# EDGAR Filing Document

**Accession Number:** 0001834584
**File Stem:** 0001834584-25-000135
**Filing Date:** 2025-7
**Character Count:** 9388
**Document Hash:** f30ed3d2ac06bf8fad09f9b88a3fc94f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001834584-25-000135.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001834584-25-000135

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250714

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Coupang, Inc.
- **CENTRAL INDEX KEY:** 0001834584
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 272810505
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 720 OLIVE WAY
- **STREET 2:** SUITE 600
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 12063333839

**MAIL ADDRESS:**
- **STREET 1:** 720 OLIVE WAY
- **STREET 2:** SUITE 600
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

![image_0.jpg](image_0.jpg)

July 14, 2025<br>

<u>VIA EDGAR</u>

U.S. Securities and Exchange Commission

Division of Corporation Finance

Office of Trade & Services

100 F. Street, N.E.

Washington, D.C. 20549

**Re: &nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc.<br>Form 10-K for Fiscal Year Ended December 31, 2024**

**File No. 001-40115**

Dear Ms. Geddes and Mr. Friedman:

We are providing this letter in response to the comments of the staff of the Securities and Exchange Commission Division of Corporation Finance (the "Staff") contained in the letter, dated June 26, 2025, regarding the above-referenced Form 10-K for the fiscal year ended December 31, 2024 of Coupang, Inc. ("Coupang," the "Company" or "we"). For ease of reference, we have also reproduced below the text of the Staff's comments in italics directly above the Company's responses. Proposed revisions of our disclosures are marked with underlines or strikethroughs to facilitate the Staff's review.

<u>Form 10-K for Fiscal Year Ended December 31, 2024</u>

<u>Consolidated Financial Statements</u>

<u>Notes to Consolidated Financial Statements</u>

<u>3. Segment Reporting, page 72</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Please tell us how your disclosure complies with the requirement to disclose how the chief operating decision maker uses your reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources pursuant to ASC 280-10-50-29.f. Refer to ASC 280-10-55-47.bb for guidance.*

We respectfully acknowledge the Staff's comment. In our Form 10-Q for the quarter ended June 30, 2025 as well as in future annual filings, we will expand our disclosure as follows:

The CODM uses two profitability measures, Segment Adjusted EBITDA and Segment Gross Profit, in assessing segment performance and allocating resources to each segment. <u>Segment Adjusted EBITDA and Segment Gross Profit are evaluated on a monthly basis by our CODM by monitoring actual results versus prior periods. This comparison is performed to make strategic assessments and decisions regarding segment profitability, resource allocation, pricing strategies and cost optimization and whether to reinvest profits into each of these segments or into other initiatives.</u>

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![image_0.jpg](image_0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Please tell us how you considered whether costs included in "operating, general and administrative" expenses were significant segment expenses in accordance with ASC 280-10-50-26A, or other segment items in accordance with ASC 280-10-50-26B.*

*In defining segment adjusted EBITDA, you state "other segment items in reconciling from net revenues by segment to Segment Adjusted EBITDA include cost of sales, operating, general and administrative expense, and the adjustments described below." However, it appears from the table on page 73 that cost of sales is a significant segment expense. Please advise. After considering the points above, please also revise to present any costs included in Segment Adjusted EBITDA that are not deemed significant segment expenses as other segment items on a segment basis.*

We respectfully acknowledge the Staff's comment. We advise the Staff that costs included in "operating, general and administrative" expenses are included in other segment items and do not include significant segment expenses regularly provided to the Chief Operating Decision Maker ("CODM"). The CODM is regularly provided Segment Adjusted EBITDA and Segment Gross Profit, from which segment cost of sales expense is easily computable. Accordingly, the disclosure included in our Form 10-K for the fiscal year ended December 31, 2024 disclosed segment cost of sales as a significant segment expense in accordance with ASC 280-10-50-26A. However, in addition to there being no expense information regularly provided to the CODM, the information regularly provided to the CODM does not provide the CODM enough information to easily compute other expenses categories included in reported segment profit or loss measures. Due to the adjustments for depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations included in both "cost of sales" and "operating, general and administrative" expense, the difference between Segment Gross Profit and Segment Adjusted EBITDA does not allow the CODM to easily compute "operating, general and administrative" expenses.

In our Form 10-Q for the quarter ended June 30, 2025, as well as, future interim and annual filings we will revise our disclosure to clarify the presentation of these other segment items as follows:

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. Other segment items in reconciling from net revenues by segment to Segment Adjusted EBITDA include cost of sales, operating, general and administrative expense, and the adjustments described below.

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![image_0.jpg](image_0.jpg)

Reportable segment financial information is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions)* | **2024** | **2023** | **2022** |
| **Net revenues** |  |  |  |
| Product Commerce | $26699 | $23594 | $19955 |
| Developing Offerings | 3569 | 789 | 628 |
| **Total net revenues** | $**30268** | $**24383** | $**20583** |
| **Cost of sales** |  |  |  |
| Product Commerce | $18594 | $17313 | $15280 |
| Developing Offerings | 2843 | 880 | 593 |
| **Total cost of sales** | $**21437** | $**18193** | $**15873** |
| **Gross profit** |  |  |  |
| Product Commerce | $8105 | $6282 | $4675 |
| Developing Offerings | 726 | (91) | 35 |
| **Total gross profit** | $**8831** | $**6190** | $**4710** |
| **Other segment items** <sup>(1)</sup> |  |  |  |
| Product Commerce | $6099 | $4742 | $4069 |
| Developing Offerings | 1357 | 375 | 260 |
| **Total other segment items** | $**7456** | $**5116** | $**4329** |
| **Segment adjusted EBITDA** |  |  |  |
| Product Commerce | $2006 | $1540 | $606 |
| Developing Offerings | (631) | (466) | (225) |
| **Total segment adjusted EBITDA** | $**1375** | $**1074** | $**381** |

---

<u>(1)</u><u>Other segment items relate to operating, general and administrative expense, excluding depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations. The CODM does not regularly review disaggregated expense information included within "Other segment items" for any individual segment.</u>

Reconciliations of segment profit or loss:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions)* | **2024** | **2023** | **2022** |
| Total gross profit | $8831 | $6190 | $4710 |
| Operating, general and administrative | (8395) | (5717) | (4822) |
| Interest expense | (140) | (48) | (27) |
| Interest income | 216 | 178 | 53 |
| Other expense, net | (39) | (19) | (7) |
| **Income (loss) before income taxes** | $**473** | $**584** | $**(93)** |

---

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![image_0.jpg](image_0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| *(in millions)* | **2024** | **2023** | **2022** |
| Total segment adjusted EBITDA | $1375 | $1074 | $381 |
| Depreciation and amortization | (433) | (275) | (231) |
| Equity-based compensation | (433) | (326) | (262) |
| Acquisition and restructuring related costs | (127) |  |  |
| KFTC administrative fine (see Note 14) | (121) |  |  |
| FC Fire insurance gain | 175 |  |  |
| Interest expense | (140) | (48) | (27) |
| Interest income | 216 | 178 | 53 |
| Other expense, net | (39) | (19) | (7) |
| **Income (loss) before income taxes** | $**473** | $**584** | $**(93)** |

---

Note: Amounts may not foot due to rounding.

\*\*\*

If you have any questions regarding the response set forth above, please do not hesitate to contact me by email at jonlee@coupang.com.

Sincerely,

---

| |
|:---|
| /s/ Jonathan Lee |
| Jonathan Lee |
| Chief Accounting Officer |

---

cc: &nbsp;&nbsp;&nbsp;&nbsp;Harold Rogers, General Counsel & Chief Administrative Officer, Coupang, Inc.

Ruby Alexander, VP, Deputy General Counsel & Corporate Secretary, Coupang, Inc.

Lori Zyskowski, Gibson, Dunn & Crutcher LLP