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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2020
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING
22.
SEGMENT REPORTING

The Company has three reportable segments, namely digital entertainment, e-commerce and digital financial services. The 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 financial performance of each segment.

Description of Reportable Segments

Digital entertainment – Garena’s platform offers mobile and PC online games and develops mobile games for the global market. Garena is the global leader in eSports, it also provides access to other entertainment content and social features, such as live streaming of gameplay, user chat and online forums.

E-commerce – Shopee’s platform is a mobile-centric, social-focused marketplace. It provides users with a convenient, safe, and trusted shopping environment with integrated payment, logistics infrastructure and comprehensive seller services. Products from manufacturers and third parties are also purchased and sold directly to buyers on Shopee platform.

Digital financial services – SeaMoney provides a variety of payment services and loans to individuals and businesses. It is an important payment infrastructure supporting the Company’s digital entertainment and e-commerce businesses. In addition, SeaMoney also integrates with third-party merchant partners and covers a broad set of consumption use cases.

A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other services”.

Information about segments for the years ended December 31, 2018, 2019 and 2020 presented were as follows:

  
For the Year ended December 31, 2018
  
   
Digital
Entertainment
$
    
E-Commerce
$
    
Digital Financial
Services
$
    
Other
Services
$
    
Unallocated
expenses(1)
$
    
Consolidated
$
  
                                     
Revenue
    
462,464
      
269,578
      
11,458
      
83,468
      
–
      
826,968
  
Operating income (loss)
    
69,449
      
(893,489
)
    
(34,056
)
    
(62,548
)
    
(68,124
)
    
(988,768
)
Non-operating income, net
                                            
34,888
  
Income tax expense
                                            
(4,088
)
Share of results of equity investees
                                            
(3,066
)
Net loss
                                            
(961,034
)

 
For the Year ended December 31, 2019
  
   
Digital
Entertainment
$
    
E-Commerce
$
    
Digital Financial
Services
$
    
Other
Services
$
    
Unallocated
expenses(1)
$
    
Consolidated
$
  
                                     
Revenue
    
1,136,017
      
834,295
      
9,223
      
195,843
      
–
      
2,175,378
  
Operating income (loss)
    
529,524
      
(1,131,771
)
    
(116,309
)
    
(39,864
)
    
(132,812
)
    
(891,232
)
Non-operating loss, net
                                            
(477,387
)
Income tax expense
                                            
(85,864
)
Share of results of equity investees
                                            
(3,239
)
Net loss
                                            
(1,457,722
)

 
For the Year ended December 31, 2020
  
   
Digital
Entertainment
$
    
E-Commerce
$
    
Digital Financial
Services
$
    
Other
Services
$
    
Unallocated
expenses(1)
$
    
Consolidated
$
  
                                     
Revenue
    
2,015,972
      
2,167,149
      
60,785
      
131,758
      
-
      
4,375,664
  
Operating income (loss)
    
1,016,793
      
(1,442,593
)
    
(520,075
)
    
(49,006
)
    
(308,444
)
    
(1,303,325
)
Non-operating loss, net
                                            
(179,913
)
Income tax expense
                                            
(141,640
)
Share of results of equity investees
                                            
721
  
Net loss
                                            
(1,624,157
)

(1)
Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance.

Revenue from external customers is classified based on the geographical locations where the services were provided.

  
For the Year Ended December 31,
  
   
2018
$
    
2019
$
    
2020
$
  
Revenue
                  
Southeast Asia
    
581,336
      
1,378,141
      
2,791,894
  
Latin America
    
14,713
      
282,618
      
790,308
  
Rest of Asia
    
229,773
      
489,291
      
655,007
  
Rest of the world
    
1,146
      
25,328
      
138,455
  
Consolidated revenue
    
826,968
      
2,175,378
      
4,375,664
  

Long-lived assets consist of property and equipment, operating lease right-of-use assets and intangible assets.

  
As at December 31,
  
   
2019
$
    
2020
$
  
Long-lived assets
            
Southeast Asia
    
389,997
      
509,922
  
Rest of Asia
    
119,043
      
128,285
  
Rest of the world
    
7,565
      
22,522
  
     
516,605
      
660,729
  

No single customer accounted for 10 percent or more of the Company’s total revenue for the years ended December 31, 2018, 2019 and 2020.