SHENZHEN, China, Nov. 11, 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
third quarter ended September 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 other provincial
(including regional and municipal) sports lottery centers and
started operations in Tianjin,
Hunan, Hubei and Guangxi 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.
Third Quarter
2019 Highlights
- Net revenues were RMB9.8 million
(US$1.4 million), compared with net
revenue of RMB9.7 million for the
second quarter of 2019, and net revenue of RMB30.1 million for the third quarter of
2018.
- Operating loss was RMB98.4
million (US$13.8 million),
compared with operating loss of RMB138.3
million for the second quarter of 2019, and operating loss
of RMB100.3 million for the third
quarter of 2018.
- Non-GAAP[1] operating loss was RMB52.3 million (US$7.3
million), compared with non-GAAP operating loss of
RMB60.9 million for the second
quarter of 2019, and non-GAAP operating loss of RMB57.6 million for the third quarter of
2018.
- Net loss attributable to 500.com was RMB95.8 million (US$13.4
million), compared with net loss attributable to 500.com of
RMB137.8 million for the second
quarter of 2019, and net loss attributable to 500.com of
RMB96.5 million for the third quarter
of 2018.
- Non-GAAP net loss attributable to 500.com was RMB49.7 million (US$7.0
million), compared with non-GAAP net loss attributable to
500.com of RMB60.4 million for the
second quarter of 2019, and non-GAAP net loss attributable to
500.com of RMB53.8 million for the
third quarter of 2018.
- Basic and diluted losses per ADS were RMB2.23 (US$0.31).
- Non-GAAP basic and diluted losses per ADS were RMB1.16 (US$0.16).
[1]
Non-GAAP financial measures exclude the impact of share-based
compensation expenses and impairment of goodwill. 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 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 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
and Guangxi in China. We released the Blue Paper on
Blockchain Technology for China's Lottery Industry in
November 2019, which provides an
in-depth study on the current state and needs
of China's lottery industry and outlines plans to drive
its sustainable development using blockchain technology."
The Blue Paper provides an in-depth study on the current
state and needs of China's lottery industry and outlines
plans to drive its sustainable development using blockchain
technology. The Paper is primarily based on 500.com's wealth of
experience and insights into the lottery industry gained over its
many years of operations and leverages its recent research and
exploration into the application of blockchain technology. Upon
such technical strength, the team designed the framework of Chinese
Lottery Chain (CLC), a blockchain solution specifically tailored
to China's lottery industry. CLC was designed to be
applied across the lottery industry where it will enhance lottery
information management security, reduce operational costs and
increase efficiency, strengthen the credibility of lottery results
in China, and reduce lottery theft and fraud.
We will continue to look for additional opportunities to enhance
value for our shareholders.
Third Quarter 2019 Financial
Results
Net Revenues
Net revenues were RMB9.8 million
(US$1.4 million) for the third
quarter of 2019, representing a decrease of RMB20.3 million or 67.4% from RMB30.1 million for the third quarter of 2018 and
a slight increase of RMB0.1 million
or 1.0% from RMB9.7 million for
the second quarter of 2019. Net revenues during the third
quarter of 2019 consisted primarily of RMB9.3 million (EUR1.2
million) in revenue contribution from the Company's
online lottery betting and online casino in Europe through TMG, which accounted for 94.9%
of total net revenues. The year-over-year decrease was mainly
attributable to a decrease of RMB14.2
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 RMB6.5 million caused by the ceased operation of
sports information services in China in March
2019.
Operating Expenses
Operating expenses were RMB79.0
million (US$11.1 million) for
the third quarter of 2019, representing a decrease of RMB56.7 million or 41.8% from RMB135.7 million for the third quarter of
2018, and a decrease of RMB7.4
million or 8.6% from RMB86.4 million for the second quarter of
2019. The year-over-year decrease was mainly due to a decrease
of RMB27.5 million in share-based
compensation expenses associated with share options granted to the
Company's employees, a decrease of RMB13.6
million in marketing and promotional expenses relating to a
change in TMG's marketing strategy, a decrease of RMB5.6 million in consulting expenses, a decrease
of RMB4.7 million in expenses for
employees, a decrease of RMB1.3
million in account handling expenses, a decrease of
RMB1.3 million in platform service
costs for TMG associated with its reduction in online lottery
and online casino operations, a decrease of RMB1.2 million in travelling expenses and a
decrease of RMB1.0 million in
depreciation and amortization associated with leasehold
improvements. The sequential decrease was mainly due to a
decrease of RMB5.0 million in
share-based compensation expenses associated with share options
granted to the Company's employees, a decrease of RMB3.1 million in consulting expenses, a decrease
of RMB0.7 million in travelling
expenses, which were partially offset by an increase of
RMB0.6 million in lottery insurance
costs and an increase of RMB0.6
million in depreciation associated with physical sales
terminals.
Cost of services was RMB16.1 million (US$2.3 million) for the third quarter of
2019, representing a decrease of RMB2.4
million or 13.0% from RMB18.5 million for the third quarter
of 2018, and an increase of RMB1.1
million or 7.3% from RMB15.0 million for the second quarter
of 2019. The year-over-year decrease was mainly attributable
to a decrease of RMB1.3 million
in account handling expenses and a decrease of RMB1.3 million in platform service costs for
TMG associated with its reduction in online lottery and online
casino operations. The sequential increase was mainly due to an
increase of RMB0.6 million in lottery
insurance costs and an increase of RMB0.6
million in depreciation associated with physical sales
terminals.
Sales and marketing expenses were RMB9.0 million (US$1.3 million) for the third quarter of
2019, representing a decrease of RMB17.6
million or 66.2% from RMB26.6 million for the third quarter
of 2018, and a slight decrease of RMB0.6
million or 6.3% from RMB9.6
million for the second quarter of 2019. The year-over-year
decrease was mainly attributable to a decrease of RMB13.6 million in marketing and promotional
expenses relating to a change in TMG's marketing strategy, a
decrease of RMB3.0 million in
share-based compensation expenses associated with share options
granted to the Company's employees and a decrease of RMB0.8 million in expenses for employees. The
sequential decrease was mainly attributable to a decrease of
RMB0.6 million in share-based
compensation expenses associated with share options granted to the
Company's employees.
General and administrative expenses were RMB42.9 million (US$6.0 million) for the third quarter of
2019, representing a decrease of RMB30.4
million or 41.5% from RMB73.3
million for the third quarter of 2018, and a decrease
of RMB7.1 million or 14.2% from
RMB50.0 million for the
second quarter of 2019. The year-over-year decrease was mainly
due to a decrease of RMB19.3 million
in share-based compensation expenses associated with share
options granted to the Company's employees, a decrease of
RMB5.6 million in consulting
expenses, a decrease of RMB3.0
million in expenses for employees, a decrease of
RMB1.0 million in depreciation
and amortization associated with leasehold improvements and a
decrease of RMB1.0 million in
travelling expenses. The sequential decrease was mainly due to a
decrease of RMB3.5 million
in share-based compensation expenses associated with share
options granted to the Company's employees, a decrease of
RMB3.0 million in consulting
expenses, and a decrease of RMB0.6
million in travelling expenses.
Service development expenses were RMB11.1 million (US$1.6 million) for the third quarter of 2019,
representing a decrease of RMB6.3
million or 36.2% from RMB17.4
million for the third quarter of 2018, and a slight decrease
of RMB0.7 million or 5.9% from
RMB11.8 million for the
second quarter of 2019. The year-over-year decrease was mainly
due to a decrease of RMB5.2
million in share-based compensation expenses associated with
share options granted to the Company's employees, a decrease of
RMB0.9 million in expenses for
employees and a decrease of RMB0.2
million in travelling expenses. The sequential decrease was
mainly due to a decrease of RMB0.9
million in share-based compensation expenses associated with
share options granted to the Company's employees.
Impairment of Goodwill
Impairment of goodwill was RMB30.9
million (US$4.3 million) for
the third quarter of 2019. Impairment of goodwill was RMB57.2 million for the second quarter of 2019
and there was no impairment of goodwill for the third quarter of
2018. The impairment of goodwill was related to the Company's
acquisition of TMG.
Operating Loss
Operating loss was RMB98.4 million
(US$13.8 million) for the third
quarter of 2019, including the impairment of goodwill of
RMB30.9 million (US$4.3 million), compared with operating
loss of RMB100.3 million
for the third quarter of 2018, and operating loss of
RMB138.3 million for the
second quarter of 2019.
Non-GAAP operating loss was RMB52.3
million (US$7.3 million) for
the third quarter of 2019, compared with non-GAAP operating
loss of RMB57.6 million for
the third quarter of 2018, and non-GAAP operating loss of
RMB60.9 million for the
second quarter of 2019.
Net Loss Attributable to
500.com
Net loss attributable to 500.com was RMB95.8 million (US$13.4 million) for the third quarter of 2019,
compared with net loss attributable to 500.com of RMB96.5 million for the third quarter
of 2018, and net loss attributable to 500.com of RMB137.8 million for the second quarter
of 2019. The sequential decrease was mainly due to a decrease in
impairment provision of RMB26.3
million for goodwill and a decrease of RMB5.0 million in share-based compensation
expenses associated with share options granted to the Company's
employees.
Non-GAAP net loss attributable to 500.com was RMB49.7 million (US$7.0
million) for the third quarter of 2019, compared with
non-GAAP net loss attributable to 500.com of RMB53.8 million for the third quarter
of 2018, and non-GAAP net loss attributable to 500.com of
RMB60.4 million for the
second quarter of 2019.
Cash and Cash Equivalents, Restricted Cash, Time
Deposits and Short-term Investments
As of September 30, 2019, the
Company had cash and cash equivalents of RMB242.7 million (US$34.0 million), restricted
cash[2] of RMB4.2 million (US$0.6 million) and time deposits[3]
of RMB165.4 million (US$23.1 million), compared with cash and cash
equivalents of RMB312.5 million,
restricted cash of RMB4.3
million and time deposits of RMB137.5 million as of June 30, 2019.
[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.
|
Prepayments and Other Current Assets
As of September 30, 2019, the
balance of prepayment and other current assets was RMB53.5 million (US$7.5 million), compared with RMB54.0 million as of June
30, 2019. The balance as of September
30, 2019 mainly included: (i) the current portion of
deferred expenses of RMB4.3 million (US$0.6 million); (ii) receivables from
third party payment providers of RMB5.5
million (US$0.8 million);
(iii) deposit receivables of RMB1.4
million (US$0.2 million);
(iv) receivables of consideration from disposal of subsidiaries of
RMB4.3 million (US$0.6 million); (v) deductible value added
input tax of RMB13.0
million (US$1.8 million);
and (vi) other receivables of RMB25.0 million (US$3.5 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
RMB7.1477 to US$1.00, as set forth in the H.10 statistical
release of the Federal Reserve Board on September 30, 2019,
and all translations from Renminbi to EUR were made at the exchange
rate of RMB7.6881 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.
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
|
September 30,
2019
|
September 30,
2019
|
|
|
RMB
|
RMB
|
US$
|
|
|
Audited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
435,133
|
242,693
|
33,954
|
Restricted
cash
|
|
1,254
|
4,246
|
594
|
Time
deposits
|
|
-
|
165,435
|
23,145
|
Short-term
investments
|
|
100,000
|
-
|
-
|
Amounts due from
related parties
|
|
-
|
10,252
|
1,434
|
Prepayments and other
current assets
|
|
65,198
|
53,540
|
7,491
|
Total current
assets
|
|
601,585
|
476,166
|
66,618
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
Property and
equipment, net
|
|
97,195
|
71,818
|
10,048
|
Intangible assets,
net
|
|
214,962
|
193,677
|
27,096
|
Deposits
|
|
5,152
|
5,870
|
821
|
Long-term
investments
|
|
194,375
|
184,436
|
25,804
|
Other non-current
assets*
|
|
3,563
|
45,949
|
6,429
|
Goodwill
|
|
129,752
|
39,680
|
5,551
|
Total non-current
assets
|
|
644,999
|
541,430
|
75,749
|
|
|
|
|
|
TOTAL
ASSETS
|
|
1,246,584
|
1,017,596
|
142,367
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accrued payroll
and welfare payable
|
|
9,779
|
53
|
7
|
Accrued
expenses and other current liabilities
|
|
88,149
|
51,894
|
7,259
|
Income tax
payable
|
|
1,766
|
2,208
|
309
|
Other
short-term liabilities*
|
|
-
|
14,502
|
2,029
|
Total current
liabilities
|
|
99,694
|
68,657
|
9,604
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term
payables
|
|
4,196
|
3,184
|
445
|
Deferred tax
liabilities
|
|
7,744
|
7,032
|
984
|
Other long-term
liabilities*
|
|
-
|
40,851
|
5,715
|
Total non-current
liabilities
|
|
11,940
|
51,067
|
7,144
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
111,634
|
119,724
|
16,748
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
29,388
|
29,388
|
4,112
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005
per share, 700,000,000 shares authorized as of
December 31, 2018 and September 30, 2019;
350,804,532 and 419,981,792 shares issued and
outstanding as of December 31, 2018 and
September 30, 2019, respectively
|
|
121
|
145
|
21
|
Class B ordinary
shares, par value US$0.00005
per share; 300,000,000 shares authorized as of
December 31, 2018 and September 30, 2019;
74,400,299 and 10,000,099 shares issued and
outstanding as of December 31, 2018 and
September 30, 2019, respectively
|
|
28
|
5
|
1
|
Additional paid-in
capital
|
|
2,431,924
|
2,517,546
|
352,218
|
Treasury
shares
|
|
(143,780)
|
(143,780)
|
(20,116)
|
Accumulated
deficit
|
|
(1,309,424)
|
(1,637,945)
|
(229,157)
|
Accumulated other
comprehensive income
|
|
137,736
|
146,921
|
20,548
|
Total 500.com
Limited shareholders' equity
|
|
1,116,605
|
882,892
|
123,515
|
Noncontrolling
interests
|
|
(11,043)
|
(14,408)
|
(2,008)
|
Total
shareholders' equity
|
|
1,105,562
|
868,484
|
121,507
|
|
|
|
|
|
TOTAL LIABILITIES,
NONCONTROLLING
INTEREST AND SHAREHOLDERS' EQUITY
|
|
1,246,584
|
1,017,596
|
142,367
|
|
|
|
|
|
* We have adopted ASU
No. 2016-02, "Leases," beginning January 1, 2019. As a result of
adoption of the standard,
we recognized a right-of-use asset of approximately RMB44 million
in other non-current assets, and a lease liability
of approximately RMB15 million and RMB41 million in other
short-term liabilities and other long-term liabilities,
respectively, on our consolidated balance sheet as of September 30,
2019.
|
500.com
Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
|
September 30,
2018
|
|
June 30,
2019
|
|
September 30,
2019
|
September 30,
2019
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
Net
Revenues
|
|
30,109
|
|
9,705
|
|
9,763
|
1,366
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
Cost of services
|
|
(18,467)
|
|
(15,032)
|
|
(16,096)
|
(2,252)
|
Sales and marketing expenses
|
|
(26,591)
|
|
(9,567)
|
|
(8,980)
|
(1,256)
|
General and administrative expenses
|
|
(73,290)
|
|
(49,991)
|
|
(42,896)
|
(6,001)
|
Service development expenses
|
|
(17,379)
|
|
(11,825)
|
|
(11,072)
|
(1,549)
|
Total operating
expenses
|
|
(135,728)
|
|
(86,415)
|
|
(79,044)
|
(11,058)
|
Other operating income
|
|
5,168
|
|
952
|
|
1,233
|
173
|
Government grant
|
|
408
|
|
377
|
|
264
|
37
|
Other operating expenses
|
|
(235)
|
|
(5,707)
|
|
282
|
39
|
Impairment of goodwill
|
|
|
|
(57,218)
|
|
(30,916)
|
(4,325)
|
Operating loss
from continuing operations
|
|
(100,278)
|
|
(138,306)
|
|
(98,418)
|
(13,768)
|
Other (expenses) income, net
|
|
183
|
|
1
|
|
(1)
|
-
|
Interest income
|
|
3,811
|
|
3,427
|
|
3,289
|
460
|
Loss from equity method investments
|
|
(4,369)
|
|
(6,568)
|
|
(699)
|
(98)
|
Gain from disposal of a subsidiary
|
|
580
|
|
-
|
|
-
|
-
|
Loss before income
tax
|
|
(100,073)
|
|
(141,446)
|
|
(95,829)
|
(13,406)
|
Income tax benefit
|
|
711
|
|
342
|
|
230
|
32
|
Net loss from
continuing operations
|
|
(99,362)
|
|
(141,104)
|
|
(95,599)
|
(13,374)
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(99,362)
|
|
(141,104)
|
|
(95,599)
|
(13,374)
|
Less: Net (loss) income attributable to noncontrolling
interests and redeemable noncontrolling
interest from
continuing operations
|
(2,865)
|
|
(3,306)
|
|
189
|
26
|
Net (loss) income attributable to noncontrolling
interests
|
(1,994)
|
|
(3,306)
|
|
189
|
26
|
Net loss attributable to redeemable noncontrolling
interests
|
(871)
|
|
-
|
|
-
|
-
|
Net loss
attributable to 500.com Limited
|
|
(96,497)
|
|
(137,798)
|
|
(95,788)
|
(13,400)
|
Other comprehensive
income
|
|
|
|
|
|
|
|
Foreign currency translation gain
|
|
30,437
|
|
7,835
|
|
10,195
|
1,426
|
Other
comprehensive income, net of tax
|
|
30,437
|
|
7,835
|
|
10,195
|
1,426
|
Comprehensive
loss
|
|
(68,925)
|
|
(133,269)
|
|
(85,404)
|
(11,948)
|
Less: Comprehensive (loss) income attributable
to noncontrolling interests and redeemable
noncontrolling
interest
|
(3,914)
|
|
(3,306)
|
|
189
|
26
|
Comprehensive loss
attributable to 500.com
Limited
|
(65,011)
|
|
(129,963)
|
|
(85,593)
|
(11,974)
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
423,278,359
|
|
428,561,237
|
|
429,912,365
|
429,912,365
|
Diluted
|
|
423,278,359
|
|
428,561,237
|
|
429,912,365
|
429,912,365
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com
Limited-Basic and Diluted
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(0.23)
|
|
(0.32)
|
|
(0.22)
|
(0.03)
|
Net loss
|
|
(0.23)
|
|
(0.32)
|
|
(0.22)
|
(0.03)
|
|
|
|
|
|
|
|
|
Losses per
ADS* attributable to 500.com
Limited-Basic and Diluted
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(2.28)
|
|
(3.22)
|
|
(2.23)
|
(0.31)
|
Net loss
|
|
(2.28)
|
|
(3.22)
|
|
(2.23)
|
(0.31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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$"),
except for number of shares, per share (or ADS)
data)
|
|
Three Months
Ended
|
|
|
September 30,
2018
|
|
June 30,
2019
|
|
September 30,
2019
|
September 30,
2019
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
Operating loss
from continuing operations
|
|
(100,278)
|
|
(138,306)
|
|
(98,418)
|
(13,768)
|
Adjustment for share-based compensation
expenses
|
|
42,721
|
|
20,203
|
|
15,175
|
2,123
|
Adjustment for impairment of goodwill
|
|
-
|
|
57,218
|
|
30,916
|
4,325
|
Adjusted operating
loss from continuing
operations (non-GAAP)
|
|
(57,557)
|
|
(60,885)
|
|
(52,327)
|
(7,320)
|
|
|
|
|
|
|
|
|
Net loss attributable
to 500.com Limited from
continuing operations
|
|
(96,497)
|
|
(137,798)
|
|
(95,788)
|
(13,400)
|
Net loss
attributable to 500.com Limited
|
|
(96,497)
|
|
(137,798)
|
|
(95,788)
|
(13,400)
|
Adjustment for share-based compensation
expenses
|
|
42,721
|
|
20,203
|
|
15,175
|
2,123
|
Adjustment for impairment of goodwill
|
|
-
|
|
57,218
|
|
30,916
|
4,325
|
Adjusted net loss
attributable to 500.com Limited
from continuing operations (non-GAAP)
|
|
(53,776)
|
|
(60,377)
|
|
(49,697)
|
(6,952)
|
Adjusted net loss
attributable to 500.com Limited
(non-GAAP)
|
|
(53,776)
|
|
(60,377)
|
|
(49,697)
|
(6,952)
|
|
|
|
|
|
|
|
|
Losses per share
attributable to 500.com Limited
(non-GAAP)-Basic and diluted
|
|
|
|
|
|
|
|
Net loss from continuing operations (non-GAAP)
|
|
(0.13)
|
|
(0.14)
|
|
(0.12)
|
(0.02)
|
Net loss (non-GAAP)
|
|
(0.13)
|
|
(0.14)
|
|
(0.12)
|
(0.02)
|
|
|
|
|
|
|
|
|
Losses per
ADS* attributable to 500.com Limited
(non-GAAP)-Basic and diluted
|
|
|
|
|
|
|
|
Net loss from continuing operations (non-GAAP)
|
|
(1.30)
|
|
(1.41)
|
|
(1.16)
|
(0.16)
|
Net loss (non-GAAP)
|
|
(1.30)
|
|
(1.41)
|
|
(1.16)
|
(0.16)
|
|
|
|
|
|
|
|
|
Basic
|
|
423,278,359
|
|
428,561,237
|
|
429,912,365
|
429,912,365
|
Diluted
|
|
423,278,359
|
|
428,561,237
|
|
429,912,365
|
429,912,365
|
|
|
|
|
|
|
|
|
* 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-of-2019-300955436.html
SOURCE 500.com Limited