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
Market Share Breakdown
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
| Year end date
|
31/12/2022
|
31/12/2021
|
31/12/2020
|
31/12/2019
|
31/12/2018
|
| Net Income ($ thousands)
|
-1,657,772
|
-2,043,030
|
-1,624,157
|
-1,457,722
|
-961,034
|
| Cash Flows-Operating Activities
|
|
|
|
|
|
| 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
|
-1,067,571
|
-970,297
|
-712,198
|
-868,032
|
| Changes in Operating Activities
|
|
|
|
|
|
| Accounts Receivable ($ thousands)
|
98,981
|
-37,066
|
-174,767
|
-86,546
|
-38,524
|
| Accounts Payable ($ thousands)
|
43,311
|
99,639
|
50,860
|
31,381
|
29,733
|
| Changes in Inventories ($ thousands)
|
1,441
|
-62,735
|
-38,528
|
11,762
|
-28,465
|
| Deferred revenue ($ thousands)
|
-1,093,229
|
314,048
|
1,162,399
|
637,214
|
204,161
|
| Lease Liabilities ($ thousands)
|
385,911
|
429,366
|
46,352
|
70,901
|
--
|
| Other Operating Activities ($ thousands) *
|
-492,107
|
-534,603
|
-490,448
|
-594,847
|
-662,125
|
| Net Cash Flow-Operating ($ thousands)
|
-1,055,692
|
208,649
|
555,868
|
69,865
|
-495,220
|
| Cash Flows-Investing Activities
|
|
|
|
|
|
| Capital Expenditures ($ thousands)
|
-924,178
|
-772,177
|
-336,274
|
-239,844
|
-177,343
|
| Investments($ thousands)
|
-2,630,842
|
-2,505,358
|
-219,548
|
-118,462
|
-69,641
|
| Other Investing Activities ($ thousands)
|
1,126,211
|
-489,738
|
-331,090
|
-4,913
|
22,456
|
| Net Cash Flows-Investing ($ thousands)
|
-2,428,809
|
-3,767,273
|
-886,912
|
-363,219
|
-224,528
|
| Cash Flows-Financing Activities
|
|
|
|
|
|
| Proceeds from issuance of convertible notes ($ thousands)
|
--
|
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)
|
-68238
|
114035
|
-30609
|
-2003
|
-643
|
| Other Financing Activities ($ thousands)
|
418,283
|
391,249
|
-347,869
|
-95,704
|
-22,241
|
| Net Cash Flows-Financing ($ thousands)
|
400,256
|
7,401,589
|
3,733,132
|
2,579,595
|
546,628
|
| Effect of Exchange Rate ($million)
|
-143,511
|
-58,218
|
80,727
|
25,025
|
-12,546
|
| Net Increase/Decrease in Cash Flow ($ thousands)
|
-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
|
