“I’m happy to report that it has been a solid quarter for us, with our strong momentum from Q1 continuing into Q2. All three of our businesses have shown both strong growth and higher profitability,” said
On Shopee’s 2024 outlook, he said, “With the strong results delivered in the first half and our outlook for the rest of the year, we expect that Shopee will become adjusted EBITDA positive from the third quarter. We are also revising up our guidance for Shopee’s 2024 full year GMV growth to mid-20%.”
On digital entertainment,
Second Quarter 2024 Highlights
-
Group
-
Total GAAP revenue was
US$3.8 billion , up 23.0% year-on-year. -
Total gross profit was
US$1.6 billion , up 9.2% year-on-year. -
Total net income was
US$79.9 million , as compared to total net income ofUS$331.0 million for the second quarter of 2023. -
Total adjusted EBITDA1 was
US$448.5 million , as compared toUS$510.0 million for the second quarter of 2023. -
As of
June 30, 2024 , cash, cash equivalents, short-term investments, and other treasury investments2 wereUS$9.0 billion , representing a net increase ofUS$364.7 million fromMarch 31, 2024 .
-
Total GAAP revenue was
-
E-commerce
- Gross orders totaled 2.5 billion for the quarter, increasing by 40.3% year-on-year.
-
GMV was
US$23.3 billion for the quarter, increasing by 29.1% year-on-year. -
GAAP revenue was
US$2.8 billion , up 33.7% year-on-year. -
GAAP revenue included
US$2.5 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 32.7% year-on-year.-
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 41.4% year-on-year to
US$1.8 billion . -
Value-added services revenue, mainly consisting of revenues related to logistics services, was up 15.5% year-on-year to
US$722.3 million .
-
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 41.4% year-on-year to
-
Adjusted EBITDA1 was
US$(9.2) million , as compared toUS$150.3 million for the second quarter of 2023.Asia markets recorded adjusted EBITDA ofUS$3.8 million , as compared toUS$204.1 million for the second quarter of 2023.-
Other markets recorded adjusted EBITDA of
US$(13.0) million , as compared toUS$(53.7) million for the second quarter of 2023. -
In
Brazil , unit economics continued to improve, as we achieved positive contribution margin3 per order ofUS$0.09 for the quarter, as compared to a loss ofUS$(0.24) for the second quarter of 2023.
-
Digital Financial Services -
GAAP revenue was
US$519.3 million , up 21.4% year-on-year. -
Adjusted EBITDA1 was
US$164.7 million , up 20.2% year-on-year. -
Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of
June 30, 2024 , consumer and SME loans principal outstanding wasUS$3.5 billion , up 39.5% year-on-year. This consists ofUS$2.9 billion on-book andUS$0.7 billion off-book loans principal outstanding4. -
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 outstanding4, was 1.3%, a slight improvement quarter-on-quarter.
-
GAAP revenue was
-
Digital Entertainment -
Bookings5 were
US$536.8 million , up 21.1% year-on-year. -
GAAP revenue was
US$435.6 million , as compared toUS$529.4 million for the second quarter of 2023. -
Adjusted EBITDA1 was
US$302.8 million , up 26.5% year-on-year. - Adjusted EBITDA represented 56.4% of bookings for the second quarter of 2024, as compared to 54.0% for the second quarter of 2023.
- Quarterly active users were 648.0 million, up 19.0% year-on-year.
- Quarterly paying users were 52.5 million, up 21.7% year-on-year. Paying user ratio was 8.1%, as compared to 7.9% for the second quarter of 2023.
-
Average bookings per user were
US$0.83 , as compared toUS$0.81 for the second quarter of 2023.
-
Bookings5 were
Changes in Board of Directors
With effect from
|
1 |
For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. |
|
|
2 |
Other treasury investments currently consist of group treasury related investments, such as available-for-sale sovereign bonds and corporate bonds, classified as part of long-term investments and securities purchased under agreements to resell relating to our banking operations. |
|
|
3 |
Contribution margin refers to adjusted EBITDA before allocation of HQ costs. |
|
|
4 |
Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. |
|
|
5 |
GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. |
|
Unaudited Summary of Financial Results |
|||||||||
|
(Amounts are expressed in thousands of US dollars “$” except for per share data) |
|||||||||
|
|
For the Three Months
|
|
|||||||
|
2023 |
|
2024 |
|||||||
|
|
$ |
$ |
YOY% |
||||||
|
Revenue |
|
|
|
||||||
|
Service revenue |
|
|
|
||||||
|
|
529,397 |
|
435,559 |
|
(17.7 |
%) |
|||
|
E-commerce and other services |
2,322,496 |
|
3,028,717 |
|
30.4 |
% |
|||
|
Sales of goods |
243,767 |
|
342,592 |
|
40.5 |
% |
|||
|
|
3,095,660 |
|
3,806,868 |
|
23.0 |
% |
|||
|
|
|
|
|
||||||
|
Cost of revenue |
|
|
|
||||||
|
Cost of service |
|
|
|
||||||
|
|
(160,669 |
) |
(139,501 |
) |
(13.2 |
%) |
|||
|
E-commerce and other services |
(1,263,522 |
) |
(1,764,815 |
) |
39.7 |
% |
|||
|
Cost of goods sold |
(220,591 |
) |
(317,735 |
) |
44.0 |
% |
|||
|
|
(1,644,782 |
) |
(2,222,051 |
) |
35.1 |
% |
|||
|
Gross profit |
1,450,878 |
|
1,584,817 |
|
9.2 |
% |
|||
|
Other operating income |
58,003 |
|
42,563 |
|
(26.6 |
%) |
|||
|
Sales and marketing expenses |
(493,601 |
) |
(774,768 |
) |
57.0 |
% |
|||
|
General and administrative expenses |
(295,169 |
) |
(303,838 |
) |
2.9 |
% |
|||
|
Provision for credit losses |
(153,001 |
) |
(167,415 |
) |
9.4 |
% |
|||
|
Research and development expenses |
(283,297 |
) |
(298,465 |
) |
5.4 |
% |
|||
|
Total operating expenses |
(1,167,065 |
) |
(1,501,923 |
) |
28.7 |
% |
|||
|
Operating income |
283,813 |
|
82,894 |
|
(70.8 |
%) |
|||
|
Non-operating income, net |
107,565 |
|
56,414 |
|
(47.6 |
%) |
|||
|
Income tax expense |
(62,212 |
) |
(60,612 |
) |
(2.6 |
%) |
|||
|
Share of results of equity investees |
1,817 |
|
1,215 |
|
(33.1 |
%) |
|||
|
Net income |
330,983 |
|
79,911 |
|
(75.9 |
%) |
|||
|
Earnings per share
|
|
|
|
||||||
|
Basic |
0.57 |
|
0.14 |
|
(75.4 |
%) |
|||
|
Diluted |
0.54 |
|
0.14 |
|
(74.1 |
%) |
|||
|
Change in deferred revenue of |
(86,254 |
) |
101,258 |
|
(217.4 |
%) |
|||
|
Adjusted EBITDA for |
239,459 |
|
302,800 |
|
26.5 |
% |
|||
|
Adjusted EBITDA for E-commerce (1) |
150,339 |
|
(9,180 |
) |
(106.1 |
%) |
|||
|
Adjusted EBITDA for |
136,961 |
|
164,678 |
|
20.2 |
% |
|||
|
Adjusted EBITDA for Other Services (1) |
(7,189 |
) |
(5,958 |
) |
(17.1 |
%) |
|||
|
Unallocated expenses (2) |
(9,549 |
) |
(3,867 |
) |
(59.5 |
%) |
|||
|
Total adjusted EBITDA (1) |
510,021 |
|
448,473 |
|
(12.1 |
%) |
|||
|
(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
Revenue
Our total GAAP revenue increased by 23.0% to
-
Digital Entertainment : GAAP revenue wasUS$435.6 million in the second quarter of 2024 compared toUS$529.4 million in the second quarter of 2023. Despite the increase in bookings during the second quarter of 2024, the decrease in GAAP revenue was primarily due to lower recognition of accumulated deferred revenue due to lower bookings in previous quarters. -
E-commerce and other services: GAAP revenue increased by 30.4% to
US$3.0 billion in the second quarter of 2024 fromUS$2.3 billion in the second quarter of 2023, primarily driven by the GMV growth of our e-commerce business and the growth of our credit business. -
Sales of goods: GAAP revenue increased by 40.5% to
US$342.6 million in the second quarter of 2024 fromUS$243.8 million in the second quarter of 2023.
Cost of Revenue
Our total cost of revenue was
-
Digital Entertainment : Cost of revenue decreased by 13.2% toUS$139.5 million in the second quarter of 2024 fromUS$160.7 million in the second quarter of 2023. -
E-commerce and other services: Cost of revenue for our e-commerce and other services segment combined was
US$1.8 billion in the second quarter of 2024, as compared toUS$1.3 billion in the second quarter of 2023, primarily driven by an increase in logistics costs as orders volume grew. -
Cost of goods sold: Cost of goods sold increased by 44.0% to
US$317.7 million in the second quarter of 2024 fromUS$220.6 million in the second quarter of 2023.
Other Operating Income
Our other operating income was
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 57.0% to
|
|
For the Three Months
|
|
|||||
|
|
2023 |
|
2024 |
YOY% |
|||
|
Sales and Marketing Expenses |
$ |
|
$ |
|
|||
|
E-commerce |
431,979 |
|
672,944 |
55.8 |
% |
||
|
|
19,207 |
|
54,950 |
186.1 |
% |
||
|
|
26,636 |
|
27,069 |
1.6 |
% |
||
General and Administrative Expenses
Our general and administrative expenses were
Provision for Credit Losses
Our provision for credit losses increased by 9.4% to
Research and Development Expenses
Our research and development expenses increased by 5.4% to
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
As a result of the foregoing, we had net income of
Basic and Diluted Earnings 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: |
|
|
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
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 |
||||||||||
|
|
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 |
|
|
|
|||||||||||
|
|
For the Three Months ended |
||||||||||
|
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
|||||
|
|
$ |
$ |
$ |
$ |
$ |
$ |
|||||
|
Operating income (loss) |
65,550 |
|
120,966 |
296,457 |
|
(10,034 |
) |
(189,126 |
) |
283,813 |
|
|
Net effect of changes in deferred
|
- |
|
- |
(65,360 |
) |
- |
|
- |
|
(65,360 |
) |
|
Depreciation and Amortization |
84,789 |
|
15,995 |
8,362 |
|
2,845 |
|
- |
|
111,991 |
|
|
Share-based compensation |
- |
|
- |
- |
|
- |
|
179,577 |
|
179,577 |
|
|
Adjusted EBITDA |
150,339 |
|
136,961 |
239,459 |
|
(7,189 |
) |
(9,549 |
) |
510,021 |
|
|
(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
|
|||||
|
|
2023 |
2024 |
||||
|
|
$ |
$ |
||||
|
Revenue |
|
|
||||
|
Service revenue |
|
|
||||
|
|
1,069,083 |
|
893,678 |
|
||
|
E-commerce and other services |
4,582,073 |
|
5,978,737 |
|
||
|
Sales of goods |
485,608 |
|
668,782 |
|
||
|
|
|
|
||||
|
|
|
|
||||
|
Total revenue |
6,136,764 |
|
7,541,197 |
|
||
|
|
|
|
||||
|
Cost of revenue |
|
|
||||
|
Cost of service |
|
|
||||
|
|
(334,035 |
) |
(295,478 |
) |
||
|
E-commerce and other services |
(2,504,850 |
) |
(3,479,869 |
) |
||
|
Cost of goods sold |
(430,311 |
) |
(627,283 |
) |
||
|
|
|
|
||||
|
|
|
|
||||
|
Total cost of revenue |
(3,269,196 |
) |
(4,402,630 |
) |
||
|
|
|
|
||||
|
|
|
|
||||
|
Gross profit |
2,867,568 |
|
3,138,567 |
|
||
|
|
|
|
||||
|
|
|
|
||||
|
Operating income (expenses) |
|
|
||||
|
Other operating income |
115,883 |
|
86,540 |
|
||
|
Sales and marketing expenses |
(893,744 |
) |
(1,544,403 |
) |
||
|
General and administrative expenses |
(628,546 |
) |
(594,692 |
) |
||
|
Provision for credit losses |
(330,440 |
) |
(329,182 |
) |
||
|
Research and development expenses |
(603,809 |
) |
(602,844 |
) |
||
|
Impairment of goodwill |
(117,875 |
) |
– |
|
||
|
|
|
|
||||
|
|
|
|
||||
|
Total operating expenses |
(2,458,531 |
) |
(2,984,581 |
) |
||
|
|
|
|
||||
|
|
|
|
||||
|
Operating income |
409,037 |
|
153,986 |
|
||
|
Interest income |
152,326 |
|
178,500 |
|
||
|
Interest expense |
(20,773 |
) |
(19,406 |
) |
||
|
Investment loss, net |
(28,815 |
) |
(125,352 |
) |
||
|
Net gain on debt extinguishment |
– |
|
32,009 |
|
||
|
Foreign exchange gain (loss) |
27,349 |
|
(26,878 |
) |
||
|
|
|
|
||||
|
Income before income tax and share of results of equity investees |
539,124 |
|
192,859 |
|
||
|
Income tax expense |
(124,110 |
) |
(139,372 |
) |
||
|
Share of results of equity investees |
3,261 |
|
3,424 |
|
||
|
|
|
|
||||
|
Net income |
418,275 |
|
56,911 |
|
||
|
|
|
|
||||
|
Net (income) loss attributable to non-controlling interests |
(8,595 |
) |
1,290 |
|
||
|
|
|
|
||||
|
Net income attributable to Sea Limited’s ordinary shareholders |
409,680 |
|
58,201 |
|
||
|
|
|
|
||||
|
Earnings per share: |
|
|
||||
|
Basic |
0.73 |
|
0.10 |
|
||
|
Diluted |
0.69 |
|
0.10 |
|
||
|
|
|
|
||||
|
Weighted average shares used in earnings per share computation: |
|
|
||||
|
Basic |
564,261,877 |
|
571,968,378 |
|
||
|
Diluted |
598,716,012 |
|
599,898,424 |
|
||
|
|
|
|
||||
|
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 |
2,646,488 |
|
|
Restricted cash |
|
1,410,365 |
1,401,038 |
|
|
Accounts receivable, net of allowance for credit losses of
|
|
262,716 |
249,543 |
|
|
Prepaid expenses and other assets |
|
1,861,842 |
1,823,988 |
|
|
Loans receivable, net of allowance for credit losses of
|
|
2,464,662 |
2,809,987 |
|
|
Inventories, net |
|
125,395 |
157,523 |
|
|
Short-term investments |
|
2,547,644 |
3,387,461 |
|
|
Amounts due from related parties |
|
290,254 |
404,711 |
|
|
Total current assets |
|
11,773,934 |
12,880,739 |
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property and equipment, net |
|
1,207,698 |
1,081,414 |
|
|
Operating lease right-of-use assets, net |
|
1,015,982 |
1,107,279 |
|
|
Intangible assets, net |
|
50,821 |
35,692 |
|
|
Long-term investments |
|
4,262,562 |
3,769,487 |
|
|
Prepaid expenses and other assets |
|
87,705 |
108,400 |
|
|
Loans receivable, net of allowance for credit losses of
|
|
20,551 |
51,129 |
|
|
Restricted cash |
|
22,236 |
27,587 |
|
|
Deferred tax assets |
|
328,961 |
401,922 |
|
|
|
|
112,782 |
106,371 |
|
|
Total non-current assets |
|
7,109,298 |
6,689,281 |
|
|
Total assets |
|
18,883,232 |
19,570,020 |
|
|
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 |
293,688 |
|
|
Accrued expenses and other payables |
|
1,834,807 |
1,804,152 |
|
|
Deposits payable |
|
1,706,299 |
2,144,679 |
|
|
Escrow payables and advances from customers |
|
2,199,464 |
2,247,416 |
|
|
Amounts due to related parties |
|
64,081 |
227,575 |
|
|
Borrowings |
|
146,661 |
69,917 |
|
|
Operating lease liabilities |
|
290,788 |
296,572 |
|
|
Convertible notes |
|
151,764 |
151,919 |
|
|
Deferred revenue |
|
1,208,892 |
1,298,430 |
|
|
Income tax payable |
|
223,638 |
82,823 |
|
|
Total current liabilities |
|
8,168,941 |
8,617,171 |
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Accrued expenses and other payables |
|
79,257 |
74,617 |
|
|
Borrowings |
|
119,323 |
117,348 |
|
|
Operating lease liabilities |
|
789,514 |
862,877 |
|
|
Deferred revenue |
|
72,587 |
118,229 |
|
|
Convertible notes |
|
2,949,785 |
2,743,936 |
|
|
Deferred tax liabilities |
|
133 |
358 |
|
|
Unrecognized tax benefits |
|
6,107 |
69,207 |
|
|
Total non-current liabilities |
|
4,016,706 |
3,986,572 |
|
|
Total liabilities |
|
12,185,647 |
12,603,743 |
|
|
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 |
|
264 |
|
|
|
Class |
|
23 |
|
23 |
|
|
|
Additional paid-in capital |
|
15,283,870 |
|
15,640,134 |
|
|
|
Accumulated other comprehensive loss |
|
(108,000 |
) |
(249,019 |
) |
|
|
Statutory reserves |
|
16,981 |
|
17,021 |
|
|
|
Accumulated deficit |
|
(8,599,306 |
) |
(8,541,145 |
) |
|
|
|
|
|
|
|||
|
|
|
6,593,830 |
|
6,867,278 |
|
|
|
Non-controlling interests |
|
103,755 |
|
98,999 |
|
|
|
Total shareholders’ equity |
|
6,697,585 |
|
6,966,277 |
|
|
|
Total liabilities and shareholders’ equity |
|
18,883,232 |
|
19,570,020 |
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
|
Amounts expressed in thousands of US dollars (“$”) |
||||||
|
|
For the Six Months ended
|
|||||
|
|
2023 |
2024 |
||||
|
|
$ |
$ |
||||
|
Net cash generated from operating activities |
1,201,016 |
|
1,086,362 |
|
||
|
Net cash used in investing activities |
(3,867,640 |
) |
(1,563,708 |
) |
||
|
Net cash generated from financing activities |
58,143 |
|
426,438 |
|
||
|
Effect of foreign exchange rate changes on cash, cash
|
(22,114 |
) |
(117,636 |
) |
||
|
Net decrease in cash, cash equivalents and restricted cash |
(2,630,595 |
) |
(168,544 |
) |
||
|
Cash, cash equivalents and restricted cash at beginning of the
|
7,610,384 |
|
4,243,657 |
|
||
|
|
|
|
||||
|
Cash, cash equivalents and restricted cash at end of the period |
4,979,789 |
|
4,075,113 |
|
||
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 |
|||||||||||||||
|
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
||||||||||
|
|
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||
|
Revenue |
2,821,269 |
|
519,338 |
435,559 |
30,702 |
|
- |
|
3,806,868 |
|
||||||
|
Operating (loss) income |
(84,762 |
) |
151,261 |
210,078 |
(9,003 |
) |
(184,680 |
) |
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 |
|
|||||||||
|
|
For the Three Months ended |
||||||||||||||
|
|
E-
|
Digital
|
Digital
|
Other
|
Unallocated
|
Consolidated |
|||||||||
|
|
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||
|
Revenue |
2,110,551 |
427,940 |
529,397 |
27,772 |
|
- |
|
3,095,660 |
|
||||||
|
Operating income (loss) |
65,550 |
120,966 |
296,457 |
(10,034 |
) |
(189,126 |
) |
283,813 |
|
||||||
|
Non-operating income, net |
|
|
|
|
|
107,565 |
|
||||||||
|
Income tax expense |
|
|
|
|
|
(62,212 |
) |
||||||||
|
Share of results of equity investees |
|
|
|
|
|
1,817 |
|
||||||||
|
Net income |
|
|
|
|
|
330,983 |
|
||||||||
|
(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. |
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