Slide 1: Fourth Quarter and Full Year 2020 Results
Fourth Quarter and Full Year 2020 Results March 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 “will,” “expec
Slide 3: Group: Robust Revenue Growth
Group: Robust Revenue Growth 102% YoY Growth in Total GAAP Revenue1 111% YoY Growth in DE Bookings3 US$ Millions US$ Millions 1,013.1 DE GAAP Revenue EC GAAP Revenue DFS GAAP Revenue Other Services GAAP Revenue2 1,566.6 6.6 24.4 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 842.2 178% YoY Growth in EC GAA
Slide 4: Digital Entertainment: Continued Growth of User Base
Digital Entertainment: Continued Growth of User Base Quarterly Active Users Quarterly Paying Users Millions Millions % % 73.1 Y: +72 610.6 Y: +120 Yo Yo 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Sea 4Q20 and FY20 Results | 3
Slide 5: E-commerce: Extending Our Leading Position
E-commerce: Extending Our Leading Position Gross Orders GMV Millions US$ Billions +1 35% 1,033.2 1 13% 11.9 Y: Y: + Yo Yo 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Sea 4Q20 and FY20 Results | 4
Slide 6: Digital Financial Services: Accelerating Adoption
Digital Financial Services: Accelerating Adoption > US$2.9 Billion in mobile wallet Total Payment Volume for 4Q 2020 > 23.2 Million > US$7.8 Billion Quarterly Paying Users for in mobile wallet mobile wallet services for 4Q 2020 Total Payment Volume for FY 2020 > 10.0 Million Monthly Paying Users for
Slide 7: GAAP Revenue
GAAP Revenue Total GAAP Revenue US$ Millions 4,375.7 131.8 1% DE GAAP Revenue 60.8 0 EC GAAP Revenue +1 DFS GAAP Revenue Y: Other Services GAAP Revenue Yo 2,167.1 : +1 02% 2,175.4 195.8 YoY 9.2 834.3 1,566.6 6.6 24.4 842.2 2,016.0 777.2 67.3 1,136.0 3.2 302.6 693.4 404.1 4Q 2019 4Q 2020 FY 2019 FY 2
Slide 8: Gross Profit
Gross Profit Total Gross Profit US$ Millions 23% : +1 1,348.9 oY Y : +1 02% YoY 604.9 533.7 264.9 4Q 2019 4Q 2020 FY 2019 FY 2020 Note: Financial figures are unaudited. Sea 4Q20 and FY20 Results | 7
Slide 9: Adjusted EBITDA
Adjusted EBITDA Total Adjusted EBITDA US$ Millions DE Adjusted EBITDA EC Adjusted EBITDA 107.0 DFS Adjusted EBITDA Other Services Adjusted EBITDA Unallocated Expenses 48.7 1,982.7 663.5 1,021.9 266.4 (306.2) (49.8) (427.5) (8.0) (1,043.4) (104.9) (171.3) (113.4) (1,306.9) (7.4) (12.7) (3.4) (28.0) 4
Slide 10: Cost and Expense Trends
Cost and Expense Trends Cost of Revenue Sales & Marketing Expenses US$ Millions US$ Millions 1,032.8 665.2 512.4 341.7 4Q 2019 4Q 2020 4Q 2019 4Q 2020 General & Administrative Expenses Research & Development Expenses US$ Millions US$ Millions 189.0 109.7 109.5 49.5 4Q 2019 4Q 2020 4Q 2019 4Q 2020 No
Slide 11: Net Loss
Net Loss Net Loss Excluding Share-based Compensation and Net Loss Changes in Fair Value of the 2017 Convertible Notes US$ Millions US$ Millions 4Q 2019 4Q 2020 4Q 2019 4Q 2020 (240.2) (281.9) (430.7) (524.6) Note: Financial figures are unaudited. Please refer to the appendix for details on reconcili
Slide 12: Cash and Cash Equivalents
Cash and Cash Equivalents US$ Millions 6,166.9 3,119.0 1,347.4 1,002.8 2017 2018 2019 2020 Note: Financial figure for full year of 2020 is unaudited. Sea 4Q20 and FY20 Results | 11
Slide 13: Full Year 2021 Guidance
Full Year 2021 Guidance Guidance US$4.3 Billion - US$4.5 Billion Digital Entertainment Bookings 38.1% YoY growth at midpoint US$4.5 Billion - US$4.7 Billion E-commerce GAAP Revenue 112.3% YoY growth at midpoint Sea 4Q20 and FY20 Results | 12
Slide 14: Appendix
Appendix Sea 4Q20 and FY20 Results | 13
Slide 15: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 4Q 2019 4Q 2020 FY 2019 FY 2020 Digital Entertainment Operating income / (loss) 397,115 1,016,793 Net effect of changes in deferred revenue & related cost 259,107 939,816 Depreciation and amortization 7,317 26,125 Digital Entertainment Ad
Slide 16: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 4Q 2019 4Q 2020 FY 2019 FY 2020 Other Services Operating income / (loss) (14,335) (49,006) Depreciation and amortization 1,667 9,455 Other Services Adjusted EBITDA (12,668) (39,551) Group Operating income / (loss) (357,325) (1,303,325) Ne
Slide 17: Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation
Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation and Changes in Fair Value of the 2017 Convertible Notes US$ Thousands 4Q 2019 4Q 2020 FY 2019 FY 2020 Group Net loss (524,569) (1,624,157) Share-based compensation 93,847 290,246 Changes in fair value of the 2017 convert