	8,316,100		8,154,076
Accumulated other comprehensive (loss) income	(34,289)		2,219
Accumulated deficit	(5,506,512)		(5,742,559)
Total stockholders' equity	2,775,477		2,413,913
Total liabilities and stockholders' equity	$	10,687,013	$	9,512,903

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Total stockholders' equity, as of beginning of period	$	2,560,030	$	2,037,261	$	2,413,913	$	2,175,957

Class A and Class B common stock
Balance at beginning of period	178		176		177		175
Issuance of common stock upon exercise of stock options	—		1		—		2
Issuance of common stock upon settlement of restricted stock units	—		—		1		—
Balance at end of period	178		177		178		177

Additional paid-in capital
Balance at beginning of period	8,227,469		7,937,813		8,154,076		7,874,038
Issuance of common stock upon exercise of stock options	2,227		4,183		5,721		12,365
Equity-based compensation	86,404		72,916		156,303		128,509
Balance at end of period	8,316,100		8,014,912		8,316,100		8,014,912

Accumulated other comprehensive income (loss)
Balance at beginning of period	(15,913)		(40,917)		2,219		(47,739)
Foreign currency translation adjustments, net of tax	(8,692)		(4,970)		(27,680)		(1,959)
Actuarial (loss) gain on defined severance benefits, net of tax	(9,684)		34,196		(8,828)		38,007
Balance at end of period	(34,289)		(11,691)		(34,289)		(11,691)

Accumulated deficit
Balance at beginning of period	(5,651,704)		(5,859,811)		(5,742,559)		(5,650,517)
Net income (loss)	145,192		(75,491)		236,047		(284,785)
Balance at end of period	(5,506,512)		(5,935,302)		(5,506,512)		(5,935,302)

Total stockholders' equity, as of end of period	$	2,775,477	$	2,068,096	$	2,775,477	$	2,068,096

Class A and Class B common stock
Shares at beginning of period	1,777,291		1,761,058		1,772,607		1,754,203
Issuance of common stock upon exercise of stock options	1,009		2,031		2,597		6,178
Issuance of common stock upon settlement of restricted stock units	2,969		2,028		6,065		4,736
Shares at end of period	1,781,269		1,765,117		1,781,269		1,765,117

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
(in thousands)	2023		2022
Operating activities
Net income (loss)	$	236,047	$	(284,785)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	130,423		119,639
Provision for severance benefits	76,102		87,436
Equity-based compensation	156,303		128,509
Non-cash operating lease expense	163,329		155,686
Other	85,131		63,621
Change in operating assets and liabilities:
Accounts receivable, net	41,198		(37,342)
Inventories	18,226		(185,091)
Other assets	7,594		(147,058)
Accounts payable	578,763		190,578
Accrued expenses	(27,933)		(37,665)
Other liabilities	(144,129)		(126,729)
Net cash provided by (used in) operating activities	1,321,054		(73,201)

Investing activities
Purchases of property and equipment	(471,623)		(419,674)
Proceeds from sale of property and equipment	7,213		7,810
Other investing activities	(47,710)		(17,834)
Net cash used in investing activities	(512,120)		(429,698)

Financing activities
Proceeds from issuance of common stock, equity-based compensation plan	5,722		12,367
Proceeds from short-term borrowings and long-term debt	319,422		403,436
Repayment of short-term borrowings and long-term debt	(37,150)		(333,097)
Net short-term borrowings and other financing activities	40,686		(2,038)
Net cash provided by financing activities	328,680		80,668
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(81,197)		(115,962)
Net increase (decrease) in cash and cash equivalents, and restricted cash	1,056,417		(538,193)
Cash and cash equivalents, and restricted cash, as of beginning of period	3,687,274		3,810,347
Cash and cash equivalents, and restricted cash, as of end of period	$	4,743,691	$	3,272,154

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang”) together with its wholly-owned 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 (“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 2022 Form 10-K.

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 ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2022, with the exception of the rollforward disclosure which will be effective prospectively for fiscal years beginning after December 15, 2023. The adoption of the ASU in the first quarter resulted in incremental disclosures in our condensed consolidated financial statements.

2. Net Revenues

Details of total net revenues were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Net retail sales	$	5,140,346	$	4,481,165	$	10,345,146	$	9,037,272
Third-party merchant services	562,757		475,553		1,023,732		966,900
Other revenue	134,786		81,103		269,541		150,335
Total net revenues	$	5,837,889	$	5,037,821	$	11,638,419	$	10,154,507

This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from online product sales to consumers. Third-party merchant services represent commissions, advertising, logistics and fulfillment fees earned from merchants that sell their products through our online business, and delivery fees from restaurants. 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 $90 million and $84 million for the six months ended June 30, 2023 and 2022, respectively, primarily related to payments in advance of delivery which were included in deferred revenue on the consolidated balance sheets as of the beginning of the respective years.

3. Segment Reporting

We own and operate a retail business that primarily serves the Korean retail market. 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 core retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery offering, as well as advertising products associated with these offerings. Revenues from Product

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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 primarily includes more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service, Coupang Play, our online content streaming service, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings. Revenues from Developing Offerings are primarily generated from online restaurant ordering and delivery services provided on our mobile applications and websites.

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 (loss) before income taxes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Net revenues
Product Commerce	$	5,681,590	$	4,877,531	$	11,339,939	$	9,813,584
Developing Offerings	156,299		160,290		298,480		340,923
Total net revenues	$	5,837,889	$	5,037,821	$	11,638,419	$	10,154,507
Segment adjusted EBITDA
Product Commerce	$	407,597	$	97,840	$	695,967	$	100,717
Developing Offerings	(107,373)		(31,668)		(154,824)		(125,417)
Total segment adjusted EBITDA	$	300,224	$	66,172	$	541,143	$	(24,700)
Reconciling items:
Depreciation and amortization	$	(66,178)	$	(60,399)	$	(130,423)	$	(119,639)
Equity-based compensation	(86,404)		(72,916)		(156,303)		(128,509)
Interest expense	(12,813)		(6,143)		(21,091)		(13,511)
Interest income	41,630		7,364		73,491		10,898
Other expense, net	(5,241)		(9,229)		(11,780)		(8,739)
Income (loss) before income taxes	$	171,218	$	(75,151)	$	295,037	$	(284,200)

4. Equity-based Compensation Plans

Restricted Stock Units (“RSU”s)

RSU activity for the six months ended June 30, 2023 is as follows:


	Outstanding RSUs
(in thousands, except unit price)	Number of RSUs	Weighted Average Grant- Date Fair Value
December 31, 2022	35,178	$	19.29
Granted	19,682	$	15.97
Vested	(6,065)	$	21.11
Forfeited / cancelled	(2,040)	$	20.97
June 30, 2023	46,755	$	17.58

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Equity-based Compensation Expense

The following table presents the effects of equity-based compensation in the condensed consolidated statements of operations:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2023	2022	2023

SEC Form 10-Q filed by Coupang Inc.