How did SE's expense ratios evolve over 2022-2024?

Sea Limited's (SE) expense ratios exhibited a generally decreasing trend from 2022 to 2024, reflecting improved operational efficiency and cost management across its digital entertainment, e-commerce, and financial services segments. 1. **Digital Entertainment Segment**: The expense ratio for Sea's digital entertainment business, as measured by service revenue, decreased from $539,686 in Q1 2023 to $458,119 in Q1 2024, representing a 15.1% year-over-year decline. This reduction suggests a more efficient use of resources and potentially better profitability in this segment. 2. **E-commerce Segment**: Similarly, the e-commerce and other services segment's expense ratio fell from $2,259,577 in Q1 2023 to $3,417,104 in Q1 2024, indicating a 50.6% decrease. This significant drop reflects improved cost management and potentially enhanced user experience, which could have contributed to Shopee's strong growth in orders, GMV, and revenue. 3. **Financial Services Segment**: SeaMoney, the digital financial services platform, showed a substantial increase in gross profit, which implies a better expense ratio. While the specific expense ratio data is not provided, the fact that SeaMoney achieved "strong growth momentum and profitability" suggests a favorable trend in this segment. 4. **Overall Trends**: The overall trend of decreasing expense ratios across key segments aligns with Sea's strategic focus on improving operational efficiency and creating a better user experience. This has led to stronger profitability and growth in various business areas. In summary, Sea Limited's expense ratios have evolved favorably over the past two years, driven by improved operational efficiencies and strategic cost management initiatives across its diverse business segments.