Summary
Sea Limited, together with its subsidiaries, engages in the digital entertainment, e-commerce, and digital financial service businesses in Southeast Asia, Latin America, rest of Asia, and internationally. It offers Garena digital entertainment platform for users to access mobile and PC online games, as well as eSports operations; and access to other entertainment content, including livestreaming of gameplay and social features, such as user chat and online forums. The company also operates Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payment and logistics infrastructure and seller services. In addition, it offers SeaMoney digital financial services to individuals and businesses, including offline and online mobile wallet, and payment processing services, as well as other offerings across credit, insurtech, and digital bank services under the ShopeePay, SPayLater, SeaBank, and other digital financial services brands; and payment processing services for Shopee. The company was formerly known as Garena Interactive Holding Limited and changed its name to Sea Limited in April 2017. Sea Limited was incorporated in 2009 and is headquartered in Singapore.
Strategy and Outlook
History
Mission Statement
Marketing and growth strategy
Sector and Income Breakdown
Subsidiaries
Segments of operation
Main streams of income
Corporate Governance
The Team
Ownership Structure
Market
Total Addressable Market
Key Market Drivers
Key Market Challenges and Risks
Financials
Historic
Most recent quarter
Most recent year
All periods
Forward
Method
Financial Forecasts
Risk Analysis
Valuation
Appendix
Income Statement
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 ($million) | 5,185,277 | 3,895,735 | 1,348,905 | 604,920 | 14,758 |
Operating Income/Expenses | |||||
Research and Development ($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
Balance Sheet
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 | ||||
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 | -- | 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 ($thousands) | 6,935,692 | 7,176,436 | 4,636,067 | 2,362,366 |
Long-term Liabilities | ||||
Accrued expenses and other payables ($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 | ||||
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) | -8,745,541 | -7,201,498 | -5,150,958 | -3,530,585 |
Other Equity ($thousands) | -16,096 | -2,807 | 42,038 | 15,677 |
Total Equity ($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 |