Coupang, Inc.

Hello, everyone. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2025 Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number five on your telephone keypad. If you would like to withdraw your question, press star and the number five once again. Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.

Thanks, Operator, and welcome, everyone, to Coupang's third quarter 2025 earnings conference call. I'm pleased to be joined on the call today by our founder and CEO, Bom Kim, and our CFO, Gaurav Anand. The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information, except as required by law. Certain statements made on today's call may include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings. As we share our third quarter 2025 results on today's call, the comparisons we make to prior periods will be on a year over year basis, unless otherwise noted. We may also present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures, are included in our earnings release, our slides accompanying this webcast, and our SEC filings, which are posted on the company's investor relations website. And now, I'll turn the call over to Baum.

Thanks everyone for joining us today. Before we walk through our third quarter results in detail, I'd like to start with a few highlights. This quarter continues our strong, steady trajectory, delivering growth and expanding margins yet again. We delivered 18% year-over-year growth in consolidated revenues, or 20% in constant currency, expanding to $9.3 billion for the quarter. We also saw robust year-over-year growth in margins, with gross profit margins expanding over 50 basis points to 29.4%, and adjusted EBITDA margins expanding 10 basis points to 4.5%. This was driven primarily by our product commerce segment, where we grew both gross profit and adjusted EBITDA margins by more than 200 basis points over last year. Our results this quarter continue to demonstrate our conviction that Korea remains a remarkably durable growth opportunity with a largely untapped runway ahead. We continue to see broad-based strength across our customer cohorts. The resiliency of that compounding customer spend over time is a reflection of the deep investments we've made with an obsession to create the best customer experience found anywhere in the world with the broadest selection, the fastest and most reliable delivery, and the highest level of savings for our customers. Looking ahead, we believe one of the biggest opportunities to expand our customer value proposition and drive future growth is broadening selection across both first-party and marketplace offerings. On the first-party side, we're onboarding new brands at an accelerating pace. but there's still tremendous runway ahead. Many products in our first-party catalog aren't yet sourced directly from brand partners. Deepening those direct relationships will allow us to provide more choice, better value, and greater convenience for our customers. Turning now to FLC, which continues to grow at remarkable levels, where we're only beginning to unlock its full potential. We're making massive investments in FLC to bring more convenience and savings to merchants, which in turn brings more selection, convenience and savings to our customers. This allows us to expand deeper into newer categories like furniture, fashion and sporting goods, enhancing the breadth and depth of selection available to customers. Our commitment to continuously improving the customer experience goes hand in hand with our focus on driving operational excellence. We're aggressively accelerating the deployment of automation technologies across our logistics and fulfillment network, which remains at low levels relative to its potential. Enabled by our culture of process and technology innovation, this automation is already improving service levels and operating costs, and we expect it will become an even more powerful driver of both in the years ahead. Beyond automation, we continue to innovate across our operations to enhance convenience and sustainability. We've recently begun the deployment of reusable eco bags beyond fresh, extending them to non-fresh orders as well. When we deliver orders in reusable eco bags, customers receive their items directly in their door side pouches, no boxes to unpack, no packaging to throw away, making the experience cleaner, simpler, and more sustainable. It's a small but powerful example of how innovation, operational discipline, and customer wow can reinforce one another. The success we're seeing in product commerce is the result of years of strategic investments and disciplined execution focused on breaking trade-offs for customers. We see similar potential for each of the nascent initiatives within developing offerings. In Taiwan, our momentum continues to accelerate, generating exciting year-over-year and quarter-over-quarter revenue growth again this quarter. Our focus on building the best overall customer experience is gaining meaningful traction with consumers, driving higher levels of adoption and retention. These levels of customer adoption in Taiwan are similar to those we saw at the same stage in building our retail business in Korea, reinforcing our confidence in its long-term potential. As we look forward, we expect the continued growth in Taiwan to be driven primarily by two factors. First, our rapidly expanding selection. While still very early, we're making considerable progress in growing our first-party assortment. We also began rolling out our 3P marketplace recently, which we expect will allow us to significantly expand selection, increasing the value proposition for consumers. And second, we've begun building out our own last mile logistics in Taiwan. While it's still early, the team has made impressive progress this past quarter. We've seen significant growth in the share of our volume being delivered through our own last mile logistics, creating the potential for us to approach the levels of speed and reliability that customers have come to expect from Coupang in Korea. As we continue to invest and scale our newer offerings, we're committed to remaining disciplined in our capital allocation. We'll continue to test and learn, leaning in only where we see clear evidence that we can deliver sustained customer wow and attractive long-term cash flows. This has been our approach since the early days of investing in product commerce, and it will continue to guide how we invest in developing offerings. With that, I'll turn it over to Gaurav to walk through the financials in more detail.