Editing Sea Limited
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=== Subsidiaries === | === Subsidiaries === | ||
Sea Limited, as mentioned, owns several subsidiaries including the digital entertainment company Garena, the e-commerce platform Shopee and the digital financial services company SeaMoney, therefore operating in 3 different markets. <ref> | Sea Limited, as mentioned, owns several subsidiaries including the digital entertainment company Garena, the e-commerce platform Shopee and the digital financial services company SeaMoney, therefore operating in 3 different markets. <ref>https://www.sea.com/products/garena</ref> | ||
==== Garena ==== | ==== Garena ==== | ||
Line 266: | Line 266: | ||
* Impact of widespread health developments, including the COVID-19 pandemic, and responses thereto (such as voluntary and mandatory quarantines, shut downs, restrictions on travel and activities, and availability of effective vaccines or treatments). | * Impact of widespread health developments, including the COVID-19 pandemic, and responses thereto (such as voluntary and mandatory quarantines, shut downs, restrictions on travel and activities, and availability of effective vaccines or treatments). | ||
* Impact of economies reopening further in response to the COVID-19 pandemic. | * Impact of economies reopening further in response to the COVID-19 pandemic. | ||
=== Market Share Breakdown === | |||
== Financials == | == Financials == | ||
Line 420: | Line 422: | ||
|} | |} | ||
==== | ==== All periods ==== | ||
{| class="wikitable" | {| class="wikitable" | ||
! rowspan="2" |Year | ! rowspan="2" |Year | ||
Line 464: | Line 466: | ||
Line 479: | Line 477: | ||
==== Method ==== | ==== Method ==== | ||
==== Financial Forecasts ==== | ==== Financial Forecasts ==== | ||
{| class="wikitable" | |||
! rowspan="2" |Year | |||
! colspan="3" |Revenue ($thousands) | |||
! colspan="3" |Gross Profit ($thousands) | |||
|- | |||
!Forecast | |||
!'''Lower-bound value''' | |||
!'''Upper-bound value''' | |||
!Forecast | |||
!'''Lower-bound value''' | |||
!'''Upper-bound value''' | |||
|- | |||
|2024 | |||
|15,744,835 | |||
|13,081,969 | |||
|18,407,702 | |||
|6,489,624 | |||
|5,187,205 | |||
|7,792,042 | |||
|- | |||
|2025 | |||
|18,910,452 | |||
|16,164,985 | |||
|21,655,918 | |||
|7,891,384 | |||
|6,434,652 | |||
|9,348,115 | |||
|- | |||
|2026 | |||
|22,076,068 | |||
|19,249,784 | |||
|24,902,353 | |||
|9,293,143 | |||
|7,696,416 | |||
|10,889,871 | |||
|- | |||
|2027 | |||
|25,241,685 | |||
|22,336,213 | |||
|28,147,156 | |||
|10,694,903 | |||
|8,969,007 | |||
|12,420,799 | |||
|- | |||
|2028 | |||
|28,407,301 | |||
|25,424,142 | |||
|31,390,460 | |||
|12,096,663 | |||
|10,250,152 | |||
|13,943,173 | |||
|} | |||
[[File:GProfit.png|none|thumb|736x736px|Gross profit historical (2018-2022) and forecasted (2023-2027) values for Sea Limited]] | |||
[[File:Revenues.png|none|thumb|726x726px|Revenue historical (2018-2022) and forecasted (2023-2027) values for Sea Limited]] | |||
Revenues and gross profit are steeply increasing, but after applying operating expenses, the company reports an increasing loss every year. This is attributed to disproportionate increase of operating expenses year by year, which outweigh the increase in revenues. | |||
Sea Limited's great investment in subsidies to local express delivery companies were one of the major operational expenses that keep Shopee, and by extension the entire company from being profitable.<ref>Here’s how Lazada lost its lead to Shopee in Southeast Asia (Part 2 of 2) | KrASIA (kr-asia.com)</ref> | |||
== Risk Analysis == | |||
== Valuation == | |||
Cost of debt<ref>Cost of Debt (Pre-tax) For Sea Limited (SE) | finbox.com</ref> | |||
beta<ref>Sea Limited (SE) Valuation Measures & Financial Statistics (yahoo.com)</ref> | |||
{| class="wikitable" | {| class="wikitable" | ||
! | !Income Statement | ||
!2014 | !2014 | ||
!2015 | !2015 | ||
Line 499: | Line 562: | ||
!2027 | !2027 | ||
|- | |- | ||
|''' | |'''Revenue ($millions)''' | ||
|160.756 | |160.756 | ||
|292.124 | |292.124 | ||
Line 508: | Line 571: | ||
|4375.664 | |4375.664 | ||
|9955.19 | |9955.19 | ||
|12449. | |12449.705 | ||
|14317 | |14317 | ||
| | |15749 | ||
| | |17324 | ||
|19056 | |19056 | ||
| | |21915 | ||
|- | |- | ||
| | |% growth | ||
| | |||
|82% | |||
| | |18% | ||
| | |20% | ||
| | |100% | ||
| | |163% | ||
| | |101% | ||
| | |128% | ||
| | |25% | ||
| | |15% | ||
| | |10% | ||
| | |10% | ||
| | |10% | ||
| | |15% | ||
| | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | | | ||
|- | |- | ||
| | | '''Cost Of Goods Sold ($millions)''' | ||
| | |124.573 | ||
|184.298 | |||
|232.598 | |||
|326.878 | |||
|812.21 | |||
|1570.458 | |||
|3026.759 | |||
|6059.455 | |||
|7264.428 | |||
|8590 | |||
|9449 | |||
|10394 | |||
|11434 | |||
|13149 | |||
|- | |- | ||
| | |% of revenue | ||
| | |77% | ||
| | |63% | ||
| | |67% | ||
| | |79% | ||
| | |98% | ||
| | |72% | ||
| | |69% | ||
|61% | |||
|58% | |||
|60% | |||
|60% | |||
|60% | |||
|60% | |||
|60% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 674: | Line 658: | ||
| | | | ||
|- | |- | ||
| | | '''Gross Profit ($millions)''' | ||
| | |36.183 | ||
| | |107.826 | ||
| | |113.072 | ||
| | |87.312 | ||
| | |14.758 | ||
| | |604.92 | ||
| | |1348.905 | ||
|3895.735 | |||
|5185.277 | |||
|5727 | |||
|6300 | |||
|6930 | |||
|7622 | |||
|8766 | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 700: | Line 683: | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 710: | Line 690: | ||
| | | | ||
|- | |- | ||
| | |'''Selling General & Admin Exp. ($millions)''' | ||
| | |112.958 | ||
|174.547 | |||
|294.187 | |||
|562.92 | |||
|940.63 | |||
|1355.408 | |||
|2430.581 | |||
|4817.611 | |||
|4706.835 | |||
|5441 | |||
|5985 | |||
|6583 | |||
|7241 | |||
|8328 | |||
|- | |||
|% of revenue | |||
|70% | |||
|60% | |||
|85% | |||
|136% | |||
|114% | |||
|62% | |||
|56% | |||
|48% | |||
|38% | |||
|38% | |||
|38% | |||
|38% | |||
|38% | |||
|38% | |||
|- | |||
| | | | ||
| | | | ||
Line 718: | Line 728: | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 727: | Line 734: | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |||
|'''Provision for bad debts($millions)''' | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
|57.509 | |||
|117.427 | |||
|513.69 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|- | |- | ||
| | |% of revenue | ||
| | | | ||
| | | | ||
Line 736: | Line 761: | ||
| | | | ||
| | | | ||
|1.3% | |||
|1.2% | |||
|4.1% | |||
|0.0% | |||
|0.0% | |||
|0.0% | |||
|0.0% | |||
|0.0% | |||
|- | |- | ||
| | | | ||
| | | | ||
Line 745: | Line 776: | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 754: | Line 782: | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
|- | |- | ||
|'''R&D Exp($millions)''' | |||
|11.053 | |||
|17.732 | |||
|20.809 | |||
|29.323 | |||
|67.529 | |||
|156.634 | |||
|353.785 | |||
|831.703 | |||
|1376.501 | |||
|1096 | |||
|1206 | |||
|1326 | |||
|1459 | |||
|1678 | |||
|- | |- | ||
| | |% of revenue | ||
| | |7% | ||
| | |6% | ||
| | |6% | ||
| | |7% | ||
| | |8% | ||
| | |7% | ||
| | |8% | ||
| | |8% | ||
| | |11% | ||
| | |8% | ||
| | |8% | ||
| | |8% | ||
| | |8% | ||
|8% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|''' | |'''Depreciation & Amort. ($millions)''' | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |92.882 | ||
|154.966 | |||
|268.959 | |||
|379.173 | |||
|435.88 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|- | |- | ||
| | |% of revenue | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
| | |11% | ||
| | |7% | ||
| | |6% | ||
| | |4% | ||
| | |4% | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
|0% | |||
|0% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|''' | |'''Other Operating Expense/(Income) ($millions)''' | ||
| | | -0.7 | ||
| | | -3.1 | ||
| | | -2.1 | ||
| | | -3.5 | ||
| | | -9.8 | ||
| | | -15.9 | ||
| -189.6 | |||
| -287.9 | |||
| -279.2 | |||
| -228 | |||
| -251 | |||
| -276 | |||
| -303 | |||
| -349 | |||
|- | |- | ||
| | |% of revenue | ||
| | |0% | ||
| | | -1% | ||
|4 | | -1% | ||
|2 | | -1% | ||
| | | -1% | ||
| -1% | |||
| -4% | |||
| -3% | |||
| -2% | |||
| -2% | |||
| -2% | |||
| -2% | |||
| -2% | |||
| -2% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 860: | Line 930: | ||
| | | | ||
|- | |- | ||
| | |'''Total Operating Expenses ($millions)''' | ||
| | |123.269 | ||
| | |189.216 | ||
| | |312.893 | ||
| | |588.746 | ||
| | |998.36 | ||
| | |1496.152 | ||
| | |2652.23 | ||
| - | |5478.795 | ||
| | |6317.842 | ||
| | |5213 | ||
| | |5734 | ||
| | |6307 | ||
| | |6938 | ||
| | |7979 | ||
| | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |'''Operating Income / EBIT ($millions)''' | ||
| | |'''-87.1''' | ||
| | |'''-81.4''' | ||
| | |'''-199.8''' | ||
| | |'''-501.4''' | ||
| | |'''-983.6''' | ||
|'''-891.2''' | |||
|'''-1303.3''' | |||
|'''-1583.1''' | |||
|'''-1132.6''' | |||
|'''514''' | |||
|'''566''' | |||
|'''622''' | |||
|'''685''' | |||
|'''787''' | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |'''EBITDA ($millions)''' | ||
| - | |'''-69.3''' | ||
| -- | |'''-52.1''' | ||
| -- | |'''-160.3''' | ||
| -- | |'''-460.5''' | ||
| -- | |'''-904.9''' | ||
|'''-769.6''' | |||
|'''-1122.6''' | |||
|'''-1304''' | |||
|'''-704.2''' | |||
|'''514''' | |||
|'''566''' | |||
|'''622''' | |||
|'''685''' | |||
|'''787''' | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|''' | | '''Tax Expense ($millions)''' | ||
| | |2.521 | ||
| | |11.73 | ||
| | |8.546 | ||
| | |10.745 | ||
| | |4.088 | ||
| | |85.864 | ||
| | |141.64 | ||
| | |332.865 | ||
| | |168.395 | ||
| | |26 | ||
| | |28 | ||
|34 | |31 | ||
|34 | |||
|39 | |||
|- | |- | ||
| | |Effective tax rate | ||
| | | -3% | ||
| | | -14% | ||
| | | -4% | ||
| | | -2% | ||
| | |0% | ||
|- | | -10% | ||
| | | -11% | ||
| - | | -21% | ||
| | | -15% | ||
| | |5% | ||
| | |5% | ||
| | |5% | ||
|5% | |||
|5% | |||
|} | |||
{| class="wikitable" | |||
!Cashflow Statement | |||
!2014 | |||
!2015 | |||
!2016 | |||
!2017 | |||
!2018 | |||
!2019 | |||
!2020 | |||
!2021 | |||
!2022 | |||
!2023 | |||
!2024 | |||
!2025 | |||
!2026 | |||
!2027 | |||
|- | |- | ||
| | |'''Depreciation & Amort.''' | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |93 | ||
|155 | |||
|269 | |||
|379 | |||
|436 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|- | |- | ||
| | |% of revenue | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
| | |11% | ||
|7% | |||
|6% | |||
|4% | |||
|4% | |||
|0% | |||
|0% | |||
|0% | |||
|0% | |||
|0% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 1,017: | Line 1,123: | ||
| | | | ||
|- | |- | ||
| | |'''Capital Expenditure''' | ||
| | | -19.3 | ||
| | | -25.8 | ||
| | | -17 | ||
| | | -67.4 | ||
| | | -177.3 | ||
| -239.8 | |||
| -336.3 | |||
| -772.2 | |||
| -924.2 | |||
| -1778 | |||
| -1955 | |||
| -2151 | |||
| -2366 | |||
| -2721 | |||
|- | |- | ||
| | |#REF! | ||
| | |12% | ||
| | |9% | ||
| | |5% | ||
| | |16% | ||
| | |21% | ||
|11% | |||
|8% | |||
|8% | |||
|7% | |||
|12% | |||
|12% | |||
|12% | |||
|12% | |||
|12% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |'''Change in NWC''' | ||
| | |0 | ||
| | | -4 | ||
| | |19.189 | ||
| | | -158.2 | ||
| | | -198.1 | ||
| -606.1 | |||
| -831 | |||
|3.412 | |||
|1163.028 | |||
| -2377 | |||
| -2615 | |||
| -2877 | |||
| -3164 | |||
| -3639 | |||
|- | |- | ||
| | |% of revenue | ||
| | |0% | ||
| | | -1% | ||
| | |6% | ||
| | | -38% | ||
| | | -24% | ||
| -28% | |||
| -19% | |||
|0% | |||
|9% | |||
| -17% | |||
| -17% | |||
| -17% | |||
| -17% | |||
| -17% | |||
|- | |- | ||
| | | | ||
| | | | ||
Line 1,072: | Line 1,208: | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|} | |||
{| class="wikitable" | |||
!3SM | |||
!2014 | |||
!2015 | |||
!2016 | |||
!2017 | |||
!2018 | |||
!2019 | |||
!2020 | |||
!2021 | |||
!2022 | |||
!2023 | |||
!2024 | |||
!2025 | |||
!2026 | |||
!2027 | |||
|- | |- | ||
| | |'''Revenue''' | ||
| | |160.756 | ||
| | |292.124 | ||
| | |345.67 | ||
| | |414.19 | ||
| | |826.968 | ||
| | |2175.378 | ||
| | |4375.664 | ||
| | |9955.19 | ||
| | |12450 | ||
| | |14317 | ||
| | |15749 | ||
| | |17324 | ||
| | |19056 | ||
| | |21915 | ||
|- | |- | ||
| | |% growth | ||
| | |0 | ||
| | |82% | ||
| | |18% | ||
| | |20% | ||
| | |100% | ||
|163% | |||
|101% | |||
|128% | |||
|25% | |||
|15% | |||
|10% | |||
|10% | |||
|10% | |||
|15% | |||
|- | |- | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | | | ||
| | | | ||
Line 1,108: | Line 1,284: | ||
| | | | ||
|- | |- | ||
| | |'''EBIT''' | ||
| | | -87 | ||
| | | -81 | ||
| | | -200 | ||
| | | -501 | ||
| | | -984 | ||
|- | | -891 | ||
| | | -1303 | ||
| | | -1583 | ||
| -1133 | |||
|514 | |||
|566 | |||
|622 | |||
|- | |685 | ||
| | |787 | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |% margin | ||
| | | -54% | ||
| | | -28% | ||
| | | -58% | ||
| | | -121% | ||
| | | -119% | ||
| -41% | |||
| -30% | |||
| -16% | |||
| -9% | |||
|4% | |||
|4% | |||
|4% | |||
|4% | |||
|4% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |'''EBITDA''' | ||
| | | -87 | ||
| | | -81 | ||
| | | -200 | ||
| | | -501 | ||
| | | -891 | ||
| -736 | |||
| -1034 | |||
| -1204 | |||
| -697 | |||
|514 | |||
|566 | |||
|622 | |||
|685 | |||
|787 | |||
|- | |- | ||
| | |% margin | ||
| | | -54% | ||
| | | -28% | ||
| | | -58% | ||
| | | -121% | ||
| | | -108% | ||
| -34% | |||
| -24% | |||
| -12% | |||
| -6% | |||
|4% | |||
|4% | |||
|4% | |||
|4% | |||
|4% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 1,189: | Line 1,380: | ||
| | | | ||
|- | |- | ||
| | |'''Taxes''' | ||
| | |3 | ||
|9 | |12 | ||
| | |9 | ||
| | |11 | ||
|4 | |||
|86 | |||
|142 | |||
|333 | |||
|168 | |||
|26 | |||
|28 | |||
|31 | |||
|34 | |||
|39 | |||
|- | |- | ||
| | |% of EBIT | ||
| | | -3% | ||
| | | -14% | ||
| | | -4% | ||
| | | -2% | ||
|- | |0% | ||
| | | -10% | ||
| | | -11% | ||
| | | -21% | ||
| | | -15% | ||
| | |5% | ||
|5% | |||
|5% | |||
|5% | |||
|5% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 1,231: | Line 1,428: | ||
| | | | ||
|- | |- | ||
| | |'''EBIAT''' | ||
| | |'''-90''' | ||
| | |'''-93''' | ||
| | |'''-208''' | ||
| | |'''-512''' | ||
|'''-988''' | |||
|'''-977''' | |||
|'''-1445''' | |||
|'''-1916''' | |||
|'''-1301''' | |||
|'''489''' | |||
|'''537''' | |||
|'''591''' | |||
|'''650''' | |||
|'''748''' | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |'''D&A''' | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
|93 | |||
|155 | |||
|269 | |||
|379 | |||
|436 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|0 | |||
|- | |- | ||
| | |% of revenue | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
| | |0% | ||
| | |11% | ||
| | |7% | ||
| | |6% | ||
| | |4% | ||
|4% | |||
|0% | |||
|0% | |||
|0% | |||
|4 | |0% | ||
|0% | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | | | ||
| | | | ||
Line 1,285: | Line 1,508: | ||
| | | | ||
|- | |- | ||
| | |'''Capital Expenditure''' | ||
| | | -19.3 | ||
| | | -25.8 | ||
| | | -17 | ||
| | | -67.4 | ||
| -177.3 | |||
| -239.8 | |||
| -336.3 | |||
| -772.2 | |||
| -924.2 | |||
| -1777.51097 | |||
| -1955.26207 | |||
| -2150.78827 | |||
| -2365.8671 | |||
| -2720.74717 | |||
|- | |- | ||
| | |% of revenue | ||
| | |12% | ||
| | |9% | ||
| | |5% | ||
| | |16% | ||
|21% | |||
|11% | |||
|8% | |||
|8% | |||
|7% | |||
|12% | |||
|12% | |||
|12% | |||
|12% | |||
|12% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
Line 1,333: | Line 1,556: | ||
| | | | ||
|- | |- | ||
| | |'''Change in NWC''' | ||
| | |0 | ||
| | | -4 | ||
| | |19.189 | ||
| | | -158.2 | ||
| -198.1 | |||
| -606.1 | |||
| -831 | |||
|3.412 | |||
|1163.028 | |||
| -2377.29657 | |||
| -2615.02623 | |||
| -2876.52885 | |||
| -3164.18174 | |||
| -3638.809 | |||
|- | |- | ||
| | |% of revenue | ||
| | |0% | ||
| | | -1% | ||
| | |6% | ||
| | | -38% | ||
|- | | -24% | ||
| | | -28% | ||
| | | -19% | ||
| | |0% | ||
| | |9% | ||
| | | -17% | ||
| -17% | |||
| -17% | |||
| -17% | |||
| -17% | |||
|- | |- | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |'''Unlevered FCF''' | ||
| | | | ||
| | |'''-109''' | ||
| | |'''-115''' | ||
| | |'''-245''' | ||
|'''-421''' | |||
|'''-874''' | |||
|'''-456''' | |||
|'''-681''' | |||
|'''-2312''' | |||
|'''1088''' | |||
|'''1197''' | |||
|'''1317''' | |||
|'''1449''' | |||
|'''1666''' | |||
|} | |||
{| class="wikitable" | |||
!DCF | |||
! | |||
!2023 | |||
!2024 | |||
!2025 | |||
!2026 | |||
!2027 | |||
!Terminal Value | |||
|- | |- | ||
| | |'''FCF''' | ||
|4, | | | ||
| | | ''' 1,088.4''' | ||
| | | ''' 1,197.3''' | ||
|1, | | ''' 1,317.0''' | ||
| ''' 1,448.7''' | |||
| ''' 1,666.0''' | |||
| ''' 17,698.7''' | |||
|- | |- | ||
| | |PV of FCF | ||
| | |4780.26 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Terminal Value | ||
| 17,698.69 | |||
| | |||
| | |||
| | | | ||
| | | | ||
Line 1,381: | Line 1,657: | ||
| | | | ||
|- | |- | ||
| | |NPV of TV | ||
| | |10223.39 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Enterprise Value | ||
| | |15003.65 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Net Debt | ||
| | | -1137.8 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Equity Value | ||
| | |16141.4 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Shares Out | ||
| | |477 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Equity Value per Share | ||
| | |33.83 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Current share price | ||
| | |£35.21 | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |||
|Difference | |||
| -3.9% | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
! | !WACC | ||
! | !LTM | ||
|- | |- | ||
| | |'''Weights''' | ||
| | | | ||
|- | |- | ||
| | |Total Debt | ||
| | |4262.053 | ||
|- | |- | ||
| | |Market Cap | ||
| | |20026 | ||
|- | |- | ||
| | |Total | ||
| | |24288.053 | ||
|- | |- | ||
| | |Wd | ||
| | |18% | ||
|- | |- | ||
| | |We | ||
| | |82% | ||
| - | |- | ||
| - | | | ||
| | | | ||
| | |- | ||
|'''Debt''' | |||
| | |||
|- | |- | ||
| | |Total Debt | ||
| | |4262.053 | ||
|- | |- | ||
| | |Interest Expense | ||
| -43.1 | |||
| - | |||
|- | |- | ||
| | |Rate | ||
| | |1% | ||
| - | |- | ||
| | |Effective Tax Rate | ||
| | |5% | ||
| | |- | ||
| | |Rd(1-t) | ||
|1.0% | |||
( | |||
|- | |- | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |'''Equity''' | ||
| | | | ||
| | |- | ||
| | |Risk Free Rate | ||
| | |4.2% | ||
| | |- | ||
| | |Beta | ||
|1.67 | |||
| | |- | ||
| | |Market Rate | ||
| | |10% | ||
|10% | |- | ||
| | |Re | ||
| | |13.9% | ||
| | |||
|- | |- | ||
| | | | ||
| | | | ||
|- | |||
|'''Discount Rate''' | |||
|11.60% | |||
|- | |||
|'''Perpetuity Growth Rate''' | |||
|2.0% | |||
|} | |||
{| class="wikitable" | |||
!Terminal Value | |||
! | |||
|- | |||
|'''Perpetuity Growth''' | |||
| | | | ||
|- | |||
|FCFn | |||
| 1,665.98 | |||
|- | |||
|Growth Rate | |||
|2.0% | |||
|- | |||
|WACC | |||
|12% | |||
|- | |||
|Perpetuity Growth TV | |||
| 17,698.7 | |||
|- | |||
| | | | ||
| | | | ||
|- | |||
|'''Exit Multiple''' | |||
| | |||
|- | |||
|EBITDA | |||
| - | |||
|- | |||
|EV/EBITDA Multiple | |||
| - | |||
|- | |||
|Exit Multiple TV | |||
| - | |||
|- | |||
| | | | ||
| | | | ||
|- | |||
|'''Average''' | |||
| ''' 17,698.7''' | |||
|} | |||
{| class="wikitable" | |||
! colspan="8" |Sensitivity Analysis | |||
|- | |||
| colspan="8" | '''Perpetuity Growth Rate''' | |||
|- | |||
| rowspan="8" |'''WACC''' | |||
|$33.83 | |||
|'''1.0%''' | |||
|'''1.5%''' | |||
|'''2.0%''' | |||
|'''2.5%''' | |||
|'''3.0%''' | |||
| | | | ||
|- | |||
|'''5.0%''' | |||
|£4.96 | |||
|£5.62 | |||
|£6.51 | |||
|£7.76 | |||
|£9.62 | |||
| | | | ||
|- | |||
|'''5.5%''' | |||
|£4.35 | |||
|£4.86 | |||
|£5.51 | |||
|£6.38 | |||
|£7.60 | |||
| | | | ||
|- | |||
|'''6.0%''' | |||
|£3.86 | |||
|£4.26 | |||
|£4.76 | |||
|£5.40 | |||
|£6.25 | |||
| | | | ||
|- | |||
|'''6.2%''' | |||
|£3.69 | |||
|£4.05 | |||
|'''£4.50''' | |||
|£5.08 | |||
|£5.83 | |||
| | | | ||
| | |- | ||
| | |'''6.5%''' | ||
|£3.46 | |||
|£3.78 | |||
|£4.17 | |||
|£4.66 | |||
|£5.29 | |||
| | | | ||
|- | |- | ||
| ''' | |'''7.0%''' | ||
| | |£3.12 | ||
|£3.38 | |||
|£3.70 | |||
|£4.08 | |||
| | |£4.56 | ||
| | | | ||
| | |||
| | |||
| | |||
|- | |- | ||
|'''7.5%''' | |||
|£2.84 | |||
|£3.06 | |||
|£3.31 | |||
|£3.62 | |||
|£4.00 | |||
| | | | ||
| | |} | ||
== Appendix == | |||
All data in financial statements were retrieved from Sea Limited's published annual reports since 2017.<ref><nowiki>https://www.sea.com/investor/annualreports</nowiki></ref> | |||
=== Income Statement === | |||
| | {| class="wikitable" | ||
!'''Year end date''' | |||
!31/12/2022 | |||
!31/12/2021 | |||
!31/12/2020 | |||
!31/12/2019 | |||
!31/12/2018 | |||
|- | |- | ||
| | |Total Revenue ($million) | ||
| | |12,449,705 | ||
| | |9,955,190 | ||
| | |4,375,664 | ||
| | |2,175,378 | ||
| | |826,968 | ||
| | |- | ||
| | |Cost of Revenue ($million) | ||
| | | -7,264,428 | ||
| | | -6,059,455 | ||
| | | -3,026,759 | ||
| | | -1,570,458 | ||
| | | -812,210 | ||
| | |- | ||
| | |'''Gross Profit ($million)''' | ||
|'''5,185,277''' | |||
|'''3,895,735''' | |||
|'''1,348,905''' | |||
|'''604,920''' | |||
|'''14,758''' | |||
|- | |- | ||
|'''Operating Income/Expenses''' | |||
| | | | ||
| | | | ||
Line 1,633: | Line 1,949: | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Research and Development ($million) | ||
| | | -1,376,501 | ||
| | | -831,703 | ||
| | | -353,785 | ||
| | | -156,634 | ||
| | | -67,529 | ||
| | |- | ||
| | |General and Admin. ($million) | ||
| -1,437,612 | |||
| -987,868 | |||
| | | -599,706 | ||
| | | -385,865 | ||
| | | -240,781 | ||
| | |||
| | |||
|- | |- | ||
| | |Sales and marketing ($million) | ||
| | | -3,269,223 | ||
| | | -3,829,743 | ||
| | | -1,830,875 | ||
| | | -969,543 | ||
| | | -705,015 | ||
|- | |- | ||
| | |Other Operating Income ($million) | ||
| | |279,184 | ||
| | |287,946 | ||
| | |189,645 | ||
| | |15,890 | ||
| | |9,799 | ||
|- | |- | ||
| | |Provision for credit losses ($million) | ||
| - | | -513,690 | ||
| - | | -117,427 | ||
| - | | -57,509 | ||
| - | | -- | ||
| - | | -- | ||
|- | |- | ||
| | |Goodwill ($million) | ||
| | | -354,943 | ||
| | | -- | ||
| | | -- | ||
| | | -- | ||
| | | -- | ||
| | |- | ||
| | |'''Total operating expenses ($million)''' | ||
| | |'''-6,672,785''' | ||
| | |'''-5,478,795''' | ||
| | |'''-2,652,230''' | ||
| | |'''-1,496,152''' | ||
| | |'''-1,003,526''' | ||
|- | |- | ||
| | |'''Operating Loss ($million)''' | ||
| | |'''-1,487,508''' | ||
| | |'''-1,583,060''' | ||
| | |'''-1,303,325''' | ||
| | |'''-891,232''' | ||
| | |'''-988,768''' | ||
|- | |- | ||
| | |Interest income/expense and others* ($million) | ||
| | | -13,025 | ||
| | | -132,124 | ||
| | | -179,913 | ||
| | | -477,387 | ||
| | |34,888 | ||
|- | |- | ||
| | |'''Earnings/Losses Before Tax ($million)''' | ||
| | |'''-1,500,533''' | ||
| | |'''-1,715,184''' | ||
| | |'''-1,483,238''' | ||
| | |'''-1,368,619''' | ||
| | |'''-953,880''' | ||
| | |- | ||
| | |Income Tax ($million) | ||
| | | -168,395 | ||
| | | -332,865 | ||
| | | -141,640 | ||
| | | -85,864 | ||
| | | -4,088 | ||
|- | |- | ||
| | |Share of results of equity investees ($million) | ||
| | |11,156 | ||
| | |5,019 | ||
| | |721 | ||
| | | -3,239 | ||
| | |3,066 | ||
| | |- | ||
| | |'''Net loss ($million)''' | ||
| | |'''-1,657,772''' | ||
| | |'''-2,043,030''' | ||
| | |'''-1,624,157''' | ||
| | |'''-1,457,722''' | ||
| | |'''-961,034''' | ||
|- | |- | ||
| | |Net income/loss attributable to non-controlling interests ($million) | ||
| | |6,351 | ||
| | | -3,729 | ||
| | |6,101 | ||
| | | -5,077 | ||
| | | -207 | ||
|- | |- | ||
| | |'''Net Loss Applicable to Common Shareholders ($million)''' | ||
| | |'''-1,651,421''' | ||
| | |'''-2,046,759''' | ||
| | |'''-1,618,056''' | ||
| | |'''-1,462,799''' | ||
| | |'''-961,241''' | ||
| | |} | ||
| | |||
| | === Cash Flow Statement === | ||
| | {| class="wikitable" | ||
| | |'''Year end date''' | ||
| | |'''31/12/2022''' | ||
| | |'''31/12/2021''' | ||
| | |'''31/12/2020''' | ||
| | |'''31/12/2019''' | ||
|'''31/12/2018''' | |||
|- | |||
|Net Income ($ thousands) | |||
|<nowiki>-1,657,772</nowiki> | |||
|<nowiki>-2,043,030</nowiki> | |||
|<nowiki>-1,624,157</nowiki> | |||
|<nowiki>-1,457,722</nowiki> | |||
|<nowiki>-961,034</nowiki> | |||
|- | |- | ||
| | |'''Cash Flows-Operating Activities''' | ||
| | | | ||
| | | | ||
Line 1,836: | Line 2,079: | ||
| | | | ||
|- | |- | ||
| | |Depreciation ($ thousands) | ||
| | |428,344 | ||
| | |279,032 | ||
|169,067 | |||
|116,783 | |||
|54,902 | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Other Adjustments ($thousands)* | ||
| | |1,543,364 | ||
|696,427 | |||
|484,793 | |||
|628,741 | |||
|38,100 | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
|Operating cash flows before changes in working capital ($ thousands) | |||
|313,936 | |||
|<nowiki>-1,067,571</nowiki> | |||
|<nowiki>-970,297</nowiki> | |||
|<nowiki>-712,198</nowiki> | |||
|<nowiki>-868,032</nowiki> | |||
|- | |||
|'''Changes in Operating Activities''' | |||
| | | | ||
| | | | ||
Line 1,873: | Line 2,106: | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Accounts Receivable ($ thousands) | ||
| | |98,981 | ||
| | |<nowiki>-37,066</nowiki> | ||
| | |<nowiki>-174,767</nowiki> | ||
| | |<nowiki>-86,546</nowiki> | ||
| | |<nowiki>-38,524</nowiki> | ||
| | |- | ||
| | |Accounts Payable ($ thousands) | ||
| | |43,311 | ||
| | |99,639 | ||
| | |50,860 | ||
| | |31,381 | ||
| | |29,733 | ||
| | |- | ||
| | |Changes in Inventories ($ thousands) | ||
|1,441 | |||
|<nowiki>-62,735</nowiki> | |||
|<nowiki>-38,528</nowiki> | |||
|11,762 | |||
|<nowiki>-28,465</nowiki> | |||
|- | |- | ||
| | |Deferred revenue ($ thousands) | ||
| | |<nowiki>-1,093,229</nowiki> | ||
| | |314,048 | ||
| | |1,162,399 | ||
| | |637,214 | ||
| | |204,161 | ||
| | |- | ||
| | |Lease Liabilities ($ thousands) | ||
| | |385,911 | ||
| | |429,366 | ||
|46,352 | |||
|70,901 | |||
|<nowiki>--</nowiki> | |||
|- | |||
|Other Operating Activities ($ thousands) * | |||
|<nowiki>-492,107</nowiki> | |||
|<nowiki>-534,603</nowiki> | |||
|<nowiki>-490,448</nowiki> | |||
|<nowiki>-594,847</nowiki> | |||
|<nowiki>-662,125</nowiki> | |||
|- | |||
|Net Cash Flow-Operating ($ thousands) | |||
|<nowiki>-1,055,692</nowiki> | |||
|208,649 | |||
|555,868 | |||
|69,865 | |||
|<nowiki>-495,220</nowiki> | |||
|- | |||
|'''Cash Flows-Investing Activities''' | |||
| | | | ||
| | | | ||
Line 1,916: | Line 2,163: | ||
| | | | ||
|- | |- | ||
| | |Capital Expenditures ($ thousands) | ||
| - | |<nowiki>-924,178</nowiki> | ||
| - | |<nowiki>-772,177</nowiki> | ||
| - | |<nowiki>-336,274</nowiki> | ||
| - | |<nowiki>-239,844</nowiki> | ||
| - | |<nowiki>-177,343</nowiki> | ||
| - | |- | ||
| - | |Investments($ thousands) | ||
| - | |<nowiki>-2,630,842</nowiki> | ||
| - | |<nowiki>-2,505,358</nowiki> | ||
| | |<nowiki>-219,548</nowiki> | ||
| | |<nowiki>-118,462</nowiki> | ||
| | |<nowiki>-69,641</nowiki> | ||
| | |- | ||
| | |Other Investing Activities ($ thousands) | ||
|1,126,211 | |||
|<nowiki>-489,738</nowiki> | |||
|<nowiki>-331,090</nowiki> | |||
|<nowiki>-4,913</nowiki> | |||
|22,456 | |||
|- | |||
|Net Cash Flows-Investing ($ thousands) | |||
|<nowiki>-2,428,809</nowiki> | |||
|<nowiki>-3,767,273</nowiki> | |||
|<nowiki>-886,912</nowiki> | |||
|<nowiki>-363,219</nowiki> | |||
|<nowiki>-224,528</nowiki> | |||
|- | |- | ||
|'''Cash Flows-Financing Activities''' | |||
| | | | ||
| | | | ||
Line 1,937: | Line 2,197: | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Proceeds from issuance of convertible notes ($ thousands) | ||
| - | |<nowiki>--</nowiki> | ||
|2,846,250 | |||
| | |1,141,362 | ||
| | |1,138,500 | ||
| | |564,938 | ||
| | |- | ||
|Proceeds from issuance of shares ($ thousands) | |||
| - | |50,211 | ||
| | |4,050,055 | ||
| | |2,970,248 | ||
| | |1,538,802 | ||
| | |4,574 | ||
| | |||
| | |||
|- | |- | ||
| | |Net Borrowings ($ thousands) | ||
| | |<nowiki>-68238</nowiki> | ||
| | |114035 | ||
| | |<nowiki>-30609</nowiki> | ||
| | |<nowiki>-2003</nowiki> | ||
| | |<nowiki>-643</nowiki> | ||
| | |- | ||
| | |Other Financing Activities ($ thousands) | ||
| | |418,283 | ||
| | |391,249 | ||
| | |<nowiki>-347,869</nowiki> | ||
| | |<nowiki>-95,704</nowiki> | ||
| | |<nowiki>-22,241</nowiki> | ||
|- | |- | ||
| | |Net Cash Flows-Financing ($ thousands) | ||
| | |400,256 | ||
| | |7,401,589 | ||
| | |3,733,132 | ||
| | |2,579,595 | ||
| | |546,628 | ||
| | |- | ||
| | |Effect of Exchange Rate ($million) | ||
| | |<nowiki>-143,511</nowiki> | ||
| | |<nowiki>-58,218</nowiki> | ||
| | |80,727 | ||
| | |25,025 | ||
| | |<nowiki>-12,546</nowiki> | ||
|- | |- | ||
| | |'''Net Increase/Decrease in Cash Flow ($ thousands)''' | ||
| -3 | |'''-3,227,756''' | ||
| - | |'''3,784,747''' | ||
| - | |'''3,482,815''' | ||
| | |'''2,311,266''' | ||
| | |'''-185,666''' | ||
| | |- | ||
| | |Cash flow at beginning of year ($ thousands) | ||
| - | |10838140 | ||
| | |7053393 | ||
| | |3570578 | ||
| | |1259312 | ||
| | |1,444,978 | ||
| | |- | ||
| | |'''Cash flow at end of year ($ thousands)''' | ||
|'''7,610,384''' | |||
|'''10,838,140''' | |||
|'''7,053,393''' | |||
|'''3,570,578''' | |||
|'''1,259,312''' | |||
|} | |} | ||
{| class="wikitable" | |||
! | |||
! | === Balance Sheet === | ||
! | |||
! | |||
{| class="wikitable sortable" | |||
|+ | |||
!2019 | !'''Year end date''' | ||
!'''31/12/2022''' | |||
!'''31/12/2021''' | |||
!'''31/12/2020''' | |||
!'''31/12/2019''' | |||
|- | |- | ||
|''' | |'''Current Assets''' | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Cash and Cash Equivalents ($thousands) | ||
| | |6,029,859 | ||
| | |9,247,762 | ||
| | |6,166,880 | ||
| | |3,118,988 | ||
| | |- | ||
| | |Short-Term Investments ($thousands) | ||
| | |864,258 | ||
| | |911,281 | ||
| | |126,099 | ||
| | |102,324 | ||
|- | |- | ||
| | |Net Receivables ($thousands) | ||
| | |2322581 | ||
| | |1,889,262 | ||
| | |648,936 | ||
| | |187,035 | ||
| | |- | ||
| | |Inventory ($thousands) | ||
| | |109,668 | ||
| | |117,499 | ||
| | |64,219 | ||
| | |26,932 | ||
|- | |||
|Other Current Assets ($thousands) | |||
|3,361,646 | |||
|2,969,593 | |||
|1,932,870 | |||
|974,860 | |||
|- | |||
|Total Current Assets ($thousands) | |||
|12,688,012 | |||
|15,135,397 | |||
|8,939,004 | |||
|4,410,139 | |||
|- | |||
|'''Long-Term Assets''' | |||
| | | | ||
| | | | ||
Line 2,077: | Line 2,322: | ||
| | | | ||
|- | |- | ||
| | |Long-Term Investments ($thousands) | ||
|1,253,593 | |||
|1,052,861 | |||
|190,482 | |||
|113,797 | |||
| | |- | ||
| | |Fixed Assets ($thousands) | ||
| | |1,387,895 | ||
| | |1,029,963 | ||
| - | |386,401 | ||
| | |318,620 | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Goodwill ($thousands) | ||
| | |230,208 | ||
| | |539,624 | ||
| | |216,278 | ||
| | |30,952 | ||
|- | |- | ||
| | |Intangible Assets ($thousands) | ||
| | |65,019 | ||
| | |52,517 | ||
| | |39,773 | ||
| | |15,020 | ||
|- | |- | ||
| | |Other Assets ($thousands) | ||
| | |1,132,843 | ||
|841,908 | |||
|583,829 | |||
| | |265,301 | ||
| | |- | ||
| | |Deferred Asset Charges ($thousands) | ||
| - | |245,226 | ||
|103,755 | |||
|99,904 | |||
| | |70,340 | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Total Long-Term Assets ($thousands) | ||
|4,314,784 | |||
|3,620,628 | |||
| | |1,516,667 | ||
| | |814,030 | ||
| | |||
| | |||
|- | |- | ||
|''' | |'''Total Assets ($thousands)''' | ||
| | |'''17,002,796''' | ||
| | |'''18,756,025''' | ||
| | |'''10,455,671''' | ||
| | |'''5,224,169''' | ||
| | |- | ||
| | |'''Current Liabilities''' | ||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Accounts Payable ($thousands) | ||
| | |258,648 | ||
| | |213,580 | ||
| | |121,637 | ||
| | |69,370 | ||
|- | |- | ||
| | |Short-Term Debt / Current Portion of Long-Term Debt ($thousands) | ||
| | |88,410 | ||
| | |100,000 | ||
| | |<nowiki>--</nowiki> | ||
| | |1,258 | ||
|- | |- | ||
| | |Accrued expenses and other payables ($thousands) | ||
| | |1,396,613 | ||
|1,519,938 | |||
|2,033,461 | |||
|980,805 | |||
|- | |||
| | |Escrow payables and advances from customers($thousands) | ||
| | |1,862,325 | ||
| | |1,789,973 | ||
| - | |161,379 | ||
| | |65,062 | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Deferred revenue ($thousands) | ||
| | |1,535,083 | ||
| | |2,644,463 | ||
| - | |2,150,165 | ||
| | |1,097,868 | ||
| | |- | ||
| | |Other Current Liabilities ($thousands) | ||
| | |1,794,613 | ||
| | |908,482 | ||
| - | |169,425 | ||
| | |148,003 | ||
| | |- | ||
| | |Total Current Liabilities ($thousands) | ||
|4 | |6,935,692 | ||
| | |7,176,436 | ||
|4,636,067 | |||
|2,362,366 | |||
|- | |- | ||
|'''Long-term Liabilities''' | |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
| | |Accrued expenses and other payables ($thousands) | ||
| | |87,072 | ||
| | |76,234 | ||
|36,159 | |||
|25,802 | |||
|- | |||
|Operating Lease Liabilities ($thousands) | |||
| | |756,818 | ||
| | |491,313 | ||
| - | |177,870 | ||
| | |144,000 | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Other Liabilities ($thousands) | ||
| | |107 | ||
|107 | |||
|107 | |||
|1,334 | |||
|- | |||
| | |Deferred Liability Charges ($thousands) | ||
| | |73,533 | ||
| | |111,818 | ||
| - | |344,823 | ||
| | |161,683 | ||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Convertible notes ($thousands) | ||
| | |3,338,750 | ||
| | |3,475,708 | ||
| | |1,840,406 | ||
| | |1,356,332 | ||
| | |- | ||
| | |Total long-term liabilities ($thousands) | ||
| | |4,256,280 | ||
| | |4,155,180 | ||
| | |2,399,365 | ||
| | |1,689,151 | ||
|- | |||
|'''Total Liabilities ($thousands)''' | |||
|'''11,191,972''' | |||
|'''11,331,616''' | |||
|'''7,035,432''' | |||
|'''4,051,517''' | |||
|- | |||
|'''Stock Holders Equity''' | |||
| | | | ||
| | | | ||
Line 2,318: | Line 2,472: | ||
| | | | ||
|- | |- | ||
| | |Common Stocks ($thousands) | ||
| | |281 | ||
| | |278 | ||
| | |225 | ||
| | |230 | ||
|- | |- | ||
| | |Capital Surplus ($thousands) | ||
| | |14,559,690 | ||
| | |14,622,292 | ||
| | |8,526,571 | ||
| | |4,687,284 | ||
|- | |- | ||
| | |Statutory reserves ($thousands) | ||
| | |12,490 | ||
| | |6,144 | ||
| | |2,363 | ||
| | |46 | ||
|- | |- | ||
| | |Accumulated deficit ($thousands) | ||
| - | |<nowiki>-8,745,541</nowiki> | ||
| - | |<nowiki>-7,201,498</nowiki> | ||
| - | |<nowiki>-5,150,958</nowiki> | ||
| - | |<nowiki>-3,530,585</nowiki> | ||
|- | |- | ||
| | |Other Equity ($thousands) | ||
| | |<nowiki>-16,096</nowiki> | ||
| | |<nowiki>-2,807</nowiki> | ||
| | |42,038 | ||
| | |15,677 | ||
| | |- | ||
| | |'''Total Equity ($thousands)''' | ||
| | |'''5,810,824''' | ||
| | |'''7,424,409''' | ||
| | |'''3,420,239''' | ||
| | |'''1,172,652''' | ||
|- | |- | ||
|''' | |'''Total Liabilities & Equity ($thousands)''' | ||
| | |'''17,002,796''' | ||
| | |'''18,756,025''' | ||
| | |'''10,455,671''' | ||
| | |'''5,224,169''' | ||
| | |} | ||
| | |||
=== Financial Ratios === | |||
| | {| class="wikitable" | ||
| | !Year End Date | ||
| | !2022 | ||
| | !2021 | ||
| | !2020 | ||
| | !2019 | ||
| | !2018 | ||
|- | |||
|Current Ratio | |||
|183% | |||
|211% | |||
|193% | |||
|187% | |||
|N/A | |||
|- | |- | ||
| | |Quick Ratio | ||
| | |120% | ||
| | |155% | ||
| | |147% | ||
| | |140% | ||
| | |N/A | ||
| | |- | ||
| | |Cash Ratio | ||
| | |87% | ||
| | |129% | ||
| | |133% | ||
| | |132% | ||
| | |N/A | ||
|- | |- | ||
| | |Gross Margin | ||
| | |42% | ||
| | |39% | ||
| | |31% | ||
| | |28% | ||
| | |2% | ||
|- | |- | ||
| | |Operating Margin | ||
| - | | -12% | ||
| - | | -16% | ||
| - | | -30% | ||
| - | | -41% | ||
| - | | -120% | ||
|- | |- | ||
| | |Pre-Tax Margin | ||
|12% | | -12% | ||
| | | -17% | ||
| -34% | |||
| | | -63% | ||
| | | -115% | ||
| | |- | ||
| | |Profit Margin | ||
| | | -13% | ||
| | | -21% | ||
| | | -37% | ||
| -67% | |||
| | | -116% | ||
| | |||
| | |||
|- | |- | ||
| | |Pre-Tax ROE | ||
| | | -100% | ||
| | | -45% | ||
| | | -78% | ||
| | | -382% | ||
| | |N/A | ||
|- | |- | ||
| | |After Tax ROE | ||
| -111% | |||
| -54% | |||
| -85% | |||
| -406% | |||
|N/A | |||
| - | |||
| - | |||
| - | |||
| - | |||
| | |||
|} | |} | ||
__INDEX__ | __INDEX__ |