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    Minuh Cha • Goldman Sachs

    Minuh Cha's questions to Coupang Inc (CPNG) leadership

    Minuh Cha's questions to Coupang Inc (CPNG) leadership • Q1 2025

    Question

    Minuh Cha inquired about the impact of macroeconomic factors and tariffs on Coupang's user behavior and whether the company has countermeasures. Cha also asked for the motive, timing, and size of the newly announced share repurchase program and details on the broader capital allocation strategy.

    Answer

    CEO Bom Suk Kim stated that Coupang has not yet seen a significant impact on its consumers or business from the macro environment and reiterated the full-year 20% constant currency growth guidance. CFO Gaurav Anand explained that the $1 billion share repurchase program is designed to be opportunistic with no fixed term and is one component of a broader capital allocation strategy aimed at maximizing long-term shareholder value.

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    Minuh Cha's questions to Coupang Inc (CPNG) leadership • Q4 2024

    Question

    Minuh Cha from Goldman Sachs asked about the quantifiable impact of platform fee adjustments for Coupang Eats and whether this was included in the Developing Offerings guidance. He also questioned the timeline for moderating the pace of rising tech spending within OG&A and the specific benefits consumers and merchants could expect from these investments.

    Answer

    CFO Gaurav Anand explained that while the company partners with all Eats stakeholders, it doesn't comment on individual component profitability. He confirmed the rise in OG&A was primarily due to Farfetch's inclusion and increased tech investments in AI and automation, which are expected to decline as a percentage of revenue in the near to medium term. CEO Bom Kim added that investments in machine learning and generative AI are enhancing customer experience and operational efficiency across search, ads, and operations, with investments made only where attractive returns are expected.

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    Minuh Cha's questions to Coupang Inc (CPNG) leadership • Q3 2024

    Question

    Minuh Cha inquired about the significant reduction in the Developing Offerings segment loss, asking for drivers and the outlook for Q4 and 2025. He also asked about Farfetch's profitability timeline and potential synergies with Coupang.

    Answer

    Founder and CEO Bom Kim explained that while the timing of expenses in Developing Offerings can cause quarterly fluctuations, the primary driver for the improved loss was Farfetch achieving its near breakeven adjusted EBITDA goal ahead of schedule. Kim noted the focus remains on stabilizing Farfetch through year-end, with synergy assessments to begin next year, and deferred further 2025 guidance.

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