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spk02: good afternoon and welcome to aware second quarter 2023 conference call joining us today is the company's ceo and president robert echol cfo dave barcelo and cro craig herman following their remarks we'll open the call for questions if you'd like to submit a question you can do so at any time using the built-in ask a question feature in the webcast player before we begin today's call i'd like to remind everyone that the presentation today contains four looking statements that are based on the current expectations of aware's management and involve inherent risks and uncertainties that could cause actual results to differ materially from those described. Listeners should please take note of the Safe Harbor paragraph that is included at the end of today's press release. This paragraph emphasizes the major uncertainties and risks inherent in forward-looking statements that management will be making today. AWARE wishes to caution you that there are factors that could cause actual results to differ materially from those indicated by such statements. These risks and uncertainties are also outlined in the company's SEC filings, including its annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements should be considered in light of these factors. You are cautioned not to place undue reliance upon any forward-looking statements which speak only as of the date made. Although it may voluntarily do so from time to time, AWARE undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Additionally, this call contains certain non-GAAP financial measures as the term is defined by the SEC in Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information present in compliance with GAAP. Accordingly, OER has provided a reconciliation of these non-GAAP financial measures to the most frankly comparable GAAP measures in the company's earnings release issued today. I would like to remind everyone that this presentation will be recorded and made available for replay via a link in the investor relations section of the company's website. Now I'd like to turn the call over to our CEO and President, Bob Beckel. Bob?
spk06: Thanks, Matt. Good afternoon, everyone, and thank you for joining us today. After the market closed, we issued a press release announcing our results for the second quarter and in June 30, 2023. A copy of the press release is available in the Investor Relations section of our website. On today's call, I will first discuss our financial and operational performance for the second quarter. Next, I'll review the steps we've taken to drive growth and scale for AWARE. Then, our CFO, Dave Barcelo, will provide details on our second quarter results. After Dave's remarks, our CRO, Craig Herman, will discuss our strategic initiatives to advance the company's go-to-market motions and increase sales. Finally, I'll review our key business drivers and 2023 outlook before opening the call for questions. Like last quarter, I'd like to start by briefly introducing who we are and what we do for those of you who may be new to AWARE in our industry. AWARE is an identity platform partner working to enhance trust in an increasingly connected world. Our mission is to balance security and user experience through technology for the few and at scale. We reduce fraud and enable compliance and security needs, as well as improve business efficiencies through our offerings that address identity challenges of today while preparing for identity challenges in the future. These offerings facilitate digital onboarding, authentication, and lifecycle management of the user's biometric identity through proven and trusted multimodal adaptive biometrics. Over the last 30 years, we've led with deep-rooted systems level, technical expertise, and algorithms, trained on the most diverse operational datasets in the world. Our reputation in the biometric industry has earned us trusted spots with many governments, and today, our technology can be found and expanding in all three branches of the U.S. federal government, in more than 20 financial institutions, and over 150 law enforcement agencies worldwide. Our technology, which spans four technology platforms, has been deployed by more than 60 partners in more than 20 countries and is protected by nearly 80 patents and numerous trade secrets. And while we cherish our roots and work hard to maintain our loyal customer base, we have actively shifted the company over the last three years. Our business model has changed. Our culture has changed. Our infrastructure has changed and our target customers now include a growing portion of commercial clients. These contribute to over a quarter of our revenue. We focus our technology to provide enterprise solutions for digital onboarding and authentication across verticals and to maximize business efficiencies. Our transformation has been accomplished with a significant emphasis and shift towards recurring revenue, which hit approximately 10 million in 2022, and is continuing to build in 2023. Now, with that background and context, I'd like to discuss our operational and financial achievements for the second quarter of 2023. In Q2, we focused largely on protecting, securing, and expanding our recurring customer base through product enhancements and improving our partner-centric sales strategy. This year, we renewed our largest Nomi customer for another three years. And in Q2, we continued to expand the scope and size of that contract. We also secured our largest EME partner and their banking customers with our new upgraded biometric and identity verification platform and an additional use case along the way. Lastly, as the quarter closed, we signed a five-year, $5 million contract with options up to $8 million. which include a facial recognition upgrade to our largest BioSP customer. I'll let Craig go into more detail on the progress we've made expanding the base, but I want to highlight a few more proof points of progress and success from this quarter. We signed several quality commercial customers in Latin America and in Turkey, furthering AWARE's wallet share overseas. We've also continued our momentum-winning ABIS contracts, having won two more ABIS awards one of which is our first cloud ABIS award ever in Miami Valley, Ohio. And we expect these ABIS contracts to start generating revenue in Q3. The new logo signed in Q2 are a testament to the confidence corporations and the governments have in AWARE's technology to protect both consumers and nations alike. The key drivers behind our success securing and protecting the base this quarter have been our recently implemented customer success focus and processes. which Craig will talk about more in depth later, as well as a few product enhancements we recently rolled out. With security challenges evolving every day, it's critical we are constantly improving and adapting AWARE's technology to continue providing best-in-class security. This quarter, we focus on development efforts reinforcing the capabilities of AWARE ID's facial authentication, improving NOMI's liveness detection excellence, in upgrading our orchestration to address new identity verification use cases with document authentication. Given the enhancements to KnowMe and AwareID, we are confident Aware is well-positioned to capture additional market share in both existing and new use cases. In fact, these updates already have helped us secure contracts mentioned previously. With an improved partner-centric sales strategy, enhanced biometric solutions, and robust pipeline, We are confident we can expand our global footprint and capitalize on the growing biometric industry as a whole. Now, I'll turn the call over to Dave to walk us through our financial results for the second quarter before discussing our initiatives and outlook for the remainder of 2023 and beyond. Dave, over to you. Thank you, Bob.
spk01: Good afternoon to everyone on the call. Turning to our financial results for the second quarter into June 30th, 2023. Total revenue was $3.2 million compared to $4.3 million for the first quarter of 2023 and $4.2 million for the same year-ago period. The sequential and year-over-year decrease in total revenue was primarily due to lower software license revenue in the period. For Q2 of 2023, recurring revenue was $2.1 million, or 65% of total revenue. The $2.1 million in recurring revenue was down 32% sequentially due to contract renewal timing. Looking at our operating expenses, our second quarter of 2023 operating expenses were $6.1 million, slightly down from $6.2 million in the prior quarter and up from $5.6 million in Q2 of last year. Operating loss for the second quarter of 2023 was $2.9 million compared to $1.9 million in the prior quarter and $1.4 million in the same year-ago period. For the second quarter of 2023, gap net loss totaled $2.7 million or 13 cents per diluted share compared to a gap net loss of $1.6 million or 7 cents per diluted share in Q1 of 2023 and $1.3 million, or 6 cents, per diluted share in the same year-ago period. Our adjusted EBITDA loss for the quarter, which we reconciled to GapNet loss in our earnings release, totaled $2.4 million, which compares to adjusted EBITDA loss of $1.4 million in the prior quarter and a loss of $0.8 million in the same year-ago period. Looking at our balance sheet, we ended the quarter with $25.1 million in cash, cash equivalents, and marketable securities, compared to $27.3 million at the end of the prior quarter. While our cash position remained strong, we continued to optimize our cost structure to align with our business needs. Furthermore, our robust cash position allows us the flexibility to evaluate all high ROI opportunities that have the potential to drive scale and further AWARE's growth roadmap. This completes my financial summary. Now, I'd like to turn the call over to Craig to discuss the progress we're making on our go-to-market strategy. Craig?
spk05: Thanks, Dave. It's a pleasure to be here with you all today. As Bob mentioned, in the second quarter, we continued securing and expanding the base allowing our customer success team to secure several significant contracts. We are seeing increasing interest for AWARE's biometric solutions across all our verticals, which is reinforced by the sequential improvements in the fidelity of our sales pipeline. In order to capitalize on the high quality opportunities flowing through the pipeline, we are focused on our optimized go-to-market strategy, which really comes down to three buckets or themes. The first is building our customer success framework. Leading up to the second quarter, we laid the groundwork for this program by hiring the right people and shifting resources towards more customer-facing revenue streams. This quarter, we continued building out these efforts to protect the base by cementing our customer relationships through contract expansions and renewals. Our customer success team has done a fantastic job maintaining customer relationships and upselling contracts. In fact, this quarter, One of our larger OEM partners increased their purchases by over 200%, and two banks in Latin America meaningfully increased both their usage and services because of our team's endeavors. The second initiative is to solidify our customers and partners to counteract deals being pushed out due to the macroeconomic environment, as well as introduce usage-based pricing. Pressures from the macroenvironment are still forcing customers and partners to delay signing. However, we are beginning to see these pressures ease with some deals getting close to closing. One contract in particular is a large government customer that our team has been working to secure over the past few quarters, but we finally anticipate closing this deal in Q3. It's important to note that contracts are not disappearing, just sliding into later quarters. A more recent evolution of our go-to-market strategy was the introduction of usage-based pricing, which the industry has been trending towards. Usage-based pricing not only allows our team to accelerate the sales process, but will also be a big push for our software services and subscription-based revenues. This re-evaluated sales strategy enabled us to close the contract and move to onboarding faster with a very significant airport security player in Spain, who will positively impact our subscription-based revenue in the coming quarters. By implementing this pricing tier, we can now cater to the customer's needs, allowing us to sign on partners and customers of all sizes in all types of macro environments. Lastly, almost half of our pipeline is partner-driven. Therefore, we have prioritized investments in our partnership program. Coming in 2023, we made conscious efforts to widen our partner footprint, especially in Latin America, as well as to procure partners that could drive organic growth and increase our market share. In Q2, we signed four additional partners in Latin America who will help expand our wallet share in the region through both organic opportunities as well as displacing competitors, which was the case with one of these new contracts. We are proactively seeking potential partners in the biometric space with active accounts to lay the groundwork for future business. Moving forward, we're aiming to launch a formal partnership program in the latter half of Q3. This new program will be equipped with onboarding tiers, partnership incentives, and additional marketing to help fuel partner engagement. Another key development Bob touched on earlier was the product improvements for AwareID's facial recognition and Nomi's liveness excellence. Through the market's feedback, we identified and adapted the functionalities of these two solutions, allowing our sales and partner teams to go to market with more robust and secure technologies. Already, These enhanced capabilities are generating significant momentum for Nomi and renewing the market's enthusiasm for Aware ID, especially in document verification. Our customer success team is doing a tremendous job upselling the new functionalities and recently renewed a customer for another five years. Now, I would like to turn the call back to Bob for additional insights into our key business drivers. Bob?
spk06: Thanks, Craig. Backed by an enhanced product portfolio and optimized sales strategy, this quarter we secured and protected our base by reinvigorating the market's excitement for wear. We're exiting the first half of 2023 with significant contracts and partnerships that we expect to greatly contribute to recurring revenue and lay the foundation for additional prospects. With a healthy pipeline of quality opportunities and an optimized enterprise sales strategy, we are reiterating our expectation to increase total revenue and annual recurring revenue or ARR by 15% in 2023. We also continue to expect operating cash flow exiting 2023 to be neutral, which means we'll be managing both inflows and outflows towards profitability while taking into consideration cash interest and timing expectations. Looking into the second half of the year, we are excited about our upcoming expanding partnerships and deliveries and believe we are well positioned to achieve our cash flow goals and remain confident in our ability to grow sustainably and deliver robust recurring revenue going forward. We appreciate everyone's continued support and are excited for WARE's future. With that, we're ready to open a call to questions. Matt, please provide the appropriate instructions.
spk04: Thank you, Bob.
spk03: As a reminder, you can submit a question using the built-in Ask a Question feature in the webcast player. Please hold while we populate the questions. Our first question, Bob, you mentioned that one of the main focuses this quarter was to protect and expand the recurring customer base. Can you provide some additional details on contract wins secured this quarter?
spk06: Sure, Matt. Since we announced our business transformation and focus on our recurring revenue model, We continue to make considerable progress. We've expanded our recurring customer base. In fact, our recurring revenue as percentage of total revenue in Q2 was 65%, which is a 16% increase compared to the prior year period. This quarter, we signed expansion and renewal contracts and agreements with some of our largest customers, as well as secured our next generation customers. When I mentioned in my previous prepared remarks, we renewed and expanded our largest customer in Nomi, which is Etow, for another three years. We also signed our biggest EME partner and their banking customers as well. And then we signed two new Avis contracts, one of them being our first ever SaaS Cloud Avis contract, which we talked about. Another key customer we secured This last quarter was a five-year, $5 million contract with our largest BioSP customer. And this will be recognized over the next five-year period. This contract improves our annual recurring revenue, but also expands the capabilities of the customer system. And it introduces facial recognition in addition to fingerprint capabilities. And this contract represents a significant win for AWARE and reaffirms the confidence our customers have in our technology. And we're just continuing to build our foundation for future recurring revenue growth with each new contract signed. And we're excited about the second half of 2023 and believe we have several promising opportunities in our pipeline.
spk04: Thanks, Bob.
spk03: What was recurring revenue for the quarter and how much recurring subscription revenue and how much was recurring maintenance revenue?
spk01: I'll take that, Matt. So our recurring revenue in Q2 was about $2.1 million. That's broken out to about $1.6 million of maintenance, and the balance was our consumption or subscription-based revenue.
spk03: Thanks, Dave. Bob, you talked about the fidelity to pipeline improving. Can you talk about what this means and what AWARE needs to do to convert its pipeline?
spk06: Yeah, so I'm taking a Matt, taking a step back and looking at the pipeline on a trailing 12, we've seen a big improvement in the quality of the opportunities. We took a significant motion to implement rigorous opportunity qualification for the new opportunities, and we're seeing more through our established and growing customer base. So we're actually seeing through our customers that we've already signed up as partners, their base increasing and improving. So we have a better grasp on their needs and business challenges so that we can solve that through our different products. And then just mentioned through Craig's efforts, we're seeing a more expansive deals being negotiated, as well as increased opportunities to secure new partnerships that will significantly expand our wallet share of the market. Craig already mentioned this in his remarks, but his team is laser focused on building out a formal partnership ecosystem, and that's going to help generate new business and broaden AWARE's reach globally.
spk04: Thanks, Bob. Next question. How are operating expenses trending this year?
spk01: Yeah, our operating expenses have increased sequentially this quarter. I mentioned that earlier. And that's mainly due to investments in our sales team. We onboarded A new team of CSMs and BDRs in Q1, so those costs have increased, but we don't anticipate adding any significant OPEX in the second half of 2023. In fact, we're expecting our OPEX will be flat to downish in the third and fourth quarter. We're, of course, working towards cash flow neutrality.
spk03: Thanks, Dave. Next question is for Craig. What have been the driving forces behind the sales team's success in the recent bookings?
spk05: Sure. You know, I think our success is really, you know, a culmination of the groundwork that we have laid down over the last several quarters, or last few quarters. The introduction of our usage-based pricing, coupled with the product enhancements that we made to Nomi and AwareID, All of these things have really helped drive the bookings as well as, since I started working at Aware, we've worked to really perfect, and we've talked a lot about this, our customer success team and our partnership program. We now believe we have the right people, processes, and best-in-class products to position ourselves and CS teams for success. I know we've talked a lot on the improvements we made to Nomi and Aware ID, so I won't rehash those details, but the combination of more robust products and the debut of usage-based pricing enabled our sales team to market to more customers than we ever have before and resulting in, in some cases, larger and higher quality deals that we signed in Q2.
spk04: Thanks, Craig. Our next question is, how is the competitive environment? Greg, do you want to take this one? Yeah, sure. Thanks, Bob.
spk05: The competitive environment is frothy, and it's insane a word, and we are continuing to aggressively pursue deals. Everything is competitive right now in this market. You know, despite pressures on functionality, we are winning lucrative contracts and displacing competitors around the globe through our improved fraud prevention capabilities and our strong footholds, North America, Latin America, and the Middle East. Regarding market opportunities, we are seeing the improvements in no-main-aware ID, gaining a lot of traction with commercial customers in Latin America and the Middle East in particular, Brazil and Turkey specifically. Not only did we sign four new partners in Latin America, we also extended and upsold several deals like the one with Itao in Brazil that Bob mentioned earlier. With the addition of time track management to NOMI's use cases and strengthen fraud prevention capabilities. We really believe there are significant growth opportunities overseas and in these new verticals.
spk04: Our next question, can you provide an update on the share repurchase program?
spk01: Yeah, I've got that, Matt. In short, our previous announce plan is in place. As a recap, In March of 2022, we announced the share repurchase program that would allow us to buy up to $10 million of our common stock. So that's active through the end of 2023. And as of June 30th, we repurchased about $1.7 million worth of shares.
spk03: Thanks, Dave. We've got a two-part question. First, can you talk more in depth about the improvements that were made to AwareID and NOMI? The second question is, since deploying the product enhancements mentioned earlier, are you seeing increased traction for NOMI and Aware ID?
spk06: All right, Matt, I'll take the first part, and then I'll let Craig talk about the market's response. So just in general, today's security challenges are consistently and constantly evolving. And after we did a lot of voice of the customer, speaking with a few customers, we continue to evolve. We've aligned our product market fit. So we identified a few areas that Nomi and AwareID solutions could benefit from making them more secure, reducing additional customer friction, and expand their use cases with focus on some new use cases. For Nomi, we concentrated on improving its liveness excellence to make it more robust, while we revamped AwareID's infrastructure to strengthen its facial recognition and document authentication from the bottom up. And now that we've enhanced Product capabilities, we're seeing improved market fit for both the Wear ID and OMI.
spk04: And I'll let Craig talk a little bit more about what he's seeing as well.
spk05: Sure. Thanks, Bob. You know, with the stronger and more capable products, you know, our sales team is going to market with these products. And specifically, you know, what we're doing in SaaS, both with Aware ID and ABIS, is really opening up new markets for us. We've incorporated a lot of this feedback into our products, specifically around document authorization in some places, and layered this all into our biometric portfolio. And the efforts are really beginning to pay off across companies. There is a renewed enthusiasm, not just for KnowMe and AwareID, but also for Aware the Company, which we capitalized to expand into new verticals and geographies and increasing our market shares
spk04: both with direct customers and partners. The next one is for Dave.
spk03: What are the company's capital allocation plans for the second half of 2023?
spk01: Thanks, Matt. Our capital allocation is about the same as it has been. We finished Q2 with about 25, a little over $25 million in cash and marketable securities. So this quarter, we continued to capitalize on the high interest rates in the market. And so we increased our investments in highly liquid marketable securities, as you'll see from our balance sheet. For the remainder of 2023, we plan to maintain a strong cash position with no debt and given us the freedom or optionality to evaluate any strategic opportunities that could help us drive some meaningful scale and accelerate our growth.
spk03: Thanks, Dave. We have another one for you. It's a multi-part question. Can you provide the current estimated go-live date for the large-scale ABIS implementation that you referenced during both the Q4 2022 call and the first quarter 2023 conference call? Does the current quarterly revenue, Q2, have any engineering services revenue associated with the ABIS implementation? Will Q3 and Q4 have any significant engineering services revenue from this project? Do you expect any significant recurring revenue from the ABIS project? And lastly, if so, in what quarter do you expect it to hit the top line?
spk01: Yeah, thanks, Matt. That's a long one. So to be clear, what we're talking about here is the ABIS that was referenced in Q4 and Q1 is our first cloud ABIS. We talked about it during the March call and then announced it as Miami Valley in our press last week. So we are still anticipating that contract to go live this summer, as Craig mentioned last quarter. And we're currently in the planning phase with the customer. Now, I think the thing to note is that unlike some of our historical programs that included significant customization and engineering services, our aware ABIS deployments, especially the cloud ABIS, includes some configuration work to implement, but they're not expected to require significant engineering services, mainly software deals. So this contract will have a positive impact on recurring revenue once deployed. I think the other thing to note is our timing of awards and adoptions mean that AWARE has quite a bit of quarterly variation in financials And that's why I just want to emphasize to our investors that we continue to focus on the full year outlook, not so much the quarters.
spk03: Thanks, Dave. We have another multi-part question. The PR announcement for the A Safer Walk app on May 30th of 2023, since that was the last official announcement of closing on new business, is it fair to say that no other business of that magnitude has closed since that date? can you provide any comment on the number of downloads of the ACA for Walk app and the likely revenue associated? My expectation is that the associated revenue with that specific application will be very small. However, if we close business of similar magnitude every day, it may add up to a significant revenue eventually. And finally, are we closing small deals on a nearly daily frequency?
spk04: I'll take the first part, and then I'll ask Greg to add some more color.
spk06: But But as I've said and we've said before, we aren't able to issue press releases on all awards, nor would we plan to. Often this is limited to, you know, customer confidentiality agreements, and we typically focus our award releases on deals that are slightly in the new area of initial adoption, like safer worker release. It demonstrates a use case in a customer-facing shared services application. Our choice to not issue a press release regarding an award should not be considered indicative of not winning awards or the only awards we receive. Greg, you want to add some more color on the awards and opportunities coming forward?
spk05: Absolutely. You know, we secured several bookings in Q2. And since announcing our partnership with A Safer Walk and, you know, our first SAS class-based AVIS award with Miami Valley that Dave just highlighted, You know, this Miami Valley deal is a five-year deal that will have a huge impact on our recurring revenue as we continue transitioning to a SaaS-based platform. You know, we can't formally announce every contract sign, but we are constantly winning new contracts as the fidelity of the pipeline continues to improve. The opportunity type, size, and targets vary greatly based on the market and by region. This is where I think trying to pigeonhole it into one or the other is not our business right now. We continue to build on a very strong enterprise foundation globally. We have also seen a surge in the Avis pipeline and opportunities. This mid-market for Avis has really opened up with some vendors moving out or narrowing their focus. So the ability for organizations to leverage Cloud Avis, for example, opens up opportunities for a customer base that was out of our reach 12 months ago. And finally, with Aware ID, it's a new market, and although deal size may be small at the beginning, it does open the door for these customers to grow substantially as their business grows through our usage-based pricing model. ShaperWalk is a really good example of this type of customer, but we are also seeing similar engagements in Internet banking, e-commerce, education, and gaming markets.
spk04: Thanks, Craig.
spk03: Our next question, are there any other large deals on the horizon that can make a significant contribution to revenue and earnings in addition to the ABLIS implementation you just mentioned? If yes, what is the approximate probability they'll have an impact in 2023?
spk04: So, you know, we have several six-figure deals.
spk05: We have one to two. Seven-figure deals that we are targeting right now for and forecasting for 03 and 04, Q3 and Q4 of 2023. You know, all of these opportunities, they have specific compelling events to get signed and implemented this year. So we are very confident we will get them done, and then it will have a positive impact on our revenue targets for 2023. Great.
spk03: Another question along that line. Your annual outlook implies some pretty drastic revenue growth for the rest of the year. What gives you confidence you will make it? How much of the outlook for the next two quarters is covered by signed contracts?
spk01: Yeah, that's a great question, Matt. So Bob and Craig have already talked a lot about the success we've had with these recent bookings and the improved pipeline. Craig just walked you through a bit of it. But let me try to be a little bit more specific. So our first half results were below our growth targets, obviously, and that's primarily due to the timing of awards and delivery, as we've highlighted here. But our second half will benefit from a significant increase in recurring revenue, which was already booked. That includes the large contract announced in our earnings release, the expansion of renewals that we mentioned previously on this call, as well as the Cloud Abus delivery underway that Craig was just talking about. So on top of that, so on top of these recurring revenues, we also are expecting a spike in licensing revenue across the second half. You know, Craig just talked about a few six- and seven-figure deals and a much better pipeline. So, you know, the combination of those two things gives us good confidence in the second half of the year.
spk04: Thanks, Dave. Our next question, what sort of growth can we expect in 2024? Yeah, I'll take that, Matt.
spk01: Unfortunately, the answer is that 2024 guidance at this point in time. There's a lot left in 2023, and when we're ready, we'll come out with 2024 guidance.
spk04: Thanks, Dave. Our next question, to what extent are you pitching new customers directly versus resellers or partners? Sure, I'll take that one. This is Greg. So,
spk05: You know, just over 50%, I think Bob mentioned this, 50% of our pipeline is through partners. You know, it is absolutely a key differentiator. We are winning partners away from our competitors that are helping us get into and solidifying markets. So we really look at our partners as a significant differentiator for us. And even when we are pitching through partners, We are very involved in the process. And, again, I talked a little bit about, you know, varying by markets and regions. You know, we are a global company, so having premier partners tightly integrated with us all over the world gives us reach much bigger than what we can do just going direct. So right now it's just over 50% of our pipeline is through partners, And, you know, a lot of our Wear ID right now is very direct versus some of our other products that are much more tied to a partner.
spk04: Thanks, Craig.
spk03: At this time, this concludes our question and answer session. If your question wasn't answered, please email the Wear's IR team at awre at gateway-grp.com. And I'd like to turn the call back over to Bob for closing remarks.
spk06: Yeah, I just want to thank everyone for joining us on the call today and And I also want to thank our employees, partners, shareholders for their continued support. And as a reminder, we may learn more about our strategy and investor presentation deck that's available on our website. And we look forward to updating you on AWARE's progress on our next call. Matt?
spk03: Thanks, Bob. I'd like to remind everyone that the recording of today's call will be available for replay via link in the investor section of the company's website. Thank you for joining us today for AWARE's second quarter 2023 conference call. You may now disconnect.
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