Aware Inc (AWRE) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Aware's first-quarter 2023 conference call. Joining us today is the company's CEO and President, Robert Eckel; CFO, David Barcelo; and CRO, Craig Herman. Following their remarks, we'll open the call for questions. (Operator Instructions)

下午好，歡迎來到 Aware 的 2023 年第一季度電話會議。今天加入我們的是公司的首席執行官兼總裁 Robert Eckel；首席財務官大衛·巴塞羅；和 CRO，Craig Herman。在他們發言後，我們將開始提問。 （操作員說明）

Before we begin today's call, I'd like to remind everyone that the presentation today contains forward-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.

在我們開始今天的電話會議之前，我想提醒大家，今天的演示文稿包含基於 Aware 管理層當前預期的前瞻性陳述，涉及可能導致實際結果與描述的結果大不相同的固有風險和不確定性。

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.

請聽眾注意今天新聞稿末尾的安全港段落。本段強調管理層今天將做出的前瞻性陳述中固有的主要不確定性和風險。

Aware wishes to caution you that there are factors that could cause actual results to differ materially from those results 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.

Aware 提醒您，有些因素可能會導致實際結果與此類聲明所指示的結果存在重大差異。公司向美國證券交易委員會提交的文件中也概述了這些風險和不確定性，包括其 10-K 表格年度報告和 10-Q 表格季度報告。應根據這些因素考慮任何前瞻性陳述。

You are cautioned not to place undue reliance upon any forward-looking statements, which speak as only 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.

請注意不要過分依賴任何前瞻性陳述，這些陳述僅代表作出日期。儘管它可能會不時自願這樣做，但 Aware 不承諾更新或修改前瞻性陳述，無論是由於新信息、未來事件或其他原因，除非適用的證券法要求。

Additionally, the 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 presented in compliance with GAAP. Accordingly, Aware has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure in the company's earnings release issued today.

此外，電話會議還包含某些非 GAAP 財務措施，因為該術語由美國證券交易委員會在條例 G 中定義。非 GAAP 財務措施不應孤立於或替代根據 GAAP 提供的財務信息。因此，Aware 在公司今天發布的收益報告中提供了這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。

I'd like to remind everyone that this presentation will be recorded and made available for replay via link available in the Investor Relations section of the company's website.

我想提醒大家，該演示文稿將被錄製下來，並可通過公司網站投資者關係部分的鏈接進行重播。

Now, I would like to turn the call over to Aware's CEO and President, Bob Eckel. Bob?

現在，我想把電話轉給 Aware 的首席執行官兼總裁 Bob Eckel。鮑勃？

Thanks, Matt. Good afternoon, everyone, and thank you for joining us today. After the market close, we issued a press release announcing our results for the first quarter ended March 31, 2023. A copy of the press release is available in the Investor Relations section of our website.

謝謝，馬特。大家下午好，感謝您今天加入我們。收市後，我們發布了一份新聞稿，宣布了截至 2023 年 3 月 31 日的第一季度業績。新聞稿的副本可在我們網站的投資者關係部分獲取。

We are pleased that you could join us for this quarterly update on Aware. On today's call, I will first discuss our financial and operational performance for the first quarter. Then I'll review the progress we've made positioning Aware to drive scale and sustainable growth. Afterwards, our CFO, Dave Barcelo, will provide further details on our first-quarter performance.

我們很高興您能加入我們，了解 Aware 的季度更新。在今天的電話會議上，我將首先討論我們第一季度的財務和運營業績。然後，我將回顧我們在定位意識以推動規模和可持續增長方面取得的進展。之後，我們的首席財務官 Dave Barcelo 將提供有關我們第一季度業績的更多詳細信息。

Following Dave's remarks, our CRO, Craig Herman, will discuss our strategic initiatives that are driving the company's go-to-market efforts to boost sales. Finally, I'll review our business drivers and 2023 outlook before we open the call for questions.

在 Dave 的講話之後，我們的 CRO Craig Herman 將討論我們的戰略舉措，這些舉措正在推動公司的上市努力以促進銷售。最後，在我們開始提問之前，我將回顧我們的業務驅動因素和 2023 年展望。

Before I review our performance and current market dynamics in greater detail, I'd like to recap 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 the user experience through technology for the few and at scale. We solve everyday business and identity challenges by applying data science, machine learning, and AI to biometrics.

在我更詳細地回顧我們的業績和當前市場動態之前，我想回顧一下我們是誰，以及我們為那些可能是我們行業中的 Aware 新手的人做了什麼。 Aware 是一個身份平台合作夥伴，致力於在日益互聯的世界中增強信任。我們的使命是通過技術為少數人大規模地平衡安全性和用戶體驗。我們通過將數據科學、機器學習和 AI 應用於生物識別來解決日常業務和身份挑戰。

Through this, we help our customers reduce fraud, enable compliance and security needs, as well as improve business efficiencies. Collectively, our offerings address identity challenges of today, while preparing for identity challenges in the future. Specifically, these offerings facilitate digital onboarding, authentication, and lifecycle management of the user's biometric identity through proven and trusted multi-modal adaptive biometrics.

通過這種方式，我們幫助客戶減少欺詐，滿足合規性和安全需求，並提高業務效率。總的來說，我們的產品解決了當今的身份挑戰，同時為未來的身份挑戰做好準備。具體而言，這些產品通過經過驗證且值得信賴的多模式自適應生物識別技術，促進了用戶生物識別身份的數字化入職、身份驗證和生命週期管理。

Over the last 30 years, we've led with deep-rooted, systems-level technical expertise and algorithms trained on diverse operational datasets from around the world. Our reputation in biometric industry has earned us trusted spots with many governments. And today, our technology can be found in all three branches of the US federal government and more than 80 government agencies in over 150 law enforcement agencies worldwide.

在過去的 30 年裡，我們憑藉根深蒂固的系統級技術專長和算法在世界各地的各種操作數據集上進行了培訓。我們在生物識別行業的聲譽為我們贏得了許多政府的信任。今天，我們的技術可以在美國聯邦政府的所有三個部門和全球 150 多個執法機構的 80 多個政府機構中找到。

Our technology, which spans four technology platforms, has been deployed in more than 20 countries and is protected by 78 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.

我們的技術跨越四個技術平台，已在 20 多個國家部署，並受到 78 項專利和眾多商業機密的保護。在我們珍惜我們的根並努力維護我們忠實的客戶群的同時，我們在過去三年中積極地改變了公司。

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, which contribute to over a quarter of our revenue. We focused our technology to provide enterprise solutions for digital onboarding and authentication across verticals and to maximize business efficiencies.

我們的商業模式已經改變；我們的文化變了；我們的基礎設施發生了變化。我們的目標客戶現在包括越來越多的商業客戶，它們貢獻了我們超過四分之一的收入。我們專注於我們的技術，為跨垂直行業的數字入職和身份驗證提供企業解決方案，並最大限度地提高業務效率。

Those of you following our story for the past couple of years know that this transformation has been accomplished with significant shift towards recurring revenue. Our current recurring revenue of approximately $10 million in 2022 is not far off from the total revenue achieved in 2019 or 2020.

那些在過去幾年中關注我們故事的人都知道，隨著向經常性收入的重大轉變，這一轉變已經完成。我們目前在 2022 年的經常性收入約為 1000 萬美元，與 2019 年或 2020 年實現的總收入相差不遠。

So with that background, I'd like to discuss our operational and financial achievements for the first quarter of 2023. After a successful transformational year with focus on rebuilding the front end of the business and introducing our SaaS offering, we entered 2023 with solid momentum, supported by a growing market opportunity, a proven product portfolio, an expanding partner network.

因此，在這種背景下，我想討論一下我們在 2023 年第一季度的運營和財務成就。在成功轉型的一年之後，重點是重建業務前端並推出我們的 SaaS 產品，我們以強勁的勢頭進入了 2023 年, 得到不斷增長的市場機會、成熟的產品組合和不斷擴大的合作夥伴網絡的支持。

During Q1, we continued concentrating on evolving and enhancing our solutions, product infrastructure, and fulfillment strategies as well as expanding our recurring customer base. As a result of our reinvigorated sales team and go-to-market strategies, we've added new customers for Knomi and AwareID, increasing our recurring revenue base.

在第一季度，我們繼續專注於發展和增強我們的解決方案、產品基礎設施和履行戰略，並擴大我們的經常性客戶群。由於我們重振了銷售團隊和進入市場戰略，我們為 Knomi 和 AwareID 增加了新客戶，增加了我們的經常性收入基礎。

A driving force behind these new logos is the robust partnership program we put in place following Craig's appointment last year. As you'll hear from Craig, we are working to cultivate a partnership ecosystem that will ultimately help us reach further into financial services and into new growth markets, while additionally expanding our footprint globally and in the US market.

這些新徽標背後的推動力是我們在克雷格去年被任命後實施的強有力的合作夥伴計劃。正如克雷格所說，我們正在努力培養一個合作夥伴生態系統，最終將幫助我們進一步涉足金融服務和新的增長市場，同時進一步擴大我們在全球和美國市場的足跡。

I will let Craig go into more detail on our go-to-market strategies and partnership programs, but I wanted to touch on a few key wins first. Craig and his customer success team's potential truly started to be realized so far this year. Recently, they were able to secure and onboard an on-prem customer in under a month, a process that would have taken six to nine months or more previously.

我會讓克雷格更詳細地介紹我們的上市戰略和合作夥伴計劃，但我想先談談幾個關鍵的勝利。今年到目前為止，克雷格和他的客戶成功團隊的潛力真正開始發揮作用。最近，他們能夠在不到一個月的時間內保護並加入本地客戶，而這個過程在以前需要六到九個月或更長時間。

The customer success team's ability to streamline the onboarding process combined with the adaptability and out-of-box readiness of our biometric authentication solutions gives us the confidence that we can convert our pipeline.

客戶成功團隊簡化入職流程的能力，加上我們生物識別認證解決方案的適應性和開箱即用，讓我們有信心可以轉換我們的管道。

Despite the ongoing macroeconomic challenges, the industry has some interesting tailwinds, and our pipeline remains robust with high-quality opportunities. In conjunction with our pipeline growing quarter over quarter, we are also securing and activating new logos through shared partner resources. This is enabling us to generate increased momentum across our product portfolio including AwareID.

儘管宏觀經濟挑戰持續存在，但該行業仍有一些有趣的順風因素，我們的管道仍然強勁，擁有高質量的機會。結合我們的管道逐季增長，我們還通過共享合作夥伴資源保護和激活新徽標。這使我們能夠在包括 AwareID 在內的整個產品組合中產生更大的動力。

Although revenue from AwareID remains a nominal portion of our total revenue today, we remain confident in our ability to meaningfully scale its contribution based on the interest we are seeing from the customers as we optimize our product market fit.

儘管來自 AwareID 的收入在我們今天的總收入中仍然只是名義上的一部分，但我們仍然相信，我們有能力根據我們在優化產品市場契合度時從客戶那裡看到的興趣來有意義地擴大其貢獻。

It's worth noting that one of the many reasons Aware continues to win in the market is because of our ability to listen to our customers and deploy our solutions that fits their needs, whether that may be SaaS, hybrid, or on-prem. Lastly, with our healthy pipeline, reinvigorated efforts around customer success, strategic partnerships, and an unparalleled biometric authentication solutions, we believe we are well-positioned to capitalize on a growing global biometric industry.

值得注意的是，Aware 繼續在市場上獲勝的眾多原因之一是因為我們能夠傾聽客戶的意見並部署適合他們需求的解決方案，無論是 SaaS、混合還是本地。最後，憑藉我們健康的渠道、圍繞客戶成功的重新努力、戰略合作夥伴關係以及無與倫比的生物識別認證解決方案，我們相信我們已做好充分準備，利用不斷發展的全球生物識別行業。

Now, before discussing our near-term business drivers and outlook, Dave will walk us through our financial results for the first quarter. Dave, over to you.

現在，在討論我們的近期業務驅動因素和前景之前，Dave 將向我們介紹第一季度的財務業績。戴夫，交給你了。

Thank you, Bob. Good afternoon to everyone on the call. Turning to our financial results for the first quarter ended March 31, 2023, total revenue was $4.3 million compared to $4.1 million for the fourth quarter of 2022 and $4.7 million in the same year-ago period. The sequential increase in total revenue was due to higher software licenses in the period.

謝謝你，鮑勃。大家下午好。轉向我們截至 2023 年 3 月 31 日的第一季度的財務業績，總收入為 430 萬美元，而 2022 年第四季度為 410 萬美元，去年同期為 470 萬美元。總收入的環比增長是由於該期間軟件許可的增加。

A key focus area for us is building predictable recurring revenue streams. For Q1 2023, recurring revenue was $3.1 million or 71% of total revenue. The $3.1 million in recurring revenue was up 17% sequentially and 4% year over year.

我們的一個重點關注領域是建立可預測的經常性收入流。 2023 年第一季度，經常性收入為 310 萬美元，佔總收入的 71%。 310 萬美元的經常性收入環比增長 17%，同比增長 4%。

Looking at our operating expenses, our first quarter of 2023 operating expenses were $6.2 million, up slightly from $6.1 million in the prior quarter and $6.0 million in Q1 of last year, reflecting an increase in sales and marketing. Operating loss for the first quarter of 2023 was negative $1.9 million, an improvement from negative $2 million in the prior quarter compared to negative $1.3 million in the same year-ago period.

從我們的運營支出來看，我們 2023 年第一季度的運營支出為 620 萬美元，略高於上一季度的 610 萬美元和去年第一季度的 600 萬美元，反映出銷售和營銷的增長。 2023 年第一季度的營業虧損為負 190 萬美元，較上一季度的負 200 萬美元有所改善，而去年同期為負 130 萬美元。

For the first quarter of 2023, GAAP net loss totaled negative $1.6 million or $0.07 per diluted share compared to a GAAP net loss of negative $1.8 million or $0.08 per diluted share in Q4 of 2022, negative $1.3 million or $0.06 per diluted share in the same year-ago period. Our adjusted EBITDA loss for the quarter, which we reconciled to GAAP net loss in our earnings release totaled $1.4 million, which compares to adjusted EBITDA loss of $1.5 million in the prior quarter and adjusted EBITDA loss of $0.6 million in the same year-ago period.

2023 年第一季度，GAAP 淨虧損總計為負 160 萬美元或攤薄後每股 0.07 美元，而 2022 年第四季度的 GAAP 淨虧損為負 180 萬美元或攤薄後每股 0.08 美元，同期為負 130 萬美元或攤薄後每股 0.06 美元去年同期。我們本季度調整後的 EBITDA 虧損（我們在收益發布中與 GAAP 淨虧損對賬）總計 140 萬美元，而上一季度調整後的 EBITDA 虧損為 150 萬美元，去年同期調整後的 EBITDA 虧損為 60 萬美元.

Looking at our balance sheet, we ended the quarter with $27.3 million in cash, cash equivalents, and marketable securities. We repurchased 191,000 common shares of stock at an average price of $1.79 per share as part of our previously announced share buyback program.

查看我們的資產負債表，我們在本季度結束時擁有 2730 萬美元的現金、現金等價物和有價證券。作為我們之前宣布的股票回購計劃的一部分，我們以每股 1.79 美元的平均價格回購了 191,000 股普通股。

Our strong cash position and no debt provides us with significant resources to weather any macro pressures, while at the same time, it affords us with the optimal flexibility to allocate capital toward opportunities with high ROI potential to align with our long-term growth potential. To that end, we're seeing increased activity on both the buy and sell side, and we'll continue to evaluate strategic opportunities that would enable us to drive scale as an organization and maximize shareholder value.

我們強大的現金狀況和無債務為我們提供了大量資源來應對任何宏觀壓力，同時，它為我們提供了最佳的靈活性，可以將資本分配給具有高投資回報率潛力的機會，以符合我們的長期增長潛力。為此，我們看到買賣雙方的活動都在增加，我們將繼續評估戰略機會，使我們能夠擴大組織規模並最大化股東價值。

This completes my financial summary. Craig will now discuss our enterprise sales strategy. Craig?

這完成了我的財務摘要。克雷格現在將討論我們的企業銷售策略。克雷格？

Thanks, Dave. It's great to be here with you all today. As Bob touched on, our partner-centric go-to-market strategy continues to gain momentum. We're seeing more and more opportunities arise through our partner network, while at the same time, our customer success team is actively collaborating with existing customers to expand deployments and increase our wallet share.

謝謝，戴夫。很高興今天能和大家在一起。正如 Bob 談到的那樣，我們以合作夥伴為中心的進入市場戰略繼續獲得動力。我們看到越來越多的機會通過我們的合作夥伴網絡出現，與此同時，我們的客戶成功團隊正在積極與現有客戶合作，以擴大部署並增加我們的錢包份額。

To that end, our long-standing customer base and high renewal rates, which exceeded 90% in 2022, provides us with a significant opportunity to increase wallet share and overall customer lifetime value.

為此，我們長期的客戶群和高續訂率（2022 年超過 90%）為我們提供了增加錢包份額和整體客戶生命週期價值的重要機會。

To recap our strategy, our multi-channel partner focus involves expanding our base of VARs, including local and regional integrated resellers, system integrators, OEMs, and distributors. In parallel, we're building a deeper network of consulting partners who can introduce, recommend, and add Aware services and solutions into a larger ecosystem for customers on a global or regional basis.

回顧我們的戰略，我們的多渠道合作夥伴重點涉及擴大我們的 VAR 基礎，包括本地和區域綜合經銷商、系統集成商、原始設備製造商和分銷商。與此同時，我們正在構建一個更深入的諮詢合作夥伴網絡，他們可以在全球或區域基礎上為客戶引入、推薦和添加 Aware 服務和解決方案到更大的生態系統中。

The third leg of our partnership strategy is technology partners who can integrate our offerings based on target markets, vertical solutions, and marketplaces, which allows us to increase the accessibility of Aware's technology to the partner's customer base.

我們合作戰略的第三條腿是技術合作夥伴，他們可以根據目標市場、垂直解決方案和市場整合我們的產品，這使我們能夠增加 Aware 技術對合作夥伴客戶群的可訪問性。

Bob already mentioned a couple of our key customer wins that resulted from our advanced product offerings and customer success team, but I would like to go a bit more in depth into these achievements. First, we are committed to gaining traction in the fintech market. Aware is already a proven leader in fraud prevention as we are trusted by some of the largest financial institutions in target countries around the world. With our customer success program, streamlining the onboarding process, and enhancing customer interactions, we are confident that we can capture meaningful market share in the fintech space.

鮑勃已經提到了我們先進的產品和客戶成功團隊帶來的幾個關鍵客戶勝利，但我想更深入地了解這些成就。首先，我們致力於在金融科技市場獲得牽引力。 Aware 已被證明是欺詐預防領域的領導者，因為我們受到全球目標國家/地區一些最大的金融機構的信任。通過我們的客戶成功計劃、簡化入職流程並加強客戶互動，我們有信心能夠在金融科技領域佔據有意義的市場份額。

Our next initiative is to continue expanding our partnership programs. As I touched on, with these partnership programs, we strategically seek out specialized partners that we can leverage to generate momentum for other biometric solutions as well as in other markets. A great example of this is our recent partnership with Uqoud, where our Knomi technology has been integrated into Uqoud's Middle East-based contract management platform. This is not only expanding Knomi's use cases, but also opening the door to future customers in the Middle East and surrounding areas.

我們的下一個舉措是繼續擴大我們的合作夥伴計劃。正如我提到的，通過這些合作夥伴計劃，我們戰略性地尋找專業合作夥伴，我們可以利用這些合作夥伴為其他生物識別解決方案以及其他市場創造動力。一個很好的例子就是我們最近與 Uqoud 的合作夥伴關係，我們的 Knomi 技術已集成到 Uqoud 基於中東的合同管理平台中。這不僅擴大了 Knomi 的用例，也為中東及周邊地區的未來客戶打開了大門。

In line with extending Aware's footprint in the Middle East, we secured a partnership with Anyline, who is integrating Knomi capabilities into the electronic know-your-customer identity verification process for one of the largest banks in Pakistan. Furthermore, Pakistan has been working towards consolidating its financial sector for several years, much like the biometric industry. We believe with our strong foothold and growing presence in the Middle East, Aware can capitalize on this unification to gain significant market share.

為了擴大 Aware 在中東的足跡，我們與 Anyline 建立了合作夥伴關係，Anyline 正在為巴基斯坦最大的銀行之一將 Knomi 功能集成到電子“了解你的客戶”身份驗證流程中。此外，巴基斯坦多年來一直致力於鞏固其金融部門，就像生物識別行業一樣。我們相信，憑藉我們在中東的穩固立足點和不斷增長的影響力，Aware 可以利用這種統一來獲得重要的市場份額。

Lastly, we are focused on expanding our reach in the US commercial market. Despite being recognized as a leader globally, our breakthrough into the US commercial market has been gradual. However, with our recent partnership with SoftwareONE to prepare Aware's world-class biometric authentication solutions for availability on the AWS marketplace, we are one step closer to accelerating adoption of our biometric authentication solutions in this space and expanding Aware's reach in both the US and Latin America.

最後，我們專注於擴大我們在美國商業市場的影響力。儘管我們被公認為全球領導者，但我們在美國商業市場的突破是漸進的。然而，隨著我們最近與 SoftwareONE 合作準備 Aware 的世界級生物識別身份驗證解決方案以在 AWS 市場上推出，我們離加速在該領域採用我們的生物識別身份驗證解決方案並擴大 Aware 在美國和拉丁美洲的影響力又近了一步美國。

In particular, we are confident Aware will excel in the Latin American market with our advanced fraud prevention technologies and demonstrated track record of success amongst major financial institutions in Brazil, US federal agencies, and governments around the world.

特別是，我們相信 Aware 將憑藉我們先進的欺詐預防技術在拉丁美洲市場脫穎而出，並在巴西的主要金融機構、美國聯邦機構和世界各地的政府中展示成功的記錄。

Overall, our enhanced enterprise sales strategy is positioning Aware to capture new markets through multichannel partnerships, broadening the capabilities of our biometric authentication solutions and global customer wins. With these initiatives in place and our accelerated onboarding process, I am confident we can scale our business to drive sustainable growth in sales for 2023 and beyond.

總的來說，我們增強的企業銷售戰略正在定位 Aware，通過多渠道合作夥伴關係佔領新市場，擴大我們生物識別認證解決方案的能力並贏得全球客戶。有了這些舉措和我們加速的入職流程，我相信我們可以擴展我們的業務，以推動 2023 年及以後的銷售額可持續增長。

Now, I'd like to turn the call back to Bob for additional insights into our business drivers. Bob?

現在，我想將電話轉回給 Bob，以進一步了解我們的業務驅動因素。鮑勃？

Thanks, Craig. We entered 2023 in the final phase of our business model transition to a platform company with strong recurring revenue. We're excited now that we have AwareID in the market and starting to gain traction. However, as adoption ramps up, we remain committed to evolving our full portfolio of products and enhancing our customer success mechanisms to scale our business.

謝謝，克雷格。進入 2023 年，我們進入了商業模式向具有強勁經常性收入的平台公司轉型的最後階段。我們很高興現在我們在市場上有了 AwareID 並開始受到關注。然而，隨著採用率的提高，我們仍然致力於發展我們的完整產品組合併增強我們的客戶成功機制以擴展我們的業務。

Furthermore, our pipeline contains promising prospects with the potential to drive recurring revenue as our partners begin to bring in more and more deals. To best convert our pipeline into tangible results and drive recurring revenue, we're focused on three key initiatives: first, to propel growth by focusing on scaling through partners and marketplaces; second, to protect the base by retaining and expanding our core customers and business segments; and finally, to establish AwareID's product market fit through a targeted adoption in strategically selected industry verticals.

此外，隨著我們的合作夥伴開始引入越來越多的交易，我們的管道包含有潛力推動經常性收入的前景。為了最好地將我們的管道轉化為有形的結果並推動經常性收入，我們專注於三個關鍵舉措：首先，通過專注於通過合作夥伴和市場進行擴展來推動增長；第二，通過保留和擴大我們的核心客戶和業務部門來保護基地；最後，通過在戰略選擇的垂直行業中有針對性地採用，建立 AwareID 的產品市場契合度。

As I've noted in the past, our business will continue to be subject to quarterly variations in financials due to timing of awards and adoption. So our emphasis remains on a full-year outlook and performance.

正如我過去指出的那樣，由於獎勵和採用的時間安排，我們的業務將繼續受到財務季度變化的影響。因此，我們的重點仍然是全年展望和業績。

Looking ahead, our expectation is to grow total revenue and annual recurring revenue or ARR by at least 15% in 2023. We also continue to expect operating cash flow exiting 2023 to be neutral to positive, which means we will manage both inflows and outflows towards profitability while taking into consideration seasonal timing of cash outlays.

展望未來，我們的預期是到 2023 年總收入和年度經常性收入或 ARR 至少增長 15%。我們還繼續預計 2023 年結束的經營現金流將保持中性至正值，這意味著我們將管理流入和流出盈利能力，同時考慮現金支出的季節性時間。

As we work towards achieving our cash flow goals, we remain confident in our ability to deliver robust operational performance while we progress along our strategic growth roadmap to strong recurring revenue and sustainable future growth. We truly appreciate everyone's continued support and are excited about the future of Aware.

在我們努力實現現金流目標的過程中，我們仍然相信我們有能力提供強勁的運營業績，同時我們沿著戰略增長路線圖取得強勁的經常性收入和可持續的未來增長。我們非常感謝大家一直以來的支持，並對 Aware 的未來感到興奮。

With that, we are ready to open the call to questions. Matt, please provide the appropriate instructions.

這樣，我們就可以開始提問了。馬特，請提供適當的說明。

(Operator Instructions)

（操作員說明）

Dave, how should investors be thinking about operating expenses this year?

戴夫，投資者今年應該如何考慮運營費用？

Thanks, Matt. As I mentioned in my prepared remarks, our Q1 operating expenses were up slightly quarter over quarter. And as we talked a bit on the last call, we expect to run around $5.5 million each quarter during 2023. This excludes non-cash items, amortization, depreciation, and stock comp. So as we target getting close to a positive cash flow, we expect to optimize our cost structure rather than continue to invest.

謝謝，馬特。正如我在準備好的發言中提到的，我們第一季度的運營費用環比略有上升。正如我們在上次電話會議上談到的那樣，我們預計 2023 年每個季度的運營成本約為 550 萬美元。這不包括非現金項目、攤銷、折舊和股票補償。因此，當我們的目標是接近正現金流時，我們希望優化我們的成本結構，而不是繼續投資。

Thanks, Dave. Another one for you. What is the progress on the share purchase plan?

謝謝，戴夫。另一個給你。股權收購計劃進展如何？

Yeah. During the first quarter, we repurchased about 191,000 shares. That was about 1% of our outstanding shares, and the average price this quarter was $1.79.

是的。第一季度，我們回購了約 191,000 股。這大約是我們流通股的 1%，本季度的平均價格為 1.79 美元。

Thanks, Dave. Next question, can you provide an update on the cloud ABIS contract you mentioned last quarter?

謝謝，戴夫。下一個問題，您能否提供您上個季度提到的雲 ABIS 合同的最新情況？

Yeah. Thanks for the question. Yes, we anticipate the particular contract will go live this summer. So while we can't formally announce it right now, all the details, we are excited to get this customer onboarded and in the cloud with ABIS. It's a large-scale biometric ID and de-duplication service.

是的。謝謝你的問題。是的，我們預計特定合同將在今年夏天生效。因此，雖然我們現在不能正式宣布所有細節，但我們很高興讓這個客戶加入 ABIS 並進入雲端。這是一項大規模的生物識別 ID 和重複數據刪除服務。

This contract will have a positive impact on our recurring revenue as we continue our transition to a platform company. As we've highlighted previously, just keep in mind that our business is subject to quarterly variations in financials because of the timing of awards and adoptions. We are winning contracts every quarter, however, some deals take longer to realize the revenue than others. Therefore, we are largely focused on our full-year performance and outlook.

隨著我們繼續向平台公司過渡，該合同將對我們的經常性收入產生積極影響。正如我們之前強調的那樣，請記住，由於獎勵和採用的時間安排，我們的業務會受到財務季度變化的影響。我們每個季度都在贏得合同，但是，有些交易比其他交易需要更長的時間才能實現收入。因此，我們主要關注全年業績和前景。

Thanks, Craig. We've got a multipart question next. Please clarify the implied revenue growth for 2023 Q4 of approximately 50% year over year under the stated assumptions of steady quarterly expenses for 2023 versus the direct guidance of 15% revenue growth for full-year 2023. Should we expect zero to negative growth in the first three quarters in all of 2023, growth to occur in the fourth quarter?

謝謝，克雷格。接下來我們有一個多部分問題。請澄清在 2023 年季度支出穩定的既定假設下，2023 年第四季度的隱含收入同比增長約 50%，而 2023 年全年收入增長 15% 的直接指導。我們是否應該預期零增長或負增長？ 2023 年的前三個季度，第四季度會出現增長嗎？

Yeah. Thanks, Matt. Let me unpack that a little bit. So as you saw, we generated about $4.3 million in revenue in Q1. That was an improvement from the prior quarter and down slightly from Q1 2022. And while we don't provide quarterly guidance on how our revenue will be trending throughout 2023, we do expect the growth for the year to be at least 15% both total revenue and ARR.

是的。謝謝，馬特。讓我把它拆開一點。正如您所見，我們在第一季度創造了約 430 萬美元的收入。這比上一季度有所改善，但比 2022 年第一季度略有下降。雖然我們沒有就整個 2023 年的收入趨勢提供季度指導，但我們確實預計今年的增長率至少為 15%收入和 ARR。

Now, as you look back, you can see there's some historical seasonality to our revenue, but the quarterly variability tends to be less than 50% in this question. So if I kind of unpack that a little bit further, in the question, you mentioned implied revenue growth and presumably that's based on our target of exiting 2023 as operating cash flow neutral.

現在，當你回顧過去時，你會發現我們的收入存在一些歷史季節性，但這個問題的季度變化往往小於 50%。因此，如果我稍微進一步分析一下，在這個問題中，你提到了隱含的收入增長，大概是基於我們的目標，即 2023 年退出運營現金流中性。

So along those lines, again, we don't focus on quarterly results, but I will note that our average operating cash burn across the last four quarters was right around $1 million. So that provides you some guidance as to how much growth we have left to go before we can hit cash flow neutral.

因此，沿著這些思路，我們再次不關注季度業績，但我會注意到，我們過去四個季度的平均運營現金消耗約為 100 萬美元。因此，這為您提供了一些指導，說明在我們達到現金流中性之前我們還有多少增長。

Great. Thanks, Dave. Next question, can you discuss the technology roadmap for Aware?

偉大的。謝謝，戴夫。下一個問題，你能談談Aware的技術路線圖嗎？

Yeah. Just to give you an overview of it, it's constantly evolving, expanding its portfolio based on the current growth in emerging and future use cases. So in order to do this, we provide and apply artificial intelligence, machine learning to the biometrics to solve the complex identity management problems that we've had over for 10 years now. So to that end, we've advanced our technology roadmaps along multiple vectors.

是的。只是為了給你一個概述，它在不斷發展，根據當前新興和未來用例的增長擴展其產品組合。因此，為了做到這一點，我們提供人工智能、機器學習並將其應用於生物識別技術，以解決我們已經解決了 10 年的複雜身份管理問題。因此，為此，我們沿著多個方向推進了我們的技術路線圖。

One of them is machine learning and AI. Another is data science and data engineering, biometric modalities, face, voice, fingerprint, iris, and behavioral; software engineering and applications, the infrastructure and deployment; the methodology, whether it's on-prem, SaaS and make sure we adapt to the customer's environment. Mobile applications and then non-biometric, where we have some several active programs looking at document authentication and document liveness. And then our deep research group relative to new technologies.

其中之一是機器學習和人工智能。另一個是數據科學和數據工程、生物識別模式、面部、聲音、指紋、虹膜和行為；軟件工程和應用程序、基礎設施和部署；方法，無論是內部部署還是 SaaS，並確保我們適應客戶的環境。移動應用程序，然後是非生物識別應用程序，我們有幾個活躍的程序來查看文檔身份驗證和文檔活性。然後是我們與新技術相關的深度研究小組。

Dave, the next question is for you. How does commercial revenue compare from the prior quarter and year over year?

戴夫，下一個問題是給你的。商業收入與上一季度和去年同期相比如何？

Yes. Good question. So as I mentioned in my prepared remarks, our commercial revenue accounts for over a quarter of our total revenue. So that means in -- well, specifically in Q1 of 2023, it was about $1.3 million, and so that's up about 5% or so from Q1 of 2022.

是的。好問題。因此，正如我在準備好的發言中提到的那樣，我們的商業收入占我們總收入的四分之一以上。所以這意味著 - 好吧，特別是在 2023 年第一季度，它約為 130 萬美元，因此比 2022 年第一季度增長了約 5% 左右。

Thanks, Dave. The next question is for Craig. What is the current addressable market size and growth dynamics within Aware's portion of the biometrics industry?

謝謝，戴夫。下一個問題是克雷格。 Aware 在生物識別行業的部分當前可尋址的市場規模和增長動力是什麼？

Sure. The global market for biometric technology is expected to grow at a compounded annual rate of about 20%. This will reach a total addressable market of approximately $71 billion by 2027. There are several factors that are driving demand for biometric technologies, including new government regulations, businesses' need for convenience and operational efficiencies, as well as an increased rate of identity fraud and data breaches.

當然。生物識別技術的全球市場預計將以約 20% 的複合年增長率增長。到 2027 年，潛在市場總額將達到約 710 億美元。有幾個因素推動了對生物識別技術的需求，包括新的政府法規、企業對便利性和運營效率的需求，以及身份欺詐和數據洩露。

With Aware's out-of-the-box readiness and lightning-fast adaptability, we believe our company is well positioned to capitalize on the lucrative market opportunity, supported by robust industry tailwinds and drivers.

憑藉 Aware 的開箱即用和閃電般快速的適應性，我們相信，在強大的行業順風和驅動因素的支持下，我們公司已做好充分準備，可以利用利潤豐厚的市場機會。

Another one for Craig. How do recent US government budget proposals impact Aware's government business?

克雷格的另一個。最近的美國政府預算提案如何影響 Aware 的政府業務？

Yeah. There is a lot happening on this side of the business. We anticipate the most recent budget proposal to have a positive effect on our government business as a whole since we work with all three branches of the US federal government. More specifically, the latest proposal includes additional funding for US Customs and Border Protection to strengthen and improve security technologies at and between ports of entry, which could be a potential opportunity for us to gain additional wallet share.

是的。業務的這一方面發生了很多事情。由於我們與美國聯邦政府的所有三個部門合作，我們預計最近的預算提案將對我們的整個政府業務產生積極影響。更具體地說，最新提案包括為美國海關和邊境保護局提供額外資金，以加強和改進入境口岸和入境口岸之間的安全技術，這可能是我們獲得更多錢包份額的潛在機會。

Furthermore, the National Cybersecurity Strategy and the anticipated Digital Theft Executive Order presents more potential opportunity for Aware. We are continuously monitoring the federal government's activities in this space and submit proposals regularly. The timing of awards and subsequent implementation can vary depending on the size of the project and a variety of other factors.

此外，國家網絡安全戰略和預期的數字盜竊行政命令為 Aware 提供了更多潛在機會。我們會持續監控聯邦政府在該領域的活動並定期提交提案。獎勵的時間安排和隨後的實施可能因項目規模和各種其他因素而異。

Thanks, Craig. How has the macroenvironment affected the pipeline? Are deals still being pushed further out?

謝謝，克雷格。宏觀環境對管道有何影響？交易是否仍在進一步推進？

Yeah. We talked about this last quarter about a few customers pushing out their start times. A number of government customers delayed going live, which shifted that revenue to the right. However, in Q1, we finally started to see some of these deals materialize as we have onboarded those customers. We believe we've weathered the macroeconomic storm and are beginning to see our resilience pay off with a healthy pipeline of high-quality opportunities around the globe.

是的。我們在上個季度談到了一些客戶推遲他們的開始時間。許多政府客戶推遲了上線時間，這使收入向右轉移。然而，在第一季度，隨著我們吸引了這些客戶，我們終於開始看到其中一些交易成為現實。我們相信我們已經度過了宏觀經濟風暴，並開始看到我們的韌性在全球範圍內通過健康的優質機會渠道得到回報。

Next question, what kind of traction are you seeing with AwareID?

下一個問題，您對 AwareID 有何看法？

Craig, do you want to take this one since you are in the field?

克雷格，既然你在外地，你想參加這個嗎？

Sure. As Bob mentioned earlier, accelerating adoption and establishing the product market fit for AwareID is one of our key focuses for 2023. Leveraging our partnerships like our collaboration with SoftwareONE is crucial to our go-to-market strategy.

當然。正如 Bob 之前提到的，加速採用 AwareID 並建立適合 AwareID 的產品市場是我們 2023 年的重點之一。利用我們與 SoftwareONE 的合作等合作夥伴關係對我們的上市戰略至關重要。

When AwareID enters the AWS marketplace later this summer, we will tap into the vast reach of the platform to generate strong momentum for the solution. Interestingly, with enterprise customers, AwareID has been an intriguing offering to open doors to conversations that may otherwise have been closed. Some of these conversations lead to a proof-of-concept project with the prospects. Others lead to prospects realizing that a SaaS offering isn't exact -- actually what they want, and they're more interested in Knomi, which is on-premise.

當 AwareID 在今年夏天晚些時候進入 AWS 市場時，我們將利用該平台的廣泛影響力為該解決方案帶來強勁動力。有趣的是，對於企業客戶來說，AwareID 一直是一個有趣的產品，可以打開原本可能關閉的對話之門。其中一些對話導致了與潛在客戶的概念驗證項目。其他人則讓潛在客戶意識到 SaaS 產品並不准確——實際上是他們想要的，而且他們對內部部署的 Knomi 更感興趣。

The bottom line comes down to the depth and breadth of our portfolio, a strength that affords customers the flexibility to deploy world-class biometrics in the manner in which they need to.

底線歸結為我們產品組合的深度和廣度，這種優勢使客戶能夠靈活地以他們需要的方式部署世界級的生物識別技術。

Thanks, Craig. Next question, what are the company's capital allocation plans in 2023?

謝謝，克雷格。下一個問題，公司2023年的資金配置計劃是什麼？

I'll take that, Matt. We ended the quarter with about $27.3 million in cash and marketable securities. In Q1, we continued to take advantage of the increasing interest rates in the broader market, and we also progressed with our previously announced share buyback plan, which I talked to before.

我會接受的，馬特。本季度結束時，我們擁有約 2730 萬美元的現金和有價證券。在第一季度，我們繼續利用大盤利率上升的機會，我們也推進了之前宣布的股票回購計劃，我之前也談過。

So overall, in 2023, we are maintaining a robust cash position, no debt, and it allows us the strength to navigate any of the macro headwinds as well as the flexibility to evaluate strategic opportunities that could help us drive scale as an organization and maximize shareholder value.

因此，總的來說，到 2023 年，我們將保持穩健的現金狀況，沒有債務，這使我們有能力應對任何宏觀逆風，並具有評估戰略機會的靈活性，這些戰略機會可以幫助我們擴大組織規模並最大化股東價值。

Next question, when will you break out SaaS revenue?

下一個問題，您什麼時候會公佈 SaaS 收入？

Yeah. Thanks for that, Matt. As you've heard from our commentary, we're continuing to focus on building our SaaS base. Craig just went through that. And while we don't anticipate SaaS revenue to be a significant revenue source in 2023, SaaS customers are being added monthly; momentum is building, all the good stuff Craig was just talking to.

是的。謝謝你，馬特。正如您從我們的評論中聽到的那樣，我們將繼續專注於構建我們的 SaaS 基礎。克雷格剛剛經歷了這些。雖然我們預計 SaaS 收入不會成為 2023 年的重要收入來源，但 SaaS 客戶每月都會增加；勢頭正在增強，克雷格剛剛談到的所有好東西。

So we're optimistic about reaching our ARR goals, and we can offer these nimble, flexible deployments no one else can. And so once our revenue generated from SaaS contract reaches a material amount, we will break it out separately on our income statement. Our Q1 SaaS revenues were nominal.

因此，我們對實現我們的 ARR 目標持樂觀態度，我們可以提供這些其他人無法提供的敏捷、靈活的部署。因此，一旦我們從 SaaS 合同產生的收入達到一定數額，我們將在損益表中單獨列出。我們第一季度的 SaaS 收入是名義上的。

Thanks, Dave. Our next question, what are the target markets and typical use cases for AwareID?

謝謝，戴夫。我們的下一個問題是，AwareID 的目標市場和典型用例是什麼？

Craig?

克雷格？

Yeah. So where we're really focused with AwareID right now is -- and also with the financial services industry, which is where we have a lot of traction success with Knomi. We're really focused on more fintech, mid-market, credit unions, banks on the financial services side.

是的。因此，我們現在真正關注 AwareID 的地方是 - 以及金融服務行業，這是我們與 Knomi 取得巨大成功的地方。我們真正專注於更多的金融科技、中端市場、信用合作社、金融服務方面的銀行。

We're also really starting to see a lot of traction across the education market and certifications. So online-certified certifications to prove that someone taking the test is the actual person. This has gained more and more as people are doing more contract work and a lot more remote work.

我們也真正開始看到教育市場和認證方面的巨大吸引力。因此，在線認證證書可以證明參加考試的人是真實的人。隨著人們從事更多的合同工作和更多的遠程工作，這種情況越來越多。

And then finally, those two are really online, but then we really see the offline world of access control really starting to take hold with some recent opportunities that we're going down the path with. The ability to use, to be able to easily implement AwareID without a lot of resources and then have full biometrics to use in buildings, rooms, et cetera has really gotten some traction lately.

最後，這兩個真的在線，但是我們真的看到訪問控制的離線世界真正開始佔據我們最近的一些機會。使用的能力，能夠在沒有大量資源的情況下輕鬆實施 AwareID，然後在建築物、房間等地方使用完整的生物識別技術，最近確實得到了一些關注。

Thanks, Craig. Our next question, how long does it typically take to get a new customer operational with AwareID, BioSP, and Knomi, respectively?

謝謝，克雷格。我們的下一個問題是，通常需要多長時間才能讓新客戶分別使用 AwareID、BioSP 和 Knomi？

Sure. So AwareID -- this is really the uniqueness of what we do. So AwareID really can take days to set up, up and running. And again, it's low code; it's in the cloud. Knomi and BioSP are typically much more customized to the person's -- the company's infrastructure, what they're looking for, their specific workflows, and other things that we're connecting into.

當然。所以 AwareID——這確實是我們所做工作的獨特之處。所以 AwareID 真的需要幾天的時間來設置、啟動和運行。再一次，它是低代碼；它在雲端。 Knomi 和 BioSP 通常更適合個人——公司的基礎設施、他們正在尋找的東西、他們的特定工作流程以及我們正在連接的其他事物。

So in some cases, we're a part of the overall solution; some case, we are the solution. So in those cases, that can take, again, months to do a full implementation and scope out. And that's why we're really excited about the ability to marry AwareID and Knomi so that -- the world isn't one-size-fits-all, and we really do have solutions that fit what customers need right now. And so it really does depend on the implementation and the customer.

所以在某些情況下，我們是整體解決方案的一部分；某些情況下，我們是解決方案。因此，在這些情況下，可能需要幾個月的時間才能完成全面實施並確定範圍。這就是為什麼我們對將 AwareID 和 Knomi 結合起來感到非常興奮的原因 - 世界不是一刀切的，我們確實擁有滿足客戶當前需求的解決方案。所以它確實取決於實施和客戶。

Our next question's for Dave. The language, achieve neutral to positive operating cash flow exiting 2023, please, for the sake of absolute clarity, confirm this does not include any balance sheet driven from interest received.

我們的下一個問題是戴夫。語言，在 2023 年實現中性至正的運營現金流，為了絕對清楚起見，請確認這不包括任何由收到的利息驅動的資產負債表。

Yeah, let me provide a little color on this. So we say positive operating cash flow exiting 2023 because at any given time going forward, there is a fluctuation. Our cash flow like our revenue has some historical seasonality to it. Specifically, Q1 is always -- almost always our highest cash flow usage.

是的，讓我對此提供一點顏色。所以我們說 2023 年的運營現金流為正，因為在未來的任何給定時間都會出現波動。我們的現金流像我們的收入一樣具有一定的歷史季節性。具體來說，Q1 總是 - 幾乎總是我們最高的現金流量使用。

So that's the reason we word it as exiting 2023. Not every quarter will be cash flow positive, but we plan to exit with revenues reaching the levels of our expenses in that ballpark, so that we can achieve our Q4 with a positive cash flow. So it has nothing to do with balance sheet-driven interests received.

所以這就是我們說它在 2023 年退出的原因。並不是每個季度的現金流都是正的，但我們計劃在收入達到我們在該球場的支出水平時退出，這樣我們就可以在第四季度實現正現金流。因此，它與收到的資產負債表驅動的利息無關。

Thanks, Dave. We've got a two-part question. How much balance sheet cash is excess from cash required to operate the business? Relatedly, is there anything preventing the company from pursuing a tender offer in light of the present market valuation, which ascribes nearly no value at all to the company's underlying business?

謝謝，戴夫。我們有一個分為兩部分的問題。經營業務所需的現金超出多少資產負債表現金？與此相關的是，鑑於目前的市場估值，公司的基礎業務幾乎沒有任何價值，是否有任何因素阻止公司進行要約收購？

Yeah. So with regards to the cash required to operate the business, I think I mentioned earlier our operating cash flow has averaged a usage of about $1 million a quarter for the last few quarters. So you can use that to determine roughly how much it has cost us over last year, and we are trending favorably. So with a cash balance of $27 million, subtract that out, and that's the excess cash required.

是的。因此，關於經營業務所需的現金，我想我之前提到過，我們的經營現金流在過去幾個季度平均每季度使用約 100 萬美元。所以你可以用它來大致確定我們去年花了多少錢，我們的趨勢是有利的。因此，現金餘額為 2700 萬美元，將其減去，這就是所需的超額現金。

And of course, we are trending towards cash flow neutral to positive. So from there pursuing a tender offer, in general, we are always open to any strategic alternatives that help the company. There's nothing specifically preventing us from a tender offer. We are evaluating all opportunities as they are presented to us.

當然，我們的現金流正趨於中性至正。因此，從那裡尋求要約收購，一般來說，我們總是對任何有助於公司的戰略選擇持開放態度。沒有什麼特別阻止我們進行要約收購。我們正在評估所有呈現給我們的機會。

Thanks, Dave. Next question, how is the competitive environment?

謝謝，戴夫。下一個問題，競爭環境如何？

Yeah. So I'll take this one. It really does align again with a few different things. So AwareID, there is a large startup community very focused on biometrics where we are competing in that facet. We are competing again with some of the bigger players in the space when it comes to financial services, federal.

是的。所以我要這個。它確實再次與一些不同的事物保持一致。所以 AwareID，有一個非常專注於生物識別的大型創業社區，我們在這方面進行競爭。在金融服務方面，我們再次與該領域的一些大公司競爭，聯邦。

And then there's the geography piece to it, where we have local players, especially in Latin America, global players in the Middle East, where we have strong foothold as well as here in North America. So in a word, the competitive environment is frothy. There is -- we are competing in every deal with competitors that we know based on typically the size of business of the market that they're in and the geography.

然後是地理因素，我們有本地玩家，特別是在拉丁美洲，在中東有全球玩家，我們在中東和北美都有強大的立足點。因此，總而言之，競爭環境充滿泡沫。有—我們在每筆交易中都與我們所知道的競爭對手競爭，通常是根據他們所在市場的業務規模和地理位置。

Thanks, Craig. At this time, this concludes our question-and-answer session. If your question wasn't answered, please e-mail Aware's IR team at AWRE@gatewayir.com. Now, I'd like to turn the call back over to Bob for closing remarks.

謝謝，克雷格。至此，我們的問答環節到此結束。如果您的問題沒有得到解答，請發送電子郵件至 AWRE@gatewayir.com 聯繫 Aware 的 IR 團隊。現在，我想將電話轉回給鮑勃，讓他發表結束語。

Yeah. I just want to say thank you for joining today's call, and I'd like to thank all our employees, partners, and shareholders for their continued support. And you can learn more about our strategy. We have an updated investor presentation that's now available on our website, and we look forward to updating you on Aware's progress on our next call. Matt?

是的。我只想說謝謝你參加今天的電話會議，我要感謝我們所有的員工、合作夥伴和股東一直以來的支持。你可以了解更多關於我們的戰略。我們的網站上現在提供了更新的投資者介紹，我們期待在下次電話會議上向您更新 Aware 的進展情況。馬特？

Thanks, Bob. I'd like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website. Thank you for joining us today for Aware's first-quarter 2023 conference call. You may now disconnect.

謝謝，鮑勃。我想提醒大家，今天的電話會議錄音可以通過公司網站投資者部分的鏈接重播。感謝您今天加入我們參加 Aware 的 2023 年第一季度電話會議。您現在可以斷開連接。