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Name | Symbol | Market | Type |
---|---|---|---|
Sea Limited | NYSE:SE | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.89 | 4.52% | 66.87 | 67.00 | 64.45 | 64.74 | 5,615,776 | 00:51:45 |
SINGAPORE, May 15, 2018 /PRNewswire/ -- Sea Limited (NYSE: SE) ("Sea" or the "Company") today announced its financial results for the quarter ended March 31, 2018.
"We again saw healthy growth in our digital entertainment revenue in the first quarter of 2018, and have several new games in the pipeline for launch this year. Meanwhile, Shopee continues to grow ahead of expectations as we capture a larger share of our region's e-commerce market, and the virtuous cycle created by that accelerated scaling is driving ever-improving economics on our platform," said Forrest Li, Chairman and Group Chief Executive Officer of Sea. "We will continue to invest in growth, and to focus on improving our services to our platform users, as well as the infrastructure supporting our core businesses."
First Quarter 2018 Key Metrics
-Group
-Digital Entertainment
-E-commerce
-Digital Financial Services
[1] Marketplace revenue mainly consists of commission and advertising income and revenue generated from other value-added services. |
[2] Product revenue mainly consists of revenue generated from direct sales. |
Strategic Business Updates
Digital Entertainment
Garena enjoyed healthy growth this quarter, buoyed by factors including the continued expansion of our leading mobile games in the region, Arena of Valor and Free Fire. Free Fire recently achieved 13 million daily active users, placing it amongst the world's most popular mobile battle royale titles. We continue to complement our leading franchises through growing e-sports leagues, video streaming options, and other ancillary services.
We held Garena World 2018, our region's largest eSports event, from March 31 to April 1, 2018 in Bangkok, Thailand. We had an attendance of approximately 240 thousand and attracted over 10.6 million views online for the various tournaments at Garena World. In total, over 11,000 teams participated in the tournaments leading up to the event in Bangkok. Garena is well-positioned to ride on the wave of eSports growth as one of the region's leading game platforms. We continue to invest in our eSports operations to generate user engagement for our games and to promote user acquisition and retention.
Our pipeline of games for release in 2018 features a series of highly anticipated PC and mobile titles. These include both classic and new franchises in different genres.
E-commerce
Shopee achieved robust growth in both GMV and gross orders in each of our markets in the first quarter of 2018 and saw a decrease in sales and marketing expenses from US$135.0 million in the fourth quarter of 2017 to US$127.2 million in the first quarter of 2018. This was driven primarily by our continuous efforts to attract new buyers and sellers in our focus categories while improving our cost efficiency.
Shopee has focused much of its innovation on launching value-added services to our ever-expanding seller base. We continue to broaden our 'Service by Shopee' offering in select markets, where we offer sellers a number of value-added services, such as inventory management, online store operations, and fulfilment services. We also provide 'Shopee Logistics Service' to create a seamless logistics experience for sellers and buyers. In addition, we conduct direct sales of certain products. With this diverse portfolio of services and offerings, depending on the needs and preferences of our sellers, we can help them manage inventory and fulfil orders from warehouses leased and operated by us, operate their stores on our platform, or purchase products from them for resale on our platform.
Other Development
Appointment of Group Chief Economist
The Company also announced that Santitarn Sathirathai is expected to join the Company as Group Chief Economist in June 2018. Mr. Sathirathai will focus on establishing Sea as a key thought leader in the digital economy and work with policy makers to promote digital transformation in the region. He will report to Forrest Li, Chairman and Group Chief Executive Officer.
Mr. Sathirathai will be joining the Company from Credit Suisse, where he is the head of Emerging Asia Economics Research. He won the award for best economic forecaster for Indonesia by Consensus Economics for each of 2013, 2014 and 2015, the very first economist in Asia to receive such award for three consecutive years, and was selected as one of Asia's 21 young leaders in 2017 by Asia Society. He is a highly ranked economist for ASEAN and was also rated the best economist for Thailand by Asia Money. Prior to joining Credit Suisse, Mr. Sathirathai worked at the Ministry of Finance of Thailand and Government of Singapore Investment Corporation, and taught macroeconomic courses at Chulalongkorn University in Thailand. Mr. Sathirathai holds a doctorate degree in Public Policy and a master's degree in Public Administration from Harvard University, as well as a bachelor's degree in Economics and a master's degree in Public Policy from the London School of Economics and Political Science.
Summary of Financial Results
(Amounts are expressed in thousands of US dollars "$")
For the Three Months ended March 31, |
|||
2017 |
2018 |
||
$ |
$ |
YOY% | |
(unaudited) |
(unaudited) |
||
Revenue |
|||
Digital Entertainment |
87,586 |
110,658 |
26.3% |
Others |
6,359 |
44,386 |
598.0% |
93,945 |
155,044 |
65.0% | |
Cost of revenue |
|||
Digital Entertainment |
(49,277) |
(63,572) |
29.0% |
Others |
(17,561) |
(82,947) |
372.3% |
(66,838) |
(146,519) |
119.2% | |
Gross profit |
27,107 |
8,525 |
(68.6)% |
Other operating income |
218 |
729 |
234.4% |
Sales and marketing expenses |
(63,898) |
(152,149) |
138.1% |
General and administrative expenses |
(25,208) |
(44,487) |
76.5% |
Research and development expenses |
(6,252) |
(10,712) |
71.3% |
Total operating expenses |
(95,140) |
(206,619) |
117.2% |
Operating loss |
(68,033) |
(198,094) |
191.2% |
Non-operating loss, net |
(2,479) |
(18,247) |
636.1% |
Income tax (expense) credit |
(1,932) |
755 |
(139.1)% |
Share of results of equity investees |
(632) |
(583) |
(7.8)% |
Net loss |
(73,076) |
(216,169) |
195.8% |
Adjusted net loss (1) |
(66,963) |
(205,498) |
206.9% |
Adjusted revenue of Digital Entertainment (1) |
102,396 |
146,030 |
42.6% |
Adjusted revenue of E-commerce (1) |
34 |
33,744 |
99,147.1% |
Adjusted revenue of Digital Financial Services (1) |
2,034 |
3,923 |
92.9% |
Revenue of Other Services |
4,291 |
13,342 |
210.9% |
Total adjusted revenue (1) |
108,755 |
197,039 |
81.2% |
Adjusted EBITDA for Digital Entertainment (1) |
37,006 |
55,004 |
48.6% |
Adjusted EBITDA for E-commerce (1) |
(62,669) |
(179,649) |
(186.7)% |
Adjusted EBITDA for Digital Financial Services (1) |
(9,904) |
(8,570) |
13.5% |
Adjusted EBITDA for Other Services (1) |
(2,923) |
(9,868) |
(237.6)% |
Unallocated expenses (2) |
(2,867) |
(1,591) |
44.5% |
Total adjusted EBITDA (1) |
(41,357) |
(144,674) |
(249.8)% |
(1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures." | |||
(2) Unallocated expenses are mainly related to share-based compensation and general and corporate administrative |
Three Months Ended March 31, 2018 Compared to Three Months Ended March 31, 2017
Revenue
The table below sets forth revenue and adjusted revenue generated from our reported segments. Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31, |
||||||
2017 |
2018 |
|||||
$ |
% of revenue |
$ |
% of revenue |
YOY% | ||
(unaudited) |
(unaudited) |
|||||
Revenue |
||||||
Digital Entertainment |
87,586 |
93.2 |
110,658 |
71.4 |
26.3% | |
E-commerce |
34 |
- |
27,344 |
17.6 |
80,323.5% | |
Digital Financial Services |
2,034 |
2.2 |
3,700 |
2.4 |
81.9% | |
Other Services |
4,291 |
4.6 |
13,342 |
8.6 |
210.9% | |
93,945 |
100.0 |
155,044 |
100.0 |
65.0% | ||
2017 |
2018 |
|||||
$ |
% of total |
$ |
% of total revenue |
YOY% | ||
(unaudited) |
(unaudited) | |||||
Adjusted revenue of Digital Entertainment |
102,396 |
94.2 |
146,030 |
74.1 |
42.6% | |
Adjusted revenue of E-commerce |
34 |
- |
33,744 |
17.1 |
99,147.1% | |
Adjusted revenue of Digital Financial Services |
2,034 |
1.9 |
3,923 |
2.0 |
92.9% | |
Revenue of Other Services |
4,291 |
3.9 |
13,342 |
6.8 |
210.9% | |
Total adjusted revenue |
108,755 |
100.0 |
197,039 |
100.0 |
81.2% |
Our total revenue increased by 65.0% to US$155.0 million in the first quarter of 2018 from US$93.9 million in the first quarter of 2017. Our total adjusted revenue increased by 81.2% to US$197.0 million in the first quarter of 2018 from US$108.8 million in the first quarter of 2017. These increases were mainly driven by the growth in each of the segments detailed as follows:
Cost of Revenue
Our total cost of revenue increased by 119.2% to US$146.5 million in the first quarter of 2018 from US$66.8 million in the first quarter of 2017.
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 138.1% to US$152.1 million in the first quarter of 2018 from US$63.9 million in the first quarter of 2017. The table below sets forth the breakdown of the sales and marketing expenses of our two major reporting segments. Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31, |
||||
2017 |
2018 |
YOY% | ||
Sales and Marketing Expenses
|
$ (unaudited) |
$ (unaudited) |
||
Digital Entertainment |
11,036 |
16,243 |
47.2% | |
E-commerce |
45,905 |
127,198 |
177.1% |
For the Three Months ended March 31, | |||
2017 |
2018 | ||
Digital Entertainment
|
$ (unaudited) |
$ (unaudited) | |
Sales and marketing expenses |
11,036 |
16,243 | |
Adjusted revenue |
102,396 |
146,030 | |
Sales and marketing expenses as a percentage of adjusted revenue |
10.8% |
11.1% |
Sales and marketing expenses as a percentage of adjusted revenue of 11.1% in the first quarter of 2018 was comparable to the first quarter of 2017.
For the Three Months ended March 31, | |||
2017 |
2018 | ||
E-commerce
|
$ (unaudited) |
$ (unaudited) | |
Sales and marketing expenses |
45,905 |
127,198 | |
GMV |
648,285 |
1,941,403 | |
Sales and marketing expenses as a percentage of GMV |
7.1% |
6.6% |
Sales and marketing expenses as a percentage of GMV was 6.6% in the first quarter of 2018 and improved from 7.1% in the first quarter of 2017.
General and Administrative Expenses
Our general and administrative expenses increased by 76.5% to US$44.5 million in the first quarter of 2018 from US$25.2 million in the first quarter of 2017. This increase was primarily due to the expansion of our staff force, the increase in office facilities and related expenses, as well as the increase in other expenses.
Research and Development Expenses
Our research and development expenses increased by 71.3% to US$10.7 million in the first quarter of 2018 from US$6.3 million in the first quarter of 2017, primarily due to the increase in research and development staff force as we expanded and enriched our product offerings.
Non-operating Income or Losses, Net
Non-operating income or losses consist of interest income, interest expense, investment gain (loss), fair value change for convertible promissory notes and foreign exchange gain (loss). We recorded a net non-operating loss of US$18.2 million in the first quarter of 2018, compared to a net non-operating loss of US$2.5 million in the first quarter of 2017. This was primarily due to fair value loss of US$18.8 million recognized in the quarter arising from the fair value accounting treatment for convertible promissory notes and interest expenses on those promissory notes, partially offset by an investment gain arising from the disposal of an equity security investment.
Income Tax Expense
We had a net income tax benefit of US$0.8 million in the first quarter of 2018 which was primarily due to the higher deferred tax assets we recognized as a result of change in statutory tax rate in one of the markets we operate in and the increase in deferred revenue in our digital entertainment segment in the first quarter of 2018.
Share of Results of Equity Investees
We had share of losses of equity investees of US$0.6 million in the first quarter of 2018, compared with US$0.6 million in the first quarter of 2017.
Net Loss
As a result of the foregoing, we had net losses of US$216.2 million and US$73.1 million in the first quarter of 2018 and 2017, respectively.
Adjusted Net Loss
Adjusted net loss, which is net loss adjusted to remove share-based compensation expenses, was US$205.5 million and US$67.0 million in the first quarter of 2018 and 2017, respectively.
Updated Guidance
For the full year of 2018, we now expect total adjusted revenue to be between US$780 million and US$820 million, representing 40.9% to 48.1% growth from 2017. This compares to the previously disclosed guidance of between US$730 million and US$770 million, representing 31.9% to 39.1% growth.
We are also revising our e-commerce GMV guidance for the full year of 2018. We now expect e-commerce GMV for the full year of 2018 to be between US$8.2 billion and US$8.7 billion, representing 99.4% to 111.5% growth from 2017. This compares to the previously disclosed guidance of between US$7.5 billion and US$8.0 billion, representing 82.4% to 94.5% growth.
Webcast and Conference Call Information
Mr. Forrest Li, Founder, Chairman and Group Chief Executive Officer; Mr. Tony Hou, Group Chief Financial Officer; and Mr. Alan Hellawell, Group Chief Strategy Officer, will host a conference call today to review Sea's business and financial performance.
Details of the conference call and webcast are as follows:
Date and time: |
8:00 PM U.S. Eastern Time on 15 May 2018 | |
8:00 AM Singapore / Hong Kong Time on 16 May 2018 | ||
Webcast link: |
http://mms.prnasia.com/se/20180515/default.aspx | |
Dial in numbers: |
US Toll Free: 1-888-317-6003 |
Hong Kong: 800-963-976 |
International: 1-412-317-6061 |
Singapore: 800-120-5863 | |
United Kingdom: 08-082-389-063 |
||
Passcode for participants: 7961550 |
A replay of the conference call will be available at the Company's investor relations website (http://www.seagroup.com/investor/financials). An archived webcast will be available at the same link above.
For enquiries, please contact:
Investors / analysts: ir@seagroup.com
Media: media@seagroup.com or sea@brunswickgroup.com
About Sea Limited
Sea's mission is to better the lives of the consumers and small businesses of our region with technology. Our region includes the key markets of Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore. Sea operates three platforms across digital entertainment, e-commerce, and digital financial services, known as Garena, Shopee, and AirPay, respectively.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "guidance" and similar statements. Among other things, statements that are not historical facts, including statements about Sea's beliefs and expectations, the business, financial and market outlook and projections from its management in this announcement, as well as Sea's strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea's goals and strategies; its future business development, financial condition, financial results, and results of operations; the growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the region, including segments within those industries; changes in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the growth of its digital entertainment, e-commerce and digital financial services platforms; the growth in its user base, level of user engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries; and general economic and business conditions in the region. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:
These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea's data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.
The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31, 2018 | ||||||
Digital Entertainment |
E-commerce |
Digital |
Other Services(3) |
Unallocated |
Consolidated | |
$ |
$ |
$ |
$ |
$ |
$ | |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) | |
Revenue |
110,658 |
27,344(1) |
3,700 |
13,342 |
- |
155,044 |
Changes in deferred revenue |
35,372 |
- |
- |
- |
- |
35,372 |
Sales incentives net-off |
- |
6,400 |
223 |
- |
- |
6,623 |
Adjusted revenue |
146,030 |
33,744(2) |
3,923 |
13,342 |
- |
197,039 |
Operating income (loss) |
18,788 |
(184,052) |
(9,058) |
(11,510) |
(12,262) |
(198,094) |
Net effect of changes in deferred revenue and its related cost |
28,195 |
- |
- |
- |
- |
28,195 |
Depreciation and Amortization |
8,021 |
4,403 |
488 |
1,642 |
- |
14,554 |
Share-based compensation |
- |
- |
- |
- |
10,671 |
10,671 |
Adjusted EBITDA |
55,004 |
(179,649) |
(8,570) |
(9,868) |
(1,591) |
(144,674) |
For the Three Months ended March 31, 2017 | ||||||
Digital Entertainment |
E-commerce |
Digital |
Other Services(3) |
Unallocated |
Consolidated | |
$ |
$ |
$ |
$ |
$ |
$ | |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) | |
Revenue |
87,586 |
34 |
2,034 |
4,291 |
- |
93,945 |
Changes in deferred revenue |
14,810 |
- |
- |
- |
- |
14,810 |
Sales incentives net-off |
- |
- |
- |
- |
- |
- |
Adjusted revenue |
102,396 |
34 |
2,034 |
4,291 |
- |
108,755 |
Operating income (loss) |
18,389 |
(63,723) |
(10,130) |
(3,589) |
(8,980) |
(68,033) |
Net effect of changes in deferred revenue and its related cost |
11,745 |
- |
- |
- |
- |
11,745 |
Depreciation and Amortization |
6,872 |
1,054 |
226 |
666 |
- |
8,818 |
Share-based compensation |
- |
- |
- |
- |
6,113 |
6,113 |
Adjusted EBITDA |
37,006 |
(62,669) |
(9,904) |
(2,923) |
(2,867) |
(41,357) |
(1) Revenue of $27,344 includes marketplace revenue of $15,644 and product revenue of $11,700, net of sales incentives. | ||||||
(2) Adjusted revenue of $33,744 includes marketplace revenue of $22,044 and product revenue of $11,700. | ||||||
(3) A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable | ||||||
(4) Unallocated expenses are mainly related to share-based compensation and general and corporate administrative costs |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||
Amounts expressed in thousands of US dollars ("$") except for number of shares & per share data | ||
For the Three Months ended March 31, | ||
2017 |
2018 | |
$ |
$ | |
(unaudited) |
(unaudited) | |
Revenue |
||
Digital entertainment |
87,586 |
110,658 |
Others |
6,359 |
44,386 |
Total revenue |
93,945 |
155,044 |
Cost of revenue |
||
Digital entertainment |
(49,277) |
(63,572) |
Others |
(17,561) |
(82,947) |
Total cost of revenue |
(66,838) |
(146,519) |
Gross profit |
27,107 |
8,525 |
Operating income (expenses): |
||
Other operating income |
218 |
729 |
Sales and marketing expenses |
(63,898) |
(152,149) |
General and administrative expenses |
(25,208) |
(44,487) |
Research and development expenses |
(6,252) |
(10,712) |
Total operating expenses |
(95,140) |
(206,619) |
Operating loss |
(68,033) |
(198,094) |
Interest income |
144 |
3,091 |
Interest expense |
(2,250) |
(8,582) |
Investment (loss) gain |
(225) |
7,515 |
Changes in fair value of convertible promissory notes |
– |
(18,796) |
Foreign exchange loss |
(148) |
(1,475) |
Loss before income tax and share of results of equity investees |
(70,512) |
(216,341) |
Income tax (expense) credit |
(1,932) |
755 |
Share of results of equity investees |
(632) |
(583) |
Net loss |
(73,076) |
(216,169) |
Net (gain) loss attributable to non-controlling interests |
(10) |
556 |
Net loss attributable to Sea Limited's ordinary shareholders |
(73,086) |
(215,613) |
Adjusted net loss (1) |
(66,963) |
(205,498) |
Loss per share: |
||
Basic and diluted |
(0.42) |
(0.64) |
Shares used in loss per share computation: |
||
Basic and diluted |
172,896,906 |
335,147,405 |
(1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures." |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||
Amounts expressed in thousands of US dollars ("$") | |||
As of December 31, |
As of March 31, | ||
2017 |
2018 | ||
$ |
$ | ||
(unaudited) | |||
ASSETS |
|||
Current assets |
|||
Cash and cash equivalents |
1,347,361 |
1,172,426 | |
Restricted cash |
95,300 |
159,521 | |
Accounts receivable, net |
61,846 |
70,899 | |
Prepaid expenses and other assets |
186,181 |
223,849 | |
Inventories, net |
9,790 |
13,382 | |
Short-term investment |
18,000 |
− | |
Amounts due from related parties |
2,235 |
2,244 | |
Total current assets |
1,720,713 |
1,642,321 | |
Non-current assets |
|||
Property and equipment, net |
74,348 |
93,939 | |
Intangible assets, net |
37,333 |
33,614 | |
Long-term investments |
28,216 |
58,514 | |
Prepaid expenses and other assets |
46,297 |
53,587 | |
Restricted cash |
2,317 |
2,455 | |
Deferred tax assets |
48,104 |
55,070 | |
Goodwill |
30,952 |
30,952 | |
Total non-current assets |
267,567 |
328,131 | |
Total assets |
1,988,280 |
1,970,452 | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||
Amounts expressed in thousands of US dollars ("$") | |||
As of December 31, |
As of March 31, | ||
2017 |
2018 | ||
$ |
$ | ||
(unaudited) | |||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
Current liabilities |
|||
Accounts payable |
8,644 |
13,937 | |
Accrued expenses and other payables |
285,248 |
375,466 | |
Advances from customers |
27,155 |
30,450 | |
Amount due to related parties |
36,790 |
39,381 | |
Short-term bank borrowings |
2,013 |
− | |
Deferred revenue |
268,241 |
283,538 | |
Income tax payable |
9,614 |
9,523 | |
Total current liabilities |
637,705 |
752,295 | |
Non-current liabilities |
|||
Accrued expenses and other payables |
7,547 |
7,860 | |
Deferred revenue |
133,481 |
162,909 | |
Convertible promissory notes |
726,950 |
745,746 | |
Deferred tax liabilities |
4,378 |
4,104 | |
Unrecognized tax benefits |
3,088 |
2,985 | |
Total non-current liabilities |
875,444 |
923,604 | |
Total liabilities |
1,513,149 |
1,675,899 | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||
Amounts expressed in thousands of US dollars ("$") | |||
As of December 31, |
As of March 31, | ||
2017 |
2018 | ||
$ |
$ | ||
(unaudited) | |||
Shareholders' equity
|
|||
Class A Ordinary shares |
91 |
91 | |
Class B Ordinary shares |
76 |
76 | |
Additional paid-in capital |
1,564,656 |
1,575,078 | |
Accumulated other comprehensive income |
10,701 |
35,919 | |
Statutory reserves |
46 |
46 | |
Accumulated deficit |
(1,106,545) |
(1,322,158) | |
Total Sea Limited shareholders' equity |
469,025 |
289,052 | |
Non-controlling interests |
6,106 |
5,501 | |
Total shareholders' equity |
475,131 |
294,553 | |
Total liabilities and shareholders' equity |
1,988,280 |
1,970,452 | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Amounts expressed in thousands of US dollars ("$") | ||
For the Three Months ended March 31, | ||
2017 |
2018 | |
$ |
$ | |
(unaudited) | ||
Net cash used in operating activities |
(59,271) |
(94,360) |
Net cash used in investing activities |
(6,697) |
(21,837) |
Net cash generated from (used in) financing activities |
356,953 |
(545) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
3,052 |
6,166 |
Net increase (decrease) in cash, cash equivalents and restricted cash |
294,037 |
(110,576) |
Cash, cash equivalents and restricted cash at beginning of the period |
190,824 |
1,444,978 |
Cash, cash equivalents and restricted cash at end of the period |
484,861 |
1,334,402 |
1 SEGMENT INFORMATION
The Company has three reportable segments, namely digital entertainment, e-commerce and digital financial services. The Chief Operation Decision Maker ("CODM") reviews the performance of each segment based on revenue and certain key operating metrics of the operations and uses these results for the purposes of allocating resources to and evaluating the financial performance of each segment. Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31, 2018 | ||||||
Digital Entertainment |
E-commerce |
Digital |
Other Services(1) |
Unallocated |
Consolidated | |
$ |
$ |
$ |
$ |
$ |
$ | |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) | |
Revenue |
110,658 |
27,344 |
3,700 |
13,342 |
- |
155,044 |
Operating income (loss) |
18,788 |
(184,052) |
(9,058) |
(11,510) |
(12,262) |
(198,094) |
Non-operating loss, net |
(18,247) | |||||
Income tax expense |
755 | |||||
Share of results of equity investees |
(583) | |||||
Net loss |
(216,169) | |||||
For the Three Months ended March 31, 2017 | ||||||
Digital Entertainment |
E-commerce |
Digital |
Other Services(1) |
Unallocated |
Consolidated | |
$ |
$ |
$ |
$ |
$ |
$ | |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) | |
Revenue |
87,586 |
34 |
2,034 |
4,291 |
- |
93,945 |
Operating income (loss) |
18,389 |
(63,723) |
(10,130) |
(3,589) |
(8,980) |
(68,033) |
Non-operating loss, net |
(2,479) | |||||
Income tax expense |
(1,932) | |||||
Share of results of equity investees |
(632) | |||||
Net loss |
(73,076) | |||||
(1) A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable | ||||||
(2) Unallocated expenses are mainly related to share-based compensation and general and corporate administrative |
SUPPLEMENTAL OPERATIONAL METRICS
For the Three Months |
For the Three Months 2018 | ||||
Digital Entertainment |
Unit |
||||
Quarterly active users |
millions |
87.8 |
126.7 | ||
Monthly active users (last month) |
millions |
59.5 |
77.4 | ||
Quarterly paying users |
millions |
7.2 |
7.2 | ||
Average revenue per user |
US$ |
1.6 |
1.2 | ||
Average revenue per paying user |
US$ |
19.7 |
20.3 | ||
E-commerce |
|||||
Gross GMV |
US$ millions |
1,578.6 |
1,941.4 | ||
Gross orders |
millions |
98.3 |
111.4 | ||
Digital Financial Services |
|||||
GTV |
US$ millions |
1,027.5 |
1,702.2 |
View original content:http://www.prnewswire.com/news-releases/sea-limited-reports-first-quarter-2018-results-300648781.html
SOURCE Sea Limited
Copyright 2018 PR Newswire
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