• Sea average gross margin for 2023 was 45.75%, a 14.15% decline from 2022.
• Sea average gross margin for 2022 was 40.08%, a 5.86% increase from 2021.
• Sea average gross margin for 2021 was 37.86%, a 27.39% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.