Sea Ltd (SE) 2021 Q4 法說會逐字稿

Good morning and good evening. Welcome to the Sea Limited Fourth Quarter and Full Year 2021 Results Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Ms. Min Ju Song. Please go ahead.

早安，晚上好。歡迎參加 Sea Limited 2021 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。現在我想將會議交給宋敏珠女士。請繼續。

Thank you, and hello, everyone, and welcome to Sea's 2021 Fourth Quarter and Full Year Earnings Conference Call. I'm Min Ju Song from Sea's Group Chief Corporate Officer's office.

謝謝大家，大家好，歡迎參加 Sea 2021 年第四季和全年財報電話會議。我是 Sea 集團首席公司長辦公室的宋敏珠 (Min Ju Song)。

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. Also, this call includes a discussion of certain non-GAAP financial measures such as adjusted EBITDA and net loss, excluding share-based compensation. 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.

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。此外，本次電話會議也討論了某些非公認會計準則財務指標，如調整後的 EBITDA 和淨虧損（不包括股權激勵）。我們相信，這些指標作為我們 GAAP 揭露的補充，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 GAAP 財務指標的使用以及與最接近的 GAAP 指標的調整的討論，請參閱我們新聞稿中有關非 GAAP 財務指標的部分。

I have with me Sea's Chairman and Group Chief Executive Officer, Forrest Li; Group Chief Financial Officer, Tony Hou; and Group Chief Corporate Officer, Yanjun Wang. Our management will share strategy and business updates, operating highlights and financial performance for the fourth quarter and for the full year of 2021. This will be followed by a Q&A session in which we welcome any questions you have.

和我一起的還有 Sea 董事長兼集團執行長 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 2021 年第四季和全年的策略和業務更新、營運亮點和財務業績。

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 for joining today's call. In 2021, we continue to focus on growing and evolving our business to address the fast-changing needs of our users and communities. We have invested with vision and efficiency to capture the unprecedented opportunities available to us during this period of accelerated digitalization.

謝謝你，Min Ju。大家好，感謝您參加今天的電話會議。 2021 年，我們將繼續專注於發展和改進我們的業務，以滿足用戶和社群快速變化的需求。我們以遠見和效率進行投資，以抓住數位加速時期為我們帶來的前所未有的機會。

As a result, we have greatly deepened our engagement with consumers and small businesses, vastly expanding our total addressable market and extended our leadership across all our businesses. Moreover, our growing scale, leadership and strong cash balance means we are well placed to leverage efficiencies across our ecosystem.

因此，我們大大加深了與消費者和小型企業的接觸，大大擴展了我們的整體目標市場，並擴大了我們在所有業務中的領導地位。此外，我們不斷增長的規模、領導力和強大的現金餘額意味著我們有能力提高整個生態系統的效率。

As we look ahead, I would first like to take this opportunity to share with you how we plan to manage sustainable growth going forward. We believe we are now in a strong position to manage the levers of our business to reach profitability across more markets and segments in 2022 and beyond. We currently expect Shopee to achieve positive adjusted EBITDA before HQ costs allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025, cash generated by Shopee and SeaMoney collectively will enable these 2 businesses to substantially self-fund their own long-term growth. At that point, we believe Shopee and SeaMoney will be generating meaningful cash in our existing core markets of Southeast Asia and Taiwan as strong market leaders, while Shopee will also have achieved significant scale and a strong market position in our new growth market of Brazil.

展望未來，我首先想藉此機會與大家分享我們未來如何實現永續成長的計畫。我們相信，我們現在有能力管理業務槓桿，以便在 2022 年及以後在更多市場和領域實現盈利。我們目前預計，Shopee 今年將在東南亞和台灣實現未分配總部成本的調整後 EBITDA 為正。我們也預計 SeaMoney 明年將實現正現金流。因此，我們目前預計，到 2025 年，Shopee 和 SeaMoney 共同產生的現金將使這兩家企業能夠基本自籌資金實現自身的長期成長。屆時，我們相信 Shopee 和 SeaMoney 將作為強大的市場領導者在我們現有的東南亞和台灣核心市場創造可觀的現金，而 Shopee 也將在我們新興增長市場巴西取得顯著的規模和強大的市場地位。

On the path to this inflection point, we plan to continue to invest in Shopee and SeaMoney with efficiency. We have around $10 billion of cash, cash equivalents and short-term investments on our balance sheet, including close to $7 billion raised in last year, which we intend to invest into the growth of Shopee and SeaMoney over the coming years. Based on our current plan, we believe that we have the financial resources required to grow the 2 businesses to the inflection point without having to heavily rely on cash generated from the digital entertainment business. Of course, any additional growth from Garena will further strengthen our position. And we remain extremely focused on developing Garena's global platform, which we see as a key strategic asset in the long run.

在邁向這一轉折點的道路上，我們計劃繼續有效地投資 Shopee 和 SeaMoney。我們的資產負債表上有大約 100 億美元的現金、現金等價物和短期投資，其中包括去年籌集的近 70 億美元，我們打算在未來幾年將其投資於 Shopee 和 SeaMoney 的發展。根據我們目前的計劃，我們相信我們擁有所需的財務資源來將這兩項業務發展到轉折點，而不必過度依賴數位娛樂業務產生的現金。當然，Garena 的任何額外成長都將進一步鞏固我們的地位。我們仍然高度專注於開發 Garena 的全球平台，我們認為這是長期的關鍵策略資產。

Next, let me share with you how we are thinking about resource allocation for this period. Broadly speaking, Shopee LatAm and Brazil, in particular, as well as R&D would be our top 2 focus areas for investments. Our investments and the overall impact on the bottom line is likely front-loaded as unit economics and profitability for our businesses generally improve its scale.

接下來我跟大家分享一些我們這個時期資源配置的思考。整體而言，Shopee LatAm 和巴西以及研發將是我們投資的兩個重點領域。隨著我們業務的單位經濟效益和獲利能力普遍擴大，我們的投資和對底線的整體影響可能會提前顯現。

Firstly, we will continue to invest in Shopee Latam with a focus on Brazil. Of course, it'd be much easier operationally for us to just focus on the 7 existing core markets for Shopee. However, we strongly believe that by investing prudently and sustainably in Shopee LatAm and Brazil in particular, we will generate significant value for our shareholders in the long run.

首先，我們將繼續投資Shopee Latam，並專注於巴西。當然，如果我們只專注於Shopee現有的7個核心市場，那麼在營運上會容易得多。然而，我們堅信，透過對 Shopee LatAm 和巴西進行審慎和可持續的投資，我們將在長期為股東創造巨大價值。

While we do not underestimate the challenges of any new market expansion. I would also like to highlight that we have established track record 7 times in 7 highly diverse and complex markets of Southeast Asia and Taiwan. When we started in each of those markets in 2015, we had significantly net resources, experience and the know-how, and as a result, faced a much more formidable competitive landscape that we currently do in our market expansion. Moreover, our growth trajectory in each existing core market has generally followed certain patterns, whereby we are able to first manage strong user and order growth with improving efficiency and then achieve market leadership and profitability with scale.

同時我們也不會低估任何新市場擴張所帶來的挑戰。我還要強調的是，我們已經在東南亞和台灣7個高度多樣化和複雜的市場建立了7次業績記錄。當我們在 2015 年開始進入這些市場時，我們已經擁有大量的淨資源、經驗和專業知識，因此，我們在市場擴張中面臨著比現在更嚴峻的競爭情況。此外，我們在每個現有核心市場的成長軌跡通常遵循一定的模式，即我們首先能夠透過提高效率來管理強勁的用戶和訂單成長，然後透過規模實現市場領導地位和獲利能力。

As I will share in greater detail when we discuss the segment results, Shopee Brazil has already achieved strong user traction, meaningful commercialization and fast improving unit economics less than 2 years after entering the market. This gives us further confidence in managing growth in these markets.

當我們討論分部業績時，我將更詳細地分享，Shopee 巴西公司進入市場不到 2 年就已實現強大的用戶吸引力、有意義的商業化和快速提升的單位經濟。這讓我們對管理這些市場的成長更有信心。

Achieving success in Brazil, which is the sixth most populous country in the world where profitability model for marketplaces has also been long proven would allow Shopee to substantially expand its total addressable market that significantly enhanced its competitiveness as a global e-commerce platform and further diversify its businesses across the world.

巴西是世界第六大人口大國，其市場獲利模式也早已得到證實，在巴西取得成功將使Shopee大幅擴大其總目標市場，從而顯著增強其作為全球電子商務平台的競爭力，並進一步實現全球業務多元化。

Secondly, our technology and R&D capabilities are already a strong competitive moat for us. And we aim to invest in deepening this advantage. Our scale, market leadership and ability to leverage efficiencies across our entire ecosystem position us very well to continue to build core strength [in tech]. We intend to ramp up investments in R&D to continually provide better and greater varieties of services offerings and features to our users as well as to maximize our long-term growth potential.

其次，我們的技術和研發能力已經是我們強大的競爭障礙。我們的目標是投資以深化這一優勢。我們的規模、市場領導地位以及利用整個生態系統效率的能力使我們能夠繼續打造（技術方面的）核心優勢。我們打算增加對研發的投資，以持續為用戶提供更好、更多種類的服務和功能，並最大限度地發揮我們的長期成長潛力。

The result of some of these investments are already visible across our business in fast evolving offerings and features. Such offerings and features range from UGC tools in Free Fire, user engagement features of Shopee and fintech products under SeaMoney to shared technology platforms, improved security and risk management structure and enhance commercialization and financial underwriting systems just to name a few. These investments are both necessary for our current operations and are highly important to our future growth. We strongly believe that our investment in technology will continue to serve as a key competitive moat across our ecosystems.

部分投資的成果已在我們業務快速發展的產品和功能中顯現出來。這些產品和功能包括 Free Fire 中的 UGC 工具、Shopee 的用戶參與功能和 SeaMoney 旗下的金融科技產品、共享技術平台、改進的安全和風險管理結構以及增強的商業化和金融承保系統等等。這些投資對於我們目前的營運是必要的，而且對我們未來的發展也至關重要。我們堅信，我們對科技的投資將繼續成為我們生態系統的關鍵競爭護城河。

Having discussed the near to midterm plan, I would also like to share our longer-term view about the future we are working very hard towards. As we look ahead, it is clear that consumer activities and experiences are increasingly converging online at the intersection of content, commerce and community. It is also clear that agile, adaptable companies that can successfully tap into active, engaged and social communities will have a unique advantage as we move into this new era.

在討論了近期至中期計劃之後，我也想分享我們對正在努力實現的未來的長期看法。展望未來，我們可以清楚地看到，消費者的活動和體驗正日益在內容、商業和社區的交匯處在線融合。顯而易見的是，隨著我們進入這個新時代，那些能夠成功融入活躍、參與度高、社交性強的社區的敏捷、適應性強的公司將擁有獨特的優勢。

Our 3 core businesses collectively offer immersive and interactive digital, social and commercial experiences to a large global community, supported by our fast-growing digital financial infrastructure and deep online-offline operational capabilities. We therefore believe that our ecosystem comprises a complete consumer stack and innovation stack that is distinctively relevant to the new opportunities being presented. All the business investment and decisions we are making today are intended to also best position us to best serve the changing needs of fast-growing digital-native generations.

我們的三大核心業務在我們快速發展的數位金融基礎設施和深度的線上線下營運能力的支持下，共同為全球龐大社區提供沉浸式和互動的數位、社交和商業體驗。因此，我們相信我們的生態系統包含一個完整的消費者堆疊和創新堆棧，這與所呈現的新機會有著獨特的相關性。我們今天所做的所有商業投資和決策都是為了讓我們能夠最好地滿足快速成長的數位原生代不斷變化的需求。

Let us now discuss the performance of our group and each of our businesses in the fourth quarter and the full year of 2021 and our outlook for 2022. At the group level, GAAP revenue increased 106% year-on-year to $3.2 billion and the gross profit was $1.3 billion, up 146% year-on-year for the fourth quarter. Meanwhile, for the full year of 2021 GAAP revenue grew by 128% year-on-year to reach $10 billion, and gross profit reached $3.9 billion, up 189% from 2020.

現在讓我們來討論我們集團和各項業務在 2021 年第四季和全年的業績表現以及我們對 2022 年的展望。同時，2021年全年GAAP營收年增128%，達100億美元，毛利達到39億美元，較2020年成長189%。

Garena's bookings for the full year hit $4.6 billion, and Shopee's GAAP revenue reached $5.1 billion. Both businesses performed in line with our recently raised full year guidance. For 2022, we currently expect bookings for digital entertainment to be between $2.9 billion and $3.1 billion. With many economies reopening further in the fourth quarter and into this year, we have observed some moderation in online activities and fluctuations in user engagement. Moreover, due to unanticipated government actions, as we previously reported in a press release, Free Fire is currently unavailable in the Google Play and iOS App Stores in India. Our guidance, therefore, takes into consideration these headwind factors.

Garena全年訂單量達46億美元，Shopee的GAAP營收達到51億美元。這兩項業務的表現均符合我們最近上調的全年業績預期。到 2022 年，我們目前預計數位娛樂預訂將在 29 億美元至 31 億美元之間。隨著許多經濟體在第四季及今年進一步重新開放，我們觀察到線上活動有所緩和，用戶參與度也出現波動。此外，由於政府的意外行動，正如我們之前在新聞稿中報導的那樣，Free Fire 目前在印度的 Google Play 和 iOS App Store 中不可用。因此，我們的指導考慮了這些不利因素。

The midpoint of the guidance of $3 billion reflects our current expectations that our bookings for 2022 will be close to the level in 2020 while also considering the uncertainty in India. While we will continue to assess the longer-term trends as our markets continue to evolve, we remain highly confident in the long-term prospect of our digital entertainment business.

30 億美元的指引中位數反映了我們目前的預期，即 2022 年的預訂量將接近 2020 年的水平，同時也考慮到印度的不確定性。隨著市場不斷發展，我們將繼續評估長期趨勢，但我們對數位娛樂業務的長期前景仍然充滿信心。

Next, we expect GAAP revenue for e-commerce to be between $8.9 billion and $9.1 billion, representing 76% year-on-year growth at the midpoint of the guidance. This strong outlook, particularly against the very high base of 2021, reflects our deeper engagement with consumers and small businesses across our markets, vastly expanding e-commerce addressable market and continued improvement in commercialization.

接下來，我們預計電子商務的 GAAP 收入將在 89 億美元至 91 億美元之間，相當於指引中位數的 76% 的年成長。這一強勁前景，尤其是在 2021 年非常高的基數之上，反映了我們與整個市場消費者和小型企業的更深入接觸，極大地擴展了電子商務目標市場並持續改善商業化。

I'm also excited to share our 2022 outlook for digital financial services segment for the first time. SeaMoney made strong progress in 2021 as we continue to scale our mobile wallet experiences and launched more products and services which saw successful adoption across the ecosystem. We anticipate that this trend will continue, and (technical difficulty) growth engine for us. We expect GAAP revenue for SeaMoney for this year to be between $1.1 billion and $1.3 billion, representing 155% year-on-year growth at the midpoint of the guidance.

我也很高興首次分享我們對 2022 年數位金融服務領域的展望。隨著我們繼續擴展行動錢包體驗並推出更多在整個生態系統中成功採用的產品和服務，SeaMoney 在 2021 年取得了長足的進步。我們預計這種趨勢將會持續下去，並且（技術難度）將成為我們的成長引擎。我們預計 SeaMoney 今年的 GAAP 收入將在 11 億美元至 13 億美元之間，相當於指引中位數的 155% 的年增長。

Let's now turn to our businesses in more detail. Beginning with digital entertainment, in the fourth quarter, Garena generated bookings of $1.1 billion, an increase of 7% year-on-year. Adjusted EBITDA was 56% of bookings at $603 million. Quarterly active users reached 654 million, up 7% from a year ago, and quarterly paying users were 77 million, an increase of 6% year-on-year. For the full year of 2021, Garena recorded bookings of $4.6 billion, up 44% year-on-year. Adjusted EBITDA was up 40% compared to 2020 at $2.8 billion, representing 60% of bookings.

現在讓我們更詳細地談談我們的業務。從數位娛樂開始，第四季度，Garena 的預訂量達到 11 億美元，年增 7%。調整後的 EBITDA 為預訂量的 56%，達到 6.03 億美元。季度活躍用戶達6.54億，年增7%，季度付費用戶為7,700萬，較去年同期成長6%。 2021年全年，Garena 的預訂額達 46 億美元，較去年同期成長 44%。調整後的 EBITDA 與 2020 年相比成長了 40%，達到 28 億美元，佔預訂量的 60%。

During the fourth quarter, online game momentum moderated somewhat given the reopening trends in many of our markets. That said, it is worth emphasizing that Free Fire continues to have one of the largest and most engaged user communities of any game in history. According to data.ai, previously known as App Annie, for the third year in a row, Free Fire was the #1 most downloaded mobile game globally in 2021. Free Fire also ranked 2nd globally by average monthly active users for all mobile games on Google Play in the fourth quarter and full year. Free Fire also retained its leadership as the highest grossing mobile game across both iOS and Google Play in Southeast Asia and Latin America for both the fourth quarter and the full year based on data.ai. We have maintained this leading position in Southeast Asia and Latin America for 10 consecutive quarters. Furthermore, Free Fire was the highest growth in mobile battle royale game for the fourth consecutive quarter in the U.S. according to data.ai.

第四季度，由於許多市場重新開放，線上遊戲的發展勢頭有所減緩。儘管如此，值得強調的是，《Free Fire》仍然擁有史上最大、最活躍的用戶社群之一。根據 data.ai（前身為 App Annie）的數據，《Free Fire》連續第三年成為 2021 年全球下載次數最多的手機遊戲。根據 data.ai 的數據，《Free Fire》也維持了第四季和全年東南亞和拉丁美洲 iOS 和 Google Play 上最暢銷手機遊戲的領先地位。我們已經連續10個季度在東南亞和拉丁美洲保持這一領先地位。此外，根據 data.ai 的數據，Free Fire 連續四個季度成為美國行動大逃殺遊戲中成長最快的遊戲。

We remain committed to investing in content in Free Fire to enhance user experience and uplift user engagement. For that, we have a comprehensive pipeline in sales that includes partnership or original and user-generated content and e-sports activities. For example, this month, we have a crossover event with Assassin's Creed, one of the most popular global video game franchises. And we're also excited to have BTS, one of the world's most streamed artists worldwide enter the universe of Free Fire as our global brand ambassadors in the coming months.

我們將持續致力於投資 Free Fire 的內容，以增強使用者體驗並提升使用者參與度。為此，我們擁有全面的銷售管道，包括合作夥伴關係、原創和用戶生成內容以及電子競技活動。例如，本月，我們與全球最受歡迎的電玩遊戲系列之一《刺客教條》舉辦了一場聯動活動。我們也很高興全球串流播放量最高的藝術家之一 BTS 將在未來幾個月內加入 Free Fire 的世界，成為我們的全球品牌大使。

Additionally, we've seen strong engagements with user-generated content through modes like Craftland, our recently introduced map editor feature. Since launch, the most popular Craftland maps are subscribed by close to 40 million users so far. We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that the strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as the metaverse.

此外，我們也透過 Craftland（我們最近推出的地圖編輯器功能）等模式看到了用戶生成內容的強烈參與。自推出以來，最受歡迎的 Craftland 地圖迄今已擁有近 4,000 萬用戶訂閱。我們將繼續透過增強功能和可訪問性來鼓勵用戶生成內容。我們相信，用戶對 Craftland 的強烈反響是一個積極的指標，表明它初步取得了成功，鼓勵用戶參與內容創作，將 Free Fire 打造成為一個日益開放的平台，並與元宇宙等主要新興行業趨勢保持一致。

Besides Free Fire's strong performance, the other games in our portfolio continue to perform well. For example, Arena of Valor has grown year-on-year in 2021 across both active users and bookings despite being in its fifth year of operations.

除了《Free Fire》的強勁表現外，我們作品集中的其他遊戲也持續表現良好。例如，儘管《勇者競技場》已營運五年，但 2021 年的活躍用戶數和預訂量均較去年同期成長。

In 2022 and beyond, we expect to expand our portfolio with more games across diverse genres such as multiplayer action, role playing, sandbox and casual games. Over the long term, our priority remains sustaining and growing our existing major franchises while diversifying our games portfolio. Our strong and growing self-development capabilities will be a key component of this diversification effort. Our teams are working on multiple prototype games across different genres and stages. In due course, we expect to bring more self-developed games to market. We also continue to actively acquire and invest in top talent and game IP to further expand our capabilities across genres and geographies. Meanwhile, we will keep growing our publishing relationships, leveraging our unique set of strengths across diverse global markets. We believe that this comprehensive approach to portfolio diversification will allow us to identify and execute around the largest game trends in the years to come.

2022 年及以後，我們預計將擴大我們的產品組合，推出更多不同類型的遊戲，例如多人動作遊戲、角色扮演遊戲、沙盒遊戲和休閒遊戲。從長遠來看，我們的首要任務仍然是維持和發展我們現有的主要特許經營權，同時實現遊戲組合的多元化。我們強大且不斷增長的自我發展能力將成為這項多元化努力的關鍵組成部分。我們的團隊正在開發不同類型和階段的多個原型遊戲。我們期望在適當的時候將更多自主開發的遊戲推向市場。我們也繼續積極招募和投資頂尖人才和遊戲 IP，以進一步擴大我們在各個類型和地區的能力。同時，我們將繼續發展我們的出版關係，並利用我們在全球不同市場的獨特優勢。我們相信，這種全面的投資組合多樣化方法將使我們能夠識別並執行未來幾年最大的遊戲趨勢。

More importantly, we see games as one of the most engaging and immersive forms of entertainment, bringing communities from across the world together to play and interact. That will play a vital role in shaping the virtual experiences of users, and we are well positioned to capture new opportunities that arise, given our core competency in developing highly social, immersive and interactive global game platforms with live operation and scale. Therefore, we are highly focused on maximizing the long-term potential of Garena. We see it as our key to potentially greater success in a future world where activities, experiences, interaction and consumption are increasingly virtual.

更重要的是，我們認為遊戲是最具吸引力和沈浸感的娛樂形式之一，它將來自世界各地的社區聚集在一起玩耍和互動。這將在塑造用戶的虛擬體驗方面發揮至關重要的作用，並且憑藉我們在開發具有即時營運和規模的高度社交化、沉浸式和互動性的全球遊戲平台方面的核心競爭力，我們已準備好抓住出現的新機會。因此，我們高度專注於最大限度地發揮 Garena 的長期潛力。我們認為，在未來的世界裡，活動、體驗、互動和消費將越來越虛擬化，這是我們更大成功的關鍵。

Now let's turn to e-commerce. Shopee had a great year in 2021 as the business scaled and strengthened its market position across both new and existing markets. For the quarter, Shopee's GAAP revenue grew 89% year-on-year to reach $1.6 billion. It recorded gross orders of $2 billion, an increase of 90% year-on-year and a GMV grow 53% over the same period to reach $18.2 billion. The strong performance contributed to strong results for the full year of 2021 where Shopee achieved GAAP revenue of $5.1 billion, up 136% year-on-year. The full year gross orders totaled $6.1 billion, up 117% year-on-year, and GMV reached $62.5 billion, an increase of 77% from 2020.

現在我們來談談電子商務。 2021 年，Shopee 取得了豐碩的一年，業務規模不斷擴大，並鞏固了其在新舊市場中的市場地位。本季度，Shopee 的 GAAP 營收年增 89%，達到 16 億美元。其訂單總額達20億美元，年增90%，GMV年增53%，達182億美元。強勁的表現為 Shopee 2021 年全年帶來了強勁業績，全年 GAAP 收入達 51 億美元，年增 136%。全年總訂單量達61億美元，年增117%，GMV達625億美元，較2020年成長77%。

Monetization improved across all revenue components with GAAP revenue as a percentage of total GMV rising from 6.1% in 2020 to 8.2% in 2021. Our strong revenue growth shows how more merchants across the market trust the Shopee platform and understand the value we deliver to them. Our leading market position is also evident in strong brand recognition and engagements from consumers on Shopee. It was the top e-commerce brand in YouGov's Best Global Brands 2021 and ranked 6th overall.

所有收入組成部分的貨幣化都有所改善，GAAP 收入佔 GMV 總額的百分比從 2020 年的 6.1% 上升到 2021 年的 8.2% 我們強勁的收入增長表明，市場上越來越多的商家信任 Shopee 平台並了解我們為他們提供的價值。我們領先的市場地位也體現在 Shopee 上強大的品牌認知度和消費者的參與度。它是 YouGov 2021 年全球最佳品牌中頂級電子商務品牌，總體排名第六。

In terms of engagement, our buyers shopped on Shopee over 6 times a month on average in the fourth quarter with Indonesia's monthly order frequency exceeding 8 times. We are very pleased with the progress made around engaging our buyers and will continue to deliver more value to them. According to data.ai, Shopee ranked first in the shopping category globally by downloads in the fourth quarter and the full year. In the same category for Google Play, Shopee ranked first globally by total time spent in app and second by average monthly active users in the fourth quarter and the full year.

在參與度方面，第四季我們的買家平均每月在Shopee上購物超過6次，其中印尼的每月訂購頻率超過8次。我們對吸引買家方面取得的進展感到非常高興，並將繼續為他們提供更多價值。根據data.ai資料顯示，Shopee第四季及全年下載量位居全球購物類第一。在Google Play的同一類別中，Shopee在第四季度和全年按應用程式總使用時間排名全球第一，並按平均每月活躍用戶數排名全球第二。

During the same period, Shopee also continued to be the top-ranked app in the shopping category across both iOS and Google Play in each of Southeast Asia and Taiwan by average monthly active users and the total time spent in app. In Indonesia, Shopee was ranked the #1 app across these same metrics with gross orders growing around 88% year-on-year during the fourth quarter.

在同一時期，Shopee 也繼續成為東南亞和台灣 iOS 和 Google Play 購物類別中平均每月活躍用戶數和應用程式總使用時間排名第一的應用程式。在印度尼西亞，Shopee 在相同指標中排名第一，第四季總訂單量較去年同期成長約 88%。

We have also scaled our presence in Brazil, serving the local sellers and buyers. During the fourth quarter and the full year, Shopee was ranked first by download and the total time spent in app and the second by average monthly active users from shopping category according to data.ai. In the fourth quarter, Shopee Brazil recorded more than 140 million gross orders, growing at close to 400% year-on-year, that's more than $70 million of GAAP revenue, up by around 626% (sic) [326%] year-on-year. We believe our offering provides a new and fresh online shopping experience that caters to the underserved segment of the Brazilian market. We see Brazil as a new growth market for us as we are very excited about its growth prospects and the long-term value we can deliver to the ecosystem.

我們也擴大了在巴西的業務，為當地賣家和買家提供服務。根據 data.ai 的數據顯示，在第四季度和全年，Shopee 在下載量和應用程式總使用時間方面排名第一，在購物類別的平均每月活躍用戶方面排名第二。第四季，Shopee巴西的總訂單量超過1.4億，年增近400%，以GAAP計算，營收超過7,000萬美元，較去年成長約626%[326%]。我們相信，我們提供的產品能夠提供全新的線上購物體驗，滿足巴西市場服務不足的族群的需求。我們將巴西視為我們的新成長市場，因為我們對其成長前景以及我們能夠為生態系統帶來的長期價值感到非常興奮。

Meanwhile, we continue to see efficiency gains as we scale. For Shopee Southeast Asia and Taiwan, the adjusted EBITDA loss per order before HQ cost allocation was $0.15 in the fourth quarter, an improvement from $0.21 in the fourth quarter of 2020. As shared earlier, we believe Shopee is on track to achieve positive adjusted EBITDA before HQ costs allocation in Southeast Asia and Taiwan by this year.

同時，隨著規模的擴大，我們的效率也不斷提高。對於 Shopee 東南亞和台灣，第四季度總部成本分配前每筆訂單的調整後 EBITDA 虧損為 0.15 美元，較 2020 年第四季度的 0.21 美元有所改善。

Our newer markets have also made progress with adjusted EBITDA loss per order before HQ costs allocation improving consistently in every quarter in 2021. Specifically in Brazil, our adjusted EBITDA loss per order before HQ costs allocation improved by more than 40% year-on-year during the fourth quarter to below $2. Across all of our markets, our total adjusted EBITDA loss per order was $0.45 in the fourth quarter, an increase from $0.41 for the fourth quarter of 2020. This increase was attributable to the increasing contribution from the newer market which are at a much earlier stage of development. These markets are both growing faster and incurring higher than adjusted EBITDA loss per order than Southeast Asia and Taiwan. For the full year, our total adjusted EBITDA loss per order across all markets was $0.42, improving 9% compared to 2020.

我們在較新的市場也取得了進展，2021 年每個季度，扣除總部成本分配前的每筆訂單調整後 EBITDA 虧損都在持續改善。在我們所有市場中，第四季度我們每訂單的調整後 EBITDA 總虧損為 0.45 美元，高於 2020 年第四季的 0.41 美元。這些市場的成長速度和每筆訂單調整後的 EBITDA 損失均高於東南亞和台灣。全年而言，我們所有市場每筆訂單的調整後 EBITDA 總虧損為 0.42 美元，較 2020 年改善 9%。

Over the past couple of years, we accelerated the growth of Shopee by quickly adapting and serving our buyers and sellers through the pandemic. We've also successfully strengthened our competitive position in Southeast Asia and Taiwan as well as Brazil. Going forward, we expect Southeast Asia and Taiwan to keep growing healthily, while we further strengthen our market leadership and execute towards profitability. In our new growth market, Brazil, we are focused on efficient and sustainable growth as we continue to scale and improve our service offerings to local sellers and buyers.

在過去的幾年裡，我們透過在疫情期間快速適應和服務買家和賣家，加速了 Shopee 的成長。我們也成功地加強了在東南亞、台灣和巴西的競爭地位。展望未來，我們預計東南亞和台灣將繼續健康成長，同時我們將進一步加強我們的市場領導地位並實現盈利。在我們的新成長市場巴西，我們專注於高效和永續的成長，同時繼續擴大和改善我們為當地賣家和買家提供的服務。

Finally, our digital financial services business, SeaMoney, performed well in the fourth quarter and the full year of 2021. In the fourth quarter, GAAP revenue was $198 million, up 711% year-on-year, driven by the growing adoption of our product and services. For the full year of 2021, our GAAP revenue grew 673% year-on-year to reach $470 million. Quarterly active users across our SeaMoney products and services reached 45.8 million, up 90% year-on-year.

最後，我們的數位金融服務業務 SeaMoney 在 2021 年第四季和全年表現良好。 2021年全年，我們的GAAP營收年增673%，達到4.7億美元。我們 SeaMoney 產品和服務的季度活躍用戶達到 4,580 萬，較去年同期成長 90%。

In the fourth quarter and full year 2021, we further expanded our digital financial service offerings across credit, insurtech and in digital bank services. For example, we launched the SeaBank in Indonesia during the latter half of the year with strong traction in terms of user growth. We also obtained a bank license recently in the Philippines. Indonesia, which has the most comprehensive set of products and services among our markets, over 20% of the quarterly active users have used multiple SeaMoney products and/or services in the fourth quarter.

2021 年第四季及全年，我們進一步擴展了信貸、保險科技和數位銀行服務領域的數位金融服務。例如，我們在今年下半年在印尼推出了 SeaBank，用戶成長勢頭強勁。我們最近也在菲律賓取得了銀行執照。印尼是我們市場中產品和服務最全面的國家，第四季度超過 20% 的季度活躍用戶使用了多種 SeaMoney 產品和/或服務。

We view this as a highly positive indicator of the strong efficiencies we can leverage in bringing new digital financial service offerings to the large and fast-growing user base in our entire consumer internet ecosystems. In particular, we see Shopee and SeaMoney as both highly synergistic with one another and enjoy a strong flywheel effect in their scaling.

我們認為這是一個非常積極的指標，表明我們可以利用強大的效率為整個消費者互聯網生態系統中龐大且快速增長的用戶群提供新的數位金融服務。特別是，我們認為 Shopee 和 SeaMoney 彼此之間具有高度的協同作用，並且在擴展過程中享有強大的飛輪效應。

The total payment volume of our mobile wallet was close to $5 billion in the fourth quarter, up 70% year-on-year, and $17.2 billion for the full year, up 120% year-on-year. In 2021, we grew our mobile wallet services across both on-platform and off-platform use cases, leveraging our growing ecosystem of products and services. This further drives a positive flywheel effect that allows us to benefit through higher growth and better efficiency as we drive adoption across both consumers and merchants.

我們行動錢包的總支付金額在第四季接近50億美元，年增70%，全年達到172億美元，年增120%。 2021 年，我們利用不斷壯大的產品和服務生態系統，在平台內和平台外用例中拓展了我們的行動錢包服務。這進一步推動了積極的飛輪效應，使我們能夠在推動消費者和商家採用的過程中透過更高的成長和更好的效率獲益。

In the fourth quarter, we expanded our payment acceptance points to include key merchants like AirAsia in the Philippines, 7-Eleven in Malaysia and Subway in Thailand. We believe there are many other large opportunities within our market that SeaMoney can address. We are looking forward to rolling out more digital financial products and services in 2022 as we continue serving the underserved in our ecosystem with technology. At the same time, as the business grows with our communities adopting more financial services and products, we are also excited to see that SeaMoney is on track to achieve positive cash flow by next year.

第四季度，我們擴大了支付接受點，包括菲律賓的亞洲航空、馬來西亞的 7-Eleven 和泰國的 Subway 等主要商家。我們相信，我們的市場中還有許多其他巨大的機會可供 SeaMoney 解決。我們期待在 2022 年推出更多的數位金融產品和服務，並將繼續利用科技為我們生態系統中服務不足的群體提供服務。同時，隨著我們的社區採用更多的金融服務和產品，業務也隨之成長，我們也很高興看到 SeaMoney 預計在明年實現正現金流。

To conclude, I'm proud of the progress our team has made in 2021, both in scaling our businesses and serving our communities. We believe we are very well positioned to continue strengthening our market leadership while focusing on sustainable and efficient long-term growth. We are highly confident that the learnings and the resilience we've seen over the past year will only further enhance our ability to execute on our long-term strategies and continue to deliver significant value to our community and stakeholders. I would also like to personally and on behalf of Sea, thank our stakeholders and friends for your continued long-term support. We hope to return your trust and investment in us with continued strong execution and focus on the long-term success of the company.

總而言之，我為我們團隊在 2021 年的進步感到自豪，無論是在擴大業務規模還是服務社區方面。我們相信，我們完全有能力繼續加強我們的市場領導地位，同時專注於可持續、高效的長期成長。我們非常有信心，過去一年所學到的知識和所展現的韌性將進一步增強我們執行長期策略的能力，並繼續為我們的社區和利害關係人帶來重大價值。我還要代表Sea公司，向各位股東和朋友長期以來的支持表示感謝。我們希望透過持續強有力的執行和對公司長期成功的關注來回報您對我們的信任和投資。

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 106% year-on-year to $3.2 billion in the fourth quarter, and 128% year-on-year to $10 billion for the full year of 2021. This was primarily driven by the growing adoption of products and services across our e-commerce and digital financial services businesses as we continue to deepen the engagement with our users as well as the growth of our digital entertainment business.

就 Sea 整體而言，第四季 GAAP 總營收年增 106% 至 32 億美元，2021 年全年增長 128% 至 100 億美元。

Digital entertainment bookings rose 7% year-on-year to $1.1 billion in the fourth quarter and 44% year-on-year to $4.6 billion for the full year of 2021. GAAP revenue was up 104% year-on-year to $1.4 billion in the fourth quarter and 114% year-on-year to $4.3 billion for the full year of 2021. Digital entertainment adjusted EBITDA was $603 million in the fourth quarter and $2.8 billion for the full year of 2021. On e-commerce, our fourth quarter GAAP revenue of $1.6 billion included GAAP marketplace revenue of $1.3 billion, up 104% year-on-year and GAAP product revenue of $0.3 billion, up 48% year-on-year.

2021年第四季數位娛樂預訂金額年增7%至11億美元，全年年增44%至46億美元。美元，其中包括GAAP市場營收13億美元，年增104%和GAAP產品營收3億美元，年增48%。

For the full year of 2021, GAAP revenue of $5.1 billion included GAAP marketplace revenue of $4.1 billion, up 156% year-on-year and GAAP product revenue of $1.1 billion, up 83% year-on-year. The strong results demonstrated the deepening penetration of e-commerce and our ability to capture these significant growth opportunities.

2021年全年，GAAP營收51億美元，其中包括GAAP市場營收41億美元，年增156%，GAAP產品營收11億美元，年增83%。強勁的業績證明了電子商務的滲透力不斷增強，以及我們抓住這些重大成長機會的能力。

E-commerce adjusted EBITDA loss was $878 million in the fourth quarter, and $2.6 billion for the full year of 2021 as we continued our investment to fully capture the opportunities in our markets. We remain committed to continue investing in a prudent and sustainable manner 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 8.78 億美元，2021 年全年虧損為 26 億美元。我們將繼續致力於以審慎和可持續的方式進行投資，並發展生態系統，以更好地服務我們的用戶。

Digital financial services GAAP revenue was $198 million in the fourth quarter and $470 million for the full year of 2021. This represents year-on-year growth of 711% and 673% for the quarter and full year, respectively. The growth was primarily due to increasing traction as we continue to expand our suite of services offerings.

2021年第四季數位金融服務GAAP營收為1.98億美元，全年為4.7億美元，分別較去年同期成長711%及673%。成長主要歸因於我們不斷擴展服務產品套件所帶來的成長動力。

Adjusted EBITDA loss was $150 million in the fourth quarter and $617 million for the full year of 2021. This was primarily due to our continued efforts to drive mobile wallet adoption. Returning to our consolidated numbers, we recognized a net nonoperating loss of $71 million in the fourth quarter of 2021 compared to a net nonoperating loss of $124 million in the fourth quarter of 2020. For the full year, our nonoperating loss was $132 million compared to a loss of $180 million for the full year of 2020.

2021 年第四季調整後 EBITDA 虧損為 1.5 億美元，全年調整後 EBITDA 虧損為 6.17 億美元。回到我們的合併數據，我們確認 2021 年第四季的淨非營業虧損為 7,100 萬美元，而 2020 年第四季的淨非營業虧損為 1.24 億美元。

Our nonoperating loss for the fourth quarter and full year ended December 31, 2021 was primarily due to interest expense on our convertible notes. We had a net income tax expense of $106 million in the fourth quarter of 2021 and $333 million for the full year of 2021. This was primarily due to corporate income tax and withholding tax recognized in our digital entertainment business. As a result, net loss, excluding share based compensation, was $483 million in the fourth quarter of 2021 and $1.6 billion for the full year of 2021. With that, let me turn the call to Min Ju.

我們截至 2021 年 12 月 31 日的第四季和全年的非營業虧損主要是由於可轉換票據的利息費用。我們 2021 年第四季的淨所得稅費用為 1.06 億美元，2021 年全年的淨所得稅費用為 3.33 億美元。因此，不包括股權激勵費用，2021 年第四季的淨虧損為 4.83 億美元，2021 年全年的淨虧損為 16 億美元。

Thank you, Forrest and Tony. We are now ready to open the call for questions. Operator?

謝謝你，福雷斯特和托尼。我們現在準備開始接受提問。操作員？

(Operator Instructions) Our first question is from Alicia Yap from Citi GP.

（操作員指示）我們的第一個問題來自 Citi GP 的 Alicia Yap。

I have 2 questions. The first one on the digital entertainment. Regarding your guidance, I believe you are not including any of those new games that you mentioned in the pipeline that potentially you plan to publish in later the year. So I just want to clarify on that. And then related to that as well, besides India, which country do you think we'll also see some declining trend?

我有兩個問題。第一個是關於數位娛樂的。關於您的指導，我相信您沒有包括您提到的可能計劃在今年稍後發布的任何新遊戲。所以我只是想澄清這一點。與此相關的是，除了印度之外，您認為哪個國家也會出現下降趨勢？

And then second question is on the e-commerce. With the decisions to exit trends, at what point would you also evaluate some of these cross-border tractions in Poland and Spain that you could maybe kind of prompt you to moving ahead with your next step of the penetration?

第二個問題是關於電子商務的。在決定退出趨勢的同時，您會在什麼時候評估波蘭和西班牙的一些跨境牽引力，以促使您邁出下一步的滲透？

Thank you, Alicia. In terms of digital entertainment, our guidance does take into account of games that we believe might be launched this year. Of course, any new games in the initial launch stage probably will focus more on user growth and payment penetration as opposed to immediately focus on monetization. So the contribution probably might come towards the later part of the year or later part of the stage of the development of the game.

謝謝你，艾莉西亞。在數位娛樂方面，我們的指導確實考慮到了我們認為可能在今年推出的遊戲。當然，任何新遊戲在初始發布階段可能都會更加關注用戶成長和支付滲透率，而不是立即關注貨幣化。因此捐款可能會在今年下半年或遊戲開發階段的後期到來。

And in terms of the trends, I think the overall opening up post COVID is across all the markets. And therefore, we do start to see the weakening. I think it's industry-wide as well. And we are still evaluating the data and the trends. At the same time, we are very much focused on the long-term success of the Free Fire IP, which we see it as a very important strategic asset to us. While, of course, it is contributing billions of dollars of cash every year, but most importantly, we want to build into a long-lasting IP and with hundreds of millions of active users fully engaged and socializing and playing different types of games at most and also incorporating more IP over time into this game and platform to go into more of an important franchise which we will use as also key to the future development of the virtual economy. So I think while there are some headwinds, our focus on the long term has not wavered and our view towards the game as a long-term play has not changed.

就趨勢而言，我認為後疫情時代的整體開放涉及所有市場。因此，我們確實開始看到疲軟。我認為這也是整個產業的情況。我們仍在評估數據和趨勢。同時，我們非常關注 Free Fire IP 的長期成功，我們將其視為我們非常重要的策略資產。當然，它每年要貢獻數十億美元的現金，但最重要的是，我們希望將其打造成為一個持久的IP，擁有數億活躍用戶，讓他們充分參與、社交，玩不同類型的遊戲，並隨著時間的推移將更多的IP融入到這個遊戲和平台上，成為更重要的特許經營權，我們將把它作為虛擬經濟未來發展的關鍵。因此我認為，雖然存在一些阻力，但我們對長期目標的關注並沒有動搖，我們對遊戲作為長期遊戲的看法也沒有改變。

In terms of e-commerce, as we shared, we are focused on Southeast Asia and Taiwan as our core existing markets, which has continued to enjoy very strong growth despite the very strong comps versus last year during the height of COVID. And as you can see, we also have gained significant ground vis-a-vis our peers. In Indonesia, we grew more than -- about 88% year-on-year in the quarter. And also in ASEAN + 6 countries, our growth rate is around 80%. So our growth rate is meaningfully, significantly, in fact, higher than our next peer, while we are already multiple times their size. So that is highly encouraging. And at the same time, we are looking at more and more markets turning profitable as we shared in terms of adjusted EBITDA before HQ costs allocation. So this will become -- the market will not only be a growth engine for us, but also potentially down the road contribute positive cash to fund our global growth.

在電子商務方面，正如我們所分享的，我們專注於東南亞和台灣作為我們現有的核心市場，儘管與去年疫情高峰期相比，這兩個市場的同比增長非常強勁，但其增長仍非常強勁。正如您所看到的，我們與同行相比也取得了顯著的進步。在印度尼西亞，我們本季的年成長率超過約 88％。在東協+6國，我們的成長率也在80%左右。因此，我們的成長率實際上顯著高於我們的下一個同行，而我們的規模已經是他們的好幾倍。這是非常令人鼓舞的。同時，正如我們在總部成本分配前的調整後息稅折舊攤提前利潤中所分享的那樣，我們看到越來越多的市場開始獲利。因此，這將成為——市場不僅將成為我們的成長引擎，而且將來還可能為我們的全球成長帶來正現金流。

And another growth area that we focus on is Brazil. Not only we have reached top ranking in downloads and total time spent and second in MAU just 2 years after entering the market, we have also achieved more than 140 million of quarterly gross orders with $170 million revenue in the market. As we also shared for that kind of -- when we enter into the market, we focus first on user growth and then order growth and then market leadership and positive unit economics over time with scale. We have repeated that playbook 7 times in 7 highly distinct markets in Southeast Asia and Taiwan. And we are saying that we are already seeing strong user traction, strong order growth and success to market leadership and also improving -- fast-improving UE, unit economics, in that market while pointing to another potential market that could essentially double our total addressable market for e-commerce with a highly proven profitability.

我們關注的另一個成長地區是巴西。進入市場僅僅兩年時間，我們不僅取得了下載量、總使用時間第一、MAU第二的成績，而且實現了季度總訂單量超過1.4億，市場收入達到1.7億美元。正如我們所分享的——當我們進入市場時，我們首先關注用戶成長，然後是訂單成長，然後是市場領導力和隨著時間的推移實現的積極單位經濟。我們已經在東南亞和台灣的7個截然不同的市場重複了7次這個劇本。我們要說的是，我們已經看到了強大的用戶吸引力、強勁的訂單增長和成功的市場領導地位，同時也在改善——該市場中 UE、單位經濟效益也在快速改善，同時也指向另一個潛在市場，該市場可以使我們電子商務的總目標市場翻一番，並且具有高度可證實的盈利能力。

Now when you look at Southeast Asia and Taiwan, we're probably the first large e-commerce player to show profitability in this market, in this region. But in Lat Am, all the existing major players are quite profitable. So the profitability model for the market is highly proven. Therefore, we are very encouraged by the results of our e-commerce and its outlook into a global platform.

現在，當你看看東南亞和台灣，我們可能是第一個在這個市場、在這個地區獲利的大型電子商務公司。但在拉丁美洲，所有現有的主要參與者都相當有利可圖。因此，該市場的獲利模式已得到充分驗證。因此，我們對我們的電子商務的成果及其全球平台的前景感到非常鼓舞。

In terms of the other markets that we shared before, these are highly nascent markets where we might test the waters in from time to time. So our exit from France again shows while we are open minded, we're also very disciplined in our pilot exercise. So we'll remain disciplined and open-minded with all our markets. Again, the focus will be on the existing core Southeast Asia and Taiwan market and our new growth market in Brazil.

就我們之前分享的其他市場而言，這些都是高度新興的市場，我們可能會不時地試水。因此，我們退出法國再次表明，雖然我們思想開放，但我們在試點演習中也非常自律。因此，我們將對所有市場保持紀律和開放。再次，我們將重點放在現有的核心東南亞和台灣市場以及我們在巴西的新成長市場。

Our next question comes from Piyush Mubayi from Goldman Sachs.

我們的下一個問題來自高盛的 Piyush Mubayi。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

If I could just ask about what is built into your game forecast for 2022 for bookings that you shared with us. And how does that potentially change if India was to come back on track as an earlier than expected date potentially. So if you could just share with us how you're thinking through that, we will be grateful.

我可以問一下您與我們分享的 2022 年遊戲預訂預測中包含哪些內容。如果印度可能比預期更早重回正軌，那麼情況將會發生怎樣的變化？因此，如果您能與我們分享您的想法，我們將不勝感激。

And the second is if it is at all possible in the gaming business to talk about how quickly you can build up a portfolio of games and move into beta stage with some of those games, that would be fantastic to understand how we can expect that trajectory to potentially proceed through the growth of 2022 quarter-by-quarter and then into 2023.

第二，如果在遊戲產業中，我們可以多快建立起遊戲組合，並讓其中一些遊戲進入測試階段，那麼這將非常有助於我們了解，我們可以如何預期這一軌跡在 2022 年逐季度增長，然後持續到 2023 年。

And third, this is a general question on the e-commerce business, where we noticed how the momentum is very positive, both from the standpoint of rate on account of take rate progression as well as a progression towards free cash flow and profitability. I wonder if you could just take a step back and give us a feel for how much further this business can be accelerated into 2022 versus where the guide is.

第三，這是關於電子商務業務的一般問題，我們注意到，無論是從利率進展的角度來看，還是從自由現金流和盈利能力的進展的角度來看，其發展勢頭都非常積極。我想知道您是否可以回顧一下，讓我們感受一下與指南相比，這項業務在 2022 年還能加速多少。

Okay. Thank you, Piyush. So the voice quality wasn't very good, I'll try to answer your question, if it's not clear, please let me now. In terms of the game guidance, as we shared in the earnings that given the opening of our markets and the trends we're seeing and also some unexpected government action we are facing, we have taken into -- this into consideration. And therefore, we, at this point, believe our 2022 game bookings will probably be close to the level of 2020. That means we are getting back some of the gains we made during -- partially during the COVID. And also with some additional discounts to reflect the situation in India, which is highly uncertain. Again, I think at this point, given the uncertainties we are facing, this is probably more art than science for us.

好的。謝謝你，皮尤什。所以語音品質不是很好，我會盡力回答你的問題，如果不清楚，請告訴我。就遊戲指引而言，正如我們在收益中所分享的，考慮到我們的市場開放和我們看到的趨勢以及我們面臨的一些意外的政府行動，我們已經考慮到了這一點。因此，我們目前認為 2022 年的比賽預訂量可能會接近 2020 年的水準。並且還提供了一些額外的折扣以反映印度的高度不確定的情況。我再說一次，考慮到我們所面臨的不確定性，我認為對我們來說，這可能更多的是藝術而不是科學。

In terms of the game portfolio, we are very focused on diversifying our game genres. As we shared before, we are looking into different genres such as sandbox, RPG and other more casual games to supplement our existing offerings. Now I think these will still be early stage games. And also given the size of Free Fire, which is one of the largest and highest grossing mobile games in history, it is probably hard to come up immediately with other games that can match the size of Free Fire. However, everything we're doing is to a, diversify our portfolio and capability; and b, at the same time, will prepare for the long run while we already have such a big platform of Free Fire that we can incorporate different types of game modes and IP into and leverage that platform to introduce more content and more types of games and more IP to our user base, which still remains probably one of the largest user bases in the world. So while we have some earnings headwinds on the game side, our focus is really on the long run to make sure that we stand ready to capture the next wave of major opportunities that might come.

在遊戲組合方面，我們非常注重遊戲類型的多樣化。正如我們之前所分享的，我們正在研究不同類型的遊戲，如沙盒遊戲、角色扮演遊戲和其他更休閒的遊戲，以補充我們現有的產品。現在我認為這些仍將處於早期階段的遊戲。此外，考慮到《Free Fire》的規模，它是歷史上最大、票房最高的手機遊戲之一，可能很難立即找到其他可以匹敵《Free Fire》規模的遊戲。然而，我們所做的一切都是為了：a. 實現投資組合和能力的多樣化； b，同時，我們將為長遠做好準備，因為我們已經擁有如此龐大的 Free Fire 平台，我們可以將不同類型的遊戲模式和 IP 融入其中，並利用該平台為我們的用戶群推出更多內容、更多類型的遊戲和更多 IP，我們的用戶群可能仍然是世界上最大的用戶群之一。因此，儘管我們在遊戲方面面臨一些獲利阻力，但我們的重點是長遠發展，以確保我們準備好抓住可能出現的下一波重大機會。

If you look at our track record, so far, it's been quite strong. We captured the mobile league, for example, on the PC side with the rise of League of Legends, and we are the exclusive publisher that took us to where we initially were at the time of IPO as a gatekeeper of Southeast Asia and Taiwan in terms of game publishing. And then we also captured the next mobile wave with the publishing of Arena of Valor, development of Free Fire by ourselves which expanded our TAM of Southeast Asia-focused market to a global platform. And then we also captured the battle royale wave with the rise of Free Fire and that significantly enhanced our game side, the business side of the business and also the overall strength of the business. I think our track record speaks for itself. So what we are doing now is continue to get us ready and strengthen our capabilities to capture the next major wave that might come our way.

如果你看一下我們迄今為止的業績記錄，你會發現我們的業績一直非常強勁。例如，隨著《英雄聯盟》的崛起，我們在 PC 端佔領了行動裝置市場，並且我們是獨家發行商，這使我們在 IPO 時就成為了東南亞和台灣遊戲發行領域的守門人。然後，我們也透過發布《勇者競技場》和自行開發《Free Fire》抓住了下一波行動浪潮，將我們以東南亞為中心的市場的潛在市場拓展到了全球平台。然後，隨著《Free Fire》的興起，我們也抓住了大逃殺遊戲的浪潮，這大大增強了我們的遊戲方面、業務方面以及業務的整體實力。我認為我們的業績記錄是不言而喻的。因此，我們現在正在做的是繼續做好準備，並增強我們的能力，以迎接可能出現的下一波重大浪潮。

In terms of the take rates, so we are -- as we shared before, we believe a high single, low double-digit rate is achievable in the longer run. We still believe that. And as you can see, we are progressing well towards that rate in most of the markets. We're already getting a high single-digit rate and we believe this will continue to rise, although we think a gradual and well-managed progression will be adapted for our business in the long run.

就接受率而言，正如我們之前所說，我們相信從長遠來看可以達到高個位數、低兩位數的接受率。我們仍然相信這一點。正如您所看到的，我們在大多數市場都朝著這個速度穩步前進。我們的成長率已經達到了較高的個位數，我們相信這個數字還會繼續上升，儘管我們認為從長遠來看，我們的業務將適應一個循序漸進、管理良好的進程。

And also for the newer markets such as Brazil, as you can see, the prevailing rate in the market are more at 15% to 18% charged by some of the leading players. So it is a very high take rate market also. So we're not particularly worried about the e-commerce take rates.

對於巴西等新興市場，如您所見，市場上一些領先企業的現行稅率多為 15％ 至 18％。因此這也是一個非常高的接受率的市場。所以我們並不特別擔心電子商務的收費率。

And in terms of profitability, as we shared, we believe Southeast Asia and Taiwan will achieve positive adjusted EBITDA before HQ costs allocation by this year. That means more and more markets will break even on that term over time this year and maybe going into next year. So that will give us also a strong footing in further growing our other new growth markets, as I shared before, where profitability has long been proven.

而在獲利能力方面，正如我們所分享的，我們相信東南亞和台灣今年在總部成本分配之前將實現正的調整後 EBITDA。這意味著今年乃至明年，越來越多的市場將達到收支平衡。因此，這也將為我們進一步發展其他新的成長市場奠定堅實的基礎，正如我之前所說，這些市場的獲利能力早已得到證實。

Our next question comes from Jiong Shao from Barclays.

下一個問題來自巴克萊銀行的邵炯。

This is Roger on behalf of Jiong. So I have 2 quick questions. First of all is, can management talk a little bit about your view on the 2022 GMV growth? And the second is, can the management help to sort of break down the rough mix of Asia and new markets in terms of EBITDA loss this quarter?

這是代表 Jiong 的 Roger。我有兩個簡單的問題。首先，管理階層能否談談您對 2022 年 GMV 成長的看法？第二，管理階層能否協助詳細分析本季 EBITDA 損失中亞洲和新市場的大致情況？

Yes. So we don't give guidance on GMV, but we did give guidance on GAAP revenue for e-commerce. We believe that it reflects our view about the potential growth rate. And I also mentioned that in terms of the take rate increase, there will be -- while we will continue to increase take rate, the pace will be moderated and well measured.

是的。因此，我們不提供 GMV 方面的指引，但我們確實提供了電子商務的 GAAP 收入指引。我們認為這反映了我們對潛在成長率的看法。我還提到，就接受率的成長而言，雖然我們將繼續提高接受率，但步伐將會有所緩和和衡量。

We don't also do the -- give the breakdown in terms of the EBITDA, but we have given the order number for fourth quarter on Brazil and also the EBITDA loss pre-HQ allocation per order in Brazil. So I think you can roughly do the math.

我們也沒有給出 EBITDA 的細目，但我們給出了巴西第四季度的訂單號，以及巴西每個訂單的總部前 EBITDA 損失分配。因此我認為你可以粗略地算一下。

Our next question comes from Piyush Choudhary from HSBC Singapore.

下一個問題來自新加坡匯豐銀行的 Piyush Choudhary。

Two questions. Firstly, on e-commerce, your guidance to achieve positive adjusted EBITDA in your core markets, this would be driven by what key factors? Is it higher take rate or lower sales and marketing? And any color over there would be helpful. And if you can throw some light on the competitive landscape in core markets?

兩個問題。首先，在電子商務方面，您指導在核心市場實現正的調整後 EBITDA，這將由哪些關鍵因素推動？是更高的接受率還是更低的銷售和行銷？那邊的任何顏色都會有幫助。能否介紹一下核心市場的競爭格局？

Secondly, your cash and cash equivalents went down by $1.6 billion quarter-on-quarter to $10.2 billion. Can you highlight what factors drove that decline? Is there any other investments?

其次，您的現金和現金等價物環比下降 16 億美元，至 102 億美元。能具體說明一下造成這種下降的因素是什麼嗎？還有其他投資嗎？

Sure. In terms of our e-commerce cost of EBITDA in Southeast Asia and Taiwan, this is as a result of both the higher take rates and also cost efficiency as we scale. As we always mentioned, the platform, the marketplace model that we are pursuing enjoys a strong silo effect and the economy of scale as we continue to grow our business, the unit economics just keeps improving. And then naturally, it comes to a breakeven point.

當然。就東南亞和台灣的電子商務 EBITDA 成本而言，這是隨著我們規模擴大，更高的接受率和成本效率的結果。正如我們經常提到的，我們所追求的平台和市場模式享有強大的孤島效應和規模經濟，隨著我們業務的不斷發展，單位經濟效益也不斷提高。然後自然而然地，它就達到了損益平衡點。

And at the same time, as you can see, we have been rapidly ramping up the take rate, especially on the margin take rate in terms of transaction-based revenue as well as advertisement. We are broadly charging more types of sellers and gradually raising the take rate each type of sellers might pay. And at the same time, more importantly, voluntary sellers are adopting more of our free shipping program, advertisement program and they're actually paying more as our business and their business stay on our platform to facilitate further growth of their business.

同時，正如您所看到的，我們的佣金率也在迅速提高，尤其是交易收入和廣告方面的利潤佣金率。我們正在向更多類型的賣家收取費用，並逐步提高每種類型的賣家可能支付的佣金率。同時，更重要的是，自願賣家正在更多地採用我們的免費送貨計劃和廣告計劃，他們實際上支付的費用更多，因為我們的業務和他們的業務都留在我們的平台上，以促進他們的業務進一步增長。

So as the marketplace model, its profitability is actually quite proven. But it takes certain investment and time to get there. We believe we probably will be one of the first to get there as a major e-commerce player in this region, but we are very happy that at the same time, we're still growing at a very strong rate despite the tough comp against the COVID period and also extending our market leadership vis-a-vis all our peers.

因此作為市場模式，它的獲利能力實際上已經得到充分證明。但要實現這一目標需要一定的投資和時間。我們相信，作為該地區的主要電子商務參與者，我們可能會成為首批到達那裡的公司之一，但我們非常高興的是，儘管與新冠疫情時期的競爭十分激烈，但我們仍在以非常強勁的速度增長，並且擴大了我們在所有同行中的市場領導地位。

I'd like to invite Tony to address the second question.

我想請托尼來回答第二個問題。

Yes, sure. About the cash position, we are trying to optimize the cash yield by investing into a shortened time deposit, some of which are over the period of 3 months and by [GAAP] is categorized as structured investment and that amounts to a quite significant $800 million to $900 million. So if you add that back, actually, the cash position is over $10 billion.

是的，當然。關於現金狀況，我們試圖透過投資較短的定期存款來優化現金收益，其中一些存款期限為 3 個月，根據 [GAAP] 分類為結構化投資，金額相當可觀，為 8 億至 9 億美元。所以，如果你把這個數字加回來，實際上，現金部位已經超過 100 億美元。

Yes, so this is just to say that the cash isn't gone. It's just [made] to us some savings by us.

是的，這只是說現金沒有消失。這只是為我們節省了一些錢。

The next question comes from Ranjan Sharma from JPMorgan.

下一個問題來自摩根大通的 Ranjan Sharma。

Two questions from my side. Firstly, if you can talk about new game development, we know there's a lot of talent available in China now. Are you changing your hiring strategies to accelerate new game development? And second question, I know it's a bit sensitive, but is there a process to get the ban revoked in India on Free Fire?

我有兩個問題。首先，如果您能談談新遊戲開發，我們知道中國現在有很多人才。您是否正在改變招募策略來加速新遊戲開發？第二個問題，我知道這有點敏感，但是否有一個流程可以撤銷印度對《Free Fire》的禁令？

In terms of new game development, I think our strategy has been quite consistent. We have studios globally in the States and also in Singapore, Asia and Korea and other parts of Asia. So we are focused on [income] development. And at the same time, we have been investing globally into strong development teams and IP with partnership agreements tied to such investments that also augments our organic pipeline.

在新遊戲開發方面，我認為我們的策略一直都非常一致。我們在美國、新加坡、亞洲、韓國和亞洲其他地區都有工作室。因此，我們專注於（收入）發展。同時，我們一直在全球投資強大的開發團隊和智慧財產權，並與此類投資掛鉤的合作協議也增強了我們的有機管道。

And of course, there's the publishing side that we continue to work with, and we'll discuss partnerships with the global game developers to bring top IP to our region.

當然，我們也會繼續與出版者合作，並與全球遊戲開發商討論合作事宜，將頂級 IP 引入我們地區。

And in terms of Free Fire in India, we're still working on it. Other than what's been publicly disclosed, we don't have much more to share at this point. Thank you.

就印度的 Free Fire 而言，我們仍在努力。除了已經公開披露的內容外，目前我們沒有更多資訊可以分享。謝謝。

This concludes our question-and-answer session. I would 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。我想將會議交還給宋敏珠 (Min Ju Song) 做結束語。

Thank you. Thank you all for joining today. We look forward to speaking to all of you again next quarter. Much appreciated.

謝謝。感謝大家今天的參加。我們期待下個季度再次與大家交談。非常感謝。

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

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。