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Coupang (CPNG)

Coupang is one of the largest eCommerce companies in Asia, with a mission to revolutionize the everyday lives of its customers and create a world where people wonder, “How did we ever live without Coupang?” Coupang offers a variety of services, including same-day and next-morning delivery of groceries and general merchandise, delivery of prepared foods through Coupang Eats, and video streaming through Coupang Play. Founded in 2010, Coupang, which operates in Korea, has offices in Beijing, Los Angeles, Seattle, Seoul, Singapore, Shanghai, and Silicon Valley.

Company profile

Ticker
CPNG
Exchange
Website
CEO
Bom Suk Kim
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Coupang USA, Inc. • Coupang Global, LLC • Coupang Corp. • Coupang Pay Corp. • Coupang Fulfillment Services, Ltd. ...
IRS number
272810505

CPNG stock data

Calendar

11 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 3.27B 3.27B 3.27B 3.27B 3.27B 3.27B
Cash burn (monthly) 135.13M 99.04M 25.05M 84.35M 6.09M 27.61M
Cash used (since last report) 414.39M 303.72M 76.82M 258.67M 18.67M 84.66M
Cash remaining 2.86B 2.97B 3.2B 3.01B 3.25B 3.19B
Runway (months of cash) 21.1 30.0 127.6 35.7 534.5 115.4

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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Jul 22 Thuan Pham Class A Common Stock Sell Dispose S No No 16.15 171 2.76K 2,558,769
5 Jul 22 Thuan Pham Class A Common Stock Sell Dispose S No No 14.27 120,038 1.71M 2,558,940
16 Jun 22 Child Jason Class A Common Stock Grant Acquire A No No 0 27,150 0 30,345
16 Jun 22 Warsh Kevin M Class A Common Stock Grant Acquire A No No 0 28,236 0 424,975
16 Jun 22 Pedro Franceschi Class A Common Stock Grant Acquire A No No 0 26,933 0 32,100
47.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 313 322 -2.8%
Opened positions 32 55 -41.8%
Closed positions 41 65 -36.9%
Increased positions 106 120 -11.7%
Reduced positions 83 76 +9.2%
13F shares Current Prev Q Change
Total value 16.36B 22.21B -26.3%
Total shares 1.26B 1.26B +0.7%
Total puts 4.84M 8.67M -44.2%
Total calls 8.39M 14.29M -41.2%
Total put/call ratio 0.6 0.6 -5.1%
Largest owners Shares Value Change
SB Investment Advisers 461.16M $5.88B 0.0%
MS Morgan Stanley 139.91M $1.78B +2.2%
Baillie Gifford & Co 108.35M $1.38B -1.8%
Maverick Capital 84.52M $1.08B -2.1%
Capital International Investors 74.91M $955.07M +7.3%
Greenoaks Capital Partners 49.37M $629.51M 0.0%
TROW T. Rowe Price 47.95M $611.33M +14.1%
FMR 25.33M $322.94M +3.7%
Massachusetts Institute Of Technology 24.01M $306.19M 0.0%
Duquesne Family Office 19.43M $247.79M 0.0%
Largest transactions Shares Bought/sold Change
Rose Park Advisors 13.02M -23.42M -64.3%
Kontiki Capital Management 8.74M +7.32M +518.8%
IVZ Invesco 6.9M +6.63M +2425.3%
GS Goldman Sachs 134.88K -6.53M -98.0%
TROW T. Rowe Price 47.95M +5.92M +14.1%
Bamco 6.78M +5.56M +454.3%
Capital International Investors 74.91M +5.1M +7.3%
Capital World Investors 6.55M -4.76M -42.1%
Citadel Advisors 4.62M +4.14M +854.3%
MS Morgan Stanley 139.91M +2.95M +2.2%

Financial report summary

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Risks
  • Investing in our Class A common stock involves a high degree of risk because our business is subject to numerous risks and uncertainties, as further described below. The occurrence of any such risks could adversely affect our business, financial condition, results of operations, and prospects. The principal factors and uncertainties that make investing in our Class A common stock speculative or risky include, among others:
  • Risks Related to Our Limited Operating History and Growth
  • We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to generate sufficient revenue to achieve or maintain profitability, which would materially and adversely affect our business, financial condition, and results of operations.
  • Our limited operating history and evolving business make it difficult to evaluate our future prospects, including our revenue growth rate, as well as the risks and challenges we may encounter.
  • We may experience significant fluctuations in our results of operations.
  • We may be unable to accurately forecast our revenue and plan our expenses in the future.
  • Risks Related to Our Business and Our Industry
  • If we fail to timely identify or effectively respond to changing customer preferences and spending patterns, fail to expand the products being purchased by customers, or fail or are unable to obtain or offer appropriate categories of products, our relationship with our customers could be negatively affected, the demand for our products and services could decrease, and our revenue and results of operations may decline.
  • If we are unable to successfully implement some or all of our major strategic initiatives in a timely manner, our ability to maintain and improve our market position may be adversely affected.
  • If we fail to effectively manage our growth, our business, financial condition, and results of operations could be harmed.
  • If we do not successfully operate and manage the expansion of our fulfillment and delivery infrastructure, our business, financial condition, and results of operations could be harmed.
  • We are dependent on the performance of certain members of management and other highly qualified and skilled personnel, and if we are unable to attract, retain, and motivate these and other well-qualified employees, our business could be harmed.
  • Our culture has been critical to our success and if we cannot maintain this culture as we grow, our business could be harmed.
  • Health epidemics, including the ongoing COVID-19 pandemic, have had, and could in the future have, an adverse impact on our business, operations, and the markets and communities in which we, our customers, suppliers, merchants, and advertisers operate.
  • Our expansion into new geographic markets and offerings and substantial increase in the number of our offerings may expose us to new and increased challenges and risks.
  • We operate in a highly competitive industry and we may be unsuccessful in competing against current and future competitors, which could have a negative impact on the success of our business.
  • Any harm to our brand or reputation may materially and adversely affect our business, financial condition, and results of operations.
  • We are subject to risks associated with sourcing and manufacturing goods from countries outside of Korea.
  • We operate in a rapidly changing industry and our business model is continuing to evolve, which makes it difficult to evaluate our business and prospects.
  • If we are unable to continue to innovate or if we fail to adapt to changes in our industry, our business, financial condition, and results of operations would be adversely affected.
  • If we fail to retain existing suppliers or merchants or to add new suppliers or merchants, or if our existing suppliers or merchants fail to supply high-quality and compliant merchandise in a timely manner, our business, financial condition, and results of operations will be adversely affected.
  • Efforts to increase advertising revenue may impact our sales or results of operations.
  • Inventory risks may adversely affect our results of operations.
  • The seasonality of our business affects our quarterly results and places an increased strain on our operations.
  • We may expand our operations into new geographic markets, which would present new challenges and which may prove unsuccessful and adversely affect our business.
  • Acquisitions, strategic investments, partnerships, or alliances could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our business, financial condition, and results of operations.
  • Our business depends on the continued growth of online commerce and the increased acceptance of online transactions by potential customers.
  • If the mobile solutions available to our merchants and customers are not effective, the use of our apps, websites, and marketplaces could decline.
  • Failure to deal effectively with fraudulent activities on our apps or websites would increase our fraud losses and harm our business and could severely diminish merchant and customer confidence in and use of our services.
  • We rely on Coupang Pay to conduct a substantial amount of the payment processing across our business. If Coupang Pay’s services were limited, restricted, curtailed, or degraded in any way, or become unavailable to us or our customers for any reason, our business may be adversely affected.
  • Increases in food, energy, labor, and other costs could adversely affect our results of operations.
  • We rely on our merchants to provide a fulfilling experience to our customers.
  • Changes to our customer satisfaction program could increase our expenses.
  • We are subject to payment-related risks, and if payment processors are unwilling or unable to provide us with payment processing services or impose onerous requirements on us in order to access their services, or if they increase the fees they charge us for these services, our business, financial condition, and results of operations could be adversely affected.
  • Our business depends on network and mobile infrastructure, third-party data center hosting facilities, other third-party providers, and our ability to maintain and scale our technology. Any significant interruptions or delays in service on our apps or websites or any undetected errors or design faults could result in limited capacity, reduced demand, processing delays, and loss of customers, suppliers, or merchants.
  • Our business could be disrupted by catastrophic occurrences and similar events.
  • We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, if at all.
  • Restrictions in our new revolving credit facility could adversely affect our operating flexibility.
  • We have identified certain material weaknesses in our internal control over financial reporting, and if our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses or otherwise fail to design and maintain effective internal control over financial reporting, our ability to timely and accurately report our financial condition and results of operations in compliance with reporting requirements applicable for public companies in the United States could be impaired, which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.
  • As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and the NYSE regarding our internal control over financial reporting. We may not complete needed improvements to our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the price per share of our Class A common stock could decline.
  • The requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain executive management and qualified board members.
  • Risks Related to Labor and Employment
  • If we are unable to recruit, train, and retain qualified personnel or sufficient workforce while controlling our labor costs, our business may be materially and adversely affected.
  • We are subject to fair trade, labor, employment, and workplace health and safety laws and regulations in Korea and other jurisdictions, which continue to evolve and have and will continue to affect some of our operations and our financial performance.
  • Union activities could affect our business.
  • Our business could be adversely affected from an accident, safety incident, or workforce disruption.
  • Risks Related to Doing Business in Korea
  • There are special risks involved with investing in Korean companies, including the possibility of restrictions being imposed by the Korean government in emergency circumstances, accounting and corporate disclosure standards that differ from those in other jurisdictions, and the risk of direct or vicarious criminal liability for executive officers of our Korean affiliates.
  • Coupang Corp.’s transactions with its subsidiaries and affiliates may be restricted under Korean fair trade regulations.
  • As of May 1, 2021, our Korean subsidiary, Coupang Corp., and a group of companies affiliated with it have been designated an affiliated group under Korean law, which would require that group of companies to make certain disclosures and implement additional corporate governance requirements.
  • Coupang Corp. is subject to certain requirements and restrictions under Korean law that may, in certain circumstances, require it to act in a manner that may not be in our or our stockholders’ best interest.
  • Coupang Corp.’s transactions with related parties are subject to close scrutiny by the Korean tax authorities, which may result in adverse tax consequences.
  • A focus on regulating copyright and patent infringement by the Korean government subjects us to extra scrutiny in our operations and could subject us to sanctions, fines, or other penalties, which could adversely affect our business and operations in Korea.
  • Our business may be adversely affected by developments that negatively impact the Korean economy and uncertainties in economic conditions that impact spending patterns of our customers in Korea.
  • Fluctuations in exchange rates could result in foreign currency exchange losses to us.
  • Tensions with North Korea could have an adverse effect on our business, financial condition, results of operations, and the price per share of our Class A common stock.
  • New legislative proposals may expose our business to additional risks from litigation, regulation, and government investigations.
  • As Coupang Corp. is incorporated in Korea, it may be more difficult to enforce judgments obtained in courts outside Korea.
  • Risks Related to Laws, Regulation, and Intellectual Property
  • The nature of our food delivery services, including Coupang Eats and Rocket Fresh, could subject us to potential liability for foodborne illnesses experienced by our customers.
  • The nature of our delivery logistics, including those related to our own delivery services and our services that use independent delivery partners, exposes us to potential liability and expenses for legal claims that could adversely affect our business, financial condition, and results of operations.
  • Failure by our suppliers or merchants to comply with product safety, intellectual property, or other laws may subject us to liability, damage our reputation and brand, and harm our business.
  • Government regulation of the Internet, e-commerce, and mobile commerce is evolving, and unfavorable changes or failure by us to comply with these regulations could adversely affect our business, financial condition, and results of operations.
  • Any failure to protect our apps, websites, networks, and systems against security breaches or otherwise protect our confidential information could damage our reputation and brand and adversely affect our business, financial condition, and results of operations.
  • We are subject to claims, litigation, governmental audits, inspections, investigations, and various legal proceedings, and face potential liability, expenses for legal claims, and harm to our business.
  • Failure to comply with anti-corruption and anti-money laundering laws, including the FCPA and similar laws, could subject us to penalties and other adverse consequences.
  • We are subject to governmental economic and trade sanctions laws and regulations and violations of such laws could subject us to liabilities, penalties, and other potential consequences.
  • A failure to comply with current laws, rules and regulations or changes to such laws, rules, and regulations and other legal uncertainties may adversely affect our business, financial performance, results of operations, or business growth.
  • Our results of operations and financial condition may be adversely affected by governmental regulation and associated environmental and regulatory costs.
  • We may not be able to adequately protect our intellectual property rights.
  • We may be accused of infringing intellectual property rights of third parties.
  • Some of our software and systems contain open source software, which may pose particular risks to our proprietary software and solutions.
  • Changes in the tax treatment of companies engaged in e-commerce may adversely affect the commercial use of our apps and websites and our financial results.
  • Because of our organizational structure, we may be subject to U.S. federal income tax on our non-U.S. income as well as non-U.S. withholding taxes on distributions from non-U.S. affiliates.
  • Future changes to tax laws could materially and adversely affect us and reduce net returns to our stockholders.
  • We may experience fluctuations in our tax obligations and effective tax rate, which could materially and adversely affect our results of operations.
  • Our Korean and U.S. affiliates’ ability to use net operating loss carryforwards may be limited.
  • Our international operations may subject us to greater than anticipated tax liabilities.
  • Risks Related to Ownership of Our Class A Common Stock
  • The dual class structure of our common stock has the effect of concentrating voting control with Bom Kim, who beneficially holds all of our Class B common stock representing in the aggregate 76.2% of the voting power of our capital stock.
  • We cannot predict the effect our dual class structure may have on the price per share of our Class A common stock.
  • The market price of shares of our Class A common stock may be volatile, which could cause the value of your investment to decline.
  • Future sales of our Class A common stock in the public market could cause the price per share of our Class A common stock to decline.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware and, to the extent enforceable, the federal district courts of the United States as the exclusive forums for certain disputes between us and our stockholders, which will restrict our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, or employees.
Management Discussion
  • Net retail sales increased $5.4 billion or 49% (45% on a constant currency basis) for the year ended December 31, 2021, when compared to the prior year. The increase was primarily due to a 15% growth in our Active Customers in 2021, as well as 30% growth (26% on a constant currency basis) in our net retail sales per Active Customer during that same period, driven by increased customer engagement across more product categories. In addition, the growth in net retail sales for the year ended December 31, 2021 was impacted by the comparison to the year ended December 31, 2020, which benefited from an elevated increase in sales due to COVID-19 related changes in consumer behavior.
  • Net other revenue for the year ended December 31, 2021 increased $996 million or 108% (102% on a constant currency basis) compared to the prior year. The increase was primarily due to a 15% growth in our Active Customers in 2021, as well as 81% growth (75% on a constant currency basis) in our net other revenue per Active Customer during that same period, driven by the continued expansion of newer offerings and increased merchants and related product selection on our marketplace.
  • Cost of sales for the year ended December 31, 2021 increased $5.5 billion or 55% compared to the prior year. The increase was attributable to increased product and logistics costs resulting from increased sales and customer demand as well as $158 million in inventory losses related to the FC Fire. Cost of sales as a percentage of revenue increased from 83.4% for the year ended December 31, 2020 to 84.0% for the year ended December 31, 2021 primarily due to costs related to the FC Fire and higher labor and operations costs, partially offset by a shift to higher margin revenue categories. The portion of the FC Fire loss that was recorded within cost of sales as a percentage of revenue was 0.9% for the year ended December 31, 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: inflationary, slower
Removed: anytime, platform, repay

Patents

Utility
Systems and Computerized Methods for Real Time Shipment Coordination
29 Sep 22
The present disclosure provides a computerized method for package management, including: storing, in a data structure, information of a seller in association with a plurality of items sold by the seller; receiving an indication of a transaction, the transaction indication including an address of a customer and at least one item identifier corresponding to an item sold by the seller; converting the transaction indication into a shipment request by formatting the transaction indication according to a standardized format required by a shipper; generating a message containing the formatted shipment request; transmitting the message to the shipper in real time to initialize shipment of the item; and providing real time confirmation to the seller and the customer that shipment has been initialized.
Utility
Method for Processing Data of Distributed Coordination System and Electronic Apparatus Therefor
22 Sep 22
Disclosed is a method in which an application server of a distributed system provides data, the method including performing event watching on a ZooKeeper server, receiving information related to a change of a first field included in first data from the ZooKeeper server according to a result of the event watching, reading the first data from a first storage when a request signal for the first data is input from a client, and changing a value of the first field included in the read first data on the basis of the information received from the ZooKeeper server and providing the first data with the changed value of the first field to the client.
Utility
Electronic Apparatus for Processing Information for Point Conversion and Method Thereof
22 Sep 22
Disclosed is a method of processing information in an electronic apparatus, the method including transmitting a point inquiry request including user information for identifying a user to servers of one or more affiliates, acquiring balance information of a first point corresponding to the user from a first affiliate among the one or more affiliates in response to the point inquiry request, providing the balance information of the first point to the user, and processing, when information including a conversion request for conversion between the first point and a second point related to a service of the electronic apparatus is acquired from the user, a transaction corresponding to the conversion request.
Utility
Systems and methods for generating dynamic websites with hypermedia elements
20 Sep 22
A computerized system for generating dynamic websites that includes a memory storing instructions and at least one processor configured to execute the instructions to perform operations.
Utility
Systems and methods for automatic and intelligent parcel retrieval
20 Sep 22
A computer-implemented systems and methods for automatic and intelligent parcel retrieval are disclosed.