#CALL OF THE SEA INITIAL RELEASE DATE FOR FREE#
#CALL OF THE SEA INITIAL RELEASE DATE FREE#

#CALL OF THE SEA INITIAL RELEASE DATE FREE#

Building ever more engaging content within Free Fire and strengthening our pipeline of new games remain our key priorities. We are assessing the long-term trends in user engagement post-COVID to better tailor our strategies and areas of focus.

#CALL OF THE SEA INITIAL RELEASE DATE FOR FREE#

In particular, the monthly user trends for Free Fire began to show some early signs of stabilizing toward the end of the first quarter. While Garena experienced headwinds in its growth post-COVID, we saw some preliminary positive effects from our efforts to improve user engagement in Free Fire. With the significant scale, strong leadership, and the clear synergies achieved by Shopee and SeaMoney in Southeast Asia and Taiwan, our consumer internet ecosystem in the region is naturally approaching a stage of long-term profitable growth.

This is also a strong indication of SeaMoney being on track to achieve positive cashflow as we previously projected while, at the same time, continuing to scale rapidly with efficiency. Quarterly active users grew more than 78% year on year. SeaMoney's adjusted EBITDA loss also narrowed both quarter on quarter and year on year, while GAAP revenue grew close to 360% compared to last year. Its gross orders grew more than 70% year on year and GAAP marketplace revenue increased by more than 75% year on year, further extending Shopee's market leadership both in terms of transaction volume and commercialization capability. At the same time, Shopee enjoyed very strong growth, even against the tough comparisons last year. In addition, we currently expect Shopee to achieve positive adjusted EBITDA even after allocation of HQ costs by the end of next year for this region. This shows that Shopee is well on track to achieve positive adjusted EBITDA before allocation of HQ costs in the region. In particular, Shopee's adjusted EBITDA loss per order before allocation of HQ costs in Southeast Asia and Taiwan improved by more than 70% year on year to $0.04. Shopee and SeaMoney continued to enjoy operating leverage and efficiency gain as they scale and strengthen their market leadership positions. As a result, we are well on track to achieve our previously shared projections of profitability in our Asia markets, while continuing to scale our businesses and capture market share globally.ĭuring the first quarter, our group GAAP revenue grew 64% year on year to reach $2.9 billion, and we generated gross profits of $1.2 billion, an increase of 81% year on year. We recorded solid results across our business in the first quarter of 2022 despite challenging comparisons to the same period last year during heightened COVID-related restrictions. I am pleased to share that we have made a strong start to 2022. Hello, everyone, and thank you for joining today's call. Our management will share strategy and business updates, operating highlights, and financial performance for the first quarter of 2022. I have with me Sea's chairman and group chief executive officer, Forrest Li group chief financial officer, Tony Hou and group chief corporate officer, Yanjun Wang. For a discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the section on non-GAAP financial measures in our press release. We believe these measures can enhance our investors' understanding of the actual cash flows of our major businesses when used as a complement to our GAAP disclosures. Also, this call includes a discussion of non-GAAP financial measures such as adjusted EPS and net loss, excluding share-based compensation. Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties and may not be realized in the future for various reasons as stated in our press release.

I am Minju Song from Sea's Group chief corporate officer's office.

Call of the sea initial release date