SHENZHEN, China, Nov. 6,
2018 /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 third quarter ended
September 30, 2018.
Physical Sales Channels of Sports Lottery Tickets
On March 6, 2018, the Company
entered into a framework agreement with the China Sports Lottery
Administration Center ("CSLA"), under which, both parties plan to
cooperate to develop physical channels to sell sports lottery
tickets.
As of the reporting date, the Company has entered into framework
agreements with Tianjin, Hunan and several other provinces and
cities in China, assisted in
developing physical sales channels of sports lottery tickets and
started trial operations in Tianjin, Hunan and several other provinces. 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 enhance the convenience
of sports lottery ticket purchases and optimize the user experience
for 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.
Other Recent Material Transactions
On July 17, 2017, the Company
acquired The Multi Group Ltd ("TMG"), one of the top online lottery
betting and online casino platforms operated out of Malta with a significant market share in the
Nordic countries. This acquisition has contributed significantly to
the increase of the Company's revenue.
On February 9, 2018, the Company
disposed of all its equity interest in Qufan Cayman and Shenzhen
Qufan ("Qufan"), an operator of mobile social poker games, which
was acquired on November 25,
2016.
Third Quarter 2018 Highlights for
Continuing Operations
- Net revenues were RMB30.1 million
(US$4.4 million), compared with
RMB30.4 million for the second
quarter of 2018, and RMB29.0 million
for the third quarter of 2017.
- Operating loss was RMB105.3
million (US$15.3 million),
compared with operating loss of RMB76.2
million for the second quarter of 2018, and operating loss
of RMB78.7 million for the third
quarter of 2017.
- Non-GAAP[1] operating loss was RMB62.6 million (US$9.1
million), compared with non-GAAP operating loss of
RMB56.9 million for the second
quarter of 2018, and non-GAAP operating loss of RMB65.3 million for the third quarter of
2017.
- Net loss attributable to 500.com was RMB101.6 million (US$14.8
million), compared with net loss attributable to 500.com of
RMB52.9 million for the second
quarter of 2018, and net loss attributable to 500.com of
RMB72.2 million for the third quarter
of 2017.
- Non-GAAP net loss attributable to 500.com was RMB58.8 million (US$8.6
million), compared with non-GAAP net loss attributable to
500.com of RMB33.5 million for the
second quarter of 2018, and non-GAAP net loss attributable to
500.com of RMB58.8 million for the
third quarter of 2017.
- Basic and diluted losses per ADS were RMB2.40 (US$0.35).
- Non-GAAP basic and diluted losses per ADS were RMB1.40 (US$0.20).
[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.
|
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 TMG in
July 2017, and this acquisition has
significantly increased our revenue. In addition, in March 2018, we entered into a framework agreement
with CSLA, under which, both parties plan to cooperate 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 trial operation in Tianjin, Hunan and several other provinces. We
will continue to look for opportunities to enhance shareholders'
value."
Third Quarter 2018 Financial Results for
Continuing Operations
Net Revenues
The Company has assessed the impact of the ASC 606 guidance at
the beginning of 2018 by reviewing its existing customer contracts
and current accounting policies and practices to identify
differences that will result from applying the new requirements,
including the evaluation of its performance obligations,
transaction price, customer payments, transfer of control and
principal versus agent considerations. Based on the
assessment, the Company concluded that there was no change to the
timing and pattern of revenue recognition for its current revenue
streams in scope of Topic 606 and therefore there was no material
changes to the Company's consolidated financial statements upon
adoption of ASC 606.
Net revenues were RMB30.1 million
(US$4.4 million) for the third
quarter of 2018, representing an increase of RMB1.1 million or 3.8% increase from RMB29.0 million for the third quarter of 2017 and
a slight decrease of RMB0.3 million
or 1.0% decrease from RMB30.4 million
for the second quarter of 2018. Net revenues during the third
quarter of 2018 consisted primarily of RMB23.5 million (EUR2.9
million) in revenue contribution from online lottery betting
and online casino in Europe
through TMG, which accounted for 78.1% of total net revenues.
The Company acquired TMG in July
2017, on a pro forma basis, had the TMG acquisition been
completed on January 1, 2017, it
would have contributed total net revenue of RMB27.3 million (EUR3.5
million) to the Company for the three months ended
September 30, 2017, which would bring
the total net revenue of the Company to RMB33.8 million for the third quarter of
2017.
Operating Expenses
Operating expenses were RMB135.7
million (US$19.8 million) for
the third quarter of 2018, representing an increase of RMB28.1 million or 26.1% increase from
RMB107.6 million for the third
quarter of 2017, and an increase of RMB24.9
million or 22.5% increase from RMB110.8 million for the second quarter of 2018.
The year-over-year increase was mainly due to an increase of
RMB29.3 million in share-based
compensation expenses associated with share options granted to the
Company's employees; an increase of RMB4.4
million in depreciation and amortization associated with
leasehold improvements for the Company's new offices which began
being used at the end of 2017; an increase of RMB2.5 million in TMG's marketing and promotional
expenses associated with online lottery betting and online casino
resulting from a full quarter being consolidated in 2018 as
compared to partial consolidation following the acquisition on
July 17, 2017; an increase of
RMB2.3 million in rental expenses for
the Company's new offices; an increase of RMB1.6 million in amortization associated with
acquired intangible assets; an increase of RMB0.9 million in platform service fees for TMG
associated with online casino; and an increase of RMB0.6 million in salary expenses, which were
partially offset by a decrease of RMB13.0
million in consulting expenses associated with the
successful acquisition of TMG in July
2017, as well as a decrease of RMB0.6
million in conference expenses. The sequential increase was
mainly due to an increase of RMB23.4
million in share-based compensation expenses associated with
share options granted to the Company's employees and an increase of
RMB1.8 million in salary
expenses.
Cost of services was RMB18.5
million (US$2.7 million) for
the third quarter of 2018, representing an increase of RMB2.6 million or 16.4% increase from
RMB15.9 million for the third quarter
of 2017, and a decrease of RMB0.9
million or 4.6% decrease from RMB19.4
million for the second quarter of 2018. The year-over-year
increase was mainly attributable to an increase of RMB1.6 million in amortization associated with
acquired intangible assets and an increase of RMB0.9 million in platform service fees for TMG
associated with online casino. The sequential decrease was mainly
attributable to a decrease of RMB1.6
million in business insurance costs for TMG associated with
online lottery betting, which was partially offset by an increase
of RMB0.3 million in platform service
fees for TMG associated with online casino and an increase of
RMB0.2 million in depreciation
associated with sports lottery terminals.
Sales and marketing expenses were RMB26.6
million (US$3.9 million) for
the third quarter of 2018, representing an increase of RMB8.0 million or 43.0% increase from
RMB18.6 million for the third quarter
of 2017, and an increase of RMB5.1
million or 23.7% increase from RMB21.5 for the second quarter of 2018. The
year-over-year increase was mainly attributable to an increase of
RMB2.6 million in share-based
compensation expenses associated with share options granted to the
Company's employees; an increase of RMB2.5
million in TMG's marketing and promotional expenses
associated with online lottery betting and online casino resulting
from a full quarter being consolidated in 2018 as compared to
partial consolidation following the acquisition on July, 2017; an
increase of RMB1.5 million in salary
expenses; an increase of RMB0.6
million in travelling expenses; and an increase of
RMB0.4 million in rental expenses for
the Company's provincial offices associated with physical sales
channels of sports lottery tickets. The sequential increase was
mainly attributable to an increase of RMB2.3
million in share-based compensation expenses associated with
share options granted to the Company's employees; an increase of
RMB1.7 million in salary expenses
associated with physical sales channels of sports lottery
tickets; an increase of RMB0.4
million in rental expenses for the Company's provincial
offices associated with physical sales channels of sports lottery
tickets; and an increase of RMB0.3
million in travelling expenses.
General and administrative expenses were RMB73.3 million (US$10.7
million) for the third quarter of 2018, representing an
increase of RMB13.8 million or 23.2%
increase from RMB59.5 million for the
third quarter of 2017, and an increase of RMB17.2 million or 30.7% increase from
RMB56.1 million for the second
quarter of 2018. The year-over-year increase was mainly
attributable to an increase of RMB22.0
million in share-based compensation expenses associated with
share options granted to the Company's employees; an increase of
RMB4.4 million in depreciation and
amortization associated with leasehold improvements for the
Company's new offices which began being used at the end of 2017;
and an increase of RM1.1 million in
salary expenses, which were partially offset by a decrease of
RMB12.3 million in consulting
expenses; a decrease of RMB0.6
million in conference expenses; a decrease of RMB0.5 million in rental expenses; and a decrease
of RMB0.4 million in entertainment
expenses. The sequential increase was mainly due to an increase of
RMB17.0 million in share-based
compensation expenses associated with share options granted to the
Company's employees.
Service development expenses were RMB17.4
million (US$2.5 million) for
the third quarter of 2018, representing an increase of RMB3.8 million or 27.9% increase from
RMB13.6 million for the third quarter
of 2017, and an increase of RMB3.7
million or 27.0% increase from RMB13.7 million for the second quarter of 2018.
The year-over-year increase was mainly due to an increase of
RMB4.7 million in share-based
compensation expenses associated with share options granted to the
Company's employees, and an increase of RMB2.4 million in rental expenses for the
Company's new offices which began being used at the end of 2017,
which were partially offset by a decrease of RMB2.0 million in salary expenses; a decrease of
RMB0.7 million in consulting
expenses; and a decrease of RMB0.6
million in technical fees. The sequential increase was
mainly due to an increase of RMB4.1
million in share-based compensation expenses associated with
share options granted to the Company's employees, which was
partially offset by a decrease of RMB0.3
million in consulting expenses.
Operating Loss
Operating loss was RMB105.3
million (US$15.3 million) for
the third quarter of 2018, compared with operating loss of
RMB78.7 million for the third quarter
of 2017, and operating loss of RMB76.2
million for the second quarter of 2018, respectively.
Non-GAAP operating loss was RMB62.6
million (US$9.1 million) for
the third quarter of 2018, compared with non-GAAP operating loss of
RMB65.3 million for the third quarter
of 2017, and non-GAAP operating loss of RMB56.9 million for the second quarter of 2018,
respectively.
Net Loss Attributable to 500.com
Net loss attributable to 500.com was RMB101.6 million (US$14.8million) for the third quarter of 2018,
compared with net loss attributable to 500.com of RMB72.2 million for the third quarter of 2017,
and net loss attributable to 500.com of RMB52.9 million for the second quarter of 2018,
respectively. The year-over-year increase was mainly due to the
increased share-based compensation expenses of RMB29.3 million associated with share options
granted to the Company's employees. The sequential increase was
mainly due to the increased share-based compensation expenses of
RMB23.4 million associated with share
options granted to the Company's employees, as well as a reversal
of uncertain tax liabilities of RMB20.7
million during the second quarter of 2018, while, no such
reversal was recorded during the third quarter of 2018.
Non-GAAP net loss attributable to 500.com was RMB58.8 million (US$8.6
million) for the third quarter of 2018, compared with
non-GAAP net loss attributable to 500.com of RMB58.8 million for the third quarter of 2017,
and non-GAAP net loss attributable to 500.com of RMB33.5 million for the second quarter of 2018,
respectively.
Third Quarter 2018 Financial Results for
Discontinued Operations
Net income from discontinued operations, net of
taxes
While there was no net income from discontinued operations for
the three months ended June 30, 2018
and September 30, 2018. Net income
from discontinued operations, net of taxes, was RMB4.0 million for the three months ended
September 30, 2017. The Company
disposed of Qufan on February 9, 2018
for a total consideration of RMB127.5
million and recognized a disposal gain of RMB10.2 million, including foreign exchange loss.
The comparative financial information for the three months ended
September 30, 2017 has been
reclassified to reflect the disposal of Qufan business segment as a
discontinued operation.
Cash and Cash Equivalents, Restricted Cash, Time
Deposits and Short-term Investments
As of September 30, 2018, the
Company had cash and cash equivalents of RMB496.4 million (US$72.3
million), restricted cash[2] of RMB1.3 million (US$0.2
million) and short-term investments of RMB100.0 million (US$14.6
million), compared with cash and cash equivalents of
RMB491.2 million, restricted cash of
RMB1.2 million and short-term
investments of RMB100.0 million as of
June 30, 2018.
[2] Restricted
cash represents government grants received but pending final
clearance.
|
Prepayments and Other Current Assets
As of September 30, 2018, the
balance of prepayment and other current assets was RMB51.6 million (US$7.5
million), compared with RMB74.8
million as of June 30, 2018.
The balance as of September 30, 2018
mainly included: (i) the current portion of deferred expenses of
RMB11.2 million (US$1.6 million); (ii) deposit receivables of
RMB1.6 million (US$0.2 million); (iii) receivables of
consideration from disposal of subsidiaries of RMB4.3 million (US$0.6
million); (iv) receivables from third party payment service
providers of RMB0.5 million
(US$0.1 million); (v) deductible
value added input tax of RMB12.1
million (US$1.8 million); and
(vi) other receivables of RMB21.9
million (US$3.2 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
RMB6.8680 to US$1.00, as set forth in the H.10 statistical
release of the Federal Reserve Board on September 28, 2018 and all translations from
Renminbi to EUR were made at the average of the month-end exchange
rate of RMB7.7876 to EUR1.00, as set forth in the statistical release
of State Administration of Foreign Exchange at the end of each
month in 2018.
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.
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,
2017
|
|
September 30,
2018
|
September 30,
2018
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
Audited
|
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
529,124
|
|
496,420
|
72,280
|
Restricted
cash
|
|
1,238
|
|
1,250
|
182
|
Short-term
investments
|
|
120,000
|
|
100,000
|
14,560
|
Accounts
receivable
|
|
-
|
|
6
|
1
|
Prepayments and other
current assets
|
|
86,660
|
|
51,623
|
7,516
|
Total current
assets
|
|
737,022
|
|
649,299
|
94,539
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
|
106,991
|
|
104,547
|
15,222
|
Intangible assets,
net
|
|
291,086
|
|
222,242
|
32,359
|
Deposits
|
|
5,764
|
|
4,934
|
718
|
Long-term
investments
|
|
347,073
|
|
356,452
|
51,900
|
Other non-current
assets
|
|
6,257
|
|
3,168
|
461
|
Goodwill
|
|
260,366
|
|
129,752
|
18,892
|
Total non-current
assets
|
|
1,017,537
|
|
821,095
|
119,552
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
1,754,559
|
|
1,470,394
|
214,091
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll
and welfare payable
|
|
16,683
|
|
5,436
|
791
|
Accrued
expenses and other current
liabilities
|
|
152,337
|
|
86,038
|
12,527
|
Income tax
payable
|
|
6,917
|
|
2,667
|
388
|
Total current
liabilities
|
|
175,937
|
|
94,141
|
13,706
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
payables
|
|
27,785
|
|
4,531
|
660
|
Deferred tax
liabilities
|
|
19,475
|
|
4,058
|
591
|
Total non-current
liabilities
|
|
47,260
|
|
8,589
|
1,251
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
223,197
|
|
102,730
|
14,957
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
22,052
|
|
19,878
|
2,894
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005 per share, 700,000,000
shares
authorized as
of December 31, 2017 and September 30, 2018;
333,787,552
and 350,454,532
shares issued and outstanding as of December 31,2017 and
September 30, 2018, respectively
|
|
115
|
|
121
|
18
|
Class B ordinary
shares, par value US$0.00005 per share; 300,000,000 shares
authorized as of December 31, 2017 and September 30, 2018;
74,400,299 and
74,400,299 shares issued and outstanding as of December 31, 2017
and
September 30, 2018, respectively
|
|
28
|
|
28
|
4
|
Additional paid-in
capital
|
|
2,295,111
|
|
2,417,271
|
351,960
|
Treasury
shares
|
|
(143,780)
|
|
(143,780)
|
(20,935)
|
Accumulated
deficit
|
|
(857,751)
|
|
(1,070,731)
|
(155,901)
|
Accumulated other
comprehensive
income
|
|
116,051
|
|
155,775
|
22,681
|
Total 500.com
Limited shareholders'
equity
|
|
1,409,774
|
|
1,358,684
|
197,827
|
Noncontrolling
interests
|
|
99,536
|
|
(10,898)
|
(1,587)
|
Total
shareholders' equity
|
|
1,509,310
|
|
1,347,786
|
196,240
|
|
|
|
|
|
|
TOTAL LIABILITIES,
NONCONTROLLING INTEREST AND
SHAREHOLDERS' EQUITY
|
|
1,754,559
|
|
1,470,394
|
214,091
|
500.com
Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2017
|
|
June 30,
2018
|
|
September 30,
2018
|
September 30,
2018
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
Net
Revenues
|
|
28,963
|
|
30,394
|
|
30,109
|
4,384
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
Cost of services
|
|
(15,947)
|
|
(19,425)
|
|
(18,468)
|
(2,689)
|
Sales and marketing
|
|
(18,625)
|
|
(21,521)
|
|
(26,591)
|
(3,872)
|
General and administrative
|
|
(59,478)
|
|
(56,148)
|
|
(73,290)
|
(10,671)
|
Service development expenses
|
|
(13,558)
|
|
(13,726)
|
|
(17,379)
|
(2,530)
|
Total operating
expenses
|
|
(107,608)
|
|
(110,820)
|
|
(135,728)
|
(19,762)
|
Other operating income
|
|
523
|
|
2,331
|
|
1,099
|
160
|
Government grant
|
|
397
|
|
2,685
|
|
408
|
59
|
Other operating expenses
|
|
(969)
|
|
(816)
|
|
(1,235)
|
(180)
|
Operating loss
from continuing operations
|
|
(78,694)
|
|
(76,226)
|
|
(105,347)
|
(15,339)
|
Others, net
|
|
8
|
|
(120)
|
|
183
|
27
|
Interest income
|
|
4,282
|
|
4,164
|
|
3,811
|
555
|
Loss from equity method investments
|
|
(119)
|
|
(2,773)
|
|
(4,369)
|
(636)
|
Gain from disposal of a subsidiary
|
|
-
|
|
93
|
|
579
|
84
|
Changes in fair value of contingent considerations
|
|
(640)
|
|
-
|
|
-
|
-
|
Loss before income
tax
|
|
(75,163)
|
|
(74,862)
|
|
(105,143)
|
(15,309)
|
Income tax (expense)
benefit
|
|
(794)
|
|
20,497
|
|
712
|
104
|
Net loss from
continuing operations
|
|
(75,957)
|
|
(54,365)
|
|
(104,431)
|
(15,205)
|
|
|
|
|
|
|
|
|
Net income from
discontinued operations, net of applicable income
taxes
|
|
4,001
|
|
-
|
|
-
|
-
|
Net
loss
|
|
(71,956)
|
|
(54,365)
|
|
(104,431)
|
(15,205)
|
Net loss attributable to
noncontrolling interest from continuing operations
|
|
(1,682)
|
|
(1,503)
|
|
(2,865)
|
(417)
|
Net income attributable to
noncontrolling interest from discontinued operations
|
1,958
|
|
-
|
|
-
|
-
|
Net income (loss)
attributable to noncontrolling interests
|
|
276
|
|
(1,503)
|
|
(2,865)
|
(417)
|
Net loss
attributable to 500.com Limited
|
|
(72,232)
|
|
(52,862)
|
|
(101,566)
|
(14,788)
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
Foreign currency translation (loss) gain
|
|
(16,669)
|
|
35,305
|
|
30,437
|
4,432
|
Other
comprehensive (loss) income, net of tax
|
|
(16,669)
|
|
35,305
|
|
30,437
|
4,432
|
Comprehensive
loss
|
|
(88,625)
|
|
(19,060)
|
|
(73,994)
|
(10,773)
|
Less: Comprehensive income (loss) attributable to
noncontrolling interests
|
|
460
|
|
(2,815)
|
|
(3,914)
|
(570)
|
Comprehensive loss
attributable to 500.com Limited
|
|
(89,085)
|
|
(16,245)
|
|
(70,080)
|
(10,203)
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
407,742,917
|
|
417,329,462
|
|
423,278,359
|
423,278,359
|
Diluted
|
|
407,742,917
|
|
417,329,462
|
|
423,278,359
|
423,278,359
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com Limited-Basic and Diluted
|
|
|
|
|
|
|
|
Net loss from continuing
operations
|
|
(0.19)
|
|
(0.13)
|
|
(0.24)
|
(0.03)
|
Net income from discontinued
operations
|
|
0.01
|
|
-
|
|
-
|
-
|
Net loss
|
|
(0.18)
|
|
(0.13)
|
|
(0.24)
|
(0.03)
|
|
|
|
|
|
|
|
|
Losses per
ADS* attributable to 500.com Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
Net loss from continuing
operations
|
|
(1.87)
|
|
(1.27)
|
|
(2.40)
|
(0.35)
|
Net income from discontinued
operations
|
|
0.10
|
|
-
|
|
-
|
-
|
Net loss
|
|
(1.77)
|
|
(1.27)
|
|
(2.40)
|
(0.35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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$"),
except for number of shares, per share (or ADS)
data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2017
|
|
June 30,
2018
|
|
September 30,
2018
|
September 30,
2018
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
Operating loss
from continuing operations
|
|
(78,694)
|
|
(76,226)
|
|
(105,347)
|
(15,339)
|
Adjustment for share-based compensation expenses
|
|
13,404
|
|
19,331
|
|
42,721
|
6,220
|
Adjusted operating
loss from continuing operations (non-GAAP)
|
|
(65,290)
|
|
(56,895)
|
|
(62,626)
|
(9,119)
|
|
|
|
|
|
|
|
|
Net loss attributable
to 500.com Limited from continuing
operations
|
|
(76,233)
|
|
(52,862)
|
|
(101,566)
|
(14,788)
|
Net income
attributable to 500.com Limited from
discontinued operations
|
|
4,001
|
|
-
|
|
-
|
-
|
Net loss
attributable to 500.com Limited
|
|
(72,232)
|
|
(52,862)
|
|
(101,566)
|
(14,788)
|
Adjustment for share-based compensation expenses
|
|
13,404
|
|
19,331
|
|
42,721
|
6,220
|
Adjusted net loss
attributable to 500.com Limited from
continuing operations (non-GAAP)
|
|
(62,829)
|
|
(33,531)
|
|
(58,845)
|
(8,568)
|
Adjusted net income
attributable to 500.com Limited
from discontinued operations (non-GAAP)
|
|
4,001
|
|
-
|
|
-
|
-
|
Adjusted net loss
attributable to 500.com Limited
(non-GAAP)
|
|
(58,828)
|
|
(33,531)
|
|
(58,845)
|
(8,568)
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com Limited
(non-GAAP)-Basic and diluted
|
|
|
|
|
|
|
|
Net loss from continuing
operations (non-GAAP)
|
|
(0.15)
|
|
(0.08)
|
|
(0.14)
|
(0.02)
|
Net income from discontinued
operations (non-GAAP)
|
0.01
|
|
-
|
|
-
|
-
|
Net loss
(non-GAAP)
|
|
(0.14)
|
|
(0.08)
|
|
(0.14)
|
(0.02)
|
|
|
|
|
|
|
|
|
Losses per
ADS* attributable to 500.com Limited
(non-GAAP)-Basic and diluted
|
|
|
|
|
|
|
|
Net loss from continuing
operations (non-GAAP)
|
|
(1.44)
|
|
(0.80)
|
|
(1.40)
|
(0.20)
|
Net income from discontinued
operations (non-GAAP)
|
0.10
|
|
-
|
|
-
|
-
|
Net loss
(non-GAAP)
|
|
(1.34)
|
|
(0.80)
|
|
(1.40)
|
(0.20)
|
|
|
|
|
|
|
|
|
Basic
|
|
407,742,917
|
|
417,329,462
|
|
423,278,359
|
423,278,359
|
Diluted
|
|
407,742,917
|
|
417,329,462
|
|
423,278,359
|
423,278,359
|
|
|
|
|
|
|
|
|
* 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-third-quarter-ended-september-30-2018-300744776.html
SOURCE 500.com Limited