Sea Limited Reports Fourth Quarter and Full Year 2018 Results
Reading Time: 29 minutes
Sea Limited today announced its financial results for the fourth quarter and full year ended December 31, 2018.
Highlights
– Group
- Total adjusted revenue for the full year of 2018 reached US$1,048.7 million, more than 10.4% above the midpoint of our previous guidance, which was revised upwards twice during 2018.
– Digital Entertainment
- Adjusted revenue for the full year of 2018 reached US$661.0 million, more than 8.4% above the midpoint of our previous guidance.
- Adjusted revenue was up 60.0% from the third quarter to the fourth quarter of 2018 to reach US$231.4 million, and is expected to show further robust growth in the first quarter of 2019.
- Adjusted EBITDA margin increased to 45.5% for the fourth quarter of 2018 from 37.2% for the third quarter of 2018, and is expected to improve further in the first quarter of 2019.
- Our first fully self-developed game, Free Fire, continued to see good momentum and recently achieved more than 350 million registered users and more than 40 million peak daily active users, and was the world’s fourth most downloaded game across the Apple App Store and the Google Play Store combined in 2018, according to App Annie.
- Free Fire is also one of the most popular games in Latin America. According to App Annie, Free Fire was the top ranked game in Brazil in 2018 by average monthly active users, downloads and consumer spend, and ranked in the top five in each category in both Mexico and Argentina. We believe this demonstrates our ability to penetrate fast growing emerging markets globally, which greatly expands our total addressable market base beyond just our core markets.
- We also recently launched Speed Drifters, a localized version of Tencent’s hit game QQ Speed, and the first game published under our right of first refusal arrangement with Tencent.
- We have partnered with PUBG Corporation to bring PUBG LITE to several of our key markets in Southeast Asia.
– E-commerce
- Gross merchandise value (“GMV”) for the full year of 2018 reached US$10.3 billion, more than 8.8% above the midpoint of our previous guidance.
- GMV was US$3.4 billion for the fourth quarter of 2018, up 27.3% quarter-on-quarter from US$2.7 billion for the third quarter of 2018.
- Gross orders for the fourth quarter of 2018 totaled 206.9 million, up 30.5% quarter-on-quarter from 158.5 million for the third quarter of 2018.
- Annual active buyers for 2018 totaled 49.9 million, up 130.0% year-on-year from 21.7 million for 2017.
- According to App Annie, Shopee was the most downloaded app in the Shopping category in Southeast Asia and Taiwan in 2018.
- Adjusted revenue for the full year of 2018 reached US$290.7 million, up 1,540.8% year-on-year. In the fourth quarter of 2018, adjusted revenue was up 78.2% from the third quarter of 2018, to reach US$126.9 million.
- Adjusted revenue as a percentage of GMV increased to 3.7% in the fourth quarter of 2018, up from 2.6% in the previous quarter and 0.6% for the same period a year ago.
- Sales and marketing expenses as a percentage of GMV fell once again to 5.4% in the fourth quarter of 2018, down from 5.7% in the previous quarter and 8.5% for the same period a year ago.
- Shipping subsidies declined in absolute dollar terms in the fourth quarter compared to the third quarter, even as order numbers grew by 30.5% during the same period.
- We expect sales and marketing expenses to start trending downwards in absolute dollar terms in 2019, as Shopee continues to scale with increasing efficiency, benefiting from strong organic user growth, and solidify its market leadership in our region.
- We expect Shopee to record a positive quarterly adjusted EBITDA before allocation of the headquarters’ common expenses for the first time in the first quarter of 2019 in Taiwan.
- In Indonesia, Shopee’s largest market, Shopee recorded 83.8 million orders in the fourth quarter of 2018, or a daily average of 0.9 million, further extending its leadership as the largest e-commerce platform in the market.
Guidance
For the full year of 2019, we currently expect adjusted revenue for digital entertainment to be between US$1.2 billion and US$1.3 billion, representing 81.5% to 96.7% growth from 2018.
We currently expect adjusted revenue for e-commerce for the full year of 2019 to be between US$630 million and US$660 million, representing year-on-year growth of 116.7% to 127.0%.
Fourth Quarter 2018 Key Metrics
– Group
- Total adjusted revenue was US$389.3 million, up 136.6% year-on-year from US$164.5 million for the fourth quarter of 2017 and up 60.3% quarter-on-quarter from US$242.8 million for the third quarter of 2018.
- Total adjusted EBITDA was US$(203.6) million, compared to US$(140.2) million for the fourth quarter of 2017 and US$(183.8) million for the third quarter of 2018.
– Digital Entertainment
- Adjusted revenue was US$231.4 million, up 63.1% year-on-year from US$141.9 million for the fourth quarter of 2017 and an increase of 60.0% quarter-on-quarter from US$144.6 million for the third quarter of 2018.
- Adjusted EBITDA was US$105.2 million, up 100.0% year-on-year from US$52.6 million for the fourth quarter of 2017 and an increase of 95.9% quarter-on-quarter from US$53.7 million for the third quarter of 2018.
- Quarterly active users reached 216.2 million, an increase of 146.2% year-on-year from 87.8 million for the fourth quarter of 2017 and up 22.8% quarter-on-quarter from 176.1 million for the third quarter of 2018.
- Average revenue per user was US$1.1 compared to US$1.6 for the fourth quarter of 2017 and US$0.8 for the third quarter of 2018.
– E-commerce
- GMV was US$3.4 billion, an increase of 117.0% year-on-year from US$1.6 billion for the fourth quarter of 2017 and up 27.3% quarter-on-quarter from US$2.7 billion for the third quarter of 2018.
- Gross orders for the quarter totaled 206.9 million, an increase of 110.5% year-on-year from 98.3 million for the fourth quarter of 2017 and up 30.5% quarter-on-quarter from 158.5 million for the third quarter of 2018.
- Adjusted revenue was US$126.9 million, up 1,261.9% year-on-year from US$9.3 million for the fourth quarter of 2017 and up 78.2% quarter-on-quarter from US$71.2 million for the third quarter of 2018.
- Adjusted revenue included US$87.6 million of marketplace revenue[1], up 884.3% year-on-year from US$8.9 million for the fourth quarter of 2017 and up 74.2% quarter-on-quarter from US$50.3 million for the third quarter of 2018, and US$39.3 million of product revenue[2], up 9,725.0% year-on-year from US$0.4 million for the fourth quarter of 2017 and up 88.0% quarter-on-quarter from US$20.9 million in the third quarter of 2018.
- Adjusted revenue as a percentage of GMV increased to 3.7% in the fourth quarter of 2018, up from 2.6% in the previous quarter and 0.6% for the same period a year ago.
- Adjusted EBITDA was US$(277.5) million, compared to US$(175.4) million for the fourth quarter of 2017 and US$(214.9) million for the third quarter of 2018.
- Sales and marketing expenses as a percentage of GMV declined to 5.4% from 8.5% for the fourth quarter of 2017 and 5.7% for the third quarter of 2018, while Shopee achieved record-breaking transaction volumes in its 11.11 and 12.12 sales events during the fourth quarter.
Full Year 2018 Key Metrics
– Group
- Total adjusted revenue was US$1,048.7 million, up 89.4% year-on-year from US$553.6 million for the full year of 2017.
- Total adjusted EBITDA was US$(694.0) million, compared to US$(332.1) million for the full year of 2017.
– Digital Entertainment
- Adjusted revenue was US$661.0 million, up 33.3% year-on-year from US$495.9 million for the full year of 2017.
- Adjusted EBITDA was US$262.5 million, an increase of 50.1% year-on-year from US$174.9 million for the full year of 2017.
– E-commerce
- GMV was US$10.3 billion, an increase of 149.9% year-on-year from US$4.1 billion for the full year of 2017.
- Gross orders totaled 604.5 million, an increase of 146.9% year-on-year from 244.8 million for the full year of 2017.
- Adjusted revenue was US$290.7 million, up 1,540.8% year-on-year from US$17.7 million for the full year of 2017. Adjusted revenue included US$197.3 million of marketplace revenue1, up 1,040.5% year-on-year from US$17.3 million for the full year of 2017, and US$93.4 million of product revenue2, up 23,250.0% year-on-year from US$0.4 million for the full year of 2017.
- Adjusted revenue as a percentage of GMV increased to 2.8%, up from 0.4% in the previous year.
- Adjusted EBITDA was US$(860.3) million, compared to US$(444.3) million for the full year of 2017.
- Sales and marketing expenses as a percentage of GMV was 5.9% compared to 8.3% for the full year of 2017.
[1] |
Marketplace revenue mainly consists of commission and advertising income and revenue generated from other value-added services. |
[2] |
Product revenue mainly consists of revenue generated from direct sales. |
Strategic Business Updates
Digital Entertainment
In 2018, Garena recorded strong results and materially expanded our digital entertainment business from being a PC-focused regional publisher to a leading global developer and publisher, with core strengths in mobile games and a key focus on emerging markets. In the fourth quarter of 2018, our adjusted revenue from mobile games, self-developed game, and regions outside our current core markets accounted for 85.1%, 44.5% and 28.0% of our total digital entertainment adjusted revenue, respectively.
Our game development studio in Shanghai now has more than 200 developers focused on enhancing our existing game and building out our pipeline of self-developed games. Our first global self-developed hit game, Free Fire, is now one of the world’s most popular mobile battle royale titles. According to App Annie, for the full year of 2018, Free Fire was the fourth most downloaded game across the Apple App Store and the Google Play Store combined. It has also hit the milestone of recording more than 100 million monthly active users. Moreover, since late 2018, we have been rolling out our first global eSports tournament for Free Fire, the Free Fire World Cup.
Meanwhile, we continued to strengthen our relationships with our long-term game publishing partners and leading global developers to enhance Garena’s portfolio of top quality content. In January 2019, we launched Speed Drifters, a localized version of Tencent’s hit game QQ Speed. Speed Drifters is the first game from the Tencent portfolio published under our recently announced right of first refusal arrangement with Tencent. Furthermore, we have agreed with PUBG Corporation to bring into several of our key markets in Southeast Asia PUBG LITE, a PC game adapted from their global hit game PUBG.
E-commerce
Shopee saw sustained strong growth in the fourth quarter and full year of 2018, with GMV, orders, and adjusted revenue each increasing sharply, and sales and marketing expenses as a percentage of GMV continuing to decline.
Just three years since the launch of the platform, Shopee’s annual GMV has exceeded US$10 billion. We believe that Shopee’s rapid growth and ascent to regional market leadership over such a short period of time reflects the success of our strategy to build a mobile-centric, socially engaging marketplace with the right product category focus and with integrated and comprehensive user services – as well as our ability to execute this strategy efficiently and effectively.
Shopee continues to scale with increasing efficiency as it enjoys the increasingly powerful flywheel effects of an e-commerce marketplace. During the fourth quarter, we saw robust consumer engagement in our large-scale sales events for 11.11 and 12.12. We set a new record for orders in a single day with more than 12 million orders recorded over the 24 hours of December 12, 2018. Approximately 5.4 million of those orders were recorded in Indonesia alone.
While the level of user engagement in the fourth quarter of 2018 broke all previous records, Shopee’s sales and marketing expenses as a percentage of GMV declined further during the fourth quarter to 5.4%, compared to 5.7% in the third quarter of 2018. Moreover, shipping subsidies fell in absolute dollar terms in the fourth quarter compared to the third quarter, even as GMV and order numbers continued to grow sharply.
Our focus on engaging with sellers and enhancing the online shopping experience for buyers is also delivering strong financial results for Shopee. During the fourth quarter, e-commerce adjusted revenue reached US$126.9 million, up 1,261.9% year-on-year from US$9.3 million for the fourth quarter of 2017 and up 78.2% quarter-on-quarter from US$71.2 million for the third quarter of 2018. This strong growth in revenue was primarily driven by the expansion of our e-commerce marketplace, as we deepened our relationships and engagement with sellers and buyers, and enhanced our e-commerce ecosystem. Ramping up monetization in tandem with promoting the efficient growth of the Shopee ecosystem will continue to be our key focus for 2019.
Unaudited Summary of Financial Results
(Amounts are expressed in thousands of US dollars “$”)
For the Three Months ended December 31, |
For the Full Year ended December 31, |
|||||
2017 |
2018 |
2017 |
2018 |
|||
$ |
$ |
YOY% |
$ |
$ |
YOY% |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|||
Revenue |
||||||
Service revenue |
||||||
Digital Entertainment |
106,323 |
131,257 |
23.5% |
365,167 |
462,464 |
26.6% |
E-commerce and other services |
17,754 |
112,356 |
532.8% |
47,444 |
270,049 |
469.2% |
Sales of goods |
527 |
39,611 |
7,416.3% |
1,579 |
94,455 |
5,882.0% |
124,604 |
283,224 |
127.3% |
414,190 |
826,968 |
99.7% |
|
Cost of revenue |
||||||
Cost of service |
||||||
Digital Entertainment |
(60,240) |
(77,846) |
29.2% |
(217,986) |
(267,359) |
22.6% |
E-commerce and other services |
(40,257) |
(171,229) |
325.3% |
(107,260) |
(446,281) |
316.1% |
Cost of goods sold |
(562) |
(42,108) |
7,392.5% |
(1,632) |
(98,570) |
5,939.8% |
(101,059) |
(291,183) |
188.1% |
(326,878) |
(812,210) |
148.5% |
|
Gross profit |
23,545 |
(7,959) |
(133.8)% |
87,312 |
14,758 |
(83.1)% |
Other operating income |
2,157 |
4,291 |
98.9% |
3,497 |
9,799 |
180.2% |
Sales and marketing expenses |
(156,418) |
(207,487) |
32.6% |
(425,974) |
(705,015) |
65.5% |
General and administrative expenses |
(51,754) |
(87,160) |
68.4% |
(137,868) |
(240,781) |
74.6% |
Research and development expenses |
(8,671) |
(26,642) |
207.3% |
(29,323) |
(67,529) |
130.3% |
Total operating expenses |
(214,686) |
(316,998) |
47.7% |
(589,668) |
(1,003,526) |
70.2% |
Operating loss |
(191,141) |
(324,957) |
70.0% |
(502,356) |
(988,768) |
96.8% |
Non-operating (loss) income, net |
(62,283) |
52,984 |
(185.1)% |
(46,153) |
34,888 |
(175.6)% |
Income tax expense |
(8,730) |
(2,993) |
(65.7)% |
(10,745) |
(4,088) |
(62.0)% |
Share of results of equity investees |
(986) |
(1,092) |
10.8% |
(1,912) |
(3,066) |
60.4% |
Net loss |
(263,140) |
(276,058) |
4.9% |
(561,166) |
(961,034) |
71.3% |
Adjusted net loss (1) |
(199,613) |
(321,187) |
60.9% |
(480,580) |
(944,172) |
96.5% |
Adjusted revenue of Digital Entertainment (1) |
141,883 |
231,352 |
63.1% |
495,878 |
661,042 |
33.3% |
Adjusted revenue of E-commerce (1) |
9,319 |
126,914 |
1,261.9% |
17,717 |
290,706 |
1,540.8% |
Adjusted revenue of Digital Financial Services (1) |
4,102 |
3,063 |
(25.3)% |
16,270 |
13,512 |
(17.0)% |
Revenue of Other Services |
9,213 |
27,963 |
203.5% |
23,719 |
83,468 |
251.9% |
Total adjusted revenue (1) |
164,517 |
389,292 |
136.6% |
553,584 |
1,048,728 |
89.4% |
Adjusted EBITDA for Digital Entertainment (1) |
52,607 |
105,198 |
100.0% |
174,939 |
262,538 |
50.1% |
Adjusted EBITDA for E-commerce (1) |
(175,414) |
(277,497) |
(58.2)% |
(444,280) |
(860,322) |
(93.6)% |
Adjusted EBITDA for Digital Financial Services (1) |
(7,551) |
(9,805) |
(29.9)% |
(36,697) |
(32,156) |
12.4% |
Adjusted EBITDA for Other Services (1) |
(7,276) |
(17,403) |
(139.2)% |
(18,190) |
(54,058) |
(197.2)% |
Unallocated expenses (2) |
(2,579) |
(4,138) |
(60.4)% |
(7,887) |
(10,003) |
(26.8)% |
Total adjusted EBITDA (1) |
(140,213) |
(203,645) |
(45.2)% |
(332,115) |
(694,001) |
(109.0)% |
(1) For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures.” The 2017 comparative numbers for adjusted net loss were restated due to a change in computation basis in 2018 to exclude impact from changes in fair value of convertible notes.
(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 Chief Operation Decision Maker (“CODM”) as part of segment performance.
Three Months Ended December 31, 2018 Compared to Three Months Ended December 31, 2017
Revenue
The table below sets forth revenue generated from our reported segments. Amounts are expressed in thousands of US dollars (“$”).
For the Three Months ended December 31, |
||||||
2017 |
2018 |
|||||
$ |
% of revenue |
$ |
% of revenue |
YOY% |
||
Revenue |
||||||
Service revenue |
||||||
Digital Entertainment |
106,323 |
85.3 |
131,257 |
46.3 |
23.5% |
|
E-commerce and other services |
17,754 |
14.3 |
112,356 |
39.7 |
532.8% |
|
Sales of goods |
527 |
0.4 |
39,611 |
14.0 |
7,416.3% |
|
Total revenue |
124,604 |
100.0 |
283,224 |
100.0 |
127.3% |
|
2017 |
2018 |
|||||
$ |
% of total adjusted revenue |
$ |
% of total adjusted revenue |
YOY% |
||
Adjusted revenue |
||||||
Service revenue |
||||||
Digital Entertainment |
141,883 |
86.3 |
231,352 |
59.4 |
63.1% |
|
E-commerce and other services |
22,107 |
13.4 |
118,210 |
30.4 |
434.7% |
|
Sales of goods |
527 |
0.3 |
39,730 |
10.2 |
7,438.9% |
|
Total adjusted revenue |
164,517 |
100.0 |
389,292 |
100.0 |
136.6% |
Our total revenue increased by 127.3% to US$283.2 million in the fourth quarter of 2018 from US$124.6 million in the fourth quarter of 2017. Our total adjusted revenue increased by 136.6% to US$389.3 million in the fourth quarter of 2018 from US$164.5 million in the fourth quarter of 2017. These increases were mainly driven by the growth in each of the segments detailed as follows:
- Digital Entertainment: Revenue increased by 23.5% to US$131.3 million in the fourth quarter of 2018 from US$106.3 million in the fourth quarter of 2017. Adjusted revenue increased by 63.1% to US$231.4 million in the fourth quarter of 2018 from US$141.9 million in the fourth quarter of 2017. This increase was primarily due to our enlarged user base and continued efforts to improve the monetization of our games.
- E-commerce and other services: Revenue increased by 532.8% to US$112.4 million in the fourth quarter of 2018 from US$17.8 million in the fourth quarter of 2017. Adjusted revenue increased by 434.7% to US$118.2 million in the fourth quarter of 2018 from US$22.1 million in the fourth quarter of 2017. This increase was primarily driven by the expansion of our e-commerce marketplace. As we deepened our relationships and engagement with sellers and buyers, and enhanced our e-commerce ecosystem, more users are using our integrated and value-added services, as well as ancillary services we provide.
- Sales of goods: Revenue increased by 7,416.3% to US$39.6 million in the fourth quarter of 2018 from US$0.5 million in the fourth quarter of 2017. Adjusted revenue increased by 7,438.9% to US$39.7 million in the fourth quarter of 2018 from US$0.5 million in the fourth quarter of 2017. The increase was primarily due to the increase in our product offerings.
Cost of Revenue
Our total cost of revenue increased by 188.1% to US$291.2 million in the fourth quarter of 2018 from US$101.1 million in the fourth quarter of 2017.
- Digital Entertainment: Cost of revenue increased by 29.2% to US$77.8 million in the fourth quarter of 2018 from US$60.2 million in the fourth quarter of 2017. The increase was largely in line with revenue growth in our digital entertainment business.
- E-commerce and other services: Cost of revenue for our e-commerce and other services combined increased by 325.3% to US$171.2 million in the fourth quarter of 2018 from US$40.3 million in the fourth quarter of 2017. The increase was primarily due to costs incurred in line with the expansion of our e-commerce marketplace, higher bank transaction fees driven by GMV growth from our e-commerce business, higher costs associated with other ancillary services we provided to our e-commerce platform users, as well as higher staff compensation and benefit costs.
- Cost of goods sold: Cost of goods sold increased by 7,392.5% to US$42.1 million in the fourth quarter of 2018 from US$0.6 million in the fourth quarter of 2017. The increase was primarily due to the increase in our product offerings.
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 32.6% to US$207.5 million in the fourth quarter of 2018 from US$156.4 million in the fourth quarter of 2017. The table below sets forth the breakdown of our sales and marketing expenses of our two major reporting segments. Amounts are expressed in thousands of US dollars (“$”).
For the Three Months ended December 31, |
||||
2017 |
2018 |
YOY% |
||
Sales and Marketing Expenses |
$ |
$ |
||
Digital Entertainment |
16,854 |
14,016 |
(16.8)% |
|
E-commerce |
134,961 |
184,477 |
36.7% |
- Digital Entertainment: Sales and marketing expenses decreased by 16.8% to US$14.0 million in the fourth quarter of 2018 from US$16.9 million in the fourth quarter of 2017. Spending on marketing efforts in 2017 was higher as we expanded our games into new markets and launched new games.
For the Three Months ended December 31, |
|||
2017 |
2018 |
||
Digital Entertainment |
$ |
$ |
|
Sales and marketing expenses |
16,854 |
14,016 |
|
Adjusted revenue |
141,883 |
231,352 |
|
Sales and marketing expenses as a percentage of adjusted revenue |
11.9% |
6.1% |
Sales and marketing expenses as a percentage of adjusted revenue decreased to 6.1% in the fourth quarter of 2018 from 11.9% in the fourth quarter of 2017 as we continue to improve the efficiency of our marketing efforts.
- E-commerce: Sales and marketing expenses increased by 36.7% to US$184.5 million in the fourth quarter of 2018 from US$135.0 million in the fourth quarter of 2017. The increase in marketing efforts was aligned with our strategy to fully capture the market growth opportunity and was primarily attributable to the ramping up of offline and online digital marketing and other promotions on our platform that were designed to increase our user base and enhance user engagement, particularly during the festive seasons in the fourth quarter.
For the Three Months ended December 31, |
|||
2017 |
2018 |
||
E-commerce |
$ |
$ |
|
Sales and marketing expenses |
134,961 |
184,477 |
|
GMV |
1,578,599 |
3,425,158 |
|
Sales and marketing expenses as a percentage of GMV |
8.5% |
5.4% |
Sales and marketing expenses as a percentage of GMV decreased to 5.4% in the fourth quarter of 2018 from 8.5% in the fourth quarter of 2017 as we continue to improve the efficiency of our marketing efforts and leverage organic user acquisition opportunities.
General and Administrative Expenses
Our general and administrative expenses increased by 68.4% to US$87.2 million in the fourth quarter of 2018 from US$51.8 million in the fourth quarter of 2017. This increase was primarily due to the expansion of our staff force, the increase in office facilities and related expenses, impairment loss on our assets, as well as the increase in professional fees and other expenses.
Research and Development Expenses
Our research and development expenses increased by 207.3% to US$26.6 million in the fourth quarter of 2018 from US$8.7 million in the fourth quarter of 2017, primarily due to the increase in our research and development staff force as we expanded and enriched our product offerings.
Non-operating Income or Losses, Net
Non-operating income or losses consists of interest income, interest expense, investment gain (loss), fair value change for convertible notes and foreign exchange gain (loss). The amount was a net non-operating income of US$53.0 million in the fourth quarter of 2018, compared to a net non-operating loss of US$62.3 million in the fourth quarter of 2017. The non-operating gain in 2018 was primarily due to a fair value gain of US$61.2 million in this quarter on the convertible notes issued before our initial public offering partially offset by interest expense on our convertible notes issued in 2018, while the net non-operating loss in 2017 was primarily due to a fair value loss of US$52.0 million in the quarter on the convertible notes issued before our initial public offering coupled with interest expense on these convertible notes.
Income Tax Expense
We had a net income tax expense of US$3.0 million and US$8.7 million despite a group net loss position in the fourth quarter of 2018 and 2017, respectively. This was primarily due to withholding tax and corporate income tax expenses incurred by our digital entertainment segment, partially offset by deferred tax assets recognized during the period.
Share of Results of Equity Investees
We had share of losses of equity investees of US$1.1 million in the fourth quarter of 2018, compared with a loss of US$1.0 million in the fourth quarter of 2017.
Net Loss
As a result of the foregoing, we had net losses of US$276.1 million and US$263.1 million in the fourth quarter of 2018 and 2017, respectively.
Adjusted Net Loss
Adjusted net loss, which is net loss adjusted to remove share-based compensation expenses and fair value change for convertible notes, was US$321.2 million and US$199.6 million in the fourth quarter of 2018 and 2017, respectively.
Full Year Ended December 31, 2018 Compared to Full Year Ended December 31, 2017
Revenue
The table below sets forth revenue generated from our reported segments.…
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