[music] So, my name is Rafiat. I'm uh I run an organization called Footsteps. I am a social entrepreneur by profession. And being a social entrepreneur means being able to take risks.But this wasn't always in my plan. I actually had a life plan when I was young. So when I was young, my plan was to get good grades in school, go to a top IV league university, graduate with like a 4.0% perfect GPA, work at the UN for like 20 years, and then start my own nonprofit once I came back.But at the age of 17 in high s ...

Financial Data and Key Metrics Changes - Total revenue reached $6 billion, representing a 38% year-on-year growth, while adjusted EBITDA grew by 68% to $874 million [4][34] - Shopee's GMV increased by over 28% year-on-year, with gross orders rising by 28% to 3.6 billion [4][34] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA up by 37% to $258 million [20][34] - Digital entertainment bookings increased by 51% year-on-year to $841 million, with adjusted EBITDA growing by 48% [26][34] Business Line Data and Key Metrics Changes - E-commerce: Shopee achieved record highs in GMV, gross order volume, and revenue, with a GAAP marketplace revenue of $3.8 billion, up 37% year-on-year [5][34] - Digital Financial Services: The loan book expanded to $7.9 billion, up 70% year-on-year, with a stable 90-day NPL ratio of 1.1% [21][36] - Digital Entertainment: Garena's bookings were up 51% year-on-year, driven by successful campaigns for Free Fire [27][34] Market Data and Key Metrics Changes - In Brazil, Shopee's GMV growth outpaced the market, with significant improvements in delivery speed and reliability [19][20] - In Taiwan, GMV showed double-digit growth year-on-year, with a strong logistics network supporting growth [11][18] Company Strategy and Development Direction - The company aims to continue delivering high and profitable growth across all three business lines, focusing on enhancing logistics capabilities and buyer engagement [4][5] - Investments in logistics and fulfillment are seen as critical for long-term competitiveness and profitability [7][12] - The company is leveraging AI to improve consumer retail experiences, enhancing product discovery and seller engagement [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth momentum, with expectations for Shopee's full-year 2025 GMV growth to exceed 25% [20][34] - The competitive landscape is viewed as stable, with no significant changes noted in market dynamics [54] - The company is optimistic about the future, particularly in expanding its digital financial services and enhancing user engagement through programs like Shopee VIP [15][19] Other Important Information - The Shopee VIP membership program has seen a 75% increase in members, indicating strong user engagement [15][71] - The company is focused on a capital-efficient approach to logistics, primarily leasing rather than purchasing land and warehouses [14][42] Q&A Session Summary Question: Growth guidance for 2025 and margin trends - Management indicated that the growth guidance reflects current market momentum and competitive landscape, with expectations for a 2-3% EBITDA margin improvement [40][41] Question: Investment areas affecting margins - Management noted that investments in logistics and fulfillment are contributing to margin fluctuations, but overall improvements are expected [40][42] Question: New market entry strategy and Argentina - The rationale for entering Argentina is to leverage existing capabilities from Brazil, with a focus on operational synergies [46][47] Question: Market shares in ASEAN and Taiwan - Management believes they are gaining market share in South Asia and are confident in their position in Taiwan despite competition [49][50] Question: Competitive landscape in Southeast Asia - The competitive landscape is stable, with no significant changes noted, and management does not foresee a major impact from live streaming peers [52][54] Question: Logistics fulfillment percentage and cost outlook - More than half of orders are fulfilled by SPX, with continuous improvements in cost per order and delivery speed [59][60] Question: Outlook for Free Fire in 2026 - Management remains optimistic about Free Fire's growth, with plans for new IP collaborations and game launches [63][64] Question: VIP membership unit economics - The VIP program is still in early stages, with a focus on improving retention and ensuring benefits for both users and partners [71][72] Question: AI investments and applications - Management is excited about AI's potential to enhance user experience and operational efficiency, focusing on practical applications rather than large-scale infrastructure investments [74][76]

Financial Data and Key Metrics Changes - Total revenue for the third quarter of 2025 reached $6 billion, representing a 38% year-on-year growth, while adjusted EBITDA was $874 million, up 68% year-on-year [4][33] - The loan book for Money expanded by 70% year-on-year, reaching $7.9 billion, with a stable 90-day non-performing loan (NPL) ratio of 1.1% [21][36] - Digital Entertainment bookings grew by 51% year-on-year to $841 million, with adjusted EBITDA increasing by 48% [27][36] Business Line Performance Changes - Shopee's gross merchandise value (GMV) grew by over 28% year-on-year, with gross orders increasing to $3.6 billion [4][33] - E-commerce adjusted EBITDA was $186 million, significantly up from $34 million in the same quarter last year [34] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA rising by 37% [35] Market Data and Key Metrics Changes - In Taiwan, GMV showed double-digit growth year-on-year, with a significant increase in the number of sellers using ad products [11][18] - In Brazil, GMV growth outpaced the market, with improvements in delivery speed and reliability contributing to higher spending patterns among new buyer cohorts [19][20] Company Strategy and Development Direction - The company aims to enhance logistics and fulfillment capabilities as core pillars of its strategy to strengthen its competitive position [12][14] - Continued investment in AI is expected to improve consumer retail experiences and drive engagement [16][17] - The Shopee VIP membership program has gained traction, with membership increasing by over 75% in the last quarter [15][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitable growth across all business lines, with a focus on long-term profitability [4][5] - The competitive landscape remains stable, with no significant changes observed in market dynamics [51][53] - The company anticipates a GMV growth of more than 25% for the full year 2025, reflecting strong market momentum [40][41] Other Important Information - The company is focusing on enhancing its logistics capabilities to improve service quality and operational efficiency [8][12] - The partnership with YouTube and Meta aims to enrich the buyer community and enhance content-driven sales [16][17] Q&A Session Summary Question: Growth guidance for 2025 and margin trends - Management indicated that the growth guidance of more than 25% is based on current market momentum and competitive landscape, expecting to maintain a 2%-3% EBITDA margin [40][41] Question: Investment areas affecting margins - The decrease in margins is attributed to ongoing investments in logistics and fulfillment capabilities, which are expected to yield long-term benefits [40][41] Question: New market entry strategy and market shares - The rationale for closing cross-border operations in some regions is to focus resources on key business priorities, with a selective approach to new market entries [45][46] Question: Competitive landscape in Southeast Asia - The competitive landscape is stable, with no significant changes in market dynamics, and the company is confident in its ability to defend market share [51][53] Question: Logistics fulfillment and cost outlook - More than half of orders are fulfilled by SPX, with continuous improvements in cost per order and delivery speed contributing to growth [58][59] Question: Outlook for Garena and Free Fire - Management remains optimistic about Garena's growth, with plans for new IP collaborations and game launches in the pipeline [62][63] Question: VIP membership unit economics - The VIP program is in early stages, with strong growth in membership and a focus on improving retention rates [69][72] Question: AI investment and applications - The company is focused on practical applications of AI to enhance user experience and operational efficiency, rather than large-scale CapEx investments [73][76]

What if your very first breath is nearly your last. Imagine this. You're in a gypy, traffic blaring, people shouting.In the middle of that chaos, a woman gives birth. But something's wrong. The baby is not breathing.In the hospital parking lot, a doctor fights to bring him back. The next day, the Manila headline reads, "Jibney baby saved." That boy now stands before you. Life seemed to be saying, "Buckle up, kid. It's going to be a wild ride." At seven, I lost my dad.As the eldest son, I step up to be the m ...

Good evening ladies and gentlemen. I'll start with something that happened quite recently. Something very small but very significant.A few days back, a little late in the evening, I was driving back home. just started this way. Roads were empty.The city has gone quite in a way. Sometimes it has after a long day. I could see the traffic as it turned red.I stopped. I looked around. There were no vehicles inside.All of a sudden, a few cars one by one zoom past me and a traffic light ignoring it completely for ...

Have you ever reached a goal you thought that would finally change your life but only to realize that next morning feels just the same. That's because the greatest illusion of all is that achievement is also fulfillment. But the truth is success without alignment always fails.We are living in the most advantageous age humanity has ever known. We have more education, more opportunities and more wealth and more achievement also than our previous generations. From skyscapers to space travel, from artificial in ...

Core Argument - The conventional pursuit of happiness as the ultimate goal is misguided; fulfillment, rooted in self-realization and living by one's values, is a more meaningful aim [1][18] - Fulfillment is characterized by self-acceptance, gratitude, and optimism, representing a state of being rather than a fleeting emotion [19] - Overvaluing happiness can paradoxically lead to unhappiness, especially during challenging times; a fulfillment-based mindset provides resilience [20][21] Happiness vs Fulfillment - Happiness is defined as a feeling that produces excitement, joy, and pleasure, often associated with hedonic experiences and dopamine release [7][8][9] - Fulfillment, derived from the concept of "eudaimonia," emphasizes flourishing, self-realization, and aligning with personal values, offering a more enduring sense of purpose [18] - Time is the most valuable asset, and fulfillment helps individuals make the most of their time [19] Practical Implications - Shifting focus from happiness to fulfillment can lead to a more meaningful life, even amidst difficulties [17][21] - Embracing fulfillment may paradoxically result in experiencing more happiness along the way [22] - The speaker shares personal experiences and patient cases to illustrate the transformative power of prioritizing fulfillment [2][3][5][21][22]

Core Argument - The speech challenges the mainstream media's emphasis on relentlessly pursuing dreams, suggesting instead that individuals may not always be ready for such pursuits [2] - It advocates for a shift in perspective, focusing on *how* and *what* one pursues, and how to sustain oneself throughout the journey, rather than solely focusing on achieving goals [3] - The central idea revolves around "arrival fallacy," a common phenomenon where individuals experience a sense of emptiness or crisis after achieving their goals [13] Case Studies - The speech uses Notch, the creator of Minecraft, who sold his company to Microsoft for an estimated 25 亿 (2.5 billion) 美元, as an example of someone who experienced an identity crisis after achieving immense success [5] - Michael Phelps, a highly decorated Olympian, is presented as another example, highlighting his struggles with post-Olympic depression and questioning his identity without swimming [8][9][10] Key Takeaways - Goals should be viewed as checkpoints in a continuous journey, not as the ultimate finish line [24][25] - One's identity and sense of self should not be solely dependent on external factors or achievements [26] - True satisfaction comes from within, derived from building positive habits, adhering to strong principles, and maintaining a positive self-image [27] - The speaker emphasizes the importance of small, consistent actions and self-reflection in building a strong sense of self [28] - The speech concludes that instead of chasing dreams, individuals should focus on building themselves, so that they are prepared to handle the aftermath of achieving their goals [29]

Goal Setting & Achievement - The speaker initially aimed to sell $100,000 in real estate, highlighting the importance of setting goals [1][11] - The speaker emphasizes identifying "joy trends" to understand one's true "why" behind goals, suggesting that perceived reasons may differ from actual passions [2][5] - The speaker advises setting a 5-10 year goal aligned with an ideal life, rather than pursuing goals based on external expectations [8][10] Personal Fulfillment & Authenticity - The speaker advocates for vulnerability and authenticity as essential for fulfillment, citing examples of public figures who shared their stories [14][15][16] - The speaker highlights the importance of aligning actions with one's true self for achieving fulfillment [17] Environment & Community - The speaker stresses the significant impact of one's environment and community on mindset, goals, and available resources [17][18] - The speaker shares a personal experience where sharing a goal with supportive coworkers led to encouragement and bigger thinking [19][20] Taking Action & Overcoming Fear - The speaker encourages taking bold action towards one's vision, even without feeling fully prepared [21] - The speaker shares the experience of opening a coffee shop with limited experience, emphasizing the value of real-life learning [21][22][24][25] - The speaker encourages listeners to begin working towards their goals without waiting for permission or feeling completely ready [26]

Personal Development & Success Measurement - Traditional benchmarks like KPIs, productivity trackers, social media metrics, and achievements are often used as measures of personal success, but they can be misleading [8] - The speaker proposes shifting the focus from "doing" and "achieving" to "becoming," emphasizing internal growth in areas like capacity, compassion, courage, integrity, grit, and kindness [9][11][12] - The "becoming scorecard" involves reflecting on daily growth in areas like self-awareness, courage, compassion, and learning [17][18][19][20][21] Overcoming Fear of Failure - Fear of failure can hinder individuals from pursuing ventures with the potential for failure, limiting opportunities [4] - The speaker's personal experience of avoiding challenging subjects in university qualification exams due to fear of failure led to difficulties later on [5][6][7] - Choosing courses relevant to personal growth, even if challenging, is aligned with the desired personal development [19] Fulfillment & Long-Term Impact - External validations and benchmarks provide fleeting happiness, while internal character development leads to lasting fulfillment [14][26] - Focusing on "becoming" ensures that even if goals are not met, the personal growth achieved along the way provides satisfaction [25][26] - The speaker's mentor advised reflecting daily on what was learned and how one grew, creating an internal compass for measuring what matters [15][16]