Slide 1: Second Quarter 2021 Results
Second Quarter 2021 Results August 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 159% YoY Growth in Total GAAP Revenue 65% YoY Growth in DE Bookings2 US$ Millions US$ Billions 1.2 DE GAAP Revenue EC GAAP Revenue DFS GAAP Revenue Other Services GAAP Revenue1 2,280.5 12.4 88.7 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1,155.2 161% YoY Growth in EC GAAP R
Slide 4: Digital Entertainment: Continued Growth of User Base
Digital Entertainment: Continued Growth of User Base Quarterly Active Users Quarterly Paying Users Millions Millions 92.2 725.2 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Sea 2Q2021 Results | 3
Slide 5: E-commerce: Extending Our Leading Position
E-commerce: Extending Our Leading Position Gross Orders GMV Billions US$ Billions 15.0 1.4 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Sea 2Q2021 Results | 4
Slide 6: Digital Financial Services: Accelerating Adoption
Digital Financial Services: Accelerating Adoption > US$4.1 Billion 32.7 Million in mobile wallet Quarterly Paying Users Total Payment Volume in 2Q 2021, for mobile wallet in 2Q 2021, up close to 150% compared to 2Q 2020 up 109% compared to 2Q 2020 Sea 2Q2021 Results | 5
Slide 7: Gross Profit
Gross Profit Total Gross Profit US$ Millions 930.9 200.8 2Q 2020 2Q 2021 Note: Financial figures are unaudited. Sea 2Q2021 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 7.7 7.7 740.9 436.2 (313.7) (97.5) (579.8) (10.8) (6.5) (155.0) (24.1) (23.3) (24.1) (7.0) 2Q 2020 2Q 2021 2Q 2020 2Q 2021 Not
Slide 9: Cost and Expense Trends
Cost and Expense Trends Cost of Revenue Sales & Marketing Expenses US$ Millions US$ Millions 1,349.7 921.4 681.2 386.3 2Q 2020 2Q 2021 2Q 2020 2Q 2021 General & Administrative Expenses Research & Development Expenses US$ Millions US$ Millions 243.0 172.6 144.5 75.3 2Q 2020 2Q 2021 2Q 2020 2Q 2021 No
Slide 10: Net Loss
Net Loss Net Loss Net Loss Excluding Share-based Compensation US$ Millions US$ Millions 2Q 2020 2Q 2021 2Q 2020 2Q 2021 (393.5) (317.7) (321.2) (433.7) 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 and Short-term Investments
Cash and Cash Equivalents and Short-term Investments US$ Billions 6.3 6.1 5.6 3.4 3.6 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Note: Financial figures are unaudited. Sea 2Q2021 Results | 10
Slide 12: Raising Full Year 2021 Guidance on Sustained Growth
Raising Full Year 2021 Guidance on Sustained Growth FY 2021 Guidance US$4.5 Billion - US$4.7 Billion 44.4% YoY growth at midpoint Digital Entertainment Bookings (Previous: US$4.3 Billion - US$4.5 Billion) US$4.7 Billion - US$4.9 Billion 121.5% YoY growth at midpoint E-commerce GAAP Revenue (Previous
Slide 13: Appendix
Appendix Sea 2Q2021 Results | 12
Slide 14: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 2Q 2020 2Q 2021 Digital Entertainment Operating income / (loss) 167,027 597,713 Net effect of changes in deferred revenue & related cost 262,966 135,262 Depreciation and amortization 6,242 7,969 Digital Entertainment Adjusted EBITDA 436,2
Slide 15: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 2Q 2020 2Q 2021 Other Services Operating income / (loss) (13,393) (24,894) Depreciation and amortization 2,624 1,619 Other Services Adjusted EBITDA (10,769) (23,275) Group Operating income / (loss) (372,808) (334,016) Net effect of change
Slide 16: Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation
Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation US$ Thousands 2Q 2020 2Q 2021 Group Net loss (393,535) (433,669) Share-based compensation 75,870 112,485 Net loss excluding share-based compensation (317,665) (321,184) Note: Financial figures are unaudited. Sea 2Q2021 R