Q1 2025 Sea Ltd Earnings Call Transcript
Key Points
- Sea Ltd (SE) reported a 30% year-on-year increase in total GAAP revenue, reaching $4.8 billion in Q1 2025.
- Shopee achieved record-high GMV and gross order volume, with a 22% year-on-year increase in GMV to $28.6 billion.
- Monee, the rebranded Digital Financial Services business, saw revenue and adjusted EBITDA grow by more than 50% year on year.
- Garena's total bookings grew 51% year on year, with a successful collaboration with Naruto Shippuden boosting user engagement.
- Sea Ltd (SE) achieved a net income of $411 million in Q1 2025, compared to a net loss of $23 million in Q1 2024.
- The competitive landscape in ASEAN and Brazil remains challenging, with new entrants like TikTok Shop in Brazil.
- Currency fluctuations, particularly in some markets, could impact financial performance.
- The company faces potential margin pressure from increased shipping subsidies and dynamic cost adjustments.
- The expansion of Monee's off-Shopee services requires careful risk management and could impact margins.
- The live streaming ecosystem in Brazil is still in its early stages, posing challenges for Shopee Live's growth.
Good morning and good evening to all, and welcome to the Sea Limited first-quarter 2025 results conference call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.
I'd now like to welcome Mr. Elson Choi to begin the conference. Please go ahead.
Hello, everyone, and welcome to Sea's 2025 first-quarter earnings conference call. I'm Elson from Sea's Investor Relations team.
On this call, we may make forward-looking statements which are inherently subject to risk and uncertainties and may not be realized in the future for various reasons as stated in our press release. Also, this call includes the discussion of certain non-GAAP financial measures such as adjusted EBITDA. 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 discussion of the use of non-GAAP financial measures and reconciliation with the
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