Sea Limited Reports Second Quarter 2022 Results

2022-8-16

Dear Sailors,

Today we are reporting our results for the second quarter of 2022.

These solid results reflect our continued progress in enhancing efficiency across our business and strengthening our ecosystem.

Shopee's unit economics improved significantly, driven by gains in both monetization and efficiency across our markets, even as we sustained a healthy growth rate against tough comparisons to last year. At Garena, we saw positive outcomes from our focus on retention and efforts to bring more engaging experiences to our large global games community, with quarterly active users stable quarter-on-quarter. We also benefited from growing synergies between Shopee and SeaMoney as our underserved user base adopted more of our financial products and services, resulting in strong growth and narrowing losses at SeaMoney.

This performance is a testament to the talent of our team, and our strength in execution. Thank you all for your hard work and commitment which has made this possible.

Throughout Sea's history, our success has been defined by our ability to focus on the right thing at the right time, quickly make the right strategic decisions, and remain agile and adaptable in our execution.

As we navigate the current environment of increased macro uncertaint with that same nimble and decisive approach, we believe it is vital to be throughtful, prudent, and disciplined. As we have always maintained, we think about managing our businesses as more like marathons rather than sprints. Adjusting our pace to match the moment is therefore highly important.

Whie we are well on-track to achieve our self-sufficiency targets, we are nevertheless rapidly prioritizing profitability and cash flow management. We are confident that this focus, combined with our demonstrated ability to execute, our scale and leadership, and our proven business models, willl position us for long-term sustained success.

More importantly, I want to emphasize that the current macro volatility does not affect our highly positive long-term outlook. Current macro uncertainties do not change the fact that our markets remain some of the areas with the highest long-term growth potential in the world, with positive demographic features and deepening digitalization.

Let's continue to foucs on serving the underserved and delivering on our long-term mission of bettering lives through technology.

Sincerely,
Forrest