Q3 2024 Aware Inc Earnings Call
Ill open the call to questions.
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Before we begin todays call I'd like to remind everyone that the presentation. Today contains forward looking statements that are based on the current expectations of it whereas 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.
Paragraph emphasizes the major uncertainties and risks inherent in forward looking statements that management will be making today.
We're wishes to caution you that there are factors that could cause actual results to differ materially from those results indicated by such statements.
Risks and uncertainties are also outlined in the company's SEC filings, including its annual report on Form 10-K.
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, but we're undertakes no commitment to update or revise the forward looking statements, whether because of new information future events or otherwise, except as required by applicable securities laws.
Additionally, during this call we will discuss certain non-GAAP financial measures as the term is defined by the SEC 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, <unk> has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the company's earnings release issued today.
I'd like to remind everyone that the presentation will be recorded and made available for replay via link available in the Investor Relations section of the company's website.
Speaker Change: Now I'd like to turn the call over to aware CEO President Bob <unk> Bob.
Thank you, Matt and good afternoon, everyone.
Bob: I appreciate you joining us today.
Bob: After the market close we reported our third quarter results for the period ending September 32020 for the full press release is available in the Investor Relations section of our website.
Bob: On today's call I'll start with a review of our financial and operational performance and provide updates on our product development and growing global traction.
Bob: David will then take you through a detailed breakdown of our financials and then I'll wrap things up with our strategic outlook before we open the floor for questions.
Q3, we continued to execute our long term growth strategy focused on expanding annual recurring revenue or <unk>, while also improving our bottom line.
Bob: We made strong progress in reducing operating expenses, leading to a 1.3 million dollar decrease in the first nine months of the year compared to 2023.
Bob: Although total revenue for the quarter was lower year over year. This was mainly due to the timing of a couple of contract closures and the impact of a significant onetime license sale in Q3 of last year. The real highlight of the quarter was 29% year over year growth in recurring revenue, which strengthens our foundation for sustainable long term growth.
Bob: This builds upon the progress made since 2020, where recurring revenue has grown at a rate of 20%.
Bob: As we continue transitioning from a book and ship organization to a recurring revenue business model.
Bob: While we encountered delays with some of our larger deals pushing them to Q4 or early Q1 of next year, we secured a $1 million booking in mid October just after Q3 ended this deal is expected to contribute to a strong Q4 and a solid close to 2024, both in terms of topline growth and recurring revenue.
For the quarter was lower year over year. This was mainly due to the timing of a couple of contract closures and the impact of a significant one time license sale in Q3 of last year.
The real highlight of the quarter was 29% year over year growth in recurring revenue, which strengthens our foundation for sustainable long term growth.
Bob: Although we are initially optimistic about the timing these delays represent extended timelines not lost opportunities.
This builds upon the progress made since 2020, where recurring revenue has grown at a rate of 20%.
Bob: The $1 million booking we recently secured with the European government is a testament to the impactful 2020 for enhancement of bio S. P. R. Biometric orchestration and identity management platform, we've diligently improved its usability and multimodal biometric data orchestration capabilities, adding features like offline biometric enrollment.
As we continue transitioning from a book and ship organization to a recurring revenue business model.
While we encountered delays with some of our larger deals pushing them to Q4 or early Q1 of next year, we secured a $1 million booking in mid October just after Q3 ended.
This deal is expected to contribute to a strong Q4 and a solid close to 2024, both in terms of top line growth in recurring revenue. Although we are initially optimistic about the timing. These delays represent extended timelines not lost opportunities.
Things that are essential for regions with limited.
That connectivity or frequent power outages. These.
Bob: These updates of not only position aware as a leader in addressing complex infrastructure needs, but also demonstrate our proactive approach to anticipated customer demands the strategic advancement continues to expand our global footprint and a diverse range of use cases, we support.
The $1 million booking we recently secured with the European government as a testament to the impactful twenty-twenty for enhancement of bio S. P. R. Biometric orchestration and identity management platform, we've diligently improved its usability and multimodal biometric data orchestration capabilities, adding features like offline biometric enrollment.
Bob: Additionally, we expanded our ABS portfolio by securing two new term contracts and recently added another ABS account in Q4.
Bob: Bringing the total number of Avis accounts to five <unk>.
Things that are essential for regions with limited connectivity or frequent power outages.
Bob: As part of our long term strategy, we're actively working to bring all of these accounts to full production. We expect these projects to generate a steady revenue stream over the next five years and beyond this.
These updates of not only position, whereas a leader in dressing complex infrastructure needs, but also demonstrate our proactive approach to anticipated customer demands the strategic advancement continues to expand our global footprint and a diverse range of use cases, we support.
Bob: This consistent growth in our avis contract reinforces our commitment to delivering cutting edge solutions and driving value for our clients.
Bob: And access control encompassing both physical and digital solutions remains a key growth area for us with a significant traction in stadium acts and control in Brazil, and increasing adoption of where I D and digital test taking environments. This demand is especially strong in regions like the middle East and Latin America, where organizations are prioritizing.
Bob: Enhanced security across both physical venues, such as stadiums and online platforms, our partnerships, including those with organizations like people start are addressing the rising need for secure identity verification and our high Stakes testing.
Bob: US acquire new customers in the education sector and expand our reach through abroad partner network.
Bob: The SaaS model is gaining momentum with the recent launch of where I D. As a no code plug.
Bob: Plug in on Wordpress marketplace.
Bob: Significantly expanding our reach this integration enables companies across industries like online gaming retail and e-commerce to adopt secure cloud based biometric authentication without requiring a deep technical bench.
Bob: For example, we'll commerce users on Wordpress can now implement facial recognition for fraud prevention and password free checkout as we continue to navigate this dynamic market, we're observing a growing demand for biometric based <unk> solutions, driven by stricter identity verification regulations.
Bob: With Wordpress powering over 40% of the web. This development is transformative offering business as fast secure gateway C and authentication capabilities with minimal upfront infrastructure costs.
Bob: This has led to momentum in the gaming industry bolstered by key partnerships that have driven strong customer engagement, a testament to our team's dedication and hard work.
Bob: Where I D plug and complements our broader technology stack, which includes Sdk's Apis and a standard industry open I'd connect integrations, providing customers with a flexible scalable solution tailored to their available resources and specific needs.
Additionally, we made further enhancements to our where our partnership program this quarter, adding new layers to help grow support and better incentivize. Our partners. This included the introduction of new program pillars focus on collaborative business planning persona based enablement and investment incentive position initiatives for our key partner relationships.
Bob: To complement these enhancements we hosted a partnership summit in conjunction with <unk> global in the Middle East. This.
Bob: This event was a strategic opportunity to reinforce our partner framework.
Bob: The summit featured a comprehensive agenda covering thought leadership state of biometrics partner insights and aware strategic initiatives across sales marketing.
Bob: Product engineering and solutions.
Bob: Additionally, it mark the launch of our new Parker partner ecosystem site, and we received enthusiastic feedback from partners on the value of the content and the collaborative sessions offered.
Bob: While a few deals expected in Q3 were delayed we remain optimistic about our performance in Q4, which is shaping up to be strong in terms of recurring revenue.
Bob: Overall topline revenue.
Our pipeline is robust and we're confident in our ability to capture these opportunities. Thanks in large part to our enhanced product offerings and a deepening partnerships, we fostered driven by our focus on customer feedback. This year, we've made significant strides in expanding our recurring revenue streams, while continuing to optimize our operations we.
<unk> site and we received enthusiastic feedback from partners on the value of the content and the collaborative sessions offered.
Bob: Aleve. These efforts will set the stage for sustained growth in our recurring revenue in the coming quarters and we're excited about the opportunities ahead as we continue to execute our strategic vision.
While a few deals expected in Q3 were delayed we remain optimistic about our performance in Q4, which is shaping up to be strong in terms of recurring revenue.
Bob: With that I'll hand, it over to David for a closer look at our Q3 and nine month financial results over to you David.
Overall top line revenue.
Our pipeline is robust and we're confident in our ability to capture these opportunities. Thanks in large part to our enhanced product offerings and a deepening partnerships, we fostered driven by our focus on customer feedback. This year, we've made significant strides in expanding our recurring revenue streams, while continuing to optimize our operations we.
Thank you Bob and good afternoon, everyone.
David: Let's dive into our financial results for the third quarter, which ended on September 30th 'twenty 'twenty four.
David: Total revenue came in at $3 8 million compared to $6 4 million in Q3 of last year.
David: This decrease was primarily driven by lower software license revenue, including the impact of a $2 9 million onetime license sale to a federal agency in the year ago period.
These efforts will set the stage for sustained growth in our recurring revenue in the coming quarters and we're excited about the opportunities ahead as we continue to execute our strategic vision.
David: Recurring revenue increased 29% year over year to $2 8 million up from $2 2 million in the prior year.
With that I'll hand, it over to David for a closer look at our Q3 and nine month financial results over to you David.
David: This growth underscores our continued focus on building predictable long term revenue streams.
Thank you Bob and good afternoon, everyone.
Let's dive into our financial results for the third quarter, which ended on September 32024.
David: Well as reinforcing the success of our partners and enhanced product portfolio and driving recurring revenues.
Total revenue came in at $3 8 million compared to $6 4 million in Q3 of last year.
David: Moving down the income statement.
David: Operating expenses were reduced to $5 3 million down 6% from $5 6 billion in Q3 of 2023, reflecting our commitment to cost management.
This decrease was primarily driven by lower software license revenue, including the impact of a $2 9 million onetime license sale to a federal agency in the year ago period.
David: Operating loss was $1 2 million compared to operating income of $1 1 million the same period last year.
Recurring revenue increased 29% year over year to $2 8 million up from $2 2 million in the prior year.
David: Our GAAP net loss of $1 2 million or five cents per diluted share.
This growth underscores our continued focus on building predictable long term revenue streams as well as reinforcing the success of our partners and enhanced product portfolio and driving recurring revenues.
David: GAAP net income of $1 1 million in Q3 of 2023.
David: Please note that operating expenses operating income and net income for Q3 of 2023, including 800000 onetime gain related to our adjustment to the fair value of contingent acquisition payment from 2021 acquisition of worker safety.
Moving down the income statement.
David: Our adjusted EBITDA loss for the quarter, which we reconcile to GAAP earnings in our earnings release was $1 1 million compared to adjusted EBITDA gain of 400000 in the prior year.
This decline is largely attributed lower revenue, including the impact of the $2 9 million one time license sale to a federal agency in the year ago period.
David: For the nine months ended September 30 of 2024 total revenue was $12 6 million.
Down from $13 9 million in the same period of last year.
David: Due to a lower software license revenue.
David: The prior year's $2 9 million, one time federal license sale.
David: Revenue grew 19% year over year to $8 7 million, making up 69% of total revenue.
This increase highlights the strength of our business model and our ongoing efforts to build steady predictable revenue streams.
Operating expenses decreased 7% or $1 3 million to $16 7 million compared to $17 9 million in the prior year.
Operating losses for the period was $4 1 million in both the nine months ended September 30 of 'twenty 'twenty four and 2023.
David: Net loss totaled $3 2 million or <unk> 15 cents per diluted share compared to a net loss of $3 1 million or 15 cents per diluted share in the year ago period.
Please note that operating expenses operating income net income for the nine months ended September 32023 also included the impact of the 800000 onetime gain related to our adjustment to the fair value of contingent acquisition payment for 2021 acquisition of fortress I D.
David: Adjusted EBITDA loss for the nine months was 3 million carats weight loss of $3 3 million in the prior year. This improvement is largely attributed to lower operating expenses, which was partially offset by lower revenue.
David: Now turning to the balance sheet.
David: As of September 30 of 2024, we had cash cash equivalents in marketable securities totaling $27 4 million compared to $30 9 million at the end of 2023.
David: With a solid balance sheet, we're well positioned to pursue growth opportunities and make strategic investments that align with our long term vision.
David: Our focus remains on advancing our technology and expanding our market presence and carefully evaluate initiatives that support sustainable growth.
David: This strategic approach allows us to stay agile and dynamic market capitalize on emerging trends and drive long term value.
David: We pursue a disciplined capital management strategy designed to ensure that we continue making smart investments.
David: <unk> financial flexibility.
David: This positions us to drive innovation enhanced market reach and deliver returns for our shareholders.
David: We are prioritizing initiatives that not only complement our current offerings, but also have the potential to accelerate growth.
And our competitive advantage.
Speaker Change: That concludes my financial summary, I'll now turn it back over to Bob Bob.
Bob Bob: Thanks, David.
Through the fourth quarter and beyond we will continue to secure and expand the use cases for a biometric solutions by enhancing their ease of integration to grow our recurring revenue base.
Bob Bob: A couple of key accomplishments that position us to achieve these future objectives, starting with the transformation and implementation of our scalable business operations scalable infrastructure and product offering consolidations.
Bob Bob: Through these offerings, including our enhanced biometric components, we can leverage our build once deploy many recurring revenue model with.
Bob Bob: With the Reusability and configure ability of our flagship products Nuomi by OSP aware, I D and Avis and apex largely complete we are now firmly in the expansion and execution phase of the company's journey.
Bob Bob: Additionally, we have established proven configurable products with rich functionality competitive pricing and excellent customer support team.
Bob Bob: Highlighting the key strategic initiatives outlined last quarter, we continue to focus on one driving in identifying the key verticals and market areas and customer driven product market fit adjustments through the voice of the customer to support our recurring revenue engine.
Bob Bob: Two expanding and leveraging our global partner ecosystem to capitalize on opportunities with technology integrators, and OEM partners three penetrating new commercial markets targeting specific use cases, and encouraging enabling and supporting our partners to diversify their revenue streams for.
So that customer support team.
Highlighting the key strategic initiatives outlined last quarter, we continue to focus on one driving in identifying the key verticals and market areas and customer driven product market fit adjustments through the voice of the customer to support our recurring revenue engine.
Bob Bob: Continuing to improve revenue predictability by focusing on recurring revenue and SaaS models, five accelerating growth by cross selling upselling and expansion of our existing customers with strong support from our dedicated customer success team and.
Two expanding and leveraging our global partner ecosystem to capitalize on opportunities with technology integrators, and OEM partners three penetrating new commercial markets targeting specific use cases, and encouraging enabling and supporting our partners to diversify their revenue streams for.
Bob Bob: And six sustaining our technological leadership through continued R&D innovation, usually operational data AI and machine learning to meet evolving security threats.
With these initiatives in motion leveraging our business model and strong momentum, we are well positioned for a strong finish to the year and to build lasting momentum as we move into 2025.
Continuing to improve revenue predictability by focusing on recurring revenue and SaaS models, five accelerating growth by cross selling upselling and expansion of our existing customers with strong support from our dedicated customer success team and.
And we believe we are well positioned to achieve double digit recurring revenue growth and sustainable positive cash flow in the future.
Bob Bob: Before we open the call to questions I want to share an important update regarding aware CEO succession plan.
And six sustaining our technological leadership through continued R&D innovation, usually operational data AI and machine learning to meet evolving security threats.
Bob Bob: Over the past year, the board and I have worked closely on this plan carefully considering the future of aware alongside my own personal goals.
With these initiatives in motion leveraging our business model and strong momentum, we are well positioned for a strong finish to the year and to build lasting momentum as we move into 2025.
Bob Bob: After thoughtful reflection, we have developed a strategy that insurers aware continues its strong growth trajectory, while allowing me to focus more on quality time with my family and friends. I believe now is the right moment to transition from my day to day role of CEO and president of aware.
And we believe we are well positioned to achieve double digit recurring revenue growth and sustainable positive cash flow in the future.
Bob Bob: Reflecting on my time with aware.
Bob Bob: I remember when I first encountered the company in my previous role, where we relied unawares robust biometric and middleware components.
Before we open the call to questions I want to share an important update regarding aware CEO succession plan.
Over the past year, the board and I have worked closely on this plan carefully considering the future of aware alongside my own personal goals.
Bob Bob: Since joining in 2019 my focus has been on transforming aware until a company driven by a recurring revenue model.
After thoughtful reflection, we developed a strategy that insurers aware continues its strong growth trajectory, while allowing me to focus more on quality time with my family and friends. I believe now is the right moment to transition from my day to day role as CEO and president of aware.
Bob Bob: The shift is not only improved our top line revenue, but also built a strong predictable foundation for the future growth. We've successfully transitioned from a project based model to one centered on annual recurring revenue, providing greater stability and predictability from 'twenty to 'twenty to 2023 we received 20% increase in <unk>.
Bob Bob: And recurring revenue along with 15% top line growth all while maintaining gross margins above 90% our.
Bob Bob: Our flagship products Nuomi by OSP aware, I D and Avis.
Bob Bob: <unk> have played a key role in the success positioning where well for the next phase of expansion.
Bob Bob: Given the company's strong momentum in the promising path towards sustained profitability. This is the ideal time in the past a leadership onto a proven expert who can accelerate or where's growth and further expand our commercial footprint with the recent departure of our CRO. The timing is right to bring in a new CEO will not only sustain the progress we've made.
Bob Bob: But also helped strengthen our team to take full advantage of the abundant market opportunities.
Bob Bob: To ensure a smooth transition the board has engaged an executive search firm to identify my successor with a transition period extending through December 31, 2024. Additionally.
Bob Bob: Additionally, the board has appointed an experienced executive strategic advisor, who will work closely with me the board and the leadership team to refine our market position product roadmap and growth strategy.
Bob Bob: This adviser will provide strategic guidance self aware remain competitive without taking on any direct operational responsibilities.
Bob Bob: It has been an incredible privilege to serve aware over the past five years and I'm confident the company is well positioned for continued success he.
Bob Bob: Here's to a bright future with a where's intelligent metrics delivering security convenience and a seamless biometric experience. We'll now open the call for questions. Matt. Please provide the instructions.
Matt: Thank you Bob as a reminder, you can submit a question using the built in ask a question feature in the webcast player. Please.
Matt: Please hold while we populate the questions.
Speaker Change: First question, what do you anticipate your run rate revenue will be by year end.
Speaker Change: Thanks, Matt I can take that one.
Speaker Change: We're on track to achieve double digit revenue growth in 2024.
Speaker Change: This along with several new contracts, including expanding partnerships across sectors like access control.
Speaker Change: Education sets us up for a strong recurring base in 2025 that we're excited about.
Speaker Change: Thanks, David Our next question can you provide more details about the $1 million of European government bookings secured in October specifically over the key factors that led to winning this deal how do you see it contributing to future recurring revenue.
Speaker Change: Yes, I'll take that Matt.
Speaker Change: So just the the $1 million booking we secured with a European government and <unk>.
Speaker Change: <unk> of this year.
Speaker Change: It was pushed out from September.
Speaker Change: It is a key highlight for aware I mean this deal is one is a direct result of the enhancements we made to our <unk> solution.
Speaker Change: Also including in this solution as a multimodal biometric data orchestration capabilities, we enhanced the user interface and we introduced an offline biometric enrollment mode.
This feature is particularly valuable for customers and regions are situations with limited internet connectivity.
Speaker Change: And it proved to be a differentiating factor in securing this deal.
Speaker Change: The deal is expected to contribute to our Q4 results and will help us build a foundation for future recurring revenue is the government rolls it out to multiple additional use cases.
Speaker Change: And government deals are often multi phase.
Speaker Change: And we anticipate the deal will lead to further opportunities in the region as we deepen our relationship with the client and enhance their biometric infrastructure and additionally.
Speaker Change: I'm going to add to this that this product.
Speaker Change: Is can also provide a fundamental.
Speaker Change: Function.
Speaker Change: And stable platform for border and immigration management and control as well.
Speaker Change: Thanks, Bob and then one for you can you discuss the impact of the launch of aware it is a plug in on the Wordpress marketplace. How significant do you expect this to be in terms of customer acquisition and market penetration, particularly in sectors like online gaming and E Commerce.
Bob Bob: Yes, that's a great question I mean, the launch of aware ideas plug in on Wordpress marketplace is a key strategic move it opened up the door to new customer acquisitions in sectors, such as online gaming E Commerce and retail.
Bob Bob: And I think we know or it's known that Wordpress powers over 40% of the internet and by offering a no code biometric solution, we are enabling businesses of all sizes, especially those with very limited technical resources to integrate secure biometric authentication.
discuss the impact of the launch of a where-ide as a plug-in on the WordPress Marketplace. How significant do you expect this to be in terms of customer acquisition and market penetration, particularly in sectors like online gaming and e-commerce?
Bob Bob: We have already on boarded several new customers through this initiative with many of them already live with simplicity and affordability of the plug and it makes it accessible to a wide range of businesses.
Bob Bob: As this market matures, we expect <unk> adoption to accelerate our recurring revenue growth, particularly in high risk industries like the online gaming gambling were fraud prevention and secure identity verification are critical.
Speaker Change: Thanks, Bob our next question with the delays in contract closure shifting some deals to Q4 early Q1, what is your level of confidence in closing these deals within that timeframe can you elaborate on the nature of the delays and how they impact your overall revenue forecast.
Speaker Change: Yes.
Speaker Change: Well some of the deals we expected to close in Q3 were delayed we remain confident that they will close in Q4 or early 2025.
Speaker Change: These delays were largely due to additional or new scope discussions and expansions requested by the customers. So these extended timelines do not reflect the loss of the business, but rather an enhancement of the project scope.
Speaker Change: And we believe this will ultimately result in a greater long term value and in some other cases delay was with a pending customer award.
Speaker Change: Furthermore, we continue to meticulously review our pipeline I'm working out with David as we speak continuously and working to minimize unpredicted timeline changes and their impact on our long term expectations.
Speaker Change: Thanks, Oliver next question, what will be the focus areas for the executive strategic adviser.
Speaker Change: I'll take that as I stated in my remarks, the board has to ask the adviser with enhancing whereas market position refining its product roadmap in providing strategic guidance to drive the growth and competitiveness.
Speaker Change: So serving in an advisory capacity divisor will support the executive team on high level decisions.
Speaker Change: Prepare aware for sustainable growth and a smooth CEO transition without any direct operational responsibilities, which I'll still maintain.
Speaker Change: What is the board's plan, if the new CEO has not been appointed by yearend.
Speaker Change: I can take that one Matt So the board along with the executive search firm their focus on finding the right candidate for the position and ensuring a seamless transaction.
Speaker Change: This is exactly part of the reason of hiring the strategic adviser.
Speaker Change: Also to ensure to ensure a smooth transition.
Speaker Change: I also wanted to point out from a financial statement perspective, we do estimate that we will recognize approximately $900000 of one time expenses in the fourth quarter related to the search for the new CEO the transition as well as the hiring of the executive strategic adviser.
Speaker Change: Thank you David at this time. This concludes our question and answer session. If your question wasn't answered. Please E mail, whereas the IR team at AWS.
At Gateway Dash ERP Dot com I'd now like to turn the call.
Speaker Change: Well, Matt one more if I go ahead David.
David: Yes, Thanks, Matt.
David: Wanted to take a minute to personally thank Bob for his unwavering support over the years, both to me and to aware.
Matt: <unk> guidance and encouragement had been invaluable in my own journey, and where we're not be positioned for success and growth. We are set to achieve without his leadership and steadfast dedication over this past five years.
Is it back on the company its future.
Matt: And really I wanted to add my own personal growth cannot be overstated.
Matt: We are deeply grateful for the path. He has helped us pay for where its continued progress.
Speaker Change: Thank you David.
Very nice of you it's been a pleasure working with you on that stuff.
David: You got me for a couple more months. Thank you.
David: So.
David: Yes, so I just wanted to thank all of you for joining us and your thoughtful questions.
Speaker Change: This will be my last time addressing you as CEO and I wanted to take a moment to express my deepest gratitude to our shareholders partners and most importantly, the talented team at aware.
Speaker Change: Together, we have achieved meaningful growth push boundaries and biometric technology and really set a solid foundation for the future.
Speaker Change: I have to say, it's been an honor to lead this company and work alongside such a great dedicated and innovative team.
Speaker Change: And I'm very confident that awareness and a strong capable hands.
Speaker Change: Good team David.
Speaker Change: So before and we'll continue delivering value innovation and grow.
Speaker Change: Thank you once again for your trust and support I look forward to following the word journey as it reaches new heights, and now ill hand, it back over to you.
David: 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.
Speaker Change: Thank you all for joining us today for <unk> third quarter 2024 Conference call you may now disconnect.