SHENZHEN, China, July 28, 2017 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a leading online sports
lottery service provider in China,
today reported its unaudited financial results for the second
quarter ended June 30, 2017.
Temporary Suspension of Online Lottery Sales
Since March 2015, all provincial
sports lottery administration centers to which the Company provides
sports lottery sales services have temporarily suspended accepting
online purchase orders for lottery products in response to the
Notice related to Self-Inspection and Self-Remedy of Unauthorized
Online Lottery Sales, (the "Self-Inspection Notice"), which was
jointly promulgated by the Ministry of Finance, the Ministry of
Civil Affairs and the General Administration of Sports of
the People's Republic of China on
January 15, 2015.
On February 24, 2015, the Company
was informed by certain provincial sports lottery administration
centers that, as part of their respective self-inspection
processes, such provincial sports lottery administration centers
planned to temporarily suspend accepting online purchase orders for
lottery products starting from February 25,
2015. On March 2, 2015, the
Company was further informed by the remaining provincial sports
lottery administration centers to which it provides sports lottery
sales services that they also planned to temporarily suspend
accepting online purchase orders for lottery products, in response
to the Self-Inspection Notice.
As a result of the provincial sport lottery administration
centers' decision to temporarily suspend accepting online lottery
orders, or temporary suspension, the Company did not generate any
revenue from sports lottery sales in the second quarter of
2017.
Investment in MelcoLot
On June 6, 2017, the Company
purchased from Melco LottVentures Holdings Limited an aggregate of
1,278,714,329 shares (the "Sale Shares") of MelcoLot Limited
("MelcoLot"), a company listed on the Hong Kong Stock Exchange
(Stock Code: 8198), representing approximately 40.65% of MelcoLot's
existing issued share capital as of the acquisition date. The total
consideration for the Sale Shares is approximately HK$322.2 million (US$41.3
million), equivalent to approximately HK$0.252 per Sale Share. Melcolot is principally
engaged in the provision of lottery-related technologies, systems
and solutions to two state-run lottery operators in
China, namely the China Welfare Lottery Issuance Centre and
China Sports Lottery Administration Centre ("CSLA"). MelcoLot is a
distributor of high quality, versatile lottery terminals and parts
for CSLA, which is the exclusive sports lottery operator in
China. MelcoLot provides game
upgrading technology and system maintenance service for thdotee
rapid-draw game"Shi Shi Cai" in
Chongqing Municipality. MelcoLot has also established a wide
presence by managing a network of retail outlets in China. The Company accounted for the purchase
as an equity method investment.
Second Quarter 2017 Highlights
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•
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Net revenues were
RMB19.3 million (US$2.8 million), compared with RMB18.4 million for
the first quarter of 2017, and RMB1.2 million for the second
quarter of 2016.
|
|
|
|
•
|
Operating loss was
RMB69.5 million (US$10.3 million), compared with operating loss of
RMB63.9 million for the first quarter of 2017, and operating loss
of RMB89.4 million for the second quarter of 2016.
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|
|
|
•
|
Non-GAAP1
operating loss was RMB43.7 million (US$6.4 million), compared with
non-GAAP operating loss of RMB35.1 million for the first quarter of
2017, and non-GAAP operating loss of RMB40.7 million for the second
quarter of 2016.
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|
|
|
•
|
Net loss attributable
to 500.com was RMB52.6 million (US$7.8 million), compared with net
loss attributable to 500.com of RMB62.3 million for the first
quarter of 2017, and net loss attributable to 500.com of RMB27.7
million for the second quarter of 2016.
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|
|
|
•
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Non-GAAP net loss
attributable to 500.com was RMB26.8 million (US$4.0 million),
compared with non-GAAP net loss attributable to 500.com of RMB33.6
million for the first quarter of 2017, and non-GAAP net income
attributable to 500.com of RMB21.0 million for the second quarter
of 2016.
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|
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•
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Basic and diluted
losses per ADS were RMB1.29 and RMB1.29, respectively.
|
|
|
|
•
|
Non-GAAP basic and
diluted losses per ADS were RMB0.66 and RMB0.66,
respectively.
|
Mr. Zhengming Pan, the CEO of
500.com, stated, "We voluntarily and temporarily suspended our
online lottery sales operations in response to the promulgation of
the Self-Inspection Notice. Such temporary and voluntary suspension
materially and adversely impacted our financial results for the
second quarter of 2017. We want to restate that the Company was one
of the two entities approved by the Ministry of Finance in 2012 to
provide online lottery sales services on behalf of the China Sports
Lottery Administration Center. In particular, such approval
mandated that the China Sports Lottery Administration Center use
its best effort to develop an online lottery sales management
system as part of a pilot program for online lottery sales in
China, and once such a management
system is finished, the China Sports Lottery Administration Center
should apply again for approval from the Ministry of Finance for
official commencement of online lottery sales in China. The Company notes that it has been
working and will continue to work with the China Sports Lottery
Administration Center to develop the management system. To the best
of the Company's knowledge, the approval by the Ministry of Finance
for the Company to provide online lottery sales services on behalf
of the China Sports Lottery Administration Center is valid and has
not been revoked or amended as of the date of this earnings
release."
"As part of our effort to expand
our business scope and create additional revenue sources, we have
commenced our sports information and mobile gaming businesses since
the fourth quarter of 2016, and have witnessed steady revenue
growth from them. We have also acquired approximately 40.65% of the
issued share capital of MelcoLot Limited in June 2017 and completed the acquisition of 93.0%
equity interest of The Multi Group Ltd in July 2017. We believe that these businesses and
strategic acquisitions will create strong synergies with our
existing operation platform."
Second Quarter 2017 Financial Results
Net Revenues
Net revenues were RMB19.3million
(US$2.8 million), representing a
significant increase from RMB1.2
million for the second quarter of 2016 and an increase of
4.9% from RMB18.4 million for the
first quarter of 2017. Net revenues for the second quarter of 2017
were primarily generated from mobile gaming and sports information
services, which commenced in the fourth quarter of 2016 and
continued to grow.
Operating Expenses
Operating expenses were RMB89.7
million (US$13.2 million),
representing a decrease of 6.8% from RMB96.2
million during the second quarter of 2016, and an increase
of 8.3% from RMB82.8 million during
the first quarter of 2017. The year-over-year decrease was mainly
due to a decreases in share-based compensation expenses associated
with share options granted to the Company's employees of
RMB22.9 million, which was partially
offset by increases in marketing and promotional expenses relating
to mobile gaming and sports information services of RMB5.5 million, rental expenses of RMB3.6 million for the Company's new office,
depreciation and amortization associated with acquired intangible
assets of RMB1.8 million, salary
expenses of RMB2.8 million for mobile
gaming and sports information services and a bad debt provision of
RMB2.4 million provided for other
receivables during the second quarter of 2017. The sequential
increase was mainly attributable to increases in marketing and
promotional expenses relating to mobile gaming and sports
information services of RMB3.9
million, salary expenses of RMB2.6
million, a bad debt provision of RMB2.4 million provided for other receivables
during the second quarter of 2017 and travel expenses of
RMB0.8 million, which were partially
offset by a decrease in share-based compensation expenses
associated with share options granted to the Company's employees of
RMB2.9 million.
Cost of services was RMB5.7
million (US$0.8 million),
representing an increase of 67.6% from RMB3.4 million during the second quarter of 2016,
and a slight decrease of 3.4% from RMB5.9
million during the first quarter of 2017. The year-over-year
increase was mainly attributable to increases in amortization
associated with acquired intangible assets of RMB3.1 million and account handling expenses
related to the Company's mobile distribution channels of
RMB0.7 million, which were partially
offset by a decrease in share-based compensation expenses
associated with share options granted to the Company's employees of
RMB1.4 million.
Sales and marketing expenses were RMB15.1
million (US$2.2 million),
representing an increase of 33.6% from RMB11.3 million during the second quarter of
2016, and an increase of 38.5% from RMB10.9
million during the first quarter of 2017. The year-over-year
and sequential increases were mainly attributable to an increase in
marketing and promotional expenses relating to mobile gaming and
sports information services.
General and administrative expenses were RMB53.3 million (US$7.9
million), representing a decrease of 15.8% from RMB63.3 million during the second quarter of
2016, and an increase of 4.3% from RMB51.1
million during the first quarter of 2017. The year-over-year
decrease was mainly due to decreases in share-based compensation
expenses associated with share options granted to the Company's
employees of RMB16.1 million and
depreciation and amortization expenses of RMB1.3 million, which were partially offset by
increases in rental expenses of RMB3.6
million for the Company's new office, a bad debt provision
of RMB2.4 million provided for other
receivables during the second quarter of 2017 and salary expenses
of RMB1.7 million. The sequential
increase was mainly attributable to a bad debt provision of
RMB2.4 million provided for other
receivables during the second quarter of 2017, travel expenses of
RMB0.8 million and salary expenses of
RMB0.8 million, which were partially
offset by decreases in share-based compensation expenses associated
with share options granted to the Company's employees of
RMB1.1 million and consulting
expenses of RMB0.9 million.
Service development expenses were RMB15.6
million (US$2.3 million),
representing a decrease of 14.3% from RMB18.2 million during the second quarter of
2016, and a slight increase of 4.7% from RMB14.9 million during the first quarter of 2017.
The year-over-year decrease was mainly due to a decrease in
share-based compensation expenses associated with share options
granted to the Company's employees of RMB3.4
million, which was partially offset by an increase in salary
expenses of RMB1.7 million for mobile
gaming and sports information services. The sequential increase was
mainly attributable to an increase in salary expenses of
RMB1.2 million, which was partially
offset by decreases in share-based compensation expenses associated
with share options granted to the Company's employees of
RMB0.5million.
Operating Loss
Operating loss was RMB69.5 million
(US$10.3 million), compared with
operating loss of RMB89.4 million
during the second quarter of 2016, and operating loss of
RMB63.9 million during the first
quarter of 2017.
Non-GAAP operating loss was RMB43.7
million (US$6.4 million),
compared with non-GAAP operating loss of RMB40.7 million during the second quarter of
2016, and non-GAAP operating loss of RMB35.1
million during the first quarter of 2017.
Net Loss Attributable to 500.com
Net loss attributable to 500.com was RMB52.6 million (US$7.8
million), compared with net loss attributable to 500.com of
RMB27.7 million during the second
quarter of 2016, and net loss attributable to 500.com of
RMB62.3 million during the first
quarter of 2017. The year-over-year increase was mainly
attributable to a gain from the disposal of Sumpay.cn of
RMB64.8 million recognized during the
second quarter of 2016, there was no such gain recognized during
the second quarter of 2017. Which was partially offset by an
increase in revenues generated from mobile gaming and sports
information services of RMB18.1
million and a reversal of uncertain tax liabilities of
RMB18.6 million during the second
quarter of 2017. The sequential decrease was mainly due to a
reversal of uncertain tax liabilities of RMB18.6 million during the second quarter of
2017, which was partially offset by an increase in operating
expenses of RMB6.9 million during the
second quarter of 2017.
Non-GAAP net loss attributable to 500.com was RMB26.8 million (US$4.0
million), compared with non-GAAP net income attributable to
500.com of RMB21.0 million during the
second quarter of 2016, and non-GAAP net loss attributable to
500.com of RMB33.6 million during the
first quarter of 2017.
Cash and Cash Equivalents, Restricted Cash, Time Deposits and
Short-term Investments
As of June 30, 2017, the Company
had cash and cash equivalents of RMB606.1
million (US$89.4 million),
restricted cash2 of
RMB439.0 million (US$64.8 million) and short-term investments of
RMB115.0 million (US$17.0 million), compared with cash and cash
equivalents of RMB1,413.4 million,
restricted cash of RMB2.3 million,
and short-term investments of RMB100.0
million as of March 31,
2017.
Prepayments and Other Current Assets
As of June 30, 2017, the balance
of prepayment and other current assets was RMB45.8 million (US$6.8
million), compared with RMB70.4
million as of March 31, 2017.
The balance as of June 30, 2017
mainly included: (i) the current portion of deferred expenses of
RMB7.9 million (US$1.2 million); (ii) receivables of deposits of
RMB17.6 million (US$2.6 million); (iii) receivables from third
party payment service providers of RMB4.3
million (US$0.6 million); and
(iv) other receivables of RMB16.0
million (US$2.4
million).
Business Outlook
The Company will not make earnings forecast until it receives
clear instruction on the resumption date of online sports lottery
sales from the Ministry of Finance.
Currency Convenience Translation
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate of
RMB6.7793 to US$1.00, as set forth in the H.10 statistical
release of the Federal Reserve Board on June
30, 2017.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery
service provider in China. The
Company offers a comprehensive and integrated suite of online
lottery services, information, user tools and virtual community
venues to its users. 500.com was among the first companies to
provide online lottery services in China, and is one of two entities that have
been approved by the Ministry of Finance to provide online lottery
sales services on behalf of the China Sports Lottery Administration
Center, which is the government authority that is in charge of the
issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
About Non-GAAP Financial Measures
To supplement the Company's financial results presented in
accordance with U.S. GAAP, the Company uses non-GAAP financial
measures, which are adjusted from results based on U.S. GAAP to
exclude share-based compensation expenses in our consolidated
affiliated entities. Reconciliations of non-GAAP financial measures
to U.S. GAAP financial measures are set forth in table at the end
of this release, which provide more details on the non-GAAP
financial measures.
Non-GAAP financial information is provided as additional
information to help investors compare business trends among
different reporting periods on a consistent basis and to enhance
investors' overall understanding of the historical and current
financial performance of the Company's continuing operations and
prospects for the future. Non-GAAP financial information should not
be considered a substitute for or superior to U.S. GAAP results. In
addition, calculations of this non-GAAP financial information may
be different from calculations used by other companies, and
therefore comparability may be limited.
|
1 Non-GAAP financial
measures exclude the impact of share-based compensation expenses.
Reconciliations of non-GAAP financial measures to U.S. GAAP
financial measures are set forth in the table at the end of this
release.
|
|
2 Restricted cash
represents government grants received but pending for final
clearance and the deposit in security account for mandatory cash
offer for the share purchase of MelcoLot, which was subsequently
collected as of this financial report.
|
For more information, please contact:
500.com Limited
ir@500wan.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
|
500.com
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for
number of shares)
|
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|
December 31,
2016
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
|
Audited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
673,102
|
|
|
|
606,077
|
|
|
|
89,401
|
|
|
Restricted
cash
|
|
|
3,704
|
|
|
|
438,962
|
|
|
|
64,750
|
|
|
Time
deposits
|
|
|
804,692
|
|
|
|
-
|
|
|
|
-
|
|
|
Short-term
investments
|
|
|
100,000
|
|
|
|
115,000
|
|
|
|
16,963
|
|
|
Prepayments and other
current assets
|
|
|
125,534
|
|
|
|
45,763
|
|
|
|
6,751
|
|
|
Total current
assets
|
|
|
1,707,032
|
|
|
|
1,205,802
|
|
|
|
177,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
53,935
|
|
|
|
85,369
|
|
|
|
12,593
|
|
|
Intangible assets,
net
|
|
|
61,547
|
|
|
|
56,887
|
|
|
|
8,391
|
|
|
Goodwill
|
|
|
160,438
|
|
|
|
132,938
|
|
|
|
19,609
|
|
|
Deposits
|
|
|
5,810
|
|
|
|
5,899
|
|
|
|
870
|
|
|
Long-term
investments
|
|
|
85,459
|
|
|
|
386,184
|
|
|
|
56,965
|
|
|
Other non-current
assets
|
|
|
2,671
|
|
|
|
4,436
|
|
|
|
654
|
|
|
Total non-current
assets
|
|
|
369,860
|
|
|
|
671,713
|
|
|
|
99,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
2,076,892
|
|
|
|
1,877,515
|
|
|
|
276,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued payroll and
welfare payable
|
|
|
16,270
|
|
|
|
9,728
|
|
|
|
1,435
|
|
|
Accrued expenses and
other current liabilities
|
|
|
184,155
|
|
|
|
118,566
|
|
|
|
17,489
|
|
|
Income tax
payable
|
|
|
9,050
|
|
|
|
2,664
|
|
|
|
393
|
|
|
Total current
liabilities
|
|
|
209,475
|
|
|
|
130,958
|
|
|
|
19,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
payables
|
|
|
44,472
|
|
|
|
27,512
|
|
|
|
4,058
|
|
|
Deferred tax
liabilities
|
|
|
14,902
|
|
|
|
13,572
|
|
|
|
2,002
|
|
|
Total non-current
liabilities
|
|
|
59,374
|
|
|
|
41,084
|
|
|
|
6,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
268,849
|
|
|
|
172,042
|
|
|
|
25,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005 per share, 700,000,000
shares authorized as of December 31, 2016 and June 30,
2017;
335,494,792 and 333,275,882 shares issued and outstanding as of
December 31, 2016 and June 30, 2017, respectively
|
|
|
115
|
|
|
|
115
|
|
|
|
17
|
|
|
Class B ordinary
shares, par value US$0.00005 per share; 300,000,000
shares authorized as of December 31, 2016 and June 30, 2017;
74,400,299
and 74,400,299 shares issued and outstanding as of December 31,
2016 and
June 30, 2017, respectively
|
|
|
28
|
|
|
|
28
|
|
|
|
4
|
|
|
Additional paid-in
capital
|
|
|
2,198,385
|
|
|
|
2,255,413
|
|
|
|
332,691
|
|
|
Treasury
shares
|
|
|
(123,258)
|
|
|
|
(143,780)
|
|
|
|
(21,209)
|
|
|
Accumulated
deficit
|
|
|
(538,328)
|
|
|
|
(653,271)
|
|
|
|
(96,363)
|
|
|
Accumulated other
comprehensive income
|
|
|
172,589
|
|
|
|
143,279
|
|
|
|
21,135
|
|
|
Total 500.com
Limited shareholders' equity
|
|
|
1,709,531
|
|
|
|
1,601,784
|
|
|
|
236,275
|
|
|
Noncontrolling
interests
|
|
|
98,512
|
|
|
|
103,689
|
|
|
|
15,295
|
|
|
Total
shareholders' equity
|
|
|
1,808,043
|
|
|
|
1,705,473
|
|
|
|
251,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
2,076,892
|
|
|
|
1,877,515
|
|
|
|
276,947
|
|
|
500.com
Limited
|
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for
number of shares, per share (or ADS) data)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2016
|
|
|
March 31,
2017
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Net
Revenues
|
|
|
1,238
|
|
|
|
18,436
|
|
|
|
19,315
|
|
|
|
2,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
|
(3,436)
|
|
|
|
(5,850)
|
|
|
|
(5,691)
|
|
|
|
(839)
|
|
|
Sales and
marketing
|
|
|
(11,303)
|
|
|
|
(10,894)
|
|
|
|
(15,057)
|
|
|
|
(2,221)
|
|
|
General and
administrative
|
|
|
(63,339)
|
|
|
|
(51,110)
|
|
|
|
(53,344)
|
|
|
|
(7,869)
|
|
|
Service development
expenses
|
|
|
(18,163)
|
|
|
|
(14,907)
|
|
|
|
(15,565)
|
|
|
|
(2,296)
|
|
|
Total operating
expenses
|
|
|
(96,241)
|
|
|
|
(82,761)
|
|
|
|
(89,657)
|
|
|
|
(13,225)
|
|
|
Other operating
income
|
|
|
897
|
|
|
|
49
|
|
|
|
35
|
|
|
|
5
|
|
|
Government
grant
|
|
|
5,081
|
|
|
|
934
|
|
|
|
3,893
|
|
|
|
574
|
|
|
Other operating
expense
|
|
|
(346)
|
|
|
|
(517)
|
|
|
|
(3,093)
|
|
|
|
(456)
|
|
|
Operating
loss
|
|
|
(89,371)
|
|
|
|
(63,859)
|
|
|
|
(69,507)
|
|
|
|
(10,253)
|
|
|
Others,
net
|
|
|
-
|
|
|
|
302
|
|
|
|
(4,751)
|
|
|
|
(701)
|
|
|
Interest
income
|
|
|
3,609
|
|
|
|
6,784
|
|
|
|
5,039
|
|
|
|
743
|
|
|
Loss from equity
method investments
|
|
|
(73)
|
|
|
|
(130)
|
|
|
|
(591)
|
|
|
|
(87)
|
|
|
Gain from disposal of
subsidiaries
|
|
|
64,778
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Changes in fair value
of contingent considerations
|
|
|
-
|
|
|
|
(467)
|
|
|
|
(622)
|
|
|
|
(92)
|
|
|
Loss before income
tax
|
|
|
(21,057)
|
|
|
|
(57,370)
|
|
|
|
(70,432)
|
|
|
|
(10,390)
|
|
|
Income tax (expense)
benefit
|
|
|
(8,312)
|
|
|
|
(2,670)
|
|
|
|
20,706
|
|
|
|
3,054
|
|
|
Net
loss
|
|
|
(29,369)
|
|
|
|
(60,040)
|
|
|
|
(49,726)
|
|
|
|
(7,336)
|
|
|
Less: Net (loss)
income attributable to the non-
controlling interests
|
|
|
(1,658)
|
|
|
|
2,278
|
|
|
|
2,899
|
|
|
|
428
|
|
|
Net loss
attributable to 500.com Limited
|
|
|
(27,711)
|
|
|
|
(62,318)
|
|
|
|
(52,625)
|
|
|
|
(7,764)
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
32,012
|
|
|
|
(7,108)
|
|
|
|
(21,448)
|
|
|
|
(3,164)
|
|
|
Change in fair value
of available for sale securities
|
|
|
55
|
|
|
|
1,946
|
|
|
|
(2,700)
|
|
|
|
(398)
|
|
|
Other
comprehensive income (loss), net of tax
|
|
|
32,067
|
|
|
|
(5,162)
|
|
|
|
(24,148)
|
|
|
|
(3,562)
|
|
|
Comprehensive
income (loss)
|
|
|
2,698
|
|
|
|
(65,202)
|
|
|
|
(73,874)
|
|
|
|
(10,898)
|
|
|
Less: Comprehensive
(loss) income attributable to
noncontrolling interests
|
|
|
(1,658)
|
|
|
|
2,278
|
|
|
|
2,899
|
|
|
|
428
|
|
|
Comprehensive
income (loss) attributable to 500.com Limited
|
|
|
4,356
|
|
|
|
(67,480)
|
|
|
|
(76,773)
|
|
|
|
(11,326)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.07)
|
|
|
|
(0.15)
|
|
|
|
(0.13)
|
|
|
|
(0.02)
|
|
|
Diluted
|
|
|
(0.07)
|
|
|
|
(0.15)
|
|
|
|
(0.13)
|
|
|
|
(0.02)
|
|
|
Losses per
ADS* attributable to 500.com Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.67)
|
|
|
|
(1.52)
|
|
|
|
(1.29)
|
|
|
|
(0.19)
|
|
|
Diluted
|
|
|
(0.67)
|
|
|
|
(1.52)
|
|
|
|
(1.29)
|
|
|
|
(0.19)
|
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
413,814,006
|
|
|
|
409,325,173
|
|
|
|
408,079,914
|
|
|
|
408,079,914
|
|
|
Diluted
|
|
|
413,814,006
|
|
|
|
409,325,173
|
|
|
|
408,079,914
|
|
|
|
408,079,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
|
500.com
Limited
|
|
Reconciliation of
non-GAAP results of operations measures to the nearest comparable
GAAP measures
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for
number of shares, per share (or ADS) data)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2016
|
|
|
March 31,
2017
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Operating
loss
|
|
|
(89,371)
|
|
|
|
(63,859)
|
|
|
|
(69,507)
|
|
|
|
(10,253)
|
|
|
Adjustment for
share-based compensation expenses
|
|
|
48,706
|
|
|
|
28,729
|
|
|
|
25,842
|
|
|
|
3,812
|
|
|
Adjusted operating
loss (non-GAAP)
|
|
|
(40,665)
|
|
|
|
(35,130)
|
|
|
|
(43,665)
|
|
|
|
(6,441)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to 500.com Limited
|
|
|
(27,711)
|
|
|
|
(62,318)
|
|
|
|
(52,625)
|
|
|
|
(7,764)
|
|
|
Adjustment for
share-based compensation expenses
|
|
|
48,706
|
|
|
|
28,729
|
|
|
|
25,842
|
|
|
|
3,812
|
|
|
Adjusted net
income (loss) attributable to 500.com
Limited (non-GAAP)
|
|
|
20,995
|
|
|
|
(33,589)
|
|
|
|
(26,783)
|
|
|
|
(3,952)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses)
per share attributable to 500.com
Limited (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.05
|
|
|
|
(0.08)
|
|
|
|
(0.07)
|
|
|
|
(0.01)
|
|
|
Diluted
|
|
|
0.05
|
|
|
|
(0.08)
|
|
|
|
(0.07)
|
|
|
|
(0.01)
|
|
|
Earnings (Losses)
per ADS* attributable to 500.com
Limited (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.51
|
|
|
|
(0.82)
|
|
|
|
(0.66)
|
|
|
|
(0.10)
|
|
|
Diluted
|
|
|
0.49
|
|
|
|
(0.82)
|
|
|
|
(0.66)
|
|
|
|
(0.10)
|
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
413,814,006
|
|
|
|
409,325,173
|
|
|
|
408,079,914
|
|
|
|
408,079,914
|
|
|
Diluted
|
|
|
424,203,719
|
|
|
|
409,325,173
|
|
|
|
408,079,914
|
|
|
|
408,079,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
View original
content:http://www.prnewswire.com/news-releases/500com-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2017-300495923.html
SOURCE 500.com Limited