Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results November 2023
Slide 2: Disclaimer
Disclaimer This presentation by Sea Limited (“Sea”) contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “could,
Slide 3: Total GAAP Revenue
Total GAAP Revenue US$ Millions EC GAAP Revenue DFS GAAP Revenue DE GAAP Revenue Other Services GAAP Revenue1 +5% YoY 3,310.2 3,156.0 16.1 39.8 326.9 446.2 592.2 892.9 1,920.1 2,232.0 3Q 2022 3Q 2023 Note: Financial figures are unaudited. 1. A combination of multiple business activities that does no
Slide 4: Total Adjusted EBITDA
Total Adjusted EBITDA US$ Millions EC Adjusted EBITDA Other Services Adjusted EBITDA DE Adjusted EBITDA Unallocated Expenses DFS Adjusted EBITDA 35.3 165.7 289.9 234.0 (346.5) (495.7) (8.8) (67.7) (9.2) (76.5) (357.7) (7.5) 3Q 2022 3Q 2023 Note: Financial figures are unaudited. Please refer to the a
Slide 5: Cash, Cash Equivalents, STI & Other Treasury Investments
Cash, Cash Equivalents, STI1 & Other Treasury Investments2 US$ Billions 7.7 7.9 7.3 7.2 6.9 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Note: Financial figures are unaudited. 1. Short-term investments (“STI”). 2. Other treasury investments currently consist of available-for-sale sovereign and corporate
Slide 6: E-commerce
E-commerce GAAP Marketplace Revenue Adjusted EBITDA US$ Billions US$ Millions +18% YoY Core Marketplace Revenue Asia Markets Adjusted EBITDA Value-added Services Revenue 1.9 Other Markets Adjusted EBITDA 1.6 (216.8) -4% YoY 0.6 (306.2) (40.3) +32% YoY 1.3 (279.0) (346.5) (495.7) 3Q 2022 3Q 2023 3Q 2
Slide 7: E-commerce
E-commerce Gross Orders GMV Billions US$ Billions +13% YoY +5% YoY 2.2 2.0 20.1 19.1 3Q 2022 3Q 2023 3Q 2022 3Q 2023 Sea 3Q 2023 Results | 6
Slide 8: Digital Entertainment
Digital Entertainment DE Bookings1 Quarterly Active Users Quarterly Paying User Ratio US$ Millions Millions % 664.7 568.2 544.5 544.1 9.1% 9.0% 485.5 491.6 543.6 7.7% 7.9% 7.5% 462.3 447.9 443.1 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2022 4Q 2022 1Q 2023 2
Slide 9: Digital Financial Services
Digital Financial Services GAAP Revenue As of the end of 3Q 2023: US$ Millions Gross loans receivable increased by 5.3% +37% YoY sequentially to US$2.4 billion, before netting off allowance for credit losses of 427.9 446.2 US$288.1 million. 412.8 380.2 326.9 Non-performing loans past due by more tha
Slide 10: Gross Profit
Gross Profit US$ Billions +17% YoY 1.4 1.2 3Q 2022 3Q 2023 Note: Financial figures are unaudited. Sea 3Q 2023 Results | 9
Slide 11: Costs and Expenses
Costs and Expenses Cost of Revenue Sales & Marketing Expenses General & Administrative Expenses US$ Millions US$ Millions US$ Millions -3% YoY +12% YoY -32% YoY 1,928.2 1,868.9 918.0 405.2 816.7 273.6 3Q 2022 3Q 2023 3Q 2022 3Q 2023 3Q 2022 3Q 2023 Provision for Credit Losses Research & Development
Slide 12: Net Loss
Net Loss US$ Millions (144.0) (569.3) 3Q 2022 3Q 2023 Note: Financial figures are unaudited. Sea 3Q 2023 Results | 11
Slide 13: Appendix
Appendix Sea 3Q 2023 Results | 12
Slide 14: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 3Q 2022 3Q 2023 Digital Entertainment Operating income / (loss) 456,952 345,760 Net effect of changes in deferred revenue & its related cost (177,874) (119,058) Depreciation and amortization 10,801 7,296 Digital Entertainment Adjusted EBI
Slide 15: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 3Q 2022 3Q 2023 Other Services Operating income / (loss) (80,711) (11,704) Depreciation and amortization 4,181 2,933 Other Services Adjusted EBITDA (76,530) (8,771) Group Operating income / (loss) (495,644) (127,740) Net effect of changes