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MarketScreener Homepage  >  Equities  >  Nyse  >  Sea Limited    SE

SEA LIMITED

(SE)
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01/25MARKET CHATTER : Sea's Shopee Business Gears Up For Expansion In Brazil
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01/25Sea group's Shopee scales up Brazil operations, eyes Latam potential - sources
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Sea : Third Quarter 2020 Results Presentation

11/24/2020 | 04:25am EST

Third Quarter 2020 Results

November 2020

Disclaimer

This presentation by Sea Limited ("Sea") 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, projections, and 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 markets where it operates, 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 businesses and 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; general economic and business conditions in its markets; and the impact of widespread health developments, including the recent global coronavirus pandemic, and the responses thereto (such as voluntary and in some cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities) which could materially and adversely affect, among other things, the business and manufacturing activities of its sellers, merchants and logistics providers, the global supply chain including those of its sellers' and merchants', and consumer discretionary spending. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this presentation is as of the date hereof, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.

This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. ("GAAP"), including "adjusted EBITDA," "total adjusted EBITDA," and "net loss excluding share-based compensation and changes in fair value of the 2017 convertible notes." The reconciliation of those measures to the most comparable GAAP measures is contained within this presentation. The non-GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of the Company's results under GAAP.

This presentation does not contain all relevant information relating to Sea or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of Sea. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of Sea.

Sea 3Q2020 Results |

1

Group: Robust Revenue Growth

99% YoY Growth in Total GAAP Revenue1

110% YoY Growth in DE Bookings3

US$ Millions

DE GAAP Revenue

DFS GAAP Revenue

EC GAAP Revenue

Other Services GAAP

Revenue2

US$ Millions

944.7

1,212.2

10.1 14.4

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

610.1 53.0

1.7 226.4

329.1

618.7

569.0

173% YoY Growth in EC GAAP Revenue

US$ Millions

618.7

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

3Q 2019

3Q 2020

Note: Financial figures are unaudited.

  1. Sum of digital entertainment ("DE") GAAP revenue, e-commerce ("EC") GAAP revenue, digital financial services ("DFS") GAAP revenue, and other services GAAP revenue.
  2. A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as
    "Other Services."
  3. 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.

Sea 3Q2020 Results |

2

Digital Entertainment: Continued Growth of User Base

Quarterly Active Users

Quarterly Paying Users

Millions

Millions

65.3

572.4

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

Sea 3Q2020 Results |

3

E-commerce: Extending Our Leading Position Across the Region

Gross Orders

GMV

Millions

US$ Billions

741.6

9.3

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

Sea 3Q2020 Results |

4

Digital Financial Services: Accelerating Adoption In Our Region

> US$2.1 Billion

> 17.8 Million

> 30%

in mobile wallet

Quarterly Paying Users for

of Shopee's Gross Orders were

Total Payment Volume in 3Q 2020

mobile wallet services in 3Q 2020

paid using our mobile wallet in Oct1

Note:

1. In October 2020, more than 30% of Shopee's total gross orders across our markets combined were paid using our mobile wallet.

Sea 3Q2020 Results |

5

Gross Profit

Total Gross Profit

US$ Millions

407.6

203.2

3Q 2019

3Q 2020

Note: Financial figures are unaudited.

Sea 3Q2020 Results |

6

Non-GAAP EBITDA

Total Adjusted EBITDA

US$ Millions

US$ Millions

DE Adjusted EBITDA

EC Adjusted EBITDA

DFS Adjusted EBITDA

Unallocated Expenses

120.4

Other Services Adjusted EBITDA

120.4

584.5

266.0

(253.7)

(301.6)

(33.6)

(6.5)

(149.3)

(30.8)

(2.9)

(9.1)

(4.2)

(30…

3Q 2019

3Q 2020

3Q 2019

3Q 2020

Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between GAAP and non-GAAP figures.

Sea 3Q2020 Results |

7

Cost and Expense Trends

Cost of Revenue

Sales & Marketing Expenses

US$ Millions

804.6

407.0

3Q 2019

3Q 2020

General & Administrative Expenses

US$ Millions

196.7

99.3

3Q 2019

3Q 2020

Note: Financial figures are unaudited.

US$ Millions

471.0

251.8

3Q 2019

3Q 2020

R&D Expenses

US$ Millions

104.3

43.6

3Q 2019

3Q 2020

Sea 3Q2020 Results |

8

Net Loss

Net Loss

US$ Millions

3Q 2019

3Q 2020

(206.1)

(425.3)

Net Loss Excluding Share-based Compensation and Changes in Fair Value of the 2017 Convertible Notes

US$ Millions

3Q 2019

3Q 2020

(175.2)

(346.0)

Note: Financial figures are unaudited. Please refer to the appendix for details on reconciliation between Net Loss and Net loss excluding share-based compensation and changes in fair value of the 2017 convertible notes.

Sea 3Q2020 Results |

9

Cash and Cash Equivalents

US$ Millions

3,432.83,509.0

3,119.0

2,599.7

2,297.2

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

Note: Financial figures are unaudited.

Sea 3Q2020 Results |

10

Raised Full Year 2020 Guidance

Guidance

> US$3.1 Billion

Digital Entertainment Bookings1

> 75.4% YoY Growth

(Previous: US$1.9 Billion to US$2.0 Billion)

E-commerce GAAP revenue plus sales

> US$2.3 Billion

> 144.1% YoY Growth

incentives net-off2

(Previous: US$1.7 Billion to US$1.8 Billion)

Note:

1. Adjusted revenue for digital entertainment in the previously disclosed guidance.

2. Adjusted revenue for e-commerce in the previously disclosed guidance.

Sea 3Q2020 Results |

11

Appendix

Sea 3Q2020 Results |

12

Reconciliation Between GAAP and Non-GAAP EBITDA

US$ Thousands

3Q 2019

3Q 2020

Digital Entertainment

Operating income / (loss)

278,614

Net effect of changes in deferred revenue & related cost

299,200

Depreciation and amortization

6,711

Digital Entertainment Adjusted EBITDA

584,525

E-commerce

Operating income / (loss)

(338,097)

Depreciation and amortization

36,507

E-commerce Adjusted EBITDA

(301,590)

Group

Operating income / (loss)

(305,473)

Net effect of changes in deferred revenue & related cost

299,200

Depreciation and amortization

47,446

Share-based compensation

79,213

Total Adjusted EBITDA

120,386

Note: Financial figures are unaudited.

Sea 3Q2020 Results |

13

Reconciliation Between Net Loss and Net Loss Excluding Share-based Compensation and Changes in Fair Value of the 2017 Convertible Notes

US$ Thousands

3Q 2019

3Q 2020

Group

Net loss

Share-based compensation

Changes in fair value of the 2017 convertible notes

Net loss excluding share-based compensation and changes in fair value of the 2017 convertible notes

(425,262)

79,213

-

(346,049)

Note: Financial figures are unaudited.

Sea 3Q2020 Results |

14

Disclaimer

Sea Ltd. published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 09:24:03 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 4 322 M - -
Net income 2020 -1 508 M - -
Net cash 2020 3 607 M - -
P/E ratio 2020 -73,7x
Yield 2020 -
Capitalization 117 B 117 B -
EV / Sales 2020 26,2x
EV / Sales 2021 16,8x
Nbr of Employees 29 800
Free-Float 12,7%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 206,82 $
Last Close Price 228,68 $
Spread / Highest target 9,76%
Spread / Average Target -9,56%
Spread / Lowest Target -55,8%
EPS Revisions
Managers and Directors
NameTitle
Xiao Dong Li Chairman & Group Chief Executive Officer
Gang Ye Group Chief Operating Officer & Director
Tian Yu Hou Group Chief Financial Officer & Director
Yu Xin Ren Director
David Heng Independent Director
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