Sea Limited

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.

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

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