Sea Ltd (SE) 2018 Q3 法說會逐字稿

Good morning, and welcome to the Sea Limited Third Quarter 2018 Results Conference Call.

早安，歡迎參加 Sea Limited 2018 年第三季業績電話會議。

(Operator Instructions) Please note, 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 Howard Soh, Director of Corporate Development and Strategy.

我現在想將會議交給企業發展與策略總監 Howard Soh。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, and good evening, everyone, and welcome to Sea's 2018 Third Quarter Earnings Conference Call.

大家早安，晚上好，歡迎參加 Sea 2018 年第三季財報電話會議。

I'm Howard Soh, Director of Corporate Development and Strategy at Sea.

我是 Howard Soh，海上企業發展與策略總監。

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.

在繼續之前，我想提醒您，我們可能會做出前瞻性陳述，這些陳述本身就存在風險和不確定性，並且可能由於我們新聞稿中所述的各種原因而無法實現未來。

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

此外，本次電話會議也討論了某些非公認會計準則財務指標，例如調整後收入、調整後 EBITDA 和調整後淨虧損。

We believe these measures can enhance our investors' understanding of actual cash flows of our major businesses when used as a complement to our GAAP disclosures.

我們相信，這些措施可以增強投資者對我們主要業務實際現金流量的理解，作為我們公認會計準則揭露的補充。

For a discussion on 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 財務指標的使用以及與最接近的 GAAP 指標的調整的討論，請參閱我們新聞稿中有關非 GAAP 財務指標的部分。

Let me begin by introducing the management team on the call: We have our Chairman and group Chief Executive Officer, Forrest Li.

首先讓我介紹一下此次電話會議的管理團隊：我們的董事長兼集團執行長李福雷 (Forrest Li)。

We have our group Chief Financial Officer, Tony Hou; and our group General Counsel, Yanjun Wang.

我們有集團財務長Tony Hou；以及我們集團的總法律顧問王彥軍。

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

福雷斯特和托尼將分享本季的策略和業務更新、營運亮點和財務表現。

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

接下來將進行問答環節，歡迎您提出任何問題。

With that, let me turn the call over to Forrest.

現在，讓我把電話轉給福雷斯特。

Thank you, Howard.

謝謝你，霍華德。

Thank you for joining today's call.

感謝您參加今天的電話會議。

I'm very pleased to announce that Sea continued to deliver strong results this quarter.

我非常高興地宣布 Sea 本季繼續取得強勁業績。

The robust momentum across our e-commerce and the digital entertainment businesses is also reflected in our revised full year outlook, which Tony will discuss in more detail shortly.

我們電子商務和數位娛樂業務的強勁勢頭也反映在我們修訂後的全年展望中，托尼很快就會對此進行更詳細的討論。

In the third quarter, Shopee expanded its market leadership.

第三季度，Shopee 擴大了其市場領導地位。

Our intense focus on operations and excellence in execution allowed us to capture more consumer transactions and deepen customer engagement and loyalty.

我們對營運的高度關注和卓越的執行力使我們能夠捕獲更多的消費者交易並加深客戶參與度和忠誠度。

GMV continued to grow at a robust pace, reaching $2.7 billion in the third quarter, an increase of more than 100% year-on-year.

GMV持續強勁成長，第三季達到27億美元，年成長超過100%。

We were very pleased to have seen an acceleration in GMV growth from 14% quarter-on-quarter in the second quarter to 21% quarter-on-quarter in the third quarter.

我們很高興看到 GMV 成長從第二季的環比 14% 加速到第三季的環比 21%。

The highly successful Shopee 11.11 Big Sale is a great example of how Shopee is becoming an increasingly important part of the retail experience for consumers in our region.

非常成功的 Shopee 11.11 大促銷是 Shopee 如何成為我們地區消費者零售體驗中日益重要的一部分的一個很好的例子。

This year, we saw a new record of Shopee -- of our 11 million orders recorded over the 24 hours of November 11.

今年，我們看到了 Shopee 的新紀錄——11 月 11 日 24 小時內訂單量達到 1,100 萬份。

That is around 4.5x the number of orders recorded on the same date last year.

這大約是去年同一天記錄的訂單數量的 4.5 倍。

Our strong and growing engagement with consumers is mirrored in our deepening relationships with our sellers.

我們與消費者的密切且不斷增長的互動反映在我們與賣家的關係不斷加深。

E-commerce adjusted revenue grew strongly to $71.2 million, up 21% quarter-on-quarter from the second quarter of 2018, as sellers invested more in our value-added services to reach and to service our large and growing base of active consumers.

電子商務調整後收入強勁增長至 7,120 萬美元，較 2018 年第二季度環比增長 21%，因為賣家加大了對我們增值服務的投資，以接觸和服務我們龐大且不斷增長的活躍消費者群體。

As buyers and sellers become increasingly loyal to Shopee, they become more invested in our platform, enabling us to become more and more efficient in our promotional programs.

隨著買家和賣家對 Shopee 的忠誠度越來越高，他們對我們平台的投資也越來越多，使我們的促銷計劃越來越有效率。

Sales and marketing as a percentage of GMV fell further by 50 basis points quarter-on-quarter, from 6.2% in the second quarter to 5.7% in the third quarter.

銷售和行銷佔 GMV 的百分比較上季進一步下降 50 個基點，從第二季的 6.2% 降至第三季的 5.7%。

In Indonesia, Shopee's largest market, we recorded 63.7 million orders during the quarter or a daily average of 0.7 million orders, which we believe makes Shopee the largest e-commerce platform in Indonesia.

在 Shopee 最大的市場印度尼西亞，我們本季錄得 6,370 萬份訂單，即日均 70 萬份訂單，我們相信這使 Shopee 成為印尼最大的電子商務平台。

Sales and marketing as a percentage of GMV for Indonesia was even lower than the ratio for Shopee as a whole, demonstrating higher marketing efficiency in its largest market.

印尼的銷售和行銷佔 GMV 的百分比甚至低於 Shopee 整體的比例，這表明其最大市場的行銷效率更高。

Moreover, many of you will be aware of the recently released Google-Temasek e-Conomy SEA 2018 report, in which the authors estimate Southeast Asia's e-commerce market size to reach over $23 billion in GMV in 2018, representing growth of 114% from 2017's market size and to further reach over $100 billion by 2025.

此外，許多人都會知道最近發布的Google-淡馬錫電子商務東南亞2018年報告，其中作者估計2018年東南亞電子商務市場規模將達到GMV超過230億美元，較2018年增長114%。2017年的市場規模，到2025年將進一步達到1000億美元以上。

We believe that our growing and highly engaged user base, increasing marketing efficiencies and established expanding market leadership underlying how Shopee is segmenting its position at the forefront of our region's e-commerce industry.

我們相信，我們不斷成長且高度參與的用戶群、不斷提高的營銷效率以及不斷擴大的市場領導地位是 Shopee 鞏固其在本地區電子商務行業前沿地位的基礎。

Therefore, we believe Shopee is in a great position to enjoy an outside benefit from the rapid growth of e-commerce in our region.

因此，我們相信 Shopee 處於有利地位，可以從我們地區電子商務的快速成長中獲得外部利益。

With Garena, we are also going through an exciting period of growth, as we build out our success in adapting our game offerings to meet evolving needs of users in our region.

與 Garena 一起，我們也正在經歷一個令人興奮的成長時期，我們在調整遊戲產品以滿足我們地區用戶不斷變化的需求方面取得了成功。

In the third quarter, Garena delivered adjusted revenue of $144.6 million, up 7% year-on-year and adjusted EBITDA of $53.7 million, up 19% year-on-year.

第三季度，Garena 調整後營收為 1.446 億美元，年增 7%，調整後 EBITDA 為 5,370 萬美元，年增 19%。

Quarterly active users, or QAUs, grew 155% year-on-year and 10% quarter-on-quarter to 176 million.

季度活躍用戶（QAU）年增 155%，季增 10%，達到 1.76 億。

Quarterly paying users or QPUs also increased to 7.2 million from 6.6 million for the second quarter of 2018.

季度付費用戶或 QPU 也從 2018 年第二季的 660 萬增加到 720 萬。

The encouraging quarter-on-quarter increase in QPUs were primarily attribute to the monetization efforts we recently started for our self-developed game, Free Fire.

QPU 令人鼓舞的季度環比成長主要歸功於我們最近為自主開發的遊戲《Free Fire》所進行的貨幣化工作。

We are particularly pleased with the global success of Free Fire, which is growing from strength to strength.

我們對《Free Fire》在全球的成功感到特別高興，該公司正在不斷成長。

Free Fire recently achieved over 200 million registered users as well as over 27 million daily active users, a significant increase compared to its previously disclosed peak of over 15 million daily active users.

Free Fire最近實現了超過2億的註冊用戶以及超過2700萬的每日活躍用戶，與之前披露的超過1500萬日活躍用戶的峰值相比有了顯著增長。

In the third quarter, approximately 22% of our adjusted revenue for digital entertainment was generated by our self-developed game, and approximately 13% was derived from outside some core markets in our region.

第三季度，我們調整後的數位娛樂收入中約22%是由我們自主開發的遊戲產生的，約13%來自我們地區一些核心市場之外的收入。

Throughout the months of October, Free Fire was consistently the highest grossing game in Brazil, Argentina and Mexico.

在整個 10 月份，《Free Fire》一直是巴西、阿根廷和墨西哥收入最高的遊戲。

And in late October, Free Fire became the highest grossing game on the Google Play Store in our traditional core market of Indonesia.

10 月下旬，《Free Fire》成為印尼傳統核心市場 Google Play 商店中收入最高的遊戲。

We believe that this is a very strong demonstration of our ongoing success in executing Garena's strategy to expand into game development and to expand our global footprint.

我們相信，這有力地證明了我們在執行 Garena 擴張遊戲開發和擴大全球足跡的策略方面持續取得的成功。

Alongside the success of our game development efforts, I'm excited to note an important new partnership that will further enhance the portfolio of top-quality games that we offer in our region.

除了我們遊戲開發工作的成功之外，我很高興地註意到一項重要的新合作夥伴關係，它將進一步增強我們在我們地區提供的優質遊戲組合。

As we announced earlier this week, Garena has signed a binding letter of intent with Tencent to grant us a right of first refusal to publish its mobile and PC games in Indonesia, Taiwan, Thailand, the Philippines, Malaysia and Singapore.

正如我們本週稍早宣布的那樣，Garena 已與騰訊簽署了一份具有約束力的意向書，授予我們在印尼、台灣、泰國、菲律賓、馬來西亞和新加坡發行其手機和 PC 遊戲的優先購買權。

This further strengthens our long-standing strategic partnership with Tencent.

這進一步加強了我們與騰訊的長期策略夥伴關係。

As you know, we already work together to publish a number of the most successful games from Tencent's portfolio, including Arena of Valor and League of Legends.

如你所知，我們已經合作發行了騰訊產品組合中許多最成功的遊戲，包括《Arena of Valor》和《英雄聯盟》。

It is also a powerful testament to Garena's unrivaled understanding of the dynamics and the nuances of our region and our reach to the games communities in this high potential markets.

這也有力地證明了 Garena 對我們地區動態和細微差別的無與倫比的理解，以及我們對這個高潛力市場的遊戲社群的影響力。

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

接下來，我將請托尼進一步討論財務狀況。

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

謝謝你，福雷斯特，也謝謝大家加入這次電話會議。

Same as previous quarters, we have included detailed quarterly financial schedules, together with the corresponding management analysis in today's press release, so I will focus my comments on the key financial metrics.

與前幾季一樣，我們在今天的新聞稿中提供了詳細的季度財務計劃，以及相應的管理層分析，因此我將重點放在關鍵的財務指標上。

For Sea overall, our third quarter total adjusted revenue was our highest ever at $242.8 million, an increase of 60% year-on-year and 11% quarter-on-quarter.

就 Sea 整體而言，第三季調整後總收入達到有史以來最高水平，達到 2.428 億美元，年增 60%，環比增長 11%。

This was primarily driven by our continuous monetization efforts in our e-commerce business in the past quarters and the growth of our digital entertainment business, especially for our self-developed game, Free Fire.

這主要是由於過去幾季我們在電子商務業務上持續的貨幣化努力以及我們的數位娛樂業務的成長，特別是我們自主開發的遊戲《Free Fire》。

Digital entertainment adjusted revenue was $144.6 million, an increase of 7% year-on-year and 4% quarter-on-quarter.

數位娛樂調整後營收為1.446億美元，年增7%，季增4%。

The growth was primarily driven by the increased user base and enhanced user engagement as well as the improvement in the monetization of our existing games and the launch of new games.

這一成長主要是由於用戶群的增加和用戶參與度的提高，以及現有遊戲貨幣化的改善和新遊戲的推出。

Digital entertainment adjusted EBITDA was $53.7 million, an increase of 19% year-on-year and 11% quarter-on-quarter, thanks to the top line growth and the increased share from our self-developed game.

數位娛樂調整後 EBITDA 為 5,370 萬美元，較去年同期成長 19%，較上季成長 11%，這得益於營收成長和自研遊戲份額的增加。

E-commerce adjusted revenue was $71.2 million, up 21% quarter-on-quarter from the second quarter of 2018.

電子商務調整後營收為 7,120 萬美元，較 2018 年第二季季增 21%。

Of this $71.2 million in adjusted revenue, marketplace revenue was $50.3 million, while product revenue was $20.9 million.

在這 7,120 萬美元的調整後收入中，市場收入為 5,030 萬美元，產品收入為 2,090 萬美元。

Adjusted EBITDA loss widened to $214.9 million, as we continued our investment to fully capture the market opportunity in the region.

隨著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 2.149 億美元。

Digital financial service adjusted revenue was $3.1 million, a decrease of 35% year-on-year from $4.8 million in the third quarter of 2017, as we focused our efforts on strengthening the infrastructure to support our existing platforms.

數位金融服務調整後營收為 310 萬美元，較 2017 年第三季的 480 萬美元下降 35%，因為我們專注於加強基礎設施以支援現有平台。

Adjusted EBITDA loss was $7 million in the third quarter of 2018 compared to a loss of $8.2 million in the same period of 2017.

2018 年第三季調整後 EBITDA 虧損為 700 萬美元，而 2017 年同期虧損為 820 萬美元。

Returning to our consolidated numbers, we recognized a net nonoperating income of $30.9 million in the third quarter of 2018.

回到我們的合併數據，我們確認 2018 年第三季的營業外收入淨額為 3,090 萬美元。

This was primarily due to a fair value accounting-driven valuation gain of $36 million from the convertible debt we issued before our IPO.

這主要是由於我們在 IPO 之前發行的可轉換債券產生了 3,600 萬美元的公允價值會計驅動估值收益。

We had a net income tax expense of $2 million in the third quarter of 2018, which was primarily due to corporate income tax and withholding tax recognized in our digital entertainment segment.

2018 年第三季度，我們的淨所得稅費用為 200 萬美元，這主要是由於我們的數位娛樂部門確認的企業所得稅和預扣稅。

Finally, our adjusted net loss, which is net loss adjusted to exclude share-based compensation expenses and the fair value change for the pre-IPO convertible debt, was $237.6 million in the third quarter of 2018 as compared to $127.1 million for the same period in 2017.

最後，2018 年第三季我們的調整後淨虧損為2.376 億美元，而同期淨虧損為1.271 億美元，其中調整後的淨虧損不包括股權激勵費用和首次公開募股前可轉換債務的公允價值變化。2017 年。

I will conclude with our revised guidance for this year.

最後我將介紹我們今年修訂後的指導方針。

For the full year of 2018, we now expect total adjusted revenue to be between $930 million to $970 million, representing year-on-year growth of 68% to 75%.

對於2018年全年，我們目前預計調整後總收入將在9.3億美元至9.7億美元之間，年增68%至75%。

This compares to the previously disclosed guidance of $780 million to $820 million.

相比之下，先前披露的指引為 7.8 億至 8.2 億美元。

We expect adjusted revenue for digital entertainment for the full year of 2018 to be between $600 million and $620 million, representing year-on-year growth of 21% to 25%.

我們預計2018年全年數位娛樂調整後營收將在6億至6.2億美元之間，年增21%至25%。

We're also revising our e-commerce GMV guidance.

我們也正在修訂電子商務 GMV 指南。

We now expect GMV to be between $9.2 billion to $9.7 billion for the full year of 2018, representing year-on-year growth of 124% to 136%.

我們目前預計 2018 年全年 GMV 將在 92 億美元至 97 億美元之間，年增 124% 至 136%。

This compares to the previously disclosed guidance of between $8.2 billion to $8.7 billion.

相比之下，先前披露的指導金額為 82 億至 87 億美元。

With that, let me turn the call back to Forrest.

現在，讓我把電話轉回福雷斯特。

Thanks, Tony.

謝謝，托尼。

Finally, I'd like to address the 2 management changes we announced earlier today.

最後，我想談談我們今天早些時候宣布的兩項管理層變動。

At Garena, Terry Zhao, who currently heads our games studio in Shanghai, has been promoted to the position of President of Garena.

在 Garena，現任上海遊戲工作室負責人的 Terry Zhu 已晉升為 Garena 總裁。

Terry has been with us since our early days in 2009.

Terry 從 2009 年成立之初就一直在我們身邊。

And as a Garena veteran, he has deep experience in almost all of our core markets and milestone projects.

作為 Garena 的資深人士，他在我們幾乎所有的核心市場和里程碑項目中都擁有豐富的經驗。

He has also been instrumental in our push into self-developed games and in addressing the huge and growing mobile games market globally.

他還在我們推動自主開發遊戲以及應對全球龐大且不斷增長的手機遊戲市場方面發揮了重要作用。

I'm delighted that he will be leading the Garena team to drive our digital entertainment business forward.

我很高興他將領導 Garena 團隊推動我們的數位娛樂業務向前發展。

On behalf of our company, I would also like to sincerely thank Alan for his service and wish him well in his future endeavors.

我也謹代表我們公司衷心感謝艾倫的服務，並祝福他未來的工作一切順利。

As we noted in our release, Alan's responsibilities have been assumed by our corporate development and strategy team under the oversight of our group General Counsel, Yanjun Wang.

正如我們在新聞稿中指出的，艾倫的職責已由我們的企業發展和策略團隊在集團總法律顧問王彥軍的監督下承擔。

In addition to the legal function, Yanjun now also oversees the corporate development, Investor Relations, public policy and the public relations functions for Sea.

除了法律職能外，Yanjun 現在還負責 Sea 的公司發展、投資者關係、公共政策和公共關係職能。

Since joining Sea in 2014, Yanjun has been working very closely with me on all key strategic and corporate matters of our company.

自 2014 年加入 Sea 以來，Yanjun 一直與我在公司的所有關鍵策略和企業事務上密切合作。

In this expanded role, I'm certain that she will bring a valuable experience and expertise to these important corporate functions.

在這個擴大的角色中，我確信她將為這些重要的公司職能帶來寶貴的經驗和專業知識。

At this point, I'd like to invite Yanjun to say a few words.

在此，我想請延軍說幾句話。

Thank you, Forrest.

謝謝你，福雷斯特。

Good morning, and good evening, everyone.

大家早安，晚上好。

I'm excited to take on this expanded role to facilitate the further growth of our company and a better understanding of our businesses and strategies for our stakeholders.

我很高興能夠承擔這一擴大的角色，以促進我們公司的進一步發展，並讓我們的利害關係人更了解我們的業務和策略。

I look forward to working more closely with you all in the years ahead.

我期待在未來的歲月裡與大家更加密切合作。

Thank you, Forrest, Tony and Yanjun.

謝謝福雷斯特、托尼和彥君。

We shall now open the call for questions.

我們現在開始提問。

(Operator Instructions) And our first question today will come from Miang Chuen Koh with Goldman Sachs.

（操作員說明）今天我們的第一個問題將來自高盛的 Miang Chuen Koh。

Three questions.

三個問題。

Firstly, can the team elaborate a bit more on the benefits of this new arrangement with Tencent compared to the previous arrangement?

首先，團隊能否詳細說明一下與先前的安排相比，與騰訊的新安排有何好處？

And how does this impact your self-development strategy?

這對您的自我發展策略有何影響？

And secondly, on e-commerce, the Q-o-Q GMV growth was strong.

其次，在電商方面，環比 GMV 成長強勁。

Is it possible to share more about the growth from individual geographies and whether there's any noticeable change in GMV trends since Shopee reduced some of the shipping subsidies since August this year?

能否分享一下各地區的成長情況，以及今年8月以來Shopee減少部分運費補貼後，GMV趨勢是否有明顯變化？

And then lastly, I would appreciate any update on your latest thoughts around funding for Shopee.

最後，如果您能提供有關 Shopee 融資的最新想法，我將不勝感激。

All right.

好的。

Great.

偉大的。

Thanks, MC, for your questions.

謝謝MC的提問。

Let me kick it off.

讓我開始吧。

So if we talk about the benefits of the Tencent arrangement, just a little bit of background.

所以如果我們談論騰訊安排的好處，就簡單介紹一下背景。

In terms of how games were negotiated and discussed in the past, previously, it used to be on a title by title basis.

就過去遊戲的談判和討論方式而言，以前都是逐一遊戲進行的。

And effectively, that would take away a lot of time from Forrest and senior management in terms of negotiating and discussing the details of how to launch the games.

實際上，這會佔用福雷斯特和高階管理層的大量時間來談判和討論如何推出遊戲的細節。

What happens is that this deeper arrangement that we've announced, the partnership actually allows us to come up with a framework, and you can think of it almost as a green lane in terms of accelerating and bringing games more quickly to our region.

所發生的情況是，我們宣布的這種更深層的安排，這種夥伴關係實際上使我們能夠提出一個框架，你可以將其視為加速和更快地將遊戲引入我們地區的綠色通道。

So that's the first one on -- in terms of the Tencent partnership.

這是關於騰訊合作夥伴關係的第一個。

You asked about the e-commerce as well, correct?

您也問了電子商務，對嗎？

Can you please repeat?

您能重複一下嗎？

Yes.

是的。

Sure.

當然。

Maybe just to -- the second part of the games question was, does this, in any way, impact your self-development strategy on games?

也許只是——遊戲問題的第二部分是，這是否會以任何方式影響你在遊戲中的自我發展策略？

All right.

好的。

So no, it doesn't.

所以不，事實並非如此。

In fact, we do see a good deepening in terms of just how well we're doing with Free Fire, and we're continuing to invest resources in order to make sure that our self-development efforts are very robust.

事實上，我們確實看到了 Free Fire 的進展情況，我們正在繼續投入資源，以確保我們的自我開發工作非常強勁。

So to your second question in terms of like GMV in individual markets, so one thing that we call out particularly with the new revised guidance is that in Indonesia, in particular, what we've seen is that we have clocked in 63.7 million orders for the quarter, which averages out to be about 700,000 orders a day.

因此，關於你的第二個問題，例如個別市場的 GMV，我們在新修訂的指導中特別指出的一件事是，特別是在印度尼西亞，我們看到的是，我們已經收到了 6370 萬份訂單本季平均每天的訂單量約為70 萬份。

And that really gives us confidence that we are the largest player, not just in Southeast Asia, the region as a whole, but particularly in Indonesia.

這確實讓我們有信心，我們是最大的參與者，不僅在東南亞、整個地區，而且特別是在印尼。

So we are continuing -- so to answer your question, we are seeing good, strong momentum all across the board and, in particular, in Indonesia.

因此，我們正在繼續 - 因此，為了回答你的問題，我們在各個方面都看到了良好、強勁的勢頭，特別是在印尼。

Finally, in terms of update on funding.

最後，在資金方面的最新情況。

We did discuss this previously.

我們之前確實討論過這個問題。

In terms of the various avenues that we have, we remain quite open-minded.

就我們擁有的各種途徑而言，我們仍然持相當開放的態度。

We do have $1.2 billion in cash as of the end of third quarter of 2018.

截至 2018 年第三季末，我們確實擁有 12 億美元現金。

So we are well funded, and there's no urgent need for us to tap the market.

所以我們資金充足，不急於開拓市場。

Having said that, we remain very open-minded, and we are very much focused in terms of maximizing shareholder value.

話雖如此，我們仍然非常開放，並且非常注重股東價值最大化。

Got it.

知道了。

So there was actually sort of a second part to the e-commerce questions.

因此，電子商務問題其實還有第二部分。

Just wondering whether there was any noticeable change in the GMV trends, because we did notice that Shopee changed some of the shipping subsidies or the shipping promotions since August this year.

只是想知道GMV趨勢是否有任何明顯的變化，因為我們確實注意到Shopee從今年8月開始改變了一些運費補貼或運費促銷活動。

Yes.

是的。

Actually, we haven't seen any sort of slowdown in terms of our GMV growth trajectory.

事實上，我們的 GMV 成長軌跡並未出現任何放緩。

In fact, we brought up guidance in terms of what we previously said was going to be -- where we're going to land for GMV for the year.

事實上，我們提出了先前所說的指導意見——今年的 GMV 目標。

We said between $8.2 billion to $8.7 billion.

我們說的是 82 億至 87 億美元之間。

We brought that up by a full $1 billion to $9.2 billion to $9.7 billion for the year.

我們今年將這一數字上調了整整 10 億美元至 92 億美元至 97 億美元。

So yes, we brought down some of that subsidies, and that is reflected in the lowering of the asset and percentage -- as a percentage of GMV.

所以，是的，我們減少了一些補貼，這反映在資產和百分比（佔 GMV 的百分比）的降低。

But really, there hasn't been any slowdown at all in terms of our GMV trajectory.

但實際上，我們的 GMV 軌跡並沒有任何放緩。

And our next question comes from John Blackledge with Cowen.

我們的下一個問題來自約翰·布萊克利奇和考恩​​。

Just a couple of questions on the guidance.

只是關於指南的幾個問題。

So it was pretty strong.

所以它非常強大。

Just wondering if you can discuss, on digital entertainment guidance, it calls for accelerating growth versus the kind of 7% year-over-year growth in 3Q.

只是想知道您是否可以討論數位娛樂指導，它要求加速成長，而不是第三季的年成長 7%。

Do you imply 4Q guide calls for accelerating growth even at the low end?

您是否暗示第四季指南呼籲即使在低端市場也要加速成長？

Could you just discuss the kind of the puts and takes that would land you either at the low end in the fourth quarter for digital entertainment or the high end?

您能否討論哪種看跌期權和看跌期權會讓您在第四季度的數位娛樂領域處於低端或高端？

And then the follow-up would be on Shopee.

然後後續會在 Shopee 上進行。

The full year guide at the high end implies about $2.8 billion in GMV, something like that, or about $150 million Q-over-Q increase.

全年高端指南意味著 GMV 約為 28 億美元，或較上季成長約 1.5 億美元。

Last year, GMV increased about $500 million Q-over-Q from 3Q to 4Q.

去年第三季到第四季，GMV 環比成長了約 5 億美元。

So just curious if the GMV guide for Shopee is somewhat conservative or if the impact from the GMV on November 11 kind of played into the guide.

所以只是好奇 Shopee 的 GMV 指南是否有些保守，或者 11 月 11 日 GMV 的影響是否在指南中有所體現。

Great.

偉大的。

Thanks for your questions.

感謝您的提問。

So let me start off by talking about the digital entertainment side of things.

讓我先談談數位娛樂方面的事情。

So yes, we brought up -- we've disclosed, actually, our digital entertainment adjusted revenue forecast in terms of revised guidance, and we've laid out -- we think that we're going to land between $600 million to $620 million.

所以，是的，我們提出了——實際上，我們已經披露了我們的數位娛樂根據修訂後的指導調整了收入預測，並且我們已經制定了——我們認為我們的收入將在6 億至6.2 億美元之間。

That overall represents a 21% to 25% year-on-year growth.

總體而言，年增 21% 至 25%。

And what really gives us confidence about this is a general -- the general performance of all our games -- across all of our games, but in particular, Free Fire.

真正讓我們對此充滿信心的是我們所有遊戲的整體表現，尤其是《Free Fire》。

Now Free Fire has done really well.

現在《Free Fire》做得非常好。

You saw the stats which Forrest mentioned earlier in terms of over 200 million registered users globally.

你看到了 Forrest 之前提到的全球註冊用戶超過 2 億的統計數據。

We've hit a new peak in terms of daily active user count of 27 million, and that compares very favorably to the previous high that we disclosed in terms of DAU count of 16 million.

我們的每日活躍用戶數達到了 2700 萬的新峰值，這與我們之前披露的 DAU 數 1600 萬的高點相比非常有利。

And if you look at the App Annie data, it's really coming into its own, right?

如果你看看 App Annie 的數據，你會發現它真的很重要，對嗎？

In terms of being the highest grossing game as of late last month, it became the highest grossing game in Indonesia.

截至上個月末，它成為印尼收入最高的遊戲。

It was also consistently the highest grossing game for the month of October for Brazil, Mexico and Argentina.

它也一直是巴西、墨西哥和阿根廷 10 月收入最高的遊戲。

And all of this gives us confidence in our ability to achieve these numbers on the digital entertainment front.

所有這些都讓我們對在數位娛樂領域實現這些數字的能力充滿信心。

Shifting gears a little bit to the e-commerce side of things, if we think about how we managed to bring this up, really, we are seeing lots and lots of good momentum in terms of Shopee's numbers.

稍微轉向電子商務方面，如果我們考慮一下我們是如何設法提出這個問題的，實際上，我們在 Shopee 的數字方面看到了很多很多的良好勢頭。

If we think about our performance, in particular, for the 11.11, so like on the November 11 itself, we recorded over 11 million orders on that day.

如果我們考慮一下我們的表現，特別是 11.11 的表現，就像 11 月 11 日本身一樣，那天我們記錄了超過 1100 萬份訂單。

And that's an uplift of about 4.5x compared to the same day last year.

與去年同期相比，這一數字增加了約 4.5 倍。

And if you look in terms of just the overall market, that is actually growing very rapidly.

如果你只看整個市場，你會發現它實際上正在快速成長。

What we've seen from the recently released Google-Temasek e-Conomy report is that they believe that the market size is going to reach over $23 billion in GMV for this year, which represents more than a doubling of what we believe was the 2017 GMV market size.

我們從最近發布的 Google-Temasek e-Conomy 報告中看到，他們認為今年的市場規模將達到 GMV 超過 230 億美元，這比我們認為的 2017 年增長了一倍多GMV 市場規模。

And that's -- they predict that's going to accelerate even further to over $100 billion by 2025.

他們預測，到 2025 年，這一數字將進一步加速，達到 1,000 億美元以上。

So we're seeing good momentum in terms of our Shopee business.

因此，我們看到 Shopee 業務的良好勢頭。

At the same time, we also see a lot of tailwinds in terms of just how quickly the market is growing.

同時，我們也看到了市場成長速度的許多有利因素。

Next question comes from Alicia Yap with Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

I have 2 questions.

我有 2 個問題。

First is that I wanted to follow up on the Tencent binding letter.

首先是我想跟進騰訊的綁定信。

I wanted to know, does that mean all Tencent in-house developed games that you have global rights that it now can license to you?

我想知道，是不是所有騰訊自研的遊戲，你們擁有全球版權的，現在都可以授權給你們了？

And then related to games, can you remind us on the transition stage for these Vietnam telco top-up cost issues that we experienced in the past few months.

然後與遊戲相關，您能否提醒我們過去幾個月經歷的這些越南電信充值成本問題的過渡階段。

Has that been resolved?

事情解決了嗎？

Is that also a recent contributor to potentially accelerated growth in the fourth quarter?

這是否也是第四季可能加速成長的近期因素？

And then, second question is on the Shopee business.

然後，第二個問題是關於Shopee業務的。

I think if I hear it correctly, you mentioned this third-party survey quoted $23 billion GMV in 2018 for the region.

我想如果我沒聽錯的話，您提到了這項第三方調查顯示該地區 2018 年的 GMV 為 230 億美元。

So it seems like it could suggest Shopee is actually able to capture about or slightly more than 40% market share.

因此，這似乎表明 Shopee 實際上能夠佔據約或略高於 40% 的市場。

Does that sound right?

聽起來對嗎？

And then on e-commerce, can you remind us, in the regions, what are the current return rate in those orders?

那麼在電商方面，您能否提醒我們，在這些地區，目前這些訂單的退貨率是多少？

All right.

好的。

Great.

偉大的。

Thanks for your questions, Alicia.

謝謝你的提問，艾莉西亞。

Let me try to answer your questions here, first.

首先讓我嘗試在這裡回答您的問題。

So first of all, on the Tencent arrangement, broadly speaking, the arrangement focuses on future games in Tencent's portfolio, right?

那麼首先，關於騰訊的安排，從廣義來說，這個安排主要是針對騰訊未來產品組合中的遊戲，對吧？

And it includes pretty much accessibility towards the entirety of Tencent's portfolio, except for studios where there are certain operational independence as agreed with Tencent.

它幾乎包括對騰訊整個產品組合的訪問權，但與騰訊約定具有一定運作獨立性的工作室除外。

And we can imagine like how this will actually strengthen our game -- long-term game publishing pipeline.

我們可以想像這將如何真正加強我們的遊戲——長期遊戲發行管道。

Tencent's portfolio obviously is some of the world's most popular and engaging titles.

騰訊的產品組合顯然是世界上最受歡迎和最具吸引力的遊戲之一。

What we look forward to very much is we're working together with Tencent in order to bring these high-quality games to our region.

我們非常期待與騰訊合作，將這些高品質的遊戲帶到我們的地區。

In terms of the Vietnam situation, if we think about the moratorium that's currently in place, yes, that is still in place.

就越南局勢而言，如果我們考慮目前的暫停措施，是的，它仍然存在。

From our understanding, actually, a lot of ministries and agencies are going to be involved in establishing guidelines for this, which is why the entire unwinding of the moratorium is taking a bit longer than originally expected.

據我們了解，實際上，許多部會和機構將參與為此制定指導方針，這就是為什麼整個暫停令的解除所需時間比最初預期的要長一些。

At the same time, what has happened is that we have taken it upon ourselves to reengage and reactivate alternative top-up channels, and we've seen some movement towards that as well.

同時，我們已經採取了重新參與和重新激活替代充值管道的行動，並且我們也看到了一些朝著這個方向發展的行動。

So all in all, it's pretty much us taking a view that the government has a long-term -- has already indicated that they're going to lift the ban, but it's taking a bit longer than expected.

總而言之，我們基本上認為政府有長期計劃——已經表示他們將取消禁令，但所需時間比預期要長一些。

Shifting gears to e-commerce, you're right that the Temasek survey did point out that they expect GMV for the region to hit $23 billion, and you can read from in -- from our numbers in terms of our growth -- of our GMV performance as well as our GMV projections for the year what our implied market share is.

轉向電子商務，你是對的，淡馬錫調查確實指出，他們預計該地區的 GMV 將達到 230 億美元，你可以從我們的成長數據中讀到我們的GMV 表現以及我們對今年GMV 的預測以及我們的隱含市場佔有率。

And I think that the range that you've mentioned is probably somewhere in the correct vicinity.

我認為你提到的範圍可能在正確的附近。

And then finally, in terms of your question in terms of the return rate, actually, the return rate particularly for Shopee has been very, very low.

最後，就你關於退貨率的問題而言，實際上，特別是 Shopee 的退貨率非常非常低。

And the reason for that is because a lot of the questions upfront with regards to the product and the procedures involved have been resolved through chat that we make available on the platform.

原因是因為許多有關產品和所涉及程序的問題都已透過我們在平台上提供的聊天得到了解決。

So as a whole, we would say that our return rates are actually very, very strong.

所以總的來說，我們會說我們的回報率實際上非常非常高。

Next question comes from Mike Olson with Piper Jaffray.

下一個問題來自 Mike Olson 和 Piper Jaffray。

Just a couple of questions.

只是幾個問題。

Number one, what will be the focus monetization tactics for Shopee in the coming quarters?

第一，未來幾季 Shopee 的重點變現策略是什麼？

Will it be primarily charging a take rate on new countries where there's minimal or no take rate currently charged or will it be an increase in value-added services or an increase in advertising or something else?

它會主要對目前收取最低費用或不收取費用的新國家/地區收取費用，還是會增加增值服務或增加廣告或其他費用？

I'm just wondering what will be kind of -- I know you're doing all those things, but wondering what kind of the biggest focus will be?

我只是想知道會是什麼樣的——我知道你正在做所有這些事情，但想知道最大的焦點是什麼？

And then second, do you believe Shopee and Garena are businesses that need to be tied together over the long term?

其次，您認為 Shopee 和 Garena 是需要長期合作的企業嗎？

Or would it potentially make sense to split Shopee or Garena out as a separate entity?

或者將 Shopee 或 Garena 拆分為一個單獨的實體是否有意義？

Great.

偉大的。

Thanks for your questions.

感謝您的提問。

So let me just walk through the various monetization streams in the market.

讓我簡單介紹一下市場上的各種貨幣化流。

So first of all, we have commissions, right?

首先，我們有佣金，對嗎？

And as you know, we've actually rolled out commission to sellers in Taiwan as well as on all cross-border sellers.

如您所知，我們實際上已經向台灣賣家以及所有跨境賣家推出了佣金。

We do charge commissions via the Shopee Mall as well in Taiwan.

在台灣，我們也透過 Shopee Mall 收取佣金。

The second lever that we look at is advertising.

我們關注的第二個槓桿是廣告。

And in terms of advertising, we've rolled that out to all the markets as well.

在廣告方面，我們也將其推廣到所有市場。

And then finally, in terms of value-added services, we do -- we have rolled that out across the market.

最後，在增值服務方面，我們已經將其推廣到整個市場。

So if we think about the current composition, we actually don't provide much guidance around that.

因此，如果我們考慮當前的組成，我們實際上並沒有提供太多相關指導。

But you can imagine that in terms of value-added services for the time being, we are actually filling a very important gap in the market where sellers are unable to actually access these kinds of services such as virtual warehousing and this kind of [added] services from anywhere else except for Shopee.

但你可以想像一下，目前就增值服務而言，我們實際上正在填補市場上一個非常重要的空白，即賣家無法真正獲得虛擬倉儲等此類服務。除 Shopee 之外的其他任何地方的服務。

And for that reason, it will not be surprising to think that VAS constitutes a larger proportion of the revenue stream at this point in time for the marketplace.

基於這個原因，認為增值服務在目前市場收入流中所佔的比例更大也就不足為奇了。

But having said that, in the longer term, we do think that perhaps commissions will be a bit more pronounced versus as in logistics and VAS.

但話雖如此，從長遠來看，我們確實認為，與物流和增值服務領域相比，佣金可能會更加明顯。

So that's on the -- that's on your first question.

這就是你的第一個問題。

Second question, in terms of the Shopee Garena.

第二個問題，就Shopee Garena而言。

Actually, they do enjoy a good amount of synergies existing under the Sea umbrella.

事實上，他們確實享受著海洋保護傘下存在的大量協同效應。

We really view it as a single business.

我們確實將其視為單一業務。

And the 2 -- the e-commerce and digital entertainment businesses, although they flourish in their own right in terms of having -- going after very distinct opportunities, at the same time, they do have benefit in terms of being under the same umbrella.

而第二個——電子商務和數位娛樂業務，儘管它們憑藉自己的權利蓬勃發展——追求非常獨特的機會，但同時，它們確實在同一保護傘下受益。

And our next question comes from Andrew Orchard with Nomura.

我們的下一個問題來自野村證券的安德魯·奧查德。

So question on the monetization specifically on Free Fire.

所以對 Free Fire 的貨幣化問題有疑問。

Any specific metrics that you can give us in terms of paying ratio of Free Fire or the ARPU of Free Fire relative to the broader game portfolio?

您可以向我們提供有關 Free Fire 的付費比率或 Free Fire 相對於更廣泛的遊戲組合的 ARPU 的任何具體指標嗎？

Also, given that Free Fire seems to be growing faster than the overall business, is there any color that you can give us into your margin profile for the gaming on -- in 4Q '18?

另外，考慮到《Free Fire》的成長速度似乎快於整體業務，您是否可以向我們介紹 18 年第 4 季遊戲的利潤概況？

Andrew, so yes, sure.

安德魯，所以是的，當然。

So happy to elaborate on Free Fire.

很高興詳細介紹《Free Fire》。

If we look at and on the way in which we really approach the monetization in terms of Free Fire, whenever we launch a new game, our key priority is to make sure that as many people as possible are playing it.

如果我們看看《Free Fire》真正獲利的方式，那麼每當我們推出一款新遊戲時，我們的首要任務就是確保有盡可能多的人在玩它。

So there's a lot of mobilization phase, and then we start looking at monetization a bit more deeply.

因此，有許多動員階段，然後我們開始更深入地研究貨幣化。

We're very much at the early stage in terms of monetizing gamers on Free Fire.

在透過 Free Fire 遊戲玩家獲利方面，我們還處於早期階段。

As a result, that we've seen some good initial success, but at the same time, as you can see comparing out from the data, in terms of just the number of users and the group that we've seen in Free Fire, they're not paying users, as a percentage of that is still in its early stages.

結果，我們看到了一些良好的初步成功，但同時，正如您從數據中看到的，就我們在《Free Fire》中看到的用戶數量和群體而言，他們不是付費用戶，因為其中的比例仍處於早期階段。

So we think that there's opportunity to deepen that, both from an ARPU perspective as well as in terms of the number of paying users.

因此，我們認為無論是從 ARPU 角度還是從付費用戶數量來看，都有機會深化這一點。

How that lands into the mix is that, obviously, you're going to see a bit of a flat/landing downwards of the overall ARPU.

顯然，你會看到整體 ARPU 略有下降/持平/下降。

But overall, Free Fire, just in terms of the momentum that you've seen, we have disclosed that approximately 22% of our adjusted revenue for digital entertainment was generated by our self-developed game.

但總體而言，《Free Fire》，就您所看到的勢頭而言，我們已經透露，我們調整後的數位娛樂收入中約有 22% 是由我們自主開發的遊戲產生的。

And approximately 13% was derived from outside of the 7 core markets in our region.

大約 13% 來自我們地區 7 個核心市場以外的市場。

That kind of gives you a sense beyond any data that we shared about the tremendous monetization potential that we have experienced with Free Fire, and that all lends us confidence about its future prospects as well.

這種感覺超越了我們分享的任何數據，讓您感受到我們在《Free Fire》中所經歷的巨大的獲利潛力，這一切也讓我們對其未來前景充滿信心。

And our next question comes from Varun Ahuja with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Varun Ahuja。

So firstly, if you look at -- as you mentioned, 22% of your revenue in this quarter came from self-developed games.

首先，正如您所提到的，您本季 22% 的收入來自自主開發的遊戲。

So that means your remaining games are witnessing a decline.

這意味著您剩餘的遊戲正在下降。

Is it fair enough to say that the other games has reached the stage of maturity or primarily AOV?

可以說其他遊戲已經達到成熟階段或主要是 AOV 階段嗎？

And it seems like LoL is on a decline.

而且LoL似乎正在走下坡。

So can you potentially comment more on the games, how they are performing?

那麼您能否對這些遊戲以及它們的表現進行更多評論？

Number second is a little bit more clarity on the future game pipeline.

第二，未來的遊戲流程更加清晰。

If you can share how many games are you looking to launch and how has the Free Fire [fee] progression been, because it was talked about as one of the drivers of games for this year, but it doesn't look like it has done much in this year despite being a Free Fire year.

如果您能分享一下您打算推出多少款遊戲以及 Free Fire [費用] 進展如何，因為它被認為是今年遊戲的驅動因素之一，但看起來並沒有做到這一點儘管是免費火災年，但今年還是有很多事情。

So that's number two.

所以這是第二個。

Number three on gaming.

遊戲方面排名第三。

If you can provide a little bit of color on how much is now mobile games as a percentage of total gaming revenue?

您能否提供一些關於現在行動遊戲佔遊戲總收入的百分比的資訊？

On the e-commerce side, your losses -- obviously, as you're gaining a lot more GMV, is kind of -- is increasing every quarter on quarter.

在電子商務方面，你的損失——顯然，因為你獲得了更多的 GMV——每個季度都在增加。

So is there anything that you can share?

那麼有什麼可以分享的嗎？

How should we think about the EBITDA losses?

我們應該如何看待 EBITDA 損失？

Is there any time frame that we should expect the losses to start narrowing down?

我們是否應該預期損失開始縮小的時間範圍？

Any color on EBITDA for e-commerce business will be really helpful.

對於電子商務業務來說，EBITDA 上的任何顏色都會非常有幫助。

And lastly, if you can provide a little bit more color on, as you mentioned, the Indonesia orders.

最後，正如您所提到的，印尼訂單是否可以提供更多資訊。

So how should we look at the order quadruple value.

那我們該如何看待階四倍值。

Is it AOV?

是AOV嗎？

Is it in a similar range of what we can see for the -- across the market?

它是否與我們在整個市場上看到的類似範圍？

Or is it pretty lower than that?

還是比這個低很多？

All right.

好的。

Thanks for your question, Varun.

謝謝你的提問，瓦倫。

Let me take it from top.

讓我從上面看。

So in terms of overall games business, right, so what we do is we actually manage the games business on an overall basis, both PC as well as mobile, right?

所以就整體遊戲業務而言，對吧，我們所做的實際上是對遊戲業務進行整體管理，包括PC端和行動端，對嗎？

And yes, we're seeing a good take-up in terms of just the mobile game experience for individuals in Southeast Asia, and we've managed to seize on that opportunity largely through Free Fire.

是的，我們看到東南亞個人的手機遊戲體驗得到了很好的採用，並且我們已經成功地透過《Free Fire》抓住了這個機會。

Now in terms of AOV specifically, we actually continue to observe good strong user traction for AOV in the third quarter.

現在具體就 AOV 而言，我們實際上在第三季度繼續觀察到 AOV 的強勁用戶吸引力。

At the same time, we actually believe that it's still reasonably young in terms of its monetization life cycle.

同時，我們其實認為它的貨幣化生命週期還相當年輕。

It's still one of the top mobile-mobile games, so [particularly on] battle arena games.

它仍然是頂級的手機遊戲之一，所以[尤其是]競技場遊戲。

In many of our key markets and across the world, we can see that AOV and these types of genres are actually gaining momentum in the esports scene.

在我們的許多主要市場和世界各地，我們可以看到 AOV 和這些類型的遊戲類型實際上在電子競技領域正在獲得發展勢頭。

For example, the AOV world championships held in Los Angeles attracted over 33 million online views across all the streaming platforms in our market.

例如，在洛杉磯舉行的 AOV 世界錦標賽在我們市場的所有串流媒體平台上吸引了超過 3300 萬次在線上觀看。

And the final was held actually in the end of July.

而決賽實際上是在七月底舉行的。

So very, very good momentum from AOV and other titles in our stable.

AOV 和我們穩定的其他遊戲的勢頭非常非常好。

Your next question is on the game pipeline.

您的下一個問題是關於遊戲管道的。

So we don't disclose our game pipeline for competitive reasons.

因此，出於競爭原因，我們不會透露我們的遊戲流程。

But as you can imagine, with the deepening partnership with Tencent, actually, we're going to be able to enjoy the fruits of that deeper, greater partnership with Tencent moving forward.

但正如你可以想像的那樣，隨著與騰訊的合作不斷深入，我們將能夠享受與騰訊更深入、更廣泛的合作所帶來的成果。

In terms of FIFA Online 3 to FIFA Online 4, yes, the transition is actually underway.

就《FIFA Online 3》到《FIFA Online 4》而言，是的，過渡實際上正在進行中。

So what happened is that we have already launched FIFA Online 4 in both Vietnam as well as Thailand.

我們已經在越南和泰國推出了 FIFA Online 4。

And we have plans to do -- to actually launch FIFA Online 4 in other markets in the quarters ahead.

我們計劃在未來幾季內在其他市場推出《FIFA Online 4》。

What you can see is that we're actually running it in parallel.

您可以看到我們實際上是並行運行的。

So it's not unusual to see both FIFA Online 3 and FIFA Online 4 available in certain markets.

因此，在某些市場上同時推出 FIFA Online 3 和 FIFA Online 4 並不罕見。

We're actually doing this migration quite gradually.

實際上，我們正​​在逐步進行此遷移。

And then eventually, we intend to actually migrate a good portion of those over to FIFA Online 4. In terms of shifting over to e-commerce, you're quite right that our GMV trajectory is continuing to grow very, very robustly.

最終，我們打算將其中很大一部分遷移到 FIFA Online 4。就轉向電子商務而言，你說得很對，我們的 GMV 軌跡正在繼續非常非常強勁地成長。

And your question is mostly along the lines of how do we think about the EBITDA.

你的問題主要是我們如何看待 EBITDA。

So there's really 2 parts to this, right?

所以這實際上有兩個部分，對嗎？

On one hand, we think we can talk about the sales and marketing expense.

一方面，我們認為我們可以討論銷售和行銷費用。

On the other hand, we can talk about the monetization.

另一方面，我們可以談談貨幣化。

So we're very encouraged by ongoing monetization efforts, and we're very pleased with the quarter-on-quarter decline in S&M as a percentage of GMV.

因此，我們對持續的貨幣化努力感到非常鼓舞，我們對 S&M 佔 GMV 百分比的季度環比下降感到非常高興。

If we look at the previous quarter, it was 6.2%.

如果我們看上一季度，則為 6.2%。

We brought that down to 5.7% as a percentage of GMV for this quarter.

我們將其占本季 GMV 的百分比降至 5.7%。

And looking ahead, we want to make sure that we can continue to invest to support the strong growth of GMV in the fourth quarter.

展望未來，我們希望確保能夠繼續投資以支持第四季度 GMV 的強勁成長。

What that means effectively is that, yes, we're going to continue to invest, but we want to make sure that we do it in a very efficient manner.

這實際上意味著，是的，我們將繼續投資，但我們希望確保以非常有效的方式進行投資。

So that's as much guidance as we can probably give in terms of the monetization and S&M going -- looking forward.

因此，這就是我們在貨幣化和行銷行銷方面所能提供的盡可能多的指導——展望未來。

Now I just want to go back again.

現在我只想再回去一次。

As I mentioned, if I assumed 22% of your revenue came from self-developed games, that means the other core revenue is declining.

正如我所提到的，如果我假設你的收入中有 22% 來自自研遊戲，那就意味著其他核心收入正在下降。

If AOV is doing well, so some of the games are not kind of doing that well.

如果 AOV 做得很好，那麼有些遊戲的表現就不是那麼好。

So is it fair enough to say that some of the games are on a declining phase or it is LoL or stuff, PC games?

那麼，說某些遊戲正處於衰退階段或是《英雄聯盟》之類的電腦遊戲，這樣說公平嗎？

And can you provide a little bit color?

你能提供一點顏色嗎？

Go ahead.

前進。

Sure.

當然。

Thanks, Varun.

謝謝，瓦倫。

So just as a follow-up to that, we have to bear in mind that a bit of our performance on the digital entertainment problem was dampened by the Vietnam issue.

因此，作為後續行動，我們必須記住，越南問題削弱了我們在數位娛樂議題上的一些表現。

So insofar that, that has affected it, that's why you're seeing perhaps a bit of a deceleration if you look at it from a general perspective.

就目前而言，這已經影響了它，這就是為什麼如果你從整體角度來看，你可能會看到一些減速。

But if we're looking at our key game titles, it continues to grow from strength to strength.

但如果我們看看我們的主要遊戲，它會繼續變得越來越強大。

I actually did note down additional question on your front, which talked about the Indonesia specific in terms of Shopee.

事實上，我確實在你的前面記下了額外的問題，其中談到了 Shopee 方面的印尼具體情況。

If we think about the average order value, it's largely in line with the average that you can work out, trending perhaps slightly smaller on the smaller side of things, and that's really reflective of the composition of types of product that we sell on Shopee, which is primarily long tail, a bit more fashion, cosmetics, home and living-focused.

如果我們考慮平均訂單價值，它在很大程度上與您可以計算的平均值一致，在較小的方面可能會稍微小一些，這確實反映了我們在 Shopee 上銷售的產品類型的組成，主要是長尾，更多的是時尚、化妝品、家居和生活。

Okay.

好的。

Just 2 for me.

對我來說只有2個。

Can you provide how much is mobile in terms of gaming to mobile contribution?

您能否提供一下行動裝置對遊戲對行動裝置的貢獻有多少？

Any color?

任何顏色？

Last quarter, you did provide something for the June month.

上個季度，您確實為六月提供了一些東西。

And Vietnam was not included in the Tencent agreement.

而越南並未包含在騰訊協議中。

Is it because of VNG investment that Tencent has?

是因為騰訊有VNG投資嗎？

Any color on that?

那上面有什麼顏色嗎？

Any commentary on that?

對此有何評論？

Sure.

當然。

So in terms of the mobile as a percentage of overall, it would be -- we actually don't disclose that on -- with any sort of regular basis.

因此，就行動裝置佔整體的百分比而言，我們實際上不會定期揭露這一點。

What we can say is that, breathing in on all of the information that we share on Free Fire, it's not surprising that mobile continues to be a very important part of our overall revenue composition.

我們可以說的是，透過我們在 Free Fire 上分享的所有信息，行動裝置仍然是我們整體收入構成中非常重要的一部分，這一點並不奇怪。

In terms of the Tencent agreement, you're right that Vietnam is not part of the agreement.

就騰訊協議而言，你說得對，越南不屬於協議的一部分。

That doesn't mean that it's completely out of the picture.

這並不意味著它完全不存在。

It just means that any sort of game titles that we want to discuss for the Vietnam market will be discussed on a title by title basis.

這只是意味著我們想要針對越南市場討論的任何類型的遊戲都將逐一進行討論。

The next question will come from Mark Goodridge with Morgan Stanley.

下一個問題將由摩根士丹利的馬克·古德里奇提出。

Just wanted to have a quick question on regulation.

只是想問一個有關監管的簡單問題。

So we've seen a lot of the anti-addiction measures going to China.

所以我們看到很多防沉迷措施流向了中國。

So I just wanted to ask, are you seeing or have you any discussions in any of your other markets about any of these potential anti-addiction measures coming through?

所以我只是想問，您是否在任何其他市場看到或有過關於任何這些潛在的防成癮措施的討論？

And then second question along with that, are you able to share the percentage of your gamers on your platform that are below the age of 12 years?

接下來的第二個問題是，您能否分享一下您平台上 12 歲以下玩家的比例？

Cheers.

乾杯。

Great.

偉大的。

Thanks for your questions.

感謝您的提問。

So in terms of your question around gaming addiction, actually, our experience has been that most of the governments in our jurisdictions are very supportive of gaming as a sport.

因此，就你關於遊戲成癮的問題而言，實際上，我們的經驗是，我們管轄範圍內的大多數政府都非常支持遊戲作為一項運動。

They actually really are attracted by the community building aspect of esports and the legitimate competition that it enables.

他們實際上確實被電子競技的社區建設及其帶來的合法競爭所吸引。

And so they actually see it as a good way to engage with youth as well as families.

因此，他們實際上認為這是與年輕人和家庭互動的好方法。

So one example that I can call on particular is that the Thai government has moved towards recognizing esports as an official sport last year.

我可以特別提到的一個例子是，泰國政府去年已開始承認電子競技為官方運動。

And we're also very excited that League of Legends and AOV were both featured at the 2018 Asian Games in Jakarta as demonstration sports.

我們也非常高興《英雄聯盟》和《AOV》都作為表演項目出現在 2018 年雅加達亞運會上。

So we obviously continue to work very closely with local regulators to ensure healthy growth of games as well as esports across the markets.

因此，我們顯然會繼續與當地監管機構密切合作，以確保遊戲和電子競技在整個市場的健康發展。

To your second question, actually, we don't disclose details with regard to our gamer composition and demographics.

關於你的第二個問題，實際上，我們不會透露有關我們的玩家組成和人口統計的詳細資訊。

So, leave it at that.

所以，就這樣吧。

And the next question comes from Conrad Werner with Macquarie.

下一個問題來自麥格理的 Conrad Werner。

I mean, most of my questions have already been answered, but maybe just 3 additional ones.

我的意思是，我的大部分問題已經得到解答，但也許只有另外 3 個問題。

Could you just maybe comment, even if it's at a high level, on where you're seeing the most competition in the e-commerce space in any of your markets and any trends to note of change in the pace of competition in any of the markets?

您是否可以評論一下您在任何市場中電子商務領域競爭最激烈的地方，以及任何需要注意的任何市場競爭速度變化的趨勢，即使是在較高層面上？市場？

Secondly, just getting back to the question on the cadence of the EBITDA losses going forward.

其次，回到關於未來 EBITDA 虧損節奏的問題。

Clearly, it's a good time to be back in your e-commerce business as suggested by the increased guidance.

顯然，正如增加的指導意見所建議的那樣，現在是重返電子商務業務的好時機。

It's a great opportunity.

這是一個很好的機會。

But I'm just looking at the balance sheet and I'm wondering, if the losses continue, then the equity position on the balance sheet does look like it's going to go negative, is that something you're comfortable with?

但我只是看資產負債表，我想知道，如果虧損繼續下去，那麼資產負債表上的股權頭寸看起來確實會變成負數，這是你能接受的嗎？

Or do you have any plans to keep it positive?

或者你有什麼計劃保持積極的態度嗎？

And then the last question, you talked about one of the strengths on -- in e-commerce being the engagement on Shopee.

最後一個問題，您談到了電子商務的優勢之一是 Shopee 的參與度。

And do you have any stats that just kind of show how much time people are spending on the Shopee platform through its various engagement, things like the chat, et cetera, like -- things like that, and maybe where that stacks up versus the rest of the market?

您是否有任何統計數據可以顯示人們在 Shopee 平台上透過各種參與方式（例如聊天等）花費了多少時間，以及與其他平台相比的情況市場的？

Great.

偉大的。

So, Conrad, thanks for your questions.

那麼，康拉德，謝謝你的提問。

Let me take it from the top.

讓我從上面講一下。

So in terms of the competition that we're seeing high-level commentary around e-commerce, no surprise that Indonesia continues to be -- to receive a lot of attention, right, with various players out there, with different takes in terms of their strategy.

因此，就我們在電子商務方面看到的高層評論而言，印尼繼續受到大量關注也就不足為奇了，對吧，那裡有各種各樣的參與者，在電子商務方面有不同的看法他們的策略。

We are actually very confident with the growth that we're seeing in the market.

事實上，我們對市場的成長非常有信心。

Our positioning as a primarily marketplace model focused on long-tail categories will lead to the greatest success in e-commerce in terms of catering to the consumers on the ground.

我們的定位是專注於長尾品類的主要市場模式，這將在滿足當地消費者需求方面帶來電子商務的最大成功。

And just in terms of like what we are seeing as well, we did disclose that we see about 700,000 orders a day in Indonesia specifically.

正如我們所看到的那樣，我們確實透露，特別是在印度尼西亞，我們每天看到大約 700,000 個訂單。

We actually think that, that really lends us a lot of confidence in terms of being the leading player in Indonesia.

事實上，我們認為，這確實給了我們成為印尼領導者很大的信心。

Shifting gears to the EBITDA losses, perhaps Tony will weigh in on this.

轉向 EBITDA 損失，也許托尼會對此發表看法。

But what we will say is that at the end of the third quarter of 2018, we still do have a healthy amount of cash and cash equivalents on our balance sheet, and that puts us in a very robust position moving forward.

但我們要說的是，截至 2018 年第三季末，我們的資產負債表上仍然擁有大量現金和現金等價物，這使我們處於非常穩健的前進地位。

Let me tackle your third question first, before perhaps Tony weighs in on your question.

讓我先解決你的第三個問題，然後托尼也許會討論你的問題。

In terms of the engagement levels in Shopee, yes, actually, if you do look at some of the third-party data providers out there, particularly App Annie, what you will see is that, over time, and particularly now, if we look at the time spent -- total time spent in app and total time spent by active user in the shopping category, Shopee is quite far ahead.

就 Shopee 的參與度而言，是的，實際上，如果你確實觀察一些第三方數據提供商，特別是 App Annie，你會看到，隨著時間的推移，特別是現在，如果我們觀察在花費時間方面—應用程式花費的總時間和活躍用戶在購物類別中花費的總時間，Shopee 遙遙領先。

Head and shoulders, way ahead of everyone else, particularly in Indonesia.

遙遙領先其他所有人，尤其是在印尼。

And you will see that many facets of the data through time and throughout the shopping festivals that we've had as well, in addition, leading up to the current period.

此外，您還會看到隨著時間的推移以及我們舉辦的整個購物節期間的數據的許多方面，以及當前時期的數據。

Yes.

是的。

So about the balance sheet, so we have very stringent plans quarter-over-quarter.

關於資產負債表，我們每季都有非常嚴格的計畫。

And our team actually closely follows the operating plan, and we have -- we keep closely monitoring our budget planning and also our balance sheet positions.

我們的團隊實際上密切關注營運計劃，而且我們一直密切監控我們的預算規劃以及我們的資產負債表狀況。

And the previous rounds of convertible bonds provided us robust cash flow as of now.

截至目前，前幾輪可轉債為我們提供了強勁的現金流。

So you probably noticed $1.2 billion as of the third quarter end.

因此，您可能注意到截至第三季末的營收為 12 億美元。

But at the meantime, that doesn't rule out that, as previously shared, we're open-minded on the opportunities.

但同時，正如之前所分享的，這並不排除我們對這些機會持開放態度。

And bear in mind, our operating plans and also our objective of maximizing the shareholder values.

請記住，我們的營運計劃以及股東價值最大化的目標。

And this concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the call back to Howard Soh for any closing remarks.

我想將電話轉回給 Howard Soh，請其發表結束語。

Great.

偉大的。

Thank you very much.

非常感謝。

I think this concludes our conference call.

我想我們的電話會議到此結束。

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

一如既往，我們隨時準備好解答您、投資者和分析師提出的任何問題。

I will serve as the first point of contact if I can :

如果可以的話，我將作為第一個聯絡人：

ever be of service.

永遠為您服務。

I look very much to continuing to [communicate] with you throughout the quarter and look forward to our next earnings call.

我非常期待在整個季度繼續與您[溝通]，並期待我們的下一次財報電話會議。

Thank you very much.

非常感謝。

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.

您現在可以斷開連線。