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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Remark Holdings Inc | NASDAQ:MARK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.272 | 0.27 | 0.29 | 0 | 01:00:00 |
LAS VEGAS, April 1, 2019 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, reported its financial results for the fourth quarter and full year ended December 31, 2018.
Management Commentary
"We closed the year on a strong note, generating solid top-line growth at both of our business segments," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our success in turning around Vegas.com under our ownership during the past three years has allowed us to move forward in monetizing this asset and transitioning into a pure-play AI enterprise. Our sale of Vegas.com will allow us to substantially reduce our debt, restructure our balance sheet and streamline our cost structure, as we shift all of our attention on expanding our AI business.
"KanKan contributed $2.4 million to our fourth quarter revenues; which excludes an additional $4.6 million that will be recognized in future periods, beginning in the second quarter of 2019. KanKan's fourth quarter delivery was its highest since we launched our AI operations. Our operating momentum has continued in the first quarter of 2019, as we demonstrate the effectiveness of our solutions at retail, including elevating engagement, increasing sales and driving deeper connections with shoppers.
"Looking ahead, we're focused on building on the success of our retail launch, while continuing to work with our partners in the safety and security space to develop tailored AI solutions for construction sites, campuses, restaurants, and traffic monitoring and enforcement. As a pure-play AI company, we will be optimally positioned to maximize our resources, including our proprietary technology, to expand our business in multiple sectors, with the goal of building a stream of recurring revenues, supported by modest recurring capital costs."
Recent Strategic and Operational Highlights
Three Months Ended December 31, 2018 compared to 2017
Conference Call Information
Mr. Tao will hold a conference call today April 1, 2019 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these financial results. A question and answer session will follow management's presentation.
Toll-Free Number: 800-289-0438
International Number: 323-794-2423
Conference ID: 8109233
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be broadcast simultaneously and available for replay via the investor section of the Company's website here.
A replay of the call will be available after 7:30 pm Eastern time on the same day through April 5, 2019.
Toll-Free Replay Number: 844-512-2921
International Replay Number: 412-317-6671
Replay ID: 8109233
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
Company Contact:
Alison Davidson
Remark Holdings, Inc.
adavidson@remarkholdings.com
702-701-9514
Investor Relations Contact:
Brad Edwards
The Plunkett Group, Inc.
Brad@ThePlunkettGroup.com
914-582-4187
[Tables to follow]
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Consolidated Balance Sheets | |||||||
(dollars in thousands, except par values) | |||||||
December 31, | |||||||
2018 | 2017 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 14,410 | $ | 22,632 | |||
Restricted cash | 11,138 | 11,670 | |||||
Trade accounts receivable, net | 6,369 | 3,673 | |||||
Prepaid expense and other current assets | 12,128 | 5,518 | |||||
Notes receivable, current | 100 | 290 | |||||
Total current assets | 44,145 | 43,783 | |||||
Notes receivable | — | 100 | |||||
Property and equipment, net | 10,570 | 13,387 | |||||
Investments in unconsolidated affiliates | 2,005 | 1,030 | |||||
Intangibles, net | 17,930 | 23,946 | |||||
Goodwill | 18,514 | 20,099 | |||||
Other long-term assets | 644 | 1,192 | |||||
Total assets | $ | 93,808 | $ | 103,537 | |||
Liabilities and Stockholders' Equity | |||||||
Accounts payable | $ | 30,876 | $ | 17,857 | |||
Accrued expense and other current liabilities | 24,664 | 18,795 | |||||
Deferred merchant booking | 4,664 | 9,027 | |||||
Contract Liability | 4,063 | 3,691 | |||||
Note payable | 3,000 | 3,000 | |||||
Current maturities of long-term debt, net of unamortized discount and debt issuance cost | 35,314 | 38,085 | |||||
Total current liabilities | 102,581 | 90,455 | |||||
Warrant liability | 1,383 | 89,169 | |||||
Other liabilities | 2,968 | 3,501 | |||||
Total liabilities | 106,932 | 183,125 | |||||
Commitments and contingencies (Note 13) | |||||||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued | — | — | |||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 39,053,312 and 28,406,026 shares issued and outstanding; each at December 31, 2018 and 2017, respectively | 39 | 28 | |||||
Additional paid-in-capital | 308,018 | 220,117 | |||||
Accumulated other comprehensive loss | 32 | 115 | |||||
Accumulated deficit | (321,213) | (299,848) | |||||
Total stockholders' equity (deficit) | (13,124) | (79,588) | |||||
Total liabilities and stockholders' equity | $ | 93,808 | $ | 103,537 | |||
See Notes to Consolidated Financial Statements |
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Consolidated Statements of Operations and Comprehensive Loss | |||||||
(dollars in thousands, except per share amounts) | |||||||
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Revenue, net | $ | 79,110 | $ | 70,601 | |||
Cost and expense | |||||||
Cost of revenue (excluding depreciation and amortization) | 24,628 | 16,909 | |||||
Sales and marketing 1 | 38,391 | 33,252 | |||||
Technology and development 1 | 13,332 | 11,642 | |||||
General and administrative 1 | 33,344 | 19,391 | |||||
Depreciation and amortization | 10,875 | 11,070 | |||||
Impairments | 2,209 | 14,646 | |||||
Other operating expense 1 | 1,084 | 1,070 | |||||
Total cost and expense | 123,863 | 107,980 | |||||
Operating loss | (44,753) | (37,379) | |||||
Other income (expense) | |||||||
Interest expense | (6,491) | (4,645) | |||||
Other income, net | 282 | 23 | |||||
Change in fair value of warrant liability | 27,879 | (64,139) | |||||
Other gain (loss) | 858 | (317) | |||||
Total other income (expense), net | 22,528 | (69,078) | |||||
Loss before income taxes | (22,225) | (106,457) | |||||
Benefit from (provision for) income taxes | 667 | (278) | |||||
Net loss | $ | (21,558) | $ | (106,735) | |||
Other comprehensive income (loss) | |||||||
Foreign currency translation adjustments | (83) | 131 | |||||
Comprehensive loss | $ | (21,641) | $ | (106,604) | |||
Weighted-average shares outstanding, basic and diluted | 34,545 | 23,763 | |||||
Net loss per share, basic and diluted | $ | (0.62) | $ | (4.49) | |||
1 Includes share-based compensation as follows: | |||||||
Sales and marketing | $ | 129 | $ | — | |||
Technology and development | (280) | 716 | |||||
General and administrative | 13,098 | 3,504 | |||||
Other operating expense | $ | 1 | $ | — |
View original content to download multimedia:http://www.prnewswire.com/news-releases/remark-holdings-reports-fourth-quarter-and-full-year-2018-results-300822195.html
SOURCE Remark Holdings, Inc.
Copyright 2019 PR Newswire
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