Sea Limited FY2024 Q3 Earnings Release

November 2024
Third Quarter 2024 Results

1
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,” “will,” “expect,” “anticipate,”
“aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident,” “guidance,” and similar statements . Among other things, statements that are
not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, projections, and Sea’s strategic and
operational plans, contain forward -looking statements . Sea may also make written or oral forward -looking statements in its periodic reports to the U.S. Securities and
Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers,
directors or employees to third parties . Forward -looking statements involve inherent risks and uncertainties . A number of factors could cause actual results to differ
materially from those contained in any forward -looking statement, including but not limited to the following : Sea’s goals and strategies ; its future business
development, financial condition, financial results, and results of operations ; the expected growth in, and market size of, the digital entertainment, e-commerce and
digital financial services industries in the markets where it operates, including segments within those industries ; expected changes or guidance in its revenue, costs
or expenditures ; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content ; the
expected growth of its digital entertainment, e-commerce and digital financial services businesses ; its expectations regarding growth in its user base, level of
engagement, and monetization ; its ability to continue to develop new technologies and/or upgrade its existing technologies ; growth and trends of its markets and
competition in its industries ; government policies and regulations relating to its industries, including the effects of any government orders or actions on its
businesses ; general economic, political, social and business conditions in its markets ; and the impact of widespread health developments . Further information
regarding these and other risks is included in Sea’s filings with the SEC . All information provided in this presentation is as of the date hereof, and Sea undertakes no
obligation to update any forward -looking statement, except as required under applicable law .
This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. (“GAAP”), including
“adjusted EBITDA,” and “total adjusted EBITDA .” The reconciliation of those measures to the most comparable GAAP measures is contained within this presentation .
The non -GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of the Company’s results
under GAAP .
This presentation does not contain all relevant information relating to Sea or its securities, particularly with respect to the risks and special considerations involved
with an investment in the securities of Sea . Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future
performance of Sea .
Sea 3Q 2024 Results |

2
Third Quarter 2024
Results Overview
Sea 3Q 2024 Results |

3
Back to High Growth While Improving Profitability
Note: Financial figures are unaudited.1. Consumer and SME loans principal outstanding including both on -book and off -book loans. Off -book loans principal outstanding mai nly refers to channeling arrangements, which is lending by other financial institutions on our platform. 2. GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metr ic is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment.
US$ Billions
E-commerce
GAAP Revenue
US$ Billions
Digital Financial Services
Loans Principal Outstanding 1
447.9
536.8 556.5
3Q 2023 2Q 2024 3Q 2024
US$ Millions
Digital Entertainment
Bookings 2
2.7
3.5
4.6
3Q 2023 2Q 2024 3Q 2024
YoY: +42.6%
QoQ: +12.8%
YoY: +73.2%
QoQ: +30.9%
YoY: +24.3%
QoQ: +3.7%
Sea 3Q 2024 Results |
2.2
2.8
3.2
3Q 2023 2Q 2024 3Q 2024

(144.0)
79.9
153.3
3Q 2023 2Q 2024 3Q 2024
4
3Q 2024 Financial Performance
Note: Financial figures are unaudited.
3.3
3.8
4.3
3Q 2023 2Q 2024 3Q 2024
US$ Billions
GAAP
Revenue
US$ Billions
Gross
Profit
(127.7)
82.9
202.4
3Q 2023 2Q 2024 3Q 2024
US$ Millions
Operating
Income/(Loss)
1.4
1.6
1.9
3Q 2023 2Q 2024 3Q 2024
US$ Millions
Net
Income/(Loss)
Sea 3Q 2024 Results |

5
3Q 2024 Profitability and Cash Position
35.3
448.5
521.3
3Q 2023 2Q 2024 3Q 2024
US$ Millions
Adjusted
EBITDA
US$ Billions
Cash
Position 1
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. Cash, cash equivalents, short -term and other treasury investments. Other treasury investments currently consist of group treasur y related investments, such as available -for-sale sovereign bonds and corporate bonds, classified as part of long -term investments and securities purchased under agreements to resell relating to our banking operations.
(346.5) (9.2) 34.4
165.7 164.7 187.9
234.0 302.8 314.4
EC
DFS
DE
8.5
9.0
9.9
3Q 2023 2Q 2024 3Q 2024
Sea 3Q 2024 Results |

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3Q 2024 Segmental Breakdown
US$ Millions E-commerce
Digital Financial
Services
Digital
Entertainment Other Services
Unallocated
Expenses 1 Consolidated
Revenue 3,183.6 615.7 497.8 31.1 – 4,328.2
Operating (loss)/income (36.8) 173.9 262.4 (11.0) (186.1) 202.4
Adjusted EBITDA 34.4 187.9 314.4 (8.6) (6.9) 521.3
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. Unallocated expenses are mainly related to share -based compensation and general and corporate administrative costs such as profe ssional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.
Sea 3Q 2024 Results |

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Third Quarter 2024
Business Highlights
Sea 3Q 2024 Results |

8
Sustaining Strong Growth And Market Leadership
Profitable and growing strongly
• Achieved positive adjusted
EBITDA in 3Q 2024 in both Asia
markets and Brazil
• On track to deliver full -year
guidance of mid -20s% YoY GMV
growth
• Average monthly active buyers in
3Q 2024 growing by > 20% YoY
• Brazil: Achieved positive
adjusted EBITDA for the first
time; average monthly active
buyers growing by ~40% YoY in
3Q 2024
Improving monetization
• Further market rationalization in
Southeast Asia drove industry –
wide increases in commission
take rates
• Ad -paying sellers grew > 10% YoY
in 3Q 2024
• Ad -paying revenue per seller
rose > 25% YoY in 3Q 2024
• In 3Q 2024, ad take rate
improved by > 30bps YoY
Progress made on key
operational priorities
• Price competitiveness: Shopee
is the highest -scoring platform
for good product prices in both
Asia and Brazil 1
• Service quality: Half of SPX
Express’ orders in Asia delivered
within 2 days in 3Q 2024. Cost
per order improved QoQ
• Content ecosystem: Average
daily unique streamers and daily
unique live -streaming buyers
grew > 50% and > 15% QoQ
respectively, in 3Q 2024.
Launched successful
collaboration with YouTube in
Indonesia, Thailand and Vietnam
Sea 3Q 2024 Results |
1. According to a recent survey conducted by Qualtrics.

9
E – commerce
GMV and Gross Orders
20.1
23.1 23.6 23.3
25.1
2.2
2.5 2.6 2.5
2.8
-3
-2
-1
0
1
2
3
0
5
10
15
20
25
30
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
Billions
GMV (US$)
Gross Orders
Sea 3Q 2024 Results |

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E – commerce
GAAP Revenue & Take Rate 1
2.0
0.8
0.4
2.2
2.6 2.7 2.8
3.2
11.1% 11.2% 11.7% 12.1% 12.7%
0
0
0
0
0
0
0
0
0
1
1
2
2
3
3
4
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
US$ Billions
Core Marketplace Revenue
Value -added Services Revenue GAAP Take Rate 1
0
0
Product Revenue
Note: Financial figures are unaudited.1. GAAP revenue as a percentage of GMV.
Sea 3Q 2024 Results |

11
E – commerce
Adjusted EBITDA
(346.5)
(225.3)
(21.7) (9.2)
34.4
(1.7%) (1.0%) (0.1%) (0.0%) 0.1%
0
0
0
0
0
-450
-350
-250
-150
-50
50
150
250
350
450
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
US$ Millions
Adjusted EBITDA
Adjusted EBITDA as % of GMV
(306.2) (192.9) 11.5 3.8 30.9
(40.3) (32.4) (33.2) (13.0) 3.5
Asia
Other
Markets
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures.
Sea 3Q 2024 Results |

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Strong Growth Momentum in Revenue and Adjusted EBITDA
1. Users with loans outstanding by the end of the quarter. 2. Non -performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includ es both on -book and off -book loans principal outstanding. 3. Include cash loans and off -Shopee SPayLater consumption loans.
High growth while maintaining stable risk profile
• Loans principal outstanding grew > 70% YoY in 3Q 2024
• We added 4 million first -time borrowers
• Consumer and SME loans active users 1 reached about 24
million by 3Q 2024, growing > 60% YoY
• NPL90+ ratio 2 stable at 1.2% in 3Q 2024
Driving off -Shopee growth
• Pushing most strongly in Indonesia where off -Shopee
loans 3 now > 50% of the loan book in this market
• Use case expansion through facilitating large -ticket
mobile phone purchases in retail stores – introduced
SPayLater Limit Xtra credit products for selected users
with higher credit limits
• Continuing to explore use cases and will bring successes
to other markets
Sea 3Q 2024 Results |

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Digital Financial Services
1. Consumer and SME loans principal outstanding. 2. Non -performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includ es both on -book and off -book loans principal outstanding. 3. Off -book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform.
Loans Principal Outstanding 1 and NPL90+ Ratio 2
US$ Billions
3.8
0.8
2.7
3.1 3.3
3.5
4.6
1.4% 1.4% 1.4%
1.3% 1.2%
0
0
0
0
0
0
0
1
2
3
4
5
6
7
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
0
0
On -book
Off -book 3
NPL90+ Ratio 2
Sea 3Q 2024 Results |

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Digital Financial Services
GAAP Revenue and Adjusted EBITDA
446.2 472.4 499.4 519.3
615.7
165.7 148.5 148.7 164.7 187.9
0
100
200
300
400
500
600
700
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
US$ Millions
GAAP Revenue
Adjusted EBITDA
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures.
Sea 3Q 2024 Results |

Good Performance Driven By the Strength of Free Fire
15
Free Fire remains one of largest mobile games in the
world, with high user engagement and acquisition
• Maintained daily active users above 100 million,
representing 25% YoY growth in 3Q 2024
• Expanding to new regions like North Africa with both in –
game campaigns and out -of -game events
• Free Fire was the most downloaded mobile game
globally in 3Q 2024 1
• The number of new users who downloaded and played
Free Fire was up 25% YoY
• Given the strength of Free Fire’s year -to -date
performance, we now expect its full year 2024 bookings
to grow > 30% YoY
Continuing to delight users with fresh localized
content and exciting new launches
Content inspired by local and social trends:
• Free Fire collaborated with the Zoological Park
Organization of Thailand to bring their hugely popular
baby pygmy hippo, Moo Deng, into the game; extremely
well -received by users
New and upcoming games:
• Since launch, Need for Speed: Mobile was the most
downloaded racing mobile game in Taiwan, Hong Kong
and Macau 2
• Launching Delta Force, a first -person tactical shooting
PC and mobile game, in partnership with Tencent in
several markets across Southeast Asia, MENA and Latin
America
1. Based on Sensor Tower App Performance Insights. 2. Based on Sensor Tower App Performance Insights, Oct 30 – Nov 9 2024 , Top Games / Racing by Downloads on iOS & Google Play Combined (Taiwan, Hong Kong, Macau ).
Sea 3Q 2024 Results |

Digital Entertainment
16
Quarterly Active Users, Quarterly Paying User Ratio and ARPPU 1
544.1 528.7
594.7
648.0 628.5
7.5% 7.5%
8.2% 8.1% 8.0%
0
0
0
0
0
0
0
0
0
0
0
100
200
300
400
500
600
700
800
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
Millions
Quarterly Active Users
Quarterly Paying User Ratio
11.0 11.5 10.5 10.2 11.1 ARPPU 1
(US$)
1. Average bookings per paying user.
Sea 3Q 2024 Results |

Digital Entertainment
17
Bookings 1, GAAP Revenue and Adjusted EBITDA
US$ Millions
447.9 456.3
512.1 536.8 556.5 592.2
510.8
458.1 435.6
497.8
234.0 217.4
292.2 302.8 314.4
52.2%
47.6%
57.1% 56.4% 56.5%
0.1
0.2
0.2
0.3
0.3
0.4
0.4
0.5
0.5
0.6
0
100
200
300
400
500
600
700
800
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
Bookings 1
GAAP Revenue
Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non -GAAP figures. 1. GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metr ic is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment.
Adjusted EBITDA as a % of Bookings 1
Adjusted EBITDA
Sea 3Q 2024 Results |

18
Appendix
Sea 3Q 2024 Results |

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GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 3Q 2023 3Q 2024
E-commerce
Operating income / (loss) (428,183) (36,818)
Depreciation and amortization 81,688 71,264
E-commerce Adjusted EBITDA (346,495) 34,446
Digital Financial Services
Operating income / (loss) 150,470 173,942
Depreciation and amortization 15,261 13,985
Digital Financial Services Adjusted EBITDA 165,731 187,927
Digital Entertainment
Operating income / (loss) 345,760 262,402
Net effect of changes in deferred revenue & its related cost (119,058) 46,712
Depreciation and amortization 7,296 5,314
Digital Entertainment Adjusted EBITDA 233,998 314,428
Sea 3Q 2024 Results |

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GAAP Operating Income and Non – GAAP EBITDA Reconciliation
Note: Financial figures are unaudited.
US$ Thousands 3Q 2023 3Q 2024
Other Services
Operating income / (loss) (11,704) (11,001)
Depreciation and amortization 2,933 2,446
Other Services Adjusted EBITDA (8,771) (8,555)
Group
Operating income / (loss) (127,740) 202,415
Net effect of changes in deferred revenue & its related cost (119,058) 46,712
Depreciation and amortization 107,178 93,009
Share -based compensation 174,904 179,201
Total Adjusted EBITDA 35,284 521,337
Sea 3Q 2024 Results |