Operator Good morning and good evening. Welcome to the Sea Limited fourth-quarter and full-year 2020 results conference call. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Ms. Minju Song. Please go ahead. Minju Song -- Senior Manager and Group Chief Corporate Officer Hello, everyone, and welcome to Sea's 2020 fourth-quarter and full-year earnings conference call. I am Minju Song from Sea's group chief corporate officer's office. 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 the discussion of certain non-GAAP financial measures such as adjusted EBITDA, and net loss excluding share-based compensation, and changes in fair value of the 2017 convertible notes.