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]

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][33] - Shopee's GMV increased by over 28% year-on-year, with gross orders rising by 28% to $3.6 billion [4][33] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA increasing by 37% to $258 million [20][34] - Digital entertainment bookings rose by 51% year-on-year to $841 million, with adjusted EBITDA up 48% to $466 million [27][37] Business Line Data and Key Metrics Changes - E-commerce: Shopee achieved record highs in GMV, gross order volume, and revenue, with a significant increase in ad revenue by over 70% [5][34] - Digital Financial Services: The loan book expanded by 70% year-on-year to $7.9 billion, with a stable 90-day NPL ratio at 1.1% [21][36] - Digital Entertainment: Garena's performance was bolstered by successful campaigns, leading to a 51% increase in bookings [27][37] Market Data and Key Metrics Changes - In Brazil, Shopee's GMV growth outpaced the market, with delivery speed improving significantly, allowing for expansion into higher-value product categories [19][20] - In Taiwan, Shopee's GMV showed double-digit growth year-on-year, with a strong logistics network enhancing delivery capabilities [10][17] Company Strategy and Development Direction - The company aims to enhance logistics and fulfillment capabilities as core pillars of its strategy, focusing on improving service quality and price competitiveness [6][11] - Continued investment in AI to enhance consumer retail experiences and improve monetization through smarter search and personalized content [15][16] - The Shopee VIP membership program has gained traction, with a 75% increase in members, indicating strong user engagement [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitable growth across all business lines, with expectations for Shopee's full-year GMV growth to exceed 25% [20][32] - The competitive landscape remains stable, with the company gaining market share in Southeast Asia and Taiwan [53][54] - Future investments will focus on logistics and fulfillment to strengthen competitive advantages without significant capital expenditure [62][64] Other Important Information - The company is exploring opportunities in Argentina while winding down operations in Chile and Colombia to focus resources on key priorities [52] - The standalone ShopeePay app is gaining traction, with over 20% of monthly transacting users utilizing it [25] 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 over time [41][42] Question: New market entry strategy and market shares - The rationale for closing cross-border operations in some regions was to focus on key business priorities, with confidence in gaining market share in ASEAN and Taiwan [46][53] Question: Competitive landscape in Southeast Asia - Management noted a stable competitive landscape, with no significant changes in market dynamics impacting growth [56][60] Question: Logistics fulfillment and Garena's outlook - More than half of orders are fulfilled by SPX, with continuous improvements in delivery speed and cost contributing to growth [67][68] - Garena remains optimistic about Free Fire's growth, with plans for new IP collaborations and game launches [71][76] Question: VIP membership unit economics and AI investments - The VIP program is in early stages, with strong growth in user sign-ups and retention rates being closely monitored [80][81] - AI investments will focus on practical applications to enhance user experience and operational efficiency, avoiding large capital expenditures [89][90]

Overall Performance - Sea Limited experienced strong growth momentum in Q3 2025, with GAAP revenue reaching $6 billion[19] - The company's adjusted EBITDA increased to $874.3 million[16] - Sea Limited's gross cash position stood at $10.5 billion[16] E-commerce (Shopee) - E-commerce GAAP revenue reached $4.3 billion in Q3 2025[19] - Shopee's GMV is expected to grow by more than 25% for the full year 2025[24] - Ad revenue increased over 70% year-over-year, and the ad take-rate rose by more than 80 basis points year-over-year in Q3 2025[24] Digital Financial Services - Loans principal outstanding reached $7.9 billion, representing a 14.6% quarter-over-quarter increase[10] - Digital Financial Services GAAP revenue was $989.9 million in Q3 2025[19] - Adjusted EBITDA for Digital Financial Services reached $258.3 million[19] Digital Entertainment (Garena) - Digital Entertainment bookings reached $840.7 million, a 27.1% quarter-over-quarter increase[10] - Garena is on track to achieve more than 30% year-over-year growth in bookings for 2025[51] - Adjusted EBITDA for Digital Entertainment was $465.9 million[19]

Group 1 - Major League Soccer (MLS) is partnering with Electronic Arts (EA) to stream four MLS matches this season on EA Sports FC Mobile [1][3] - The first match will be available for free streaming on May 10, featuring a rematch between the Los Angeles Galaxy and New York Red Bulls, following the Galaxy's victory in the 2024 final [2] - All matches will be simulcast with Apple TV's MLS Season Pass, which holds exclusive media rights, and EA FC Mobile players will receive a free one-month trial of the Season Pass along with in-game currency [3] Group 2 - This partnership marks EA's first venture into live streaming sports, capitalizing on the growing audience for live sports across media platforms [4] - The collaboration comes after a challenging quarter for EA, attributed to the underperformance of its games, particularly the EA Sports FC franchise [4] - EA is set to report its next quarterly earnings on Tuesday, which may provide further insights into the impact of this partnership on its financial performance [4]