Sea Limited
Q1 2022 Earnings Call
May 17, 2022, 7:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning and good evening. Welcome to the Sea Limited first quarter 2022 results conference call. [Operator instructions] I would now like to turn the conference over to Ms. Minju Song.
Please go ahead.
Minju Song -- Senior Manager, Group CCO's Office
Thank you. I am Minju Song from Sea's Group chief corporate officer's office. Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties and may not be realized in the future for various reasons as stated in our press release. Also, this call includes a discussion of non-GAAP financial measures such as adjusted EPS and net loss, excluding share-based compensation.
We believe these measures can enhance our investors' understanding of the actual cash flows of our major businesses when used as a complement to our GAAP disclosures. For a discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the section on non-GAAP financial measures in our press release. I have with me Sea's chairman and group chief executive officer, Forrest Li; group chief financial officer, Tony Hou; and group chief corporate officer, Yanjun Wang. Our management will share strategy and business updates, operating highlights, and financial performance for the first quarter of 2022.
This will be followed by a Q&A session in which we welcome any questions you have. With that, let me turn the call over to Forrest.
Forrest Li -- Chairman and Group Chief Executive Officer
Hello, everyone, and thank you for joining today's call. I am pleased to share that we have made a strong start to 2022. We recorded solid results across our business in the first quarter of 2022 despite challenging comparisons to the same period last year during heightened COVID-related restrictions. As a result, we are well on track to achieve our previously shared projections of profitability in our Asia markets, while continuing to scale our businesses and capture market share globally.
During the first quarter, our group GAAP revenue grew 64% year on year to reach $2.9 billion, and we generated gross profits of $1.2 billion, an increase of 81% year on year. Shopee and SeaMoney continued to enjoy operating leverage and efficiency gain as they scale and strengthen their market leadership positions. In particular, Shopee's adjusted EBITDA loss per order before allocation of HQ costs in Southeast Asia and Taiwan improved by more than 70% year on year to $0.04. This shows that Shopee is well on track to achieve positive adjusted EBITDA before allocation of HQ costs in the region.