Slide 1: Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Results March 2024
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 DE GAAP Revenue DFS GAAP Revenue Other Services GAAP Revenue1 +5% YoY +5% YoY 3,616.6 13,063.6 3,451.6 42.2 12,449.7 131.3 19.8 61.9 510.8 2,172.0 948.9 472.4 3,877.2 1,759.4 380.2 1,222.0 2,591.3 9,000.8 2,102.7 7,288.7 4Q 2022 4Q 2023 FY 2022 FY 2023
Slide 4: Total Adjusted EBITDA
Total Adjusted EBITDA US$ Millions EC Adjusted EBITDA Other Services Adjusted EBITDA DFS Adjusted EBITDA Unallocated Expenses DE Adjusted EBITDA 1,179.2 495.7 550.1 1,313.1 920.9 258.2 126.7 75.6 217.4 (213.8) (228.6) (44.9) 196.1 148.5 (33.2) (25.4) (1,690.6) (8.9) (225.3) (7.0) (6.9) (239.1) (878.
Slide 5: Cash, Cash Equivalents, STI & Other Treasury Investments
Cash, Cash Equivalents, STI1 & Other Treasury Investments2 US$ Billions 8.5 7.7 7.9 6.9 7.2 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Note: Financial figures are unaudited. 1. Short-term investments (“STI”). 2. Other treasury investments currently consist of group treasury related investments, such as
Slide 6: E-commerce
E-commerce GAAP Marketplace Revenue Adjusted EBITDA US$ Billions US$ Millions Core Marketplace Revenue Asia Markets Adjusted EBITDA Value-added Services Revenue Other Markets Adjusted EBITDA 196.1 +23% YoY 2.3 320.0 1.8 -5% YoY 0.7 (192.9) 0.7 (32.4) (123.9) (225.3) +41% YoY 1.6 1.1 4Q 2022 4Q 2023
Slide 7: E-commerce
E-commerce Gross Orders GMV Billions US$ Billions +46% YoY +29% YoY 23.1 2.5 18.0 1.7 4Q 2022 4Q 2023 4Q 2022 4Q 2023 Sea 4Q 2023 & FY 2023 Results | 6
Slide 8: Digital Financial Services
Digital Financial Services GAAP Revenue As of the end of 4Q 2023: US$ Millions Consumer and SME loans principal +24% YoY outstanding was US$3.1 billion, up 27.0% year-on-year. This consists of US$2.5 472.4 427.9 446.2 billion on-book and US$0.6 billion off- 412.8 book loans principal outstanding1. 3
Slide 9: Digital Entertainment
Digital Entertainment DE Bookings1 Quarterly Active Users Quarterly Paying User Ratio US$ Millions Millions % 543.6 544.5 544.1 528.7 9.0% 485.5 491.6 462.3 7.7% 7.9% 443.1 447.9 456.3 7.5% 7.5% 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 1Q 2023 2Q 2023 3
Slide 10: Gross Profit
Gross Profit US$ Billions US$ Billions -10% YoY +13% YoY 1.7 5.8 1.5 5.2 4Q 2022 4Q 2023 FY 2022 FY 2023 Note: Financial figures are unaudited. Sea 4Q 2023 & FY 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 +19% YoY +104% YoY -34% YoY 2,091.8 967.4 1,754.3 352.3 473.6 232.6 4Q 2022 4Q 2023 4Q 2022 4Q 2023 4Q 2022 4Q 2023 Provision for Credit Losses Research & Developmen
Slide 12: Net Income/(Loss)
Net Income/(Loss) US$ Millions US$ Billions 422.8 0.2 (111.6) (1.7) 4Q 2022 4Q 2023 FY 2022 FY 2023 Note: Financial figures are unaudited. Sea 4Q 2023 & FY 2023 Results | 11
Slide 13: Appendix
Appendix Sea 4Q 2023 & FY 2023 Results | 12
Slide 14: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 4Q 2022 4Q 2023 FY 2022 FY 2023 E-commerce Operating income / (loss) 109,486 (303,681) (2,013,360) (550,470) Depreciation and amortization 86,660 78,349 322,806 336,696 E-commerce Adjusted EBITDA 196,146 (225,332) (1,690,554) (213,774) Di
Slide 15: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 4Q 2022 4Q 2023 FY 2022 FY 2023 Other Services Operating income / (loss) (28,714) (9,558) (252,162) (56,728) Depreciation and amortization 3,277 2,579 13,013 11,848 Other Services Adjusted EBITDA (25,437) (6,979) (239,149) (44,880) Group