$SE Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> + its path to profitability https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> a threadhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="1️⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1"> Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> headline EBITDA losses (between $250m and $310m in each of the past several Qs) at a business level are, in isolation, misleading https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> they do not tell the full picture https://abs.twimg.com/emoji/v2/... draggable="false" alt="🖼" title="Bilderrahmen mit Bild" aria-label="Emoji: Bilderrahmen mit Bild">

Here& #39;s why https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> It is important instead to https://abs.twimg.com/emoji/v2/... draggable="false" alt="👀" title="Augen" aria-label="Emoji: Augen"> unit economics https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> at order level. As its comp position has https://abs.twimg.com/emoji/v2/... draggable="false" alt="💪" title="Angespannter Bizeps" aria-label="Emoji: Angespannter Bizeps"> in recent Qs – it was ranked no. 1 https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥇" title="Goldmedaille" aria-label="Emoji: Goldmedaille">in key download and engagement metrics in Q2 20 https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> EBITDA loss per order has continued to narrow Q on Q, from $2.07 in Q4 16 to $0.50 in Q2 20. $SE

https://abs.twimg.com/emoji/v2/... draggable="false" alt="3️⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3"> Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> has increased its take-rate over the past 3 years from 0.1% (Q1 17) to 6.3% in (Q2 20)

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔹" title="Kleine blaue Raute" aria-label="Emoji: Kleine blaue Raute">This number is "inflated" by the inclusion of VAS (logistics services to cross-border sellers) and handling fees

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔹" title="Kleine blaue Raute" aria-label="Emoji: Kleine blaue Raute">Global peers& #39; take-rates are https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> 5-15%: so significant room for growth https://abs.twimg.com/emoji/v2/... draggable="false" alt="📊" title="Balkendiagramm" aria-label="Emoji: Balkendiagramm">as Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> strengthens competitive position and builds its service offering for sellers $SE

https://abs.twimg.com/emoji/v2/... draggable="false" alt="4️⃣" title="Tastenkappe Ziffer 4" aria-label="Emoji: Tastenkappe Ziffer 4"> Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> is already EBITDA positive in Taiwan and this is likely to extend to other markets one by one. If Indonesiahttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🇮🇩" title="Flagge von Indonesien" aria-label="Emoji: Flagge von Indonesien"> is next to reach this milestone, it would be extremely bullish (as the largest market) $SE

https://abs.twimg.com/emoji/v2/... draggable="false" alt="5️⃣" title="Tastenkappe Ziffer 5" aria-label="Emoji: Tastenkappe Ziffer 5"> Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> is often labelled as subsidizing revs. This was the case in the early years but https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> it worked. Now, S&M expenses as a % of GMV is trending down, from 10% in Q1 18 to 3.3% in Q2 20. Invest are being made in the infra https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚒" title="Hammer und Spitzhacke" aria-label="Emoji: Hammer und Spitzhacke">https://abs.twimg.com/emoji/v2/... draggable="false" alt="💳" title="Kreditkarte" aria-label="Emoji: Kreditkarte">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚚" title="Lieferwagen" aria-label="Emoji: Lieferwagen"> of its marketplace. This is moat building https://abs.twimg.com/emoji/v2/... draggable="false" alt="⛏" title="Spitzhacke" aria-label="Emoji: Spitzhacke">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="6️⃣" title="Tastenkappe Ziffer 6" aria-label="Emoji: Tastenkappe Ziffer 6"> SEA https://abs.twimg.com/emoji/v2/... draggable="false" alt="🗺" title="Weltkarte" aria-label="Emoji: Weltkarte"> is currently in the "land grab" phase - customer acquisition is cheap: single digit $ - and mgt has consistently re-iterated that a new customerhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🗣" title="Silhouette eines sprechenden Kopfes" aria-label="Emoji: Silhouette eines sprechenden Kopfes"> is profitablehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🧾" title="Receipt" aria-label="Emoji: Receipt">on an individual level with a few months $SE

https://abs.twimg.com/emoji/v2/... draggable="false" alt="7️⃣" title="Tastenkappe Ziffer 7" aria-label="Emoji: Tastenkappe Ziffer 7"> $SE revenue growth acceleration https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> in the past few Qs (187% in Q2 2020) + recent increases in take-rates in Indonesiahttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🇮🇩" title="Flagge von Indonesien" aria-label="Emoji: Flagge von Indonesien"> both indicate that Shopee https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen"> has reached escape velocity https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔚" title=""End" mit nach links zeigendem Pfeil darüber" aria-label="Emoji: "End" mit nach links zeigendem Pfeil darüber">