MARK - Earnings call 1 2023 | Remark Holdings, Inc.

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Operator

Good afternoon and welcome to the Remark Holdings Fiscal First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Fay Tian, Vice President of Investor Relations. Please go ahead.

Fay Tian

Thank you, Gary. welcome Conference Holdings Call. and XXXX First everyone, Results Financial afternoon, to Fiscal Remark Quarter Good I Investor Relations Fay for am Tian, Remark. Vice President of

Tao, Executive call Chairman Finance. Brown, the with this of is On me Vice President and and Officer; Kai-Shing Chief Mr. Todd afternoon Remark's

businesses, quarter a just XXXX our financial Tao Brown will an update will results. In Mr. provide recap Mr. on moment, and our first

to remarks, questions. the we these Following call will open

take statements disclaimer forward-looking Holdings' Remark Remark summary Tao, before opportunity statements. I statements only call by the you these with could full would any results differ some current obligation to uncertainties update this in But statements forward-looking cause to that over the to This forward-looking its remind expressly implied to filings of Holdings that Holdings' which risks, materially I statements forward-looking made or Any like Mr. hereof. is other in and today statements. forward-looking date to statements included turn of those involve revise any SEC. from disclaimer, factors or disclaims actual statutory and is the may These a Remark the views, after reflect be expressed

please I Shing, Executive take will Chairman and the information additional the Thank so to he provide developments. and over floor. Officer, Remark's now turn call Chief can Tao, businesses Mr. on recent you. Remark's

Kai-Shing Tao

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in next months more the opportunities Middle regarding East. several unveiling be the will our in We

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Todd?

Todd Brown

thank and Shing, for joining you everybody call. you, on today's us Thank to

previously, you COVID-XX and adversely former had affecting in zero-Covid with discussed been China. China's have we our As policy business

severe they the to not zero-COVID fear efforts Business as Although recovery and its and clients infections lingering restrictions of see the other is have learn do the of or have at certainly XXXX, our been companies lockdowns COVID quarter other on do well end XXXX. reimposition as immediate business. that we slow first policy policy during their the were to Chinese China and effects continued and pleased to as methodical ability of economic likely

of the related still COVID-related ongoing the the believe third we projects their to led lingering face zero-COVID able several the project to been we Even quarter as on begin and restart completions our preventative behalf Mobile, to in of drawing we China in begin impacts, for this installations of primarily second complete to smart were XXXX, which of restrictions China project XXXX. we community were the the our the and million earned an into the completions We in projects that XXXX China our the totaling measures when XXXX quarter first in more the preferred obviously would period strict quarter have put to $X.X which during of achieve on late from for board hold quarter revenue to accelerate but million, decrease quarter new projects of represented and same initiate customers the XXXX. had $X.X XX% that planned of that in first will on during had

cost our as profit at essentially million Gross revenue commensurate remained unchanged decreased decrease in roughly the of revenue. $X.X approximately with

XXXX, expense; of million In positively million development loss which technology as we from changes related a same from certain improvement the of the of of from revenue our and in our we our significant operating And also which in improvement United decreases operating affected approximately expense tax of cost addition by million refundable a credit million to period our mainly in receipt the to decline XX% and administrative our $X.X in expense business. in our general in to first that $X.X of resulted quarter compensation $X.X and development expense, is in reported revenue, the Kingdom, and experienced operating a in decrease loss operating reduced the The expenses we expense. of $X.X of stock XXXX. of a recorded were in we the reported government million $X.X decrease a

research activities became stock expensed batch large tax options the fully March XXXX XXXX, 'XX tax decrease in U.K.'s which received the jurisdiction the tax in XXXX the we in year. of of development of from expense, January resulted our led A prior while stock in to to credit during granted compensation and

the of same per to per loss billion diluted or totaled $X.X first and $XX.X quarter compared $X.XX net a $X.XX Net quarter XXXX loss share of and diluted the XXXX. basic basic million or of in share in

million loss to addition net a that operating primarily decreased loss because that our impacts in In first -- loss a offset in an plus items loss, by not of securities, XXXX million expense, and $X.X was of partially interest decrease of finance costs in $X.X in repeated roughly increase the type the or on $XX loss quarter marketable The marketable of on included was loss million. decrease XXXX. affecting securities,

XX, XXXX, we lenders. our On Ventures, with consummated LLC transactions March senior Ionic with

aggregate of debentures million. which the we aggregate amount issued X principal XXXX quarter of to during the the convertible issuance in first for First, debenture. such Ventures, of debenture an purchase first purchase $X.X with We authorize subordinated entered debentures the million $X.X received another convertible of price agreement the Ionic pursuant pursuant million of into and to we $X.X

a that received March to in million equity the XXXX, convertible October of XXXX we turn -- XXXX pursuant line also issue in increase was established debentures with the We and or have issued were $X equity caused total line to issued pursuant of to costs. of October advance the of of rise the were credit of and in that our common advance Ionic stock in in gave obligations in finance The October XXXX. January credit to plus of XXXX Ventures

the our to repaying notes lenders our on October payable aggregate agreements senior into XX, which with $XX.X in will XXXX. by of lenders, Also March entered million result an XXXX, existing XX, new we

XXXX, a cash the of $X.X December XX, was cash XX, balance of first at a million quarter cash had during in of operating million. At XXXX. Net $X.X March balance XXXX to million we activities compared used $X.X

With that, turn will the call Fay. over to back I

Fay Tian

Thank audience Q&A? on for you. to the Shing. how the in Thank Thank could instruction Todd. you you, Gary, please to you, give the queue

Operator

this no for conference would our Tian, remarks. questions, session. I [Operator over Fay the like to closing turn Instructions] question-and-answer concludes Showing any to back

Fay Tian

evening. Remark May Have Thank replay you. the in XXXX you, will Financial First X through good release. you, participating a Call. link thank approximately hours available Quarter in for Results same Holdings Thank everyone, press Gary, be in our and issued XX Conference A Fiscal

Operator

The has Thank you concluded. for today's attending presentation. now conference

now may disconnect. You

Remark (MARK) 22 May 232023 Q1 Earnings call transcript