Sea Ltd (SE) 2020 Q4 法說會逐字稿

Good morning, and good evening.

早上好，晚上好。

Welcome to the Sea Limited's Fourth Quarter and Full Year 2020 Results Conference Call.

歡迎參加 Sea Limited 2020 年第四季度和全年業績電話會議。

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

（操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Ms. Min Ju Song.

我現在想把會議交給 Min Ju Song 女士。

Please go ahead.

請繼續。

Hello, everyone, and welcome to Sea's 2020 Fourth Quarter and Full Year Earnings Conference Call.

大家好，歡迎來到 Sea 的 2020 年第四季度和全年收益電話會議。

I am Min Ju Song from Sea's Group Chief Corporate Officer's Office.

我是Sea's Group首席企業官辦公室的Min Ju Song。

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，這些陳述固有地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 a discussion of certain non-GAAP financial measures such as adjusted EBITDA and net loss excluding share-based compensation and changes in fair value of the 2017 convertible notes.

此外，本次電話會議還討論了某些非公認會計準則財務指標，例如調整後的 EBITDA 和不包括基於股份的補償的淨虧損以及 2017 年可轉換票據的公允價值變化。

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，當這些措施用作我們 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.

有關使用非 GAAP 財務指標以及與最接近的 GAAP 指標對賬的討論，請參閱我們新聞稿中關於非 GAAP 財務指標的部分。

I have here with me Sea's Chairman and Group Chief Executive Officer, Forrest Li; Group Chief Financial Officer, Tony Hou; and Group Chief Corporate Officer, Yanjun Wang.

Sea 的董事長兼集團首席執行官 Forrest Li 和我在一起；集團首席財務官Tony Ho；和集團首席企業官王彥軍。

Our management will share strategy and business updates, operating highlights and financial performance for the fourth quarter and for the full year of 2020.

我們的管理層將分享第四季度和 2020 年全年的戰略和業務更新、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.

隨後將進行問答環節，我們歡迎您提出任何問題。

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

有了這個，讓我把電話轉給福雷斯特。

Thank you, Min Ju.

謝謝你，閔菊。

Hello, everyone, and thank you, as always, for joining today's call.

大家好，感謝您一如既往地加入今天的電話會議。

2020 was a landmark year for Sea.

2020 年是 Sea 具有里程碑意義的一年。

Our team, users and communities all faced unprecedented challenges as a result of the pandemic.

由於大流行，我們的團隊、用戶和社區都面臨著前所未有的挑戰。

This further reinforced the importance of our mission to empower the consumers and small businesses in our communities with technology.

這進一步強化了我們為社區中的消費者和小企業提供技術支持的使命的重要性。

We adapted rapidly to enable our users and community to meet the unique challenges of the last year, while also successfully addressing the fast-growing and fast-evolving demand from our users for these products and services.

我們迅速適應，使我們的用戶和社區能夠應對去年的獨特挑戰，同時也成功地滿足了用戶對這些產品和服務快速增長和快速發展的需求。

For example, we quickly build up home and living and grocery offering on the Shopee platform, lockdown seller support program to help local merchants to get back on their feet faster, accelerated our digital payment service offering and shifted major esports events online, each with highly successful results.

例如，我們在 Shopee 平台上快速建立家居、生活和雜貨產品，鎖定賣家支持計劃以幫助本地商家更快地重新站起來，加速我們的數字支付服務提供，並將大型電子競技賽事轉移到線上，每項活動都具有高度成功的結果。

The lockdown and social distancing measures to curb the pandemic have materially accelerated the digitalization of our economies, and we expect the effect to be long-lasting.

為遏制大流行而採取的封鎖和社會疏離措施大大加速了我們經濟的數字化，我們預計其影響將是持久的。

During this time, our team has demonstrated their resilience, adaptability and strong execution.

在此期間，我們的團隊展示了他們的應變能力、適應能力和強大的執行力。

We believe these capabilities position us very well to capture and drive the significant growth opportunities ahead as a strong market leader.

我們相信，這些能力使我們能夠很好地抓住並推動作為強大市場領導者的重大增長機會。

Our results for the fourth quarter and for the full year of 2020 speak to the success of our approach.

我們第四季度和 2020 年全年的業績說明了我們方法的成功。

On the group level, in the fourth quarter, we recorded accelerated year-on-year growth in GAAP revenue compared to the previous quarter.

在集團層面，與上一季度相比，我們在第四季度錄得 GAAP 收入同比加速增長。

It reached $1.6 billion, up 102% year-on-year.

達到 16 億美元，同比增長 102%。

We've also recorded 102% year-on-year growth in our fourth quarter gross profit to reach $533.7 million.

我們還錄得第四季度毛利潤同比增長 102%，達到 5.337 億美元。

Our fourth quarter adjusted EBITDA was $48.7 million compared to an adjusted EBITDA loss of $104.9 million a year ago.

我們第四季度調整後的 EBITDA 為 4870 萬美元，而一年前調整後的 EBITDA 虧損為 1.049 億美元。

The strong fourth quarter results contributed to an outstanding set of results for the full year of 2020.

強勁的第四季度業績為 2020 年全年創造了一系列出色的業績。

GAAP revenue for the full year more than doubled compared to that of 2019 to reach $4.4 billion.

與 2019 年相比，全年 GAAP 收入翻了一番多，達到 44 億美元。

Gross profit grew 123% year-on-year to reach $1.3 billion.

毛利潤同比增長 123%，達到 13 億美元。

We also achieved a positive adjusted EBITDA of $107 million for the full year compared to a loss of $178.6 million for 2019.

與 2019 年虧損 1.786 億美元相比，我們全年實現了 1.07 億美元的正調整 EBITDA。

This was supported by the strong performance across our digital entertainment and e-commerce businesses.

這得益於我們數字娛樂和電子商務業務的強勁表現。

For the full year, Garena achieved bookings of $3.2 billion and Shopee achieved GAAP revenue plus sales incentive net-off of $2.5 billion.

全年，Garena 實現了 32 億美元的預訂，Shopee 實現了 GAAP 收入加上銷售激勵淨額 25 億美元。

Both businesses exceeded our recently raised full year guidance for 2020.

這兩項業務都超出了我們最近提出的 2020 年全年指引。

Let me now discuss each business individually, starting with digital entertainment.

現在讓我從數字娛樂開始單獨討論每項業務。

Garena's outstanding performance in the previous quarter continued in the fourth quarter as we recorded bookings of $1 billion, up 111% year-on-year.

Garena 在上一季度的出色表現在第四季度繼續保持，我們錄得 10 億美元的預訂量，同比增長 111%。

Adjusted EBITDA in the fourth quarter was $663.5 million, up 149% year-on-year, representing 66% of bookings.

第四季度調整後的 EBITDA 為 6.635 億美元，同比增長 149%，佔預訂量的 66%。

For the full year, we generated bookings of $3.2 billion, increasing by 80% year-on-year.

全年，我們創造了 32 億美元的預訂量，同比增長 80%。

Garena's adjusted EBITDA increased by 94% year-on-year to reach $2 billion, representing 62% of bookings.

Garena 的調整後 EBITDA 同比增長 94%，達到 20 億美元，佔預訂量的 62%。

The strong financial performance in the fourth quarter and the full year was a result of our ability to continually expand our user and paying user base.

第四季度和全年的強勁財務表現是我們不斷擴大用戶和付費用戶群的能力的結果。

Every quarter, more gamers globally engaged with our in-game content and esports activity.

每個季度，全球都有更多的遊戲玩家參與我們的遊戲內容和電子競技活動。

In the fourth quarter, quarterly active users reached 610.6 million, an increase of 72% year-on-year.

第四季度，季度活躍用戶達到6.106億，同比增長72%。

Quarterly paying users $73.1 million -- 73.1 million, up 120% year-on-year.

季度付費用戶 7310 萬美元——7310 萬，同比增長 120%。

Our paying user ratio measured as quarterly paying users as a percentage of quarterly active users continues to grow in the fourth quarter to reach 12%.

我們以季度付費用戶佔季度活躍用戶的百分比衡量的付費用戶比率在第四季度繼續增長，達到 12%。

Free Fire was once again a key driver of Garena's outperformance.

Free Fire 再次成為 Garena 出色表現的關鍵驅動力。

According to App Annie, it continues to be the highest grossing mobile game in Latin America and Southeast Asia in the fourth quarter as well as the full year of 2020.

根據 App Annie 的數據，在 2020 年第四季度以及全年，它仍然是拉丁美洲和東南亞地區收入最高的手機遊戲。

It has maintained the top ranking for six consecutive quarters.

連續六個季度保持第一。

The strong performance was also evident in India where Free Fire was the highest grossing mobile game for the fourth quarter and for the full year of 2020 based on App Annie.

印度的強勁表現也很明顯，根據 App Annie，Free Fire 是第四季度和 2020 年全年收入最高的手機遊戲。

We are also pleased to share that Free Fire was once again the most downloaded mobile game in the world in 2020 according to App Annie.

我們也很高興地分享，根據 App Annie 的數據，Free Fire 再次成為 2020 年全球下載次數最多的手機遊戲。

This is the second year in a row that Free Fire was ranked first globally as we continue to grow the Free Fire user base worldwide and build even tighter bond with global gamers.

這是 Free Fire 連續第二年在全球排名第一，因為我們繼續在全球範圍內擴大 Free Fire 用戶群，並與全球遊戲玩家建立更緊密的聯繫。

We believe that Free Fire is formally establishing itself as a strong global gaming franchise and platform.

我們相信，Free Fire 正在正式將自己確立為強大的全球遊戲特許經營權和平台。

One of the key factors in Free Fire's success is our commitment to keeping our games fresh and engaging.

Free Fire 成功的關鍵因素之一是我們致力於讓我們的遊戲保持新鮮感和吸引力。

Gamers around the world increasingly recognized Garena's reputation for constantly enhancing the Free Fire experience with innovative content, partnerships and esports activity.

世界各地的遊戲玩家越來越認可 Garena 通過創新內容、合作夥伴關係和電子競技活動不斷提升 Free Fire 體驗的聲譽。

In the fourth quarter, for example, we announced a partnership between Free Fire and Football Legend, Cristiano Ronaldo, marking one of the most significant tie-ups between the esports industry and the physical sport industry in recent times.

例如，在第四季度，我們宣布了 Free Fire 與足球傳奇人物克里斯蒂亞諾·羅納爾多 (Cristiano Ronaldo) 之間的合作夥伴關係，這是近期電子競技行業與體育運動行業之間最重要的合作之一。

In addition to new in-game items and playable characters, we also introduced 2 new game modes as part of the partnership with Cristiano Ronaldo.

除了新的遊戲內物品和可玩角色外，我們還引入了 2 種新的遊戲模式，作為與 Cristiano Ronaldo 合作的一部分。

A limited-time battle royale risen game mode and the team-based 1v1 view mode.

限時大逃殺崛起遊戲模式和基於團隊的1v1視圖模式。

Our users love these new game modes as they provide a richer and more varied gaming experience by morphing different types of gameplay into the battle royale genre.

我們的用戶喜歡這些新的遊戲模式，因為它們通過將不同類型的遊戲玩法轉變為大逃殺類型，提供了更豐富、更多樣化的遊戲體驗。

Free Fire's huge and growing esports and streaming community is another key pillar of our user engagement strategy.

Free Fire 龐大且不斷發展的電子競技和流媒體社區是我們用戶參與策略的另一個關鍵支柱。

We made significant progress in deepening engagement with our community in 2020.

2020 年，我們在深化與社區的互動方面取得了重大進展。

Despite the challenge of holding live events, 3 of the 5 top esports tournaments by peak concurrent viewers in 2020 were Free Fire tournaments according to esports charts.

儘管舉辦現場賽事面臨挑戰，但根據電子競技排行榜，2020 年同時觀看人數最多的 5 場頂級電子競技錦標賽中有 3 場是 Free Fire 錦標賽。

In 2020, Free Fire was once again the top-ranked mobile-only video game and the top-ranked battle royale video game on YouTube in terms of views.

2020 年，Free Fire 再次成為 YouTube 上觀看次數排名第一的僅限移動端視頻遊戲和排名第一的大逃殺視頻遊戲。

It was also the third ranked game overall on YouTube by view count.

它也是 YouTube 上觀看次數排名第三的遊戲。

Free Fire related content recorded over 72 billion view counts across YouTube globally over the course of the year.

Free Fire 相關內容全年在全球 YouTube 上的觀看次數超過 720 億次。

The game was also named Esports Mobile Game of the Year at the Esports Awards 2020.

該遊戲還在 2020 年電子競技大獎中被評為年度電子競技手機遊戲。

The esports activities and online video content helped to drive up gamer engagement around the Free Fire franchise, while extending its reach to a wider group of communities as a spectator sport.

電子競技活動和在線視頻內容有助於提高玩家對 Free Fire 特許經營權的參與度，同時將其作為一項觀賞性運動擴展到更廣泛的社區群體。

While we continue to grow Free Fire into a long-lasting global franchise, we are also focused on building solid foundations for Garena's long-term growth.

在我們繼續將 Free Fire 發展為持久的全球特許經營權的同時，我們還專注於為 Garena 的長期增長奠定堅實的基礎。

For example, in the fourth quarter, Phoenix Labs, our AAA gaming studio based in Vancouver announced a further expansion, adding new offices in Montreal and Los Angeles, alongside its existing bases in Vancouver and Seattle.

例如，在第四季度，我們位於溫哥華的 AAA 遊戲工作室 Phoenix Labs 宣布進一步擴張，在蒙特利爾和洛杉磯新增辦事處，以及其在溫哥華和西雅圖的現有基地。

It also plans to build out teams in each of those cities to focus on new game development.

它還計劃在每個城市建立團隊，專注於新遊戲的開發。

We are confident that the expanded Phoenix Labs team will deliver great content in the years to come.

我們相信，擴大後的 Phoenix Labs 團隊將在未來幾年提供出色的內容。

As we move through 2021, Garena is building on the strong momentum of 2020 and strengthening our position as the global leader in the digital entertainment industry.

隨著我們邁入 2021 年，Garena 將在 2020 年的強勁勢頭基礎上再接再厲，鞏固我們作為數字娛樂行業全球領導者的地位。

We believe that our uniquely understanding of the taste and the preferences of global game community and our proven ability to build lasting forms of affinity with gamers in diverse markets around the world will continue to drive growth and success for Garena in 2021 and beyond.

我們相信，我們對全球遊戲社區的品味和偏好的獨特理解，以及我們與世界各地不同市場的遊戲玩家建立持久關係的成熟能力，將在 2021 年及以後繼續推動 Garena 的增長和成功。

Moving on to e-commerce.

轉向電子商務。

2020 was an extraordinary year for Shopee.

2020 年對於 Shopee 來說是不平凡的一年。

In a challenging environment, we adapted quickly to serve our communities and addressed the fast-evolving needs of our buyers and sellers.

在充滿挑戰的環境中，我們迅速適應以服務我們的社區，並滿足我們的買賣雙方快速變化的需求。

As a result, we have cemented Shopee's position as the favorite e-commerce platform for both buyers and sellers across Southeast Asia and Taiwan.

因此，我們鞏固了 Shopee 作為東南亞和台灣買家和賣家最喜歡的電子商務平台的地位。

We continued to record excellent results for the fourth quarter.

我們繼續在第四季度錄得出色的業績。

Year-on-year growth for e-commerce gross orders, GMV and GAAP revenue, further accelerated compared to the third quarter.

與第三季度相比，電子商務總訂單、GMV 和 GAAP 收入的同比增長進一步加快。

In the fourth quarter, Shopee recorded 1 billion gross orders, up 135% year-on-year; and GMV of $11.9 billion, an increase of 113% year-on-year.

第四季度，Shopee 錄得 10 億總訂單，同比增長 135%； GMV 119 億美元，同比增長 113%。

GAAP revenue grew 178% year-on-year to $842.2 million.

GAAP 收入同比增長 178% 至 8.422 億美元。

Adjusted EBITDA loss per order decreased by 41% year-on-year to $0.41 during the quarter, reflecting the efficiencies we have reached across 2020, even as we continued to invest in growth, especially during the peak shopping season.

本季度每筆訂單的調整後 EBITDA 損失同比下降 41% 至 0.41 美元，這反映了我們在 2020 年達到的效率，即使我們繼續投資於增長，尤其是在購物旺季期間。

For the full year of 2020, Shopee's gross orders totaled 2.8 billion, up 133% year-on-year.

2020年全年，蝦皮的總訂單總額為28億，同比增長133%。

GMV was $35.4 billion, an increase of 101% year-on-year.

GMV為354億美元，同比增長101%。

GAAP revenue grew 160% year-on-year to achieve $2.2 billion.

GAAP 收入同比增長 160%，達到 22 億美元。

In Indonesia, Shopee's largest market, we continued to grow our leadership position.

在 Shopee 最大的市場印度尼西亞，我們繼續鞏固我們的領導地位。

We recorded more than 430 million orders in the fourth quarter.

我們在第四季度錄得超過 4.3 億份訂單。

This translates into a daily average of around 4.7 million orders, up 128% year-on-year.

這意味著日均訂單量約為 470 萬份，同比增長 128%。

According to App Annie, Shopee continued to rank first in Indonesia by average monthly active users, total time spent in app on Android and download in the shopping category in the fourth quarter and for the full year of 2020.

根據 App Annie 的數據，2020 年第四季度和 2020 年全年，Shopee 的平均月活躍用戶數、在 Android 應用上的總使用時長和購物類別的下載總時間繼續在印度尼西亞排名第一。

We are also encouraged to see more sellers and brands around the region doing business on Shopee.

我們也很高興看到該地區更多的賣家和品牌在 Shopee 上開展業務。

For example, Shopee Mall, our dedicated space for leading brands, now features over 23,000 international and local brands.

例如，我們為領先品牌打造的專屬空間 Shopee Mall 現在擁有超過 23,000 個國際和本地品牌。

As our communities increasingly embrace e-commerce as their top retail toy, we believe Shopee's relentless focus on serving our users ensures that we continue to capture the largest share of the resulting growth.

隨著我們的社區越來越多地將電子商務視為他們的頂級零售玩具，我們相信 Shopee 對服務用戶的不懈關注確保我們繼續在由此產生的增長中獲得最大份額。

In both the fourth quarter and for the full year, Shopee was ranked #1 in the shopping category across Southeast Asia and Taiwan by average monthly active user, total time spent in app on Android and download based on App Annie.

在第四季度和全年，Shopee 在東南亞和台灣的購物類別中均排名第一，按月平均活躍用戶、在 Android 應用上花費的總時間和基於 App Annie 的下載量計算。

In fact, Shopee was ranked the third most downloaded app in the shopping category globally for the full year according to App Annie.

事實上，根據 App Annie 的數據，Shopee 在全年全球購物類別中的下載量排名第三。

The success of Shopee has also translated into stronger brand recognition across our communities.

Shopee 的成功也轉化為我們社區中更強大的品牌認知度。

We see this in YouGov's recently published Best APAC Buzz Rankings 2020 where Shopee was ranked first in Asia.

我們在 YouGov 最近發布的 2020 年最佳 APAC Buzz 排名中看到了這一點，其中 Shopee 在亞洲排名第一。

Shopee was also the #8 brand in YouGov's Best Global Brands 2020, representing 1 of the 2 e-commerce brands in the world's top 10 ranking.

Shopee 還是 YouGov 2020 年全球最佳品牌的第 8 名品牌，代表了全球前 10 名排名中的 2 個電子商務品牌之一。

Our strong focus on serving our users will continue to drive lasting brand affinity across our regions.

我們對服務用戶的高度重視將繼續在我們的地區推動持久的品牌親和力。

In each of our markets, e-commerce adoption continues to grow at an accelerated pace, and we believe that as the go-to online shopping platform, Shopee will successfully capture and further drive these growth opportunities.

在我們的每個市場，電子商務的採用都在繼續加速增長，我們相信，作為首選的在線購物平台，Shopee 將成功抓住並進一步推動這些增長機會。

Turning now to digital financial services.

現在轉向數字金融服務。

SeaMoney had a transformational year in 2020, has successfully captured opportunities presented by both acceleration of digitalization in our economy as a whole and the particularly strong growth of our e-commerce platform.

SeaMoney 在 2020 年是轉型的一年，成功抓住了整個經濟數字化加速和電子商務平台特別強勁增長所帶來的機遇。

As a result, it enjoyed rapid and efficient growth in the fourth quarter and the full year of 2020.

因此，它在第四季度和 2020 年全年實現了快速高效的增長。

For the fourth quarter, SeaMoney's mobile wallet recorded total payment volume of $2.9 billion, with quarterly paying users surpassing 23.2 million.

第四季度，SeaMoney 的移動錢包總支付額為 29 億美元，季度支付用戶超過 2320 萬。

This was partly driven by monthly paying users in Indonesia, which exceeded 10 million during the fourth quarter.

這部分是由於印度尼西亞的月付費用戶在第四季度超過 1000 萬。

For the full year 2020, our mobile wallet total payment volume was $7.8 billion.

2020 年全年，我們的移動錢包總支付額為 78 億美元。

Even as our mobile wallet ShopeePay benefited from the strong growth of Shopee, it also meaningfully reduced the payment friction and improved user experience on Shopee.

即使我們的手機錢包 ShopeePay 受益於 Shopee 的強勁增長，它也有意義地減少了支付摩擦並改善了 Shopee 的用戶體驗。

This synergistic growth of both Shopee and Shopee Pay showcases the strength of our platform in terms of adding value for our consumers.

Shopee 和 Shopee Pay 的這種協同增長展示了我們平台在為消費者增加價值方面的實力。

Both platform online and offline use cases and the partnerships also grew in 2020 as we continued our initiatives to expand use cases and as we saw more natural adoption by users who appreciate assessability and the convenience of our mobile wallet services.

2020 年，平台在線和離線用例以及合作夥伴關係也都在增長，因為我們繼續採取措施擴大用例，並且我們看到更自然地採用我們的移動錢包服務的可評估性和便利性的用戶。

For example, we recently expanded our partnership with Google to offer our mobile wallet as a payment option for the Google Play Store in Indonesia, in addition to our existing partnership in Thailand.

例如，除了我們在泰國的現有合作夥伴關係之外，我們最近擴大了與 Google 的合作夥伴關係，將我們的移動錢包作為印度尼西亞 Google Play 商店的支付選項。

As we onboard more online and offline use cases, we are seeing that our users increasingly appreciate the ease and the convenience of using our mobile wallet services.

隨著我們加入更多在線和離線用例，我們看到我們的用戶越來越欣賞使用我們的移動錢包服務的便捷性。

We also see that SeaMoney's merchant partners increasingly recognized the value of tapping into the vast and rapidly growing user bases of Shopee and SeaMoney.

我們還看到，SeaMoney 的商家合作夥伴越來越認識到利用 Shopee 和 SeaMoney 龐大且快速增長的用戶群的價值。

We are excited about opportunity ahead of us to serve a wider set of needs for both new and existing consumers and businesses across our ecosystems.

我們很高興有機會在我們的生態系統中為新的和現有的消費者和企業提供更廣泛的需求。

The rapid adoption of digital financial services in our region is expected to have a long-term growth prospect, and we will continue to focus on delivering strong, efficient and sustainable growth.

預計本地區數字金融服務的快速採用具有長期增長前景，我們將繼續專注於實現強勁、高效和可持續的增長。

Turning now to our guidance for 2021.

現在轉向我們對 2021 年的指導。

We believe that we are well positioned to continue delivering value across our communities.

我們相信我們有能力繼續在我們的社區中創造價值。

For the full year of 2021, we currently expect bookings for digital entertainment to be between $4.3 billion and $4.5 billion, representing 38% year-on-year growth at the midpoint of the guidance.

對於 2021 年全年，我們目前預計數字娛樂的預訂量將在 43 億美元至 45 億美元之間，在指引的中點處同比增長 38%。

We also expect GAAP revenue for e-commerce to be between $4.5 billion and $4.7 billion, representing 112% year-on-year growth at the midpoint of the guidance.

我們還預計電子商務的 GAAP 收入將在 45 億美元至 47 億美元之間，在該指引的中點同比增長 112%。

I'm also pleased to share that Sea has completed the acquisition of Composite Capital, a leading investment management firm founded and led by David Ma.

我也很高興地分享，Sea 已完成對由 David Ma 創立和領導的領先投資管理公司 Composite Capital 的收購。

I have known David for several years.

我認識大衛好幾年了。

In the past, he has been a long-term shareholder of Sea and shared our vision for the business and our passion to serve our communities through technology.

過去，他一直是 Sea 的長期股東，並分享了我們對業務的願景以及我們通過技術為社區服務的熱情。

David and his team have a demonstrated track record of thoughtful long-term investing with a deep understanding of industry trends and the businesses globally.

大衛和他的團隊在深思熟慮的長期投資方面有著良好的記錄，對行業趨勢和全球業務有著深刻的理解。

I'm very excited to welcome David and the team at Composite Capital to the Sea family.

我很高興歡迎 David 和 Composite Capital 的團隊加入 Sea 大家庭。

Along with this acquisition, I'm proud to announce the formation of Sea Capital, a new platform to manage Sea's investment efforts.

隨著此次收購，我很自豪地宣布 Sea Capital 的成立，這是一個管理 Sea 投資工作的新平台。

David will serve as the Chief Investment Officer of Sea Capital and will report directly to me.

David 將擔任 Sea Capital 的首席投資官，並將直接向我匯報。

Sea capital will focus on identifying, partnering with and investing in technology companies that share our vision of bettering the lives of consumers and small businesses through technology.

Sea Capital 將專注於識別、合作和投資與我們有共同願景的技術公司，即通過技術改善消費者和小企業的生活。

By investing into the growth of our broader ecosystem, we believe Sea Capital can help accelerate the growth of the overall digital economy and create real and lasting value for our users, business partners and communities.

通過投資於我們更廣泛的生態系統的發展，我們相信 Sea Capital 可以幫助加速整體數字經濟的增長，並為我們的用戶、業務合作夥伴和社區創造真正和持久的價值。

In line with this commitment, we are allocating an initial $1 billion for Sea Capital to deploy in the coming years.

根據這一承諾，我們為 Sea Capital 分配了 10 億美元的初始資金，用於未來幾年的部署。

We believe the addition of the Composite team and the establishment of Sea Capital will further enhance our investment and capital allocation capabilities in support of Sea's long-term growth strategies.

我們相信，Composite 團隊的加入和 Sea Capital 的成立將進一步增強我們的投資和資本配置能力，以支持 Sea 的長期增長戰略。

I would also like to take this opportunity to welcome Dr. Yan Shuicheng, who has joined the Sea family to build and lead Sea AI Labs as our Group Chief Scientist.

我也想藉此機會歡迎閆水成博士加入Sea大家庭，以集團首席科學家的身份建立並領導Sea AI Labs。

Dr. Yan is a leading expert in the field of artificial intelligence with a particular focus on computer vision, machine learning and multimedia analysis.

閆博士是人工智能領域的領先專家，尤其專注於計算機視覺、機器學習和多媒體分析。

He is an ACM fellow and Fellow of Academy of Engineering Singapore.

他是 ACM 院士和新加坡工程院院士。

Sea AI Labs intends to attract and collaborate with top talent in artificial intelligence with the goal of exploring and developing long-term insights and technologies related to our existing businesses and new opportunities beyond.

Sea AI Labs 打算吸引人工智能領域的頂尖人才並與之合作，目標是探索和開發與我們現有業務相關的長期見解和技術以及超越的新機會。

I believe that Dr. Yan and Sea AI Labs will strengthen our capabilities in innovation and research, in line with our commitment to advancing technology to drive the development of the digital economy across our region.

我相信閆博士和 Sea AI Labs 將加強我們在創新和研究方面的能力，符合我們推進技術以推動本地區數字經濟發展的承諾。

I'm very proud of the outstanding results our team achieved in 2020, and believe we are moving into 2021 primed for the exciting growth opportunities ahead of us.

我為我們的團隊在 2020 年取得的傑出成就感到非常自豪，並相信我們正在進入 2021 年，為我們面前令人興奮的增長機會做好了準備。

Across the business, we are focused on driving sustenance and efficient growth as we scale towards becoming a top global Internet company.

在整個業務領域，我們專注於推動維持生計和有效增長，因為我們正朝著成為全球頂級互聯網公司的方向發展。

We believe our single-minded goal of delivering value to our users will continue to drive our success.

我們相信，我們為用戶創造價值的一心一意的目標將繼續推動我們的成功。

With that, I will invite Tony to discuss our financials.

有了這個，我將邀請託尼討論我們的財務狀況。

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

謝謝你，Forrest，也感謝大家加入電話會議。

We have included detailed financial schedules together with the corresponding management analysis in today's press release, and Forrest has discussed some of our financial highlights.

我們在今天的新聞稿中包含了詳細的財務時間表以及相應的管理分析，Forrest 討論了我們的一些財務亮點。

So I will focus my comments on the other relevant metrics.

因此，我將把我的評論集中在其他相關指標上。

For Sea, overall, total GAAP revenue increased 102% year-on-year to $1.6 billion in the fourth quarter and 101% year-on-year to $4.4 billion for the full year of 2020.

對於 Sea，總體而言，GAAP 總收入在第四季度同比增長 102% 至 16 億美元，在 2020 年全年同比增長 101% 至 44 億美元。

This was mainly driven by take rate growth in our e-commerce business as we continue to roll out tools to better serve our users' needs as well as growth of our digital entertainment business, especially our self-developed game Free Fire.

這主要是由於我們繼續推出工具以更好地滿足用戶需求以及我們的數字娛樂業務（尤其是我們自主開發的遊戲 Free Fire）的增長，推動了我們電子商務業務的利率增長。

Digital entertainment bookings grew 111% year-on-year to $1 billion in the fourth quarter and 80% year-on-year to $3.2 billion for the full year of 2020.

第四季度數字娛樂預訂量同比增長 111% 至 10 億美元，2020 年全年同比增長 80% 至 32 億美元。

GAAP revenue was up 72% year-on-year to $693.4 million in the fourth quarter and 78% year-on-year to $2 billion for the full year of 2020.

GAAP 收入在第四季度同比增長 72% 至 6.934 億美元，在 2020 年全年同比增長 78% 至 20 億美元。

The growth was primarily driven by the increase of our active user base and deepened paying user penetration as we continue to engage the community through new content rollout and esports events.

這一增長主要是由於我們活躍用戶群的增加和付費用戶滲透率的加深，因為我們繼續通過新的內容推出和電子競技活動與社區互動。

Digital entertainment adjusted EBITDA was $663.5 million in the fourth quarter and $2 billion for the full year of 2020.

數字娛樂調整後的 EBITDA 第四季度為 6.635 億美元，2020 年全年為 20 億美元。

This represents year-on-year growth of 149% and 94% for the quarter and the full year, respectively.

這意味著本季度和全年的同比增長分別為 149% 和 94%。

This was mainly due to strong top line growth and an increased share of our self-developed game among our total bookings.

這主要是由於強勁的收入增長以及我們自主開發的遊戲在我們的總預訂量中的份額增加。

On e-commerce, our fourth quarter GAAP revenue of $842.2 million included GAAP marketplace revenue of $627.6 million, up 175% year-on-year; and GAAP product revenue of $214.6 million, up 187% year-on-year.

在電子商務方面，我們第四季度的 GAAP 收入為 8.422 億美元，其中 GAAP 市場收入為 6.276 億美元，同比增長 175%； GAAP 產品收入為 2.146 億美元，同比增長 187%。

For the full year of 2020, GAAP revenue of $2.2 billion included GAAP marketplace revenue of $1.6 billion, up 155% year-on-year; and GAAP product revenue of $0.6 billion, up 173% year-on-year.

2020 年全年，GAAP 收入 22 億美元，其中 GAAP 市場收入 16 億美元，同比增長 155%； GAAP產品收入6億美元，同比增長173%。

The strong result demonstrated the deepening penetration of e-commerce and our ability to capture this accelerated growth opportunities created by the rapid expansion of the digital economy.

強勁的業績表明電子商務的深入滲透以及我們抓住數字經濟快速擴張所帶來的加速增長機會的能力。

E-commerce adjusted EBITDA loss was $427.5 million in the fourth quarter and $1.3 billion for the full year of 2020, as we continued our investment to fully capture the opportunities in our markets.

第四季度電子商務調整後的 EBITDA 損失為 4.275 億美元，2020 年全年為 13 億美元，因為我們繼續投資以充分抓住市場機會。

We remain committed to efficiently investing in and growing the ecosystem to serve our users better.

我們仍然致力於有效地投資和發展生態系統，以更好地為我們的用戶服務。

Digital financial services GAAP revenue was $24.4 million in the fourth quarter and $60.8 million for the full year of 2020.

第四季度數字金融服務 GAAP 收入為 2440 萬美元，2020 年全年為 6080 萬美元。

Digital financial services adjusted EBITDA loss was $171.3 million in the fourth quarter and $511.1 million for the full year of 2020, as we continue our efforts to drive mobile wallet adoption.

隨著我們繼續努力推動移動錢包的採用，第四季度數字金融服務調整後的 EBITDA 損失為 1.713 億美元，2020 年全年為 5.111 億美元。

Returning to our consolidated numbers.

回到我們的綜合數字。

We recognized a net nonoperating loss of $124.5 million in the fourth quarter of 2020 compared to a net nonoperating loss of $15.2 million in the fourth quarter of 2019.

我們在 2020 年第四季度確認了 1.245 億美元的淨非經營性虧損，而 2019 年第四季度的淨非經營性虧損為 1520 萬美元。

Our nonoperating loss in the fourth quarter of 2020 was primarily due to investment loss and interest expense on convertible notes.

我們在 2020 年第四季度的非經營性虧損主要是由於投資損失和可轉換票據的利息費用。

For the full year, our net nonoperating loss was $179.9 million compared to a loss of $477.4 million for the full year of 2019.

全年，我們的淨非經營性虧損為 1.799 億美元，而 2019 年全年的虧損為 4.774 億美元。

Our nonoperating loss for the full year of 2020 was primarily due to interest expense on convertible notes, while such loss in 2019 was primarily due to fair value loss of $472.9 million on our 2017 convertible notes.

我們 2020 年全年的非經營性虧損主要是由於可轉換票據的利息支出，而 2019 年的此類虧損主要是由於我們 2017 年可轉換票據的公允價值損失 4.729 億美元。

We had a net income tax expense of $44.2 million in the fourth quarter of 2020 and $141.6 million for the full year of 2020.

我們在 2020 年第四季度的淨所得稅費用為 4420 萬美元，在 2020 年全年為 1.416 億美元。

This was primarily due to corporate income tax and withholding tax recognized in our digital and entertainment business.

這主要是由於我們在數字和娛樂業務中確認的企業所得稅和預扣稅。

As a result, net loss, excluding share-based compensation and changes in fair value of the 2017 convertible notes, was $430.7 million in the fourth quarter of 2020 and $1.3 billion for the full year of 2020.

因此，不包括基於股票的薪酬和 2017 年可轉換票據公允價值變動的淨虧損在 2020 年第四季度為 4.307 億美元，在 2020 年全年為 13 億美元。

With that, let me turn the call to Yanjun.

說到這裡，讓我把電話轉給燕軍。

Thank you, Forrest and Tony.

謝謝你，福雷斯特和托尼。

We're now ready to open the call for questions.

我們現在準備開始提問。

(Operator Instructions) The first question today comes from Piyush Mubayi with Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的 Piyush Mubayi。

Congratulations on the numbers.

祝賀你的數字。

May I just ask about the guidance that you provided on the gaming side.

請問您在遊戲方面提供的指導。

And looking back at the growth that you've seen in the user number in 2020, could you extrapolate from that and give us just a feel for what sort of user growth we can foresee in 2021 that's underpinning the growth in gaming revenues for 2021?

回顧您在 2020 年看到的用戶數量增長，您能否從中推斷並讓我們大致了解一下我們可以在 2021 年預見到什麼樣的用戶增長將支撐 2021 年的遊戲收入增長？

And related to that, if you could expand on the driver of the improvement in margins that we're observing on the gaming side, that would be great.

與此相關的是，如果您可以擴展我們在遊戲方面觀察到的利潤率提高的驅動因素，那就太好了。

Thank you, Piyush.

謝謝你，皮尤什。

In terms of the user growth, we don't separate forecast for 2021.

在用戶增長方面，我們不單獨預測 2021 年。

But if you look at our past performance, so far, our revenue growth -- or bookings growth for the digital entertainment segment has been driven by both user base growth as well as pay user penetration deepening, with a relatively stable average revenue per paying user.

但是，如果你看看我們過去的表現，到目前為止，我們的收入增長——或數字娛樂領域的預訂增長一直受到用戶群增長和付費用戶滲透率加深的推動，每個付費用戶的平均收入相對穩定.

And that speaks to the strength of our game, especially our self-development game, Free Fire, which has been a top grossing game in Southeast Asia and LatAm for multiple quarters and has also become a top grossing game in India for 2020 as well as the fourth quarter of 2020.

這說明了我們遊戲的實力，尤其是我們的自主開發遊戲《Free Fire》，它已連續多個季度成為東南亞和拉丁美洲最暢銷的遊戲，也成為 2020 年印度最暢銷的遊戲以及2020年第四季度。

I think that is a very positive trend we are observing.

我認為這是我們觀察到的一個非常積極的趨勢。

We'll continue to grow our user base globally for this game.

我們將繼續為這款遊戲在全球範圍內擴大我們的用戶群。

And we are also seeing very positive diversification of our revenue with Latin America now contributing the largest share of revenue.

而且我們還看到我們的收入非常積極地多樣化，拉丁美洲現在貢獻了最大的收入份額。

But at the same time, we see other parts of the world, including India, increasingly contribute significant portion of bookings to the digital entertainment segment.

但與此同時，我們看到世界其他地區，包括印度，越來越多地為數字娛樂領域貢獻了很大一部分的預訂量。

With this diversification, we're seeing Garena to become increasingly a global player with revenue coming from all over the world and user base expanding to the rest of the world rapidly.

通過這種多樣化，我們看到 Garena 越來越成為一個全球性的參與者，收入來自世界各地，用戶群迅速擴展到世界其他地區。

When we reached last quarter -- third quarter, we reached more than 570 million quality active users.

當我們到達上個季度——第三季度時，我們達到了超過 5.7 億優質活躍用戶。

We thought that was a very good number.

我們認為這是一個非常好的數字。

And then you see in fourth quarter, our active user base has increased to 600 -- more than 600 million users.

然後您會看到，在第四季度，我們的活躍用戶群已增加到 600 個——超過 6 億用戶。

We are still continuing to see very positive user growth across all our regions, and that to us is a very positive sign for the longevity and longer term commercialization of this game as well as a return to our effort to build this game into a long-lasting IP, a strong platform and increasing the ecosystem of itself.

我們仍然繼續在我們所有地區看到非常積極的用戶增長，這對我們來說是一個非常積極的信號，表明這款遊戲的壽命和更長期的商業化，以及我們努力將這款遊戲打造成為一個長期的-持久的IP，強大的平台和增加自身的生態系統。

In terms of the improvement of digital entertainment adjusted EBITDA margin, we're seeing -- as we mentioned, this is mainly attributable to Free Fire being our self-development game, which doesn't require any revenue share with any IP owner or developer.

在數字娛樂調整後 EBITDA 利潤率的改善方面，我們看到——正如我們所提到的，這主要歸因於 Free Fire 是我們的自主開發遊戲，它不需要與任何 IP 所有者或開發商分享任何收入.

And therefore, we will continue to see margin improvement.

因此，我們將繼續看到利潤率的改善。

Of course, in the longer run, we will also see more diversification of revenue both from self-developed as well as the publishing side.

當然，從長遠來看，我們還將看到來自自主開發和出版方面的收入更加多樣化。

And we are also focusing on investing into our ecosystem in recruiting top talent, in building our technology capabilities and introducing more IT collaborations with partners across different sides, whether it's on the gaming side as well as on the social and the entertainment front, to further improve our content offering to our user base so that -- but in the longer run, we do expect to maintain a very healthy adjusted EBITDA margin for our game business, and we'll continue to run it in a very efficient manner.

我們還專注於投資我們的生態系統，以招募頂尖人才，建立我們的技術能力，並與不同方面的合作夥伴引入更多的 IT 合作，無論是在遊戲方面，還是在社交和娛樂方面，以進一步改善我們向用戶群提供的內容，以便——但從長遠來看，我們確實希望為我們的遊戲業務保持非常健康的調整後 EBITDA 利潤率，並且我們將繼續以非常有效的方式運營它。

The next question comes from Thomas Chong with Jefferies.

下一個問題來自 Jefferies 的 Thomas Chong。

Congratulations on a solid set of guidance.

祝賀你獲得了一套可靠的指導。

On Shopee, I would like to ask about our triple-digit revenue growth.

在 Shopee 上，我想問一下我們三位數的收入增長情況。

Can management comment about the business trend across different regions, Indonesia, Singapore, Taiwan, Malaysia, et cetera.

管理層能否就不同地區（印度尼西亞、新加坡、台灣、馬來西亞等）的業務趨勢發表評論。

I just want to get a sense about which countries are we seeing faster growth for this year?

我只是想了解今年我們看到哪些國家的增長更快？

And my second question is on the digital finance side.

我的第二個問題是關於數字金融方面的。

Can management comment about our strategies for this year?

管理層可以評論我們今年的戰略嗎？

In particular, whether we will step up our efforts in the food delivery or other O2O initiative?

特別是，我們會否在外賣或其他O2O方面加大力度？

Thank you.

謝謝你。

In terms of the business trends and revenue growth for Shopee, first of all, we are seeing very strong growth across the regions and, in particular, our largest market in Indonesia, which we disclosed continued accelerate growth.

就 Shopee 的業務趨勢和收入增長而言，首先，我們看到各個地區的增長非常強勁，特別是我們在印度尼西亞的最大市場，我們披露該市場繼續加速增長。

So on GMV, orders as well as take rate side, we see even accelerated year-on-year growth rate, which speaks to volume, again, to the strength of our market leadership and our platform growth, even as most of the countries have opened up the -- in more of a contained manner as the COVID situation increasingly being under management.

因此，在 GMV、訂單以及拿貨率方面，我們甚至看到了同比加速增長，這再次說明了我們的市場領導地位和平台增長的實力，即使大多數國家/地區都有隨著 COVID 局勢越來越受到管理，以更加封閉的方式開闢了道路。

And I think in terms of the growth rates across different markets, we don't specifically give the breakdown.

而且我認為就不同市場的增長率而言，我們沒有具體給出細分。

But usually, we see very strong growth in larger markets where we already established very strong market leader position as well as highly accelerated growth in some of the markets that -- where we see very strong adoption during the COVID period.

但通常情況下，我們看到在我們已經確立了非常強大的市場領導地位的較大市場中增長非常強勁，並且在一些市場中出現了高度加速的增長——我們在 COVID 期間看到了非常強勁的採用率。

For example, in the Philippines, Malaysia, Singapore, we see very strong growth as people embraced online solutions during the COVID period, and Shopee becoming increasingly the go-to platform for people's consumption needs across various segments.

例如，在菲律賓、馬來西亞、新加坡，隨著人們在 COVID 期間採用在線解決方案，我們看到了非常強勁的增長，並且 Shopee 越來越成為滿足人們在各個領域消費需求的首選平台。

And that trend we're seeing going into 2021, as shown in our guidance for e-commerce again.

正如我們的電子商務指南再次顯示的那樣，我們將看到這種趨勢進入 2021 年。

And we're continuing to focus on driving efficient growth across our region and especially focused on serving the new users as well as the sellers being onboarded during this period of time and catering to the shift in lifestyle choices now accelerated by the COVID and lockdown measures taken so far, which will be -- as we said before, we believe it's going to have a long-lasting effect on digitalization of our economy in the region.

我們將繼續專注於推動整個地區的有效增長，特別是專注於為新用戶和在此期間入職的賣家提供服務，並迎合現在因 COVID 和封鎖措施而加速的生活方式選擇的轉變到目前為止，這將是 - 正如我們之前所說，我們相信這將對我們在該地區的經濟數字化產生長期影響。

In terms of digital financial services, we see, again, very strong growth, even though we started integrating our ShopeePay and SeaMoney wallet platform with Shopee just at the beginning of last year.

在數字金融服務方面，我們再次看到了非常強勁的增長，儘管我們在去年初就開始將 ShopeePay 和 SeaMoney 錢包平台與 Shopee 集成。

We already saw a very strong adoption as demonstrated by our pay user ratio, our pay user number as well as TPV growth, and will continue to drive efficient growth for us through Shopee user base and also continue to expand it to third-party merchants.

我們已經看到了非常強勁的採用率，我們的付費用戶比例、付費用戶數量以及 TPV 增長都證明了這一點，並將繼續通過 Shopee 用戶群為我們推動有效增長，並繼續將其擴展到第三方商家。

As we mentioned, we are expanding our partnership with Google to Indonesia.

正如我們所提到的，我們正在將與 Google 的合作夥伴關係擴展到印度尼西亞。

We have also partnered with other off-line malls and SME chains to continue to make our payment and wallet offerings available to a broader user base.

我們還與其他線下商城和中小企業連鎖店合作，繼續向更廣泛的用戶群提供我們的支付和錢包產品。

Again, this is further accelerated by the fact that now people are increasingly look for -- looking for alternative contactless payment method and shifting their consumption online that requires a convenient infrastructure for online payments in a region where credit card penetration remains very low.

同樣，現在人們越來越多地尋找替代的非接觸式支付方式並轉移他們的在線消費，這進一步加速了這一事實，這需要在信用卡普及率仍然很低的地區提供方便的在線支付基礎設施。

And in terms of food and other initiatives, we see these as category on Shopee that can offer additional value-adding to our consumers.

在食品和其他舉措方面，我們認為這些是 Shopee 上的類別，可以為我們的消費者提供額外的附加值。

We'll continue to observe what is based on the consumers' natural consumption behavior in terms of expansion into new categories over time with efficiency.

我們將繼續觀察基於消費者自然消費行為的內容，即隨著時間的推移高效地擴展到新品類。

The next question comes from Alicia Yap with Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

My first question is related to Shopee.

我的第一個問題與 Shopee 有關。

There has been a lot of news report mentioned about Shopee making good progress in Brazil.

有很多新聞報導提到 Shopee 在巴西取得了良好的進展。

So just wondering if you could share with us your overall e-commerce thoughts or the strategies for the Latin America, specifically for Brazil?

所以只是想知道您是否可以與我們分享您的整體電子商務想法或拉丁美洲的戰略，特別是巴西？

And then if you -- if we can compare between LatAm and Southeast Asia, what are some of the similarities and also the biggest difference between the 2 regions?

然後如果你——如果我們可以比較拉丁美洲和東南亞，這兩個地區之間有哪些相似之處和最大的區別？

And if your vision for this Brazil e-commerce initiative, what are the things that -- or efforts that you would need to step-up in order to achieve your target in Brazil?

如果您對巴西電子商務計劃的願景是什麼，您需要採取哪些措施或努力才能實現您在巴西的目標？

And then very quickly on the gaming.

然後很快就開始遊戲了。

In terms of your studio that you are setting up in Montreal and Los Angeles and all that, is this more coming for -- potentially, we are planning to license more U.S. IP?

就您在蒙特利爾和洛杉磯設立的工作室而言，這是否更適合 - 潛在地，我們計劃許可更多美國 IP？

Or is it will come up from our own IP in terms of these new games development?

還是會在這些新遊戲的開發方面從我們自己的IP中拿出來？

Thank you, Alicia.

謝謝你，艾麗西亞。

On the e-commerce front, as we mentioned, Brazil is initiated by our cross-border team to offer more markets to our cross-border sellers given that we already have established operations on the gaming side in the market.

在電子商務方面，正如我們所提到的，巴西是由我們的跨境團隊發起的，旨在為我們的跨境賣家提供更多市場，因為我們已經在市場上建立了遊戲方面的業務。

So it's generally efficient for us to offer additional value-adding to our sellers.

因此，為我們的賣家提供額外的增值通常對我們來說是有效的。

On that front, we also start to see local sellers embarking on our platform and it's well received.

在這方面，我們也開始看到本地賣家開始使用我們的平台，並且很受歡迎。

We think that, of course, is a positive sign.

我們認為這當然是一個積極的信號。

However, it's still very preliminary for us, and we'll continue to observe the market and let the team run with it and see how that progresses over time.

然而，這對我們來說仍然是非常初步的，我們將繼續觀察市場，讓團隊跟著它運行，看看它隨著時間的推移如何進展。

And in terms of our comparison between LatAm and Southeast Asia, I think these are very different markets.

就我們對拉美和東南亞的比較而言，我認為這是非常不同的市場。

And we wouldn't presume that we know those markets very well at this point.

而且我們不會假設我們目前非常了解這些市場。

Again, given the early stage of the development there, we will let the team explore a bit more and see how that goes.

同樣，鑑於那裡的開發處於早期階段，我們將讓團隊進行更多探索，看看進展如何。

And in terms of the Phoenix Labs expansion, so these are -- if you recall, we acquired Phoenix Labs and -- as a hire effort to bring in top talent based in the West and who have traditionally a long history of experience of AAA titles and also on PC and console-based games.

就 Phoenix Labs 的擴張而言，這些是 - 如果你還記得，我們收購了 Phoenix Labs 並且 - 作為僱傭努力引進西方的頂尖人才，他們傳統上擁有長期的 AAA 頭銜經驗以及基於 PC 和控制台的遊戲。

And the team has been expanding into other locations in the U.S. to continue to recruit more gaming talent for our long-term self-development capabilities.

並且該團隊一直在向美國其他地區擴展，以繼續為我們的長期自我發展能力招募更多遊戲人才。

So -- and at the same time, of course, our partners in the U.S. as well as other parts of the direct market have been always in close communications with them to see if there could be IP to be brought to our regions, now have been expanded to not just Southeast Asia, but also to include LatAm, India, MENA and the rest part of the world.

所以——當然，與此同時，我們在美國的合作夥伴以及直接市場的其他部分一直在與他們保持密切聯繫，看看是否可以將 IP 帶到我們的地區，現在已經有了不僅擴展到東南亞，還包括拉丁美洲、印度、中東和北非以及世界其他地區。

And we have demonstrated our strong track record in managing deepening user base as well as commercialization in a pretty much unprecedented, massive way in those regions for a sustained long period of time with our own IP as well as third-party IP incorporated in our self-developed games.

我們已經展示了我們在這些地區以前所未有的、大規模的方式管理不斷深化的用戶群以及商業化方面的強大記錄，並在持續很長一段時間內使用我們自己的 IP 以及納入我們自己的第三方 IP - 開發的遊戲。

So with that strong track record, we believe we're in a very good position to both attract top talent from all over the world, those based in the U.S., Canada or Asia as well as to attract top IP globally and in partnership with other developers.

因此，憑藉良好的業績記錄，我們相信我們處於一個非常有利的位置，既可以吸引來自世界各地的頂尖人才，包括美國、加拿大或亞洲的人才，又可以吸引全球頂級 IP 並與其他國家合作開發商。

The next question comes from Piyush Choudhary with HSBC.

下一個問題來自匯豐銀行的 Piyush Choudhary。

Two questions.

兩個問題。

Firstly, on Shopee, take rate has been improving.

首先，在 Shopee 上，成交率一直在提高。

Can you provide us some color on the ranking of the countries in terms of the take rate?

您能否就錄取率方面的國家排名提供一些顏色？

And which country has the highest potential of improvement in take rate in 2021?

哪個國家在 2021 年提高錄取率的潛力最大？

Secondly, on the logistics side, what are the average delivery times?

其次，在物流方面，平均交貨時間是多少？

And can you tell us high level plans for Shopee Xpress?

您能告訴我們 Shopee Xpress 的高級計劃嗎？

Are there kind of targets for managing a percentage of orders through Shopee Xpress in 1 year?

是否有在 1 年內通過 Shopee Xpress 管理一定比例的訂單的目標？

Any color over there will be helpful.

那裡的任何顏色都會有幫助。

Thank you.

謝謝你。

We don't give the take rate breakdown, but suffice to say that the take rate increase has been driven across different countries over time.

我們沒有給出採取率的細分，但足以說明隨著時間的推移，不同國家/地區的採取率增加。

We do it in a good pace and by communication -- well communication with the market, and also making sure we understand the performances and needs of our sellers and buyers as well.

我們以良好的步伐和溝通來做到這一點——與市場進行良好的溝通，並確保我們也了解我們的賣家和買家的表現和需求。

Most importantly, the increase in the take rate is driven by advertisement as well as transaction-based fees across different markets.

最重要的是，收取率的提高是由不同市場的廣告和基於交易的費用推動的。

So I think that there could be fluctuations also from time -- from period to period.

所以我認為隨著時間的推移也可能存在波動——從一個時期到另一個時期。

It is a dynamic process.

這是一個動態的過程。

We always look at the condition, the time period as well as the performances of our ecosystem to decide how best to manage the take rate over time.

我們總是關註生態系統的條件、時間段和表現，以決定如何最好地管理一段時間內的獲取率。

But suffice to say that we think in the longer run, on a blended level, we still believe it can still move to an even higher rate, at an even high single or low double-digit range.

但可以說，我們認為從長遠來看，在混合水平上，我們仍然相信它仍然可以達到更高的速度，甚至可以達到更高的個位數或更低的兩位數範圍。

And I think we're on target of getting there over time.

我認為我們的目標是隨著時間的推移到達那裡。

And in terms of logistics, our average delivery time is around probably a couple of days, depending on, of course, what part of the region you're talking about.

在物流方面，我們的平均交貨時間可能是幾天左右，當然，這取決於您所談論的地區的哪個部分。

In the city, it can be less than a day.

在城市裡，可能不到一天。

So of course, in some faraway places that it can be a longer period of time.

所以當然，在一些遙遠的地方，它可以是更長的時間。

So far, we don't see that as a bottleneck for our e-commerce business growth.

到目前為止，我們並不認為這是我們電子商務業務增長的瓶頸。

Of course, during the COVID period, with the travel constraints as well as demand -- increased demand from all over the -- different parts of the region, we are quickly ramping up logistics capabilities in partnership with our third-party logistics providers as well as by increasing our own capacity in last-mile express delivery to supplement the 3PL capacity during the peak time.

當然，在新冠疫情期間，由於旅行限制和需求——來自該地區不同地區的需求增加——我們也在與我們的第三方物流供應商合作迅速提升物流能力比如通過增加我們自己的最後一公里快遞能力來補充高峰期的3PL能力。

So we will continue to monitor the logistics demand as well as the service levels of our 3PL and help them further grow in their efficiency and capabilities in serving our users.

因此，我們將繼續監控物流需求以及 3PL 的服務水平，並幫助他們進一步提高服務用戶的效率和能力。

And at the same time, ramping up our own capabilities as needed, but in a very efficient manner.

同時，根據需要以非常有效的方式提升我們自己的能力。

The next question comes from Ranjan Sharma with JPMorgan, Singapore.

下一個問題來自新加坡摩根大通的 Ranjan Sharma。

Congratulations on the results.

祝賀結果。

Two questions from my side.

我這邊有兩個問題。

Firstly, on the gaming guidance, do new games make up any part of this guidance?

首先，關於遊戲指南，新遊戲是否構成該指南的任何部分？

And if you can share what your new game pipeline might be for this year?

如果你能分享你今年的新遊戲管道可能是什麼？

Secondly, we have seen Sea expanding into new geographies.

其次，我們已經看到 Sea 擴展到新的地區。

And within our sell into new services, how should we think about your sales and marketing budget?

在我們推銷新服務的過程中，我們應該如何考慮您的銷售和營銷預算？

And how are you allocating it to the different services?

您如何將其分配給不同的服務？

In terms of the game guidance, we are budgeting it based on whatever is currently visible to us, as always.

在遊戲指導方面，我們一如既往地根據我們當前可見的內容對其進行預算。

We don't specifically discuss pipelines, but as we all know, we've always been testing prototypes, ideas and even more advanced games at any time -- at any point of time, and we continue to also diversify our pipelines, genres and capabilities across different types of games.

我們沒有專門討論管道，但眾所周知，我們一直在隨時測試原型、想法甚至更高級的遊戲——在任何時間點，我們還將繼續多樣化我們的管道、流派和跨不同類型遊戲的能力。

So the revenue guidance or booking guidance is based on our reasonable estimates for 2021 based on whatever is currently visible to us.

因此，收入指導或預訂指導是基於我們對 2021 年的合理估計，基於我們目前可見的任何內容。

And in terms of the allocation of the sales and marketing, are you referring to digital entertainment segment also?

在銷售和營銷的分配方面，您是指數字娛樂領域嗎？

(technical difficulty) Can you hear me?

（技術難度）你能聽到我說話嗎？

Yes.

是的。

Yes, I can.

我可以。

So for e-commerce, sales and marketing expense, as you can see, we continue to improve on our efficiency.

因此，對於電子商務、銷售和營銷費用，如您所見，我們繼續提高效率。

And our allocation on sales and marketing is a -- again, a dynamic process based on the time of the year.

我們對銷售和營銷的分配是一個基於一年中時間的動態過程。

And what we think is the development pace and pace of growth for the market, and efficiency of investment in that market as well as any opportunistic media events, for example.

例如，我們認為市場的發展速度和增長速度，該市場的投資效率以及任何機會主義媒體事件。

So these are a combination of factors we look at in allocating sales and marketing.

因此，這些是我們在分配銷售和營銷時考慮的因素的組合。

But the gist of it is we continue to focus on efficient growth to make sure that every dollar we spend there is driving effective user growth and strong user retention and also increasing user frequency.

但它的要點是我們繼續專注於有效增長，以確保我們在那里花費的每一美元都能推動有效的用戶增長和強大的用戶保留率，同時也增加用戶頻率。

For example, we -- during Q4, during the peak sales period, this is a very strong shopping period, and we have a lot of shopping activities as well as media activities across different markets.

例如，我們在第四季度，在銷售高峰期，這是一個非常強勁的購物期，我們有很多購物活動以及跨不同市場的媒體活動。

And these have shown very strong results, as you can see.

如您所見，這些都顯示出非常強大的結果。

And more importantly, we're driving up not just user time spent but also user frequency on our app.

更重要的是，我們不僅提高了用戶花費的時間，還提高了用戶使用我們應用程序的頻率。

We now see more than 5.7x purchase frequency -- order frequency per month.

我們現在看到超過 5.7 倍的購買頻率——每月的訂單頻率。

That's another step-up from the last quarter's Q3 number.

這是上一季度第三季度數據的又一次提升。

So that is a very good testament to the strength of our platform and efficiency of our investment into sales and marketing.

因此，這很好地證明了我們平台的實力以及我們對銷售和營銷的投資效率。

The next question comes from John Blackledge with Cowen.

下一個問題來自 John Blackledge 和 Cowen。

On Shopee's EBITDA, any thoughts on EBITDA trend in 2021?

關於 Shopee 的 EBITDA，您對 2021 年的 EBITDA 趨勢有何看法？

Would you expect losses to be higher than in 2020?

您預計損失會高於 2020 年嗎？

And more broadly, is there a certain kind of overall take rate range we should think about that would lead to flat or positive EBITDA at Shopee?

更廣泛地說，我們是否應該考慮某種整體採取率範圍，這會導致 Shopee 的 EBITDA 持平或為正？

And then also on Shopee, so the 4Q '20 overall marketplace take rate was 5.3% in 4Q versus 5.9% in 3Q.

然後在 Shopee 上，20 年第 4 季度的整體市場接受率在第 4 季度為 5.3%，而在第 3 季度為 5.9%。

So any color on the modest Q-over-Q decline in the take rate?

那麼，對於獲取率的 Q-over-Q 適度下降有什麼影響嗎？

In terms of the EBITDA trends, we don't provide guidance or forecast on EBITDA.

就 EBITDA 趨勢而言，我們不對 EBITDA 提供指導或預測。

I think maybe the previous question also -- my answer to the previous question, touch upon that is, a, we look at efficiency of investments; and b, we look at each market and timing based on what's the natural pace of growth and how we can invest in that growth with efficiency; and c, there could be optimistic events that could drive EBITDA fluctuations over a period of time.

我想也許上一個問題也是——我對上一個問題的回答，涉及到的是，a，我們看投資效率； b，我們根據什麼是自然增長速度以及我們如何有效地投資於這種增長來審視每個市場和時機； c，可能有一些樂觀的事件可能會在一段時間內推動 EBITDA 波動。

But most importantly, I think, suffice to say is that, we can breakeven as we choose to at this point, even at this take rate.

但最重要的是，我認為，足以說明的是，我們可以在這一點上選擇收支平衡，即使在這個採取率。

And our Taiwan take rate is not -- for example, that's the first market where we broke even and we have achieved a very healthy EBITDA margin there, as we previously disclosed before.

而且我們的台灣接受率不是 - 例如，這是我們第一個收支平衡的市場，我們在那裡實現了非常健康的 EBITDA 利潤率，正如我們之前披露的那樣。

And the take rate in Taiwan is not highest, even among our existing market.

而台灣的接受率也不是最高的，即使在我們現有的市場中也是如此。

So it's not to say that we have to drive to a very high take rate to be able to break even.

所以這並不是說我們必須達到非常高的收益率才能達到收支平衡。

Our investment in growth is really by choice and according to the pace that we think is suitable for each market.

我們對增長的投資實際上是根據我們認為適合每個市場的選擇和速度進行的。

So we're in a very good position right now where our destiny is in our own hands, and we can control the pace of investment and allocation of each market in a highly dynamic and elastic way to drive efficient growth.

所以我們現在處於一個非常好的位置，我們的命運掌握在我們自己手中，我們可以以高度動態和彈性的方式控制每個市場的投資和配置步伐，以推動有效增長。

In terms of the take rate, our take rate has actually increased quarter-on-quarter.

在獲取率方面，我們的獲取率實際上環比增長。

It didn't decline.

它沒有下降。

Happy to elaborate further off-line.

很高興進一步離線詳細說明。

But if you look at our past disclosure, there's increase in the take rate quarter-on-quarter.

但是，如果您查看我們過去的披露，就會發現採用率環比增加。

The next question will come from Varun Ahuja with Crédit Suisse.

下一個問題將來自瑞士信貸的 Varun Ahuja。

I got 2 questions.

我有2個問題。

First, can you elaborate a little bit on Sea Capital?

首先，您能詳細介紹一下Sea Capital嗎？

What are the objectives on that business?

該業務的目標是什麼？

Is it you're looking more like a SoftBank kind of an investment wherein you will turn up new kind of a thing?

是不是你看起來更像是軟銀的一種投資，你會在其中找到新的東西？

And what kind of returns time horizon?

以及什麼樣的回報時間範圍？

Any more color will be helpful given there are so many investments that you're looking into, into business also.

考慮到您正在研究的投資如此之多，以及對業務的投資，任何更多的顏色都會有所幫助。

That's one.

那是一個。

And number two, there have been, during the last few months, report about you acquiring a bank in Indonesia.

第二，在過去的幾個月裡，有報導稱您在印度尼西亞收購了一家銀行。

If you can provide more color on that, that will be helpful.

如果您可以提供更多顏色，那將很有幫助。

In terms of Sea Capital, as we shared earlier that we are very happy to have the Composite team led by David Ma to join us to further strengthen our investment and capital allocation capability.

在Sea Capital方面，正如我們之前分享的，我們很高興有David Ma帶領的Composite團隊加入我們，進一步加強我們的投資和資本配置能力。

We think it's very important for a global Internet company to have that capabilities in the longer run.

我們認為，從長遠來看，對於一家全球互聯網公司而言，擁有這種能力非常重要。

And we will continue to build on our talent pool as well as our pipeline to further strengthen that.

我們將繼續建立我們的人才庫和管道，以進一步加強這一點。

We don't have a specific ETA in terms of return rate, in particular, for asset-based fund.

在回報率方面，我們沒有具體的預計到達時間，特別是對於基於資產的基金。

I think our overall way -- view towards that is still it is an integral part of Sea's growth story.

我認為我們的總體方式 - 對此的看法仍然是 Sea 增長故事中不可或缺的一部分。

And whatever we do on the investment side is to further strengthen our growth capabilities in the long run and to further strengthen our ecosystem as well as to further our mission and vision to go -- to use technology to serve our users, our communities as well as ecosystem participants in our core regions.

無論我們在投資方面做什麼，都是為了進一步加強我們的長期增長能力，進一步加強我們的生態系統，並進一步推進我們的使命和願景——利用技術為我們的用戶、我們的社區服務作為我們核心區域的生態系統參與者。

So I think this is not a -- any departure from our existing course of trying to grow the business in the long run and maximizing return to our shareholders for the long run.

因此，我認為這與我們現有的長期發展業務並從長遠來看最大化股東回報的過程沒有任何背離。

In terms of the Indonesia bank, we have gotten a bank license in Indonesia as well, and we see this as an integral part of our SeaMoney segment where we continue to build out the infrastructure for digital payments as well as digital financial services.

就印度尼西亞銀行而言，我們也在印度尼西亞獲得了銀行牌照，我們認為這是我們 SeaMoney 部門不可分割的一部分，我們將繼續構建數字支付和數字金融服務的基礎設施。

We'll continue to focus on the technology front of our business as part of our core DNA.

作為我們核心 DNA 的一部分，我們將繼續專注於我們業務的技術前沿。

But at the same time, our focus is to use the technology that we have in our Internet DNA to see how best to further strengthen the digital economy infrastructure in our region, which were products.

但與此同時，我們的重點是利用我們互聯網 DNA 中的技術，看看如何最好地進一步加強我們地區的數字經濟基礎設施，這些基礎設施是產品。

And at the same time, we believe there are significant opportunities in the long run that could even exceed the size of our current opportunities we're looking at -- in that segment.

同時，我們相信，從長遠來看，在該領域存在重大機遇，甚至可能超過我們目前正在尋找的機遇的規模。

So we're very -- we're going to adopt a very long run view towards that and look at DFS as a highly comprehensive segment, and each part as integral part of our long-term venture into DFS.

所以我們非常 - 我們將對此採取非常長遠的觀點，並將 DFS 視為一個高度綜合的細分市場，每個部分都是我們對 DFS 的長期投資的組成部分。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Min Ju Song for any closing remarks.

我現在想把會議轉回給 Min Ju Song 做任何閉幕詞。

Thank you, everyone, for joining today's call.

謝謝大家加入今天的電話會議。

We look forward to speaking to you all again next quarter.

我們期待下個季度再次與大家交談。

Thank you.

謝謝你。

This conference has now concluded.

本次會議現已結束。

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。