Sea(US:SE)2025-05-13 20:05Financial Performance - Total GAAP revenue for Q1 2025 was $4.8 billion, up 29.6% year-on-year[4] - Total gross profit for Q1 2025 was $2.2 billion, an increase of 43.9% year-on-year[4] - Total net income for Q1 2025 was $410.8 million, compared to a net loss of $23.0 million in Q1 2024[4] - Total revenue for the first quarter of 2025 reached US$4.84 billion, up from US$3.73 billion in the same period of 2024, representing a growth of approximately 29.7%[39] - Basic earnings per share attributable to Sea Limited's ordinary shareholders was US$0.68 in the first quarter of 2025, compared to a basic loss per share of US$(0.04) in the first quarter of 2024[26] - Operating income for the first quarter of 2025 was US$456.4 million, a substantial increase from US$71.1 million in the first quarter of 2024[39] - Non-operating income for the first quarter of 2025 was US$89.2 million, a turnaround from a non-operating loss of US$(17.5) million in the first quarter of 2024, primarily driven by interest income of US$88.8 million[22] - Adjusted EBITDA for the group was $946.5 million, up 135.9% year-on-year[9] - Adjusted EBITDA for the consolidated segments was US$946.5 million in the first quarter of 2025, compared to US$401.1 million in the first quarter of 2024, indicating a growth of approximately 135.9%[37] E-commerce and Digital Services - E-commerce GMV reached $28.6 billion in Q1 2025, up 21.5% year-on-year, with gross orders totaling 3.1 billion, a 20.5% increase[8] - Digital financial services revenue grew by 57.6% year-on-year to $787.1 million, driven by a 76.5% increase in consumer and SME loans principal outstanding to $5.8 billion[8] - Digital entertainment revenue increased by 8.2% year-on-year to $495.6 million, supported by a strong user base and collaboration success[12] - Digital Financial Services segment revenue for the three months ended March 31, 2025, was $787.1 million, a 57.7% increase from $499.4 million in the same period of 2024[46][47] - Operating segment income for the Digital Financial Services segment was $228.6 million for the three months ended March 31, 2025, compared to a loss of $97.3 million in the same period of 2024[46][47] User Metrics - Quarterly active users reached 661.8 million, an increase of 11.3% year-on-year, while quarterly paying users grew by 32.2% to 64.6 million[8] Expenses and Provisions - The provision for credit losses increased by 74.3% to $281.9 million in Q1 2025, reflecting growth in lending activities[20] - Research and development expenses decreased by 2.8% to $295.9 million in Q1 2025[21] - Income tax expense increased to US$136.3 million in the first quarter of 2025 from US$78.8 million in the first quarter of 2024[23] Assets and Liabilities - Total current assets as of March 31, 2025, were US$17.78 billion, up from US$16.86 billion as of December 31, 2024[40] - Cash and cash equivalents decreased to US$2.18 billion as of March 31, 2025, from US$2.41 billion as of December 31, 2024[40] - The total liabilities increased from $14,147.9 million as of December 31, 2024, to $14,768.7 million as of March 31, 2025, marking a 4.4% rise[41] - Total current liabilities increased from $11,296.2 million as of December 31, 2024, to $11,801.3 million as of March 31, 2025, reflecting a 4.5% increase[41] - Shareholders' equity rose to $9,074.3 million as of March 31, 2025, up from $8,477.6 million as of December 31, 2024, indicating a 7.0% increase[42] Cash Flow - Net cash generated from operating activities increased to $756.9 million for the three months ended March 31, 2025, compared to $468.5 million for the same period in 2024, reflecting a 61.5% growth[43] - The net cash used in investing activities for the three months ended March 31, 2025, was $1,114.7 million, primarily due to an increase in loans receivable of $942 million[43] - The company’s cash, cash equivalents, and restricted cash at the end of the period increased to $4,016.0 million as of March 31, 2025, from $3,969.4 million at the end of the previous period[43] Business Segments - The company operates three core businesses: digital entertainment (Garena), e-commerce (Shopee), and digital financial services (Monee), with significant growth in each segment[30]