Slide 1: First Quarter 2022 Results
First Quarter 2022 Results May 2022
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: Group: Strong Growth in GAAP Revenue
Group: Strong Growth in GAAP Revenue Total GAAP Revenue US$ Millions EC GAAP Revenue DE GAAP Revenue +64% YoY DFS GAAP Revenue Other Services GAAP Revenue1 2,899.6 12.0 236.0 1,135.2 1,763.6 8.7 51.3 781.3 1,516.5 922.3 1Q 2021 1Q 2022 Note: Financial figures are unaudited. 1. A combination of multi
Slide 4: Group: Topline Performance for Business Segments
Group: Topline Performance for Business Segments EC GAAP Revenue DE Bookings1 DFS GAAP Revenue US$ Billions US$ Billions US$ Millions +64% YoY -26% YoY +360% YoY 236.0 1.5 0.8 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Note
Slide 5: E-commerce: Extending Our Leading Position
E-commerce: Extending Our Leading Position Gross Orders GMV Billions US$ Billions +71% YoY +39% YoY 17.4 1.9 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Sea 1Q 2022 Results | 4
Slide 6: Digital Entertainment: Large Global User Base
Digital Entertainment: Large Global User Base Quarterly Active Users Quarterly Paying Users Millions Millions -5% YoY -23% YoY 615.9 61.4 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Sea 1Q 2022 Results | 5
Slide 7: Digital Entertainment: Retaining Scale Gained During the Pandemic
Digital Entertainment: Retaining Scale Gained During the Pandemic Recorded 2-year CAGR of 27% from Bookings 1Q 2020, beginning of COVID- pandemic Quarterly Recorded 2-year CAGR of Active Users 24% from 1Q 2020 Paying 10.0% paying user ratio in 1Q 2022, User Ratio improvement from 8.9% in 1Q 2020 Sea
Slide 8: Digital Financial Services: Robust Growth Across Key Metrics
Digital Financial Services: Robust Growth Across Key Metrics Quarterly Active Users1 Total Payment Volume for Mobile Wallet Millions US$ Billions +78% YoY +49% YoY 5.1 49.0 1Q 2021 1Q 2022 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1. Quarterly active users for digital financial services segment are de
Slide 9: Gross Profit
Gross Profit Total Gross Profit US$ Billions +81% YoY 1.2 0.6 1Q 2021 1Q 2022 Note: Financial figures are unaudited. Sea 1Q 2022 Results | 8
Slide 10: Non-GAAP EBITDA
Non-GAAP EBITDA Total Adjusted EBITDA US$ Millions EC Adjusted EBITDA DE Adjusted EBITDA DFS Adjusted EBITDA Other Services Adjusted EBITDA Unallocated Expenses 88.1 717.3 431.4 (412.9) (153.1) (742.8) (58.2) (124.9) (5.1) (64.6) (509.9) (8.9) 1Q 2021 1Q 2022 Note: Financial figures are unaudited. P
Slide 11: Cost and Expense Trends
Cost and Expense Trends Cost of Revenue Sales & Marketing Expenses US$ Millions US$ Millions 1,729.5 1,005.2 1,118.2 678.9 1Q 2021 1Q 2022 1Q 2021 1Q 2022 General & Administrative Expenses Research & Development Expenses US$ Millions US$ Millions 340.4 396.1 248.9 141.1 1Q 2021 1Q 2022 1Q 2021 1Q 20
Slide 12: Net Loss
Net Loss Net Loss Net Loss Excluding Share-based Compensation US$ Millions US$ Millions 1Q 2021 1Q 2022 1Q 2021 1Q 2022 (320.0) (422.1) (445.1) (580.1) Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between Net Loss and Net loss excluding share-base
Slide 13: Cash and Cash Equivalents and Short-term Investments
Cash and Cash Equivalents and Short-term Investments US$ Billions 11.8 10.2 8.8 6.1 5.6 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Note: Financial figures are unaudited. Sea 1Q 2022 Results | 12
Slide 14: Change in Full Year 2022 Guidance
Change in Full Year 2022 Guidance FY 2022 Guidance US$8.5 Billion - US$9.1 Billion 71.8% YoY growth at midpoint E-commerce GAAP Revenue (Previous: US$8.9 Billion - US$9.1 Billion) Sea 1Q 2022 Results | 13
Slide 15: Appendix
Appendix Sea 1Q 2022 Results | 14
Slide 16: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 1Q 2021 1Q 2022 Digital Entertainment Operating income / (loss) 431,864 657,488 Net effect of changes in deferred revenue & related cost 277,539 (236,514) Depreciation and amortization 7,906 10,386 Digital Entertainment Adjusted EBITDA 71
Slide 17: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 1Q 2021 1Q 2022 Other Services Operating income / (loss) (59,688) (67,133) Depreciation and amortization 1,531 2,506 Other Services Adjusted EBITDA (58,157) (64,627) Group Operating income / (loss) (348,413) (498,032) Net effect of change
Slide 18: Reconciliation Between Net Loss & Net Loss Ex. Share-based Compensation
Reconciliation Between Net Loss & Net Loss Ex. Share-based Compensation US$ Thousands 1Q 2021 1Q 2022 Group Net loss (422,091) (580,136) Share-based compensation 102,075 135,006 Net loss excluding share-based compensation (320,016) (445,130) Note: Financial figures are unaudited. Sea 1Q 2022 Results