Sea Limited (NYSE:SE) > Financials > Income Statement

In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Today's Spot Rate
Units: S&P Capital IQ (Default  Decimals: Capital IQ (Default)
Source: Capital IQ & Proprietar  

Income Statement
Reclassified Reclassified LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2015 Dec-31-2016 Dec-31-2017 Dec-31-2018 Dec-31-2019 Sep-30-2020
Currency USD USD USD USD USD USD

Revenue 282.0 345.7 414.2 827.0 2,175.4 3,586.3

Other Revenue 10.2 - - - - -
Total Revenue 292.1 345.7 414.2 827.0 2,175.4 3,586.3

Cost Of Goods Sold 184.3 232.6 326.9 812.2 1,570.5 2,506.3

Gross Profit 107.8 113.1 87.3 14.8 604.9 1,080.0

Selling General & Admin Exp. 174.5 294.2 562.9 940.6 1,355.4 2,085.3
R & D Exp. 17.7 20.8 29.3 67.5 156.6 293.7
Depreciation & Amort. - - - - - -
Other Operating Expense/(Income) (3.1) (2.1) (3.5) (9.8) (15.9) (123.0)

Other Operating Exp., Total 189.2 312.9 588.7 998.4 1,496.2 2,256.1

Operating Income (81.4) (199.8) (501.4) (983.6) (891.2) (1,176.0)

Interest Expense 0 0 (26.5) (31.3) (48.2) (130.5)

Interest and Invest. Income 0.5 10.2 36.5 20.1 45.7 82.2
Net Interest Exp. 0.5 10.2 10.0 (11.2) (2.5) (48.4)

Income/(Loss) from Affiliates (8.1) (19.5) (1.9) (3.1) (3.2) (1.3)

Currency Exchange Gains (Loss) (4.9) (1.6) (4.2) 4.8 (2.0) (15.4)
Other Non-Operating Inc. (Exp.) - - - - - -
EBT Excl. Unusual Items (93.9) (210.8) (497.5) (993.0) (899.0) (1,241.2)

Impairment of Goodwill - - - - - -
Asset Writedown (1.7) (5.6) (0.9) (5.2) - -
Other Unusual Items - - (52.0) 41.3 (472.9) (6.9)
 EBT Incl. Unusual Items (95.6) (216.4) (550.4) (956.9) (1,371.9) (1,248.0)

Income Tax Expense 11.7 8.5 10.7 4.1 85.9 133.5

Earnings from Cont. Ops. (107.3) (225.0) (561.2) (961.0) (1,457.7) (1,381.5)

Earnings of Discontinued Ops. - - - - - -

Extraord. Item & Account. Change - - - - - -
Net Income to Company (107.3) (225.0) (561.2) (961.0) (1,457.7) (1,381.5)

Minority Int. in Earnings 4.0 2.1 0.7 (0.2) (5.1) 3.3

Net Income (103.4) (222.9) (560.5) (961.2) (1,462.8) (1,378.3)

Pref. Dividends and Other Adj. - - - - - -

NI to Common Incl Extra Items (103.4) (222.9) (560.5) (961.2) (1,462.8) (1,378.3)
NI to Common Excl. Extra Items (103.4) (222.9) (560.5) (961.2) (1,462.8) (1,378.3)

Per Share Items

Basic EPS ($0.63) ($1.3) ($2.72) ($2.84) ($3.35) ($2.94)
Basic EPS Excl. Extra Items (0.63) (1.3) (2.72) (2.84) (3.35) (2.94)
Weighted Avg. Basic Shares Out. 164.6 171.1 205.7 338.5 436.6 468.7

Diluted EPS ($0.63) ($1.3) ($2.72) ($2.84) ($3.35) ($2.94)

Diluted EPS Excl. Extra Items (0.63) (1.3) (2.72) (2.84) (3.35) (2.94)
Weighted Avg. Diluted Shares Out. 164.6 171.1 205.7 338.5 436.6 468.7

Normalized Basic EPS ($0.33) ($0.76) ($1.51) ($1.83) ($1.3) ($1.65)

Normalized Diluted EPS (0.33) (0.76) (1.51) (1.83) (1.3) (1.65)

Dividends per Share NA NA NA NA NA NA

Shares per Depository Receipt 1.0 1.0 1.0 1.0 1.0 1.0

Supplemental Items
EBITDA (52.1) (160.3) (460.5) (904.9) (769.6) (1,013.8)
EBITA (67.2) (178.2) (483.9) (959.8) (886.4) (1,165.9)
EBIT (81.4) (199.8) (501.4) (983.6) (891.2) (1,176.0)
EBITDAR NA NA NA NA (713.5) NA
As Reported Total Revenue* 292.1 345.7 414.2 827.0 2,175.4 3,586.3
Effective Tax Rate % NM NM NM NM NM NM
Total Current Taxes 14.1 10.8 19.5 23.9 90.2 147.7
Total Deferred Taxes (2.4) (2.3) (8.8) (19.8) (4.3) (14.2)

Normalized Net Income (54.7) (129.7) (310.3) (620.9) (566.9) (772.5)

Interest on Long Term Debt NA NA NA 21.1 48.2 NA
Filing Date Apr-11-2018 Mar-01-2019 Apr-14-2020 Apr-14-2020 Apr-14-2020 Dec-09-2020
Restatement Type RC RC NC NC O O
Calculation Type REP REP REP REP REP LTM

Supplemental Operating Expense Items

Selling and Marketing Exp. 89.0 187.4 426.0 705.0 969.5 1,507.4
General and Administrative Exp. 85.5 106.8 136.9 235.6 385.9 577.9
R&D Exp. 17.7 20.8 29.3 67.5 156.6 293.7
Net Rental Exp. NA NA NA NA 56.1 NA
Imputed Oper. Lease Interest Exp. - - - - 16.3 -
Imputed Oper. Lease Depreciation - - - - 39.8 -

Stock-Based Comp., COGS 0.9 0.9 1.7 3.3 2.3 5.8

Stock-Based Comp., R&D Exp. 0.7 0.8 1.4 4.7 12.0 35.1
Stock-Based Comp., S&M Exp. 0.2 0.2 0.7 2.7 3.9 12.0
Stock-Based Comp., G&A Exp. 18.7 27.0 24.9 47.4 98.9 178.4
Stock-Based Comp., Total 20.6 28.8 28.6 58.1 117.1 231.3

* Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue exa
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
Revenue exactly as reported by the firm on its consolidated statement of income.
Sea Limited (NYSE:SE) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Today's Spot Rate
Units: S&P Capital IQ (Default  Decimals: Capital IQ (Default)
Source: Capital IQ & Proprietar  

Balance Sheet
Balance Sheet as of:
Dec-31-2015 Dec-31-2016 Dec-31-2017 Dec-31-2018 Dec-31-2019 Sep-30-2020
Currency USD USD USD USD USD USD
ASSETS
Cash And Equivalents 116.2 170.1 1,347.4 1,002.8 3,119.0 3,509.0
Short Term Investments 10.4 - 18.0 0.7 102.3 42.3
Total Cash & ST Investments 126.6 170.1 1,365.4 1,003.5 3,221.3 3,551.4

Accounts Receivable 39.7 37.2 61.8 97.8 187.0 289.2

Other Receivables 11.6 48.7 119.2 217.7 262.2 6.7
Notes Receivable 5.9 5.9 4.3 2.4 2.2 -
Total Receivables 57.2 91.8 185.3 317.9 451.4 295.9

Inventory 4.1 3.9 9.8 37.7 26.9 61.7

Prepaid Exp. 8.8 7.2 22.6 23.7 41.3 961.3
Restricted Cash 6.0 18.6 95.3 254.1 434.9 692.8
Other Current Assets 27.0 18.3 42.4 73.9 234.3 -
Total Current Assets 229.7 309.9 1,720.7 1,710.7 4,410.1 5,563.1

Gross Property, Plant & Equipment 62.2 76.4 143.4 292.7 715.9 893.6
Accumulated Depreciation (29.3) (45.3) (69.1) (100.4) (214.3) (320.2)
Net Property, Plant & Equipment 32.9 31.1 74.3 192.4 501.6 573.4

Long-term Investments 41.4 45.1 28.2 111.0 113.8 219.1

Goodwill - - 31.0 31.0 31.0 208.1
Other Intangibles 50.9 30.0 37.3 12.9 15.0 35.9
Deferred Tax Assets, LT 33.4 35.3 48.1 63.3 70.3 89.4
Deferred Charges, LT 15.2 20.7 22.7 30.0 29.2 -
Other Long-Term Assets 26.4 13.7 25.9 41.5 53.2 271.5
Total Assets 429.9 485.8 1,988.3 2,192.7 5,224.2 6,960.6

LIABILITIES
Accounts Payable 8.9 6.0 8.6 37.2 69.4 118.4
Accrued Exp. 35.4 53.0 144.6 229.1 366.7 1,592.5
Short-term Borrowings - 1.9 2.0 - - -
Curr. Port. of LT Debt - - - 0.9 30.7 -
Curr. Port. of Leases - - - - 58.3 69.7
Curr. Income Taxes Payable 8.7 6.4 9.6 9.5 27.2 56.1
Unearned Revenue, Current 162.6 122.2 268.2 426.7 1,097.9 1,811.4
Other Current Liabilities 28.7 74.2 204.6 483.1 712.2 124.4
Total Current Liabilities 244.3 263.8 637.7 1,186.5 2,362.4 3,772.5

Long-Term Debt - - 727.0 1,062.8 1,356.7 1,920.9

Long-Term Leases - - - - 149.3 160.7
Unearned Revenue, Non-Current 89.1 137.3 133.5 171.3 160.7 304.1
Def. Tax Liability, Non-Curr. 0.7 - 4.4 0.7 1.0 1.7
Other Non-Current Liabilities 11.5 5.3 10.6 10.9 21.5 27.8
Total Liabilities 345.7 406.4 1,513.1 2,432.1 4,051.5 6,187.8

Pref. Stock, Convertible 10.5 205.1 - - - -

Total Pref. Equity 10.5 205.1 - - - -

Common Stock 0.1 0.1 0.2 0.2 0.2 0.2

Additional Paid In Capital 347.1 370.6 1,564.7 1,809.2 4,687.3 5,374.2
Retained Earnings (282.1) (505.0) (1,106.5) (2,067.7) (3,530.5) (4,625.0)
Treasury Stock - - - - - -
Comprehensive Inc. and Other 6.6 8.6 10.7 15.2 5.4 (8.2)
Total Common Equity 71.7 (125.7) 469.0 (243.1) 1,162.4 741.2

Minority Interest 2.0 0.0 6.1 3.7 10.2 31.5

Total Equity 84.2 79.4 475.1 (239.5) 1,172.7 772.7

Total Liabilities And Equity 429.9 485.8 1,988.3 2,192.7 5,224.2 6,960.6

Supplemental Items
Total Shares Out. on Filing Date 173.6 182.0 335.0 342.6 466.1 489.6
Total Shares Out. on Balance Sheet Date 173.6 176.6 335.0 342.6 463.2 489.6
Book Value/Share $0.41 ($0.71) $1.4 ($0.71) $2.51 $1.51
Tangible Book Value 20.8 (155.6) 400.7 (287.0) 1,116.5 497.3
Tangible Book Value/Share $0.12 ($0.88) $1.2 ($0.84) $2.41 $1.02
Total Debt 0 1.9 729.0 1,063.7 1,595.0 2,151.4
Net Debt (126.6) (168.2) (636.4) 60.1 (1,626.3) (1,400.0)
Debt Equivalent Oper. Leases NA NA NA NA 448.6 NA
Total Minority Interest 2.0 0.0 6.1 3.7 10.2 31.5
Equity Method Investments NA 25.8 8.7 26.3 35.5 93.1
Inventory Method NA Avg Cost Avg Cost FIFO FIFO NA
Land NA NA NA NA 20.6 21.0
Buildings NA NA NA NA 0.8 1.4
Machinery 49.2 60.1 108.9 229.0 382.2 513.8
Construction in Progress - - 2.2 - - 0.3
Leasehold Improvements 13.0 16.3 32.3 63.8 129.3 142.1
Full Time Employees NA 5,300 10,164 22,600 29,800 NA
Accum. Allowance for Doubtful Accts 0.2 0.2 1.8 2.4 4.1 8.4
Filing Date Apr-11-2018 Mar-01-2019 Apr-14-2020 Apr-14-2020 Apr-14-2020 Dec-09-2020
Restatement Type NC NC NC NC O O
Calculation Type RUP RUP RUP REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
Sea Limited (NYSE:SE) > Financials > Cash Flow
In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Today's Spot Rate
Units: S&P Capital IQ (Default  Decimals: Capital IQ (Default)
Source: Capital IQ & Proprietar  

Cash Flow
Restated Restated LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2015 Dec-31-2016 Dec-31-2017 Dec-31-2018 Dec-31-2019 Sep-30-2020
Currency USD USD USD USD USD USD

Net Income (103.4) (222.9) (560.5) (961.2) (1,462.8) (1,378.3)

Depreciation & Amort. 15.1 18.0 23.4 54.9 116.8 152.1
Amort. of Goodwill and Intangibles 14.2 21.6 17.6 23.8 4.8 10.2
Depreciation & Amort., Total 29.3 39.6 40.9 78.7 121.6 162.2

Other Amortization - - - 14.2 33.3 77.6

(Gain) Loss From Sale Of Assets - - - - - (62.1)
(Gain) Loss On Sale Of Invest. - (9.4) (33.6) (4.3) (3.5) 1.3
Asset Writedown & Restructuring Costs 5.7 12.8 0.9 9.7 - 5.7
Provision for Credit Losses - - - - - 59.0
(Income) Loss on Equity Invest. 8.1 19.5 1.9 3.1 3.2 1.3
Stock-Based Compensation 20.6 28.8 28.6 58.1 117.1 231.3
Other Operating Activities (4.5) (0.6) 52.6 (66.3) 478.8 16.6
Change in Acc. Receivable (10.9) 4.7 (24.5) (38.5) (86.5) (161.4)
Change In Inventories (2.9) 0.1 (6.0) (28.5) 11.8 (42.6)
Change in Acc. Payable 4.3 (3.1) 1.8 29.7 31.4 72.0
Change in Unearned Rev. 33.4 3.9 135.1 206.9 671.5 1,011.2
Change in Inc. Taxes 1.4 (2.1) 2.6 (0.1) 17.2 41.6
Change in Other Net Operating Assets (6.2) 27.0 100.8 203.3 136.8 307.0
Cash from Ops. (25.1) (101.8) (259.2) (495.2) 69.9 342.6

Capital Expenditure (25.8) (17.0) (67.4) (177.3) (239.8) (261.5)

Sale of Property, Plant, and Equipment 0.1 0.5 0.3 0.7 1.2 1.5
Cash Acquisitions - - (18.1) - - (91.0)
Divestitures - - - - - 15.0
Sale (Purchase) of Intangible assets (50.8) (7.6) (12.4) (0.9) (7.3) (12.7)
Invest. in Marketable & Equity Securt. (52.1) (1.4) (23.4) (47.0) (117.4) (190.8)
Net (Inc.) Dec. in Loans Originated/Sold - (0.9) - - - -
Other Investing Activities (0.8) (3.6) 2.3 - - (124.2)
Cash from Investing (129.4) (29.9) (118.6) (224.5) (363.2) (663.7)

Short Term Debt Issued - - - - - -

Long-Term Debt Issued - 4.3 678.2 567.0 1,042.3 -
Total Debt Issued - 4.3 678.2 567.0 1,042.3 2,048.3
Short Term Debt Repaid (1.5) - - - - -
Long-Term Debt Repaid - (2.5) (3.9) (2.7) (2.9) -
Total Debt Repaid (1.5) (2.5) (3.9) (2.7) (2.9) (32.9)

Issuance of Common Stock 185.0 3.2 960.9 4.6 1,538.8 17.4

Issuance of Pref. Stock - 194.6 - - - -

Total Dividends Paid - - - - - -

Special Dividend Paid - - - - - -

Other Financing Activities 4.3 - (11.4) (22.2) 1.4 (203.7)
Cash from Financing 187.8 199.6 1,623.8 546.6 2,579.6 1,829.1

Foreign Exchange Rate Adj. (3.1) (1.4) 8.2 (12.5) 25.0 44.9
Net Change in Cash 30.2 66.5 1,254.2 (185.7) 2,311.3 1,552.9

Supplemental Items
Cash Interest Paid 0.0 0.0 0.7 42.9 13.5 19.0
Cash Taxes Paid 13.2 13.0 14.0 24.0 74.3 109.0
Levered Free Cash Flow (73.7) (100.2) (181.9) (463.4) 43.9 105.4
Unlevered Free Cash Flow (73.7) (100.2) (165.3) (458.0) 40.7 109.4
Change in Net Working Capital (4.0) 19.2 (158.2) (198.1) (606.1) (725.0)
Net Debt Issued (1.5) 1.8 674.3 564.3 1,039.4 2,015.4
Filing Date Apr-11-2018 Mar-01-2019 Apr-14-2020 Apr-14-2020 Apr-14-2020 Dec-09-2020
Restatement Type NC RS RS NC O O
Calculation Type REP REP REP REP REP LTM
 SEA
in millions USD

2016A 2017A 2018A 2019A 2020F

Model Drivers
Revenue Drivers

Digital Entertainment
Active Users 47.1 69.35 169.9 314,475
Paying Users Rate
Paying Users 19.6 26.4 6,725 27,325

E-comm

Digital Financial Services

2021F 2022F 2023F 2024F