The following is a summary of the Sea Limited (SE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Sea Limited reported a total GAAP revenue increase of 31% year-on-year to $4.3 billion in Q3 2024, driven by GMV growth in e-commerce and digital financial services.

• E-commerce adjusted EBITDA was positive at $34 million, compared to a loss of $346 million in Q3 2023.

• Digital financial services adjusted EBITDA grew 13% year-on-year to $188 million.

Business Progress:

• Shopee achieved positive adjusted EBITDA in both Asia and Brazil, with plans to maintain profitability going forward.

• SeaMoney's loan book grew over 70% year-on-year, with solid risk management maintaining a stable NPL ratio.

• Garena's Free Fire bookings grew by 30% year-on-year, supported by continuous content updates and regional promotions.

• Shopee is expanding its logistics capabilities with over 50% of orders delivered within 2 days in Asia via SPX Express.

Opportunities:

• Continued e-commerce growth in Asia and Brazil, supported by enhanced logistics and service quality.

• Expansion and innovation in digital financial services offer significant potential given high demand for credit and efficient use of Shopee's user data.

• Growing user engagement and potential in the digital entertainment segment through regional and content diversification.

Risks:

• Stable competition landscape but potential impacts from cross-border competitors growing presence and pricing strategies.

• Managing the balance between market share growth and profitability amid dynamic competitive environments in Southeast Asia and Brazil.

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