Given the significant uncertainties in the macro environment, we have entirely shifted our mindset and focus from growth to achieving self-sufficiency and profitability as soon as possible without relying on any external funding.
While our results may fluctuate and affected by the macro environment and many other factors, we are currently working towards adjusted EBITDA breakeven for Shopee overall by the end of 2023.
Last but not least, it goes without saying that we are very focused on our cash position. As at the end of the third quarter, cash, cash equivalents and short-term investments was $7.3 billion, representing a net reduction of $485 million from the end of the second quarter. We aim to continue to maintain a net cash position after budgeting for the full retirement in cash of the outstanding convertible bonds and assuming no external funding.