Highlights from Remark Holdings' Fourth Quarter and Full Year 2017 Earnings Call
"We are issuing today's release to highlight the new and robust business developments within
The company has set net revenue guidance for its KanKan AI business to exceed
- KanKan's FinTech product has, to date, achieved a default rate of less than one percent, which compares favorably to the company's internal goal of less than three percent and to competitors' similar products with higher default rates.
- KanKan has participated in the processing of loans resulting in more than
USD$100.0 millionof loan principal outstanding.
- KanKan expects to place its AI solutions in the security, terrorism, public safety, retail, health services and restaurant sectors throughout
- Based upon KanKan's robust and diversified sales pipeline, the company has set its own internal revenue target at
$150.0 millionfor fiscal year 2019, or approximately three times the guidance for 2018.
The company believes its Vegas.com business should generate net revenue between
- Remark expects that its Vegas.com business will generate Adjusted EBITDA between
$9.0 million and $11.5 million, based on the midpoint of the net revenue guidance, representing a roughly 50% increase over 2017 Adjusted EBITDA.
- All of the top 20 show ticket sales days in Vegas.com's history have occurred since
November 24, 2017.
Consolidated Adjusted EBITDA was negative
- Net loss was
$89.2 millionin the fourth quarter of 2017 and $106.7 millionin fiscal year 2017. The fourth quarter and fiscal year 2017 amounts included non-cash accounting charges of $66.5 millionand $64.1 million, respectively, related to the change in the company's liability for outstanding warrants, as well as other non-cash charges of $19.4 millionand $29.9 million, respectively. Investors can find a reconciliation of Adjusted EBITDA to operating loss in the Financial Information section of the company's website.
- Outstanding warrants related to the purchase of Vegas.com were exercised on a cashless basis in the first quarter of 2018. The cashless exercises, at prices favorable to Remark, resulted in significantly less dilution, benefitting Remark shareholders.
The KanKan business utilizes a structure that is standard business and legal practice for foreign companies doing business in
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
702-701-9514 ext. 3025
Investor Relations Contact:
Liolios Group, Inc.
View original content with multimedia:http://www.prnewswire.com/news-releases/highlights-from-remark-holdings-fourth-quarter-and-full-year-2017-earnings-call-300622528.html