Slide 1: Third Quarter 2021 Results
Third Quarter 2021 Results November 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: Triple Digit Growth in GAAP Revenue
Group: Triple Digit Growth in GAAP Revenue 122% YoY Growth in Total GAAP Revenue 29% YoY Growth in DE Bookings2 US$ Millions US$ Billions 1.2 DE GAAP Revenue EC GAAP Revenue DFS GAAP Revenue Other Services GAAP Revenue1 2,688.9 6.9 132.2 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 1,450.4 134% YoY Growt
Slide 4: Digital Entertainment: Large and Growing Global User Base
Digital Entertainment: Large and Growing Global User Base Quarterly Active Users Quarterly Paying Users Millions Millions 93.2 729.0 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Sea 3Q2021 Results | 3
Slide 5: E-commerce: Extending Our Leading Position
E-commerce: Extending Our Leading Position Gross Orders GMV Billions US$ Billions 1.7 16.8 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Sea 3Q2021 Results | 4
Slide 6: Digital Financial Services: Efficiently Driving Increased Adoption
Digital Financial Services: Efficiently Driving Increased Adoption US$4.6 Billion 39.3 Million in mobile wallet Quarterly Paying Users Total Payment Volume in 3Q 2021, for mobile wallet in 3Q 2021, up 111% compared to 3Q 2020 up 120% compared to 3Q 2020 Sea 3Q2021 Results | 5
Slide 7: Gross Profit
Gross Profit Total Gross Profit US$ Billions 1.0 0.4 3Q 2020 3Q 2021 Note: Financial figures are unaudited. Sea 3Q2021 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 120.4 120.4 715.1 584.5 (301.6) (149.3) (683.8) (9.1) (4.2) (159.0) (165.5) (31.9) (165.5) (5.8) 3Q 2020 3Q 2021 3Q 2020 3Q 20
Slide 9: Cost and Expense Trends
Cost and Expense Trends Cost of Revenue Sales & Marketing Expenses US$ Millions US$ Millions 1,680.2 1,009.6 804.6 471.0 3Q 2020 3Q 2021 3Q 2020 3Q 2021 General & Administrative Expenses Research & Development Expenses US$ Millions US$ Millions 231.4 294.8 196.7 104.3 3Q 2020 3Q 2021 3Q 2020 3Q 2021
Slide 10: Net Loss
Net Loss Net Loss Net Loss Excluding Share-based Compensation US$ Millions US$ Millions 3Q 2020 3Q 2021 3Q 2020 3Q 2021 (425.3) (346.0) (571.0) (448.0) 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 11.8 6.3 6.1 5.6 3.6 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Note: Financial figures are unaudited. Sea 3Q2021 Results | 10
Slide 12: Raising Full Year 2021 E-commerce Guidance on Strong Growth
Raising Full Year 2021 E-commerce Guidance on Strong Growth FY 2021 Guidance US$5.0 Billion - US$5.2 Billion 135.3% YoY growth at midpoint E-commerce GAAP Revenue (Previous: US$4.7 Billion - US$4.9 Billion) Sea 3Q2021 Results | 11
Slide 13: Appendix
Appendix Sea 3Q2021 Results | 12
Slide 14: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 3Q 2020 3Q 2021 Digital Entertainment Operating income / (loss) 278,614 611,673 Net effect of changes in deferred revenue & related cost 299,200 93,707 Depreciation and amortization 6,711 9,759 Digital Entertainment Adjusted EBITDA 584,52
Slide 15: Reconciliation Between GAAP and Non-GAAP EBITDA
Reconciliation Between GAAP and Non-GAAP EBITDA US$ Thousands 3Q 2020 3Q 2021 Other Services Operating income / (loss) (11,039) (33,913) Depreciation and amortization 1,924 1,993 Other Services Adjusted EBITDA (9,115) (31,920) Group Operating income / (loss) (305,473) (458,556) Net effect of changes
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 3Q 2020 3Q 2021 Group Net loss (425,262) (570,981) Share-based compensation 79,213 122,967 Net loss excluding share-based compensation (346,049) (448,014) Note: Financial figures are unaudited. Sea 3Q2021 R