https://cdn.sea.com/webmain/static/resource/...r%202021%20Results.pdf
Full Year 2021 Highlights
▪ Group
o Total GAAP revenue was US$10.0 billion, up 127.5% year-on-year.
o Total gross profit was US$3.9 billion, up 188.8% year-on-year.
o Total adjusted EBITDA1 was US$(593.6) million compared to US$107.0 million
for the full year of 2020.
Digital Entertainment
o GAAP revenue was US$4.3 billion, up 114.3% year-on-year.
o Bookings2 were US$4.6 billion, up 44.3% year-on-year.
o Adjusted EBITDA1 was US$2.8 billion, up 40.0% year-on-year.
o Adjusted EBITDA represented 60.4% of bookings for the full year of 2021,
compared to 62.2% for the full year of 2020.
E-commerce
o GAAP revenue was US$5.1 billion, up 136.4% year-on-year.
o GAAP revenue included US$4.1 billion of GAAP marketplace revenue4, up
155.8% year-on-year, and US$1.1 billion of GAAP product revenue5, up 82.7%
year-on-year.
o Gross orders totaled 6.1 billion, an increase of 116.5% year-on-year.
o GMV was US$62.5 billion, an increase of 76.8% year-on-year.
o Adjusted EBITDA1 was US$(2.6) billion compared to US$(1.3) billion for the full
year of 2020.
o Adjusted EBITDA loss per order improved by 8.7% year-on-year to US$0.42,
compared to US$0.46 for the full year of 2020
Digital Financial Services
o GAAP revenue was US$469.8 million, up 672.8% year-on-year.
o Adjusted EBITDA1 was US$(616.9) million, compared to US$(511.1) million for
the full year of 2020.
o TPV for the mobile wallet was US$17.2 billion, up 119.6% year-on-year.
We currently expect Shopee to achieve positive adjusted EBITDA before HQ costs allocation in
Southeast Asia and Taiwan by this year and SeaMoney to achieve positive cashflow by next year.
As a result, we believe that by 2025, cash generated by Shopee and SeaMoney collectively will
enable these two businesses to substantially self-fund their long-term growth. |
