[May 15, 2018] |
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Sea Limited Reports First Quarter 2018 Results
Sea Limited (NYSE:SE) ("Sea" or the "Company") today announced its
financial results for the quarter ended March 31, 2018.
"We again saw healthy growth in our digital entertainment revenue in the
first quarter of 2018, and have several new games in the pipeline for
launch this year. Meanwhile, Shopee continues to grow ahead of
expectations as we capture a larger share of our region's e-commerce
market, and the virtuous cycle created by that accelerated scaling is
driving ever-improving economics on our platform," said Forrest Li,
Chairman and Group Chief Executive Officer of Sea. "We will continue to
invest in growth, and to focus on improving our services to our platform
users, as well as the infrastructure supporting our core businesses."
First Quarter 2018 Key Metrics
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Group
-
Total adjusted revenue was US$197.0 million, up 81.2% year-on-year
from US$108.8 million for the first quarter of 2017 and up 19.8%
quarter-on-quarter from US$164.5 million for the fourth quarter of
2017.
-
Total adjusted EBITDA was US$(144.7) million, compared to
US$(41.4) million for the first quarter of 2017 and US$(140.2)
million for the fourth quarter of 2017.
-
Digital Entertainment
-
Adjusted revenue was US$146.0 million, up 42.6% year-on-year from
US$102.4 million for the first quarter of 2017 and up 2.9%
quarter-on-quarter from US$141.9 million for the fourth quarter of
2017.
-
Adjusted EBITDA was US$55.0 million, an increase of 48.6%
year-on-year from US$37.0 million for the first quarter of 2017
and up 4.6% quarter-on-quarter from $52.6 million for the fourth
quarter of 2017.
-
Quarterly active users ("QAUs") reached 126.7 million, an increase
of 124.6% year-on-year from 56.4 million for the first quarter of
2017 and up 44.3% quarter-on-quarter from 87.8 million for the
fourth quarter of 2017.
-
Average revenue per user ("ARPU") was US$1.2 compared to US$1.8
for the first quarter of 2017 and US$1.6 for the fourth quarter of
2017.
-
E-commerce
-
Gross merchandise value ("GMV") was US$1.9 billion, an increase of
199.5% year-on-year from US$648.3 million for the first quarter of
2017 and up 23.0% quarter-on-quarter from US$1.6
billion for the fourth quarter of 2017.
-
Gross orders for the quarter totaled 111.4 million, an increase of
217.4% year-on-year from 35.1 million for the first quarter of
2017 and up 13.3% quarter-on-quarter from 98.3 million for the
fourth quarter of 2017.
-
Adjusted revenue was US$33.7 million, up 262.1% quarter-on-quarter
from US$9.3 million for the fourth quarter of 2017. Adjusted
revenue included US$22.0 million of marketplace revenue1
and US$11.7 million of product revenue2. There was
negligible e-commerce adjusted revenue for the first quarter of
2017.
-
Adjusted EBITDA was US$(179.6) million, compared to US$(62.7)
million for the first quarter of 2017 and US$(175.4) million for
the fourth quarter of 2017.
-
Sales and marketing as a percentage of GMV stood at 6.6%, and
improved from 7.1% for the first quarter of 2017 and 8.5% for the
fourth quarter 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.
-
Digital Financial Services
-
Gross transaction value of our digital financial services as a
whole ("GTV") was US$1.7 billion, an increase of 428.6%
year-on-year from US$322.0 million for the first quarter of 2017
and up 65.7% quarter-on-quarter from US$1.0 billion for the fourth
quarter of 2017. The growth was attributable to the payment
processing services provided by AirPay to Shopee in most of our
markets, which, depending on the operational arrangement in each
relevant market, may include payments from buyers to Shopee
accounts under Shopee Guarantee as well as outgoing payments from
Shopee accounts to Shopee seller accounts that are operationally
handled by AirPay.
Strategic Business Updates
Digital Entertainment
Garena enjoyed healthy growth this quarter, buoyed by factors including
the continued expansion of our leading mobile games in the region, Arena
of Valor and Free Fire. Free Fire recently achieved 13
million daily active users, placing it amongst the world's most popular
mobile battle royale titles. We continue to complement our leading
franchises through growing e-sports leagues, video streaming options,
and other ancillary services.
We held Garena World 2018, our region's largest eSports event, from
March 31 to April 1, 2018 in Bangkok, Thailand. We had an attendance of
approximately 240 thousand and attracted over 10.6 million views online
for the various tournaments at Garena World. In total, over 11,000 teams
participated in the tournaments leading up to the event in Bangkok.
Garena is well-positioned to ride on the wave of eSports growth as one
of the region's leading game platforms. We continue to invest in our
eSports operations to generate user engagement for our games and to
promote user acquisition and retention.
Our pipeline of games for release in 2018 features a series of highly
anticipated PC and mobile titles. These include both classic and new
franchises in different genres.
E-commerce
Shopee achieved robust growth in both GMV and gross orders in each of
our markets in the first quarter of 2018 and saw a decrease in sales and
marketing expenses from US$135.0 million in the fourth quarter of 2017
to US$127.2 million in the first quarter of 2018. This was driven
primarily by our continuous efforts to attract new buyers and sellers in
our focus categories while improving our cost efficiency.
Shopee has focused much of its innovation on launching value-added
services to our ever-expanding seller base. We continue to broaden our
'Service by Shopee' offering in select markets, where we offer sellers a
number of value-added services, such as inventory management, online
store operations, and fulfillment services. We also provide 'Shopee
Logistics Service' to create a seamless logistics experience for sellers
and buyers. In addition, we conduct direct sales of certain products.
With this diverse portfolio of services and offerings, depending on the
needs and preferences of our sellers, we can help them manage inventory
and fulfill orders from warehouses leased and operated by us, operate
their stores on our platform, or purchase products from them for resale
on our platform.
Other Development
Appointment of Group Chief Economist
The Company also announced that Santitarn Sathirathai is expected to
join the Company as Group Chief Economist in June 2018. Mr. Sathirathai
will focus on establishing Sea as a key thought leader in the digital
economy and work with policy makers to promote digital transformation in
the region. He will report to Forrest Li, Chairman and Group Chief
Executive Officer.
Mr. Sathirathai will be joining the Company from Credit Suisse, where he
is the head of Emerging Asia Economics Research. He won the award for
best economic forecaster for Indonesia by Consensus Economics for each
of 2013, 2014 and 2015, the very first economist in Asia to receive such
award for three consecutive years, and was selected as one of Asia's 21
young leaders in 2017 by Asia Society. He is a highly ranked economist
for ASEAN and was also rated the best economist for Thailand by Asia
Money. Prior to joining Credit Suisse, Mr. Sathirathai worked at the
Ministry of Finance of Thailand and Government of Singapore Investment
Corporation, and taught macroeconomic courses at Chulalongkorn
University in Thailand. Mr. Sathirathai holds a doctorate degree in
Public Policy and a master's degree in Public Administration from
Harvard University, as well as a bachelor's degree in Economics and a
master's degree in Public Policy from the London School of Economics and
Political Science.
Summary of Financial Results (Amounts are expressed in
thousands of US dollars "$")
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For the Three Months
ended March 31,
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2017
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2018
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$
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$
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YOY%
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(unaudited)
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(unaudited)
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Revenue
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Digital Entertainment
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87,586
|
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110,658
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26.3%
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Others
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6,359
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44,386
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598.0%
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93,945
|
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|
155,044
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65.0%
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Cost of revenue
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Digital Entertainment
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(49,277)
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(63,572)
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29.0%
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Others
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(17,561)
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(82,947)
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372.3%
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(66,838)
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(146,519)
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119.2%
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Gross profit
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27,107
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8,525
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(68.6)%
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Other operating income
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218
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729
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234.4%
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Sales and marketing expenses
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(63,898)
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(152,149)
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138.1%
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General and administrative expenses
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(25,208)
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(44,487)
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76.5%
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Research and development expenses
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(6,252)
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(10,712)
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71.3%
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Total operating expenses
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(95,140)
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(206,619)
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117.2%
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Operating loss
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(68,033)
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(198,094)
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191.2%
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Non-operating loss, net
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(2,479)
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(18,247)
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636.1%
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Income tax (expense) credit
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(1,932)
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755
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(139.1)%
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Share of results of equity investees
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(632)
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(583)
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(7.8)%
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Net loss
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(73,076)
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(216,169)
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195.8%
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Adjusted net loss (1)
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(66,963)
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(205,498)
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206.9%
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Adjusted revenue of Digital Entertainment (1)
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102,396
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146,030
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42.6%
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Adjusted revenue of E-commerce (1)
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34
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33,744
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99,147.1%
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Adjusted revenue of Digital Financial Services (1)
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2,034
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3,923
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92.9%
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Revenue of Other Services
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4,291
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13,342
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210.9%
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Total adjusted revenue (1)
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108,755
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197,039
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81.2%
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Adjusted EBITDA for Digital Entertainment (1)
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37,006
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55,004
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48.6%
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Adjusted EBITDA for E-commerce (1)
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(62,669)
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(179,649)
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(186.7)%
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Adjusted EBITDA for Digital Financial Services (1)
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(9,904)
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(8,570)
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13.5%
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Adjusted EBITDA for Other Services (1)
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(2,923)
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(9,868)
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(237.6)%
|
Unallocated expenses (2)
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(2,867)
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(1,591)
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44.5%
|
Total adjusted EBITDA (1)
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(41,357)
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(144,674)
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(249.8)%
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(1) For a discussion of the use of non-GAAP financial
measures, see "Non-GAAP Financial Measures." (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 March 31, 2018 Compared to Three Months Ended
March 31, 2017
Revenue
The table below sets forth revenue and adjusted revenue generated from
our reported segments. Amounts are expressed in thousands of US dollars
("$").
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For the Three Months ended March 31,
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2017
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2018
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$
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% of revenue
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$
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% of revenue
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YOY%
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|
(unaudited)
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(unaudited)
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Revenue
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|
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Digital Entertainment
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87,586
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93.2
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110,658
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71.4
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26.3%
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E-commerce
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34
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-
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27,344
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17.6
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80,323.5%
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Digital Financial Services
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2,034
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2.2
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3,700
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2.4
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81.9%
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Other Services
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4,291
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4.6
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13,342
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8.6
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210.9%
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93,945
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100.0
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155,044
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100.0
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65.0%
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2017
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2018
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$
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% of total adjusted revenue
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$
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% of total adjusted revenue
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YOY%
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(unaudited)
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(unaudited)
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Adjusted revenue of Digital Entertainment
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102,396
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94.2
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146,030
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74.1
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42.6%
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Adjusted revenue of E-commerce
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34
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-
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33,744
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17.1
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99,147.1%
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Adjusted revenue of Digital Financial Services
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2,034
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1.9
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3,923
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2.0
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92.9%
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Revenue of Other Services
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4,291
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3.9
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13,342
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6.8
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210.9%
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Total adjusted revenue
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108,755
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|
|
100.0
|
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|
197,039
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|
|
100.0
|
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81.2%
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Our total revenue increased by 65.0% to US$155.0 million in the first
quarter of 2018 from US$93.9 million in the first quarter of 2017. Our
total adjusted revenue increased by 81.2% to US$197.0 million in the
first quarter of 2018 from US$108.8 million in the first quarter of
2017. These increases were mainly driven by the growth in each of the
segments detailed as follows:
-
Digital Entertainment: Revenue increased by 26.3% to US$110.7
million in the first quarter of 2018 from US$87.6 million in the first
quarter of 2017. Adjusted revenue increased by 42.6% to US$146.0
million in the first quarter of 2018 from US$102.4 million in the
first quarter of 2017. This increase was primarily due to the growth
of our QAUs to 126.7 million in the first quarter of 2018 from 56.4
million in the first quarter of 2017, as we launched new games and
expanded our existing games into new markets, which in turn increased
the number of our paying users.
-
E-commerce: We began monetizing our e-commerce business in
2017. In the first quarter of 2018, our e-commerce revenue was US$27.3
million, including US$15.6 million of marketplace revenue and US$11.7
million of product revenue. Our e-commerce adjusted revenue was
US$33.7 million in the same period. There was negligible e-commerce
revenue for the first quarter of 2017. The additional services and
product offerings we introduced to sellers under 'Service by Shopee,'
'Shopee Logistics Service,' as well as the other value-added services
we recently started to offer created additional income streams for our
e-commerce business.
-
Digital Financial Services: Revenue increased by 81.9% to
US$3.7 million in the first quarter of 2018 from US$2.0 million in the
first quarter of 2017. Adjusted revenue increased by 92.9% to US$3.9
million in the first quarter of 2018 from US$2.0 million in the first
quarter of 2017. The increase was primarily attributable to the
addition of use cases to our AirPay platform and a further deepening
of our market penetration.
-
Other Services: Revenue increased by 210.9% to US$13.3 million
in the first quarter of 2018 from US$4.3 million in the first quarter
of 2017. The increase was primarily due to ancillary services we
provide to our e-commerce platform users.
Cost of Revenue
Our total cost of revenue increased by 119.2% to US$146.5 million in the
first quarter of 2018 from US$66.8 million in the first quarter of 2017.
-
Digital Entertainment: Cost of revenue increased by 29.0% to
US$63.6 million in the first quarter of 2018 from US$49.3 million in
the first quarter of 2017. The increase was primarily due to the
increase in royalty payments to game developers as well as other costs
directly associated with our digital entertainment segment which were
largely in line with the revenue growth of our business.
-
Others: Cost of revenue for our other segments combined
increased by 372.3% to US$82.9 million in the first quarter of 2018
from US$17.6 million in the first quarter of 2017. The increase was
primarily due to the costs incurred following the launch of 'Service
by Shopee,' 'Shopee Logistics Service,' and direct sales at the end of
2017; 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.
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 138.1% to US$152.1
million in the first quarter of 2018 from US$63.9 million in the first
quarter of 2017. The table below sets forth the breakdown of the sales
and marketing expenses of our two major reporting segments. Amounts are
expressed in thousands of US dollars ("$").
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For the Three Months
ended March 31,
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|
|
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|
2017
|
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|
2018
|
|
|
YOY%
|
Sales and Marketing Expenses
|
|
|
$
(unaudited)
|
|
|
$
(unaudited)
|
|
|
|
Digital Entertainment
|
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|
11,036
|
|
|
16,243
|
|
|
47.2%
|
E-commerce
|
|
|
45,905
|
|
|
127,198
|
|
|
177.1%
|
|
|
|
|
|
|
|
|
|
|
-
Digital Entertainment: Sales and marketing expenses increased
by 47.2% to US$16.2 million in the first quarter of 2018 from US$11.0
million in the first quarter of 2017. The increase was primarily due
to the launch of new games and our continued efforts to expand our
existing games into new markets, which in turn enlarged our user base
and increased the number of our paying users.
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For the Three Months
ended March 31,
|
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|
|
2017
|
|
|
2018
|
Digital Entertainment
|
|
|
$
(unaudited)
|
|
|
$
(unaudited)
|
Sales and marketing expenses
|
|
|
11,036
|
|
|
16,243
|
Adjusted revenue
|
|
|
102,396
|
|
|
146,030
|
Sales and marketing expenses as a percentage of adjusted revenue
|
|
|
10.8%
|
|
|
11.1%
|
|
|
|
|
|
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|
Sales and marketing expenses as a percentage of adjusted revenue of
11.1% in the first quarter of 2018 was comparable to the first quarter
of 2017.
-
E-commerce: Sales and marketing expenses increased by 177.1% to
US$127.2 million in the first quarter of 2018 from US$45.9 million in
the first quarter of 2017. The increase in marketing efforts was
aligned with our strategy to fully capture the market growth
opportunity and was primarily in connection with shipping and other
promotions on our platform in order to increase our user base and
enhance user engagement.
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For the Three Months
ended March 31,
|
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|
|
2017
|
|
|
2018
|
E-commerce
|
|
|
$
(unaudited)
|
|
|
$
(unaudited)
|
Sales and marketing expenses
|
|
|
45,905
|
|
|
127,198
|
GMV
|
|
|
648,285
|
|
|
1,941,403
|
Sales and marketing expenses as a percentage of GMV
|
|
|
7.1%
|
|
|
6.6%
|
|
|
|
|
|
|
|
Sales and marketing expenses as a percentage of GMV was 6.6% in the
first quarter of 2018 and improved from 7.1% in the first quarter of
2017.
General and Administrative Expenses
Our general and administrative expenses increased by 76.5% to US$44.5
million in the first quarter of 2018 from US$25.2 million in the first
quarter of 2017. This increase was primarily due to the expansion of our
staff force, the increase in office facilities and related expenses, as
well as the increase in other expenses.
Research and Development Expenses
Our research and development expenses increased by 71.3% to US$10.7
million in the first quarter of 2018 from US$6.3 million in the first
quarter of 2017, primarily due to the increase in research and
development staff force as we expanded and enriched our product
offerings.
Non-operating Income or Losses, Net
Non-operating income or losses consist of interest income, interest
expense, investment gain (loss), fair value change for convertible
promissory notes and foreign exchange gain (loss). We recorded a net
non-operating loss of US$18.2 million in the first quarter of 2018,
compared to a net non-operating loss of US$2.5 million in the first
quarter of 2017. This was primarily due to fair value loss of US$18.8
million recognized in the quarter arising from the fair value accounting
treatment for convertible promissory notes and interest expenses on
those promissory notes, partially offset by an investment gain arising
from the disposal of an equity security investment.
Income Tax Expense
We had a net income tax benefit of US$0.8 million in the first quarter
of 2018 which was primarily due to the higher deferred tax assets we
recognized as a result of change in statutory tax rate in one of the
markets we operate in and the increase in deferred revenue in our
digital entertainment segment in the first quarter of 2018.
Share of Results of Equity Investees
We had share of losses of equity investees of US$0.6 million in the
first quarter of 2018, compared with US$0.6 million in the first quarter
of 2017.
Net Loss
As a result of the foregoing, we had net losses of US$216.2 million and
US$73.1 million in the first quarter of 2018 and 2017, respectively.
Adjusted Net Loss
Adjusted net loss, which is net loss adjusted to remove share-based
compensation expenses, was US$205.5 million and US$67.0 million in the
first quarter of 2018 and 2017, respectively.
Updated Guidance
For the full year of 2018, we now expect total adjusted revenue to be
between US$780 million and US$820 million, representing 40.9% to 48.1%
growth from 2017. This compares to the previously disclosed guidance of
between US$730 million and US$770 million, representing 31.9% to 39.1%
growth.
We are also revising our e-commerce GMV guidance for the full year of
2018. We now expect e-commerce GMV for the full year of 2018 to be
between US$8.2 billion and US$8.7 billion, representing 99.4% to 111.5%
growth from 2017. This compares to the previously disclosed guidance of
between US$7.5 billion and US$8.0 billion, representing 82.4% to 94.5%
growth.
Webcast and Conference Call Information
Mr. Forrest Li, Founder, Chairman and Group Chief Executive Officer; Mr.
Tony Hou, Group Chief Financial Officer; and Mr. Alan Hellawell, Group
Chief Strategy Officer, will host a conference call today to review
Sea's business and financial performance.
Details of the conference call and webcast are as follows:
|
|
|
Date and time:
|
|
8:00 PM U.S. Eastern Time on 15 May 2018
|
|
|
8:00 AM Singapore / Hong Kong Time on 16 May 2018
|
|
|
|
|
|
Webcast link:
|
|
http://mms.prnasia.com/se/20180515/default.aspx
|
|
|
|
|
|
Dial in numbers:
|
|
US Toll Free: 1-888-317-6003
|
|
Hong Kong: 800-963-976
|
|
|
International: 1-412-317-6061
|
|
Singapore: 800-120-5863
|
|
|
United Kingdom: 08-082-389-063
|
|
|
|
|
|
|
|
Passcode for participants:7961550
|
|
|
|
|
|
A replay of the conference call will be available at the Company's
investor relations website (http://www.seagroup.com/investor/financials).
An archived webcast will be available at the same link above.
About Sea Limited
Sea's mission is to better the lives of the consumers and small
businesses of our region with technology. Our region includes the key
markets of Indonesia, Taiwan, Vietnam, Thailand, the Philippines,
Malaysia and Singapore. Sea operates three platforms across digital
entertainment, e-commerce, and digital financial services, known as
Garena, Shopee, and AirPay, respectively.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates,"
"confident," "guidance" and similar statements. Among other things,
statements that are not historical facts, including statements about
Sea's beliefs and expectations, the business, financial and market
outlook and projections from its management in this announcement, as
well as Sea's strategic and operational plans, contain forward-looking
statements. Sea may also make written or oral forward-looking statements
in its periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), in its annual report to shareholders, in press releases and
other written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following:
Sea's goals and strategies; its future business development, financial
condition, financial results, and results of operations; the growth in,
and market size of, the digital entertainment, e-commerce and digital
financial services industries in the region, including segments within
those industries; changes in its revenue, costs or expenditures; its
ability to continue to source, develop and offer new and attractive
online games and to offer other engaging digital entertainment content;
the growth of its digital entertainment, e-commerce and digital
financial services platforms; the growth in its user base, level of user
engagement, and monetization; its ability to continue to develop new
technologies and/or upgrade its existing technologies; growth and trends
of its markets and competition in its industries; government policies
and regulations relating to its industries; and general economic and
business conditions in the region. Further information regarding these
and other risks is included in Sea's filings with the SEC. All
information provided in this press release and in the attachments is as
of the date of this press release, and Sea undertakes no obligation to
update any forward-looking statement, except as required under
applicable law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared
and presented in accordance with U.S. GAAP, we use the following
non-GAAP financial measures to help evaluate our operating performance:
-
"Adjusted revenue" of our digital entertainment segment represents
revenue of the digital entertainment segment plus change in digital
entertainment deferred revenue. This financial measure is used as an
approximation of cash spent by our users in the applicable period that
is attributable to our digital entertainment segment. Although other
companies may present such measures related to gross billings
differently or not at all, we believe that the adjusted revenue of our
digital entertainment segment provides useful information to investors
about the segment's core operating results, enhancing their
understanding of our past performance and future prospects.
-
"Adjusted revenue" of our e-commerce segment represents revenue of the
e-commerce segment (currently consisting of marketplace revenue and
product revenue) plus commission income that were net-off against
sales incentives. This financial measure enables our investors to
follow trends in our e-commerce monetization capability over time and
is a useful performance measure.
-
"Adjusted revenue" of our digital financial services segment
represents revenue of the digital financial services segment plus
service revenue that were net-off against sales incentives.
-
"Total adjusted revenue" represents the sum of the adjusted revenue of
our digital entertainment segment, the adjusted revenue of our
e-commerce segment, the adjusted revenue of our digital financial
services segment, and the revenue of our other services. This
financial measure enables our investors to follow trends in our
overall group monetization capability over time and is a useful
performance measure.
-
"Adjusted net loss" represents net loss excluding share-based
compensation expense. We believe that the adjusted net loss helps to
identify underlying trends in our business that could otherwise be
distorted by the effect of certain expenses that are included in net
loss. The use of adjusted net loss has its limitations in that it does
not include all items that impact the net loss or income for the
period, and share-based compensation is a recurring significant
expense.
-
"Adjusted EBITDA" for our digital entertainment segment represents
operating income (loss) before share-based compensation plus (a)
depreciation and amortization expenses, and (b) the net effect of
changes in deferred revenue and its related cost for our digital
entertainment segment. Although other companies may calculate adjusted
EBITDA differently or not present it at all, we believe that the
segment adjusted EBITDA helps to identify underlying trends in our
operating results, enhancing their understanding of the past
performance and future prospects.
-
"Adjusted EBITDA" for our e-commerce segment, digital financial
services segment and other services segment represents operating
income (loss) before share-based compensation plus depreciation and
amortization expenses. Although other companies may calculate adjusted
EBITDA differently or not present it at all, we believe that the
segment adjusted EBITDA helps to identify underlying trends in our
operating results, enhancing their understanding of the past
performance and future prospects.
-
"Total adjusted EBITDA" represents the sum of adjusted EBITDA of all
our segments combined, plus unallocated expenses. Although other
companies may calculate adjusted EBITDA differently or not present it
at all, we believe that the total adjusted EBITDA helps to identify
underlying trends in our operating results, enhancing their
understanding of the past performance and future prospects.
These non-GAAP financial measures have limitations as analytical tools.
None of the above financial measures should be considered in isolation
or construed as an alternative to revenue, net loss/income, or any other
measure of performance or as an indicator of our operating performance.
These non-GAAP financial measures presented here may not be comparable
to similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently, limiting
their usefulness as comparative measures to Sea's data. We compensate
for these limitations by reconciling the non-GAAP financial measures to
their nearest U.S. GAAP financial measures, all of which should be
considered when evaluating our performance. We encourage you to review
our financial information in its entirety and not rely on any single
financial measure.
The tables below present selected financial information of our reporting
segments, the non-GAAP financial measures that are most directly
comparable to GAAP financial measures, and the related reconciliations
between the financial measures. Amounts are expressed in
thousands of US dollars ("$").
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended March 31, 2018
|
|
|
|
Digital Entertainment
|
|
E- commerce
|
|
Digital Financial Services
|
|
Other Services(3)
|
|
Unallocated expenses(4)
|
|
Consolidated
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
110,658
|
|
27,344(1)
|
|
3,700
|
|
13,342
|
|
-
|
|
155,044
|
Changes in deferred revenue
|
|
|
35,372
|
|
-
|
|
-
|
|
-
|
|
-
|
|
35,372
|
Sales incentives net-off
|
|
|
-
|
|
6,400
|
|
223
|
|
-
|
|
-
|
|
6,623
|
Adjusted revenue
|
|
|
146,030
|
|
33,744(2)
|
|
3,923
|
|
13,342
|
|
-
|
|
197,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
18,788
|
|
(184,052)
|
|
(9,058)
|
|
(11,510)
|
|
(12,262)
|
|
(198,094)
|
Net effect of changes in deferred revenue and its related cost
|
|
|
28,195
|
|
-
|
|
-
|
|
-
|
|
-
|
|
28,195
|
Depreciation and Amortization
|
|
|
8,021
|
|
4,403
|
|
488
|
|
1,642
|
|
-
|
|
14,554
|
Share-based compensation
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,671
|
|
10,671
|
Adjusted EBITDA
|
|
|
55,004
|
|
(179,649)
|
|
(8,570)
|
|
(9,868)
|
|
(1,591)
|
|
(144,674)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended March 31, 2017
|
|
|
|
Digital Entertainment
|
|
E- commerce
|
|
Digital Financial Services
|
|
Other Services(3)
|
|
Unallocated expenses(4)
|
|
Consolidated
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
87,586
|
|
34
|
|
2,034
|
|
4,291
|
|
-
|
|
93,945
|
Changes in deferred revenue
|
|
|
14,810
|
|
-
|
|
-
|
|
-
|
|
-
|
|
14,810
|
Sales incentives net-off
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Adjusted revenue
|
|
|
102,396
|
|
34
|
|
2,034
|
|
4,291
|
|
-
|
|
108,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
18,389
|
|
(63,723)
|
|
(10,130)
|
|
(3,589)
|
|
(8,980)
|
|
(68,033)
|
Net effect of changes in deferred revenue and its related cost
|
|
|
11,745
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,745
|
Depreciation and Amortization
|
|
|
6,872
|
|
1,054
|
|
226
|
|
666
|
|
-
|
|
8,818
|
Share-based compensation
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,113
|
|
6,113
|
Adjusted EBITDA
|
|
|
37,006
|
|
(62,669)
|
|
(9,904)
|
|
(2,923)
|
|
(2,867)
|
|
(41,357)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Revenue of $27,344 includes marketplace revenue of
$15,644 and product revenue of $11,700, net of sales incentives. (2)
Adjusted revenue of $33,744 includes marketplace revenue of $22,044 and
product revenue of $11,700. (3) A combination of
multiple business activities that does not meet the quantitative
thresholds to qualify as reportable segments are grouped together as
"Other Services". (4) Unallocated expenses are mainly
related to share-based compensation and general and corporate
administrative costs such as professional fees and other miscellaneous
items that are not allocated to segments. The expenses are excluded from
segment results as they are not reviewed by the CODM as part of segment
performance.
|
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
Amounts expressed in thousands of US dollars ("$") except for
number of shares & per share data
|
|
|
|
|
|
|
|
For the Three Months ended March 31,
|
|
|
|
2017
|
|
|
2018
|
|
|
|
$
|
|
|
$
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Digital entertainment
|
|
|
87,586
|
|
|
110,658
|
Others
|
|
|
6,359
|
|
|
44,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
93,945
|
|
|
155,044
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
|
Digital entertainment
|
|
|
(49,277)
|
|
|
(63,572)
|
Others
|
|
|
(17,561)
|
|
|
(82,947)
|
|
|
|
|
|
|
|
Total cost of revenue
|
|
|
(66,838)
|
|
|
(146,519)
|
|
|
|
|
|
|
|
Gross profit
|
|
|
27,107
|
|
|
8,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (expenses):
|
|
|
|
|
|
|
Other operating income
|
|
|
218
|
|
|
729
|
Sales and marketing expenses
|
|
|
(63,898)
|
|
|
(152,149)
|
General and administrative expenses
|
|
|
(25,208)
|
|
|
(44,487)
|
Research and development expenses
|
|
|
(6,252)
|
|
|
(10,712)
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
(95,140)
|
|
|
(206,619)
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(68,033)
|
|
|
(198,094)
|
Interest income
|
|
|
144
|
|
|
3,091
|
Interest expense
|
|
|
(2,250)
|
|
|
(8,582)
|
Investment (loss) gain
|
|
|
(225)
|
|
|
7,515
|
Changes in fair value of convertible promissory notes
|
|
|
-
|
|
|
(18,796)
|
Foreign exchange loss
|
|
|
(148)
|
|
|
(1,475)
|
|
|
|
|
|
|
|
Loss before income tax and share of results of equity investees
|
|
|
(70,512)
|
|
|
(216,341)
|
Income tax (expense) credit
|
|
|
(1,932)
|
|
|
755
|
Share of results of equity investees
|
|
|
(632)
|
|
|
(583)
|
|
|
|
|
|
|
|
Net loss
|
|
|
(73,076)
|
|
|
(216,169)
|
|
|
|
|
|
|
|
Net (gain) loss attributable to non-controlling interests
|
|
|
(10)
|
|
|
556
|
|
|
|
|
|
|
|
Net loss attributable to Sea Limited's ordinary shareholders
|
|
|
(73,086)
|
|
|
(215,613)
|
|
|
|
|
|
|
|
Adjusted net loss (1)
|
|
|
(66,963)
|
|
|
(205,498)
|
|
|
|
|
|
|
|
Loss per share:
|
|
|
|
|
|
|
Basic and diluted
|
|
|
(0.42)
|
|
|
(0.64)
|
|
|
|
|
|
|
|
Shares used in loss per share computation:
|
|
|
|
|
|
|
Basic and diluted
|
|
|
172,896,906
|
|
|
335,147,405
|
(1) For a discussion of the use of non-GAAP financial
measures, see "Non-GAAP Financial Measures."
|
|
|
|
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
|
Amounts expressed in thousands of US dollars ("$")
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017
|
|
|
As of March 31, 2018
|
|
|
|
$
|
|
|
$
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
1,347,361
|
|
|
1,172,426
|
Restricted cash
|
|
|
95,300
|
|
|
159,521
|
Accounts receivable, net
|
|
|
61,846
|
|
|
70,899
|
Prepaid expenses and other assets
|
|
|
186,181
|
|
|
223,849
|
Inventories, net
|
|
|
9,790
|
|
|
13,382
|
Short-term investment
|
|
|
18,000
|
|
|
-
|
Amounts due from related parties
|
|
|
2,235
|
|
|
2,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
1,720,713
|
|
|
1,642,321
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
74,348
|
|
|
93,939
|
Intangible assets, net
|
|
|
37,333
|
|
|
33,614
|
Long-term investments
|
|
|
28,216
|
|
|
58,514
|
Prepaid expenses and other assets
|
|
|
46,297
|
|
|
53,587
|
Restricted cash
|
|
|
2,317
|
|
|
2,455
|
Deferred tax assets
|
|
|
48,104
|
|
|
55,070
|
Goodwill
|
|
|
30,952
|
|
|
30,952
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
267,567
|
|
|
328,131
|
|
|
|
|
|
|
|
Total assets
|
|
|
1,988,280
|
|
|
1,970,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
|
Amounts expressed in thousands of US dollars ("$")
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017
|
|
|
As of March 31, 2018
|
|
|
|
$
|
|
|
$
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
8,644
|
|
|
13,937
|
Accrued expenses and other payables
|
|
|
285,248
|
|
|
375,466
|
Advances from customers
|
|
|
27,155
|
|
|
30,450
|
Amount due to related parties
|
|
|
36,790
|
|
|
39,381
|
Short-term bank borrowings
|
|
|
2,013
|
|
|
-
|
Deferred revenue
|
|
|
268,241
|
|
|
283,538
|
Income tax payable
|
|
|
9,614
|
|
|
9,523
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
637,705
|
|
|
752,295
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Accrued expenses and other payables
|
|
|
7,547
|
|
|
7,860
|
Deferred revenue
|
|
|
133,481
|
|
|
162,909
|
Convertible promissory notes
|
|
|
726,950
|
|
|
745,746
|
Deferred tax liabilities
|
|
|
4,378
|
|
|
4,104
|
Unrecognized tax benefits
|
|
|
3,088
|
|
|
2,985
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
875,444
|
|
|
923,604
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,513,149
|
|
|
1,675,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
|
Amounts expressed in thousands of US dollars ("$")
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017
|
|
|
As of March 31, 2018
|
|
|
|
$
|
|
|
$
|
|
|
|
|
|
|
(unaudited)
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary shares
|
|
|
91
|
|
|
91
|
Class B Ordinary shares
|
|
|
76
|
|
|
76
|
Additional paid-in capital
|
|
|
1,564,656
|
|
|
1,575,078
|
Accumulated other comprehensive income
|
|
|
10,701
|
|
|
35,919
|
Statutory reserves
|
|
|
46
|
|
|
46
|
Accumulated deficit
|
|
|
(1,106,545)
|
|
|
(1,322,158)
|
|
|
|
|
|
|
|
Total Sea Limited shareholders' equity
|
|
|
469,025
|
|
|
289,052
|
Non-controlling interests
|
|
|
6,106
|
|
|
5,501
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
475,131
|
|
|
294,553
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
1,988,280
|
|
|
1,970,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
Amounts expressed in thousands of US dollars ("$")
|
|
|
|
|
|
|
|
For the Three Months ended
March 31,
|
|
|
|
2017
|
|
|
2018
|
|
|
|
$
|
|
|
$
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
(59,271)
|
|
|
(94,360)
|
Net cash used in investing activities
|
|
|
(6,697)
|
|
|
(21,837)
|
Net cash generated from (used in) financing activities
|
|
|
356,953
|
|
|
(545)
|
Effect of foreign exchange rate changes on cash, cash equivalents
and restricted cash
|
|
|
3,052
|
|
|
6,166
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
|
294,037
|
|
|
(110,576)
|
Cash, cash equivalents and restricted cash at beginning of the period
|
|
|
190,824
|
|
|
1,444,978
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of the period
|
|
|
484,861
|
|
|
1,334,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 SEGMENT INFORMATION
The Company has three reportable segments, namely digital entertainment,
e-commerce and digital financial services. The Chief Operation Decision
Maker ("CODM") reviews the performance of each segment based on revenue
and certain key operating metrics of the operations and uses these
results for the purposes of allocating resources to and evaluating the
financial performance of each segment. Amounts are expressed in
thousands of US dollars ("$").
|
|
|
|
|
|
|
For the Three Months ended March 31, 2018
|
|
|
|
Digital Entertainment
|
|
E- commerce
|
|
Digital Financial Services
|
|
Other Services(1)
|
|
Unallocated expenses(2)
|
|
Consolidated
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
110,658
|
|
27,344
|
|
3,700
|
|
13,342
|
|
-
|
|
155,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
18,788
|
|
(184,052)
|
|
(9,058)
|
|
(11,510)
|
|
(12,262)
|
|
(198,094)
|
Non-operating loss, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,247)
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
755
|
Share of results of equity investees
|
|
|
|
|
|
|
|
|
|
|
|
|
(583)
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(216,169)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended March 31, 2017
|
|
|
|
Digital Entertainment
|
|
E- commerce
|
|
Digital Financial Services
|
|
Other Services(1)
|
|
Unallocated expenses(2)
|
|
Consolidated
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
87,586
|
|
34
|
|
2,034
|
|
4,291
|
|
-
|
|
93,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
18,389
|
|
(63,723)
|
|
(10,130)
|
|
(3,589)
|
|
(8,980)
|
|
(68,033)
|
Non-operating loss, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,479)
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,932)
|
Share of results of equity investees
|
|
|
|
|
|
|
|
|
|
|
|
|
(632)
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(73,076)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) A combination of multiple business activities that does
not meet the quantitative thresholds to qualify as reportable segments
are grouped together as "Other Services". (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. The
expenses are excluded from segment results as they are not reviewed by
the CODM as part of segment performance.
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL OPERATIONAL METRICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended December 31, 2017
|
|
|
For the Three Months ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
Digital Entertainment
|
|
|
Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly active users
|
|
|
millions
|
|
87.8
|
|
|
126.7
|
Monthly active users (last month)
|
|
|
millions
|
|
59.5
|
|
|
77.4
|
Quarterly paying users
|
|
|
millions
|
|
7.2
|
|
|
7.2
|
Average revenue per user
|
|
|
US$
|
|
1.6
|
|
|
1.2
|
Average revenue per paying user
|
|
|
US$
|
|
19.7
|
|
|
20.3
|
|
|
|
|
|
|
|
|
|
E-commerce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross GMV
|
|
|
US$ millions
|
|
1,578.6
|
|
|
1,941.4
|
Gross orders
|
|
|
millions
|
|
98.3
|
|
|
111.4
|
|
|
|
|
|
|
|
|
|
Digital Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GTV
|
|
|
US$ millions
|
|
1,027.5
|
|
|
1,702.2
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180515006359/en/
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