Sea Limited Reports Second Quarter 2025 Results
“The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year,” said Forrest Li, Sea’s Chairman and Chief Executive Officer. “Given the high potential of our markets and the stage we are at in our business now, we will continue to prioritize growth, which will pave the way for us to maximize our long-term profitability. At the same time, our company has reached a stage where we can pursue growth opportunities while improving profitability.”
On e-commerce, he said, “After a record-high Q1, Shopee has delivered another record-breaking Q2. GMV grew
On digital financial services, Mr. Li said, “Monee has delivered excellent growth throughout the first half of the year, diversified its loan portfolio across markets and products, and maintained high asset quality through prudent risk management. It is exciting that our credit business is still in the early stages in many of our markets, reinforcing our strong conviction in Monee’s long-term growth and earnings potential.”
On digital entertainment, Mr. Li said, “Garena has delivered a very strong performance in the first half of this year. We believe Free Fire has established itself as an evergreen franchise, both sustaining its user engagement and growing its appeal in more markets globally. We are also committed to trying out new genres and new markets, and testing the boundaries of future game experiences by embracing AI. Given all of this, we are raising our full-year guidance for Garena, and expect bookings to grow more than
Second Quarter 2025 Highlights
-
Group
-
Total GAAP revenue was
US , up$5.3 billion 38.2% year-on-year. -
Total gross profit was
US , up$2.4 billion 52.1% year-on-year. -
Total net income was
US , as compared to total net income of$414.2 million US for the second quarter of 2024.$79.9 million -
Total adjusted EBITDA1 was
US , as compared to$829.2 million US for the second quarter of 2024.$448.5 million
-
Total GAAP revenue was
-
E-commerce
-
Gross orders totaled 3.3 billion for the quarter, increasing by
28.6% year-on-year. -
GMV was
US for the quarter, increasing by$29.8 billion 28.2% year-on-year. -
GAAP revenue was
US , up$3.8 billion 33.7% 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$3.3 billion 33.6% year-on-year.-
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up
46.2% year-on-year toUS .$2.6 billion -
Value-added services revenue, mainly consisting of revenues related to logistics services, was up
2.9% year-on-year toUS .$743.0 million
-
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up
-
Adjusted EBITDA1 was
US , as compared to$227.7 million US for the second quarter of 2024.$(9.2) million
-
Gross orders totaled 3.3 billion for the quarter, increasing by
-
Digital Financial Services
-
GAAP revenue was
US , up$882.8 million 70.0% year-on-year. -
Adjusted EBITDA1 was
US , up$255.3 million 55.0% year-on-year. -
Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of June 30, 2025, consumer and SME loans principal outstanding was
US , up$6.9 billion 94.0% year-on-year. This consists ofUS on-book and$5.9 billion US off-book loans principal outstanding2.$0.9 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 outstanding2, was
1.0% , relatively stable quarter-on-quarter.
-
GAAP revenue was
-
Digital Entertainment
-
Bookings3 were
US , up$661.3 million 23.2% year-on-year. -
GAAP revenue was
US , up$559.1 million 28.4% year-on-year. -
Adjusted EBITDA1 was
US , up$368.2 million 21.6% year-on-year. -
Adjusted EBITDA represented
55.7% of bookings for the second quarter of 2025, as compared to56.4% for the second quarter of 2024. -
Quarterly active users were 664.8 million, up
2.6% year-on-year. -
Quarterly paying users were 61.8 million, up
17.8% year-on-year. Paying user ratio was9.3% , as compared to8.1% for the second quarter of 2024. -
Average bookings per user were
US , as compared to$0.99 US for the second quarter of 2024.$0.83
-
Bookings3 were
1 |
For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. |
|
2 |
Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. |
|
3 |
GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. |
Unaudited Summary of Financial Results |
||||||||
(Amounts are expressed in thousands of US dollars “$” except for per share data) |
||||||||
|
For the Three Months
|
|
||||||
|
2024 |
|
2025 |
|
|
|||
|
$ |
$ |
YOY% |
|||||
Revenue |
|
|
|
|||||
Service revenue |
3,464,276 |
|
4,798,913 |
|
38.5 |
% |
||
Sales of goods |
342,592 |
|
460,564 |
|
34.4 |
% |
||
|
3,806,868 |
|
5,259,477 |
|
38.2 |
% |
||
|
|
|
|
|||||
Cost of revenue |
|
|
|
|||||
Cost of service |
(1,904,316 |
) |
(2,417,660 |
) |
27.0 |
% |
||
Cost of goods sold |
(317,735 |
) |
(432,007 |
) |
36.0 |
% |
||
|
(2,222,051 |
) |
(2,849,667 |
) |
28.2 |
% |
||
Gross profit |
1,584,817 |
|
2,409,810 |
|
52.1 |
% |
||
Other operating income |
42,563 |
|
31,903 |
|
(25.0 |
%) |
||
Sales and marketing expenses |
(774,768 |
) |
(1,009,495 |
) |
30.3 |
% |
||
General and administrative expenses |
(303,838 |
) |
(323,342 |
) |
6.4 |
% |
||
Provision for credit losses |
(167,415 |
) |
(323,729 |
) |
93.4 |
% |
||
Research and development expenses |
(298,465 |
) |
(297,428 |
) |
(0.3 |
%) |
||
Total operating expenses |
(1,501,923 |
) |
(1,922,091 |
) |
28.0 |
% |
||
Operating income |
82,894 |
|
487,719 |
|
488.4 |
% |
||
Non-operating income, net |
56,414 |
|
83,299 |
|
47.7 |
% |
||
Income tax expense |
(60,612 |
) |
(144,056 |
) |
137.7 |
% |
||
Share of results of equity investees |
1,215 |
|
(12,758 |
) |
(1,150.0 |
%) |
||
Net income |
79,911 |
|
414,204 |
|
418.3 |
% |
||
Earnings per share attributable to Sea Limited’s ordinary shareholders: |
|
|
|
|||||
Basic |
0.14 |
|
0.68 |
|
385.7 |
% |
||
Diluted |
0.14 |
|
0.65 |
|
364.3 |
% |
||
Change in deferred revenue of Digital Entertainment |
101,258 |
|
102,159 |
|
0.9 |
% |
||
Adjusted EBITDA for Digital Entertainment (1) |
302,800 |
|
368,190 |
|
21.6 |
% |
||
Adjusted EBITDA for E-commerce (1) |
(9,180 |
) |
227,694 |
|
(2,580.3 |
%) |
||
Adjusted EBITDA for Digital Financial Services (1) |
164,678 |
|
255,263 |
|
55.0 |
% |
||
Adjusted EBITDA for Other Services (1) |
(5,958 |
) |
(13,766 |
) |
131.1 |
% |
||
Unallocated expenses (2) |
(3,867 |
) |
(8,137 |
) |
110.4 |
% |
||
Total adjusted EBITDA (1) |
448,473 |
|
829,244 |
|
84.9 |
% |
||
(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 June 30, 2025 Compared to Three Months Ended June 30, 2024
Revenue
Our total GAAP revenue increased by
|
For the Three Months
|
|
|||
|
2024 |
|
2025 |
YOY% |
|
|
$ |
|
$ |
|
|
Service revenue |
|
|
|
|
|
E-commerce |
2,479,830 |
|
3,312,155 |
|
|
Digital Financial Services |
519,338 |
|
882,808 |
|
|
Digital Entertainment |
435,559 |
|
559,118 |
|
|
Other Services(1) |
29,549 |
|
44,832 |
|
|
Sales of goods |
342,592 |
|
460,564 |
|
|
Total revenue |
3,806,868 |
|
5,259,477 |
|
|
(1) |
Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments. |
|
-
E-commerce: Our e-commerce service GAAP revenue increased by
33.6% toUS in the second quarter of 2025 from$3.3 billion US in the second quarter of 2024, primarily driven by the growth of GMV.$2.5 billion
-
Digital Financial Services: Our digital financial services GAAP revenue increased by
70.0% toUS in the second quarter of 2025 from$882.8 million US in the second quarter of 2024, primarily driven by the growth of our credit business as our lending activities increased.$519.3 million
-
Digital Entertainment: Our digital entertainment GAAP revenue increased by
28.4% toUS in the second quarter of 2025 from$559.1 million US in the second quarter of 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.$435.6 million
-
Sales of goods: GAAP revenue increased by
34.4% toUS in the second quarter of 2025 from$460.6 million US in the second quarter of 2024.$342.6 million
Cost of Revenue
Our total cost of revenue was
|
For the Three Months
|
|
|||
|
2024 |
|
2025 |
YOY% |
|
|
$ |
|
$ |
|
|
Cost of service |
|
|
|
|
|
E-commerce |
1,676,782 |
|
2,120,088 |
|
|
Digital Financial Services |
78,927 |
|
115,899 |
|
|
Digital Entertainment |
139,501 |
|
171,922 |
|
|
Other Services(1) |
9,106 |
|
9,751 |
|
|
Cost of goods sold |
317,735 |
|
432,007 |
|
|
Total cost of revenue |
2,222,051 |
|
2,849,667 |
|
|
(1) |
Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments. |
|
-
E-commerce: Cost of revenue was
US in the second quarter of 2025, as compared to$2.1 billion US in the second quarter of 2024, primarily driven by an increase in logistics costs as orders volume grew.$1.7 billion
-
Digital Financial Services: Cost of revenue was
US in the second quarter of 2025, as compared to$115.9 million US in the second quarter of 2024, primarily driven by server and hosting expenses, interest expenses due to the growth in customer deposits under our banking business, and other costs associated with our credit business.$78.9 million
-
Digital Entertainment: Cost of revenue was
US in the second quarter of 2025, as compared to$171.9 million US in the second quarter of 2024, primarily from payment channel costs, which was largely in line with the increase in our digital entertainment revenue.$139.5 million
-
Cost of goods sold: Cost of goods sold increased by
36.0% toUS in the second quarter of 2025 from$432.0 million US in the second quarter of 2024.$317.7 million
Other Operating Income
Our other operating income was
Sales and Marketing Expenses
Our total sales and marketing expenses increased by
|
For the Three Months
|
|
|||
|
2024 |
|
2025 |
YOY% |
|
Sales and Marketing Expenses |
$ |
|
$ |
|
|
E-commerce |
672,944 |
|
803,431 |
|
|
Digital Financial Services |
54,950 |
|
122,554 |
|
|
Digital Entertainment |
27,069 |
|
43,103 |
|
|
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 were
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 |
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 June 30, 2025 |
||||||||
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
|||
|
$ |
$ |
$ |
$ |
$ |
$ |
|||
Operating income (loss) |
154,851 |
|
243,115 |
275,465 |
(15,683 |
) |
(170,029 |
) |
487,719 |
Net effect of changes in deferred
|
- |
|
- |
88,344 |
- |
|
- |
|
88,344 |
Depreciation and Amortization |
72,843 |
|
12,148 |
4,381 |
1,917 |
|
- |
|
91,289 |
Share-based compensation |
- |
|
- |
- |
- |
|
161,892 |
|
161,892 |
Adjusted EBITDA |
227,694 |
|
255,263 |
368,190 |
(13,766 |
) |
(8,137 |
) |
829,244 |
|
|||||||||
|
For the Three Months ended June 30, 2024 |
||||||||
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
|||
|
$ |
$ |
$ |
$ |
$ |
$ |
|||
Operating (loss) income |
(84,762 |
) |
151,261 |
210,078 |
(9,003 |
) |
(184,680 |
) |
82,894 |
Net effect of changes in deferred
|
- |
|
- |
86,546 |
- |
|
- |
|
86,546 |
Depreciation and Amortization |
75,582 |
|
13,417 |
6,176 |
3,045 |
|
- |
|
98,220 |
Share-based compensation |
- |
|
- |
- |
- |
|
180,813 |
|
180,813 |
Adjusted EBITDA |
(9,180 |
) |
164,678 |
302,800 |
(5,958 |
) |
(3,867 |
) |
448,473 |
(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 Six Months
|
||||
|
2024 |
|
2025 |
|
|
|
$ |
$ |
|||
Revenue |
|
|
|||
Service revenue |
6,872,415 |
|
9,233,450 |
|
|
Sales of goods |
668,782 |
|
867,127 |
|
|
|
|
|
|||
|
|
|
|||
Total revenue |
7,541,197 |
|
10,100,577 |
|
|
|
|
|
|||
Cost of revenue |
|
|
|||
Cost of service |
(3,775,347 |
) |
(4,648,778 |
) |
|
Cost of goods sold |
(627,283 |
) |
(805,796 |
) |
|
|
|
|
|||
|
|
|
|||
Total cost of revenue |
(4,402,630 |
) |
(5,454,574 |
) |
|
|
|
|
|||
|
|
|
|||
Gross profit |
3,138,567 |
|
4,646,003 |
|
|
|
|
|
|||
|
|
|
|||
Operating income (expenses) |
|
|
|||
Other operating income |
86,540 |
|
66,804 |
|
|
Sales and marketing expenses |
(1,544,403 |
) |
(1,939,194 |
) |
|
General and administrative expenses |
(594,692 |
) |
(630,531 |
) |
|
Provision for credit losses |
(329,182 |
) |
(605,673 |
) |
|
Research and development expenses |
(602,844 |
) |
(593,286 |
) |
|
|
|
|
|||
|
|
|
|||
Total operating expenses |
(2,984,581 |
) |
(3,701,880 |
) |
|
|
|
|
|||
|
|
|
|||
Operating income |
153,986 |
|
944,123 |
|
|
Interest income |
178,500 |
|
179,082 |
|
|
Interest expense |
(19,406 |
) |
(18,055 |
) |
|
Investment loss, net |
(125,352 |
) |
(1,237 |
) |
|
Net gain on debt extinguishment |
32,009 |
|
15,688 |
|
|
Foreign exchange loss |
(26,878 |
) |
(2,971 |
) |
|
|
|
|
|||
Income before income tax and share of results of equity investees |
192,859 |
|
1,116,630 |
|
|
Income tax expense |
(139,372 |
) |
(280,371 |
) |
|
Share of results of equity investees |
3,424 |
|
(11,230 |
) |
|
|
|
|
|||
Net income |
56,911 |
|
825,029 |
|
|
|
|
|
|||
Net loss (income) attributable to non-controlling interests |
1,290 |
|
(16,007 |
) |
|
|
|
|
|||
Net income attributable to Sea Limited’s ordinary shareholders |
58,201 |
|
809,022 |
|
|
|
|
|
|||
Earnings per share: |
|
|
|||
Basic |
0.10 |
|
1.37 |
|
|
Diluted |
0.10 |
|
1.30 |
|
|
|
|
|
|||
Weighted average shares used in earnings per share computation: |
|
|
|||
Basic |
571,968,378 |
|
591,566,401 |
|
|
Diluted |
599,898,424 |
|
636,229,639 |
|
|
|
|
|
|||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
Amounts expressed in thousands of US dollars (“$”) |
||||
|
|
As of
|
As of
|
|
|
|
2024 |
2025 |
|
|
|
$ |
$ |
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
2,405,153 |
2,165,809 |
|
Restricted cash |
|
1,655,171 |
2,075,266 |
|
Accounts receivable, net of allowance for credit losses of
|
|
306,657 |
322,357 |
|
Prepaid expenses and other assets |
|
1,661,373 |
1,817,004 |
|
Loans receivable, net of allowance for credit losses of
|
|
4,052,215 |
5,589,750 |
|
Inventories, net |
|
143,246 |
169,298 |
|
Short-term investments |
|
6,215,423 |
7,244,913 |
|
Amounts due from related parties |
|
418,430 |
355,937 |
|
Total current assets |
|
16,857,668 |
19,740,334 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property and equipment, net |
|
1,097,699 |
1,137,765 |
|
Operating lease right-of-use assets, net |
|
1,054,785 |
1,233,437 |
|
Intangible assets, net |
|
27,310 |
15,315 |
|
Long-term investments |
|
2,694,305 |
2,121,897 |
|
Prepaid expenses and other assets |
|
138,839 |
209,507 |
|
Loans receivable, net of allowance for credit losses of
|
|
108,594 |
239,169 |
|
Restricted cash |
|
21,261 |
33,434 |
|
Deferred tax assets |
|
517,383 |
601,921 |
|
Goodwill |
|
107,625 |
107,631 |
|
Total non-current assets |
|
5,767,801 |
5,700,076 |
|
Total assets |
|
22,625,469 |
25,440,410 |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
Amounts expressed in thousands of US dollars (“$”) |
||||
|
|
As of
|
As of
|
|
|
|
2024 |
2025 |
|
|
|
$ |
$ |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
350,021 |
359,092 |
|
Accrued expenses and other payables |
|
2,380,371 |
2,420,402 |
|
Deposits payable |
|
2,711,693 |
3,413,955 |
|
Escrow payables and advances from customers |
|
2,498,094 |
2,793,949 |
|
Amounts due to related parties |
|
255,896 |
109,991 |
|
Borrowings |
|
130,615 |
209,420 |
|
Operating lease liabilities |
|
300,274 |
328,085 |
|
Convertible notes |
|
1,147,984 |
1,148,803 |
|
Deferred revenue |
|
1,405,785 |
1,770,249 |
|
Income tax payable |
|
115,419 |
176,217 |
|
Total current liabilities |
|
11,296,152 |
12,730,163 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Accrued expenses and other payables |
|
71,678 |
90,636 |
|
Borrowings |
|
249,474 |
306,933 |
|
Operating lease liabilities |
|
803,502 |
967,781 |
|
Deferred revenue |
|
109,895 |
178,360 |
|
Convertible notes |
|
1,478,784 |
1,231,131 |
|
Deferred tax liabilities |
|
408 |
19,403 |
|
Unrecognized tax benefits |
|
138,000 |
132,100 |
|
Total non-current liabilities |
|
2,851,741 |
2,926,344 |
|
Total liabilities |
|
14,147,893 |
15,656,507 |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
Amounts expressed in thousands of US dollars (“$”) |
||||||
|
|
As of
|
As of
|
|||
|
|
2024 |
|
2025 |
|
|
|
|
$ |
$ |
|||
Shareholders’ equity |
|
|
|
|||
Class A Ordinary shares |
|
272 |
|
274 |
|
|
Class B Ordinary shares |
|
23 |
|
23 |
|
|
Additional paid-in capital |
|
16,703,192 |
|
17,041,224 |
|
|
Accumulated other comprehensive loss |
|
(193,148 |
) |
(35,693 |
) |
|
Statutory reserves |
|
17,260 |
|
17,260 |
|
|
Accumulated deficit |
|
(8,155,264 |
) |
(7,346,242 |
) |
|
|
|
|
|
|||
Total Sea Limited shareholders’ equity |
|
8,372,335 |
|
9,676,846 |
|
|
Non-controlling interests |
|
105,241 |
|
107,057 |
|
|
Total shareholders’ equity |
|
8,477,576 |
|
9,783,903 |
|
|
Total liabilities and shareholders’ equity |
|
22,625,469 |
|
25,440,410 |
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
Amounts expressed in thousands of US dollars (“$”) |
||||||
|
For the Six Months ended
|
|||||
|
2024 |
|
2025 |
|
||
|
$ |
$ |
||||
Net cash generated from operating activities |
1,086,362 |
|
2,372,666 |
|
||
Net cash used in investing activities |
(1,563,708 |
) |
(2,632,202 |
) |
||
Net cash generated from financing activities |
426,438 |
|
328,616 |
|
||
Effect of foreign exchange rate changes on cash, cash
|
(117,636 |
) |
123,844 |
|
||
Net (decrease) increase in cash, cash equivalents and restricted
|
(168,544 |
) |
192,924 |
|
||
Cash, cash equivalents and restricted cash at beginning of the
|
4,243,657 |
|
4,081,585 |
|
||
Cash, cash equivalents and restricted cash at end of the period |
4,075,113 |
|
4,274,509 |
|
||
|
|
|
||||
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”), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars (“$”).
|
For the Three Months ended June 30, 2025 |
||||
|
E-commerce |
Digital Financial Services |
Digital Entertainment |
Other Services(1) |
Total |
|
$ |
$ |
$ |
$ |
$ |
Revenue |
3,771,076 |
882,808 |
559,118 |
46,475 |
5,259,477 |
Less(2) |
|
|
|
|
|
Cost of revenue |
(2,550,913) |
(115,899) |
(171,922) |
- |
|
Sales and marketing expenses |
(803,431) |
(122,554) |
(43,103) |
- |
|
Provision for credit losses |
- |
(315,610) |
- |
- |
|
Other operating expenses(3) |
(261,881) |
(85,630) |
(68,628) |
(62,158) |
|
Operating segment income (loss) |
154,851 |
243,115 |
275,465 |
(15,683) |
657,748 |
Unallocated expenses(4) |
|
|
|
|
(170,029) |
Operating income |
|
|
|
|
487,719 |
Non-operating income, net |
|
|
|
|
83,299 |
Income tax expense |
|
|
|
|
(144,056) |
Share of results of equity investees |
|
|
|
|
(12,758) |
Net income |
|
|
|
|
414,204 |
|
For the Three Months ended June 30, 2024 |
||||
|
E-commerce |
Digital Financial Services |
Digital Entertainment |
Other Services(1) |
Total |
|
$ |
$ |
$ |
$ |
$ |
Revenue |
2,821,269 |
519,338 |
435,559 |
30,702 |
3,806,868 |
Less(2) |
|
|
|
|
|
Cost of revenue |
(1,993,767) |
(78,927) |
(139,501) |
- |
|
Sales and marketing expenses |
(672,944) |
(54,950) |
(27,069) |
- |
|
Provision for credit losses |
- |
(167,212) |
- |
- |
|
Other operating expenses(3) |
(239,320) |
(66,988) |
(58,911) |
(39,705) |
|
Operating segment (loss) income |
(84,762) |
151,261 |
210,078 |
(9,003) |
267,574 |
Unallocated expenses(4) |
|
|
|
|
(184,680) |
Operating income |
|
|
|
|
82,894 |
Non-operating income, net |
|
|
|
|
56,414 |
Income tax expense |
|
|
|
|
(60,612) |
Share of results of equity investees |
|
|
|
|
1,215 |
Net income |
|
|
|
|
79,911 |
(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) |
The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM. |
|
(3) |
Other operating expenses for E-commerce and Digital Entertainment include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Digital Financial Services include general and administrative expenses and research and development expenses, net of other operating income. |
|
(4) |
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/20250811347836/en/
For enquiries, please contact:
Investors / analysts: ir@sea.com
Media: media@sea.com
Source: Sea Limited
