Slide 1: Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Results March 2025
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: Fourth Quarter and Full Year 2024 Results Overview
Fourth Quarter and Full Year 2024 Results Overview Sea 4Q 2024 Results | 2
Slide 4: Strong Growth Across All Businesses – 4Q 2024
Strong Growth Across All Businesses – 4Q 2024 E-commerce Digital Financial Services Digital Entertainment GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Millions YoY: +41.3% YoY: +63.9% YoY: +19.0% QoQ: +15.0% QoQ: +10.6% QoQ: -2.4% 3.7 5.1 556.5 543.2 4.6 3.2 456.
Slide 5: Strong Growth Across All Businesses – FY 2024
Strong Growth Across All Businesses – FY 2024 E-commerce Digital Financial Services Digital Entertainment GAAP Revenue Loans Principal Outstanding1 Bookings2 US$ Billions US$ Billions US$ Billions YoY: +37.9% YoY: +63.9% YoY: +18.7% 5.1 12.4 2.1 9.0 1.8 3.1 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY
Slide 6: 4Q 2024 Financial Performance
4Q 2024 Financial Performance GAAP Gross Operating Net Revenue Profit Income/(Loss) Income/(Loss) US$ Billions US$ Billions US$ Millions US$ Millions 5.0 2.2 305.8 237.6 4.3 1.9 202.4 3.6 153.3 1.5 (56.5) (111.6) 4Q 2023 3Q 2024 4Q 2024 4Q 2023 3Q 2024 4Q 2024 4Q 2023 3Q 2024 4Q 2024 4Q 2023 3Q 2024
Slide 7: FY 2024 Financial Performance
FY 2024 Financial Performance GAAP Gross Operating Net Revenue Profit Income Income US$ Billions US$ Billions US$ Millions US$ Millions 16.8 7.2 662.2 447.8 13.1 5.8 224.8 162.7 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Note: Financial figures are unaudited. Sea 4Q 2024 Results
Slide 8: 4Q 2024 and FY 2024 Profitability
4Q 2024 and FY 2024 Profitability Adjusted EBITDA US$ Millions 590.9 1,961.9 521.3 1,179.2 126.7 4Q 2023 3Q 2024 4Q 2024 FY 2023 FY 2024 EC (225.3) 34.4 152.2 (213.8) 155.8 DFS 148.5 187.9 211.0 550.1 712.2 DE 217.4 314.4 289.7 920.9 1,199.2 Note: Financial figures are unaudited. Please refer to the
Slide 9: 4Q 2024 Cash Position
4Q 2024 Cash Position Cash Position1 US$ Billions 10.4 9.9 9.0 8.7 8.6 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Note: Financial figures are unaudited. 1. Cash, cash equivalents, short-term and other treasury investments. Other treasury investments currently consist of group treasury related investmen
Slide 10: 4Q 2024 Segmental Breakdown
4Q 2024 Segmental Breakdown Digital Financial Digital Unallocated US$ Millions E-commerce Services Entertainment Other Services Expenses1 Consolidated Revenue 3,662.6 733.3 519.1 35.4 - 4,950.4 Operating income/(loss) 79.5 197.9 270.1 (10.1) (231.6) 305.8 Adjusted EBITDA 152.2 211.0 289.7 (5.1) (56.
Slide 11: FY 2024 Segmental Breakdown
FY 2024 Segmental Breakdown Digital Financial Digital Unallocated US$ Millions E-commerce Services Entertainment Other Services Expenses1 Consolidated Revenue 12,415.2 2,367.7 1,910.6 126.3 - 16,819.9 Operating (loss)/income (139.4) 657.5 978.8 (43.9) (790.8) 662.2 Adjusted EBITDA 155.8 712.2 1,199.
Slide 12: Fourth Quarter and Full Year 2024 Business Highlights
Fourth Quarter and Full Year 2024 Business Highlights Sea 4Q 2024 Results | 11
Slide 13: Sustaining Strong Growth And Market Leadership
Sustaining Strong Growth And Market Leadership Strong growth Improving monetization Progress made on key & improving profitability effectiveness operational priorities • Surpassed $100bn GMV in FY • Improved monetization across Improving service quality while 2024 the year through higher reducing un
Slide 14: E-commerce: GMV and Gross Orders
E-commerce GMV and Gross Orders 140 10.9 Billions 11 GMV (US$) Gross Orders 120 3.0 8.2 9 2.8 2.5 2.6 2.5 3 100.5 30 28.6 100 7 25.1 2 25 23.1 23.6 23.3 78.5 5 80 1 20 3 60 0 15 1 40 -1 10 -1 20 -2 -3 5 0 -3 0 -5 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2023 FY 2024 Sea 4Q 2024 Results | 13
Slide 15: E-commerce: GAAP Revenue & Take Rate
E-commerce GAAP Revenue & Take Rate1 16 US$ Billions 12.4% Core Marketplace Revenue Product Revenue 11.5% 0 Value-added Services Revenue GAAP Take Rate1 14 12.7% 12.8% 12.4 12.1% 11.7% 0 4 11.2% 12 1.6 0 3.7 0.5 4 3.2 0 10 0 9.0 3.0 3 2.7 2.8 2.6 0.8 0 8 0 3 0 00 0 2 6 0 2 7.9 4 0 2.4 0 1 2 0 0 1 0
Slide 16: E-commerce: Adjusted EBITDA
E-commerce Adjusted EBITDA US$ Millions Adjusted EBITDA Adjusted EBITDA as % of GMV 0.2% 0 450 0.5% 350 (0.1%) (0.0%) 0.1% 350 (1.0%) 0 (0.3%) 0 250 250 155.8 0 152.2 150 150 0 34.4 0 50 50 0 -50 (21.7) (9.2) 0 -50 -150 0 -150 -250 0 (225.3) -350 -250 (213.8) 0 -450 0 -350 0 4Q 2023 1Q 2024 2Q 2024
Slide 17: Scaling the Business while Maintaining Prudent Risk Management
Scaling the Business while Maintaining Prudent Risk Management Robust growth while maintaining stable risk profile Driving off-Shopee growth • Loans principal outstanding grew > 60% YoY in 4Q 2024 • Diversifying into more off-Shopee scenarios gives us access to a much larger pool of consumer spend •
Slide 18: Digital Financial Services: Loans Principal Outstanding and NPL90+ Ratio
Digital Financial Services Loans Principal Outstanding1 and NPL90+ Ratio2 US$ Billions On-book NPL90+ Ratio2 Off-book3 8 1.4% 1.4% 7 1.3% 0 1.2% 1.2% 6 0 5.1 5 4.6 0.9 0 4 3.5 0 3.1 3.3 3 0 0 2 4.2 0 1 0 0 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1. Consumer and SME loans principal outstanding. 2. No
Slide 19: Digital Financial Services: GAAP Revenue and Adjusted EBITDA
Digital Financial Services GAAP Revenue and Adjusted EBITDA US$ Millions GAAP Revenue Adjusted EBITDA 800 2,500 2,367.7 733.3 700 615.7 2,000 600 1,759.4 519.3 499.4 500 472.4 1,500 400 1,000 300 211.0 712.2 187.9 550.1 200 148.5 148.7 164.7 500 100 0 0 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 202
Slide 20: A Strong Year Driven by Free Fire’s Comeback
A Strong Year Driven by Free Fire’s Comeback Free Fire remains one of largest mobile games in the Continuing to delight users with fresh localized world, with high user engagement and acquisition content and high-profile collaborations Free Fire’s strong comeback in 2024: Elevate gameplay with high
Slide 21: Digital Entertainment: Active Users, Paying User Ratio and ARPPU
Digital Entertainment Quarterly Active Users, Quarterly Paying User Ratio and ARPPU1 Millions Quarterly Active Users Quarterly Paying User Ratio 1,000 0 900 8.2% 8.1% 8.0% 8.2% 0 800 7.5% 0 700 648.0 628.5 0 594.7 618.0 600 528.7 0 500 0 400 0 300 0 200 0 100 0 0 0 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q
Slide 22: Digital Entertainment: Bookings, GAAP Revenue and Adjusted EBITDA
Digital Entertainment Bookings1, GAAP Revenue and Adjusted EBITDA US$ Millions Bookings1 Adjusted EBITDA GAAP Revenue Adjusted EBITDA as a % of Bookings1 3,500 55.8% 800 57.1% 56.4% 56.5% 0.6 53.3% 50.9% 0.6 3,000 700 0.5 47.6% 0.5 600 537 557 543 2,500 0.5 511 512 519 2,172 2,149 498 1,911 0.4 500
Slide 23: Appendix
Appendix Sea 4Q 2024 Results | 22
Slide 24: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 4Q 2023 4Q 2024 FY 2023 FY 2024 E-commerce Operating income / (loss) (303,681) 79,484 (550,470) (139,431) Depreciation and amortization 78,349 72,725 336,696 295,206 E-commerce Adjusted EBITDA (225,332) 152,209 (213,774) 155,775
Slide 25: GAAP Operating Income and Non-GAAP EBITDA Reconciliation
GAAP Operating Income and Non-GAAP EBITDA Reconciliation US$ Thousands 4Q 2023 4Q 2024 FY 2023 FY 2024 Other Services Operating income / (loss) (9,558) (10,112) (56,728) (43,903) Depreciation and amortization 2,579 4,991 11,848 13,598 Other Services Adjusted EBITDA (6,979) (5,121) (44,880) (30,305)