The following is a summary of the Sea Limited (SE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sea Limited reported a total Q1 2024 revenue of $3.7 billion, representing an increase of 23% year-on-year largely due to GMV growth in e-commerce and credit business developments.

• Shopee, their e-commerce platform, saw a revenue growth of 33% year-on-year and narrowed its adjusted EBITDA loss to $22 million.

• The digital financial services sector observed a revenue increase of 21% and a growth in adjusted EBITDA of 50%.

• Garena, under the digital entertainment sector, registered bookings increased by 11% year-on-year.

• However, Sea Limited experienced a loss of $23 million in net income versus Q1 2023's net income of $87 million.

Business Progress:

• Shopee achieved its maximum ever quarterly order, GMV, and revenue, and is the leading live streaming e-commerce platform in Indonesia.

• Priorities for 2024 includes improving price competitiveness, enhancing the content ecosystem, and progressing buyer services.

• The credit business of SeaMoney has been instrumental to the company's revenue and profit growth.

• The company expects GMV growth in high single-digits in 2024 and foresees a 2-3% long-term EBITDA.

• Sea Limited plans to expand its financial operations outside the Shopee ecosystem by introducing new lending products.

• Efforts are being made to attract more users to their game, Free Fire, and to optimize unit economics in Shopee.

• Investments are being made in technology to enhance the efficiency of the supply chain and the rollout of new services such as on-time guaranteed deliveries.

More details: Sea IR

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