Slide 1: First Quarter 2021 Results
First Quarter 2021 Results May 2021
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: Robust Revenue Growth
Group: Robust Revenue Growth 147% YoY Growth in Total GAAP Revenue1 117% YoY Growth in DE Bookings3 1.1 US$ Millions US$ Billions DE GAAP Revenue EC GAAP Revenue DFS GAAP Revenue Other Services GAAP Revenue2 1,763.6 8.7 51.3 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 922.3 250% YoY Growth in EC GAAP Re
Slide 4: Digital Entertainment: Continued Growth of User Base
Digital Entertainment: Continued Growth of User Base Quarterly Active Users Quarterly Paying Users Millions Millions 79.8 648.8 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Sea 1Q2021 Results | 3
Slide 5: E-commerce: Extending Our Leading Position
E-commerce: Extending Our Leading Position Gross Orders GMV Billions US$ Billions 1.1 12.6 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Sea 1Q2021 Results | 4
Slide 6: Digital Financial Services: Accelerating Adoption
Digital Financial Services: Accelerating Adoption > US$3.4 Billion > 26.1 Million in mobile wallet Quarterly Paying Users Total Payment Volume in 1Q 2021, for mobile wallet in 1Q 2021, up over 200% compared to 1Q 2020 up over 145% compared to 1Q 2020 Sea 1Q2021 Results | 5
Slide 7: Gross Profit
Gross Profit Total Gross Profit US$ Millions 645.4 206.8 1Q 2020 1Q 2021 Note: Financial figures are unaudited. Sea 1Q2021 Results | 6
Slide 8: Non-GAAP EBITDA
Non-GAAP EBITDA Total Adjusted EBITDA US$ Millions US$ Millions DE Adjusted EBITDA EC Adjusted EBITDA DFS Adjusted EBITDA Other Services Adjusted EBITDA Unallocated Expenses 88.1 88.1 717.3 298.4 (264.1) (93.1) (412.9) (7.0) (153.1) (69.9) (4.1) (58.2) 1 (69.9) (5.1) 1Q 2020 1Q 2021 1Q 2020 1Q 2021
Slide 9: Cost and Expense Trends
Cost and Expense Trends Cost of Revenue Sales & Marketing Expenses US$ Millions US$ Millions 1,118.2 678.9 508.1 308.3 1Q 2020 1Q 2021 1Q 2020 1Q 2021 General & Administrative Expenses Research & Development Expenses US$ Millions US$ Millions 141.1 248.91 126.9 64.6 1Q 2020 1Q 2021 1Q 2020 1Q 2021 N
Slide 10: Net Loss
Net Loss Net Loss Net Loss Excluding Share-based Compensation US$ Millions US$ Millions 1Q 2020 1Q 2021 1Q 2020 1Q 2021 (280.8) (239.5) (320.0) (422.1) Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between Net Loss and Net loss excluding share-base
Slide 11: Cash and Cash Equivalents
Cash and Cash Equivalents US$ Millions 6,166.9 5,752.6 3,432.8 3,509.0 2,599.7 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Note: Financial figures are unaudited. Sea 1Q2021 Results | 10
Slide 12: Appendix
Appendix Sea 1Q2021 Results | 11
Slide 13: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 1Q 2020 1Q 2021 Digital Entertainment Operating income / (loss) 174,037 431,864 Net effect of changes in deferred revenue & related cost 118,543 277,539 Depreciation and amortization 5,855 7,906 Digital Entertainment Adjusted EBITDA 298,4
Slide 14: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 1Q 2020 1Q 2021 Other Services Operating income / (loss) (10,239) (59,688) 1 Depreciation and amortization 3,240 1,531 Other Services Adjusted EBITDA (6,999) (58,157) 1 Group Operating income / (loss) (267,719) (348,413) Net effect of cha
Slide 15: Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation
Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation US$ Thousands 1Q 2020 1Q 2021 Group Net loss (280,791) (422,091) Share-based compensation 41,316 102,075 Net loss excluding share-based compensation (239,475) (320,016) Note: Financial figures are unaudited. Sea 1Q2021 R