Sea Ltd 6-K, filed Mar 4, 2025

Sea Ltd (SE)

6-K 2025-03-04 For: 2025-03-04

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Added on April 07, 2026

About this 6-K

Sea Ltd filed this 6-K on March 4, 2025.

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SEA LIMITED

By:		/s/ Forrest Xiaodong Li
Name:		Forrest Xiaodong Li
Title:		Chairman and Chief Executive Officer


		^○		Total GAAP revenue was US$5.0 billion, up 36.9% year-on-year.
		^○		Total gross profit was US$2.2 billion, up 44.6% year-on-year.
		^○		Total net income was US$237.6 million, as compared to total net loss of US$(111.6) million for the fourth quarter of 2023.
		^○		Total adjusted EBITDA¹ was US$590.9 million, as compared to US$126.7 million for the fourth quarter of 2023.
		^○		As of December 31, 2024, cash, cash equivalents, short-term investments, and other treasury investments² were US$10.4 billion, representing a net increase of US$478.6 million from September 30, 2024.


		^○		GAAP revenue was US$3.7 billion, up 41.3% year-on-year.
		^○		GAAP revenue included US$3.2 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 41.4% year-on-year.


		^○		GAAP revenue was US$733.3 million, up 55.2% year-on-year.
		^○		Adjusted EBITDA¹ was US$211.0 million, up 42.1% year-on-year.
		^○		Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of December 31, 2024, consumer and SME loans principal outstanding was US$5.1 billion, up 63.9% year-on-year. This consists of US$4.2 billion on-book and US$0.9 billion off-book loans principal outstanding³.
		^○		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 outstanding³, was 1.2%, stable quarter-on-quarter.


		^○		Bookings⁴ were US$543.2 million, up 19.0% year-on-year.
		^○		GAAP revenue was US$519.1 million, as compared to US$510.8 million for the fourth quarter of 2023.
		^○		Adjusted EBITDA¹ was US$289.7 million, up 33.3% year-on-year.
		^○		Adjusted EBITDA represented 53.3% of bookings for the fourth quarter of 2024, as compared to 47.6% for the fourth quarter of 2023.
		^○		Quarterly active users were 618.0 million, up 16.9% year-on-year.
		^○		Quarterly paying users were 50.4 million, up 27.2% year-on-year. Paying user ratio was 8.2%, as compared to 7.5% for the fourth quarter of 2023.
		^○		Average bookings per user were US$0.88, as compared to US$0.86 for the fourth quarter of 2023.


		^○		Gross orders totaled 3.0 billion for the quarter, increasing by 20.1% year-on-year.


		^○		GMV was US$28.6 billion for the quarter, increasing by 23.5% year-on-year.


		●		Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 49.8% year-on-year to US$2.4 billion.


		●		Value-added services revenue, mainly consisting of revenues related to logistics services, was up 20.8% year-on-year to US$794.8 million.


		^○		Adjusted EBITDA¹ was US$152.2 million, as compared to US$(225.3) million for the fourth quarter of 2023.


		●		Both Asia and Other markets recorded positive adjusted EBITDA for the fourth quarter of 2024.


		^○		Total GAAP revenue was US$16.8 billion, up 28.8% year-on-year.
		^○		Total gross profit was US$7.2 billion, up 23.5% year-on-year.
		^○		Total net income was US$447.8 million, as compared to total net income of US$162.7 million for the full year of 2023.
		^○		Total adjusted EBITDA¹ was US$2.0 billion, as compared to US$1.2 billion for the full year of 2023.


		^○		Gross orders totaled 10.9 billion, up 33.0% year-on-year.
		^○		GMV was US$100.5 billion, up 28.0% year-on-year.


		^○		GAAP revenue was US$12.4 billion, up 37.9% year-on-year.


		^○		GAAP revenue included US$10.9 billion of GAAP marketplace revenue, up 37.8% year-on-year.


		◾		Group


		◾		E-commerce


		◾		Digital Financial Services


		◾		Digital Entertainment


		^○		Adjusted EBITDA¹ was US$155.8 million, as compared to US$(213.8) million for the full year of 2023.


		^○		Adjusted EBITDA¹ was US$712.2 million, up 29.5% year-on-year.


		^○		GAAP revenue was US$1.9 billion, as compared to US$2.2 billion for the full year of 2023.


		^○		Adjusted EBITDA¹ was US$1.2 billion, up 30.2% year-on-year.


		^○		Adjusted EBITDA represented 55.8% of bookings for the full year of 2024, as compared to 50.9% for the full year of 2023.


	For the Three Months ended December 31,									For the Full Year ended December 31,
	2023			2024			YOY%			2023			2024			YOY%
	$			$						$			$
Revenue
Service revenue
Digital Entertainment		510,773			519,064			1.6	%		2,172,009			1,910,589			(12.0	%)
E-commerce and other services		2,771,267			3,959,575			42.9	%		9,770,376			13,350,674			36.6	%
Sales of goods		334,588			471,797			41.0	%		1,121,175			1,558,603			39.0	%

		3,616,628			4,950,436			36.9	%		13,063,560			16,819,866			28.8	%
Cost of revenue
Cost of service
Digital Entertainment		(161,360	)		(159,065	)		(1.4	%)		(672,481	)		(610,586	)		(9.2	%)
E-commerce and other services		(1,621,218	)		(2,146,644	)		32.4	%		(5,530,043	)		(7,553,801	)		36.6	%
Cost of goods sold		(309,263	)		(439,267	)		42.0	%		(1,027,389	)		(1,450,391	)		41.2	%

		(2,091,841	)		(2,744,976	)		31.2	%		(7,229,913	)		(9,614,778	)		33.0	%

Gross profit		1,524,787			2,205,460			44.6	%		5,833,647			7,205,088			23.5	%

Other operating income		58,524			53,256			(9.0	%)		221,021			180,443			(18.4	%)
Sales and marketing expenses		(967,433	)		(1,049,726	)		8.5	%		(2,779,223	)		(3,472,686	)		25.0	%
General and administrative expenses		(232,603	)		(366,259	)		57.5	%		(1,134,724	)		(1,267,706	)		11.7	%
Provision for credit losses		(159,988	)		(235,764	)		47.4	%		(633,942	)		(776,937	)		22.6	%
Research and development expenses		(279,806	)		(301,216	)		7.7	%		(1,164,126	)		(1,206,050	)		3.6	%
Impairment of goodwill		-			-			-			(117,875	)		-			-

Total operating expenses		(1,581,306	)		(1,899,709	)		20.1	%		(5,608,869	)		(6,542,936	)		16.7	%

Operating (loss) income		(56,519	)		305,751			(641.0	%)		224,778			662,152			194.6	%
Non-operating income, net		31,654			28,222			(10.8	%)		207,616			116,631			(43.8	%)
Income tax expense		(76,894	)		(89,198	)		16.0	%		(262,680	)		(321,168	)		22.3	%
Share of results of equity investees		(9,856	)		(7,183	)		(27.1	%)		(7,032	)		(9,788	)		39.2	%

Net (loss) income		(111,615	)		237,592			(312.9	%)		162,682			447,827			175.3	%

(Loss) Earnings per share attributable to Sea Limited’s ordinary shareholders:
Basic		(0.19	)		0.41			(315.8	%)		0.27			0.77			185.2	%
Diluted		(0.19	)		0.39			(305.3	%)		0.25			0.74			196.0	%
Change in deferred revenue of Digital Entertainment		(54,459	)		24,120			(144.3	%)		(362,397	)		238,077			(165.7	%)
Adjusted EBITDA for Digital Entertainment ⁽¹⁾		217,411			289,730			33.3	%		920,923			1,199,166			30.2	%
Adjusted EBITDA for E-commerce ⁽¹⁾		(225,332	)		152,209			(167.5	%)		(213,774	)		155,775			(172.9	%)
Adjusted EBITDA for Digital Financial Services ⁽¹⁾		148,482			210,979			42.1	%		550,112			712,242			29.5	%
Adjusted EBITDA for Other Services ⁽¹⁾		(6,979	)		(5,121	)		(26.6	%)		(44,880	)		(30,305	)		(32.5	%)
Unallocated expenses ⁽²⁾		(6,877	)		(56,876	)		727.0	%		(33,199	)		(74,998	)		125.9	%

Total adjusted EBITDA ⁽¹⁾		126,705			590,921			366.4	%		1,179,182			1,961,880			66.4	%


		●		Digital Entertainment: GAAP revenue was US$519.1 million in the fourth quarter of 2024 compared to US$510.8 million in the fourth quarter of 2023.


		●		E-commerce and other services: GAAP revenue increased by 42.9% to US$4.0 billion in the fourth quarter of 2024 from US$2.8 billion in the fourth 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 41.0% to US$471.8 million in the fourth quarter of 2024 from US$334.6 million in the fourth quarter of 2023.


		●		Digital Entertainment: Cost of revenue was US$159.1 million in the fourth quarter of 2024, as compared to US$161.4 million in the fourth quarter of 2023, relatively flat year-on-year.


		●		E-commerce and other services: Cost of revenue for our e-commerce and other services segment combined was US$2.1 billion in the fourth quarter of 2024, as compared to US$1.6 billion in the fourth 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 42.0% to US$439.3 million in the fourth quarter of 2024 from US$309.3 million in the fourth quarter of 2023.


	For the Three Months ended December 31,
	2023		2024		YOY%

	$		$
Sales and Marketing Expenses
E-commerce		878,985		853,919		(2.9	%)
Digital Financial Services		51,927		121,036		133.1	%
Digital Entertainment		29,926		44,528		48.8	%


Date and time:		7:30 AM U.S. Eastern Time on March 4, 2025 8:30 PM Singapore / Hong Kong Time on March 4, 2025

Webcast link:		https://events.q4inc.com/attendee/769111006

	$			$		$			$			$			$
	For the Three Months ended December 31, 2024
	E-commerce			Digital Financial Services		Digital Entertainment			Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$			$			$			$
Operating income (loss)		79,484			197,856		270,143			(10,112	)		(231,620	)		305,751
Net effect of changes in deferred revenue and its related cost		-			-		14,257			-			-			14,257
Depreciation and Amortization		72,725			13,123		5,330			4,991			-			96,169
Share-based compensation		-			-		-			-			174,744			174,744

Adjusted EBITDA		152,209			210,979		289,730			(5,121	)		(56,876	)		590,921


	For the Three Months ended December 31, 2023
	E-commerce			Digital Financial Services		Digital Entertainment			Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$			$			$			$
Operating (loss) income		(303,681	)		134,205		261,060			(9,558	)		(138,545	)		(56,519	)
Net effect of changes in deferred revenue and its related cost		-			-		(49,925	)		-			-			(49,925	)
Depreciation and Amortization		78,349			14,277		6,276			2,579			-			101,481
Share-based compensation		-			-		-			-			131,668			131,668

Adjusted EBITDA		(225,332	)		148,482		217,411			(6,979	)		(6,877	)		126,705

	$			$		$			$			$			$
	For the Full Year ended December 31, 2024
	E-commerce			Digital Financial Services		Digital Entertainment			Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$			$			$			$
Operating (loss) income		(139,431	)		657,502		978,821			(43,903	)		(790,837	)		662,152
Net effect of changes in deferred revenue and its related cost		-			-		194,216			-			-			194,216
Depreciation and Amortization		295,206			54,740		26,129			13,598			-			389,673
Share-based compensation		-			-		-			-			715,839			715,839

Adjusted EBITDA		155,775			712,242		1,199,166			(30,305	)		(74,998	)		1,961,880


	For the Full Year ended December 31, 2023
	E-commerce			Digital Financial Services		Digital Entertainment			Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$			$			$			$
Operating (loss) income		(550,470	)		490,209		1,177,871			(56,728	)		(836,104	)		224,778
Net effect of changes in deferred revenue and its related cost		-			-		(289,346	)		-			-			(289,346	)
Depreciation and Amortization		336,696			59,903		32,398			11,848			-			440,845
Share-based compensation		-			-		-			-			685,030			685,030
Impairment of goodwill		-			-		-			-			117,875			117,875

Adjusted EBITDA		(213,774	)		550,112		920,923			(44,880	)		(33,199	)		1,179,182


	For the Three Months ended December 31,						For the Year ended December 31,
	2023			2024			2023			2024
	$			$			$			$
Revenue
Service revenue
Digital Entertainment		510,773			519,064			2,172,009			1,910,589
E-commerce and other services		2,771,267			3,959,575			9,770,376			13,350,674
Sales of goods		334,588			471,797			1,121,175			1,558,603

Total revenue		3,616,628			4,950,436			13,063,560			16,819,866

Cost of revenue
Cost of service
Digital Entertainment		(161,360	)		(159,065	)		(672,481	)		(610,586	)
E-commerce and other services		(1,621,218	)		(2,146,644	)		(5,530,043	)		(7,553,801	)
Cost of goods sold		(309,263	)		(439,267	)		(1,027,389	)		(1,450,391	)

Total cost of revenue		(2,091,841	)		(2,744,976	)		(7,229,913	)		(9,614,778	)

Gross profit		1,524,787			2,205,460			5,833,647			7,205,088


Operating income (expenses):
Other operating income		58,524			53,256			221,021			180,443
Sales and marketing expenses		(967,433	)		(1,049,726	)		(2,779,223	)		(3,472,686	)
General and administrative expenses		(232,603	)		(366,259	)		(1,134,724	)		(1,267,706	)
Provision for credit losses		(159,988	)		(235,764	)		(633,942	)		(776,937	)
Research and development expenses		(279,806	)		(301,216	)		(1,164,126	)		(1,206,050	)
Impairment of goodwill		–			–			(117,875	)		–

Total operating expenses		(1,581,306	)		(1,899,709	)		(5,608,869	)		(6,542,936	)

Operating (loss) income		(56,519	)		305,751			224,778			662,152
Interest income		90,949			93,970			331,310			365,817
Interest expense		(10,129	)		(9,281	)		(41,075	)		(38,341	)
Investment loss, net		(80,279	)		(60,677	)		(125,656	)		(250,220	)
Net gain on debt extinguishment		38,550			8,206			38,550			42,621
Foreign exchange (loss) gain		(7,437	)		(3,996	)		4,487			(3,246	)

(Loss) income before income tax and share of results of equity investees		(24,865	)		333,973			432,394			778,783
Income tax expense		(76,894	)		(89,198	)		(262,680	)		(321,168	)
Share of results of equity investees		(9,856	)		(7,183	)		(7,032	)		(9,788	)

Net (loss) income		(111,615	)		237,592			162,682			447,827
Net loss (income) attributable to non-controlling interests		1,875			(284	)		(11,956	)		(3,506	)

Net (loss) income attributable to Sea Limited’s ordinary shareholders		(109,740	)		237,308			150,726			444,321


(Loss) Earnings per share:
Basic		(0.19	)		0.41			0.27			0.77
Diluted		(0.19	)		0.39			0.25			0.74

Weighted average shares used in (loss) earnings per share computation:
Basic		569,527,667			580,046,457			566,612,815			574,966,327
Diluted		569,527,667			610,136,776			594,405,604			604,713,980


	As of December 31,		As of December 31,
	2023		2024
	$		$
ASSETS
Current assets
Cash and cash equivalents		2,811,056		2,405,153
Restricted cash		1,410,365		1,655,171
Accounts receivable, net of allowance for credit losses of $9,351 and $5,089, as of December 31, 2023 and 2024 respectively		262,716		306,657
Prepaid expenses and other assets		1,861,842		1,661,373
Loans receivable, net of allowance for credit losses of $319,463 and $443,555, as of December 31, 2023 and 2024 respectively		2,464,662		4,052,215
Inventories, net		125,395		143,246
Short-term investments		2,547,644		6,215,423
Amounts due from related parties		290,254		418,430

Total current assets		11,773,934		16,857,668

Non-current assets
Property and equipment, net		1,207,698		1,097,699
Operating lease right-of-use assets, net		1,015,982		1,054,785
Intangible assets, net		50,821		27,310
Long-term investments		4,262,562		2,694,305
Prepaid expenses and other assets		87,705		138,839
Loans receivable, net of allowance for credit losses of $2,105 and $5,780, as of December 31, 2023 and 2024 respectively		20,551		108,594
Restricted cash		22,236		21,261
Deferred tax assets		328,961		517,383
Goodwill		112,782		107,625

Total non-current assets		7,109,298		5,767,801

Total assets		18,883,232		22,625,469


	For the Three Months ended December 31,						For the Year ended December 31,
	2023			2024			2023			2024
	$			$			$			$
Net cash generated from operating activities		278,833			1,020,982			2,079,688			3,277,420
Net cash used in investing activities		(1,048,554	)		(1,761,066	)		(5,804,462	)		(5,040,846	)
Net cash generated from financing activities		183,385			700,210			366,011			1,684,493
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		68,317			(144,793	)		(7,964	)		(83,139	)
Net decrease in cash, cash equivalents and restricted cash		(518,019	)		(184,667	)		(3,366,727	)		(162,072	)
Cash, cash equivalents and restricted cash at beginning of the period		4,761,676			4,266,252			7,610,384			4,243,657

Cash, cash equivalents and restricted cash at end of the period		4,243,657			4,081,585			4,243,657			4,081,585


	For the Year ended December 31, 2024
	E-commerce			Digital Financial Services		Digital Entertainment		Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$		$			$			$
Revenue		12,415,231			2,367,739		1,910,589		126,307			-			16,819,866

Operating (loss) income		(139,431	)		657,502		978,821		(43,903	)		(790,837	)		662,152

Non-operating income, net															116,631
Income tax expense															(321,168	)
Share of results of equity investees															(9,788	)

Net income															447,827


	For the Year ended December 31, 2023
	E-commerce			Digital Financial Services		Digital Entertainment		Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$		$			$			$
Revenue		9,000,848			1,759,422		2,172,009		131,281			-			13,063,560

Operating (loss) income		(550,470	)		490,209		1,177,871		(56,728	)		(836,104	)		224,778

Non-operating income, net															207,616
Income tax expense															(262,680	)
Share of results of equity investees															(7,032	)

Net income															162,682