PR Newswire
SHENZHEN, China, Nov. 20, 2020
SHENZHEN, China
,
Nov. 20, 2020
/PRNewswire/ — 500.com Limited (NYSE: WBAI) (“500.com,” “the Company,” “we,” “us,” “our company,” or “our”), an online sports lottery service provider in
China
, today reported its unaudited financial results for the third quarter ended
September 30, 2020
.
Resumption of Operations in
Sweden
The Multi Group (“TMG”), a
Malta
-based subsidiary of the Company, has temporarily suspended its operations in
Sweden
in early 2020 as TMG did not complete the renewal of its e-Gaming license before it expired. The Company promptly issued a Current Report on Form 6-K dated
January 13, 2020
regarding this situation, and provided an update through another Current Report on Form 6-K dated
February 20, 2020
. After submitting all the application materials and maintaining close communication with
Sweden’s
e-Gaming regulatory authority, TMG completed the renewal process and resumed its operations in
Sweden
in
September 2020
. The Company’s revenues for the third quarter ended
September 30, 2020
have been, and for the fiscal year of 2020 are expected to be, materially and adversely impacted by the temporary suspension of TMG’s operations in
Sweden
. Revenue generated by TMG accounted for approximately 89.7% of the Company’s total net revenues for the fiscal year ended
December 31, 2019
, of which approximately 61.3% was generated from
Sweden
.
Completion of Internal Investigation
On
December 31, 2019
, the Company announced that its Board of Directors (the “Board”) had formed a Special Investigation Committee (the “SIC”) to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company’s subsidiary in
Japan
) and two former consultants by the Tokyo District Public Prosecutors Office. On
January 16, 2020
, the Company announced that the SIC had retained King & Wood Mallesons LLP (“KWM”) as its legal advisor to assist with its internal investigation.
On
October 7, 2020
, the Company announced that the SIC of the Company’s Board completed its internal investigation.
KWM presented its investigation review to SIC on
October 7, 2020
. Based on the findings and analyses in KWM’s review, the SIC has concluded that it did not find a sufficient basis to establish a violation of the US Foreign Corrupt Practices Act of 1977 in connection with the Company’s prior activities in
Japan
. The SIC has also reviewed the Company’s compliance policies, procedures and internal controls in light of the suggestions from KWM. The Company has updated such policies, procedures and internal controls based on recommendations from the SIC, and will continue to enhance its internal controls as appropriate.
Annual Report on Form 20-F for the Fiscal Year ended
December 31, 2019
The Company previously filed a Form 12b-25 with the SEC on
June 15, 2020
for late filing of its Annual Report on Form 20-F for the fiscal year ended
December 31, 2019
(the “2019 Annual Report”), pursuant to which the 2019 Annual Report was due to be filed by
June 30, 2020
. The Company expects to file the 2019 Annual Report (i) upon completion of the previously announced internal investigation being conducted by the SIC of the Company’s Board, with the assistance of KWM, (ii) once the Company’s financial statements for the fiscal year ended
December 31, 2019
are finalized, (iii) once the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of
December 31, 2019
, and (iv) once the Company’s independent registered public accounting firm has completed its audit of financial statements and internal control over financial reporting as of
December 31, 2019
.
The Company also reports that on
July 1, 2020
, the Company received an expected notice from New York Stock Exchange (“NYSE”) Regulation stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the Company’s failure to timely file the 2019 Annual Report with the SEC. As required by the notice, (a) a representative of the Company contacted the NYSE on
July 1, 2020
to discuss the status of the 2019 Annual Report, and (b) the Company is issuing this press release, disclosing the status of the 2019 Annual Report, noting the delay and the reason for the delay, as mentioned above. The anticipated filing date of the 2019 Annual Report is not known at this time.
NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from the due date of the 2019 Annual Report. If the Company fails to file its annual report and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual.
The Company intends to meet the filing deadline of six months from the filing due date of the 2019 Annual Report, or
December 31, 2020
.
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
2020
Highlights
-
Net revenues were
RMB6.1 million
(
US$0.9 million
), compared with net revenues of
RMB3.6 million
for the second quarter of 2020, and net revenues of
RMB9.8 million
for the third quarter of 2019. -
Operating loss was
RMB50.2 million
(
US$7.4 million
), compared with operating loss of
RMB52.3 million
for the second quarter of 2020, and operating loss of
RMB98.4 million
for the third quarter of 2019. -
Non-GAAP
[1]
operating loss was
RMB37.6 million
(
US$5.5 million
), compared with non-GAAP operating loss of
RMB33.7 million
for the second quarter of 2020, and non-GAAP operating loss of
RMB52.3 million
for the third quarter of 2019. -
Net loss attributable to 500.com was
RMB44.0 million
(
US$6.5 million
), compared with net loss attributable to 500.com of
RMB86.3 million
for the second quarter of 2020, and net loss attributable to 500.com of
RMB95.8 million
for the third quarter of 2019. -
Non-GAAP net loss attributable to 500.com was
RMB31.6 million
(
US$4.7 million
), compared with non-GAAP net loss attributable to 500.com of
RMB34.0 million
for the second quarter of 2020, and non-GAAP net loss attributable to 500.com of
RMB49.7 million
for the third quarter of 2019. -
Basic and diluted losses per ADS were
RMB1.02
(US$0.15)
. -
Non-GAAP basic and diluted losses per ADS were
RMB0.73
(US$0.11)
.
Third
Quarter
2020
Financial Results
Net Revenues
Net revenues were
RMB6.1 million
(
US$0.9 million
) for the third quarter of 2020, representing a decrease of
RMB3.7 million
or 37.8% from
RMB9.8 million
for the third quarter of 2019 and an increase of
RMB2.5 million
or 69.4% from
RMB3.6 million
for the second quarter of 2020. Net revenues during the third quarter of 2020 primarily consisted of
RMB3.3 million
(
EUR0.4 million
) in revenue contribution from the Company’s online lottery betting and online casino in
Europe
through TMG, which accounted for 54.1% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of
RMB6.0 million
resulting from the temporary suspension of operations in
Sweden
in 2020, which was partially offset by an increase of
RMB2.8 million
in sports information services in
China
started in early 2020.
Operating Expenses
Operating expenses were
RMB56.2 million
(
US$8.3 million
) for the third quarter of 2020, representing a decrease of
RMB23.0 million
or 29.0% from
RMB79.2 million
for the third quarter of 2019, and an increase of
RMB1.1 million
or 2.0% from
RMB55.1 million
for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of
RMB19.0 million
in rental expenses mainly resulting from the partial termination of office lease in
Shenzhen
and the termination of office leases in
Hong Kong
and
Japan
due to closure of subsidiaries’ local offices , a decrease of
RMB10.3 million
in expenses for employees as a result of decrease in headcount, a decrease of
RMB6.8 million
mainly in amortization associated with full impairment of acquired intangible assets in 2019, a decrease of
RMB2.6 million
in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of
RMB2.2 million
in travelling expenses, a decrease of
RMB1.3 million
in marketing and promotional expenses relating to a change in TMG’s marketing strategy, a decrease of
RMB1.2 million
in office expenses, a decrease of
RMB2.2 million
in lottery insurance costs for TMG associated with the temporary suspension of its online lottery and online casino operations in
Sweden
, and a decrease of
RMB1.7 million
in platform service costs, which were partially offset by an increase of
RMB18.8 million
mainly in depreciation associated with leasehold improvements for the partial termination of office lease in
Shenzhen
, an increase of
RMB4.4 million
in consulting expenses, and an increase of
RMB1.6 million
for bad debt provision of receivables. The sequential
increase
was mainly due to an increase of
RMB17.8 million
mainly in depreciation associated with leasehold improvements for the partial termination of office lease in
Shenzhen
, an increase of
RMB3.3 million
in consulting expenses, and an increase of
RMB1.8 million
for bad debt provision of receivables, which were partially offset by a decrease of
RMB14.7 million
in rental expenses mainly resulting from the partial termination of office lease in
Shenzhen
, a decrease of
RMB6.0 million
in share-based compensation expenses associated with share options granted to the Company’s employees, and a decrease of
RMB0.6 million
in lottery insurance costs for TMG.
Cost of services was
RMB3
.8 million (
US$0
.6 million) for the third quarter of 2020, representing a decrease of
RMB12.3 million
or 76.4% from
RMB16
.1 million for the third quarter of 2019, and a slight decrease of
RMB0.8 million
or 17.4% from
RMB4
.6 million for the second quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of
RMB6.8 million
in amortization mainly associated with full impairment of acquired intangible assets in 2019, a decrease of
RMB2.2 million
in lottery insurance costs for TMG associated with the temporary suspension of its online lottery and online casino operations in
Sweden
, a decrease of
RMB1.7 million
in platform service costs, and a decrease of
RMB0.7 million
in office expenses. The sequential decrease was mainly attributable to a decrease of
RMB0.6 million
in lottery insurance costs for TMG.
Sales and marketing expenses were
RMB4
.2 million (
US$0
.6 million) for the third quarter of 2020, representing a decrease of
RMB4.8 million
or 53.3% from
RMB9
.0 million for the third quarter of 2019, and a slight decrease of
RMB0.8 million
or 16.0% from
RMB5.0 million
for the second quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of
RMB2.8 million
in expenses for employees, a decrease of
RMB1.3 million
in marketing and promotional expenses relating to a change in TMG’s marketing strategy, and a decrease of
RMB0.5 million
in travelling expenses, which were partially offset by an increase of
RMB0.4 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
RMB0.3 million
in share-based compensation expenses associated with share options granted to the Company’s employees.
General and administrative expenses were
RMB46.4 million
(
US$6.8 million
) for the third quarter of 2020, representing an increase of
RMB3.3 million
or 7.7% from
RMB43.1 million
for the third quarter of 2019, and an increase of
RMB11
.0 million or 31.1% from
RMB35
.4 million for the second quarter of 2020. The year-over-year increase was mainly due to an increase of
RMB19.1 million
mainly in depreciation associated with leasehold improvements for the partial termination of office lease in
Shenzhen
, an increase of
RMB4.6 million
in consulting expenses, and an increase of
RMB1.6 million
for bad debt provision of receivables, which were partially offset by a decrease of
RMB10.3 million
in rental expenses mainly resulting from the partial termination of office lease in
Shenzhen
and the termination of office leases in
Hong Kong
and
Japan
due to closure of the subsidiaries’ local offices , a decrease of
RMB6.3 million
in expenses for employees, a decrease of
RMB3.5 million
in share-based compensation expenses associated with share options granted to the Company’s employees, and a decrease of
RMB1.7 million
in travelling expenses. The sequential increase was mainly due to an increase of
RMB18.2 million
mainly in depreciation associated with leasehold improvements for the partial termination of office lease in
Shenzhen
, an increase of
RMB3.4 million
in consulting expenses, and an increase of
RMB1.8 million
for bad debt provision of receivables, which were partially offset by a decrease of
RMB7.4 million
in rental expenses mainly resulting from the partial termination of office lease in
Shenzhen
and a decrease of
RMB4.6 million
in share-based compensation expenses associated with share options granted to the Company’s employees.
Service development expenses were
RMB1
.8 million (
US$0.3 million
) for the third quarter of 2020, representing a decrease of
RMB9.3 million
or 83.8% from
RMB11
.1 million for the third quarter of 2019, and a decrease of
RMB8.3 million
or 82.2% from
RMB10
.1 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of
RMB8.5 million
in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of
RMB1.2 million
in expenses for employees, which were partially offset by an increase of
RMB0.5 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
RMB7.2 million
in rental expenses mainly resulting from the partial termination of office lease in
Shenzhen
and a decrease of
RMB1.1 million
in share-based compensation expenses associated with share options granted to the Company’s employees.
Impairment
s
of Goodwill and Acquired Intangible assets
The impairments of goodwill and acquired intangible assets were related to the Company’s acquisition of TMG, which were triggered by TMG’s temporary suspension of its operations in
Sweden
.
Impairment of goodwill was
RMB30.9 million
for the third quarter of 2019. There was no additional impairment of goodwill for the second and third quarters of 2020 as the related goodwill and intangible assets were fully impaired as of
December 31, 2019
.
Operating Loss
Operating loss was
RMB50
.2 million (
US$7.4 million
) for the third quarter of 2020, compared with operating loss of
RMB98
.4 million for the third quarter of 2019, and operating loss of
RMB52
.3 million for the second quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of
RMB30.9 million
provided for goodwill during the third quarter of 2019, there was no such impairment during the third quarter of 2020, and (ii) a decrease of
RMB23.0 million
in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of
RMB3.7 million
in revenue.
Non-GAAP operating loss was
RMB37.6 million
(
US$5.5 million
) for the third quarter of 2020, compared with non-GAAP operating loss of
RMB52
.3 million for the third quarter of 2019, and non-GAAP operating loss of
RMB33
.7 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of
RMB20.4 million
in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of
RMB3.7 million
in revenue.
Net Loss
Attributable to 500.com
Net loss attributable to 500.com was
RMB44
.0 million (
US$6.5 million
) for the third quarter of 2020, compared with net loss attributable to 500.com of
RMB95
.8 million for the third quarter of 2019, and net loss attributable to 500.com of
RMB86.3
million for the second quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of
RMB30.9 million
provided for goodwill during the third quarter of 2019, there was no such impairment for the third quarter of 2020, and (ii) a decrease of
RMB23.0 million
in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of
RMB3.7 million
in revenue. The sequential
decrease
was mainly due to (i) an impairment provision of
RMB33.7 million
provided for long-term investment in Loto Interactive Limited during the second quarter of 2020, which was calculated based on the last reported sale price on
June 30, 2020
, there was no such impairment for the third quarter of 2020, (ii) a decrease of
RMB6.0 million
in share-based compensation expenses associated with share options granted to the Company’s employees, and (iii) an increase of
RMB2.5 million
in revenue.
Non-GAAP net loss attributable to 500.com was
RMB31.6 million
(
US$4.7 million
) for the third quarter of 2020, compared with non-GAAP net loss attributable to 500.com of
RMB49
.7 million for the third quarter of 2019, and non-GAAP net loss attributable to 500.com of
RMB34.0 million
for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of
RMB20.4 million
in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of
RMB3.7 million
in revenue. The sequential decrease was mainly attributable to an increase of
RMB2.5 million
in revenue.
Cash and Cash Equivalents
, Restricted Cash, Time Deposits and Short-term Investments
As of
September 30, 2020
, the Company had cash and cash equivalents of
RMB278
.4 million (
US$41
.0 million), restricted cash
[2]
of
RMB2
.4 million (
US$0.4 million
), time deposit
[3]
of
RMB0.2 million
and short-term investment
[4]
of
RMB50.0 million
(
US$7.4 million
), compared with cash and cash equivalents of
RMB295
.5 million, restricted cash of
RMB4.6 million
, time deposits of
RMB0.2 million
and short-term investments of
RMB50
.0 million as of
June 30, 2020
.
Prepayments and Other Current Assets
As of September 30, 2020, the balance of prepayment and other current assets was
RMB23
.5 million (
US$3
.5 million), compared with
RMB24.9 million
as of
June 30, 2020
. The balance as of
September 30, 2020
mainly included: (i) the current portion of deferred expenses of
RMB3
.1 million (
US$0
.5 million); (ii) receivables from third party payment providers of
RMB1.5 million
(
US$0.2 million
); (iii) deposit receivables of
RMB0.5 million
(
US$0
.1 million); (iv) receivables of consideration from disposal of subsidiaries of
RMB0.5 million
(
US$0
.1 million); (v) deductible value added input tax of
RMB11.7
million (
US$1
.7 million); and (vi) other receivables of
RMB6
.2 million (
US$0
.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
.7896 to
US$1.00
, as set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of
RMB7
.9038 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 2020.
About 500.com Limited
500.com Limited (NYSE: WBAI) is an 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.
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For more information, please contact:
500.com Limited
Christensen
In
China
Mr. Eric Yuan Phone: +86-10-5900-1548
E-mail:
[email protected]
In US
Ms.
Linda Bergkamp
Phone: +1-480-614-3004
Email:
[email protected]
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View original content:
http://www.prnewswire.com/news-releases/500com-limited-announces-unaudited-financial-results-for-the-third-quarter-ended-september-30-2020-301177938.html
SOURCE 500.com Limited
