Coupang, Inc(NYSE:CPNG) 
Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It sells various products and services in the categories of home goods and dcor products, apparel, beauty products, fresh food and groceries, sporting goods, electro...
Website: http://www.coupang.com
Founded: 2010
CEO: Bom Kim
Sector: Consumer Cyclical
Industry: Internet Retail
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At a glance:
- Scale-Driven Growth in Korea Remains the Core Story: Coupang continues to leverage its dense logistics network and high customer engagement in South Korea, with scale supporting faster delivery, broader selection, and improving unit economics.
- Margins and Profitability Trend Improving with Operating Leverage: As fulfillment and delivery costs are spread across higher volumes, profitability has generally improved, with incremental gains supported by efficiency initiatives and mix shift toward higher-margin services.
- WOW Membership and Ecosystem Expansion Support Retention: Subscription benefits (e.g., delivery perks, content, and other services) help increase purchase frequency and customer stickiness, reinforcing Coupang’s ecosystem and lowering churn over time.
- New Initiatives (Eats, Fintech, Advertising) Offer Optionality: Adjacency businesses can diversify revenue and lift margins, but typically require continued investment and may carry near-term losses before reaching scale.
- Key Risks: Competitive Intensity, Regulatory Factors, and FX Exposure: Competition in Korean commerce and delivery remains intense, while regulatory scrutiny and KRW/USD currency movements can influence reported results, costs, and investor sentiment.
Bull Thesis:
- Dominant Market Position & Logistics Network: Coupang holds a commanding market share in South Korea's e-commerce sector, underpinned by its proprietary 'Rocket Delivery' logistics infrastructure. This extensive network provides unparalleled speed and convenience, creating a significant competitive moat and high customer stickiness that is difficult for competitors to replicate.
- Clear Path to Sustained Profitability & Free Cash Flow: The company has demonstrated a strong trend towards improving gross margins, achieving consistent positive adjusted EBITDA, and is nearing sustained positive free cash flow. This indicates increasing operational leverage and efficiency as the business scales, moving past its initial heavy investment phase.
- Expanding Ecosystem & High Customer Loyalty: Coupang's 'Rocket Wow' membership program integrates a growing suite of services, including e-commerce, food delivery (Coupang Eats), streaming (Coupang Play), and fintech (Coupang Pay). This comprehensive ecosystem fosters deep customer engagement and loyalty, reducing churn and increasing lifetime value.
- Promising International Expansion in Taiwan: Following a successful pilot, Coupang's expansion into Taiwan has shown strong early traction, demonstrating the potential to replicate its successful model in other densely populated, high e-commerce penetration markets. This offers a viable avenue for future growth and revenue diversification outside of South Korea.
Bear Thesis:
- Intense Competition & Pricing Pressure: Despite its dominance, Coupang faces fierce competition across various segments from established players like Naver Shopping, Shinsegae, and Lotte, as well as specialized services. This competitive landscape could lead to ongoing pricing pressure, increased marketing spend, and potentially limit margin expansion.
- High Operating Costs & Capital Intensity: The 'Rocket Delivery' model, while a key differentiator, is inherently capital-intensive, requiring significant ongoing investment in infrastructure, technology, and labor. While profitability is improving, these high fixed and variable costs could limit long-term margin potential and free cash flow generation compared to asset-light models.
- Reliance on South Korean Market: A substantial majority of Coupang's revenue and profits are still derived from the South Korean market. This concentration makes the company susceptible to economic downturns, adverse regulatory changes, or shifts in consumer behavior specific to that single market, posing a geographic risk.
- Regulatory & Labor Scrutiny: As a major employer and market player in South Korea, Coupang faces increasing scrutiny regarding labor practices, market dominance, and data privacy. Potential regulatory actions, increased compliance costs, or labor disputes could impact operations, reputation, and financial performance.
Main Competitors:
- Naver Corporation ($035420.KS) (Naver Shopping, Naver Pay), Naver is South Korea's dominant search engine and a major e-commerce player. It competes with Coupang through its Naver Shopping platform, which aggregates products from various sellers, and Naver Pay, a widely used payment service. Naver leverages its massive user base and content ecosystem to drive traffic to its shopping platform, offering a marketplace model versus Coupang's direct retail and proprietary logistics.
- Shinsegae Group ($004170.KS (Shinsegae Inc.), 000660.KS (E-Mart Inc.)) (SSG.com, Gmarket, Auction, Emart), Shinsegae is a traditional retail giant that has aggressively expanded its online presence. Its SSG.com platform competes directly in online grocery and general merchandise, leveraging its Emart hypermarket network. The acquisition of eBay Korea's Gmarket and Auction platforms further solidified its position as a major e-commerce marketplace, challenging Coupang across various product categories and delivery speeds.
- Kurly Inc. (Market Kurly), Market Kurly is a specialized online grocery delivery service known for its premium fresh produce and pioneering 'dawn delivery' model. It directly competes with Coupang Fresh in the high-growth segment of online grocery, particularly for customers seeking high-quality ingredients and ultra-fast, scheduled morning deliveries.
- Woowa Brothers Corp. (Baedal Minjok (Baemin)), Woowa Brothers operates Baedal Minjok (Baemin), the largest food delivery platform in South Korea. It competes directly with Coupang Eats for market share in the highly competitive food delivery sector, leveraging its extensive network of restaurants and delivery riders. Woowa Brothers is a subsidiary of Delivery Hero (DHER.DE).
Moat:
Coupang's competitive landscape in South Korea is intense, characterized by a mix of established conglomerates, tech giants, and specialized startups. Its primary moat lies in its unparalleled end-to-end logistics network, including proprietary warehouses, delivery fleet, and technology, which enables its signature 'Rocket Delivery' and 'Dawn Delivery' services. Competitors like Naver leverage vast user bases and marketplace models, while traditional retailers like Shinsegae and Lotte are digitizing their extensive physical footprints. Niche players like Market Kurly and Baedal Minjok challenge Coupang in specific high-growth segments like premium grocery and food delivery. Coupang's strategy involves expanding its ecosystem (Coupang Play, Coupang Pay) to increase customer stickiness and leverage its logistics advantage across multiple services, aiming to be the indispensable platform for Korean consumers.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net retail sales | 6,476,000,000 | 6,636,000,000 | 7,081,000,000 | 6,507,000,000 | 6,088,000,000 | 6,052,000,000 | 6,140,000,000 | 5,779,000,000 | 5,895,000,000 | 5,563,171,000 | 5,314,683,000 | 5,140,346,000 | 5,204,800,000 | 4,760,512,000 | 4,540,393,000 | 4,481,165,000 | 4,556,107,000 | 4,549,290,000 | 4,137,136,000 | 3,994,506,000 | 3,807,043,000 |
net other revenue | 2,028,000,000 | 2,199,000,000 | 2,186,000,000 | 2,017,000,000 | 1,820,000,000 | 1,913,000,000 | 1,726,000,000 | 1,544,000,000 | 1,219,000,000 | 997,855,000 | 868,872,000 | 697,543,000 | 595,730,000 | 566,262,000 | 560,941,000 | 556,656,000 | 560,579,000 | 527,403,000 | 507,569,000 | 483,608,000 | 399,817,000 |
total net revenues | 8,504,000,000 | 8,835,000,000 | 9,267,000,000 | 8,524,000,000 | 7,908,000,000 | 7,965,000,000 | 7,866,000,000 | 7,323,000,000 | 7,114,000,000 | 6,561,026,000 | 6,183,555,000 | 5,837,889,000 | 5,800,530,000 | 5,326,774,000 | 5,101,334,000 | 5,037,821,000 | 5,116,686,000 | 5,076,693,000 | 4,644,705,000 | 4,478,114,000 | 4,206,860,000 |
yoy | 7.54% | 10.92% | 17.81% | 16.40% | 11.16% | 21.40% | 27.21% | 25.44% | 22.64% | 23.17% | 21.21% | 15.88% | 13.36% | 4.93% | 9.83% | 12.50% | 21.63% | ||||
qoq | -3.75% | -4.66% | 8.72% | 7.79% | -0.72% | 1.26% | 7.41% | 2.94% | 8.43% | 6.10% | 5.92% | 0.64% | 8.89% | 4.42% | 1.26% | -1.54% | 0.79% | 9.30% | 3.72% | 6.45% | |
cost of sales | 6,207,000,000 | 6,291,000,000 | 6,547,000,000 | 5,963,000,000 | 5,592,000,000 | 5,474,000,000 | 5,597,000,000 | 5,181,000,000 | 5,185,000,000 | 4,880,528,000 | 4,617,768,000 | 4,314,101,000 | 4,380,603,000 | 4,047,988,000 | 3,867,446,000 | 3,884,028,000 | 4,073,280,000 | 4,271,092,000 | 3,890,178,000 | 3,819,620,000 | 3,474,354,000 |
operating, general and administrative | 2,539,000,000 | 2,536,000,000 | 2,558,000,000 | 2,412,000,000 | 2,162,000,000 | 2,179,000,000 | 2,160,000,000 | 2,167,000,000 | 1,889,000,000 | 1,549,399,000 | 1,478,303,000 | 1,376,146,000 | 1,313,152,000 | 1,195,377,000 | 1,156,468,000 | 1,220,936,000 | 1,249,111,000 | 1,202,199,000 | 1,069,639,000 | 1,173,430,000 | 999,822,000 |
total operating cost and expenses | 8,746,000,000 | 8,827,000,000 | 9,105,000,000 | 8,375,000,000 | 7,754,000,000 | 7,653,000,000 | 7,757,000,000 | 7,348,000,000 | 7,074,000,000 | 6,429,927,000 | 6,096,071,000 | 5,690,247,000 | 5,693,755,000 | 5,243,365,000 | 5,023,914,000 | 5,104,964,000 | 5,322,391,000 | 5,473,291,000 | 4,959,817,000 | 4,993,050,000 | 4,474,176,000 |
operating income | -242,000,000 | 8,000,000 | 162,000,000 | 149,000,000 | 154,000,000 | 312,000,000 | 109,000,000 | -25,000,000 | 40,000,000 | 131,099,000 | 87,484,000 | 147,642,000 | 106,775,000 | 83,409,000 | 77,420,000 | -67,143,000 | -205,705,000 | -396,598,000 | -315,112,000 | -514,936,000 | -267,316,000 |
yoy | -257.14% | -97.44% | 48.62% | -696.00% | 285.00% | 137.99% | 24.59% | -116.93% | -62.54% | 57.18% | 13.00% | -319.89% | -151.91% | -121.03% | -124.57% | -86.96% | -23.05% | ||||
qoq | -3125.00% | -95.06% | 8.72% | -3.25% | -50.64% | 186.24% | -536.00% | -162.50% | -69.49% | 49.85% | -40.75% | 38.27% | 28.01% | 7.74% | -215.31% | -67.36% | -48.13% | 25.86% | -38.81% | 92.63% | |
operating margin % | -2.85% | 0.09% | 1.75% | 1.75% | 1.95% | 3.92% | 1.39% | -0.34% | 0.56% | 2.00% | 1.41% | 2.53% | 1.84% | 1.57% | 1.52% | -1.33% | -4.02% | -7.81% | -6.78% | -11.50% | -6.35% |
interest income | 44,000,000 | 47,000,000 | 52,000,000 | 51,000,000 | 49,000,000 | 53,000,000 | 55,000,000 | 53,000,000 | 55,000,000 | 54,272,000 | 50,237,000 | 41,630,000 | 31,861,000 | 26,497,000 | 15,403,000 | 7,364,000 | 3,534,000 | 3,195,000 | 2,603,000 | 1,907,000 | 940,000 |
interest expense | -13,000,000 | -16,000,000 | -22,000,000 | -25,000,000 | -23,000,000 | -40,000,000 | -36,000,000 | -37,000,000 | -27,000,000 | -13,614,000 | -13,295,000 | -12,813,000 | -8,278,000 | -7,173,000 | -6,485,000 | -6,143,000 | -7,368,000 | -7,311,000 | -7,376,000 | -5,848,000 | -24,823,000 |
other income | -44,000,000 | -17,000,000 | -27,000,000 | 19,000,000 | 36,000,000 | 1,750,000 | 4,000,000 | 12,000,000 | -4,889,000 | -7,776,000 | -6,539,000 | -9,200,000 | 11,224,000 | -9,229,000 | 490,000 | -3,434,000 | -4,026,000 | 373,000 | |||
income before income taxes | -255,000,000 | 22,000,000 | 165,000,000 | 194,000,000 | 216,000,000 | 279,000,000 | 132,000,000 | 3,000,000 | 59,000,000 | 172,313,000 | 116,650,000 | 171,218,000 | 123,819,000 | 93,533,000 | 97,562,000 | -75,151,000 | -209,049,000 | -404,148,000 | -323,911,000 | -518,504,000 | -295,025,000 |
income tax expense | 11,000,000 | 48,000,000 | 70,000,000 | 163,000,000 | 102,000,000 | 148,000,000 | 68,000,000 | 108,000,000 | 83,000,000 | -860,340,000 | 25,350,000 | 26,026,000 | 32,964,000 | -8,531,000 | 6,883,000 | 340,000 | 245,000 | 831,000 | 66,000 | 97,000 | 8,000 |
net income | -266,000,000 | -26,000,000 | 95,000,000 | 31,000,000 | 114,000,000 | 131,000,000 | 64,000,000 | -105,000,000 | -24,000,000 | 1,032,653,000 | 91,300,000 | 145,192,000 | 90,855,000 | 102,064,000 | 90,679,000 | -75,491,000 | -209,294,000 | -404,979,000 | -323,977,000 | -518,601,000 | -295,033,000 |
yoy | -333.33% | -119.85% | 48.44% | -129.52% | -575.00% | -87.31% | -29.90% | -172.32% | -126.42% | 911.77% | 0.68% | -292.33% | -143.41% | -125.20% | -127.99% | -85.44% | -29.06% | ||||
qoq | 923.08% | -127.37% | 206.45% | -72.81% | -12.98% | 104.69% | -160.95% | 337.50% | -102.32% | 1031.05% | -37.12% | 59.81% | -10.98% | 12.56% | -220.12% | -63.93% | -48.32% | 25.00% | -37.53% | 75.78% | |
net income margin % | -3.13% | -0.29% | 1.03% | 0.36% | 1.44% | 1.64% | 0.81% | -1.43% | -0.34% | 15.74% | 1.48% | 2.49% | 1.57% | 1.92% | 1.78% | -1.50% | -4.09% | -7.98% | -6.98% | -11.58% | -7.01% |
net income attributable to noncontrolling interests | -1,000,000 | 7,000,000 | |||||||||||||||||||
net income attributable to coupang stockholders | -266,000,000 | -26,000,000 | 95,000,000 | 32,000,000 | 107,000,000 | 156,000,000 | 70,000,000 | -77,000,000 | 5,000,000 | ||||||||||||
earnings per share | |||||||||||||||||||||
basic | -0.15 | -0.02 | 0.05 | 0.02 | 0.06 | 0.04 | -0.04 | ||||||||||||||
diluted | -0.15 | -0.02 | 0.05 | 0.02 | 0.06 | 0.04 | -0.04 | ||||||||||||||
weighted-average shares outstanding | |||||||||||||||||||||
basic | 1,825 | 1,818 | 1,823 | 1,817 | 1,806 | 1,794 | 1,795 | 1,789 | 1,794 | 1,782 | 1,784,363 | 1,779,508 | 1,774,843 | 1,767,275 | |||||||
diluted | 1,825 | 1,855 | 1,864 | 1,855 | 1,840 | 1,826 | 1,829 | 1,789 | 1,815 | 1,803 | 1,808,311 | 1,800,102 | 1,794,453 | 1,790,941 | |||||||
net loss attributable to noncontrolling interests | -25,000,000 | -6,000,000 | -28,000,000 | -29,000,000 | |||||||||||||||||
other expense | -9,000,000 | -5,241,000 | -3,826,000 | ||||||||||||||||||
net income attributable to class a and class b common stockholders per share: | |||||||||||||||||||||
basic and diluted | 0.045 | 0.05 | 0.08 | 0.05 | -0.028 | 0.05 | |||||||||||||||
weighted-average shares used for eps calculation | 1,763,264 | 1,756,739 | 1,423,887 | 1,747,255 | 1,743,109 | 434,917 | |||||||||||||||
basic | 1,825 | 1,818 | 1,823 | 1,817 | 1,806 | 1,794 | 1,795 | 1,789 | 1,794 | 1,782 | 1,784,363 | 1,779,508 | 1,774,843 | 1,767,275 | |||||||
diluted | 1,825 | 1,855 | 1,864 | 1,855 | 1,840 | 1,826 | 1,829 | 1,789 | 1,815 | 1,803 | 1,808,311 | 1,800,102 | 1,794,453 | 1,790,941 | |||||||
other comprehensive income: | |||||||||||||||||||||
foreign currency translation adjustments, net of tax | -13,679,250 | -52,758,000 | -4,970 | 3,011 | 1,957 | 24,266 | -351 | 14,972 | |||||||||||||
actuarial gain on defined severance benefits, net of tax | 9,562,500 | 243,000 | 34,196 | 3,811 | -1,927 | 1,266 | -9,892 | 918 | |||||||||||||
total other comprehensive income | -4,116,750 | -52,515,000 | 29,226 | 6,822 | 7,794.75 | 25,532 | -10,243 | 15,890 | |||||||||||||
comprehensive income | -52,643,250 | 38,164,000 | |||||||||||||||||||
net loss attributable to class a and class b common stockholders per share, basic and diluted | -0.04 | -0.12 | -0.21 | -0.19 | -0.3 | -0.68 | |||||||||||||||
weighted-average shares used for eps calculation | 1,763,264 | 1,756,739 | 1,423,887 | 1,747,255 | 1,743,109 | 434,917 | |||||||||||||||
comprehensive loss | -46,265 | -202,472 | -452,804 | -298,445 | -528,844 | -279,143 | |||||||||||||||
less: premium on repurchase of redeemable convertible preferred units | |||||||||||||||||||||
net loss attributable to class a and class b common stockholders | -404,979,000 | -323,977,000 | -518,601,000 | -295,033,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
cash and cash equivalents | 6,301,000,000 | 6,318,000,000 | 7,229,000,000 | 6,796,000,000 | 6,113,000,000 | 5,879,000,000 | 5,822,000,000 | 5,536,000,000 | 5,226,000,000 | 5,243,000,000 | 4,857,920,000 | 4,473,193,000 | 3,792,211,000 | 3,509,334,000 | 2,903,052,000 | 3,107,535,000 | 3,369,353,000 | 3,487,708,000 | 3,928,568,000 | 4,284,933,000 | 4,332,799,000 |
restricted cash | 90,000,000 | 94,000,000 | 95,000,000 | 93,000,000 | 86,000,000 | 151,000,000 | 139,000,000 | 257,000,000 | 347,000,000 | 353,000,000 | 400,255,000 | 268,975,000 | 330,188,000 | 176,316,000 | 156,970,000 | 163,468,000 | 307,100,000 | 319,800,000 | 337,098,000 | 171,321,000 | 196,097,000 |
accounts receivable | 351,000,000 | 363,000,000 | 393,000,000 | 499,000,000 | 484,000,000 | 407,000,000 | 517,000,000 | 547,000,000 | 601,000,000 | 314,000,000 | 285,081,000 | 138,855,000 | 126,892,000 | 184,463,000 | 169,424,000 | 187,644,000 | 170,603,000 | 175,350,000 | 134,316,000 | 129,043,000 | 81,423,000 |
inventories | 2,037,000,000 | 2,256,000,000 | 2,487,000,000 | 2,285,000,000 | 2,049,000,000 | 2,099,000,000 | 2,181,000,000 | 1,992,000,000 | 1,938,000,000 | 1,666,000,000 | 1,640,567,000 | 1,565,373,000 | 1,667,156,000 | 1,656,851,000 | 1,406,380,000 | 1,451,428,000 | 1,378,399,000 | 1,421,501,000 | 1,212,198,000 | 1,230,414,000 | 1,306,958,000 |
prepaids and other current assets | 584,000,000 | 660,000,000 | 602,000,000 | 503,000,000 | 474,000,000 | 458,000,000 | 553,000,000 | 477,000,000 | 457,000,000 | 316,000,000 | 245,868,000 | 270,382,000 | 198,235,000 | 303,166,000 | |||||||
total current assets | 9,363,000,000 | 9,691,000,000 | 10,806,000,000 | 10,176,000,000 | 9,206,000,000 | 8,994,000,000 | 9,212,000,000 | 8,809,000,000 | 8,569,000,000 | 7,892,000,000 | 7,429,691,000 | 6,716,778,000 | 6,114,682,000 | 5,830,130,000 | 4,928,041,000 | 5,161,399,000 | 5,482,400,000 | 5,636,806,000 | 5,911,333,000 | 6,028,173,000 | 6,156,409,000 |
property and equipment | 3,632,000,000 | 3,722,000,000 | 3,506,000,000 | 3,424,000,000 | 2,953,000,000 | 2,813,000,000 | 2,997,000,000 | 2,563,000,000 | 2,509,000,000 | 2,465,000,000 | 2,200,638,000 | 2,119,340,000 | 1,811,174,000 | 1,819,945,000 | 1,540,088,000 | 1,471,013,000 | 1,425,839,000 | 1,347,531,000 | 1,167,463,000 | 1,055,732,000 | 1,070,528,000 |
operating lease right-of-use assets | 2,844,000,000 | 2,765,000,000 | 2,717,000,000 | 2,540,000,000 | 2,317,000,000 | 2,016,000,000 | 2,240,000,000 | 1,993,000,000 | 1,912,000,000 | 1,601,000,000 | 1,484,273,000 | 1,427,407,000 | 1,341,091,000 | 1,405,248,000 | 1,292,486,000 | 1,436,363,000 | 1,465,868,000 | 1,374,629,000 | 1,259,962,000 | 1,238,697,000 | 1,129,538,000 |
intangible assets | 178,000,000 | 190,000,000 | 201,000,000 | 210,000,000 | 215,000,000 | 271,000,000 | 306,000,000 | 319,000,000 | 349,000,000 | ||||||||||||
deferred tax assets | 597,000,000 | 596,000,000 | 655,000,000 | 646,000,000 | 612,000,000 | 622,000,000 | 764,000,000 | 757,000,000 | 841,000,000 | 925,000,000 | |||||||||||
long-term lease deposits and other | 785,000,000 | 823,000,000 | 783,000,000 | 835,000,000 | 683,000,000 | 628,000,000 | 823,000,000 | 754,000,000 | 769,000,000 | 463,000,000 | 445,732,000 | 421,965,000 | 441,822,000 | 455,956,000 | 355,733,000 | 345,570,000 | 308,462,000 | 270,290,000 | 240,271,000 | 243,388,000 | 231,204,000 |
total assets | 17,399,000,000 | 17,787,000,000 | 18,668,000,000 | 17,831,000,000 | 15,986,000,000 | 15,344,000,000 | 16,342,000,000 | 15,195,000,000 | 14,949,000,000 | 13,346,000,000 | 11,562,769,000 | 10,687,013,000 | 9,710,305,000 | 9,512,903,000 | 8,126,661,000 | 8,425,203,000 | 8,693,210,000 | 8,641,834,000 | 8,587,270,000 | 8,574,510,000 | 8,596,558,000 |
liabilities and equity | |||||||||||||||||||||
accounts payable | 5,965,000,000 | 6,298,000,000 | 6,795,000,000 | 6,487,000,000 | 5,702,000,000 | 5,554,000,000 | 5,899,000,000 | 5,621,000,000 | 5,370,000,000 | 5,099,000,000 | 4,616,045,000 | 4,077,023,000 | 3,684,956,000 | 3,622,332,000 | 2,940,540,000 | 3,294,481,000 | 3,330,095,000 | 3,442,720,000 | 3,216,880,000 | 3,199,812,000 | 2,964,877,000 |
accrued expenses | 406,000,000 | 515,000,000 | 467,000,000 | 430,000,000 | 391,000,000 | 461,000,000 | 473,000,000 | 516,000,000 | 388,000,000 | 352,000,000 | 311,886,000 | 271,950,000 | 247,098,000 | 298,869,000 | 248,794,000 | 241,316,000 | 249,619,000 | 304,293,000 | 164,678,000 | 129,946,000 | 134,857,000 |
deferred revenue | 183,000,000 | 188,000,000 | 210,000,000 | 188,000,000 | 172,000,000 | 141,000,000 | 191,000,000 | 139,000,000 | 135,000,000 | 97,000,000 | 85,529,000 | 93,255,000 | 93,263,000 | 92,361,000 | 129,235,000 | 105,429,000 | 100,554,000 | 93,972,000 | 80,450,000 | 71,962,000 | 64,269,000 |
short-term borrowings | 1,672,000,000 | 960,000,000 | 1,371,000,000 | 785,000,000 | 556,000,000 | 479,000,000 | 379,000,000 | 336,000,000 | 272,000,000 | 282,000,000 | 232,094,000 | 232,248,000 | 223,446,000 | 175,403,000 | 159,640,000 | 47,551,000 | 7,686,000 | 7,811,000 | 168,052,000 | 172,368,000 | 154,218,000 |
current portion of long-term operating lease obligations | 557,000,000 | 545,000,000 | 519,000,000 | 505,000,000 | 444,000,000 | 422,000,000 | 456,000,000 | 427,000,000 | 419,000,000 | 386,000,000 | 351,025,000 | 331,505,000 | 319,426,000 | 325,924,000 | 278,030,000 | 302,148,000 | 299,571,000 | 287,066,000 | 260,395,000 | 245,864,000 | 216,656,000 |
other current liabilities | 840,000,000 | 851,000,000 | 831,000,000 | 805,000,000 | 646,000,000 | 593,000,000 | 765,000,000 | 654,000,000 | 655,000,000 | 526,000,000 | 526,765,000 | 451,586,000 | 456,907,000 | 418,681,000 | 270,295,000 | 266,295,000 | 313,910,000 | 266,709,000 | 300,525,000 | 245,470,000 | 211,028,000 |
total current liabilities | 9,623,000,000 | 9,357,000,000 | 10,193,000,000 | 9,369,000,000 | 7,911,000,000 | 7,716,000,000 | 8,185,000,000 | 7,858,000,000 | 7,435,000,000 | 6,945,000,000 | 6,505,774,000 | 5,643,320,000 | 5,174,130,000 | 5,062,506,000 | 4,029,253,000 | 4,263,328,000 | 4,494,704,000 | 4,744,288,000 | 4,576,868,000 | 4,535,826,000 | 3,917,166,000 |
long-term debt | 617,000,000 | 648,000,000 | 618,000,000 | 850,000,000 | 1,002,000,000 | 988,000,000 | 1,194,000,000 | 1,047,000,000 | 1,062,000,000 | 529,000,000 | 527,711,000 | 718,681,000 | 522,817,000 | 537,880,000 | 561,069,000 | 595,557,000 | 611,053,000 | 283,190,000 | 169,333,000 | 4,132,000 | 273,800,000 |
long-term operating lease obligations | 2,550,000,000 | 2,482,000,000 | 2,441,000,000 | 2,270,000,000 | 2,078,000,000 | 1,770,000,000 | 1,970,000,000 | 1,740,000,000 | 1,668,000,000 | 1,387,000,000 | 1,295,117,000 | 1,255,344,000 | 1,178,124,000 | 1,233,680,000 | 1,142,179,000 | 1,268,744,000 | 1,296,787,000 | 1,201,277,000 | 1,103,478,000 | 1,072,241,000 | 981,063,000 |
defined severance benefits and other | 679,000,000 | 677,000,000 | 675,000,000 | 657,000,000 | 597,000,000 | 693,000,000 | 716,000,000 | 603,000,000 | 585,000,000 | 381,000,000 | 305,790,000 | 294,191,000 | 275,204,000 | 264,924,000 | 222,194,000 | 229,478,000 | 253,405,000 | 237,122,000 | 169,485,000 | 159,682,000 | 149,404,000 |
total liabilities | 13,469,000,000 | 13,164,000,000 | 13,927,000,000 | 13,146,000,000 | 11,588,000,000 | 11,167,000,000 | 12,065,000,000 | 11,248,000,000 | 10,750,000,000 | 9,242,000,000 | 8,634,392,000 | 7,911,536,000 | 7,150,275,000 | 7,098,990,000 | 5,954,695,000 | 6,357,107,000 | 6,655,949,000 | 6,465,877,000 | 6,019,164,000 | 5,771,881,000 | 5,321,433,000 |
commitments and contingencies | |||||||||||||||||||||
equity | |||||||||||||||||||||
common stock | |||||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,651 and 1,665class b — shares authorized 250, outstanding 158 and 158 | |||||||||||||||||||||
additional paid-in capital | 8,757,000,000 | 9,025,000,000 | 9,063,000,000 | 9,025,000,000 | 8,898,000,000 | 8,736,000,000 | 8,625,000,000 | 8,509,000,000 | 8,578,000,000 | 8,489,000,000 | 8,401,998,000 | 8,316,100,000 | 8,227,469,000 | 8,154,076,000 | 8,080,618,000 | 8,014,912,000 | 7,937,813,000 | 7,874,038,000 | 7,813,384,000 | 7,749,463,000 | 7,693,115,000 |
accumulated other comprehensive loss | -540,000,000 | -381,000,000 | -327,000,000 | -250,000,000 | -404,000,000 | -404,000,000 | -51,000,000 | -198,000,000 | -121,000,000 | -64,206,000 | -11,691,000 | -40,917,000 | -47,739,000 | -25,446,000 | -15,203,000 | ||||||
accumulated deficit | -4,287,000,000 | -4,021,000,000 | -3,995,000,000 | -4,090,000,000 | -4,122,000,000 | -4,229,000,000 | -4,385,000,000 | -4,455,000,000 | -4,378,000,000 | -4,383,000,000 | -5,415,212,000 | -5,506,512,000 | -5,651,704,000 | -5,742,559,000 | -5,844,623,000 | -5,935,302,000 | -5,859,811,000 | -5,650,517,000 | -5,245,538,000 | -4,921,561,000 | -4,402,960,000 |
total equity | 3,930,000,000 | 4,623,000,000 | 4,741,000,000 | 4,685,000,000 | 4,374,000,000 | 4,102,000,000 | 4,193,000,000 | 3,855,000,000 | 4,085,000,000 | ||||||||||||
total liabilities and equity | 17,399,000,000 | ||||||||||||||||||||
liabilities, redeemable noncontrolling interests, and equity | |||||||||||||||||||||
current portion of long-term debt | 169,000,000 | 66,000,000 | 22,000,000 | 165,000,000 | 196,000,000 | 203,000,000 | 382,430,000 | 185,753,000 | 149,034,000 | 128,936,000 | 2,719,000 | 6,108,000 | 193,269,000 | 341,717,000 | 385,888,000 | 470,404,000 | 171,261,000 | ||||
redeemable noncontrolling interests | 24,000,000 | 84,000,000 | 92,000,000 | 114,000,000 | |||||||||||||||||
class a — shares authorized 10,000, outstanding 1,665 and 1,643class b — shares authorized 250, outstanding 158 and 158 | |||||||||||||||||||||
noncontrolling interests | 2,000,000 | -1,000,000 | 4,000,000 | -1,000,000 | 6,000,000 | ||||||||||||||||
total liabilities, redeemable noncontrolling interests, and equity | 17,787,000,000 | 18,668,000,000 | 17,831,000,000 | ||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,661 and 1,643class b — shares authorized 250, outstanding 158 and 158 | |||||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,649 and 1,643class b — shares authorized 250, outstanding 158 and 158 | |||||||||||||||||||||
total liabilities, redeemable noncontrolling interests and equity | 15,986,000,000 | 15,344,000,000 | 16,342,000,000 | 15,195,000,000 | 14,949,000,000 | ||||||||||||||||
liabilities, redeemable noncontrolling interests and stockholders' equity | |||||||||||||||||||||
redeemable noncontrolling interest | 75,000,000 | 15,000,000 | |||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,643 and 1,616class b — shares authorized 250, outstanding 158 and 175 | |||||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,621 and 1,616class b — shares authorized 250, outstanding 175 and 175 | |||||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,615 and 1,616class b — shares authorized 250, outstanding 175 and 175 | |||||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,620 and 1,616class b — shares authorized 250, outstanding 175 and 175 | |||||||||||||||||||||
liabilities and stockholders' equity | |||||||||||||||||||||
stockholders' equity | |||||||||||||||||||||
class a — shares authorized 10,000, outstanding 1,616 and 1,598class b — shares authorized 250, outstanding 175 and 175 | |||||||||||||||||||||
accumulated other comprehensive income | -17,000,000 | -58,588,000 | -34,289,000 | -15,913,000 | 2,219,000 | 86,000 | |||||||||||||||
total stockholders' equity | 4,089,000,000 | 2,928,377,000 | 2,775,477,000 | 2,560,030,000 | 2,413,913,000 | 2,171,966,000 | 2,068,096,000 | 2,037,261,000 | |||||||||||||
total liabilities and stockholders' equity | 13,346,000,000 | 11,562,769,000 | 10,687,013,000 | 9,710,305,000 | 9,512,903,000 | 8,126,661,000 | 8,425,203,000 | 8,693,210,000 | |||||||||||||
long-term restricted cash | 2,435,000 | 1,523,000 | 1,536,000 | 1,624,000 | 192,000 | 1,151,000 | 1,105,000 | 2,839,000 | 4,341,000 | 4,430,000 | 4,802,000 | ||||||||||
contingencies | |||||||||||||||||||||
class a common stock, 0.0001 par value... | 179,000 | 178,000 | 178,000 | 177,000 | 177,000 | 177,000 | 176,000 | 175,000 | 174,000 | 173,000 | 173,000 | ||||||||||
current assets: | |||||||||||||||||||||
other current assets | 292,215,000 | 251,324,000 | 256,945,000 | 232,447,000 | 299,153,000 | 212,462,000 | 239,132,000 | ||||||||||||||
goodwill | 10,121,000 | 9,707,000 | 9,536,000 | 9,739,000 | 3,900,000 | 4,090,000 | 4,077,000 | ||||||||||||||
current liabilities: | |||||||||||||||||||||
liabilities, redeemable convertible preferred units and stockholders'/members’ equity | |||||||||||||||||||||
convertible notes | |||||||||||||||||||||
redeemable convertible preferred units, no par value; no units authorized, issued or outstanding, and no liquidation preference as of december 31, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of 3,584,028 as of december 31, 2020 | |||||||||||||||||||||
stockholders'/members’ equity | |||||||||||||||||||||
common units, no par value; no units authorized, issued or outstanding as of december 31, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of december 31, 2020 | |||||||||||||||||||||
total stockholders'/members' equity | 2,175,957,000 | ||||||||||||||||||||
total liabilities, redeemable convertible preferred units and stockholders'/members' equity | 8,641,834,000 | ||||||||||||||||||||
table of contents | |||||||||||||||||||||
redeemable convertible preferred units, no par value; no units authorized, issued or outstanding, and no liquidation preference as of september 30, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of 3,584,028 as of december 31, 2020 | |||||||||||||||||||||
common units, no par value; no units authorized, issued or outstanding as of september 30, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of december 31, 2020 | |||||||||||||||||||||
total stockholders'/members’ equity | 2,568,106,000 | 2,802,629,000 | 3,275,125,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred units and stockholders'/members’ equity | 8,587,270,000 | 8,574,510,000 | 8,596,558,000 | ||||||||||||||||||
redeemable convertible preferred units, no par value; no units authorized, issued or outstanding, and no liquidation preference as of june 30, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of 3,584,028 as of december 31, 2020 | |||||||||||||||||||||
common units, no par value; no units authorized, issued or outstanding as of june 30, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of december 31, 2020 | |||||||||||||||||||||
redeemable convertible preferred units, no par value; no units authorized, issued or outstanding, and no liquidation preference as of march 31, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of 3,584,028 as of december 31, 2020 | |||||||||||||||||||||
common units, no par value; no units authorized, issued or outstanding as of march 31, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of december 31, 2020 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||||
net income | -266,000,000 | -26,000,000 | 95,000,000 | 31,000,000 | 114,000,000 | 131,000,000 | 64,000,000 | -105,000,000 | -24,000,000 | 1,032,653,000 | 91,300,000 | 145,192,000 | 90,855,000 | ||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
depreciation and amortization | 143,000,000 | 136,000,000 | 133,000,000 | 126,000,000 | 122,000,000 | 120,000,000 | 112,000,000 | 106,000,000 | 95,000,000 | 77,184,000 | 67,393,000 | 66,178,000 | 64,245,000 | 56,902,000 | 54,424,000 | 60,399,000 | 59,240,000 | 55,614,000 | 51,540,000 | 46,942,000 | 47,384,000 |
provision for severance benefits | 67,000,000 | 69,000,000 | 62,000,000 | 59,000,000 | 56,000,000 | 49,000,000 | 48,000,000 | 45,000,000 | 45,000,000 | 41,757,000 | 41,141,000 | 37,411,000 | 38,691,000 | 37,168,000 | 36,620,000 | 42,954,000 | 44,482,000 | 27,565,000 | 34,621,000 | 33,756,000 | 32,272,000 |
equity-based compensation | 122,000,000 | 123,000,000 | 118,000,000 | 113,000,000 | 121,000,000 | 122,000,000 | 114,000,000 | 109,000,000 | 88,000,000 | 85,902,000 | 83,795,000 | 86,404,000 | 69,899,000 | 70,682,000 | 63,075,000 | 72,916,000 | 55,593,000 | 55,895,000 | 56,138,000 | 50,346,000 | 86,966,000 |
non-cash operating lease expense | 143,000,000 | 138,000,000 | 132,000,000 | 121,000,000 | 116,000,000 | 107,000,000 | 114,000,000 | 108,000,000 | 103,000,000 | 90,062,000 | 84,609,000 | 79,815,000 | 83,514,000 | 78,337,000 | 75,647,000 | 78,463,000 | 77,223,000 | 71,039,000 | 66,147,000 | 64,461,000 | 57,318,000 |
deferred income taxes | -28,000,000 | 41,000,000 | -27,000,000 | 12,000,000 | 11,000,000 | 83,000,000 | 39,000,000 | 56,000,000 | 47,000,000 | ||||||||||||
other | 98,000,000 | 31,000,000 | 89,000,000 | 88,000,000 | 1,000,000 | 57,000,000 | 76,000,000 | 42,000,000 | 14,463,000 | 56,415,000 | 28,716,000 | ||||||||||
change in operating assets and liabilities, net of acquisition: | |||||||||||||||||||||
accounts receivable | -8,000,000 | 28,000,000 | 89,000,000 | 0 | -80,000,000 | 93,000,000 | 93,000,000 | 37,000,000 | -14,000,000 | -18,968,000 | -155,230,000 | -14,493,000 | 55,691,000 | 5,498,000 | -1,983,000 | -37,608,000 | 266,000 | -44,248,000 | -13,577,000 | -48,305,000 | -14,076,000 |
inventories | 128,000,000 | 175,000,000 | -298,000,000 | -92,000,000 | -18,000,000 | -142,000,000 | -71,000,000 | -130,000,000 | -33,000,000 | 42,692,000 | -104,918,000 | 79,192,000 | -60,966,000 | -78,273,000 | -103,670,000 | -191,954,000 | 6,863,000 | -219,400,000 | -41,368,000 | -57,748,000 | -209,443,000 |
other assets | -41,000,000 | -112,000,000 | -129,000,000 | -165,000,000 | -111,000,000 | 112,000,000 | -132,000,000 | -77,000,000 | -55,000,000 | -87,732,000 | -72,862,000 | -52,064,000 | 59,658,000 | -15,821,000 | -126,496,000 | -80,546,000 | -66,512,000 | 3,992,000 | -102,936,000 | -7,000,000 | -72,439,000 |
accounts payable | 53,000,000 | -420,000,000 | 565,000,000 | 259,000,000 | 111,000,000 | 197,000,000 | -41,000,000 | 382,000,000 | -31,000,000 | 278,635,000 | 656,602,000 | 416,597,000 | 162,166,000 | 280,894,000 | -27,070,000 | 162,534,000 | 28,044,000 | 166,960,000 | 165,043,000 | 229,949,000 | 166,536,000 |
accrued expenses | -97,000,000 | 58,000,000 | 46,000,000 | 38,000,000 | -93,000,000 | 28,000,000 | -79,000,000 | 141,000,000 | -30,000,000 | 27,600,000 | 43,333,000 | 18,972,000 | -46,905,000 | 13,560,000 | 31,306,000 | 12,316,000 | -49,981,000 | 155,993,000 | 40,826,000 | -12,959,000 | 22,737,000 |
other liabilities | -130,000,000 | -159,000,000 | -83,000,000 | -45,000,000 | 4,000,000 | -124,000,000 | 16,000,000 | -84,000,000 | -21,000,000 | -116,884,000 | -27,987,000 | -99,868,000 | -44,261,000 | 32,226,000 | -65,275,000 | -120,881,000 | -25,849,000 | -97,378,000 | -7,082,000 | -44,569,000 | -42,475,000 |
net cash from operating activities | 184,000,000 | 82,000,000 | 792,000,000 | 545,000,000 | 354,000,000 | 676,000,000 | 334,000,000 | 664,000,000 | 212,000,000 | 609,307,000 | 721,639,000 | 819,751,000 | 501,303,000 | 580,476,000 | 58,164,000 | -18,262,000 | -54,939,000 | -202,746,000 | -55,366,000 | 30,883,000 | -183,349,000 |
capital expenditures | -296,000,000 | -360,000,000 | -353,000,000 | -299,000,000 | -239,000,000 | -214,000,000 | -380,000,000 | -178,000,000 | -107,000,000 | -233,727,000 | -190,650,000 | -376,402,000 | -95,221,000 | -121,188,000 | -283,400,000 | -180,768,000 | -238,906,000 | -168,109,000 | -190,058,000 | -168,665,000 | -146,831,000 |
free cash flows | -112,000,000 | -278,000,000 | 439,000,000 | 246,000,000 | 115,000,000 | 462,000,000 | -46,000,000 | 486,000,000 | 105,000,000 | 375,580,000 | 530,989,000 | 443,349,000 | 406,082,000 | 459,288,000 | -225,236,000 | -199,030,000 | -293,845,000 | -370,855,000 | -245,424,000 | -137,782,000 | -330,180,000 |
investing activities | |||||||||||||||||||||
purchases of property and equipment | -296,000,000 | -360,000,000 | -353,000,000 | -299,000,000 | -239,000,000 | -214,000,000 | -380,000,000 | -178,000,000 | -107,000,000 | -233,727,000 | -190,650,000 | -376,402,000 | -95,221,000 | -121,188,000 | -283,400,000 | -180,768,000 | -238,906,000 | -168,109,000 | -190,058,000 | -168,665,000 | -146,831,000 |
proceeds from sale of property and equipment | 2,000,000 | 0 | 3,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | 2,000,000 | 2,000,000 | 6,539,000 | 5,248,000 | 6,549,000 | 664,000 | 2,582,000 | 2,790,000 | 3,565,000 | 4,245,000 | 904,000 | 835,000 | 95,000 | 30,000 |
other investing activities | -8,000,000 | -16,000,000 | -16,000,000 | -1,000,000 | 25,000,000 | 72,000,000 | -7,000,000 | -2,000,000 | -80,000,000 | -36,102,000 | 33,812,000 | -59,535,000 | 11,825,000 | -11,195,000 | -8,145,000 | -3,467,000 | -14,367,000 | -1,508,000 | -12,008,000 | 13,471,000 | -3,681,000 |
net cash from investing activities | -302,000,000 | -376,000,000 | -366,000,000 | -299,000,000 | -213,000,000 | -141,000,000 | -383,000,000 | -178,000,000 | -117,000,000 | -263,290,000 | -151,590,000 | -429,388,000 | -82,732,000 | -129,801,000 | -288,755,000 | -180,670,000 | -249,028,000 | -168,713,000 | -201,231,000 | -155,099,000 | -150,482,000 |
financing activities | |||||||||||||||||||||
proceeds from issuance of common stock, equity-based compensation plan | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 0 | 1,000,000 | 2,104,000 | 2,227,000 | 3,495,000 | |||||||||||
repurchase of class a common stock | -391,000,000 | -162,000,000 | 0 | 0 | |||||||||||||||||
proceeds from short-term borrowings and long-term debt | 1,936,000,000 | 718,000,000 | 1,401,000,000 | 486,000,000 | 295,000,000 | 432,000,000 | 321,000,000 | 90,000,000 | 14,000,000 | 155,492,000 | 97,086,000 | 287,470,000 | 31,952,000 | 139,749,000 | 59,461,000 | 343,975,000 | 193,364,000 | 58,944,000 | 56,464,000 | ||
repayment of short-term borrowings and long-term debt | -1,198,000,000 | -1,064,000,000 | -1,168,000,000 | -382,000,000 | -267,000,000 | -411,000,000 | -321,000,000 | -45,000,000 | -17,000,000 | -328,346,000 | -26,504,000 | -36,308,000 | -842,000 | -3,974,000 | -181,068,000 | -152,029,000 | -84,007,000 | -13,778,000 | -13,687,000 | ||
other financing activities | 0 | -1,000,000 | -15,000,000 | -12,000,000 | -11,000,000 | 1,000,000 | 54,000,000 | -491,000 | -1,547,000 | -857,000 | -1,308,000 | -494,000 | -487,000 | ||||||||
net cash from financing activities | 348,000,000 | -507,000,000 | 152,000,000 | 92,000,000 | 16,000,000 | 20,000,000 | -9,000,000 | -132,000,000 | 52,000,000 | -162,902,000 | 33,222,000 | 250,561,000 | 78,119,000 | 20,863,000 | 145,821,000 | -117,914,000 | 198,582,000 | -95,341,000 | 115,833,000 | 50,674,000 | 3,505,684,000 |
effect of exchange rate changes on cash and cash equivalents and restricted cash | -251,000,000 | -111,000,000 | -143,000,000 | ||||||||||||||||||
net increase in cash and cash equivalents and restricted cash | -21,000,000 | -912,000,000 | 435,000,000 | ||||||||||||||||||
cash and cash equivalents and restricted cash, as of beginning of period | 6,412,000,000 | 0 | 0 | ||||||||||||||||||
cash and cash equivalents and restricted cash, as of end of period | 6,391,000,000 | -912,000,000 | 435,000,000 | ||||||||||||||||||
fulfillment center fire insurance gain | |||||||||||||||||||||
net cash acquired in acquisition | 0 | 0 | 0 | 68,000,000 | |||||||||||||||||
effect of exchange rate changes on cash and cash equivalents, and restricted cash | 12,000,000 | -486,000,000 | 226,000,000 | -134,000,000 | -170,000,000 | 153,549,000 | -86,352,000 | -21,168,000 | -60,029,000 | 155,522,000 | -127,170,000 | -88,558,000 | -27,404,000 | 7,140,000 | -49,914,000 | 529,000 | -39,457,000 | ||||
net increase in cash and cash equivalents, and restricted cash | 169,000,000 | 69,000,000 | 168,000,000 | 220,000,000 | -23,000,000 | 336,664,000 | 516,919,000 | 619,756,000 | 436,661,000 | 627,060,000 | -211,940,000 | -405,404,000 | -132,789,000 | -459,660,000 | -190,678,000 | -73,013,000 | 3,132,396,000 | ||||
cash and cash equivalents, and restricted cash, as of beginning of period | 6,031,000,000 | 0 | 0 | 0 | 5,597,000,000 | -274,000 | 0 | 0 | 3,687,274,000 | 0 | 0 | 0 | 3,810,347,000 | 0 | 0 | 0 | 1,401,302,000 | ||||
cash and cash equivalents, and restricted cash, as of end of period | 6,200,000,000 | 69,000,000 | 168,000,000 | 220,000,000 | 5,574,000,000 | 336,390,000 | 516,919,000 | 619,756,000 | 4,123,935,000 | 627,060,000 | -211,940,000 | -405,404,000 | 3,677,558,000 | -459,660,000 | -190,678,000 | -73,013,000 | 4,533,698,000 | ||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
non-cash others | 55,232,000 | -7,085,000 | 47,107,000 | 16,514,000 | 25,192,000 | 15,380,000 | 2,253,000 | 15,153,000 | |||||||||||||
change in operating assets and liabilities: | |||||||||||||||||||||
net short-term borrowings and other financing activities | 8,778,000 | -39,464,000 | -2,828,000 | 43,514,000 | -9,148,000 | ||||||||||||||||
inventory and fixed asset losses due to fulfillment center fire | 0 | 0 | |||||||||||||||||||
proceeds from issuance of class a common stock upon initial public offering, net of underwriting discounts | 0 | 0 | 0 | 3,431,277,000 | |||||||||||||||||
deferred offering costs paid | 0 | 0 | 0 | -11,618,000 | |||||||||||||||||
proceeds from issuance of common stock/units, equity-based compensation plan | 2,776,000 | 2,631,000 | 4,184,000 | 8,183,000 | 4,760,000 | 7,784,000 | 6,002,000 | 43,735,000 | |||||||||||||
net loss | 102,064,000 | 90,679,000 | -75,491,000 | -209,294,000 | -404,979,000 | -323,977,000 | -518,601,000 | -295,033,000 | |||||||||||||
paid-in-kind interest and accretion of discount on convertible notes | 0 | 0 | 0 | 20,148,000 | |||||||||||||||||
revaluation of derivative instrument | |||||||||||||||||||||
repurchase of common units and preferred units | |||||||||||||||||||||
proceeds from short-term borrowings | |||||||||||||||||||||
proceeds from long-term debt, net of issuance costs | |||||||||||||||||||||
repayment of short-term borrowings | |||||||||||||||||||||
repayment of long-term debt | |||||||||||||||||||||
operating activities: | |||||||||||||||||||||
deferred revenue | 37,992,000 | 11,529,000 | 8,472,000 | 1,009,000 | 3,879,000 | 7,533,000 | 1,603,000 | ||||||||||||||
investing activities: | |||||||||||||||||||||
financing activities: | |||||||||||||||||||||
supplemental disclosure of cash-flow information: | |||||||||||||||||||||
cash paid for income taxes, net of refunds | 1,510,000 | ||||||||||||||||||||
cash paid for interest | 5,683,000 | 5,210,000 | 6,249,000 | 7,290,000 | 6,090,000 | 1,112,000 | 6,973,000 | ||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||||
decrease in property and equipment-related accounts payable | -17,077,000 | ||||||||||||||||||||
conversion of common units into class a and class b common stock | 0 | 0 | 0 | 87,064,000 | |||||||||||||||||
conversion of redeemable convertible preferred units into class a and class b common stock | 0 | 0 | 0 | 3,465,611,000 | |||||||||||||||||
conversion of convertible notes into class a common stock | 0 | 0 | 0 | 609,999,000 | |||||||||||||||||
cash paid for income taxes | 2,232,000 | 1,355,000 | -668,000 | 401,000 | |||||||||||||||||
increase in property and equipment-related accounts payable | -74,563,000 | ||||||||||||||||||||
increase in property and equipment-related accounts payable and accrued expenses | 3,222,000 | ||||||||||||||||||||
increase of property and equipment related to accounts payable and accrued expenses | 1,230,000 |