the 500 lumen rating is at the led so by the time the light exits the glass lens a lot of the output is lost. This is a clever trick most companies use to sell more flashlights they state the emitter lumens rather than the total out the front lumen output.
500lm is maximum emitter brightness. But there's also series of losses before light will leave your flashlight. Good reflector can reflect about 80% of light. Yes, it wastes about 20% of light. Next - lens. Good lens waste another up to 5%.