SHENZHEN, China, Aug. 6, 2019 /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,
2019.
Physical Sales Channels of Sports Lottery Tickets
In March 2018, the Company
entered into a framework agreement with the China Sports Lottery
Administration Center ("CSLA"), pursuant to which the Company will
cooperate with CSLA to develop physical channels to sell sports
lottery tickets.
As of the reporting date, the Company had entered into framework
agreements with Tianjin,
Hunan and several other provincial
(including regional and municipal) sports lottery centers and
started operations in Tianjin,
Hunan, Hubei, Guangxi and several other provinces and cities
in China. The Company is committed
to assisting sports lottery sales organizations throughout the
country to improve the distribution of physical sales channel
outlets in order to facilitate sports lottery ticket purchases and
optimize the experience of lottery purchasers.
Suspension of Online Sports Lottery Sales in China
All provincial sports lottery administration centers to which
the Company provided sports lottery sales services have 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. In response to
the Self-Inspection Notice, on April 4,
2015, the Company decided to voluntarily suspend all online
lottery sales services. As a result of the provincial sport lottery
administration centers' decision to suspend accepting online
lottery orders and the Company's voluntary suspension of all online
sports lottery sales services in China, the Company has not generated any
revenue from these services since April
2015.
Second Quarter
2019 Highlights
- Net revenues were RMB11.1 million
(US$1.6 million), compared with
RMB14.3 million for the first quarter
of 2019, and RMB30.4 million for the
second quarter of 2018.
- Operating loss was RMB138.3
million (US$20.1 million),
compared with operating loss of RMB97.3
million for the first quarter of 2019, and operating loss of
RMB72.0 million for the second
quarter of 2018.
- Non-GAAP[1] operating loss was RMB118.1 million (US$17.2
million), compared with non-GAAP operating loss of
RMB68.6 million for the first quarter
of 2019, and non-GAAP operating loss of RMB52.7 million for the second quarter of
2018.
- Net loss attributable to 500.com was RMB137.8 million (US$20.1
million), compared with net loss attributable to 500.com of
RMB93.2 million for the first quarter
of 2019, and net loss attributable to 500.com of RMB48.6 million for the second quarter of
2018.
- Non-GAAP net loss attributable to 500.com was RMB117.6 million (US$17.1
million), compared with non-GAAP net loss attributable to
500.com of RMB64.5 million for the
first quarter of 2019, and non-GAAP net loss attributable to
500.com of RMB29.3 million for the
second quarter of 2018.
- Basic and diluted losses per ADS were RMB3.22 (US$0.47).
- Non-GAAP basic and diluted losses per ADS were RMB2.74 (US$0.40).
Mr. Zhengming Pan, the CEO of
500.com, stated, "Since we voluntarily suspended our online lottery
sales operations in April 2015, we
have continued to engage in new and promising initiatives to
increase our revenue base. For example, we acquired The Multi
Group, or TMG, in July 2017, and
revenue from TMG is a major component of our current revenue. In
addition, in March 2018, we entered
into a framework agreement with CSLA, pursuant to which we will
cooperate with CSLA to develop physical channels to sell sports
lottery tickets. In that regard, we have entered into framework
agreements with Tianjin,
Hunan and several other provinces
and cities in China to assist them
in developing physical sales channels of sports lottery tickets. We
also have started operations in Tianjin, Hunan, Hubei,
Guangxi and several other
provinces and cities in China. We
will continue to look for additional opportunities to enhance value
for our shareholders."
Second Quarter 2019 Financial
Results
Net Revenues
Net revenues were RMB11.1 million
(US$1.6 million) for the second
quarter of 2019, representing a decrease of RMB19.3 million or 63.5% from RMB30.4 million for the second quarter of 2018
and a decrease of RMB3.2 million or
22.4% from RMB14.3 million for
the first quarter of 2019. Net revenues during the second
quarter of 2019 consisted primarily of RMB11.0 million (EUR1.4
million) in revenue contribution from the Company's
online lottery betting and online casino in Europe through TMG, which accounted for 99.1%
of total net revenues. The year-over-year decrease was mainly
attributable to a decrease of RMB16.1
million resulting from the website migration in connection
with the conversion of TMG's Swedish license, which migration
required users to re-register, and a decrease of RMB3.1 million caused by the ceased operation of
sports information services in China in March
2019. The sequential decrease was mainly attributable to a
decrease of RMB3.3 million caused by
the ceased operation of sports information services in China in March
2019.
Operating Expenses
Operating expenses were RMB87.8
million (US$12.8 million) for
the second quarter of 2019, representing a decrease of RMB23.0 million or 20.8% from RMB110.8 million for the second quarter of
2018, and a decrease of RMB23.4
million or 21.0% from RMB111.2 million for the first quarter of
2019. The year-over-year decrease was mainly due to a decrease
of RMB14.5 million in marketing and
promotional expenses relating to a change in TMG's marketing
strategy, a decrease of RMB2.8
million in lottery insurance costs for TMG associated with
its reduced online lottery operations, a decrease of RMB2.5 million in consulting expenses, a decrease
of RMB2.4 million in expenses for
employees, a decrease of RMB0.8
million in depreciation and amortization associated with
leasehold improvements, a decrease of RMB0.8
million in account handling expenses and a decrease of
RMB0.4 million in platform service
costs for TMG associated with its reduction in online lottery
and online casino operations, which were partially offset by an
increase of RMB1.1 million in
regulatory and compliance fees related to TMG's Swedish license,
and an increase of RMB0.9 million in
share-based compensation expenses associated with share options
granted to the Company's employees. The sequential decrease
was mainly due to a decrease of RMB8.5
million in share-based compensation expenses associated with
share options granted to the Company's employees, a decrease of
RMB8.5 million in depreciation
and amortization associated with leasehold improvements, a
decrease of RMB4.4 million in
marketing and promotional expenses mainly relating to a change in
TMG's marketing strategy, a decrease of RMB0.9 million in expenses for employees and a
decrease of RMB0.5 million in account
handling expenses.
Cost of services was RMB16.5 million (US$2.4 million) for the second quarter of
2019, representing a decrease of RMB2.9
million or 14.9% from RMB19.4 million for the second quarter
of 2018, and a slight decrease of RMB0.5
million or 2.9% from RMB17.0 million for the first quarter
of 2019. The year-over-year decrease was mainly attributable
to a decrease of RMB2.8 million
in lottery insurance costs, a decrease of RMB0.8 million in account handling expenses and a
decrease of RMB0.4 in platform
service costs. All of the above decreases were associated with
TMG's reduced online lottery and online casino operations, which
were partially offset by an increase of RMB1.1 million in regulatory and compliance fees
related to TMG's Swedish license.
Sales and marketing expenses were RMB9.6 million (US$1.4 million) for the second quarter of
2019, representing a decrease of RMB11.9
million or 55.3% from RMB21.5 million for the second quarter
of 2018, and a decrease of RMB5.2
million or 35.1% from RMB14.8
million for the first quarter of 2019. The year-over-year
decrease was mainly attributable to a decrease of RMB14.5 million in marketing and promotional
expenses relating to a change in TMG's marketing strategy, which
was partially offset by an increase of RMB1.6 million in expenses for employees in
connection with the operation of physical sales channels of sports
lottery tickets started in the third quarter of 2018, an increase
of RMB0.3 million in depreciation
associated with leasehold improvements for the Company's provincial
offices for physical sales channels of sports lottery tickets and
an increase of RMB0.3 million in
rental expenses associated with the Company's provincial offices
for physical sales channels of sports lottery tickets. The
sequential decrease was mainly attributable to a decrease of
RMB4.4 million in marketing and
promotional expenses mainly relating to a change in TMG's marketing
strategy and a decrease of RMB0.9
million in share-based compensation expenses associated with
share options granted to the Company's employees.
General and administrative expenses were RMB50.0 million (US$7.3 million) for the second quarter of
2019, representing a decrease of RMB6.1
million or 10.9% from RMB56.1
million for the second quarter of 2018, and a decrease
of RMB15.7 million or 23.9% from
RMB65.7 million for the
first quarter of 2019. The year-over-year decrease was mainly
due to a decrease of RMB2.9 million
in expenses for employees, a decrease of RMB2.1 million in consulting expenses and a
decrease of RMB1.1 million
in depreciation and amortization associated with leasehold
improvements. The sequential decrease was mainly due to a decrease
of RMB8.5 million
in depreciation and amortization associated with leasehold
improvements, a decrease of RMB6.1
million in share-based compensation expenses associated
with share options granted to the Company's employees, and a
decrease of RMB1.0 million in
expenses for employees.
Service development expenses were RMB11.8 million (US$1.7 million) for the second quarter of
2019, representing a decrease of RMB1.9
million or 13.9% from RMB13.7
million for the second quarter of 2018, and a decrease of
RMB2.0 million or 14.5% from
RMB13.8 million for the
first quarter of 2019. The year-over-year decrease was mainly
due to a decrease of RMB1.1
million in expenses for employees, a decrease of
RMB0.3 million in consulting
expenses, and a decrease of RMB0.2
million in share-based compensation expenses associated with
share options granted to the Company's employees. The sequential
decrease was mainly due to a decrease of RMB1.6 million in share-based compensation
expenses associated with share options granted to the Company's
employees and a decrease of RMB0.2
million in expenses for employees.
Impairment of Goodwill
Impairment of goodwill was RMB57.2
million (US$8.3 million) for
the second quarter of 2019. There was no such impairment for the
first quarter of 2019 and the second quarter of 2018. The
impairment of goodwill was related to the Company's acquisition of
TMG.
Operating Loss
Operating loss was RMB138.3
million (US$20.1 million) for
the second quarter of 2019, including the
impairment of goodwill of RMB57.2
million (US$8.3
million), compared with operating loss of
RMB72.0 million for the
second quarter of 2018, and operating loss of RMB97.3 million for the first quarter of
2019.
Non-GAAP operating loss was RMB118.1
million (US$17.2 million) for
the second quarter of 2019, compared with non-GAAP operating
loss of RMB52.7 million for
the second quarter of 2018, and non-GAAP operating loss of
RMB68.6 million for the
first quarter of 2019.
Net Loss Attributable to
500.com
Net loss attributable to 500.com was RMB137.8 million (US$20.1 million) for the second quarter of 2019,
compared with net loss attributable to 500.com of RMB48.6 million for the second quarter
of 2018, and net loss attributable to 500.com of RMB93.2 million for the first quarter
of 2019. The year-over-year increase was mainly due to an
impairment provision of RMB57.2
million for goodwill during the second quarter of 2019 and a
reversal of uncertain tax liabilities of RMB20.7 million during the second quarter of
2018. The sequential increase was mainly due to an impairment
provision of RMB57.2 million for
goodwill during the second quarter of 2019.
Non-GAAP net loss attributable to 500.com was RMB117.6 million (US$17.1
million) for the second quarter of 2019, compared with
non-GAAP net loss attributable to 500.com of RMB29.3 million for the second quarter
of 2018, and non-GAAP net loss attributable to 500.com of
RMB64.5 million for the
first quarter of 2019.
Cash and Cash Equivalents, Restricted Cash, Time
Deposits and Short-term Investments
As of June 30, 2019, the Company
had cash and cash equivalents of RMB312.5 million (US$45.5 million), restricted
cash[2] of RMB4.3 million (US$0.6 million) and time deposits[3]
of RMB137.5 million (US$20.0 million), compared with cash and cash
equivalents of RMB386.6 million,
restricted cash of RMB4.2
million and short-term investments of RMB100.0 million as of March 31, 2019.
Prepayments and Other Current Assets
As of June 30, 2019, the balance
of prepayment and other current assets was RMB54.0 million (US$7.9 million), compared with RMB66.7 million as of March 31, 2019. The balance as of June 30, 2019 mainly included: (i) the
current portion of deferred expenses of RMB9.7 million (US$1.4 million); (ii) receivables from
third party payment providers of RMB4.5
million (US$0.7 million);
(iii) deposit receivables of RMB1.9
million (US$0.3 million);
(iv) receivables of consideration from disposal of subsidiaries of
RMB4.3 million (US$0.6 million); (v) deductible value added
input tax of RMB13.9
million (US$2.0 million);
and (vi) other receivables of RMB19.7 million (US$2.9 million).
Business Outlook
The Company does not expect to issue any earnings forecast until
it receives clear instructions as to 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
RMB6.8650 to US$1.00, as set forth in the H.10 statistical
release of the Federal Reserve Board on June 28, 2019, and all
translations from Renminbi to EUR were made at the exchange rate of
RMB7.6488 to EUR1.00, which was the average of the month-end
exchange rates as set forth in the statistical release of State
Administration of Foreign Exchange at the end of each month in
2019.
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 the Company's
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: (i)
government grants received but pending final clearance; and (ii)
deposits in Sata bank in Malta yet to be withdrawn.
|
|
[3]Time
deposits represent six-month fixed-interest deposits with
commercial banks.
|
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)
|
|
|
|
December 31,
2018
|
June 30,
2019
|
June 30,
2019
|
|
|
RMB
|
RMB
|
US$
|
|
|
Audited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
435,133
|
312,546
|
45,527
|
|
Restricted
cash
|
|
1,254
|
4,289
|
625
|
|
Time
deposits
|
|
|
137,494
|
20,028
|
|
Short-term
investments
|
|
100,000
|
-
|
-
|
|
Amounts due from
related parties
|
|
|
10,181
|
1,483
|
|
Prepayments and other
current assets
|
|
65,198
|
53,973
|
7,862
|
|
Total current
assets
|
|
601,585
|
518,483
|
75,525
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
|
97,195
|
78,768
|
11,474
|
|
Intangible assets,
net
|
|
214,962
|
201,056
|
29,287
|
|
Deposits
|
|
5,152
|
4,954
|
722
|
|
Long-term
investments
|
|
194,375
|
181,475
|
26,435
|
|
Other non-current
assets*
|
|
3,563
|
50,923
|
7,418
|
|
Goodwill
|
|
129,752
|
71,276
|
10,383
|
|
Total non-current
assets
|
|
644,999
|
588,452
|
85,719
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
1,246,584
|
1,106,935
|
161,244
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll
and welfare payable
|
|
9,779
|
5,021
|
731
|
|
Accrued
expenses and other current liabilities
|
|
88,149
|
59,689
|
8,695
|
|
Income tax
payable
|
|
1,766
|
1,972
|
287
|
|
Other
short-term liabilities*
|
|
-
|
14,405
|
2,098
|
|
Total current
liabilities
|
|
99,694
|
81,087
|
11,811
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
payables
|
|
4,196
|
3,626
|
528
|
|
Deferred tax
liabilities
|
|
7,744
|
7,281
|
1,061
|
|
Other long-term
liabilities*
|
|
-
|
45,417
|
6,616
|
|
Total non-current
liabilities
|
|
11,940
|
56,324
|
8,205
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
111,634
|
137,411
|
20,016
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
29,388
|
29,388
|
4,281
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005
per share, 700,000,000 shares authorized as of
December 31, 2018 and June 30, 2019;
350,804,532 and 419,752,602 shares issued and
outstanding as of December 31, 2018 and June 30,
2019, respectively
|
|
121
|
146
|
21
|
|
Class B ordinary
shares, par value US$0.00005
per share; 300,000,000 shares authorized as of
December 31, 2018 and June 30, 2019;
74,400,299 and 10,000,099 shares issued and
outstanding as of December 31, 2018 and June 30,
2019, respectively
|
|
28
|
4
|
1
|
|
Additional paid-in
capital
|
|
2,431,924
|
2,502,051
|
364,465
|
|
Treasury
shares
|
|
(143,780)
|
(143,780)
|
(20,944)
|
|
Accumulated
deficit
|
|
(1,309,424)
|
(1,540,452)
|
(224,392)
|
|
Accumulated other
comprehensive income
|
|
137,736
|
136,764
|
19,922
|
|
Total 500.com
Limited shareholders' equity
|
|
1,116,605
|
954,733
|
139,073
|
|
Noncontrolling
interests
|
|
(11,043)
|
(14,597)
|
(2,126)
|
|
Total
shareholders' equity
|
|
1,105,562
|
940,136
|
136,947
|
|
|
|
|
|
|
TOTAL LIABILITIES,
NONCONTROLLING
INTEREST AND SHAREHOLDERS' EQUITY
|
|
1,246,584
|
1,106,935
|
161,244
|
|
|
|
|
|
|
* We have adopted ASU
No. 2016-02, "Leases," beginning January 1, 2019. As a result of
adoption of the
standard, we recognized a right-of-use asset of approximately RMB49
million in other non-current assets, and a
lease liability of approximately RMB14 million and RMB45 million in
other short-term liabilities and other long-
term liabilities, respectively, on our consolidated balance sheet
as of June 30, 2019.
|
|
500.com
Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2018
|
|
March 31,
2019
|
|
June 30,
2019
|
June 30,
2019
|
|
June 30,
2018
|
|
June 30,
2019
|
June 30,
2019
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
|
Net
Revenues
|
|
30,394
|
|
14,277
|
|
11,133
|
1,622
|
|
68,820
|
|
25,410
|
3,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services
|
|
(19,425)
|
|
(17,008)
|
|
(16,455)
|
(2,397)
|
|
(40,959)
|
|
(33,463)
|
(4,874)
|
|
Sales and marketing expenses
|
|
(21,521)
|
|
(14,765)
|
|
(9,567)
|
(1,394)
|
|
(43,028)
|
|
(24,332)
|
(3,544)
|
|
General and administrative expenses
|
|
(56,147)
|
|
(65,679)
|
|
(49,991)
|
(7,282)
|
|
(114,089)
|
|
(115,670)
|
(16,849)
|
|
Service development expenses
|
|
(13,725)
|
|
(13,787)
|
|
(11,825)
|
(1,723)
|
|
(28,395)
|
|
(25,612)
|
(3,731)
|
|
Total operating
expenses
|
|
(110,818)
|
|
(111,239)
|
|
(87,838)
|
(12,796)
|
|
(226,471)
|
|
(199,077)
|
(28,998)
|
|
Other operating income
|
|
5,888
|
|
3,763
|
|
974
|
142
|
|
5,426
|
|
4,737
|
690
|
|
Government grant
|
|
2,685
|
|
2,645
|
|
377
|
55
|
|
3,675
|
|
3,022
|
440
|
|
Other operating expenses
|
|
(162)
|
|
(6,760)
|
|
(5,707)
|
(831)
|
|
(365)
|
|
(12,467)
|
(1,816)
|
|
Impairment of goodwill
|
|
-
|
|
-
|
|
(57,218)
|
(8,335)
|
|
-
|
|
(57,218)
|
(8,335)
|
|
Operating loss
from continuing operations
|
|
(72,013)
|
|
(97,314)
|
|
(138,279)
|
(20,143)
|
|
(148,915)
|
|
(235,593)
|
(34,318)
|
|
Other (expenses) income, net
|
|
(120)
|
|
388
|
|
1
|
-
|
|
(229)
|
|
389
|
57
|
|
Interest income
|
|
4,164
|
|
3,690
|
|
3,405
|
496
|
|
7,778
|
|
7,095
|
1,034
|
|
Loss from equity method investments
|
|
(2,773)
|
|
(343)
|
|
(6,568)
|
(957)
|
|
(4,356)
|
|
(6,911)
|
(1,007)
|
|
Gain from disposal of a subsidiary
|
|
93
|
|
-
|
|
-
|
-
|
|
1,935
|
|
-
|
-
|
|
Loss before income
tax
|
|
(70,649)
|
|
(93,579)
|
|
(141,441)
|
(20,604)
|
|
(143,787)
|
|
(235,020)
|
(34,234)
|
|
Income tax benefit
|
|
20,497
|
|
98
|
|
342
|
50
|
|
21,610
|
|
440
|
64
|
|
Net loss from
continuing operations
|
|
(50,152)
|
|
(93,481)
|
|
(141,099)
|
(20,554)
|
|
(122,177)
|
|
(234,580)
|
(34,170)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations , net of
applicable income taxes
|
|
-
|
|
-
|
|
-
|
-
|
|
2,183
|
|
-
|
-
|
|
Gain on disposal of discontinued
operations, net of applicable income taxes
|
|
-
|
|
-
|
|
-
|
-
|
|
10,160
|
|
-
|
-
|
|
Net income from
discontinued operations,
net of applicable income taxes
|
|
-
|
|
-
|
|
-
|
-
|
|
12,343
|
|
-
|
-
|
|
Net
loss
|
|
(50,152)
|
|
(93,481)
|
|
(141,099)
|
(20,554)
|
|
(109,834)
|
|
(234,580)
|
(34,170)
|
|
Less: Net loss attributable to noncontrolling
interest and Redeemable noncontrollling
interest from continuing operations
|
(1,503)
|
|
(248)
|
|
(3,306)
|
(482)
|
|
(3,483)
|
|
(3,554)
|
(518)
|
|
Less: Net income attributable to
noncontrolling interest from discontinued
operations
|
-
|
|
-
|
|
-
|
-
|
|
1,099
|
|
-
|
-
|
|
Net loss attributable to noncontrolling
interests
|
(533)
|
|
(248)
|
|
(3,306)
|
(482)
|
|
(1,020)
|
|
(3,554)
|
(518)
|
|
Net loss attributable to Redeemable
noncontrolling interests
|
(970)
|
|
-
|
|
-
|
-
|
|
(1,364)
|
|
-
|
-
|
|
Net loss
attributable to 500.com Limited
|
|
(48,649)
|
|
(93,233)
|
|
(137,793)
|
(20,072)
|
|
(107,450)
|
|
(231,026)
|
(33,652)
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss)
|
|
35,305
|
|
(8,858)
|
|
7,886
|
1,149
|
|
9,287
|
|
(972)
|
(142)
|
|
Other
comprehensive income (loss), net of
tax
|
35,305
|
|
(8,858)
|
|
7,886
|
1,149
|
|
9,287
|
|
(972)
|
(142)
|
|
Comprehensive
loss
|
|
(14,847)
|
|
(102,339)
|
|
(133,213)
|
(19,405)
|
|
(100,547)
|
|
(235,552)
|
(34,312)
|
|
Less: Comprehensive loss attributable to
noncontrolling interests and Redeemable
nontrolling interest
|
(2,815)
|
|
(248)
|
|
(3,306)
|
(482)
|
|
(1,822)
|
|
(3,554)
|
(518)
|
|
Comprehensive loss
attributable to
500.com Limited
|
(12,032)
|
|
(102,091)
|
|
(129,907)
|
(18,923)
|
|
(98,725)
|
|
(231,998)
|
(33,794)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
417,329,462
|
|
425,828,633
|
|
428,561,237
|
428,561,237
|
|
413,593,195
|
|
427,202,484
|
427,202,484
|
|
Diluted
|
|
417,329,462
|
|
425,828,633
|
|
428,561,237
|
428,561,237
|
|
413,593,195
|
|
427,202,484
|
427,202,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com
Limited-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(0.12)
|
|
(0.22)
|
|
(0.32)
|
(0.05)
|
|
(0.56)
|
|
(0.54)
|
(0.08)
|
|
Net income from discontinued operations
|
|
-
|
|
-
|
|
-
|
-
|
|
0.30
|
|
-
|
-
|
|
Net loss
|
|
(0.12)
|
|
(0.22)
|
|
(0.32)
|
(0.05)
|
|
(0.26)
|
|
(0.54)
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per
ADS* attributable to 500.com
Limited-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(1.20)
|
|
(2.20)
|
|
(3.22)
|
(0.47)
|
|
(2.90)
|
|
(5.41)
|
(0.79)
|
|
Net income from discontinued operations
|
|
-
|
|
-
|
|
-
|
-
|
|
0.30
|
|
-
|
-
|
|
Net loss
|
|
(1.20)
|
|
(2.20)
|
|
(3.22)
|
(0.47)
|
|
(2.60)
|
|
(5.41)
|
(0.79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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$"),
except for number of shares, per share (or ADS)
data)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2018
|
|
March 31,
2019
|
|
June 30,
2019
|
June 30,
2019
|
|
June 30,
2018
|
|
June 30,
2019
|
June 30,
2019
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
|
Operating loss
from continuing operations
|
|
(72,013)
|
|
(97,314)
|
|
(138,279)
|
(20,143)
|
|
(148,915)
|
|
(235,593)
|
(34,318)
|
|
Adjustment for share-based compensation
expenses
|
|
19,331
|
|
28,716
|
|
20,203
|
2,943
|
|
40,698
|
|
48,919
|
7,126
|
|
Adjusted operating
loss from continuing
operations (non-GAAP)
|
|
(52,682)
|
|
(68,598)
|
|
(118,076)
|
(17,200)
|
|
(108,217)
|
|
(186,674)
|
(27,192)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to 500.com Limited from
continuing operations
|
|
(48,649)
|
|
(93,233)
|
|
(137,793)
|
(20,072)
|
|
(119,793)
|
|
(231,026)
|
(33,652)
|
|
Net income
attributable to 500.com Limited from
discontinued operations
|
|
-
|
|
-
|
|
-
|
-
|
|
12,343
|
|
-
|
-
|
|
Net loss
attributable to 500.com Limited
|
|
(48,649)
|
|
(93,233)
|
|
(137,793)
|
(20,072)
|
|
(107,450)
|
|
(231,026)
|
(33,652)
|
|
Adjustment for share-based compensation
expenses
|
|
19,331
|
|
28,716
|
|
20,203
|
2,943
|
|
40,698
|
|
48,919
|
7,126
|
|
Adjusted net loss
attributable to 500.com Limited from
continuing operations (non-GAAP)
|
|
(29,318)
|
|
(64,517)
|
|
(117,590)
|
(17,129)
|
|
(79,095)
|
|
(182,107)
|
(26,526)
|
|
Adjusted net income
attributable to 500.com Limited
from discontinued operations (non-GAAP)
|
|
-
|
|
-
|
|
-
|
-
|
|
12,343
|
|
-
|
-
|
|
Adjusted net loss
attributable to 500.com Limited
(non-GAAP)
|
|
(29,318)
|
|
(64,517)
|
|
(117,590)
|
(17,129)
|
|
(66,752)
|
|
(182,107)
|
(26,526)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com Limited
(non-GAAP)-Basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations (non-GAAP)
|
|
(0.07)
|
|
(0.15)
|
|
(0.27)
|
(0.04)
|
|
(0.19)
|
|
(0.43)
|
(0.06)
|
|
Net income from discontinued operations (non-GAAP)
|
-
|
|
-
|
|
-
|
-
|
|
0.03
|
|
-
|
-
|
|
Net loss (non-GAAP)
|
|
(0.07)
|
|
(0.15)
|
|
(0.27)
|
(0.04)
|
|
(0.16)
|
|
(0.43)
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per
ADS* attributable to 500.com Limited
(non-GAAP)-Basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations (non-GAAP)
|
|
(0.70)
|
|
(1.52)
|
|
(2.74)
|
(0.40)
|
|
(1.91)
|
|
(4.26)
|
(0.62)
|
|
Net income from discontinued operations (non-GAAP)
|
-
|
|
-
|
|
-
|
-
|
|
0.30
|
|
-
|
-
|
|
Net loss (non-GAAP)
|
|
(0.70)
|
|
(1.52)
|
|
(2.74)
|
(0.40)
|
|
(1.61)
|
|
(4.26)
|
(0.62)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
417,329,462
|
|
425,828,633
|
|
428,561,237
|
428,561,237
|
|
413,593,195
|
|
427,202,484
|
427,202,484
|
|
Diluted
|
|
417,329,462
|
|
425,828,633
|
|
428,561,237
|
428,561,237
|
|
413,593,195
|
|
427,202,484
|
427,202,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-2019-300897232.html
SOURCE 500.com Limited