SINGAPORE, May 13, 2025--(BUSINESS WIRE)--Sea Limited (NYSE: SE) ("Sea" or the "Company") today announced its financial results for the first quarter ended March 31, 2025.

"We have delivered another great quarter of strong growth with improving profitability across all three businesses. Our strong start to the year gives us more confidence of achieving our full-year guidance." said Forrest Li, Sea’s Chairman and Chief Executive Officer.

On e-commerce, he said, "Shopee has delivered a record-high GMV and gross order volume in the first quarter. We sustained market leadership with improved profitability across both Asia and Brazil. Our strong execution of our operational priorities – enhancing price competitiveness, improving service quality, and strengthening our content ecosystem – has continued to make Shopee competitive and differentiated."

On digital financial services, Mr. Li shared that SeaMoney had been rebranded to Monee. "We chose the name Monee because it is simple, cute, and, just like our company’s name Sea, easy to write and pronounce. Monee also resonates well with the name of its sister brand, Shopee, reflecting the seamless, synergetic connection between the two ecosystems."

On Monee’s performance for the quarter, Mr. Li said, "Monee delivered another strong set of results, with both revenue and adjusted EBITDA growing more than 50% year-on-year while maintaining stable asset quality. As we scale, we remain focused on risk management as a top priority. We are confident that we can grow Monee in a way that is resilient to credit cycles and profitable into the long term."

On digital entertainment, Mr. Li said, "Garena had a stellar start to 2025, with its best quarter since 2021. Thanks to the phenomenal success of the Free Fire and NARUTO collaboration in January, Free Fire’s average DAU in the first quarter was close to its peak quarterly average DAU during the pandemic. We will continue to drive Free Fire’s popularity and longevity, improve localized content across our games, and expand our game portfolio for overall sustained growth."

First Quarter 2025 Highlights

Group

Total GAAP revenue was US$4.8 billion, up 29.6% year-on-year. Total gross profit was US$2.2 billion, up 43.9% year-on-year. Total net income was US$410.8 million, as compared to total net loss of US$(23.0) million for the first quarter of 2024. Total adjusted EBITDA1 was US$946.5 million, as compared to US$401.1 million for the first quarter of 2024.  E-commerce

Gross orders totaled 3.1 billion for the quarter, increasing by 20.5% year-on-year. GMV was US$28.6 billion for the quarter, increasing by 21.5% year-on-year. GAAP revenue was US$3.5 billion, up 28.3% year-on-year. GAAP revenue included US$3.1 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 28.7% year-on-year.

Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 39.2% year-on-year to US$2.4 billion. Value-added services revenue, mainly consisting of revenues related to logistics services, was up 4.1% year-on-year to US$752.2 million. Adjusted EBITDA1 was US$264.4 million, as compared to US$(21.7) million for the first quarter of 2024.  Digital Financial Services

GAAP revenue was US$787.1 million, up 57.6% year-on-year. Adjusted EBITDA1 was US$241.4 million, up 62.4% year-on-year. Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of March 31, 2025, consumer and SME loans principal outstanding was US$5.8 billion, up 76.5% year-on-year. This consists of US$4.9 billion on-book and US$0.9 billion off-book loans principal outstanding2. Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.1%, relatively stable quarter-on-quarter.  Digital Entertainment

Bookings3 were US$775.4 million, up 51.4% year-on-year. GAAP revenue was US$495.6 million, as compared to US$458.1 million for the first quarter of 2024. Adjusted EBITDA1 was US$458.2 million, up 56.8% year-on-year. Adjusted EBITDA represented 59.1% of bookings for the first quarter of 2025, as compared to 57.1% for the first quarter of 2024. Quarterly active users were 661.8 million, up 11.3% year-on-year. Quarterly paying users were 64.6 million, up 32.2% year-on-year. Paying user ratio was 9.8%, as compared to 8.2% for the first quarter of 2024. Average bookings per user were US$1.17, as compared to US$0.86 for the first quarter of 2024.

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1 For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures". 2 Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. 3 GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment.

Unaudited Summary of Financial Results  (Amounts are expressed in thousands of US dollars "$" except for per share data)  For the Three Months ended March 31,  2024  2025  $  $ YOY% Revenue  Service revenue  3,408,139   4,434,537  30.1 % Sales of goods  326,190   406,563  24.6 % 3,734,329   4,841,100  29.6 %  Cost of revenue  Cost of service  (1,871,031 )  (2,231,118 ) 19.2 % Cost of goods sold  (309,548 )  (373,789 ) 20.8 % (2,180,579 )  (2,604,907 ) 19.5 % Gross profit  1,553,750   2,236,193  43.9 % Other operating income  43,977   34,901  (20.6 %) Sales and marketing expenses  (769,635 )  (929,699 ) 20.8 % General and administrative expenses  (290,854 )  (307,189 ) 5.6 % Provision for credit losses  (161,767 )  (281,944 ) 74.3 % Research and development expenses  (304,379 )  (295,858 ) (2.8 %) Total operating expenses  (1,482,658 )  (1,779,789 ) 20.0 % Operating income  71,092   456,404  542.0 % Non-operating (loss) income, net  (17,541 )  89,208  (608.6 %) Income tax expense  (78,760 )  (136,315 ) 73.1 % Share of results of equity investees  2,209   1,528  (30.8 %) Net (loss) income  (23,000 )  410,825  (1,886.2 %) (Loss) Earnings per share
 attributable to Sea Limited’s ordinary shareholders:  Basic  (0.04 )  0.68  (1,800.0 %) Diluted  (0.04 )  0.65  (1,725.0 %)  Change in deferred revenue of Digital Entertainment  54,029   279,820  417.9 %  Adjusted EBITDA for Digital Entertainment (1)  292,208   458,206  56.8 % Adjusted EBITDA for E-commerce (1)  (21,700 )  264,417  (1,318.5 %) Adjusted EBITDA for Digital Financial Services (1)  148,658   241,439  62.4 % Adjusted EBITDA for Other Services (1)  (10,671 )  (9,110 ) (14.6 %) Unallocated expenses (2)  (7,346 )  (8,443 ) 14.9 % Total adjusted EBITDA (1)  401,149   946,509  135.9 %

(1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures". (2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker ("CODM") as part of segment performance.

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Revenue

Our total GAAP revenue increased by 29.6% to US$4.8 billion in the first quarter of 2025 from US$3.7 billion in the first quarter of 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars ("$").

For the Three Months ended March 31,  2024  2025  YOY% $  $  Service revenue  E-commerce  2,422,740  3,118,931  28.7 % Digital Financial Services  499,364  787,117  57.6 % Digital Entertainment  458,119  495,589  8.2 % Other Services(1)  27,916  32,900  17.9 % Sales of goods  326,190  406,563  24.6 % Total revenue  3,734,329  4,841,100  29.6 %

(1)  Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

E-commerce: Our e-commerce service GAAP revenue increased by 28.7% to US$3.1 billion in the first quarter of 2025 from US$2.4 billion in the first quarter of 2024, primarily driven by the growth of GMV. Digital Financial Services: Our digital financial services GAAP revenue increased by 57.6% to US$787.1 million in the first quarter of 2025 from US$499.4 million in the first quarter of 2024, primarily driven by the growth of our credit business as our lending activities increased. Digital Entertainment: Our digital entertainment GAAP revenue increased by 8.2% to US$495.6 million in the first quarter of 2025 from US$458.1 million in the first quarter of 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration. Sales of goods: GAAP revenue increased by 24.6% to US$406.6 million in the first quarter of 2025 from US$326.2 million in the first quarter of 2024.

Cost of Revenue

Our total cost of revenue was US$2.6 billion in the first quarter of 2025, as compared to US$2.2 billion in the first quarter of 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars ("$").

For the Three Months ended March 31,  2024  2025  YOY% $  $  Cost of service  E-commerce  1,627,509  1,934,323  18.9 % Digital Financial Services  78,301  106,433  35.9 % Digital Entertainment  155,977  181,004  16.0 % Other Services(1)  9,244  9,358  1.2 % Cost of goods sold  309,548  373,789  20.8 % Total cost of revenue  2,180,579  2,604,907  19.5 %

(1)  Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

E-commerce: Cost of revenue was US$1.9 billion in the first quarter of 2025, as compared to US$1.6 billion in the first quarter of 2024, primarily driven by an increase in logistics costs as orders volume grew. Digital Financial Services: Cost of revenue was US$106.4 million in the first quarter of 2025, as compared to US$78.3 million in the first quarter of 2024, primarily driven by server and hosting expenses, interest expenses due to the growth in customer deposits under our banking business, and other costs associated with our credit business. Digital Entertainment: Cost of revenue was US$181.0 million in the first quarter of 2025, as compared to US$156.0 million in the first quarter of 2024, primarily due to higher royalties associated with the use of third-party intellectual properties. Cost of goods sold: Cost of goods sold increased by 20.8% to US$373.8 million in the first quarter of 2025 from US$309.5 million in the first quarter of 2024.

Other Operating Income

Our other operating income was US$34.9 million and US$44.0 million in the first quarter of 2025 and 2024, respectively. Other operating income mainly consists of rebates from e-commerce related logistics services providers.

Sales and Marketing Expenses

Our total sales and marketing expenses increased by 20.8% to US$929.7 million in the first quarter of 2025 from US$769.6 million in the first quarter of 2024. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars ("$").

For the Three Months ended March 31,  2024  2025  YOY% Sales and Marketing Expenses  $  $  E-commerce  675,881  777,492  15.0 % Digital Financial Services  56,768  96,261  69.6 % Digital Entertainment  19,376  28,906  49.2 %

General and Administrative Expenses

Our general and administrative expenses increased by 5.6% to US$307.2 million in the first quarter of 2025 from US$290.9 million in the first quarter of 2024.

Provision for Credit Losses

Our provision for credit losses increased by 74.3% to US$281.9 million in the first quarter of 2025 from US$161.8 million in the first quarter of 2024.

Research and Development Expenses

Our research and development expenses decreased by 2.8% to US$295.9 million in the first quarter of 2025 from US$304.4 million in the first quarter of 2024.

Non-operating Income or Losses, Net

Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$89.2 million in the first quarter of 2025, as compared to a net non-operating loss of US$(17.5) million in the first quarter of 2024. The non-operating income in the first quarter of 2025 was primarily due to interest income of US$88.8 million.

Income Tax Expense

We had a net income tax expense of US$136.3 million and US$78.8 million in the first quarter of 2025 and 2024, respectively.

Net Income or Loss

As a result of the foregoing, we had net income of US$410.8 million in the first quarter of 2025, as compared to net loss of US$(23.0) million in the first quarter of 2024.

Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders

Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.68 in the first quarter of 2025, compared to basic loss per share attributable to Sea Limited’s ordinary shareholders of US$(0.04) in the first quarter of 2024.

Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.65 in the first quarter of 2025, compared to diluted loss per share attributable to Sea Limited’s ordinary shareholders of US$(0.04) in the first quarter of 2024.

Webcast and Conference Call Information

The Company’s management will host a conference call today to review Sea’s business and financial performance.

Details of the conference call and webcast are as follows:

Date and time:  7:30 AM U.S. Eastern Time on May 13, 2025
7:30 PM Singapore / Hong Kong Time on May 13, 2025  Webcast link:  https://events.q4inc.com/attendee/514818182

A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.

About Sea Limited

Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. Monee is a leading digital financial services provider in Southeast Asia and is growing its presence in Brazil.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and similar statements. Among other things, statements that are not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea’s strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea’s goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the expected growth of its digital entertainment, e-commerce and digital financial services businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

"Adjusted EBITDA" for our digital entertainment segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our digital entertainment segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. "Adjusted EBITDA" for our e-commerce segment, digital financial services segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. "Total adjusted EBITDA" represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea’s data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.

The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars ("$") except for number of shares & per share data.

For the Three Months ended March 31, 2025 E-
commerce  Digital
Financial
Services  Digital
Entertainment  Other
Services(1)  Unallocated
expenses(2)  Consolidated $  $  $  $  $  $ Operating income (loss)  195,002   228,612  220,031  (11,006 )  (176,235 )  456,404 Net effect of changes in deferred
 revenue and its related cost  -   -  233,436  -   -   233,436 Depreciation and Amortization  69,415   12,827  4,739  1,896   -   88,877 Share-based compensation  -   -  -  -   167,792   167,792 Adjusted EBITDA  264,417   241,439  458,206  (9,110 )  (8,443 )  946,509  For the Three Months ended March 31, 2024 E-
commerce  Digital
Financial
Services  Digital
Entertainment  Other
Services(1)  Unallocated
expenses(2)  Consolidated $  $  $  $  $  $ Operating (loss) income  (97,335 )  134,443  236,198  (13,787 )  (188,427 )  71,092 Net effect of changes in deferred
 revenue and its related cost  -   -  46,701  -   -   46,701 Depreciation and Amortization  75,635   14,215  9,309  3,116   -   102,275 Share-based compensation  -   -  -  -   181,081   181,081 Adjusted EBITDA  (21,700 )  148,658  292,208  (10,671 )  (7,346 )  401,149

(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services". (2) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Amounts expressed in thousands of US dollars ("$") except for number of shares & per share data  For the Three Months ended March 31, 2024  2025 $  $ Revenue  Service revenue  3,408,139   4,434,537  Sales of goods  326,190   406,563    Total revenue  3,734,329   4,841,100   Cost of revenue  Cost of service  (1,871,031 )  (2,231,118 ) Cost of goods sold  (309,548 )  (373,789 )   Total cost of revenue  (2,180,579 )  (2,604,907 )   Gross profit  1,553,750   2,236,193    Operating income (expenses):  Other operating income  43,977   34,901  Sales and marketing expenses  (769,635 )  (929,699 ) General and administrative expenses  (290,854 )  (307,189 ) Provision for credit losses  (161,767 )  (281,944 ) Research and development expenses  (304,379 )  (295,858 )   Total operating expenses  (1,482,658 )  (1,779,789 )   Operating income  71,092   456,404  Interest income  87,115   88,823  Interest expense  (9,718 )  (9,081 ) Investment loss, net  (111,244 )  (522 ) Net gain on debt extinguishment  27,112   10,602  Foreign exchange loss  (10,806 )  (614 )  Income before income tax and share of results of equity investees  53,551   545,612  Income tax expense  (78,760 )  (136,315 ) Share of results of equity investees  2,209   1,528   Net (loss) income  (23,000 )  410,825   Net income attributable to non-controlling interests  (663 )  (7,775 )  Net (loss) income attributable to Sea Limited’s ordinary shareholders  (23,663 )  403,050   (Loss) Earnings per share:  Basic  (0.04 )  0.68  Diluted  (0.04 )  0.65   Weighted average shares used in (loss) earnings per share computation:  Basic  570,937,761   590,286,824  Diluted  570,937,761   634,637,711

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Amounts expressed in thousands of US dollars ("$")  As of December 31,  As of March 31, 2024  2025 $  $ ASSETS  Current assets  Cash and cash equivalents  2,405,153  2,183,030 Restricted cash  1,655,171  1,810,071 Accounts receivable, net of allowance for credit losses of
 $5,089 and $7,043, as of December 31, 2024 and March
 31, 2025 respectively  306,657  342,319 Prepaid expenses and other assets  1,661,373  1,863,143 Loans receivable, net of allowance for credit losses of
 $443,555 and $516,332, as of December 31, 2024 and
 March 31, 2025 respectively  4,052,215  4,674,606 Inventories, net  143,246  172,696 Short-term investments  6,215,423  6,243,214 Amounts due from related parties  418,430  490,221 Total current assets  16,857,668  17,779,300  Non-current assets  Property and equipment, net  1,097,699  1,081,491 Operating lease right-of-use assets, net  1,054,785  1,166,823 Intangible assets, net  27,310  20,605 Long-term investments  2,694,305  2,828,545 Prepaid expenses and other assets  138,839  171,885 Loans receivable, net of allowance for credit losses of
$5,780 and $7,667, as of December 31, 2024 and March 31,
 2025 respectively  108,594  152,173 Restricted cash  21,261  22,895 Deferred tax assets  517,383  513,325 Goodwill  107,625  106,031 Total non-current assets  5,767,801  6,063,773 Total assets  22,625,469  23,843,073

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Amounts expressed in thousands of US dollars ("$")  As of December 31,  As of March 31, 2024  2025 $  $ LIABILITIES AND SHAREHOLDERS’ EQUITY  Current liabilities  Accounts payable  350,021  320,948 Accrued expenses and other payables  2,380,371  2,163,786 Deposits payable  2,711,693  3,154,334 Escrow payables and advances from customers  2,498,094  2,603,794 Amounts due to related parties  255,896  188,973 Borrowings  130,615  120,502 Operating lease liabilities  300,274  311,707 Convertible notes  1,147,984  1,148,395 Deferred revenue  1,405,785  1,630,687 Income tax payable  115,419  158,141 Total current liabilities  11,296,152  11,801,267  Non-current liabilities  Accrued expenses and other payables  71,678  77,506 Borrowings  249,474  329,577 Operating lease liabilities  803,502  907,743 Deferred revenue  109,895  189,150 Convertible notes  1,478,784  1,330,217 Deferred tax liabilities  408  1,172 Unrecognized tax benefits  138,000  132,100 Total non-current liabilities  2,851,741  2,967,465 Total liabilities  14,147,893  14,768,732

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Amounts expressed in thousands of US dollars ("$")  As of December 31,  As of March 31, 2024  2025 $  $ Shareholders’ equity  Class A Ordinary shares  272   273  Class B Ordinary shares  23   23  Additional paid-in capital  16,703,192   16,886,015  Accumulated other comprehensive loss  (193,148 )  (187,939 ) Statutory reserves  17,260   17,260  Accumulated deficit  (8,155,264 )  (7,752,214 )  Total Sea Limited shareholders’ equity  8,372,335   8,963,418  Non-controlling interests  105,241   110,923  Total shareholders’ equity  8,477,576   9,074,341  Total liabilities and shareholders’ equity  22,625,469   23,843,073

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Amounts expressed in thousands of US dollars ("$")  For the Three Months ended March 31, 2024  2025 $  $ Net cash generated from operating activities  468,494   756,931  Net cash used in investing activities  (853,786 )  (1,114,732 ) Net cash generated from financing activities  183,831   274,387  Effect of foreign exchange rate changes on cash, cash
 equivalents and restricted cash  (72,819 )  17,825  Net decrease in cash, cash equivalents and restricted cash  (274,280 )  (65,589 ) Cash, cash equivalents and restricted cash at beginning of the
 period  4,243,657   4,081,585   Cash, cash equivalents and restricted cash at end of the period  3,969,377   4,015,996

Net cash used in investing activities amounted to US$1,115 million for the three months ended March 31, 2025. This was primarily attributable to increase in loans receivable of our credit business of US$942 million. Net cash generated from financing activities amounted to US$274 million for the three months ended March 31, 2025. This was primarily attributable to an increase in bank deposits of US$328 million, offset by the cash used in repurchase of convertible notes of US$139 million.

UNAUDITED SEGMENT INFORMATION

The Company has three reportable segments, namely e-commerce, digital financial services and digital entertainment. The Chief Operating Decision Maker ("CODM"), comprising our senior management team, reviews the performance of each segment based on revenue and certain key operating metrics of the operations and uses these results for the purposes of allocating resources to and evaluating the financial performance of each segment. Amounts are expressed in thousands of US dollars ("$").

For the Three Months ended March 31, 2025 E-commerce  Digital
Financial
Services  Digital
Entertainment  Other
Services(1)  Total $  $  $  $  $ Revenue  3,524,186   787,117   495,589   34,208   4,841,100  Less(2)  Cost of revenue  (2,307,199 )  (106,433 )  (181,004 )  -  Sales and marketing expenses  (777,492 )  (96,261 )  (28,906 )  -  Provision for credit losses  -   (277,562 )  -   -  Other operating expenses(3)  (244,493 )  (78,249 )  (65,648 )  (45,214 )  Operating segment income (loss)  195,002   228,612   220,031   (11,006 )  632,639  Unallocated expenses(4)          (176,235 ) Operating income          456,404  Non-operating income, net          89,208  Income tax expense          (136,315 ) Share of results of equity investees          1,528  Net income          410,825

For the Three Months ended March 31, 2024 E-commerce  Digital
Financial
Services  Digital
Entertainment  Other
Services(1)  Total $  $  $  $  $ Revenue  2,747,768   499,364   458,119   29,078   3,734,329  Less(2)  Cost of revenue  (1,936,340 )  (78,301 )  (155,977 )  -  Sales and marketing expenses  (675,881 )  (56,768 )  (19,376 )  -  Provision for credit losses  -   (161,729 )  -   -  Other operating expenses(3)  (232,882 )  (68,123 )  (46,568 )  (42,865 )  Operating segment (loss) income  (97,335 )  134,443   236,198   (13,787 )  259,519  Unallocated expenses(4)          (188,427 ) Operating income          71,092  Non-operating loss, net          (17,541 ) Income tax expense          (78,760 ) Share of results of equity investees          2,209  Net loss          (23,000 )

(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as "Other Services". (2) The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM. (3) Other operating expenses for E-commerce and Digital Entertainment include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Digital Financial Services include general and administrative expenses and research and development expenses, net of other operating income. (4) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

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