Sea Limited Reports Third Quarter 2024 Results
Sea (NYSE: SE) reported strong Q3 2024 results with total GAAP revenue reaching US$4.3 billion, up 30.8% year-on-year. The company achieved net income of US$153.3 million, compared to a net loss of US$144.0 million in Q3 2023. E-commerce segment showed significant growth with GMV increasing 25.2% to US$25.1 billion. Digital Financial Services saw loan book growth of over 70% year-on-year while maintaining stable NPL ratio. Gaming division Free Fire's bookings are expected to grow over 30% year-on-year. Cash position strengthened to US$9.9 billion as of September 30, 2024.
Sea (NYSE: SE) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato totale GAAP di 4,3 miliardi di dollari USA, in aumento del 30,8% rispetto all'anno precedente. L'azienda ha raggiunto un utile netto di 153,3 milioni di dollari USA, rispetto a una perdita netta di 144,0 milioni di dollari USA nel terzo trimestre del 2023. Il segmento e-commerce ha mostrato una crescita significativa con un GMV in aumento del 25,2%, arrivando a 25,1 miliardi di dollari USA. I servizi finanziari digitali hanno visto una crescita del portafoglio prestiti di oltre il 70% anno su anno, mantenendo un rapporto NPL stabile. Le prenotazioni della divisione Gaming Free Fire sono previste in crescita di oltre il 30% rispetto all'anno precedente. La posizione di cassa si è rafforzata a 9,9 miliardi di dollari USA al 30 settembre 2024.
Sea (NYSE: SE) informó resultados sólidos para el tercer trimestre de 2024, con un ingreso total GAAP de 4.3 mil millones de dólares EE.UU., un aumento del 30.8% en comparación con el año anterior. La compañía logró un ingreso neto de 153.3 millones de dólares EE.UU., en comparación con una pérdida neta de 144.0 millones de dólares EE.UU. en el tercer trimestre de 2023. El segmento de comercio electrónico mostró un crecimiento significativo con un GMV aumentando un 25.2% hasta 25.1 mil millones de dólares EE.UU.. Los Servicios Financieros Digitales vieron un crecimiento del libro de préstamos de más del 70% año tras año, manteniendo una relación de NPL estable. Se espera que las reservas de la división de Gaming Free Fire crezcan más del 30% año tras año. La posición de caja se fortaleció a 9.9 mil millones de dólares EE.UU. al 30 de septiembre de 2024.
Sea (NYSE: SE)는 2024년 3분기 강력한 실적을 보고하며 총 GAAP 수익이 43억 달러에 달하고, 전년 대비 30.8% 증가했습니다. 회사는 3분기 2023년의 1억 5천 3백만 달러 순이익을 기록하였고, 이는 전년도 1억 4천 4백만 달러의 순손실과 비교됩니다. 전자상거래 부문은 GMV가 25.2% 증가한 251억 달러로 눈에 띄는 성장을 보여주었습니다. 디지털 금융 서비스는 대출 포트폴리오가 연간 70% 이상 증가하며 안정적인 NPL 비율을 유지했습니다. 게임 부문 Free Fire의 예약 매출은 연간 30% 이상 성장할 것으로 예상됩니다. 2024년 9월 30일 기준 현금 보유 상태는 99억 달러로 강화되었습니다.
Sea (NYSE: SE) a annoncé des résultats solides pour le troisième trimestre 2024, avec un chiffre d'affaires total GAAP atteignant 4,3 milliards de dollars US, en hausse de 30,8% par rapport à l'année précédente. La société a réalisé un bénéfice net de 153,3 millions de dollars US, contre une perte nette de 144,0 millions de dollars US au troisième trimestre 2023. Le segment du commerce électronique a montré une croissance significative avec un GMV en augmentation de 25,2% à 25,1 milliards de dollars US. Les services financiers numériques ont connu une croissance de portefeuille de prêts de plus de 70% par rapport à l'année précédente, tout en maintenant un ratio de NPL stable. Les réservations de la division de jeux Free Fire devraient croître de plus de 30% par rapport à l'année précédente. La position de trésorerie s'est renforcée à 9,9 milliards de dollars US au 30 septembre 2024.
Sea (NYSE: SE) berichtete über starke Ergebnisse im 3. Quartal 2024 mit einem Gesamtumsatz nach GAAP von 4,3 Milliarden US-Dollar, was einer Steigerung von 30,8% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Netto-Ertrag von 153,3 Millionen US-Dollar, im Vergleich zu einem Nettoverlust von 144,0 Millionen US-Dollar im 3. Quartal 2023. Der E-Commerce-Sektor verzeichnete ein signifikantes Wachstum mit einem GMV-Anstieg von 25,2% auf 25,1 Milliarden US-Dollar. Die digitalen Finanzdienstleistungen wuchsen bei den Kreditportfolios um über 70% im Jahresvergleich, während das NPL-Verhältnis stabil blieb. Die Buchungen der Gaming-Abteilung Free Fire werden voraussichtlich um über 30% im Jahresvergleich wachsen. Die Liquiditätsposition stärkte sich zum 30. September 2024 auf 9,9 Milliarden US-Dollar.
- Total revenue increased 30.8% YoY to US$4.3 billion
- Achieved net income of US$153.3 million vs previous year's loss
- E-commerce GMV grew 25.2% YoY to US$25.1 billion
- Digital Financial Services loan book grew over 70% YoY
- Total adjusted EBITDA improved to US$521.3 million from US$35.3 million YoY
- E-commerce segment achieved positive adjusted EBITDA of US$34.4 million
- Digital Entertainment GAAP revenue decreased 15.9% YoY to US$497.8 million
- Provision for credit losses increased 47.7% YoY to US$212.0 million
- Income tax expense increased 50.1% YoY to US$92.6 million
Insights
SE delivered exceptional Q3 results with significant improvements across all key metrics. Total GAAP revenue grew
SeaMoney's loan book expanded
The results demonstrate Sea's successful transition from growth-at-all-costs to profitable expansion. Key operational metrics show healthy user engagement - Shopee's GMV grew
The diversified revenue streams across e-commerce, digital financial services and gaming provide stability, while positive adjusted EBITDA across segments signals sustainable profitability. The strong performance in both Asian and Brazilian markets validates Sea's international expansion strategy.
“I’m happy to report that it has been another solid quarter. We are seeing high growth across all our three businesses,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.
Referring to the growth of our three businesses, he said, “Shopee is on track to deliver our full year guidance of mid-twenties year-on-year GMV growth. SeaMoney’s loan book grew by over
On profitability, Mr. Li said, “I am very proud that we also improved our profitability while getting back to high growth. This quarter, Shopee achieved positive adjusted EBITDA, in both
Third Quarter 2024 Highlights
-
Group
-
Total GAAP revenue was
US , up$4.3 billion 30.8% year-on-year. -
Total gross profit was
US , up$1.9 billion 29.1% year-on-year. -
Total net income was
US , as compared to total net loss of$153.3 million US for the third quarter of 2023.$(144.0) million -
Total adjusted EBITDA1 was
US , as compared to$521.3 million US for the third quarter of 2023.$35.3 million -
As of September 30, 2024, cash, cash equivalents, short-term investments, and other treasury investments2 were
US , representing a net increase of$9.9 billion US from June 30, 2024. This included$929.2 million US of cash proceeds received in the third quarter upon settlement of capped calls for the$429.0 million 1.00% convertible senior notes due 2024.
-
Total GAAP revenue was
-
E-commerce
-
Gross orders totaled 2.8 billion for the quarter, increasing by
24.2% year-on-year. -
GMV was
US for the quarter, increasing by$25.1 billion 25.2% year-on-year. -
GAAP revenue was
US , up$3.2 billion 42.6% year-on-year. -
GAAP revenue included
US of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by$2.8 billion 43.2% year-on-year.-
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up
49.3% year-on-year toUS .$2.0 billion -
Value-added services revenue, mainly consisting of revenues related to logistics services, was up
29.4% year-on-year toUS .$767.2 million
-
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up
-
Adjusted EBITDA1 was
US , as compared to$34.4 million US for the third quarter of 2023.$(346.5) million -
Asia markets recorded adjusted EBITDA ofUS , as compared to$30.9 million US for the third quarter of 2023.$(306.2) million -
Other markets achieved positive adjusted EBITDA of
US , as compared to a loss of$3.5 million US for the third quarter of 2023.$(40.3) million
-
-
Gross orders totaled 2.8 billion for the quarter, increasing by
-
Digital Financial Services
-
GAAP revenue was
US , up$615.7 million 38.0% year-on-year. -
Adjusted EBITDA1 was
US , up$187.9 million 13.4% year-on-year. -
Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of September 30, 2024, consumer and SME loans principal outstanding was
US , up$4.6 billion 73.2% year-on-year. This consists ofUS on-book and$3.8 billion US off-book loans principal outstanding3.$0.8 billion -
Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding3, was
1.2% , a slight improvement quarter-on-quarter.
-
GAAP revenue was
-
Digital Entertainment
-
Bookings4 were
US , up$556.5 million 24.3% year-on-year. -
GAAP revenue was
US , as compared to$497.8 million US for the third quarter of 2023.$592.2 million -
Adjusted EBITDA1 was
US , up$314.4 million 34.4% year-on-year. -
Adjusted EBITDA represented
56.5% of bookings for the third quarter of 2024, as compared to52.2% for the third quarter of 2023. -
Quarterly active users were 628.5 million, up
15.5% year-on-year. -
Quarterly paying users were 50.2 million, up
23.9% year-on-year. Paying user ratio was8.0% , as compared to7.5% for the third quarter of 2023. -
Average bookings per user were
US , as compared to$0.89 US for the third quarter of 2023.$0.82
-
Bookings4 were
1 |
|
For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. |
2 |
|
Other treasury investments currently consist of group treasury related investments, such as available-for-sale sovereign bonds and corporate bonds, classified as part of long-term investments and securities purchased under agreements to resell relating to our banking operations. |
3 |
|
Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. |
4 |
|
GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. |
Unaudited Summary of Financial Results |
|||||||
(Amounts are expressed in thousands of US dollars “$” except for per share data) |
|||||||
|
For the Three Months
|
|
|||||
|
2023 |
2024 |
|
||||
|
$ |
$ |
YOY% |
||||
Revenue |
|
|
|
||||
Service revenue |
|
|
|
||||
Digital Entertainment |
592,153 |
|
497,847 |
|
(15.9 |
%) |
|
E-commerce and other services |
2,417,036 |
|
3,412,362 |
|
41.2 |
% |
|
Sales of goods |
300,979 |
|
418,024 |
|
38.9 |
% |
|
|
3,310,168 |
|
4,328,233 |
|
30.8 |
% |
|
|
|
|
|
||||
Cost of revenue |
|
|
|
||||
Cost of service |
|
|
|
||||
Digital Entertainment |
(177,086 |
) |
(156,043 |
) |
(11.9 |
%) |
|
E-commerce and other services |
(1,403,975 |
) |
(1,927,288 |
) |
37.3 |
% |
|
Cost of goods sold |
(287,815 |
) |
(383,841 |
) |
33.4 |
% |
|
|
(1,868,876 |
) |
(2,467,172 |
) |
32.0 |
% |
|
Gross profit |
1,441,292 |
|
1,861,061 |
|
29.1 |
% |
|
Other operating income |
46,614 |
|
40,647 |
|
(12.8 |
%) |
|
Sales and marketing expenses |
(918,046 |
) |
(878,557 |
) |
(4.3 |
%) |
|
General and administrative expenses |
(273,575 |
) |
(306,755 |
) |
12.1 |
% |
|
Provision for credit losses |
(143,514 |
) |
(211,991 |
) |
47.7 |
% |
|
Research and development expenses |
(280,511 |
) |
(301,990 |
) |
7.7 |
% |
|
Total operating expenses |
(1,569,032 |
) |
(1,658,646 |
) |
5.7 |
% |
|
Operating (loss) income |
(127,740 |
) |
202,415 |
|
(258.5 |
%) |
|
Non-operating income, net |
45,875 |
|
49,536 |
|
8.0 |
% |
|
Income tax expense |
(61,676 |
) |
(92,598 |
) |
50.1 |
% |
|
Share of results of equity investees |
(437 |
) |
(6,029 |
) |
1,279.6 |
% |
|
Net (loss) income |
(143,978 |
) |
153,324 |
|
(206.5 |
%) |
|
(Loss) Earnings per share |
|||||||
attributable to Sea Limited’s ordinary shareholders: |
|||||||
Basic |
(0.26 |
) |
0.26 |
|
(200.0 |
%) |
|
Diluted |
(0.26 |
) |
0.24 |
|
(192.3 |
%) |
|
Change in deferred revenue of Digital Entertainment |
(144,253 |
) |
58,670 |
|
(140.7 |
%) |
|
Adjusted EBITDA for Digital Entertainment (1) |
233,998 |
|
314,428 |
|
34.4 |
% |
|
Adjusted EBITDA for E-commerce (1) |
(346,495 |
) |
34,446 |
|
(109.9 |
%) |
|
Adjusted EBITDA for Digital Financial Services (1) |
165,731 |
|
187,927 |
|
13.4 |
% |
|
Adjusted EBITDA for Other Services (1) |
(8,771 |
) |
(8,555 |
) |
(2.5 |
%) |
|
Unallocated expenses (2) |
(9,179 |
) |
(6,909 |
) |
(24.7 |
%) |
|
Total adjusted EBITDA (1) |
35,284 |
|
521,337 |
|
1,377.5 |
% |
(1) |
|
For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. |
(2) |
|
Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker (“CODM”) as part of segment performance. |
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Revenue
Our total GAAP revenue increased by
-
Digital Entertainment: GAAP revenue was
US in the third quarter of 2024 compared to$497.8 million US in the third quarter of 2023. Despite the increase in bookings during the third quarter of 2024, the decrease in GAAP revenue was primarily due to a bigger portion of the revenue being deferred into future period as users’ average lifespan increased from our efforts in user engagement.$592.2 million
-
E-commerce and other services: GAAP revenue increased by
41.2% toUS in the third quarter of 2024 from$3.4 billion US in the third quarter of 2023, primarily driven by the GMV growth of our e-commerce business and the growth of our credit business.$2.4 billion
-
Sales of goods: GAAP revenue increased by
38.9% toUS in the third quarter of 2024 from$418.0 million US in the third quarter of 2023.$301.0 million
Cost of Revenue
Our total cost of revenue was
-
Digital Entertainment: Cost of revenue decreased by
11.9% toUS in the third quarter of 2024 from$156.0 million US in the third quarter of 2023.$177.1 million
-
E-commerce and other services: Cost of revenue for our e-commerce and other services segment combined was
US in the third quarter of 2024, as compared to$1.9 billion US in the third quarter of 2023, primarily driven by an increase in logistics costs as orders volume grew.$1.4 billion
-
Cost of goods sold: Cost of goods sold increased by
33.4% toUS in the third quarter of 2024 from$383.8 million US in the third quarter of 2023.$287.8 million
Other Operating Income
Our other operating income was
Sales and Marketing Expenses
Our total sales and marketing expenses decreased by
|
For the Three Months
|
|
|||||
|
2023 |
|
2024 |
YOY% |
|||
Sales and Marketing Expenses |
$ |
|
$ |
|
|||
E-commerce |
861,540 |
|
763,340 |
(11.4 |
%) |
||
Digital Financial Services |
25,152 |
|
65,632 |
160.9 |
% |
||
Digital Entertainment |
24,712 |
|
26,583 |
7.6 |
% |
General and Administrative Expenses
Our general and administrative expenses increased by
Provision for Credit Losses
Our provision for credit losses increased by
Research and Development Expenses
Our research and development expenses increased by
Non-operating Income or Losses, Net
Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of
Income Tax Expense
We had a net income tax expense of
Net Income or Loss
As a result of the foregoing, we had net income of
Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders
Basic earnings per share attributable to Sea Limited’s ordinary shareholders was
Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was
Webcast and Conference Call Information
The Company’s management 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: |
7:30 AM 8:30 PM Singapore / Hong Kong Time on November 12, 2024 |
|
Webcast link: |
A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.
About Sea Limited
Sea Limited (NYSE: SE) is a leading global consumer internet company founded in
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with
-
“Adjusted EBITDA” for our digital entertainment segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our digital entertainment segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.
-
“Adjusted EBITDA” for our e-commerce segment, digital financial services segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.
- “Total adjusted EBITDA” represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.
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
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 (“$”) except for number of shares & per share data.
|
For the Three Months ended September 30, 2024 |
|||||||||||
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
||||||
|
$ |
$ |
$ |
$ |
$ |
$ |
||||||
Operating (loss) income |
(36,818 |
) |
173,942 |
262,402 |
|
(11,001 |
) |
(186,110 |
) |
202,415 |
|
|
Net effect of changes in deferred |
- |
|
- |
46,712 |
|
- |
|
- |
|
46,712 |
|
|
revenue and its related cost |
||||||||||||
Depreciation and Amortization |
71,264 |
|
13,985 |
5,314 |
|
2,446 |
|
- |
|
93,009 |
|
|
Share-based compensation |
- |
|
- |
- |
|
- |
|
179,201 |
|
179,201 |
|
|
Adjusted EBITDA |
34,446 |
|
187,927 |
314,428 |
|
(8,555 |
) |
(6,909 |
) |
521,337 |
|
|
|
||||||||||||
|
For the Three Months ended September 30, 2023 |
|||||||||||
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
||||||
|
$ |
$ |
$ |
$ |
$ |
$ |
||||||
Operating (loss) income |
(428,183 |
) |
150,470 |
345,760 |
|
(11,704 |
) |
(184,083 |
) |
(127,740 |
) |
|
Net effect of changes in deferred |
- |
|
- |
(119,058 |
) |
- |
|
- |
|
(119,058 |
) |
|
revenue and its related cost |
||||||||||||
Depreciation and Amortization |
81,688 |
|
15,261 |
7,296 |
|
2,933 |
|
- |
|
107,178 |
|
|
Share-based compensation |
- |
|
- |
- |
|
- |
|
174,904 |
|
174,904 |
|
|
Adjusted EBITDA |
(346,495 |
) |
165,731 |
233,998 |
|
(8,771 |
) |
(9,179 |
) |
35,284 |
|
(1) |
|
A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”. |
(2) |
|
Unallocated expenses are mainly related to share-based compensation and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
||||
Amounts expressed in thousands of US dollars (“$”) except for number of shares & per share data |
||||
|
For the Nine Months ended September 30, |
|||
|
2023 |
2024 |
||
|
$ |
|
||
Revenue |
|
|
||
Service revenue |
|
|
||
Digital Entertainment |
1,661,236 |
|
1,391,525 |
|
E-commerce and other services |
6,999,109 |
|
9,391,099 |
|
Sales of goods |
786,587 |
|
1,086,806 |
|
|
|
|
||
Total revenue |
9,446,932 |
|
11,869,430 |
|
|
|
|
||
Cost of revenue |
|
|
||
Cost of service |
|
|
||
Digital Entertainment |
(511,121 |
) |
(451,521 |
) |
E-commerce and other services |
(3,908,825 |
) |
(5,407,157 |
) |
Cost of goods sold |
(718,126 |
) |
(1,011,124 |
) |
|
|
|
||
Total cost of revenue |
(5,138,072 |
) |
(6,869,802 |
) |
|
|
|
||
Gross profit |
4,308,860 |
|
4,999,628 |
|
|
|
|
||
Operating income (expenses) |
|
|
||
Other operating income |
162,497 |
|
127,187 |
|
Sales and marketing expenses |
(1,811,790 |
) |
(2,422,960 |
) |
General and administrative expenses |
(902,121 |
) |
(901,447 |
) |
Provision for credit losses |
(473,954 |
) |
(541,173 |
) |
Research and development expenses |
(884,320 |
) |
(904,834 |
) |
Impairment of goodwill |
(117,875 |
) |
- |
|
|
|
|
||
Total operating expenses |
(4,027,563 |
) |
(4,643,227 |
) |
|
|
|
||
Operating income |
281,297 |
|
356,401 |
|
Interest income |
240,361 |
|
271,847 |
|
Interest expense |
(30,946 |
) |
(29,060 |
) |
Investment loss, net |
(45,377 |
) |
(189,543 |
) |
Net gain on debt extinguishment |
- |
|
34,415 |
|
Foreign exchange gain |
11,924 |
|
750 |
|
Income before income tax and share of results of equity investees |
457,259 |
444,810 |
||
Income tax expense |
(185,786 |
) |
(231,970 |
) |
Share of results of equity investees |
2,824 |
|
(2,605 |
) |
|
|
|
||
Net income |
274,297 |
|
210,235 |
|
|
|
|
||
Net income attributable to non-controlling interests |
(13,831 |
) |
(3,222 |
) |
|
|
|
||
Net income attributable to Sea Limited’s ordinary shareholders |
260,466 |
|
207,013 |
|
|
|
|
||
Earnings per share: |
|
|
||
Basic |
0.46 |
|
0.36 |
|
Diluted |
0.44 |
|
0.34 |
|
|
|
|
||
Weighted average shares used in earnings per share computation: |
|
|
||
Basic |
565,630,521 |
|
573,260,590 |
|
Diluted |
597,718,238 |
|
602,720,046 |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
Amounts expressed in thousands of US dollars (“$”) |
|||
|
|
As of
|
As of
|
|
|
2023 |
2024 |
|
|
$ |
$ |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
2,811,056 |
2,538,749 |
Restricted cash |
|
1,410,365 |
1,700,187 |
Accounts receivable, net of allowance for credit losses of |
|
|
|
|
|
|
|
September 30, 2024 respectively |
262,716 |
280,579 |
|
Prepaid expenses and other assets |
|
1,861,842 |
1,512,206 |
Loans receivable, net of allowance for credit losses of |
|
|
|
|
|||
September 30, 2024 respectively |
2,464,662 |
3,640,809 |
|
Inventories, net |
|
125,395 |
200,712 |
Short-term investments |
|
2,547,644 |
5,374,539 |
Amounts due from related parties |
|
290,254 |
306,414 |
Total current assets |
|
11,773,934 |
15,554,195 |
|
|
|
|
Non-current assets |
|
|
|
Property and equipment, net |
|
1,207,698 |
1,167,249 |
Operating lease right-of-use assets, net |
|
1,015,982 |
1,160,416 |
Intangible assets, net |
|
50,821 |
30,845 |
Long-term investments |
|
4,262,562 |
2,974,637 |
Prepaid expenses and other assets |
|
87,705 |
118,706 |
Loans receivable, net of allowance for credit losses of |
|
|
|
|
|||
September 30, 2024 respectively |
20,551 |
63,202 |
|
Restricted cash |
|
22,236 |
27,316 |
Deferred tax assets |
|
328,961 |
481,358 |
Goodwill |
|
112,782 |
113,766 |
Total non-current assets |
|
7,109,298 |
6,137,495 |
Total assets |
18,883,232 |
21,691,690 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
Amounts expressed in thousands of US dollars (“$”) |
|||
|
|
As of
|
As of
|
|
|
2023 |
2024 |
|
|
$ |
$ |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
|
342,547 |
274,771 |
Accrued expenses and other payables |
|
1,834,807 |
2,148,427 |
Deposits payable |
|
1,706,299 |
2,401,011 |
Escrow payables and advances from customers |
|
2,199,464 |
2,402,361 |
Amounts due to related parties |
|
64,081 |
164,910 |
Borrowings |
|
146,661 |
142,742 |
Operating lease liabilities |
|
290,788 |
315,512 |
Convertible notes |
|
151,764 |
151,996 |
Deferred revenue |
|
1,208,892 |
1,480,959 |
Income tax payable |
|
223,638 |
106,730 |
Total current liabilities |
|
8,168,941 |
9,589,419 |
|
|
|
|
Non-current liabilities |
|
|
|
Accrued expenses and other payables |
|
79,257 |
86,822 |
Borrowings |
|
119,323 |
177,424 |
Operating lease liabilities |
|
789,514 |
895,710 |
Deferred revenue |
|
72,587 |
98,068 |
Convertible notes |
|
2,949,785 |
2,720,243 |
Deferred tax liabilities |
|
133 |
268 |
Unrecognized tax benefits |
|
6,107 |
95,157 |
Total non-current liabilities |
|
4,016,706 |
4,073,692 |
Total liabilities |
|
12,185,647 |
13,663,111
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
Amounts expressed in thousands of US dollars (“$”) |
|||||
|
|
As of
|
As of
|
||
|
|
2023 |
2024 |
||
|
|
$ |
$ |
||
Shareholders’ equity |
|
|
|
||
Class A Ordinary shares |
|
262 |
|
266 |
|
Class B Ordinary shares |
|
23 |
|
23 |
|
Additional paid-in capital |
|
15,283,870 |
|
16,266,340 |
|
Accumulated other comprehensive (loss) income |
|
(108,000 |
) |
25,090 |
|
Statutory reserves |
|
16,981 |
|
17,021 |
|
Accumulated deficit |
|
(8,599,306 |
) |
(8,392,333 |
) |
|
|
|
|
||
Total Sea Limited shareholders’ equity |
|
6,593,830 |
|
7,916,407 |
|
Non-controlling interests |
|
103,755 |
|
112,172 |
|
Total shareholders’ equity |
|
6,697,585 |
|
8,028,579 |
|
Total liabilities and shareholders’ equity |
|
18,883,232 |
|
21,691,690 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
Amounts expressed in thousands of US dollars (“$”) |
||||
|
For the Nine Months ended
|
|||
|
2023 |
2024 |
||
|
$ |
|
||
Net cash generated from operating activities |
1,800,855 |
|
2,256,438 |
|
Net cash used in investing activities |
(4,755,908 |
) |
(3,279,780 |
) |
Net cash generated from financing activities |
182,626 |
|
984,283 |
|
Effect of foreign exchange rate changes on cash, cash |
||||
equivalents and restricted cash |
(76,281 |
) |
61,654 |
|
Net (decrease) increase in cash, cash equivalents and restricted |
||||
cash |
(2,848,708 |
) |
22,595 |
|
Cash, cash equivalents and restricted cash at beginning of the |
||||
period |
7,610,384 |
|
4,243,657 |
|
|
|
|
||
Cash, cash equivalents and restricted cash at end of the period |
4,761,676 |
|
4,266,252 |
|
Net cash used in investing activities amounted to
UNAUDITED SEGMENT INFORMATION
The Company has three reportable segments, namely e-commerce, digital financial services and digital entertainment. The Chief Operating 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 September 30, 2024 |
||||||||||
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
|||||
|
$ |
$ |
$ |
$ |
$ |
$ |
|||||
Revenue |
3,183,558 |
|
615,711 |
497,847 |
31,117 |
|
- |
|
4,328,233 |
|
|
Operating (loss) income |
(36,818 |
) |
173,942 |
262,402 |
(11,001 |
) |
(186,110 |
) |
202,415 |
|
|
Non-operating income, net |
|
|
|
|
|
49,536 |
|
||||
Income tax expense |
|
|
|
|
|
(92,598 |
) |
||||
Share of results of equity investees |
|
|
|
|
|
(6,029 |
) |
||||
Net income |
|
|
|
|
|
153,324 |
|
||||
|
For the Three Months ended September 30, 2023 |
||||||||||
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
|||||
|
$ |
$ |
$ |
$ |
$ |
$ |
|||||
Revenue |
2,231,954 |
|
446,249 |
592,153 |
39,812 |
|
- |
|
3,310,168 |
|
|
Operating (loss) income |
(428,183 |
) |
150,470 |
345,760 |
(11,704 |
) |
(184,083 |
) |
(127,740 |
) |
|
Non-operating income, net |
|
|
|
|
|
45,875 |
|
||||
Income tax expense |
|
|
|
|
|
(61,676 |
) |
||||
Share of results of equity investees |
|
|
|
|
|
(437 |
) |
||||
Net loss |
|
|
|
|
|
(143,978 |
) |
(1) |
|
A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”. |
(2) |
|
Unallocated expenses are mainly related to share-based compensation and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241111850616/en/
For enquiries, please contact:
Investors / analysts: ir@sea.com
Media: media@sea.com
Source: Sea Limited
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