Sea’s Garena Snapshot

Some Sea’s Digital Entertainment charts for housekeeping purpose.

User Base


Margin Profile

Talking Points in DE

  • Fully self-developed game, Free Fire, launched on iOS App Store & Google Play Store on December 4, 2017. Free Fire is a battle royale type of mobile game developed in-house by Garena.
    • Daily active user (DAU) from over 130 markets worldwide
      • 1Q20: 80m peak DAU
      • 4Q19: 60m peak DAU
      • 3Q19: m peak DAU (cumulative adjusted revenue reached US$1 Billion)
      • 2Q19: m peak DAU
      • 1Q19: 50m peak DAU (450m global registered users)
      • 4Q18: 40m peak DAU (350m global registered users); (self-dev: 44.5% DE adj rev )
      • 3Q18: 27m peak DAU (200m global registered users)
      • 2Q18: 16m DAU (in June, self-developed game accounted for 13% DE adj rev)
      • 1Q18: 13m DAU
      • 4Q17: 6m DAU
  • Macro Trend
    • Smartphone penetration in the region (4Q17)
  • Strategic Update
    • 2Q18
      • moving from PC-only to mobile-first
      • moving from pure game publishing to both game publishing and development
      • expanding from a regional footprint to a global presence (core -> )
    • 3Q18
      • partnership with Tencent (granted a right of first of refusal to publish its mobile and PC games)


  • Game publishing:
    • 1st party (Free Fire)
    • 3rd party – Tencent under right of first refusal agreement such as Tencent’s Speed Drifters and Activision & Tencent Games’ Call of Duty: Mobile
    • 3rd party – Others such as PUBG Corporation’s PUBG LITE
  • Game development: studio in Shanghai (200+ developers as of 4Q18)

Wendy’s – Breakfast Relaunch Modeling

Wendy’s (WEN.US)

[October 29, 2019]

* Breakfast Relaunch Modeling *

Download the spreadsheet here to play around. The reason why I add this page which increases the friction and might affect “conversion” is that I’d like to know where the audience comes from.

On September 9th, 2019, Wendy’s announced plans to launch breakfast across the U.S. System in 2020. The daypart expansion includes recruitment of approximately 20,000 new U.S. employees.

The stock reacted poorly due to concerns including initial investment, incremental labor-related costs in a tight market, additional marketing spends for Wendy’s at company level during the ramp up period and poor track records the Company had in previous breakfast attempts.

The initial model tries to understand the economics of this initiative and to quantify the value added to the business if any.

On-going twitter thread below: