Core Viewpoint - Sea's Q4 2024 financial results show strong growth across all three business segments, with total revenue reaching $4.95 billion, a 37% year-over-year increase, driven by e-commerce and digital financial services [1][2][3] Financial Overview - Total revenue for Q4 2024 was $4.95 billion, up from $3.45 billion in Q4 2022, marking a 37% year-over-year growth [1] - Adjusted EBITDA for Q4 2024 was $591 million, significantly up from $127 million in Q4 2023, indicating improved profitability [1] - For the full year 2024, total revenue reached $16.8 billion, a 29% increase from 2023 [1] E-commerce Performance - E-commerce segment (Shopee) achieved a GMV of over $100 billion in 2024, with Q4 GMV growing 23% year-over-year to $28.6 billion [2][5] - Q4 2024 GAAP revenue for e-commerce was $3.7 billion, with marketplace revenue contributing $3.2 billion, a 41% increase year-over-year [2] - Adjusted EBITDA for e-commerce in Q4 2024 was $152 million, recovering from a loss of $225 million in the same quarter of the previous year [2] Digital Financial Services - Digital financial services saw Q4 2024 GAAP revenue increase by 55% to $733 million, with full-year revenue reaching $2.4 billion, a 35% increase [3] - The total loan balance reached $5.1 billion by the end of 2024, a 64% year-over-year increase, indicating strong growth in consumer and SME lending [3] Digital Entertainment - Digital entertainment segment reported Q4 2024 bookings of $543 million, a 19% increase year-over-year, with full-year bookings at $2.1 billion [3] - Q4 2024 GAAP revenue for digital entertainment was $519 million, with adjusted EBITDA of $290 million for the quarter [3] Future Guidance - E-commerce is expected to see a 20% year-over-year GMV growth in 2025, with continued improvement in profitability [4] - The financial services segment anticipates significant loan balance growth, outpacing GMV growth [4] - The gaming segment is projected to achieve double-digit growth in both user numbers and revenue in 2025 [4] Management Insights - Company executives highlighted that all three business segments returned to strong double-digit growth, validating the company's strategic direction [4] - SeaMoney's loan book has surpassed $5 billion, making it one of the largest consumer lending businesses in Southeast Asia [4]