Sea Ltd (SE) 2020 Q4 法說會逐字稿

Good morning, and good evening. Welcome to the Sea Limited's Fourth Quarter and Full Year 2020 Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，晚上好。歡迎參加 Sea Limited 2020 年第四季和全年業績電話會議。（操作員指示）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. Please go ahead.

現在我想將會議交給宋敏珠女士。請繼續。

Hello, everyone, and welcome to Sea's 2020 Fourth Quarter and Full Year Earnings Conference Call. I am Min Ju Song from Sea's Group Chief Corporate Officer's Office. 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.

大家好，歡迎參加Sea 2020年第四季及全年財報電話會議。我是 Sea 集團首席公司長辦公室的宋敏珠 (Min Ju Song)。在我們繼續之前，我想提醒您，我們可能會做出前瞻性的陳述，這些陳述本質上受風險和不確定性的影響，並且由於我們在新聞稿中所述的各種原因，可能不會在未來實現。

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. 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. 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.

此外，本次電話會議也討論了某些非 GAAP 財務指標，如調整後的 EBITDA 和不包括股權激勵的淨虧損以及 2017 年可轉換票據的公允價值變動。我們相信，當這些指標作為我們 GAAP 揭露的補充時，可以增強投資者對我們主要業務實際現金流的理解。有關非公認會計準則 (GAAP) 財務指標的使用以及與最接近的公認會計準則 (GAAP) 指標的調節的討論，請參閱我們的新聞稿中有關非公認會計準則 (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. Our management will share strategy and business updates, operating highlights and financial performance for the fourth quarter and for the full year of 2020. This will be followed by a Q&A session in which we welcome any questions you have.

在座的還有 Sea 集團董事長兼執行長 Forrest Li；集團財務長侯建軍；以及集團首席企業官王延軍。我們的管理層將分享 2020 年第四季和全年的策略和業務更新、營運亮點和財務表現。接下來是問答環節，我們歡迎您提出任何問題。

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

說完這些，讓我把電話轉給福雷斯特。

Thank you, Min Ju. Hello, everyone, and thank you, as always, for joining today's call. 2020 was a landmark year for Sea. Our team, users and communities all faced unprecedented challenges as a result of the pandemic. This further reinforced the importance of our mission to empower the consumers and small businesses in our communities with technology.

謝謝你，Min Ju。大家好，一如既往地感謝大家參加今天的電話會議。2020年對Sea來說是個具有里程碑意義的一年。由於疫情，我們的團隊、使用者和社群都面臨前所未有的挑戰。這進一步強調了我們利用科技為社區消費者和小型企業賦能的使命的重要性。

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. 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.

我們迅速適應，幫助我們的用戶和社群應對去年的獨特挑戰，同時也成功滿足了用戶對這些產品和服務快速成長和快速發展的需求。例如，我們在Shopee平台上迅速建立了家居生活和雜貨產品，推出了封鎖賣家支援計劃，以幫助本地商家更快地恢復運營，加快了我們的數位支付服務，並將大型電子競技活動轉移到了線上，這些都取得了非常成功的成果。

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. During this time, our team has demonstrated their resilience, adaptability and strong execution. We believe these capabilities position us very well to capture and drive the significant growth opportunities ahead as a strong market leader.

為遏止疫情而採取的封鎖和社交疏離措施大大加速了我們經濟的數位化進程，我們預期其影響將是持久的。這段時間，我們的團隊展現了他們的韌性、適應力和強大的執行力。我們相信，這些能力使我們有能力作為強大的市場領導者抓住並推動未來巨大的成長機會。

Our results for the fourth quarter and for the full year of 2020 speak to the success of our approach. On the group level, in the fourth quarter, we recorded accelerated year-on-year growth in GAAP revenue compared to the previous quarter. It reached $1.6 billion, up 102% year-on-year. We've also recorded 102% year-on-year growth in our fourth quarter gross profit to reach $533.7 million. Our fourth quarter adjusted EBITDA was $48.7 million compared to an adjusted EBITDA loss of $104.9 million a year ago.

我們 2020 年第四季和全年的業績證明了我們的方法的成功。從集團層面來看，第四季度，我們的 GAAP 收入較上一季相比實現了加速同比增長。達到16億美元，年增102%。我們的第四季毛利也年增了 102%，達到 5.337 億美元。我們第四季的調整後 EBITDA 為 4,870 萬美元，而去年同期的調整後 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. GAAP revenue for the full year more than doubled compared to that of 2019 to reach $4.4 billion. Gross profit grew 123% year-on-year to reach $1.3 billion. We also achieved a positive adjusted EBITDA of $107 million for the full year compared to a loss of $178.6 million for 2019.

強勁的第四季度業績為2020年全年的出色業績做出了貢獻。全年 GAAP 營收較 2019 年成長一倍以上，達到 44 億美元。毛利較去年同期成長123%，達到13億美元。我們全年調整後的 EBITDA 也達到了 1.07 億美元，而 2019 年則虧損 1.786 億美元。

This was supported by the strong performance across our digital entertainment and e-commerce businesses. 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. Both businesses exceeded our recently raised full year guidance for 2020.

這得益於我們數位娛樂和電子商務業務的強勁表現。全年來看，Garena 實現預訂額 32 億美元，Shopee 實現 GAAP 收入加上銷售獎勵淨額 25 億美元。這兩項業務的業績都超出了我們最近上調的 2020 年全年業績預期。

Let me now discuss each business individually, starting with digital entertainment. 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. Adjusted EBITDA in the fourth quarter was $663.5 million, up 149% year-on-year, representing 66% of bookings. For the full year, we generated bookings of $3.2 billion, increasing by 80% year-on-year. Garena's adjusted EBITDA increased by 94% year-on-year to reach $2 billion, representing 62% of bookings.

現在讓我分別討論一下每個業務，從數位娛樂開始。Garena 上一季的出色表現延續到了第四季度，預訂量達到 10 億美元，年增 111%。第四季調整後EBITDA為6.635億美元，年增149%，佔預訂量的66%。全年我們的訂單金額達 32 億美元，年增 80%。Garena 調整後的 EBITDA 年成長 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. Every quarter, more gamers globally engaged with our in-game content and esports activity. In the fourth quarter, quarterly active users reached 610.6 million, an increase of 72% year-on-year. Quarterly paying users $73.1 million -- 73.1 million, up 120% year-on-year. 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%.

第四季和全年強勁的財務表現得益於我們不斷擴大用戶和付費用戶群的能力。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。第四季，季度活躍用戶達6.106億，年增72%。季度付費用戶數7,310萬美元－7,310萬，年增120%。我們的付費用戶率（以季度付費用戶佔季度活躍用戶的百分比衡量）在第四季度持續成長，達到 12%。

Free Fire was once again a key driver of Garena's outperformance. 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. It has maintained the top ranking for six consecutive quarters. 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.

Free Fire 再次成為 Garena 出色表現的關鍵動力。根據App Annie的數據，它繼續成為2020年第四季及全年拉丁美洲和東南亞地區收入最高的手機遊戲。已連續六個季度保持榜首。強勁的表現在印度同樣明顯，根據 App Annie 的數據，《Free Fire》是第四季和 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. 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. We believe that Free Fire is formally establishing itself as a strong global gaming franchise and platform.

我們也很高興告訴大家，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。這是 Free Fire 連續第二年在全球排名第一，我們繼續在全球擴大 Free Fire 用戶群並與全球遊戲玩家建立更緊密的聯繫。我們相信，Free Fire 正在正式成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. Gamers around the world increasingly recognized Garena's reputation for constantly enhancing the Free Fire experience with innovative content, partnerships and esports activity.

Free Fire 成功的關鍵因素之一是我們致力於保持遊戲的新鮮感和吸引力。全球各地的遊戲玩家越來越認可 Garena 透過創新內容、合作夥伴關係和電子競技活動不斷增強 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. 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. A limited-time battle royale risen game mode and the team-based 1v1 view mode. 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.

例如，在第四季度，我們宣布了《Free Fire》與足球傳奇克里斯蒂亞諾·羅納爾多建立合作夥伴關係，這是近年來電競產業與運動產業之間最重要的合作之一。除了新的遊戲內物品和可玩角色外，作為與克里斯蒂亞諾·羅納爾多合作的一部分，我們還推出了兩種新的遊戲模式。限時大逃殺升級遊戲模式和以團隊為基礎的1v1視角模式。我們的用戶喜歡這些新的遊戲模式，因為它們透過將不同類型的遊戲玩法融入大逃殺類型，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. We made significant progress in deepening engagement with our community in 2020. 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.

Free Fire 龐大且不斷成長的電競和串流社群是我們用戶參與策略的另一個重要支柱。2020 年，我們在深化與社區的互動方面取得了重大進展。儘管舉辦現場活動面臨挑戰，但根據電競排行榜，2020 年同時觀看人數最多的前 5 場電競錦標賽中有 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. It was also the third ranked game overall on YouTube by view count. Free Fire related content recorded over 72 billion view counts across YouTube globally over the course of the year. The game was also named Esports Mobile Game of the Year at the Esports Awards 2020. 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.

2020 年，《Free Fire》再次成為 YouTube 上觀看次數最多的行動專用電玩遊戲和大逃殺電玩遊戲。根據觀看次數，它也是 YouTube 上排名第三的遊戲。去年，YouTube 上與《Free Fire》相關的內容在全球的觀看次數已超過 720 億次。該遊戲還在 2020 年電競獎中被評為年度最佳電競手機遊戲。電子競技活動和線上影片內容有助於提高《Free Fire》系列遊戲玩家的參與度，同時將其作為觀賞性運動的影響力擴展到更廣泛的群體。

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. 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. It also plans to build out teams in each of those cities to focus on new game development. We are confident that the expanded Phoenix Labs team will deliver great content in the years to come.

在我們繼續將 Free Fire 發展為一個持久的全球特許經營權的同時，我們也致力於為 Garena 的長期發展奠定堅實的基礎。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，在現有的溫哥華和西雅圖基地基礎上，在蒙特婁和洛杉磯增加了新辦事處。該公司還計劃在每個城市組建團隊，專注於新遊戲開發。我們相信，擴大後的 Phoenix Labs 團隊將在未來幾年內推出更出色的內容。

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. 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.

隨著我們進入 2021 年，Garena 正在延續 2020 年的強勁勢頭，鞏固我們作為數位娛樂產業全球領導者的地位。我們相信，我們對全球遊戲社群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親和力的已證實能力，將繼續推動 Garena 在 2021 年及以後的成長和成功。

Moving on to e-commerce. 2020 was an extraordinary year for Shopee. In a challenging environment, we adapted quickly to serve our communities and addressed the fast-evolving needs of our buyers and sellers. 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.

轉向電子商務。2020年對Shopee來說，是不平凡的一年。在充滿挑戰的環境中，我們迅速適應並服務社區，滿足買家和賣家快速變化的需求。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. Year-on-year growth for e-commerce gross orders, GMV and GAAP revenue, further accelerated compared to the third quarter. 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. GAAP revenue grew 178% year-on-year to $842.2 million. 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.

我們第四季持續取得優異的業績。電商總訂單量、GMV、GAAP營收年增率較第三季進一步加快。第四季，Shopee總訂單量達10億筆，年增135%； GMV達119億美元，年增113%。GAAP 營收年增 178% 至 8.422 億美元。本季度，每筆訂單的調整後 EBITDA 損失同比下降 41% 至 0.41 美元，反映了我們在 2020 年實現的效率，儘管我們繼續在增長方面進行投資，尤其是在購物旺季。

For the full year of 2020, Shopee's gross orders totaled 2.8 billion, up 133% year-on-year. GMV was $35.4 billion, an increase of 101% year-on-year. GAAP revenue grew 160% year-on-year to achieve $2.2 billion.

2020年全年Shopee總訂單量達28億，較去年同期成長133%。GMV為354億美元，年增101%。GAAP營收年增160%，達到22億美元。

In Indonesia, Shopee's largest market, we continued to grow our leadership position. We recorded more than 430 million orders in the fourth quarter. This translates into a daily average of around 4.7 million orders, up 128% year-on-year. 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.

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。我們在第四季的訂單量超過4.3億份。這意味著每天平均訂單量約為 470 萬份，年增 128%。根據 App Annie 的數據，Shopee 在 2020 年第四季和全年的平均月活躍用戶數、Android 用戶端總使用時間以及購物類下載量繼續位居印尼第一。

We are also encouraged to see more sellers and brands around the region doing business on Shopee. For example, Shopee Mall, our dedicated space for leading brands, now features over 23,000 international and local brands.

我們也很高興看到該地區有更多賣家和品牌在 Shopee 上開展業務。例如，我們為領先品牌打造的專屬空間 Shopee Mall 目前擁有超過 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. 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. In fact, Shopee was ranked the third most downloaded app in the shopping category globally for the full year according to App Annie.

隨著我們的社群越來越多地將電子商務作為他們的首選零售玩具，我們相信 Shopee 對服務使用者的不懈關注可確保我們繼續佔據由此產生的成長的最大份額。根據 App Annie 的數據，在第四季度和全年，Shopee 在東南亞和台灣的購物類別中，按平均月活躍用戶數、Android 應用程式總使用時間以及下載量排名第一。事實上，根據 App Annie 的數據，Shopee 是全年全球購物類別下載量第三大的應用程式。

The success of Shopee has also translated into stronger brand recognition across our communities. We see this in YouGov's recently published Best APAC Buzz Rankings 2020 where Shopee was ranked first in Asia. 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. Our strong focus on serving our users will continue to drive lasting brand affinity across our regions.

Shopee 的成功也意味著我們社群的品牌認知度更高。我們在 YouGov 最近發布的 2020 年亞太地區最佳熱門名單中看到了這一點，Shopee 在亞洲排名第一。Shopee 也是 YouGov 2020 年全球最佳品牌中排名第 8 的品牌，是全球十大電子商務品牌中的兩個之一。我們高度重視為用戶提供服務，這將繼續推動我們所在地區持久的品牌親和力。

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.

在我們的每個市場中，電子商務的採用都繼續加速成長，我們相信，作為首選的線上購物平台，Shopee將成功抓住並進一步推動這些成長機會。

Turning now to digital financial services. 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. As a result, it enjoyed rapid and efficient growth in the fourth quarter and the full year of 2020.

現在來談談數位金融服務。2020 年是 SeaMoney 轉型的一年，成功抓住了整個經濟數位化加速和電子商務平台強勁成長帶來的機會。從而在2020年第四季及全年實現了快速且高效的成長。

For the fourth quarter, SeaMoney's mobile wallet recorded total payment volume of $2.9 billion, with quarterly paying users surpassing 23.2 million. This was partly driven by monthly paying users in Indonesia, which exceeded 10 million during the fourth quarter. For the full year 2020, our mobile wallet total payment volume was $7.8 billion.

第四季度，SeaMoney 行動錢包的總支付金額達到 29 億美元，季度付費用戶超過 2,320 萬。這在一定程度上得益於印尼的月付費用戶，第四季其月付費用戶數量超過 1,000 萬。2020年全年，我們的行動錢包總支付額為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. This synergistic growth of both Shopee and Shopee Pay showcases the strength of our platform in terms of adding value for our consumers.

我們的行動錢包ShopeePay不僅受益於Shopee的強勁成長，同時也顯著減少了支付摩擦，改善了Shopee的用戶體驗。Shopee 和 Shopee Pay 的協同成長展現了我們平台在為消費者增值方面的實力。

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. 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. 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.

隨著我們繼續努力擴展用例，並且我們看到越來越多的用戶自然地採用我們的行動錢包服務，他們欣賞我們的行動錢包服務的可評估性和便利性，因此平台的線上和線下用例以及合作夥伴關係在 2020 年都有所增長。例如，除了現有的泰國合作夥伴關係外，我們最近還擴大了與Google的合作夥伴關係，將我們的行動錢包作為印尼谷歌 Play 商店的支付選項。隨著我們加入越來越多的線上和線下使用案例，我們發現用戶越來越欣賞使用我們的行動錢包服務的輕鬆和便捷。

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. 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. 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.

我們也看到，SeaMoney 的商家合作夥伴越來越認識到利用 Shopee 和 SeaMoney 龐大且快速成長的用戶群的價值。我們對眼前的機會感到興奮，我們將在我們的生態系統中滿足新舊消費者和企業的更廣泛的需求。我們地區數位金融服務的快速採用預計將具有長期成長前景，我們將繼續專注於實現強勁、高效和可持續的成長。

Turning now to our guidance for 2021. We believe that we are well positioned to continue delivering value across our communities. 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. 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.

現在來談談我們對 2021 年的指導。我們相信，我們有能力繼續為我們的社區創造價值。對於 2021 年全年，我們目前預計數位娛樂預訂將在 43 億美元至 45 億美元之間，按指引中位數計算，年增 38%。我們也預期電子商務的 GAAP 收入將在 45 億美元至 47 億美元之間，相當於指引中位數的 112% 的年成長。

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. I have known David for several years. 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. 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. I'm very excited to welcome David and the team at Composite Capital to the Sea family.

我還很高興地告訴大家，Sea 已完成對 Composite Capital 的收購，Composite Capital 是一家由 David Ma 創立和領導的領先投資管理公司。我認識大衛已經好幾年了。過去，他一直是 Sea 的長期股東，與我們有著相同的業務願景以及透過技術服務社群的熱情。David 和他的團隊在深思熟慮的長期投資方面有著良好的記錄，並且對行業趨勢和全球業務有著深刻的理解。我非常高興地歡迎 David 和 Composite Capital 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. David will serve as the Chief Investment Officer of Sea Capital and will report directly to me. 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.

隨著此次收購，我很自豪地宣布成立 Sea Capital，一個管理 Sea 投資工作的新平台。David 將擔任 Sea Capital 的首席投資官，並直接向我報告。Sea capital 將專注於尋找、合作和投資那些與我們有共同願景的科技公司，即透過科技改善消費者和小型企業的生活。

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

透過投資我們更廣泛的生態系統的成長，我們相信 Sea Capital 可以幫助加速整個數位經濟的成長，並為我們的用戶、商業夥伴和社群創造真正的、持久的價值。根據這項承諾，我們將為 Sea Capital 撥款 10 億美元，供其在未來幾年內部署。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，支持Sea的長期成長策略。

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. Dr. Yan is a leading expert in the field of artificial intelligence with a particular focus on computer vision, machine learning and multimedia analysis. He is an ACM fellow and Fellow of Academy of Engineering Singapore.

我也想藉此機會歡迎顏水成博士加入Sea大家庭，建立並領導Sea AI Labs，擔任我們的集團首席科學家。髕博士是人工智慧領域的領先專家，特別關注電腦視覺、機器學習和多媒體分析。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. 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.

Sea AI Labs 旨在吸引和合作人工智慧領域的頂尖人才，目標是探索和開發與我們現有業務和新機會相關的長期見解和技術。我相信髕博士和Sea AI Labs將加強我們的創新和研究能力，符合我們致力於推動技術進步以推動整個地區數位經濟發展的承諾。

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. Across the business, we are focused on driving sustenance and efficient growth as we scale towards becoming a top global Internet company. We believe our single-minded goal of delivering value to our users will continue to drive our success.

我為我們團隊在 2020 年取得的出色成績感到非常自豪，並相信我們將在 2021 年為未來令人興奮的成長機會做好準備。在整個業務範圍內，我們專注於推動維持和高效成長，朝著成為全球頂級網路公司的目標邁進。我們相信，為用戶提供價值的單一目標將繼續推動我們的成功。

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

因此，我將邀請托尼來討論我們的財務狀況。

Thank you, Forrest, and thanks to everyone for joining the call. 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. So I will focus my comments on the other relevant metrics.

謝謝你，福雷斯特，也謝謝大家參加電話會議。我們在今天的新聞稿中提供了詳細的財務時間表以及相應的管理分析，Forrest 也討論了我們的一些財務亮點。因此，我將重點討論其他相關指標。

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. 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.

就 Sea 而言，整體而言，第四季 GAAP 總營收年增 102% 至 16 億美元，2020 年全年總營收年增 101% 至 44 億美元。這主要得益於我們電子商務業務的收費率成長，因為我們不斷推出工具來更好地滿足用戶的需求，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 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. 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. 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.

第四季數位娛樂預訂金額較去年同期成長 111%，達到 10 億美元，2020 年全年預訂額較去年同期成長 80%，達到 32 億美元。第四季 GAAP 營收年增 72% 至 6.934 億美元，2020 年全年 GAAP 營收年增 78% 至 20 億美元。隨著我們繼續透過推出新內容和電競活動來吸引社區，成長主要得益於我們活躍用戶群的增加和付費用戶滲透率的提高。

Digital entertainment adjusted EBITDA was $663.5 million in the fourth quarter and $2 billion for the full year of 2020. This represents year-on-year growth of 149% and 94% for the quarter and the full year, respectively. This was mainly due to strong top line growth and an increased share of our self-developed game among our total bookings.

數位娛樂調整後EBITDA在第四季為6.635億美元，2020年全年為20億美元。這意味著本季和全年同比增長分別達到 149% 和 94%。這主要歸功於強勁的營收成長以及我們自主研發的遊戲在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. 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. 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.

在電子商務方面，我們第四季的 GAAP 營收為 8.422 億美元，其中 GAAP 市場營收為 6.276 億美元，較去年同期成長 175%；而GAAP產品營收為2.146億美元，較去年成長187%。2020年全年GAAP營收22億美元，其中GAAP市場營收16億美元，年增155%；而GAAP產品營收為6億美元，較去年成長173%。強勁的業績證明了電子商務的深入滲透以及我們抓住數位經濟快速擴張所帶來的加速成長機會的能力。

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

由於我們持續投資以充分抓住市場機遇，電子商務調整後 EBITDA 虧損在第四季為 4.275 億美元，全年為 13 億美元。我們始終致力於有效投資和發展生態系統，以便更好地服務我們的用戶。

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

2020 年第四季數位金融服務 GAAP 營收為 2,440 萬美元，全年為 6,080 萬美元。由於我們持續努力推動行動錢包的普及，數位金融服務調整後 EBITDA 虧損在第四季為 1.713 億美元，全年為 5.111 億美元。

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

回到我們的合併數字。我們確認 2020 年第四季的淨非營業虧損為 1.245 億美元，而 2019 年第四季的淨非營業虧損為 1,520 萬美元。我們 2020 年第四季的非營業虧損主要由於投資損失和可轉換票據的利息支出。

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. 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.

全年而言，我們的淨營業外虧損為 1.799 億美元，而 2019 年全年虧損為 4.774 億美元。我們 2020 年全年的非營業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 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. This was primarily due to corporate income tax and withholding tax recognized in our digital and entertainment business. 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.

2020 年第四季我們的淨所得稅支出為 4,420 萬美元，2020 年全年淨所得稅支出為 1.416 億美元。這主要是由於我們的數位和娛樂業務確認的企業所得稅和預扣稅。因此，不包括股權激勵和 2017 年可轉換票據公允價值變動的淨虧損在 2020 年第四季為 4.307 億美元，2020 年全年為 13 億美元。

With that, let me turn the call to Yanjun.

現在，請容許我把電話轉給嚴軍。

Thank you, Forrest and Tony. We're now ready to open the call for questions.

謝謝你，福雷斯特和托尼。我們現在準備開始回答問題。

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

（操作員指示）今天的第一個問題來自高盛的 Piyush Mubayi。

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

恭喜你獲得這些數字。我可以問一下您在遊戲方面提供的指導嗎？回顧 2020 年用戶數量的成長，您能否據此推斷並讓我們大致了解一下 2021 年可以預見的用戶增長情況，這將支撐 2021 年遊戲收入的增長？與此相關，如果您可以詳細說明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. In terms of the user growth, we don't separate forecast for 2021. 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. 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.

謝謝你，皮尤什。在用戶成長方面，我們並沒有單獨對2021年做出預測。但如果你回顧我們過去的表現，到目前為止，我們的收入成長——或者說數位娛樂部門的預訂量成長是由用戶群成長和付費用戶滲透率加深共同推動的，每個付費用戶的平均收入相對穩定。這證明了我們遊戲的實力，尤其是我們自主開發的遊戲《Free Fire》，該遊戲已連續多個季度成為東南亞和拉美地區最暢銷的遊戲，並且還成為 2020 年以及 2020 年第四季度印度最暢銷的遊戲。

I think that is a very positive trend we are observing. We'll continue to grow our user base globally for this game. And we are also seeing very positive diversification of our revenue with Latin America now contributing the largest share of revenue. 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. 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.

我認為這是我們觀察到的一個非常積極的趨勢。我們將繼續擴大該遊戲的全球用戶群。而且我們也看到收入呈現非常積極的多元化，其中拉丁美洲現在貢獻了最大的收入份額。但同時，我們看到包括印度在內的世界其他地區正為數位娛樂領域貢獻越來越多的預訂量。透過這種多樣化，我們看到 Garena 日益成為全球參與者，其收入來自世界各地，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. We thought that was a very good number. And then you see in fourth quarter, our active user base has increased to 600 -- more than 600 million users. 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.

到上個季度也就是第三季的時候，我們的優質活躍用戶已經超過5.7億。我們認為這是一個非常好的數字。然後你會看到在第四季度，我們的活躍用戶群已經增加到 6 億多用戶。我們在所有地區仍然看到非常積極的用戶成長，對我們來說，這對這款遊戲的長期壽命和長期商業化來說是一個非常積極的信號，也是我們努力將這款遊戲打造成一個持久的IP，一個強大的平台並不斷擴大其生態系統的回報。

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

就數位娛樂調整後 EBITDA 利潤率的提高而言，我們看到——正如我們所提到的，這主要歸因於 Free Fire 是我們自主開發的遊戲，它不需要與任何 IP 所有者或開發人員進行任何收入分成。因此，我們將繼續看到利潤率的提高。當然，從長遠來看，我們也將看到收入來源更加多樣化，既包括自主開發收入，也包括出版收入。我們也專注於投資我們的生態系統，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開展更多的 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 - 但從長遠來看，我們確實希望保持遊戲業務的非常健康的調整後 EBITDA 利潤率，並且我們將繼續以非常高效的運作方式。

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. On Shopee, I would like to ask about our triple-digit revenue growth. Can management comment about the business trend across different regions, Indonesia, Singapore, Taiwan, Malaysia, et cetera. I just want to get a sense about which countries are we seeing faster growth for this year?

恭喜您獲得了一套可靠的指導。在Shopee上，我想問我們三位數的營收成長。管理階層能否評論印尼、新加坡、台灣、馬來西亞等不同地區的業務趨勢。我只是想知道今年哪些國家的成長速度更快？

And my second question is on the digital finance side. Can management comment about our strategies for this year? In particular, whether we will step up our efforts in the food delivery or other O2O initiative?

我的第二個問題是關於數位金融方面的。管理階層能否對我們今年的策略做出評論？具體來說，我們是否會加大在外賣或其他O2O方面的力度？

Thank you. 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. 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.

謝謝。就Shopee的業務趨勢和收入成長而言，首先，我們看到各個地區都出現了非常強勁的成長，特別是我們最大的市場印度尼西亞，我們揭露該市場持續加速成長。因此，在 GMV、訂單量以及成交率方面，我們看到同比增長率甚至有所加速，這再次證明了我們的市場領導地位和平台增長的實力，儘管大多數國家已經以更加可控的方式開放，因為隨著 COVID 情況逐漸得到控制。

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

我認為，就不同市場的成長率而言，我們並沒有具體給出細分數據。但通常情況下，我們在較大的市場中會看到非常強勁的成長，我們已經在這些市場中建立了非常強大的市場領導地位，而且在某些市場中也看到了高度加速的成長——在 COVID 期間，我們看到了非常強勁的採用率。例如，在菲律賓、馬來西亞、新加坡，我們看到了非常強勁的成長，因為人們在疫情期間接受了線上解決方案，Shopee 越來越成為滿足各個領域人們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. 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.

我們看到這一趨勢將持續到 2021 年，這一點在我們對電子商務的指引中再次體現。我們將繼續專注於推動整個地區的高效成長，尤其是專注於服務新用戶以及這段時間內加入的賣家，並迎合目前因新冠疫情和封鎖措施而加速的生活方式選擇的轉變，正如我們之前所說，我們相信這將對該地區經濟的數位化產生持久影響。

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

在數位金融服務方面，儘管我們去年年初才開始將我們的 ShopeePay 和 SeaMoney 錢包平台與 Shopee 整合，但我們再次看到了非常強勁的成長。我們的付費用戶比例、付費用戶數量以及 TPV 成長都證明了我們的採用率非常高，並且將繼續透過 Shopee 用戶群推動高效成長，並繼續將其擴展到第三方商家。正如我們所提到的，我們正在將與Google的合作擴展到印尼。

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. 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.

我們也與其他線下商場和中小型連鎖店合作，繼續向更廣泛的用戶群體提供我們的支付和錢包服務。此外，這一趨勢也因人們日益尋求替代性非接觸式支付方式並將消費轉移到線上而進一步加速，而這需要在信用卡普及率仍然很低的地區建立便利的線上支付基礎設施。

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

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增值服務。我們將持續觀察基於消費者自然消費行為的新產品拓展方式。

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. My first question is related to Shopee. There has been a lot of news report mentioned about Shopee making good progress in Brazil. So just wondering if you could share with us your overall e-commerce thoughts or the strategies for the Latin America, specifically for Brazil?

恭喜您取得的優異成績。我的第一個問題與 Shopee 有關。有很多新聞報導Shopee在巴西取得了良好進展。所以我想知道您是否可以與我們分享您對電子商務的整體想法或針對拉丁美洲，特別是巴西的策略？

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? 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?

那麼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差異？如果您對巴西電子商務計劃有什麼願景，那麼您需要採取哪些措施或做出哪些努力才能實現您在巴西的目標？

And then very quickly on the gaming. 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? Or is it will come up from our own IP in terms of these new games development?

然後很快就開始遊戲。就您在蒙特婁和洛杉磯設立的工作室而言，這是否有可能—我們計劃授權更多美國智慧財產權？或者就這些新遊戲的開發而言，它會來自我們自己的 IP 嗎？

Thank you, Alicia. 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. So it's generally efficient for us to offer additional value-adding to our sellers. On that front, we also start to see local sellers embarking on our platform and it's well received. We think that, of course, is a positive sign. 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.

謝謝你，艾莉西亞。在電子商務方面，正如我們所提到的，鑑於我們已經在市場遊戲方面建立了業務，我們的跨境團隊啟動了巴西市場，以便為我們的跨境賣家提供更多市場。因此，為賣家提供額外的加值服務通常是有效的。在這方面，我們也開始看到本地賣家加入我們的平台，並且受到了好評。我們認為這當然是一個正面的訊號。然而，對我們來說這仍然處於非常初步的階段，我們將繼續觀察市場並讓團隊繼續運行，看看其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. And we wouldn't presume that we know those markets very well at this point. Again, given the early stage of the development there, we will let the team explore a bit more and see how that goes.

透過對拉丁美洲和東南亞的比較，我認為它們是非常不同的市場。我們現在還不能假設我們非常了解這些市場。再次，考慮到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. 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.

就 Phoenix Labs 的擴展而言，如果您還記得的話，我們收購了 Phoenix Labs，並努力引進西方頂尖人才，這些人才在 AAA 遊戲以及 PC 和主機遊戲方面有著豐富的經驗。而團隊一直在向美國其他地區擴張，以繼續招募更多的遊戲人才，增強我們的長期自我發展能力。

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. 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.

所以——與此同時，當然，我們在美國以及其他直接市場的合作夥伴一直與他們保持密切溝通，以了解是否可以將智慧財產權帶到我們的地區，現在我們的地區不僅已擴展到東南亞，還包括拉丁美洲、印度、中東和北非以及世界其他地區。我們在管理不斷深化的用戶群以及將自有 IP 和第三方 IP 融入自主開發的遊戲中，在這些地區長期以史無前例的大規模方式實現商業化，證明了我們在這方面的卓越業績。

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，也可以吸引全球頂尖的智慧財產權並與其他開發商合作。

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. Firstly, on Shopee, take rate has been improving. Can you provide us some color on the ranking of the countries in terms of the take rate? And which country has the highest potential of improvement in take rate in 2021?

兩個問題。首先，在Shopee上，佣金率一直在提高。您能否為我們提供一些有關各個國家按接受率進行排名的詳細資訊？2021 年哪個國家的接受率提升潛力最大？

Secondly, on the logistics side, what are the average delivery times? And can you tell us high level plans for Shopee Xpress? Are there kind of targets for managing a percentage of orders through Shopee Xpress in 1 year? Any color over there will be helpful.

其次，在物流方面，平均運輸時間是多少？您能告訴我們 Shopee Xpress 的高層計劃嗎？對於一年內透過 Shopee Xpress 管理一定比例的訂單，有什麼目標嗎？那邊的任何顏色都會有幫助。

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

謝謝。我們沒有給出接受率的明細，但可以說，隨著時間的推移，不同國家的接受率都有所上升。我們以良好的節奏和溝通來完成這項任務——與市場進行良好的溝通，同時確保我們了解賣家和買家的表現和需求。最重要的是，收費率的成長是由不同市場的廣告和交易費用所推動的。

So I think that there could be fluctuations also from time -- from period to period. It is a dynamic process. 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. 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. And I think we're on target of getting there over time.

所以我認為隨著時間推移——不同時期——也可能存在波動。這是一個動態的過程。我們始終關註生態系統的狀況、時間段以及表現，以決定如何最好地管理長期的接管率。但可以說，我們認為從長遠來看，在混合層面上，我們仍然相信它仍然可以移動到更高的速度，甚至達到較高的個位數或較低的兩位數範圍。我認為我們很快就會實現這個目標。

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. In the city, it can be less than a day. So of course, in some faraway places that it can be a longer period of time. So far, we don't see that as a bottleneck for our e-commerce business growth. 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.

在物流方面，我們的平均交貨時間大概是幾天，當然這取決於您所談論的地區。在城市裡，可能不到一天的時間。當然，在一些遙遠的地方，這個時間可能會更長。到目前為止，我們並不認為這是我們電子商務業務成長的瓶頸。當然，在疫情期間，由於出行限制以及來自該地區不同地區的需求增加，我們正在與第三方物流供應商合作，迅速提升物流能力，並增加我們自己在最後一英里快遞方面的能力，以補充高峰時段的第三方物流能力。

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

因此，我們將持續監控物流需求以及第三方物流的服務水平，幫助他們進一步提高服務使用者的效率和能力。同時，我們根據需要，以非常有效率的方式提升自己的能力。

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. Two questions from my side. Firstly, on the gaming guidance, do new games make up any part of this guidance? And if you can share what your new game pipeline might be for this year?

恭喜你所取得的成果。我有兩個問題。首先，關於遊戲指導意見，新遊戲是否構成該指導意見的一部分？能分享一下今年的新遊戲計畫嗎？

Secondly, we have seen Sea expanding into new geographies. And within our sell into new services, how should we think about your sales and marketing budget? And how are you allocating it to the different services?

其次，我們看到 Sea 正在向新的地區擴張。在我們銷售新服務時，我們應該如何考慮您的銷售和行銷預算？那麼您如何將其分配給不同的服務呢？

In terms of the game guidance, we are budgeting it based on whatever is currently visible to us, as always. 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. So the revenue guidance or booking guidance is based on our reasonable estimates for 2021 based on whatever is currently visible to us.

在遊戲指導方面，我們一如既往地根據當前可見的情況來制定預算。我們不會專門討論管道，但眾所周知，我們一直在任何時候、任何時間點測試原型、想法甚至更先進的遊戲，我們還將繼續在不同類型的遊戲中使我們的管道、類型和能力多樣化。因此，收入指引或預訂指引是基於我們對 2021 年的合理估計，基於我們目前可見的情況。

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

在銷售和行銷的分配方面，您是否也指的是數位娛樂領域？

(technical difficulty) Can you hear me?

（技術故障）你聽得到我說話嗎？

Yes. Yes, I can. So for e-commerce, sales and marketing expense, as you can see, we continue to improve on our efficiency. And our allocation on sales and marketing is a -- again, a dynamic process based on the time of the year. 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.

是的。是的，我可以。因此，對於電子商務、銷售和行銷費用，正如您所看到的，我們不斷提高效率。我們在銷售和行銷方面的分配是一個基於一年中各個時間的動態過程。我們所考慮的是市場的發展速度和成長速度，以及該市場的投資效率以及任何機會性媒體事件等。

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

所以，這些是我們在分配銷售和行銷時考慮的多種因素。但重點是，我們繼續專注於高效成長，以確保我們花費的每一美元都能推動有效的用戶成長和強大的用戶保留率，並增加用戶頻率。

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. And these have shown very strong results, as you can see. And more importantly, we're driving up not just user time spent but also user frequency on our app. We now see more than 5.7x purchase frequency -- order frequency per month. That's another step-up from the last quarter's Q3 number. So that is a very good testament to the strength of our platform and efficiency of our investment into sales and marketing.

例如，在第四季的銷售高峰期，這是一個非常強勁的購物期，我們在不同市場進行了大量的購物活動和媒體活動。如您所見，這些已經顯示出非常強勁的結果。更重要的是，我們不僅在提高用戶使用應用程式的時間，還在提高用戶使用頻率。我們現在看到的購買頻率（每月訂單頻率）超過 5.7 倍。這比上一季的第三季數字又有進步。這很好地證明了我們平台的實力以及我們在銷售和行銷方面的投資效率。

The next question comes from John Blackledge with Cowen.

下一個問題來自 Cowen 公司的約翰·布萊克利奇。

On Shopee's EBITDA, any thoughts on EBITDA trend in 2021? Would you expect losses to be higher than in 2020? 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?

關於 Shopee 的 EBITDA，您對 2021 年的 EBITDA 趨勢有何看法？您預計損失會比 2020 年更高嗎？更廣泛地說，我們是否應該考慮某種總體收費率範圍，以使 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. So any color on the modest Q-over-Q decline in the take rate?

同樣在 Shopee 上，2020 年第四季整體市場接受率為 5.3%，而第三季為 5.9%。那麼，您能解釋一下環比下降的接受率嗎？

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

就 EBITDA 趨勢而言，我們不提供 EBITDA 指導或預測。我想也許前面的問題也涉及──我對前面問題的回答牽涉到，a，我們看投資效率； b、我們根據自然成長速度來審視每個市場和時機，以及如何有效地對這種成長進行投資； c、可能存在一些樂觀事件，導致一段時間內 EBITDA 波動。但最重要的是，我認為，可以說的是，即使在這樣的利率水準下，我們也可以按照自己的選擇來實現收支平衡。

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. And the take rate in Taiwan is not highest, even among our existing market. So it's not to say that we have to drive to a very high take rate to be able to break even. Our investment in growth is really by choice and according to the pace that we think is suitable for each market. 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.

而且我們的台灣市場接受率並不高——例如，這是我們第一個實現收支平衡的市場，而且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。即使在我們現有的市場中，台灣的接受率也不是最高的。所以，這並不是說我們必須提高接受率才能達到收支平衡。我們對成長的投資確實是出於選擇，並且按照我們認為適合每個市場的速度進行。所以我們現在處於一個非常有利的地位，我們的命運掌握在自己手中，我們可以以高度動態和有彈性的方式控制每個市場的投資和分配步伐，以推動高效成長。

In terms of the take rate, our take rate has actually increased quarter-on-quarter. It didn't decline. Happy to elaborate further off-line. But if you look at our past disclosure, there's increase in the take rate quarter-on-quarter.

就接受率而言，我們的接受率實際上環比有所增加。它沒有下降。很高興離線進一步詳細說明。但如果你看看我們過去的披露，你會發現接受率逐季增加。

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

下一個問題來自瑞士信貸的 Varun Ahuja。

I got 2 questions. First, can you elaborate a little bit on Sea Capital? What are the objectives on that business? Is it you're looking more like a SoftBank kind of an investment wherein you will turn up new kind of a thing? And what kind of returns time horizon? Any more color will be helpful given there are so many investments that you're looking into, into business also. That's one.

我有兩個問題。首先，可以詳細介紹一下 Sea Capital 嗎？該業務的目標是什麼？您是否看起來更像是軟銀 (SoftBank) 那樣的投資，在其中會創造出新的東西？回報時間範圍是怎樣的？由於您正在考慮很多投資，也包括商業投資，因此更多的細節將會很有幫助。那是一個。

And number two, there have been, during the last few months, report about you acquiring a bank in Indonesia. If you can provide more color on that, that will be helpful.

第二，過去幾個月有報道稱貴公司收購了印尼的一家銀行。如果您能對此提供更多詳細信息，那將會很有幫助。

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. We think it's very important for a global Internet company to have that capabilities in the longer run. And we will continue to build on our talent pool as well as our pipeline to further strengthen that.

在Sea Capital方面，正如我們之前分享的那樣，我們非常高興有David Ma領導的Composite團隊的加入，以進一步增強我們的投資和資本配置能力。我們認為，從長遠來看，對於一家全球網路公司來說，擁有這種能力非常重要。我們將繼續擴大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. I think our overall way -- view towards that is still it is an integral part of Sea's growth story. 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. 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.

我們沒有具體的報酬率預期目標，特別是對於資產型基金。我認為我們的整體觀點仍然是，這是 Sea 成長故事不可或缺的一部分。無論我們在投資方面做什麼，都是為了進一步增強我們的長期成長能力，進一步加強我們的生態系統，以及進一步實現我們的使命和願景——利用技術為我們的用戶、我們的社區以及核心地區的生態系統參與者提供服務。因此，我認為這並沒有偏離我們現有的努力長期發展業務和長期最大化股東回報的方針。

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

就印尼銀行而言，我們也已獲得印尼的銀行牌照，我們將其視為 SeaMoney 部門不可或缺的一部分，我們將繼續在該部門建立數位支付和數位金融服務的基礎設施。我們將繼續專注於業務的技術前沿，並將其作為我們核心 DNA 的一部分。但同時，我們的重點是利用我們互聯網 DNA 中的技術來研究如何最好地進一步加強我們地區的數位經濟基礎設施，這些都是產品。同時，我們相信，從長遠來看，該領域還存在著巨大的機遇，其規模甚至可能超過我們目前所看到的機會。因此，我們將以非常長遠的眼光看待這個問題，將 DFS 視為高度全面的部分，並將每個部分視為我們長期進軍 DFS 不可或缺的一部分。

This concludes our question-and-answer session. I would now like to turn the conference back over to Min Ju Song for any closing remarks.

我們的問答環節到此結束。現在，我想將會議交還給宋敏珠 (Min Ju Song)，請她作最後總結。

Thank you, everyone, for joining today's call. We look forward to speaking to you all again next quarter. Thank you.

感謝大家參加今天的電話會議。我們期待下個季度再次與大家交談。謝謝。

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。