Sea Ltd (SE) 2017 Q4 法說會逐字稿

Good day, everyone, and welcome to the Sea Limited Fourth Quarter and Full Year 2017 Results Conference Call.

大家好，歡迎參加 Sea Limited 2017 年第四季度和全年業績電話會議。

(Operator Instructions) Please note that this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Alan Hellawell, Group Chief Strategy Officer.

我現在想將會議轉交給集團首席戰略官 Alan Hellawell。

Please go ahead.

請繼續。

Good morning, and good evening, everyone, and welcome to Sea's 2017 Fourth Quarter Earnings Conference Call.

大家早上好，晚上好，歡迎來到Sea 2017年第四季度收益電話會議。

I am indeed Alan Hellawell, Sea's Group Chief Strategy Officer.

我確實是 Sea's Group 首席戰略官 Alan Hellawell。

Before we continue, I would like to remind you that we might be making 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.

在我們繼續之前，我想提醒您，我們可能會做出前瞻性陳述，這些陳述本質上受到風險和不確定性的影響，並且由於我們新聞稿中所述的各種原因，未來可能無法實現。

Also, this call includes discussion of certain non-GAAP financial measures such as adjusted revenue, adjusted EBITDA and adjusted net loss.

此外，此次電話會議還討論了某些非 GAAP 財務指標，例如調整後的收入、調整後的 EBITDA 和調整後的淨虧損。

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.

我們相信，這些措施在用作我們的 GAAP 披露的補充時，可以增強我們的投資者對我們主要業務的實際現金流量的了解。

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.

有關非 GAAP 財務措施的使用以及與最接近的 GAAP 措施的調節的討論，請參閱我們新聞稿中關於非 GAAP 財務措施的部分。

Let me begin by introducing our management team on the call.

首先讓我介紹一下我們的管理團隊。

We have our Chairman and group Chief Executive Officer, Forrest Li; our group President, Nick Nash; and our group Chief Financial Officer, Tony Hou.

我們的董事長兼集團首席執行官 Forrest Li；我們的集團總裁 Nick Nash；以及我們的集團首席財務官 Tony Hou。

Forrest, Tony and myself will share strategy and business updates, operating highlights and financial performance for the fourth quarter of 2017.

Forrest、Tony 和我將分享 2017 年第四季度的戰略和業務更新、運營亮點和財務業績。

This will be followed by a Q&A session, in which we welcome any questions you have.

接下來是問答環節，我們歡迎您提出任何問題。

With that, let's begin with Forrest for our key strategic highlights.

有了這個，讓我們從 Forrest 開始我們的關鍵戰略亮點。

Thanks, Alan.

謝謝，艾倫。

Thank you everyone for joining today's call.

感謝大家參加今天的電話會議。

I'm very pleased to share that all 3 of our businesses saw robust expansion in the fourth quarter of 2017 on both the quarter-on-quarter and the year-on-year basis.

我很高興與大家分享，我們的所有 3 項業務在 2017 年第四季度的環比和同比均實現了強勁擴張。

As you know, Garena is our most-established business and is our largest source of revenue and profit.

如您所知，Garena 是我們最成熟的業務，也是我們最大的收入和利潤來源。

I'm happy to share that it continued to grow strongly, delivering quarterly adjusted revenue of $141.9 million, up 59% year-on-year.

我很高興與大家分享它繼續強勁增長，季度調整後收入為 1.419 億美元，同比增長 59%。

Quarterly adjusted EBITDA more than doubled year-on-year to $52.6 million, showing very strong growth year-on-year.

經季度調整後的 EBITDA 同比增長一倍以上，達到 5,260 萬美元，同比增長非常強勁。

The launch of Free Fire, a mobile battle royale game, on 4 December 2017 on both the iOS App Store and Google Play Store was an important milestone for us.

2017 年 12 月 4 日，在 iOS App Store 和 Google Play Store 推出 Free Fire 是一款移動大逃殺遊戲，這對我們來說是一個重要的里程碑。

We developed Free Fire entirely in-house.

我們完全在內部開發了 Free Fire。

I'm excited by the success it has had to date, both in the region and beyond.

我對它迄今為止在該地區和其他地區取得的成功感到興奮。

Free Fire was planned and designed for a mobile gamer right from the start.

Free Fire 從一開始就是為移動遊戲玩家設計和設計的。

Our development team focused on features such as short game lands, social elements and less-demanding hardware specs, which are more suitable for users in our region.

我們的開發團隊專注於更適合我們地區用戶的短遊戲土地、社交元素和要求不高的硬件規格等功能。

We were also able to launch the game in many market quickly to capture a critical mass.

我們還能夠在許多市場快速推出這款遊戲，從而獲得足夠多的用戶。

The journey has been exciting, and we are encouraged by the results.

旅程令人興奮，我們對結果感到鼓舞。

Free Fire has already achieved 6 million daily active users.

Free Fire 已經實現了 600 萬日活躍用戶。

As we have only started monetizing the game in January, it is still too early to gauge Free Fire's revenue potential, but we're actively exploring future channels of monetization.

由於我們在 1 月份才開始將游戲貨幣化，因此現在評估 Free Fire 的收入潛力還為時過早，但我們正在積極探索未來的貨幣化渠道。

We will continue to step up our self-development capabilities to design games that meet the constantly evolving needs and the preferences of our gamers.

我們將繼續加強我們的自主開發能力，以設計滿足不斷變化的需求和遊戲玩家喜好的遊戲。

Meanwhile, we remain committed to building our partnership with top-class developers so that gamers in our region can enjoy a world-class game franchise.

同時，我們繼續致力於與一流開發商建立合作夥伴關係，以便我們地區的遊戲玩家能夠享受世界一流的遊戲特許經營權。

For example, we partnered with NetEase on the mobile RPG game Onmyoji.

例如，我們與網易合作開發了移動角色扮演遊戲《陰陽師》。

We launched it in Thailand last year and Vietnam just a few weeks ago.

我們去年在泰國和幾週前在越南推出了它。

Let's move on to e-commerce.

讓我們繼續電子商務。

We take a long-term view on Shopee, and growth is our top priority for the business.

我們對 Shopee 有著長遠的眼光，增長是我們業務的首要任務。

I'm pleased to share that e-commerce GMV reached $1.6 billion in the fourth quarter of 2017, an increase of more than 200% year-on-year and another record quarter for Shopee.

我很高興與大家分享，電子商務 GMV 在 2017 年第四季度達到 16 億美元，同比增長超過 200%，並且是 Shopee 的又一個創紀錄的季度。

In line with our growth and monetization road map, we are investing strategically to support big brands as they establish flagship stores on our Shopee Mall.

根據我們的增長和貨幣化路線圖，我們正在戰略性投資以支持大品牌在我們的 Shopee Mall 上開設旗艦店。

We are already working with leading brands such as L'Oréal, Xiaomi, Unilever and Watsons.

我們已經與歐萊雅、小米、聯合利華和屈臣氏等領先品牌合作。

These partners work with us largely because we can meet their demanding requirements such as fulfillment support and other value-added services.

這些合作夥伴與我們合作主要是因為我們可以滿足他們苛刻的要求，例如履行支持和其他增值服務。

Shopee now leases warehouse in a number of our markets to meet the needs of our sellers.

Shopee 現在在我們的多個市場租賃倉庫以滿足我們賣家的需求。

We will continue to evaluate additional services to support sellers as we grow our seller base.

隨著我們擴大賣家群，我們將繼續評估其他服務以支持賣家。

I'm confident that we can expand monetization as we grow Shopee's market share.

我相信隨著我們擴大 Shopee 的市場份額，我們可以擴大貨幣化。

We're also planning to introduce new monetization tools as our relatively scale growth and when market dynamics make sense.

我們還計劃引入新的貨幣化工具作為我們相對規模的增長和市場動態有意義的時候。

In summary, I'm very proud of the growth that we have achieved in 2017.

總之，我為我們在 2017 年取得的增長感到非常自豪。

We look forward to another strong year of growth.

我們期待著又一個強勁的增長年。

Our region is one of the world's fastest-growing markets for digital entertainment, e-commerce and digital financial services.

我們所在的地區是全球數字娛樂、電子商務和數字金融服務增長最快的市場之一。

We're confident that we'll continue to build our leadership by constantly innovating to better the day-to-day lives of consumers and small businesses.

我們相信，我們將通過不斷創新以改善消費者和小型企業的日常生活來繼續建立我們的領導地位。

Before I hand the call over to Alan, I would like to thank you for your thoughtful suggestions over the past few months, particularly around how we present the business on an ongoing business basis.

在我把電話轉給艾倫之前，我想感謝你在過去幾個月裡提出的深思熟慮的建議，特別是關於我們如何在持續的業務基礎上展示業務。

Our Group CFO, Tony Hou, will be updating you on how we have refined our segmental financial disclosure to better facilitate your understanding of our businesses and measure our progress.

我們的集團首席財務官 Tony Hou 將向您介紹我們如何改進我們的分部財務披露，以更好地促進您了解我們的業務並衡量我們的進展。

But first, over to Alan.

但首先，請輪到艾倫。

Thank you, Forrest.

謝謝你，福雷斯特。

I would like to build on Forrest's remarks with more detailed commentary and business updates.

我想以 Forrest 的評論為基礎，提供更詳細的評論和業務更新。

Within digital entertainment, we continued to strengthen our market-leading role.

在數字娛樂領域，我們繼續鞏固市場領先地位。

Forrest has outlined it, adjusted revenue and adjusted EBITDA results.

Forrest 概述了它、調整後的收入和調整後的 EBITDA 結果。

Quarterly active users, or QAUs, grew 74% year-on-year and 27% quarter-on-quarter to 87.8 million, largely driven by existing games such as Arena of Valor and the launch of Free Fire.

季度活躍用戶 (QAU) 同比增長 74%，環比增長 27%，達到 8780 萬，這主要是受到《Arena of Valor》等現有遊戲和《Free Fire》的推出所推動。

Meanwhile, average revenue per user, or ARPU, came in at $1.60 compared to $1.80 for the fourth quarter 2016 and $2 for the third quarter of 2017.

與此同時，每用戶平均收入 (ARPU) 為 1.60 美元，而 2016 年第四季度為 1.80 美元，2017 年第三季度為 2 美元。

The easing in ARPU is mainly due to rapid user growth around our newly launched games, which resulted in faster QAU growth compared to quarterly paying users, or QPUs.

ARPU 的放緩主要是由於我們新推出的遊戲的用戶快速增長，這導致與季度付費用戶或 QPU 相比 QAU 增長更快。

We are pleased that QPUs increased to 7.2 million in the fourth quarter of 2017 from 6.5 million in the previous quarter.

我們很高興 QPU 從上一季度的 650 萬增加到 2017 年第四季度的 720 萬。

Looking ahead, we are excited about the pipeline of titles we have in store through the rest of 2018 and look forward to sharing details in due course.

展望未來，我們對 2018 年餘下時間裡的一系列遊戲感到興奮，並期待在適當的時候分享細節。

With regard to e-commerce, the markets in our region continue to grow strongly.

在電子商務方面，我們地區的市場繼續強勁增長。

Frost & Sullivan, for instance, just released its latest quarterly e-commerce report, estimating that 2017 GMV for Southeast Asia and Taiwan grew by 33% year-on-year to USD 31.8 billion.

例如，Frost & Sullivan 剛剛發布了最新的季度電子商務報告，估計 2017 年東南亞和台灣的 GMV 同比增長 33% 至 318 億美元。

Shopee had an outstanding quarter with GMV reaching USD 1.6 billion, representing year-on-year growth of 206% and quarter-on-quarter growth of 48%.

Shopee 本季度表現出色，GMV 達到 16 億美元，同比增長 206%，環比增長 48%。

Shopee's gross orders reached $98.3 million, which represents an impressive growth of 244% year-on-year and 49% quarter-on-quarter, largely driven by the rapidly expanding Indonesian market.

Shopee 的總訂單額達到 9830 萬美元，同比增長 244%，環比增長 49%，這在很大程度上得益於快速擴張的印尼市場。

On a market-by-market basis, Indonesia experienced the strongest absolute growth in the fourth quarter.

按市場劃分，印度尼西亞在第四季度經歷了最強勁的絕對增長。

Even the more mature Taiwan market continues to display healthy growth rates in both GMV and gross orders.

即使是更成熟的台灣市場也繼續在 GMV 和總訂單方面顯示出健康的增長率。

We also see our market share growing steadily in markets such as Thailand and Vietnam.

我們還看到我們在泰國和越南等市場的市場份額穩步增長。

Shopee's sharp growth trajectories underpinned by a heavy focus on long-tail product categories such as fashion and health and beauty, which serve the needs of our female customer base.

Shopee 的快速增長軌跡得益於對時尚、健康和美容等長尾產品類別的高度關注，這些產品滿足了我們女性客戶群的需求。

Our marketplace approach maps particularly nicely the needs of those shoppers situated outside of capital city where we believe the fastest GMV growth is occurring.

我們的市場方法特別好地映射了那些位於我們認為 GMV 增長最快的首都城市以外的購物者的需求。

We continue to devote resources to make Shopee the mobile platform of choice for both sellers and buyers.

我們繼續投入資源，使 Shopee 成為賣家和買家的首選移動平台。

Fostering user engagement is critical to us.

促進用戶參與對我們來說至關重要。

A recent YouGov ranking of brand recognition in Indonesia put Shopee among the top 10 well-known brands, the only e-commerce brand along with other household names such as Garuda Indonesia and Toyota.

YouGov 最近在印度尼西亞進行的品牌認知度排名將 Shopee 列為十大知名品牌，是唯一與印尼鷹航和豐田等其他家喻戶曉的電子商務品牌並駕齊驅的品牌。

In terms of our digital financial services, our GTV grew 311% year-on-year and 129% quarter-on-quarter to reach USD 1 billion in the fourth quarter of 2017, driven by closer integration with Shopee and expansion of use cases.

在我們的數字金融服務方面，我們的 GTV 同比增長 311%，環比增長 129%，在 2017 年第四季度達到 10 億美元，這得益於與 Shopee 的更緊密整合和用例的擴展。

We continue to focus our efforts on strengthening our infrastructure to support our existing platforms.

我們繼續集中精力加強我們的基礎設施以支持我們現有的平台。

With that, I will pass on to Tony to talk more about the financials.

有了這個，我將傳遞給托尼更多地談論財務。

Thank you, Alan, and thanks to everyone for joining the call.

謝謝你，艾倫，感謝大家加入電話會議。

First, let me highlight some positive changes in this quarter's release.

首先，讓我強調本季度發布的一些積極變化。

On top of that segmental information we have disclosed in the previous quarters, we have started to disclose both EBITDA and adjusted EBITDA by segment this quarter to help you better understand our profitability.

除了我們在前幾個季度披露的分部信息外，本季度我們已開始按分部披露 EBITDA 和調整後的 EBITDA，以幫助您更好地了解我們的盈利能力。

For our digital entertainment business, we have revised our estimation for certain games' revenue recognition periods by using average paying user life instead of game licensing period.

對於我們的數字娛樂業務，我們通過使用平均付費用戶壽命而不是遊戲許可期修訂了我們對某些遊戲收入確認期的估計。

The revision applies to one of our top titles, Arena of Valor.

此次修訂適用於我們的頂級遊戲之一《Arena of Valor》。

The impact of such changes was not significant.

這些變化的影響並不顯著。

We believe that the revised estimations better reflect the economic essence of the respective games more accurately and result in higher-quality financial reports.

我們認為，修訂後的估計更準確地反映了各個遊戲的經濟本質，並產生了更高質量的財務報告。

We have included the detailed quarterly and annual financial schedules together with the corresponding management analysis in today's press release.

我們在今天的新聞稿中包含了詳細的季度和年度財務計劃以及相應的管理分析。

So rather than then taking you through our disclosure line-by-line, I will focus my comments on some key financial metrics so that we have more time for Q&A later.

因此，我不會逐行向您介紹我們的披露，而是將我的評論集中在一些關鍵的財務指標上，以便我們以後有更多時間進行問答。

For Sea overall, our fourth quarter total adjusted revenue was our highest ever at USD 164.5 million, an increase of 73% year-on-year and 8% quarter-on-quarter.

就 Sea 整體而言，我們第四季度的調整後總收入達到 1.645 億美元，創歷史新高，同比增長 73%，環比增長 8%。

This was primarily driven by the continued growth of our digital entertainment business and the initial monetization efforts of our e-commerce business.

這主要是由於我們數字娛樂業務的持續增長和我們電子商務業務的初步貨幣化努力所推動的。

Digital Entertainment adjusted revenue was USD 141.9 million, an increase of 59% year-on-year and 5% quarter-on-quarter, primarily due to the growth of our QAUs as we launched new games and expanded our existing games into new markets.

數字娛樂調整後收入為 1.419 億美元，同比增長 59%，環比增長 5%，這主要是由於隨著我們推出新遊戲和將現有遊戲擴展到新市場，我們的 QAU 有所增長。

Adjusted EBITDA was USD 52.6 million, an increase of 216% year-on-year and 17% quarter-on-quarter.

調整後的 EBITDA 為 5260 萬美元，同比增長 216%，環比增長 17%。

Our initial efforts to monetize Shopee platform are on track.

我們通過 Shopee 平台獲利的初步努力正在進行中。

E-commerce adjusted revenue was USD 9.3 million, up 62% quarter-on-quarter from the third quarter of 2017.

電子商務調整後收入為 930 萬美元，比 2017 年第三季度環比增長 62%。

We've also seen improvements in the efficiency of sales and marketing spend as the percentage of selling and marketing over GMV improved from 9.7% in the third quarter of 2017 to 8.5% in the fourth quarter of 2017.

我們還看到銷售和營銷支出效率的提高，因為銷售和營銷佔 GMV 的百分比從 2017 年第三季度的 9.7% 提高到 2017 年第四季度的 8.5%。

The percentage for the full year also improved from 11% in 2016 to 8.3% in 2017.

全年的百分比也從 2016 年的 11% 提高到 2017 年的 8.3%。

Adjusted EBITDA loss widened to USD 175.4 million as we continued our investment to fully capture the market opportunity in the region.

由於我們繼續投資以充分抓住該地區的市場機會，調整後的 EBITDA 虧損擴大至 1.754 億美元。

We will stick to our strategy to grow the platform and strengthen our market leadership position, especially in our focused categories.

我們將堅持我們的戰略來發展平台並加強我們的市場領導地位，特別是在我們的重點類別中。

We expect this investment trend to continue in 2018 as both our GMV and gross orders continue to grow.

我們預計這種投資趨勢將在 2018 年繼續，因為我們的 GMV 和總訂單都將繼續增長。

Digital financial services revenue, USD 4.1 million, up 140% year-on-year from $1.7 million in the fourth quarter of 2016.

數字金融服務收入為 410 萬美元，較 2016 年第四季度的 170 萬美元同比增長 140%。

The increase was primarily attributable to the addition of use cases to our AirPay platform and the further deepening of our market penetration.

這一增長主要歸因於我們的 AirPay 平台增加了用例以及我們的市場滲透率進一步加深。

Adjusted EBITDA loss was USD 7.6 million in the fourth quarter of 2017 compared to a loss of $9.2 million in the same period of 2016.

2017 年第四季度調整後的 EBITDA 虧損為 760 萬美元，而 2016 年同期為虧損 920 萬美元。

We had a nonoperating loss of $62.3 million recognized in the fourth quarter of 2017.

我們在 2017 年第四季度確認了 6230 萬美元的非運營虧損。

This was primarily due to a fair value loss of USD 52 million from the fair value accounting treatment for the convertible promissory notes and the interest expenses accrued on those same notes.

這主要是由於可轉換本票的公允價值會計處理產生的公允價值損失 5200 萬美元，以及相同票據應計的利息費用。

We also had income tax expenses of $8.7 million in the fourth quarter of 2017 primarily due to the corporate income taxes and withholding tax expenses recognized for our digital entertainment business.

我們在 2017 年第四季度還有 870 萬美元的所得稅支出，這主要是由於為我們的數字娛樂業務確認的企業所得稅和預扣稅支出。

As a combined result of all the above, our adjusted net loss, which is net loss adjusted to include share-based compensation expenses, was USD 251.6 million in the fourth quarter of 2017 as compared to USD 62 million for the same period 2016.

綜上所述，2017 年第四季度我們的調整後淨虧損為 2.516 億美元，而 2016 年同期為 6200 萬美元。

I will conclude with our guidance for this year.

我將以我們今年的指導作為結尾。

We currently expect total adjusted revenue to be between USD 730 million to USD 770 million for the full year of 2018, representing year-on-year growth of 32% to 39%.

我們目前預計 2018 年全年調整後總收入將在 7.3 億美元至 7.7 億美元之間，同比增長 32% 至 39%。

For our e-commerce segment, we currently expect GMV to be between USD 7.5 billion to USD 8.0 billion for the full year of 2018, representing year-on-year growth of 82% to 95%.

對於我們的電子商務板塊，我們目前預計 2018 年全年的 GMV 將在 75 億美元至 80 億美元之間，同比增長 82% 至 95%。

Thank you, Tony.

謝謝你，托尼。

We'll now open up the call for questions.

我們現在將打開問題電話。

(Operator Instructions) And our first questioner today will be MC Koh with Goldman Sachs.

（操作員說明）我們今天的第一個提問者是高盛的 MC Koh。

Congratulations on a good set of results.

祝賀你取得了很好的成績。

Couple of questions.

幾個問題。

Firstly, can you talk a bit about the PC versus mobile adjusted revenue mix?

首先，您能談談 PC 與移動調整後的收入組合嗎？

And secondly, in terms of pay ratio, it seems to have declined Q-o-Q.

其次，就薪酬比率而言，它似乎已經下降了 Q-o-Q。

Is it part -- I know you talked a bit about it over the first few minutes, but if we can also get a bit more color by games.

它是一部分——我知道你在前幾分鐘談過一些，但如果我們也能通過遊戲獲得更多色彩。

Is it just Free Fire?

只是免費射擊嗎？

Or is it also sort of due to AOV now you're monetizing in certain markets?

或者這也是由於 AOV 現在您在某些市場上獲利？

Thanks.

謝謝。

Thanks for the question.

謝謝你的問題。

And talking about the PC and mobile, and we are pretty, like, excited about the growth opportunity of mobile.

談到 PC 和移動設備，我們對移動設備的增長機會感到非常興奮。

And so as you -- as we have like just reported, for Arena of Valor, we hit 10 million daily active users in the Q4 2017.

正如你——正如我們剛剛報導的那樣，對於《Arena of Valor》，我們在 2017 年第四季度達到了 1000 萬日活躍用戶。

At the same time, our self-developed game, Free fire, like also reached 6 million daily active users in our region and beyond our region as well.

同時，我們自主研發的遊戲《Free fire》在我們地區和地區以外的日活躍用戶也達到了 600 萬。

So this is a huge growth opportunity.

所以這是一個巨大的增長機會。

I think we're going to continually try our best to capture such opportunities.

我認為我們將不斷盡最大努力抓住這樣的機會。

And for your question on the PC side, and currently, we have several like big titles, right, like League of Legends and FIFA Online 3. And for -- like in looking at 2018, we do have several high expected like PC game to be launched as well.

對於你在 PC 端的問題，目前，我們有幾個類似的大遊戲，對吧，比如英雄聯盟和 FIFA Online 3。而且 - 就像在看 2018 年一樣，我們確實有幾個像 PC 遊戲一樣的高期望也被推出。

I think I'm not going to just comment specifically on any games in our future pipeline, but we remain very confident about the growth of both PC and mobile games in our region.

我想我不會專門評論我們未來管道中的任何遊戲，但我們對我們地區 PC 和手機遊戲的增長仍然充滿信心。

Sorry, MC, you had a second question about conversion rate, is that correct?

抱歉，MC，您有第二個關於轉化率的問題，對嗎？

That's correct, Alan.

沒錯，艾倫。

Yes.

是的。

Do you mind indulging us and repeating it one more time?

你介意放縱一下我們再重複一遍嗎？

Yes, so you did say that quarterly pay ratio declined a bit Q-o-Q, so just wondering if we can get a bit more color on why that's the case, perhaps if you could attribute it to specific games?

是的，所以你確實說過季度薪酬比率有所下降 Q-o-Q，所以只是想知道我們是否可以對為什麼會這樣有更多的了解，也許你可以將其歸因於特定遊戲？

I mean as far as you can disclose.

我的意思是，就你所能透露的而言。

Is it mainly because Free Fire came on and that sort of make the active users base increase a lot but not yet the paid users?

是不是主要是因為 Free Fire 的出現，讓活躍用戶群增加了很多，但付費用戶還沒有增加？

Or is it also that AOV has not yet started monetizing in certain regions and that's why the ratio has fallen?

還是 AOV 尚未在某些地區開始貨幣化，這也是該比率下降的原因？

Okay.

好的。

Yes.

是的。

I think, actually, like -- yes, as you just like have mentioned, okay, so it is mainly due to the huge increase in terms of our user base of Free fire.

我認為，實際上，就像 - 是的，正如你剛才提到的，好吧，這主要是由於我們的 Free fire 用戶群大幅增加。

And we launched the game just in December, but it's a takeoff -- it did take off very, very well.

我們剛剛在 12 月推出了這款遊戲，但它是一個騰飛——它確實起飛得非常非常好。

And -- but we only like start to monetize the game at the -- from the beginning of, like, this year; so starting in January.

而且——但我們只喜歡在——從今年年初開始將游戲貨幣化；所以從一月份開始。

So in a way, also, like even in terms of the monetization, we still just go with a very moderate approach.

因此，在某種程度上，即使在貨幣化方面，我們仍然採用非常溫和的方法。

So that's why you see a big surge in terms of our active user base so -- but now it's really like reflecting in the paying ratio.

所以這就是為什麼你會看到我們的活躍用戶群激增的原因——但現在它真的很像反映在付費率上。

But if you look at our absolutely quarterly paying user number, it's increased a lot as well.

但是如果你看看我們的絕對季度付費用戶數量，它也增加了很多。

So like from last quarter, Q3 from 6.5 million quarterly active users to 7.2 million quarterly active users in Q4.

與上一季度一樣，第三季度的季度活躍用戶從 650 萬增加到第四季度的 720 萬。

So even if you just look at the absolute like paying user base, we think we still see a very robust growth, yes.

因此，即使你只看絕對喜歡付費的用戶群，我們認為我們仍然看到非常強勁的增長，是的。

And our next questioner today will be Alicia Yap with Citigroup.

我們今天的下一位提問者是花旗集團的 Alicia Yap。

Forrest, Nick, Tony and Alan, congrats on the solid results.

Forrest、Nick、Tony 和 Alan 祝賀取得了不錯的成績。

My first question is regarding your full year guidance.

我的第一個問題是關於你的全年指導。

I understand Tony mentioned about some changes on the revenue recognition for some games in 4Q.

我了解到托尼提到了第四季度某些遊戲收入確認的一些變化。

And we noticed maybe the reported digital entertainment is actually slightly better.

我們注意到，也許報導的數字娛樂實際上稍微好一點。

Would actually the change have any effect into 2018?

實際上，這種變化會對 2018 年產生影響嗎？

And how should we translate your guidance of 32% to 39% to this Digital Entertainment GAAP revenue?

我們應該如何將您 32% 到 39% 的指導轉化為這個數字娛樂 GAAP 收入？

And then is this -- the driver for digital entertainment, is that mainly driven by the gradual ramp of the monetization of Free Fire and also the AOV?

然後是——數字娛樂的驅動力，主要是由 Free Fire 和 AOV 的貨幣化逐漸上升驅動的嗎？

Or is it also will be driven by some of the new games that in the pipeline you're going to be launch?

還是您即將推出的一些新遊戲也會推動它？

My second question is on the e-commerce; is that your GMV guidance seems very robust.

我的第二個問題是關於電子商務的；是您的 GMV 指導似乎非常穩健。

Can you share with us in terms of the growth rate that you expect for the reported revenue and also expectations on monetization for the major country, such as Taiwan, Indonesia and maybe Thailand?

您能否與我們分享您對報告收入的預期增長率以及對台灣、印度尼西亞和泰國等主要國家貨幣化的預期？

Would you -- where would you expect the GMV growth mainly come from?

你會 - 你認為 GMV 增長主要來自哪裡？

And then on monetization, where do you expect the main pickup of the growth come from?

然後在貨幣化方面，您預計增長的主要回升來自哪裡？

Will that be the Shopee Mall commission rate or the performance-based advertising in certain market?

是Shopee Mall的佣金率還是特定市場的效果廣告？

Thanks, Alicia.

謝謝，艾麗西亞。

So I will take the first question first.

所以我先回答第一個問題。

So for the guidance, we're talking about adjusted revenue, which is more on cash basis.

因此，對於指導，我們談論的是調整後的收入，更多的是以現金為基礎。

So the change in the GAAP revenue accounting wouldn't affect the cash guidance per se.

因此，GAAP 收入會計的變化不會影響現金指導本身。

And for the driver of the growth, especially on the digital entertainment side, yes, it's a combination of the existing titles and also the new titles that are on the road.

對於增長的驅動力，尤其是在數字娛樂方面，是的，它是現有遊戲和正在上線的新遊戲的結合。

So we continuously focus on the user activeness and the user stickiness and -- while we provide better service to the users on our platform.

因此，我們不斷關注用戶活躍度和用戶粘性，同時我們為平台上的用戶提供更好的服務。

So yes, so that's the answer to your first question.

所以是的，這就是你第一個問題的答案。

And for the second question on the GMV guidance, well, it's a combination.

關於 GMV 指南的第二個問題，嗯，它是一個組合。

So for our major markets like Indonesia and Taiwan, of course, we will continue driving our strong growth in the coming year.

因此，對於我們的主要市場，如印度尼西亞和台灣，當然，我們將在來年繼續推動我們的強勁增長。

And beyond that, for the other markets like Thailand and Vietnam, we will also put our focus on it because we have seen good opportunity windows for us to fully capture the market potential.

除此之外，對於泰國和越南等其他市場，我們也將重點關注它，因為我們已經看到了充分抓住市場潛力的良好機會窗口。

So Alan, you want to comment on that?

艾倫，你想對此發表評論嗎？

Yes.

是的。

Maybe I'll add a little there.

也許我會在那裡添加一點。

Alicia, you made reference to Shopee Mall, which is the branded part of our marketplace, and we're indeed very excited about that.

Alicia，你提到了 Shopee Mall，這是我們市場的品牌部分，我們確實對此感到非常興奮。

We, in many markets, now look to Shopee Mall for more than 10% of our GMV.

在許多市場，我們現在希望通過 Shopee Mall 獲得超過 10% 的 GMV。

And in Taiwan, where we've implemented a universal commission schedule, we have a 5% take-rate there.

在台灣，我們實施了普遍的佣金計劃，那裡的抽成率為 5%。

So to the extent that Shopee Mall significantly outstrips Shopee in terms of growth, all things being equal, we're going to see a nice bias or an improvement in the take-rate there.

因此，就 Shopee Mall 在增長方面明顯超過 Shopee 而言，在所有條件相同的情況下，我們將看到一個很好的偏差或那裡的採用率有所提高。

With regard to performance-based advertising, we don't give particularly specific guidance there.

關於基於效果的廣告，我們在那裡沒有給出特別具體的指導。

We will just say we've implemented the ad tools across almost all of our markets.

我們只會說我們已經在幾乎所有市場實施了廣告工具。

The uptake has been very encouraging.

接受度非常令人鼓舞。

And we do feel that, that will become an important component of monetization in the same way some of our predecessors in the region have very, very successfully used ad tools to instill a little more order to these marketplaces.

我們確實認為，這將成為貨幣化的重要組成部分，就像我們在該地區的一些前輩非常非常成功地使用廣告工具為這些市場灌輸更多秩序一樣。

So we're also very enthusiastic about that.

所以我們對此也非常熱心。

And our next questioner today will be Mike Olson with Piper Jaffray.

我們今天的下一位提問者將是來自 Piper Jaffray 的 Mike Olson。

So I just have 2. At this point, it sounds like Free Fire is relatively immaterial to Garena revenue as you kind of work to monetize the growing user base, but I guess, please let me know if that's not correct.

所以我只有 2 個。在這一點上，聽起來 Free Fire 對 Garena 的收入來說相對無關緊要，因為你正在努力通過不斷增長的用戶群獲利，但我想，如果這不正確，請告訴我。

But what I was wondering is, is there a typical time frame over which you find that you can successfully monetize a new title?

但我想知道的是，是否有一個典型的時間框架可以讓你發現自己可以成功地通過新遊戲獲利？

Like, should we begin to see Free Fire becoming more material in Q2?

比如，我們是否應該開始看到 Free Fire 在第二季度變得更加重要？

Or would it be more in the second half of the year?

還是下半年會更多？

And then for Shopee, I guess, kind of just a follow-up from that last question.

然後對於 Shopee，我想，這只是最後一個問題的跟進。

In the script, you mentioned some additional ways to monetize and drive higher overall take-rate, and you just talked about Shopee Mall and seller commissions and advertising.

在腳本中，您提到了一些額外的貨幣化方法和提高整體採納率的方法，您剛剛談到了 Shopee Mall 和賣家佣金和廣告。

Is there more?

還有更多嗎？

Or are there more monetization tools beyond that, that we're not thinking about or that haven't been discussed on the call?

或者除此之外還有更多我們沒有考慮或沒有在電話會議上討論的貨幣化工具嗎？

Okay.

好的。

Thank you for the question.

感謝你的提問。

Let me answer this.

讓我來回答這個問題。

I think like for the first question, specifically on Free Fire, so since we launched the game, it grew very, very well.

我想就像第一個問題，特別是關於 Free Fire，所以自從我們推出遊戲以來，它發展得非常非常好。

And we see the enthusiasm like on the game across actually from all over the world across a lot of like our existing -- like existing market and new market, the gamers are very enthusiastic about the game and they're very active in the community.

我們看到了來自世界各地的對遊戲的熱情，就像我們現有的 - 現有市場和新市場一樣，遊戲玩家對遊戲非常熱情，他們在社區中非常活躍。

So they have been giving us a lot of like suggestions and in terms of the new features of the game and how the direction of the game should be.

所以他們一直在給我們很多類似的建議，關於遊戲的新功能以及遊戲的方向應該如何。

So like to be very honest, like, our entire, like, development team at this moment is -- they're working day and night even like during the Chinese New Year, so they work pretty hard to fulfill the expectation of the gamers from the product features, from continually enhance the graphic quality of the game, right?

老實說，我們整個開發團隊現在都是——他們日以繼夜地工作，甚至像在農曆新年期間一樣，所以他們非常努力地工作來滿足遊戲玩家的期望產品功能，來自於不斷提升遊戲的畫面質量吧？

So to be honest, at this moment, even just to look at our, like our own focus, we will rather to just continually make the game itself to make it more like a premium game and continue to make it more attractive to gamers.

所以老實說，此時此刻，即使只是看看我們自己的關注點，我們也寧願只是不斷地讓遊戲本身變得更像一款優質遊戲，並繼續讓它對遊戲玩家更具吸引力。

And we still see the growth of the user base is very fast, and we're really excited about it.

我們仍然看到用戶群的增長非常快，我們對此感到非常興奮。

And we want to capture this opportunity and to try to build up the user base as big as possible.

我們希望抓住這個機會並嘗試建立盡可能大的用戶群。

So at this moment, we start to explore like all the different type of the monetizations of the game.

所以此時此刻，我們開始探索所有不同類型的遊戲貨幣化。

But in terms of, like, when we start to really focus on monetization, I will say it could be in the next quarter and it could be in 6 months.

但就我們開始真正關注貨幣化而言，我會說它可能在下一個季度，也可能在 6 個月內。

I don't have a really specific answer.

我沒有真正具體的答案。

It really depends on how the user base grows and how the response of the gamer community.

這實際上取決於用戶群的增長方式以及遊戲玩家社區的反應。

But in general, I'm very confident.

但總的來說，我非常有信心。

I seldom see a game with -- very popular with a huge user base, like user base but have no -- have a very kind of like disappointing way to monetize the game.

我很少看到一款遊戲——在龐大的用戶群中非常受歡迎，像用戶群但沒有——有一種非常令人失望的遊戲貨幣化方式。

And usually it's not the case.

通常情況並非如此。

I think like, still, for most of the games, the user base is critical.

我認為，對於大多數遊戲而言，用戶群仍然至關重要。

As long as you have very loyal gamers to play the game, and there is also a way to figure out the monetizations later.

只要你有非常忠誠的玩家來玩遊戲，而且以後也有辦法弄清楚貨幣化。

So at that part, I'm pretty confident.

所以在這方面，我非常有信心。

I will keep updating you in terms of our monetization progress of Free Fire moving forward.

我會不斷向您更新我們 Free Fire 的貨幣化進展。

And in terms of your second question on Shopee, and at this moment, like, still, I think we took a pretty long-term view.

關於你關於 Shopee 的第二個問題，目前，我認為我們的眼光還是很長遠的。

And we don't -- we're not very excited just to say, okay, the immediate monetization like -- or like in terms like a very -- like, okay, so next 6 months or like the next 6 months like what is the -- what is our monetization?

而且我們不 - 我們不是很興奮只是說，好吧，立即貨幣化就像 - 或者就像非常 - 好吧，所以接下來的 6 個月或接下來的 6 個月之類的是 - 我們的貨幣化是什麼？

We are not focusing on that.

我們沒有專注於此。

And we see this tremendous growth opportunity of e-commerce in our region and we want to capture as much as possible the market share at this moment.

我們看到了電子商務在我們地區的巨大增長機會，我們希望在此時獲得盡可能多的市場份額。

But we have also seen clearer the monetization path, and I think from some pioneers of the industry and also see what the best practice is from other regions, right, specifically the performance-based advertising, right, and also the commissions.

但我們也看到了更清晰的貨幣化路徑，我認為從行業的一些先驅那裡也看到了其他地區的最佳實踐是什麼，對，特別是基於效果的廣告，對，還有佣金。

I think there is one area we see there's a huge potential for us for the additional monetization is some value-added services.

我認為有一個領域我們看到有一個巨大的潛力為我們額外的貨幣化是一些增值服務。

And as our platform grow very fast and the sellers on Shopee, they are growing very fast as well; so recently, I visit just a seller in Indonesia, at the beginning of 2017, every day they only have like about 100 daily orders.

隨著我們平台的快速發展，Shopee 上的賣家也在快速增長；所以最近，我拜訪了印度尼西亞的一個賣家，在 2017 年初，他們每天只有大約 100 個訂單。

And now they have like 1,500 daily orders.

現在他們每天有 1,500 個訂單。

So the growth to them is tremendous.

所以他們的成長是巨大的。

So because of this growth, they also need a lot of value-added services such as they start to need to hire people like to help them manage the processing of orders.

因此，由於這種增長，他們還需要很多增值服務，例如他們開始需要雇用喜歡幫助他們管理訂單處理的人。

They need to have a setup -- start to have -- set up a small warehouse instead of just put everything in their house, right?

他們需要有一個設置——開始有——建立一個小倉庫，而不是把所有東西都放在他們的房子裡，對吧？

And so all those areas, I think there is a tremendous opportunity to monetize to meet the sellers' demand as they also grow their scale.

因此，在所有這些領域，我認為隨著賣家規模的擴大，他們有很大的機會通過貨幣化來滿足賣家的需求。

So this is a potential -- like a particular area where we're also looking at and still there's a huge opportunity there.

所以這是一個潛力——就像我們也在關注的特定領域一樣，那裡仍然有巨大的機會。

And the next questioner today will be Scott Devitt with Stifel.

今天的下一位提問者是 Stifel 的 Scott Devitt。

I did have 2. The first one is on Shopee.

我確實有 2 個。第一個在 Shopee 上。

And just in listening to JD's management team talk about their interest and efforts in the region as well given the sponsorship the companies share, just interested in terms of how you think about the complementary nature of Shopee relative to JD and the ability to potentially work together in the region.

聽 JD 的管理團隊談論他們在該地區的興趣和努力，以及公司共享的讚助，只是想知道你如何看待 Shopee 相對於 JD 的互補性以及潛在的合作能力在該區域。

Or is it just too early in the development of the markets to begin to think about something like that?

還是在市場發展階段就開始考慮這樣的事情還為時過早？

And then secondly, it would be great if one of you wouldn't mind just adding a little bit more color on Nick's retirement and kind of the dynamics in terms of how responsibilities are going to be inherited upon his departure, and maybe why not stay on the board when he leaves the company?

其次，如果你們中的一個人不介意為尼克的退休增添一點色彩，以及在他離開後如何繼承責任方面的動態，那將是很好的，也許為什麼不留下來他離開公司時在董事會？

Sure thing.

當然可以。

This is Alan.

這是艾倫。

I'll take your e-commerce question or JV-related question.

我會回答你的電子商務問題或與合資企業相關的問題。

We benefit from a very cordial relationship with Richard Liu and his team at JD.

我們受益於與劉強東及其京東團隊的友好關係。

I would say to your question, I think that they're still in an exploratory phase.

對於你的問題，我會說，我認為他們仍處於探索階段。

We know that they've made some investments in markets such as Indonesia, Thailand.

我們知道他們已經在印度尼西亞、泰國等市場進行了一些投資。

They're doing some stuff in Vietnam.

他們在越南做一些事情。

We communicate with them regularly.

我們定期與他們溝通。

However, I think we're both exceptionally busy trying to determine how we deliver our value proposition to each of these markets.

然而，我認為我們都非常忙於確定我們如何向這些市場中的每一個提供我們的價值主張。

But we fully intend to continue our dialogue with them, and we'll see where that goes.

但我們完全打算繼續與他們對話，我們將拭目以待。

With regard to your question about Nick and his retirement, I think if you don't mind, we'll save that to right after the FAQ wraps up, and hopefully, we'll gain some comments from both Forrest and Nick on that.

關於你關於 Nick 和他退休的問題，我想如果你不介意的話，我們會在常見問題解答結束後立即將其保存，希望我們能從 Forrest 和 Nick 那裡得到一些評論。

And the next questioner today will be John Blackledge with Cowen.

今天的下一位提問者是 John Blackledge 和 Cowen。

Two questions.

兩個問題。

So the GMV results were stronger than we expected, driven by kind of bigger upside in gross orders versus what we had estimated.

因此，GMV 結果比我們預期的要強，這是由於總訂單比我們估計的有更大的上漲空間。

Just wondering if you can provide some insight into the drivers of the strong gross order growth?

只是想知道您是否可以提供一些關於強勁的總訂單增長驅動因素的見解？

In that regard, it looked like Taiwan's growth on a Q-over-Q basis was a bit slower than the other markets.

在這方面，台灣的環比增長似乎比其他市場慢一些。

Just any call out there.

只是在那裡打個電話。

And then just the last question, if you can just give some color on Shopee's logistics and delivery speed relative to competitors in some of the larger markets, that would be helpful.

然後是最後一個問題，如果你能在一些更大的市場上相對於競爭對手的 Shopee 物流和交付速度給出一些顏色，那將是有幫助的。

Sure.

當然。

Yes, I mean, again, in sum, we were extremely pleased with the fourth quarter performance, frankly, across all of our markets.

是的，我的意思是，總而言之，坦率地說，我們對我們所有市場的第四季度表現都非常滿意。

We, I would say, are still in kind of discovering the relevance of the marketplace model in a lot of our markets.

我想說的是，我們仍在探索市場模型在我們許多市場中的相關性。

And so I believe that, that value proposition has just been taken up much more readily than we would've anticipated.

所以我相信，這個價值主張比我們預期的要容易得多。

There are elements of what you might call a network effect.

有些元素可以稱為網絡效應。

The more stores that we bring online and the, in turn, greater number of customers that they bring pre-existing from their social sites or a new Fire, a level of growth, and to your question, order intensity that constantly surprise us.

我們在網上帶來的商店越多，反過來，他們從社交網站或新 Fire 帶來的現有客戶數量就越多，增長水平以及您的問題，訂單強度不斷讓我們感到驚訝。

You mentioned Taiwan.

你提到了台灣。

I mean, it is ultimately, by so many different angles, kind of our most matured market.

我的意思是，從許多不同的角度來看，它最終是我們最成熟的市場。

But even having said that, I think the year-on-year growth and the quarter-on-quarter growth are significantly in excess of what we understand to be the underlying market growth rate.

但即便如此，我認為同比增長和環比增長都大大超過了我們所理解的潛在市場增長率。

So we're actually very pleased with that.

所以我們對此非常滿意。

And forgive me, can you repeat your second question?

原諒我，你能重複你的第二個問題嗎？

Yes, sure.

是的，當然。

So just talk about Shopee's logistics and delivery speed relative to competitors in some of the bigger markets in Indonesia and Taiwan, et cetera, and in relationships with the 3PLs.

因此，只需談談 Shopee 相對於印度尼西亞和台灣等一些較大市場的競爭對手的物流和交付速度，以及與 3PL 的關係。

Sure.

當然。

So a couple of items there.

所以那裡有幾件物品。

First of all, just back to that keyword, network effect.

首先，回到那個關鍵詞，網絡效應。

By having a number of merchants which we measure in the millions and then in an individual market such as Indonesia, a number that's already exceeded 1 million, we basically, statistically speaking, are likely to have a merchant and some kind of approximate area to -- someone placing an order.

通過擁有數以百萬計的商戶，然後在印度尼西亞等個別市場，這個數字已經超過 100 萬，從統計上講，我們基本上可能有一個商戶和某種近似區域 - - 有人下訂單。

And so we've seen this in other markets around Asia, the marketplace player ending up not being particularly efficient in terms of average delivery time because of that principle.

所以我們在亞洲其他市場看到了這一點，由於這個原則，市場參與者最終在平均交貨時間方面並不是特別有效。

Our understanding, having looked at third-party research, is we tend to deliver in a market like Indonesia within 2 days.

根據第三方研究，我們的理解是，我們傾向於在 2 天內在印度尼西亞這樣的市場交貨。

And we believe that is the fastest pace of delivery in the market.

我們相信這是市場上最快的交付速度。

In markets such as Taiwan, which obviously probably have better infrastructure and are smaller geographically, it's even less than that.

在台灣這樣的市場，顯然可能擁有更好的基礎設施並且在地理上更小，它甚至更少。

But Chris Feng and his team at Shopee, to his great credit, from day one put huge emphasis on the technological aspects of rolling out an e-commerce platform.

但值得讚揚的是，Chris Feng 和他在 Shopee 的團隊從第一天起就非常重視推出電子商務平台的技術方面。

And that really included from day one an attempt to back-end integrate with the leading 3PLs.

這實際上包括從第一天開始就嘗試與領先的 3PL 進行後端集成。

This is something he's been able to achieve across all 7 of our markets.

這是他能夠在我們所有 7 個市場中取得的成就。

And so I think -- I don't have any updated numbers in terms of delivery time or other kind of quantitative elements, but our understanding is by working with these guys on a daily basis, we're helping them help us in many ways not just to improve the experience and delivery times, but more for longer-term planning purposes identifying hotspots of emerging demand and across one or several of Indonesia's 34 provinces and enabling them to grow their delivery center capacity, their last-mile headcount to anticipate and preempt that.

所以我認為 - 我沒有關於交貨時間或其他類型的定量元素的任何更新數字，但我們的理解是通過每天與這些人合作，我們正在幫助他們以多種方式幫助我們不僅僅是為了改善體驗和交付時間，而是為了更長期的規劃目的確定新興需求的熱點以及跨越印度尼西亞 34 個省份中的一個或幾個省份，並使他們能夠增加交付中心的容量、最後一英里的人數以預測和先發製人。

So our general efforts are designed at consistently improving the logistics experience.

因此，我們的總體努力旨在不斷改善物流體驗。

And our next questioner will be Andrew Orchard with Nomura.

我們的下一位提問者將是野村證券的 Andrew Orchard。

Guys, a couple of questions on Shopee as well.

伙計們，還有一些關於 Shopee 的問題。

Firstly, on the sales and marketing spend for e-commerce, can you walk us through the Q-on-Q decline in terms of sales and marketing spend as a percent of GMV?

首先，關於電子商務的銷售和營銷支出，您能否介紹一下銷售和營銷支出佔 GMV 百分比的環比下降情況？

How did you manage to -- how did you manage to dial that back a little bit?

你是如何設法——你是如何設法將其撥回一點的？

And what are you looking for in terms of sales and marketing in the next quarter and next year going forward?

您對下一季度和明年的銷售和營銷有何期待？

And also, you talked about the leasing of warehouses for Shopee Mall, how do you expect this to evolve going forward?

此外，您談到了 Shopee Mall 的倉庫租賃，您認為這將如何發展？

And in terms of future expenses in terms of rental, where are you expecting this to hit towards eventually as a percent of revenue, a percent of GMV?

就租金方面的未來支出而言，您預計這最終會達到收入的百分比，佔 GMV 的百分比？

And where would you book these costs?

您將在哪裡預訂這些費用？

Sure.

當然。

This is Alan.

這是艾倫。

I'll take your questions.

我會回答你的問題。

So you're referring to sales and marketing as a percentage of GMV having declined to 8.5% in the fourth quarter of last year versus 9.7% in the third quarter.

所以你指的是銷售和營銷佔 GMV 的百分比在去年第四季度下降到 8.5%，而第三季度為 9.7%。

I mean descending from 50,000 feet, we're clearly, with every passing day that we grow magnitudes faster than many of our markets, we're moreover enjoying a level of operating leverage that others who may not be growing as fast don't have access to.

我的意思是從 50,000 英尺下降，我們很明顯，隨著時間的推移，我們的增長速度比我們的許多市場都要快，而且我們正在享受一定程度的經營槓桿，而其他可能增長速度不快的人則沒有進入。

That said, we all are -- we're also singularly focused on investing as efficiently as possible in growing that GMV.

也就是說，我們都是——我們也特別專注於盡可能有效地投資以增加 GMV。

And as we look into 2018, we are very focused similarly on continuously driving down S&M as a percentage of GMV.

展望 2018 年，我們同樣非常關注持續降低 S&M 佔 GMV 的百分比。

That said, we -- as one of your peers pointed out earlier in the call, we're targeting a level of GMV growth which remains -- represents very strong growth.

也就是說，正如您的一位同行在電話會議早些時候指出的那樣，我們的目標是保持一定的 GMV 增長水平，這代表著非常強勁的增長。

Whereas S&M as a percentage of GMV, we're very hopeful will continue to go down.

鑑於 S&M 佔 GMV 的百分比，我們非常希望繼續下降。

Obviously, in absolute terms, it will grow relatively robustly.

顯然，從絕對值來看，它的增長會相對強勁。

I'm not sure if I've answered your question, Andrew.

我不確定我是否回答了你的問題，安德魯。

Yes, I think that's good.

是的，我認為這很好。

With regard to some -- your second question, just maybe a couple of comments on why we're doing what we're doing, or even before that, the scale of what we're doing.

關於一些 - 你的第二個問題，也許只是關於我們為什麼做我們正在做的事情的一些評論，或者甚至在此之前，我們正在做的事情的規模。

It's actually very, very limited.

它實際上非常非常有限。

And the genesis of some of these ancillary services owes to a lot of the larger brands that we've begun to court, and Forrest mentioned several of them in his prepared remarks.

其中一些輔助服務的起源要歸功於我們已經開始追求的許多大品牌，Forrest 在他準備好的發言中提到了其中幾個。

These brands generally have very high standards and expectations in their partners.

這些品牌通常對合作夥伴有很高的標準和期望。

And so we may decide, here, to help co-locate some inventory for 1 vendor.

因此，我們可能會決定，在這裡，幫助共同定位 1 個供應商的一些庫存。

We may, there, offer what you might call supply chain management services.

我們可能會在那裡提供您所謂的供應鏈管理服務。

The scale of these efforts is still from a P&L perspective de minimis.

這些努力的規模從 P&L 的角度來看仍然微不足道。

It's early days, and we believe that we won the allegiance of a lot of these leading brands through our willingness to accommodate them.

現在還為時過早，我們相信通過我們願意接納他們，我們贏得了許多這些領先品牌的忠誠。

We don't have a sense that their demands will grow inordinately nor will the investments devoted to that balloon.

我們沒有感覺到他們的需求會過度增長，投入到氣球上的投資也不會。

But we'll keep you apprised.

但我們會隨時通知您。

But right now, it's really -- it ends up bringing a lot of these brands over the try line.

但現在，它真的——它最終讓很多這樣的品牌超過了試用線。

And with that comment, I also emphasize that so many of these brands are looking for a one-stop shops in affiliating with e-commerce platforms in Southeast Asia, and we feel we're one of the very limited number of options that they can go to.

有了這個評論，我還強調，這些品牌中有很多都在尋找與東南亞電子商務平台相關聯的一站式商店，我們認為我們是他們可以提供的非常有限的選擇之一去。

And we're really starting to see that advantage blossom with a growing list of multinational leading consumer brands.

隨著越來越多的跨國領先消費品牌的出現，我們真的開始看到這種優勢正在蓬勃發展。

And our next questioner today will be MC Koh with Goldman Sachs.

我們今天的下一位提問者是高盛的 MC Koh。

A couple more questions from me.

我還有幾個問題。

Firstly is the -- in terms of the e-commerce revenue increase.

首先是——就電子商務收入的增長而言。

It seems like it's mainly coming from Shopee Mall.

好像主要來自Shopee Mall。

Can we understand whether the Shopee Mall take-rate is the same across all countries or not?

Shopee Mall的take rate是不是各國都一樣？

And the second question is as you mentioned before, Shopee Mall is about 10% of GMV or so.

而第二個問題，正如你之前提到的，Shopee Mall大約佔GMV的10%左右。

Can you give us a sense of what, how big this -- the contribution could be in a more mature state?

您能否讓我們了解一下，在更成熟的狀態下，貢獻有多大？

Yes.

是的。

So with regard to the Shopee Mall take-rates, just to be very clear, at this point in time, it's only being assessed in Taiwan.

所以關於 Shopee Mall 的收費，非常清楚，在這個時間點，它只在台灣進行評估。

So that specific 5% take-rate is exclusive to Taiwan.

因此，具體的 5% 抽成率是台灣獨有的。

We have 3 categories of take-rates, MC, as you will recollect.

我們有 3 類接受率，MC，你會記得的。

We have Shopee Mall, we've got cross-border and then we have the traditional Shopee C2C commission schedule.

我們有 Shopee Mall，我們有跨境，然後我們有傳統的 Shopee C2C 佣金時間表。

So the first 2 are now 5%.

所以前兩個現在是 5%。

Cross-border, for some period of time, was 3%, and we've upped that to 5%.

跨境在一段時間內為 3%，我們已將其提高到 5%。

And we do charge that across a number of our markets.

我們確實在我們的許多市場中收取費用。

The very nice thing, just to pick up one of my responses earlier, is that both Shopee Mall and cross-border GMV growth rates are significantly in excess of the underlying Shopee C2C growth rate.

非常好的事情，只是為了接受我之前的一個回應，是 Shopee Mall 和跨境 GMV 增長率都大大超過了潛在的 Shopee C2C 增長率。

So again, just as a commission-specific comment, we would expect the blended commission rate to continue to grow with time.

因此，正如針對特定佣金的評論一樣，我們預計混合佣金率將隨著時間的推移繼續增長。

And again, MC, forgive me, your second question was?

再一次，MC，請原諒，你的第二個問題是？

Yes.

是的。

So you mentioned that Shopee Mall is about 10% GMV, just wondering like in a more mature state, would it be like 20%, 30% you think?

所以你提到 Shopee Mall 大約是 10% GMV，只是想知道在更成熟的狀態下，它會像你認為的 20%、30% 嗎？

I think we're generally a bit reluctant to provide that kind of guidance.

我認為我們通常不太願意提供這種指導。

I mean, we look around the region, we see a lot of our peers with a nearly 50-50 mix between the traditional C2C and the brand-oriented platforms.

我的意思是，我們環顧該地區，我們看到很多同行在傳統 C2C 和麵向品牌的平台之間有近 50-50 的組合。

That is part of our framework as we think about things longer term.

這是我們從長遠考慮問題的框架的一部分。

And I would also just once again say that the growth trajectory is such that we already have some markets which are probably closer to 15% of GMV coming from Shopee Mall.

我還要再次說，增長軌跡是這樣的，我們已經有一些市場可能接近 15% 的 GMV 來自 Shopee Mall。

So I would think that the discussion does merit thinking about higher levels of mix going forward.

所以我認為討論確實值得考慮未來更高層次的混合。

And the next questioner today will be Varun Ahuja with Crédit Suisse.

今天的下一位提問者是瑞士信貸銀行的 Varun Ahuja。

I've got 3 questions.

我有 3 個問題。

On e-commerce, firstly, I just want to go back to the warehouse thing.

關於電子商務，首先，我只想回到倉庫的事情上。

I know you mentioned just initial specific reinvestments that you're making.

我知道你剛剛提到了你正在進行的初始特定再投資。

But given Taiwan, or this is more specific to Taiwan particularly because both PChome and Momo does a lot of warehouse costing.

但考慮到台灣，或者這更具體到台灣，特別是因為 PChome 和陌陌都做了很多倉庫成本核算。

And if you're looking to compete aggressively in that market, do you think this component is going to increase meaningfully for Taiwan or it's still pretty early days?

如果你想在那個市場上積極競爭，你認為這個組成部分對台灣來說會有意義地增加還是還處於早期階段？

Are you still watching it?

你還在看嗎？

And given you're trying to grow Shopee Mall, will you try to do warehouse in other markets besides Taiwan?

考慮到你正在努力發展 Shopee Mall，你會嘗試在台灣以外的其他市場做倉庫嗎？

That's number one.

這是第一。

Secondly, on e-commerce.

其次，關於電子商務。

Can you give some color on the kind of EBITDA losses that we may look at in 2018 given the aggressive approach on the GMV front?

考慮到 GMV 方面的激進做法，您能否說明我們在 2018 年可能會看到的 EBITDA 損失類型？

I know you mentioned that sales and marketing as an absolute amount will grow, but any figure on that, that you have in terms of the EBITDA losses?

我知道你提到過銷售和營銷的絕對數量會增長，但你有關於 EBITDA 損失的任何數字嗎？

Thirdly, on gaming side, given the strong reply to the own game, how should we look the own game going forward?

第三，在遊戲方面，鑑於自家遊戲的強烈回复，我們應該如何看待自家遊戲的發展？

Is there any particular genre that you're looking to target in next couple of years?

在接下來的幾年裡，你有沒有想瞄準的特定類型？

Is there any mix target in terms of revenue from own game versus leasing?

在自有遊戲和租賃遊戲的收入方面是否有任何混合目標？

That would be helpful.

那會很有幫助。

Okay.

好的。

Thanks for the question.

謝謝你的問題。

And for the first question about the fulfillment about the warehouse, I think like this is aligned with like what we see the value proposition of Shopee even from the day we started this as a platform.

對於第一個關於倉庫實現的問題，我認為這與我們從 Shopee 作為平台開始的那一天起就看到的價值主張是一致的。

I think like at the beginning, like 2, 3 years ago, I started Shopee because we realize there's a huge opportunity to resolving the pain point of a lot of sellers on social platform and I want to, like, do the business through the mobile platform.

我想一開始，比如 2、3 年前，我創立了 Shopee，因為我們意識到解決社交平台上很多賣家痛點的巨大機會，我想通過移動端開展業務平台。

So back then, there's no such great platform to fulfill the need of the sellers effectively focused on like social and mobile.

所以那時候，沒有這麼好的平台可以有效地滿足賣家的需求，比如社交和移動。

So that's how we got Shopee started.

這就是我們啟動 Shopee 的方式。

I think as I just mentioned when I answered an earlier question, so like when the whole platform grows and our seller base is growing at a very fast rate as well, and we see there's a tremendous, like, increasing need for sellers, especially the smaller -- smaller sellers, when they grow their business, they need a lot of support and to do a business better.

我認為正如我剛剛在回答之前的問題時提到的那樣，就像當整個平台發展並且我們的賣家群也在以非常快的速度增長時，我們看到對賣家的需求越來越大，尤其是規模較小——規模較小的賣家，當他們發展業務時，他們需要大量支持並更好地開展業務。

I think this is to help them on those needs.

我認為這是為了幫助他們滿足這些需求。

It's highly aligned with our interest because at the end of the day, if all the sellers on our platform grow very well and the whole platform, Shopee platform will grow very well.

這與我們的興趣高度一致，因為歸根結底，如果我們平台上的所有賣家和整個平台都發展得很好，Shopee 平台也會發展得很好。

So we continually communicate with the sellers, identify their needs.

所以我們不斷地與賣家溝通，確定他們的需求。

But at the same time, like, we'll see -- so we will think about what is the priority, what is the most demanding requirement at this moment.

但與此同時，我們會看到——所以我們會考慮什麼是優先事項，什麼是目前最苛刻的要求。

And now we will say like we think our capability like at a certain extent, we're going to help them.

現在我們會說，就像我們認為我們的能力在某種程度上一樣，我們將幫助他們。

I think like this is a -- warehousing is one of them.

我認為這是一個——倉儲就是其中之一。

And they do -- as I mentioned, a lot of sellers initially they started from their house.

他們確實這樣做了——正如我提到的，很多賣家最初都是從他們的房子開始的。

They put everything in their house.

他們把所有東西都放在家裡。

But like moving forward, they do need a warehouse and also they need to increase the efficiency of their delivery.

但就像前進一樣，他們確實需要一個倉庫，也需要提高他們的交付效率。

So that's the angle when we look at this space.

這就是我們看這個空間的角度。

But at the same time, we're very cautious on the -- in terms of the investment, in terms of the spending.

但與此同時，我們在投資和支出方面非常謹慎。

So at this moment, it's still very, very small.

所以在這個時候，它還是非常非常小的。

And it's much -- like most of the -- like almost all -- I think all the warehouse like we have is by leasing, right, and so we're not going to put tremendous capital commitment on that part.

而且它很像大多數 - 幾乎所有 - 我認為我們擁有的所有倉庫都是通過租賃，對的，所以我們不會在這部分投入大量資本承諾。

I think I would leave Alan to answer your second question, and I would jump into the third question first.

我想我會讓艾倫回答你的第二個問題，我會先跳到第三個問題。

And regarding your -- like our prospect in terms of like our game pipeline, definitely, I think like game development, self-development capabilities is very, very critical for us.

至於你——就像我們在遊戲管道方面的前景一樣，我認為就像遊戲開發一樣，自我開發能力對我們來說非常非常重要。

And so we have that ambition to be like a world-class, like premium, like a game developer rather than just being a game operator.

因此，我們有雄心壯志，要成為世界級的、優質的、遊戲開發商，而不僅僅是遊戲運營商。

So that's the thing, like this effort has been started like 4 years ago.

事情就是這樣，就像 4 年前就開始了這項工作一樣。

Like in 2013, and we start with set up the studios in Shanghai.

就像2013年，我們開始在上海設立工作室。

But today, we have like about 200 top-tier game designers in that studio.

但今天，我們的工作室裡有大約 200 名頂級遊戲設計師。

And the Free Fire is just a good example, I think it'll take time to reach today's level.

而Free Fire只是一個很好的例子，我認為要達到今天的水平還需要時間。

So we can develop the game, well accepted and the -- work like the work, like a gamer community.

所以我們可以開發遊戲，廣為接受，並且——像遊戲一樣工作，就像遊戲玩家社區一樣。

So it's very encouraging.

所以這是非常令人鼓舞的。

I think like this also proves like after a couple of years accumulation of knowledge and know-how.

我認為這也證明了經過幾年的知識和訣竅積累。

And we start on the right track and we start to get the know-how in terms of the key factors, the key themes of the game development.

我們從正確的軌道開始，我們開始在遊戲開發的關鍵因素和關鍵主題方面獲得專業知識。

And we feel very encouraged and we are continually strengthening these capabilities.

我們感到非常鼓舞，我們正在不斷加強這些能力。

Potentially, we may continually like adding the top-tier game developers in our studio.

潛在地，我們可能會繼續喜歡在我們的工作室中加入頂級遊戲開發商。

And there's -- if like we see good opportunities like our peers, we may, like we may set up like a new studios, right, to try and find the talent, right, in different market.

還有——如果我們像我們的同行一樣看到好的機會，我們可能會像我們可能建立一個新的工作室一樣，嘗試在不同的市場尋找人才。

And also, like, we may also possibly like just invest or acquire something like a proven game studios as well to continually strengthen our self-development capability.

而且，就像，我們也可能喜歡投資或收購像成熟的遊戲工作室這樣的東西，以不斷加強我們的自我開發能力。

At the same time, I think like we're also very excited about like working with the top-tier game developers from all over the world to make sure to bring their best games, key games to gamers in our region.

與此同時，我認為我們也很高興能與來自世界各地的頂級遊戲開發商合作，確保將他們最好的遊戲、重要的遊戲帶給我們地區的遊戲玩家。

So in my view, I think this will be a very -- I think this is kind of like a very balanced approach.

所以在我看來，我認為這將是一種非常——我認為這是一種非常平衡的方法。

Initial -- like ultimately, I would say I would feel very happy if the split is about 50-50, like so probably half of the revenue from our self-developed games and half from like the games we partnered with like other top-tier game developer in the world.

最初 - 就像最終一樣，我會說如果分成大約 50-50 我會感到非常高興，這樣可能一半的收入來自我們自主開發的遊戲，一半來自我們與其他頂級遊戲合作的遊戲世界遊戲開發商。

And Varun, sorry, going back to your second question -- this is Alan.

Varun，抱歉，回到你的第二個問題——我是 Alan。

We unfortunately don't formally furnish EBITDA guidance.

不幸的是，我們沒有正式提供 EBITDA 指南。

But let me share with you a few thoughts that may offer you at least the directional feel.

但讓我與您分享一些想法，至少可以為您提供方向感。

First, an observation about the evolution of the market.

首先，觀察市場的演變。

It's very clear in our mind, and it becomes clearer with every passing day, that almost all of our markets are consolidating very quickly and more quickly than we would have anticipated that even 6 or 9 months ago.

我們非常清楚，而且隨著時間一天天過去，我們的幾乎所有市場都在非常迅速地整合，甚至比我們 6 或 9 個月前的預期還要快。

Secondly, as a matter of principle, when given the choice to ease our spend and maintain our share or invest more heavily to expand our share, we've chosen the latter strategy.

其次，原則上，當我們可以選擇減少支出並保持我們的份額或加大投資以擴大我們的份額時，我們選擇了後一種策略。

Reason being, we believe that investment is going to help us achieve dominance in the categories that are so important to us, female long-tail categories.

原因是，我們相信投資將幫助我們在對我們非常重要的女性長尾類別中取得主導地位。

That kind of dominance and the ability to be the go-to platform for these important and very profitable categories as we've talked about in the pastor should bring us to higher monetization levels going forward.

正如我們在牧師中談到的那樣，這種主導地位和成為這些重要且非常有利可圖的類別的首選平台的能力應該會把我們帶到更高的貨幣化水平。

So really, just to conclude, at the end of the day, winning a merchant or a customer today in our mind is much better than having to spend more to win them in the future.

所以說真的，總結一下，在一天結束的時候，在我們看來，今天贏得一個商人或一個客戶比在未來花更多的錢來贏得他們要好得多。

So I hope that gets you closer.

所以我希望這能讓你更親近。

And we will conclude our question-and-answer session.

我們將結束我們的問答環節。

I would like to turn the conference back over to Forrest Li for any further remarks.

我想將會議轉回給 Forrest Li 以徵求進一步的意見。

Thank you.

謝謝你。

And thank you for everybody participating in today's like earnings call.

感謝大家參加今天的收益電話會議。

And before we end the session, I would like to take this opportunity to extend my best wishes to Nick Nash, our Group President.

在我們結束會議之前，我想藉此機會向我們的集團總裁尼克納什致以最良好的祝愿。

As you may already know, like Nick is retiring from our company at the end of this year 2018.

您可能已經知道，Nick 將於 2018 年年底從我們公司退休。

Nick has served as Sea's Group President since December 2014.

Nick 自 2014 年 12 月起擔任 Sea's Group 總裁。

And in the past 3 years, Nick played a very critical role in Sea's tremendous growth, especially in our IPO in 2017.

在過去的 3 年裡，Nick 在 Sea 的巨大增長中發揮了非常關鍵的作用，尤其是在我們 2017 年的 IPO 中。

I would like to express my sincere appreciation for Nick's distinguished achievement as Group President.

我對 Nick 作為集團總裁所取得的傑出成就表示衷心的感謝。

Thank you so much, Forrest.

非常感謝，福雷斯特。

Serving as Sea's Group President has been one of the happiest experiences of my professional career, and I'm deeply honored to have had the opportunity to work alongside Forrest and our entire team during a period of extraordinary growth for the company.

擔任 Sea's Group 總裁是我職業生涯中最快樂的經歷之一，我非常榮幸有機會在公司飛速發展的時期與 Forrest 和我們的整個團隊一起工作。

The end of 2018 is a natural moment for me to retire both because of the milestones we have reached together as a team and also because of my personal aspirations for the next decades of my life.

2018 年底對我來說是一個自然而然的退休時刻，因為我們作為一個團隊共同達到了里程碑，也因為我個人對未來幾十年的抱負。

These past few years have been marked by very special milestones.

在過去的幾年裡，我們經歷了非常特殊的里程碑。

Our company has executed well, achieving strong leadership positions across each of our 3 segments in a part of the world with substantial growth potential.

我們公司執行良好，在世界上具有巨大增長潛力的地區，在我們的 3 個部門中的每一個部門都取得了強有力的領導地位。

With our IPO completed, we're on a stronger financial footing for our next phase of growth.

隨著首次公開募股的完成，我們為下一階段的增長奠定了更堅實的財務基礎。

And most important, I have great confidence in our next generation of rising leaders who will step into my responsibilities with skill and dedication.

最重要的是，我對我們的下一代領導人充滿信心，他們將以技巧和奉獻精神接替我的職責。

On the personal front, as many of you know, I came from the investing world and spent over a decade with General Atlantic, supporting high-growth companies around the world, including Sea.

在個人方面，正如你們許多人所知，我來自投資界，在 General Atlantic 工作了十多年，支持世界各地的高增長公司，包括 Sea。

I've always had a lifelong passion for investing and supporting growth companies.

我一直對投資和支持成長型公司充滿熱情。

After reflecting on what I've learned here at Sea, I want to share the unique experiences I've had to help a new generation of companies here in Asia on their growth journeys.

在反思我在海上學到的東西之後，我想分享我在幫助亞洲新一代公司成長過程中所獲得的獨特經驗。

That sharing of learnings from one generation of companies to the next has been a hallmark of what made Silicon Valley so successful, and I look forward to continuing that tradition here in Asia by starting a new private equity fund after I retire, dedicated to that mission.

從一代公司到下一代公司的經驗分享一直是矽谷如此成功的一個標誌，我期待在亞洲延續這一傳統，在我退休後成立一個新的私募股權基金，致力於這一使命.

Between now and then, I will remain deeply dedicated to Sea's mission and strategic priorities, and post my retirement, I will always remain a close friend of Sea over the years to come.

從現在到那時，我將始終致力於 Sea 的使命和戰略重點，退休後，我將在未來的歲月裡始終是 Sea 的親密朋友。

I have no doubt that Sea's finest years are ahead of it, and I'm excited for the work we'll be doing in 2018 to make continued progress for our long-term goals.

我毫不懷疑 Sea 最輝煌的歲月即將到來，我很高興我們將在 2018 年為實現我們的長期目標而繼續取得進展所做的工作。

Thanks a lot, Nick.

非常感謝，尼克。

Well, this would conclude our conference call.

好吧，這將結束我們的電話會議。

As always, we remain available and committed to getting any questions that you, the investor and analysts, have.

一如既往，我們隨時待命並致力於解決您、投資者和分析師提出的任何問題。

I look forward to continuing to liaise with you throughout the quarter and look forward to our next earnings call.

我期待在整個季度繼續與您保持聯繫，並期待我們的下一次財報電話會議。

Thank you very much.

非常感謝。

And the conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。