-Will need to unpack it all later on, but looks like another outstanding report from Sea Limited. Among companies valued at $100 billion or more, the stock is the No. 1 performer in Asia since the start of last year and only trails Tesla globally-
Fourth Quarter 2020 Highlights
o Total GAAP revenue was US$1.6 billion, up 101.6% year-on-year
.
o Total gross profit was US$533.7 million, up 101.5% year-on-year.
o Total adjusted EBITDA was US$48.7 million compared to US$(104.9) million for
the fourth quarter of 2019.
? Digital Entertainment
o Bookings were US$1.0 billion, up 111.1% year-on-year.
o Adjusted EBITDA was US$663.5 million, up 149.1% year-on-year.
o Adjusted EBITDA represented 65.5% of bookings for the fourth quarter of 2020,
compared to 55.5% for the fourth quarter of 2019.
o GAAP revenue was US$693.4 million, up 71.6% year-on-year.
o Quarterly active users (“QAUs”) reached 610.6 million, an increase of 72.1% year-on-year.
o Quarterly paying users grew by 119.5% year-on-year to 73.1 million, and
represented 12.0% of QAUs for the fourth quarter compared to 9.4% for the same
period in 2019.
o Average bookings per user were US$1.7, compared to US$1.4 for the fourth
quarter of 2019.
o Our self-developed global hit game, Free Fire, was the most downloaded mobile
game globally for 2020, according to App Annie3, maintaining this leading position
for a second consecutive year.
o Free Fire continued to be the highest grossing mobile game in Latin America and
in Southeast Asia for the fourth quarter and for the full year of 2020, according to
App Annie 3
. Free Fire has maintained this leading position for the past six
consecutive quarters.
o Free Fire was also the highest grossing mobile game in India for the fourth quarter
and for the full year of 2020, according to App Annie3
o Free Fire related content recorded over 72 billion view counts across YouTube
globally in 2020, making Free Fire the most viewed mobile-only video game globally
on YouTube for both 2019 and 2020. It was also the third most viewed among all
video games on YouTube in 2020.
o Our esports and community-building efforts continued to attract significant
followings in the fourth quarter. Free Fire esports tournaments hosted during the
quarter have accumulated over 170 million online views to date.
? E-commerce
o GAAP revenue was US$842.2 million, up 178.3% year-on-year.
o GAAP revenue included US$627.6 million of GAAP marketplace revenue4
, up175.4% year-on-year, and US$214.6 million of GAAP product revenue 5
, up 187.1% year-on-year.
o Gross orders totaled 1.0 billion, an increase of 134.6% year-on-year.
o Gross merchandise value (“GMV”) was US$11.9 billion, an increase of 112.5%
year-on-year.
o Adjusted EBITDA was US$(427.5) million compared to US$(306.2) million for
the fourth quarter of 2019. Adjusted EBITDA loss per order decreased by 41.4%
year-on-year to US$0.41, compared to US$0.70 for the fourth quarter of 2019.
o In Indonesia, where Shopee is the largest e-commerce platform, it registered over
430 million orders for the market in the fourth quarter, or a daily average of around
4.7 million orders, an increase of over 128% year-on-year. Shopee also ranked first
in Indonesia by average monthly active users, total time spent in app on Android,
and downloads, in the Shopping category for the fourth quarter and for the full
year of 2020, according to App Annie3
.
o Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping
category by average monthly active users, total time spent in app on Android, and
downloads, for the fourth quarter and for the full year of 2020, according to App
Annie3
.
o Shopee was also the third most downloaded app globally in the Shopping category
for the full year of 2020, according to App Annie3
.
o Shopee is building ever-stronger brand affinity with our communities. Shopee
ranked first in YouGov’s “Best APAC Buzz Rankings 2020” and ranked eighth in
YouGov’s “Best Global Brands 2020”. Shopee represents one of the only two ecommerce brands in YouGov’s top 10 global brand rankings.
2021 Guidance
“We believe that we are well positioned to continue delivering value across our communities. For the full year of 2021, we currently expect bookings for digital entertainment to be between 4.3 billion and 4.5 billion dollars representing 38% year-on-year growth at the midpoint of the guidance. We also expect GAAP revenue for e-commerce to be between 4.5 billion and 4.7 billion dollars representing 112% year-on-year growth at the midpoint of the guidance.”
Press Release:
https://cdn.sea.com/webmain/static/resource/seagroup/website…
Presentation:
https://cdn.sea.com/webmain/static/resource/seagroup/website…
Infographic:
https://cdn.sea.com/webmain/static/resource/seagroup/website…
Earnings Call Transcript:
https://cdn.sea.com/webmain/static/resource/seagroup/website…