2021 Q4 Form 10-K Financial Statement

#000183458422000015 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $5.077B $18.41B $3.803B
YoY Change 33.47% 53.81%
Cost Of Revenue $4.271B $15.46B $3.154B
YoY Change 35.41% 54.85%
Gross Profit $805.6M $2.951B $649.3M
YoY Change 24.08% 48.58%
Gross Profit Margin 15.87% 16.03% 17.07%
Selling, General & Admin $1.202B $4.445B $780.2M
YoY Change 54.1% 76.81%
% of Gross Profit 149.23% 150.62% 120.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.61M $201.5M
YoY Change 58.0%
% of Gross Profit 6.9% 6.83%
Operating Expenses $1.202B $4.445B $780.2M
YoY Change 54.1% 76.81%
Operating Profit -$396.6M -$1.494B -$130.9M
YoY Change 202.97% 189.53%
Interest Expense -$4.116M $45.36M -$27.86M
YoY Change -85.23% -57.91%
% of Operating Profit
Other Income/Expense, Net -$3.434M -$10.91M $76.07M
YoY Change -104.51% -107.28%
Pretax Income -$404.1M -$1.542B -$82.69M
YoY Change 388.74% 233.05%
Income Tax $831.0K $1.002M $64.00K
% Of Pretax Income
Net Earnings -$405.0M -$1.543B -$82.76M
YoY Change 389.37% 233.06%
Net Earnings / Revenue -7.98% -8.38% -2.18%
Basic Earnings Per Share -$1.08
Diluted Earnings Per Share -$230.6K -$1.08 -$48.25K
COMMON SHARES
Basic Shares Outstanding 1.424B shares
Diluted Shares Outstanding 1.424B shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.488B $3.488B
YoY Change 178.68%
Cash & Equivalents $3.488B $3.488B $1.251B
Short-Term Investments
Other Short-Term Assets $232.4M $552.2M $211.8M
YoY Change 9.72% 54.78%
Inventory $1.422B $1.422B $1.161B
Prepaid Expenses
Receivables $175.4M $175.4M $12.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.637B $5.637B $2.841B
YoY Change 98.43% 98.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.348B $2.722B $1.018B
YoY Change 32.38% 34.15%
Goodwill $9.739M $4.247M
YoY Change 129.31%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $273.1M $273.1M
YoY Change 41.37%
Total Long-Term Assets $3.005B $3.005B $2.227B
YoY Change 34.96% 34.96%
TOTAL ASSETS
Total Short-Term Assets $5.637B $5.637B $2.841B
Total Long-Term Assets $3.005B $3.005B $2.227B
Total Assets $8.642B $8.642B $5.067B
YoY Change 70.54% 70.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.443B $3.443B $2.908B
YoY Change 18.39% 18.39%
Accrued Expenses $304.3M $591.4M $115.6M
YoY Change 163.22% 101.21%
Deferred Revenue $93.97M $65.26M
YoY Change 44.0%
Short-Term Debt $7.811M $7.811M $156.7M
YoY Change -95.01% -95.02%
Long-Term Debt Due $341.7M $341.7M $67.58M
YoY Change 405.68% 388.87%
Total Short-Term Liabilities $4.744B $4.744B $3.733B
YoY Change 27.1% 27.1%
LONG-TERM LIABILITIES
Long-Term Debt $283.2M $283.2M
YoY Change -70.14%
Other Long-Term Liabilities $1.438B $1.438B
YoY Change 45.37%
Total Long-Term Liabilities $1.722B $1.722B
YoY Change -11.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.744B $4.744B $3.733B
Total Long-Term Liabilities $1.722B $1.722B
Total Liabilities $6.466B $6.466B $5.671B
YoY Change 14.02% 14.02%
SHAREHOLDERS EQUITY
Retained Earnings -$5.651B -$4.108B
YoY Change 37.55%
Common Stock $175.0K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.176B $2.176B -$4.069B
YoY Change
Total Liabilities & Shareholders Equity $8.642B $8.642B $5.067B
YoY Change 70.54% 70.54%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$405.0M -$1.543B -$82.76M
YoY Change 389.37% 233.06%
Depreciation, Depletion And Amortization $55.61M $201.5M
YoY Change 58.0%
Cash From Operating Activities -$202.7M -$410.6M
YoY Change -236.15%
INVESTING ACTIVITIES
Capital Expenditures -$168.1M $673.7M
YoY Change 39.01%
Acquisitions
YoY Change
Other Investing Activities -$604.0K $3.726M
YoY Change -89.8%
Cash From Investing Activities -$168.7M -$675.5M
YoY Change 29.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $169.6M
YoY Change 382.56%
Cash From Financing Activities -95.34M $3.577B
YoY Change 1903.82%
NET CHANGE
Cash From Operating Activities -202.7M -$410.6M
Cash From Investing Activities -168.7M -$675.5M
Cash From Financing Activities -95.34M $3.577B
Net Change In Cash -466.8M $2.409B
YoY Change 7993.01%
FREE CASH FLOW
Cash From Operating Activities -$202.7M -$410.6M
Capital Expenditures -$168.1M $673.7M
Free Cash Flow -$34.64M -$1.084B
YoY Change 492.24%

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CY2021 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, which include, but are not limited to, equity-based compensation, inventory valuation, income taxes, defined severance benefits, and revenue recognition. Actual results could differ materially from those estimates. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Given the global economic climate and additional or unforeseen direct and </span></div>indirect effects from the COVID-19 pandemic, these estimates become more challenging, and actual results could differ materially from these estimates.
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CY2021 cpng Expiration Period Discount Coupons And Loyalty Rewards
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CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions that management believes are of high credit quality, of which 77% and 89% were held at four and five financial institutions as of December 31, 2021 and 2020, respectively. The Company’s gross accounts receivable include amounts concentrated with one and three payment processing companies representing 14% and 56% of gross accounts receivable at December 31, 2021 and 2020, respectively.</span></div>
CY2021 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform to current year presentation. The Company previously separately presented finance lease right-of-use assets which are now presented within “property and equipment, net.” Finance lease obligations are now presented within “other current liabilities” and “defined severance benefits and other.” The reclassification had no impact on previously reported net loss or accumulated deficit.</span></div>
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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6273263000 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
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60000000 USD
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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29000000 USD
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
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23000000 USD
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1898278000 USD
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1756519000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
1353569000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
408988000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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335622000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1347531000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1017947000 USD
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200000000 USD
CY2020 us-gaap Depreciation
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128000000 USD
CY2019 us-gaap Depreciation
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71000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P10Y
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340565000 USD
CY2020 us-gaap Operating Lease Cost
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196936000 USD
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103413000 USD
CY2021 us-gaap Short Term Lease Cost
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38089000 USD
CY2020 us-gaap Short Term Lease Cost
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24157000 USD
CY2019 us-gaap Short Term Lease Cost
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28280000 USD
CY2021 us-gaap Lease Cost
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378654000 USD
CY2020 us-gaap Lease Cost
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221093000 USD
CY2019 us-gaap Lease Cost
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131693000 USD
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288099000 USD
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156675000 USD
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84305000 USD
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599170000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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613517000 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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407503000 USD
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109430000 USD
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-7793000 USD
CY2019 us-gaap Operating Lease Impairment Loss
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P5Y9M18D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y2M12D
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0.0617
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0588
CY2021Q4 cpng Lessee Operating Lease Lease Not Yet Commenced Undiscounted Amount
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315000000 USD
CY2021 us-gaap Unrealized Gain Loss On Derivatives
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0 USD
CY2020 us-gaap Unrealized Gain Loss On Derivatives
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149830000 USD
CY2019 us-gaap Unrealized Gain Loss On Derivatives
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-36782000 USD
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-2933000 USD
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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2442000 USD
CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
23283000 USD
CY2021 us-gaap Gain Loss On Sale Of Derivatives
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0 USD
CY2020 us-gaap Gain Loss On Sale Of Derivatives
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0 USD
CY2019 us-gaap Gain Loss On Sale Of Derivatives
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35670000 USD
CY2021 cpng Other Miscellaneous Nonoperating Income Expense
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-7980000 USD
CY2020 cpng Other Miscellaneous Nonoperating Income Expense
OtherMiscellaneousNonoperatingIncomeExpense
-2372000 USD
CY2019 cpng Other Miscellaneous Nonoperating Income Expense
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398000 USD
CY2021 us-gaap Other Nonoperating Income Expense
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-10913000 USD
CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
149900000 USD
CY2019 us-gaap Other Nonoperating Income Expense
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22569000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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626181000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
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424875000 USD
CY2021Q4 us-gaap Long Term Debt Current
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341717000 USD
CY2020Q4 us-gaap Long Term Debt Current
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67576000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
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1274000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
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3957000 USD
CY2021Q4 us-gaap Long Term Debt
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283190000 USD
CY2020Q4 us-gaap Long Term Debt
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353342000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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342202000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
44586000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
191902000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
47491000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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0 USD
CY2021Q4 us-gaap Contractual Obligation
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3119006000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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626181000 USD
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263565000 USD
CY2021Q4 cpng Debt Principal And Interest Due Year One
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358906000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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368631000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Next Twelve Months
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991102000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Second Year
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195448000 USD
CY2021Q4 cpng Debt Principal And Interest Due Year Two
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54034000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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347391000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Second Year
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596873000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Third Year
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96014000 USD
CY2021Q4 cpng Debt Principal And Interest Due Year Three
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198039000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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297985000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Third Year
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592038000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Fourth Year
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80288000 USD
CY2021Q4 cpng Debt Principal And Interest Due Year Four
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1795000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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241229000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Fourth Year
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323312000 USD
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26763000 USD
CY2021Q4 cpng Debt Principal And Interest Due Year Five
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49138000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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173350000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Fifth Year
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249251000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due After Fifth Year
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0 USD
CY2021Q4 cpng Debt Principal And Interest Due After Year Five
DebtPrincipalAndInterestDueAfterYearFive
0 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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366430000 USD
CY2021Q4 us-gaap Contractual Obligation Due After Fifth Year
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366430000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation
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662078000 USD
CY2021Q4 cpng Debt Principal And Interest Due
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661912000 USD
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
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3584028000 USD
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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3465611000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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1795016000 USD
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
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1329464982 shares
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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306673000 USD
CY2021Q4 us-gaap Operating Lease Liability
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1488343000 USD
CY2019Q2 us-gaap Temporary Equity Shares Authorized
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1448632049 shares
CY2019Q2 us-gaap Common Unit Authorized
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264166544 shares
CY2020Q4 us-gaap Temporary Equity Shares Authorized
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1448632049 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
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2000000000 shares
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0.0001
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0 shares
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0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0.05
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153000000 shares
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1.34
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82275000 shares
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2.59
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68836000 shares
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1.71
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P8Y2M12D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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26976000 USD
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30917000 shares
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2.03
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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12401000 shares
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1.95
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5077000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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1.81
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y11M12D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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34636000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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9834000 shares
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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8190000 shares
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2.06
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
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18215000 shares
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1.59
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65704000 shares
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1.95
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P7Y4M24D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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401846000 USD
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6608000 shares
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16.46
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5910000 shares
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2.02
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34767000 shares
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1.79
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31635000 shares
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5.15
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y11M8D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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766531000 USD
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12134000 shares
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4.02
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P6Y6M10D
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307704000 USD
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17261000 shares
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6.31
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398165000 USD
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31331000 USD
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16.46
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1.57
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1.15
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675935000 USD
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44076000 USD
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3823000 USD
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249345000 USD
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0 USD
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1002000 USD
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20823000 USD
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2000 USD
CY2020 us-gaap Current Federal State And Local Tax Expense Benefit
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1000 USD
CY2019 us-gaap Current Federal State And Local Tax Expense Benefit
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144000 USD
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1002000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
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292000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal State And Local Tax Expense Benefit
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0 USD
CY2020 us-gaap Deferred Federal State And Local Tax Expense Benefit
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0 USD
CY2019 us-gaap Deferred Federal State And Local Tax Expense Benefit
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0 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
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0 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
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0 USD
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-109109000 USD
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-1541588000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-462865000 USD
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292000 USD
CY2019 us-gaap Income Tax Expense Benefit
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-296529000 USD
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-8771000 USD
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-697126000 USD
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0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.2100
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43156000 USD
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CY2021 dei Auditor Name
AuditorName
Samil PricewaterhouseCoopers
CY2021 dei Auditor Location
AuditorLocation
Seoul, Republic of Korea
CY2021 dei Auditor Firm
AuditorFirmId
1103

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