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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒
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Quarterly Report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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For the quarterly period ended June 30, 2022
OR
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☐
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Transition Report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Securities Exchange Act of 1934
For the quarter ended June 30, 2022
Commission file number 000-21129
AWARE, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Massachusetts
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04-2911026
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.)
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Incorporation or Organization)
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40 Middlesex
Turnpike, Bedford, Massachusetts, 01730
(Address of Principal Executive Offices)
(Zip Code)
(781) 276-4000
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading Symbol
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Name of Each Exchange on Which Registered
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Common Stock, $0.01 par value per share
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AWRE
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The Nasdaq Global Market
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Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See
the definitions of "large accelerated filer,” “accelerated filer,"
“smaller reporting company,” and "emerging growth company" in Rule
12b-2 of the Exchange Act.:
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act
___
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of shares outstanding of the registrant’s common stock
as of July 22, 2022 was 21,734,578.
AWARE, INC.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2022
TABLE OF CONTENTS
2
PART 1.
FINANCIAL INFORMATION
ITEM 1: CONSOLIDATED FINANCIAL STATEMENTS
AWARE, INC.
CONSOLIDATED
BALANCE SHEETS
(in thousands, except share data)
(unaudited)
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June 30,
2022
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December 31,
2021
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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24,984
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$
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29,963
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Accounts receivable, net of allowance for doubtful accounts of $74
and $138 at June 30, 2022 and December 31, 2021, respectively
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4,195
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3,763
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Unbilled receivables
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3,430
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3,087
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Tax receivable
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1,411
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1,411
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Prepaid expenses and other current assets
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970
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591
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Long-lived assets held for sale
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2,875
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—
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Total current assets
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37,865
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|
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38,815
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|
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Property and equipment, net
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113
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3,216
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Intangible assets, net
|
|
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3,014
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|
|
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3,222
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|
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Goodwill
|
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3,120
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3,120
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Note receivable
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|
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2,538
|
|
|
|
—
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Total assets
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|
$
|
46,650
|
|
|
$
|
48,373
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|
|
|
|
|
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|
|
|
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|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
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Current liabilities:
|
|
|
|
|
|
|
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|
|
Accounts payable
|
|
$
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556
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|
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$
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283
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|
|
Accrued expenses
|
|
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1,789
|
|
|
|
1,909
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|
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Deferred revenue
|
|
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3,097
|
|
|
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3,549
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|
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Current portion of contingent acquisition payment
|
|
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406
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|
|
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—
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Total current liabilities
|
|
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5,848
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5,741
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Long-term deferred revenue
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436
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|
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191
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Long-term portion of contingent acquisition payment
|
|
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513
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|
|
|
919
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Total long-term liabilities
|
|
|
949
|
|
|
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1,110
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|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
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Preferred stock, $1.00 par value; 1,000,000 shares authorized,
none outstanding
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $.01 par value; 70,000,000 shares authorized;
issued
and outstanding of 21,680,613 as of June 30, 2022 and
21,613,982 as of December 31, 2021
|
|
|
217
|
|
|
|
216
|
|
|
Additional paid-in capital
|
|
|
98,675
|
|
|
|
97,778
|
|
|
Accumulated deficit
|
|
|
(59,039
|
)
|
|
|
(56,472
|
)
|
|
Total stockholders’ equity
|
|
|
39,853
|
|
|
|
41,522
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
46,650
|
|
|
$
|
48,373
|
|
The accompanying notes are an integral part of the consolidated
financial statements.
3
AWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
The accompanying notes are an integral part of the consolidated
financial statements.
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses
|
|
$
|
2,018
|
|
|
$
|
1,723
|
|
|
$
|
4,646
|
|
|
$
|
4,090
|
|
|
Software maintenance
|
|
|
1,819
|
|
|
|
1,769
|
|
|
|
3,481
|
|
|
|
3,305
|
|
|
Services and other
|
|
|
401
|
|
|
|
772
|
|
|
|
803
|
|
|
|
1,287
|
|
|
Total revenue
|
|
|
4,238
|
|
|
|
4,264
|
|
|
|
8,930
|
|
|
|
8,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
324
|
|
|
|
309
|
|
|
|
638
|
|
|
|
692
|
|
|
Research and development
|
|
|
2,229
|
|
|
|
2,364
|
|
|
|
4,653
|
|
|
|
4,760
|
|
|
Selling and marketing
|
|
|
1,412
|
|
|
|
1,500
|
|
|
|
3,193
|
|
|
|
3,152
|
|
|
General and administrative
|
|
|
1,626
|
|
|
|
1,634
|
|
|
|
3,086
|
|
|
|
3,070
|
|
|
Total costs and expenses
|
|
|
5,591
|
|
|
|
5,807
|
|
|
|
11,570
|
|
|
|
11,674
|
|
|
Operating loss
|
|
|
(1,353
|
)
|
|
|
(1,543
|
)
|
|
|
(2,640
|
)
|
|
|
(2,992
|
)
|
|
Interest income
|
|
|
64
|
|
|
|
1
|
|
|
|
73
|
|
|
|
2
|
|
|
Net loss
|
|
$
|
(1,289
|
)
|
|
$
|
(1,542
|
)
|
|
$
|
(2,567
|
)
|
|
$
|
(2,990
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic
|
|
$
|
(0.06
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.14
|
)
|
|
Net loss per share – diluted
|
|
$
|
(0.06
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
0.14
|
|
|
Weighted-average shares – basic
|
|
|
21,655
|
|
|
|
21,497
|
|
|
|
21,649
|
|
|
|
21,495
|
|
|
Weighted-average shares – diluted
|
|
|
21,655
|
|
|
|
21,497
|
|
|
|
21,649
|
|
|
|
21,495
|
|
4
AWARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,567
|
)
|
|
$
|
(2,990
|
)
|
|
Adjustments to reconcile net loss to net cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
446
|
|
|
|
349
|
|
|
Stock-based compensation
|
|
|
808
|
|
|
|
636
|
|
|
Interest receivable
|
|
|
(38
|
)
|
|
|
—
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(432
|
)
|
|
|
311
|
|
|
Unbilled receivables
|
|
|
(343
|
)
|
|
|
(638
|
)
|
|
Prepaid expenses and other current assets
|
|
|
(379
|
)
|
|
|
223
|
|
|
Accounts payable
|
|
|
273
|
|
|
|
(228
|
)
|
|
Accrued expenses
|
|
|
(119
|
)
|
|
|
—
|
|
|
Deferred revenue
|
|
|
(207
|
)
|
|
|
(985
|
)
|
|
Net cash used in operating activities
|
|
|
(2,558
|
)
|
|
|
(3,322
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(11
|
)
|
|
|
(21
|
)
|
|
Investment in note receivable
|
|
|
(2,500
|
)
|
|
|
—
|
|
|
Net cash used in investing activities
|
|
|
(2,511
|
)
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
93
|
|
|
24
|
|
|
Payments made for taxes of employees who surrendered
shares related to unrestricted stock
|
|
|
—
|
|
|
|
(54
|
)
|
|
Repurchase of common stock
|
|
|
(3
|
)
|
|
|
—
|
|
|
Net cash provided by (used in) financing activities
|
|
|
90
|
|
|
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
(4,979
|
)
|
|
|
(3,373
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
|
29,963
|
|
|
|
38,565
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
24,984
|
|
|
$
|
35,192
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure: Cash paid for income taxes
|
|
$
|
—
|
|
|
$
|
—
|
|
The accompanying notes are an integral part of the consolidated
financial statements.
5
AWARE, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
The accompanying notes are an integral part of the consolidated
financial statements.
|
|
|
For the Three and Six Months Ended
|
|
|
|
|
June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-In
|
|
|
(Accumulated
|
|
|
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit)
|
|
|
Equity
|
|
|
Balance at December 31, 2020
|
|
|
21,379
|
|
|
$
|
214
|
|
|
$
|
96,104
|
|
|
$
|
(50,648
|
)
|
|
$
|
45,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of unrestricted stock
|
|
|
131
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Shares surrendered by employees to
pay taxes related to unrestricted stock
|
|
|
(16
|
)
|
|
|
—
|
|
|
|
(54
|
)
|
|
|
—
|
|
|
|
(54
|
)
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
197
|
|
|
|
—
|
|
|
|
197
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,448
|
)
|
|
|
(1,448
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2021
|
|
|
21,494
|
|
|
$
|
215
|
|
|
$
|
96,246
|
|
|
$
|
(52,096
|
)
|
|
$
|
44,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under employee stock purchase plan
|
|
|
7
|
|
|
|
—
|
|
|
|
25
|
|
|
|
—
|
|
|
|
25
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
439
|
|
|
|
—
|
|
|
|
439
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,542
|
)
|
|
|
(1,542
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2021
|
|
|
21,501
|
|
|
$
|
215
|
|
|
$
|
96,710
|
|
|
$
|
(53,638
|
)
|
|
$
|
43,287
|
|
6
|
|
|
For the Three and Six Months Ended
|
|
|
|
|
June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-In
|
|
|
(Accumulated
|
|
|
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit)
|
|
|
Equity
|
|
|
Balance at December 31, 2021
|
|
|
21,614
|
|
|
$
|
216
|
|
|
$
|
97,778
|
|
|
$
|
(56,472
|
)
|
|
$
|
41,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of unrestricted stock
|
|
|
28
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
430
|
|
|
|
—
|
|
|
|
430
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,278
|
)
|
|
|
(1,278
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2022
|
|
|
21,642
|
|
|
$
|
216
|
|
|
$
|
98,208
|
|
|
$
|
(57,750
|
)
|
|
$
|
40,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under employee stock purchase plan
|
|
|
40
|
|
|
|
1
|
|
|
|
92
|
|
|
|
—
|
|
|
|
93
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
378
|
|
|
|
—
|
|
|
|
378
|
|
|
Repurchase of common stock
|
|
|
(1
|
)
|
|
|
|
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
(3
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,289
|
)
|
|
|
(1,289
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022
|
|
|
21,681
|
|
|
$
|
217
|
|
|
$
|
98,675
|
|
|
$
|
(59,039
|
)
|
|
$
|
39,853
|
|
7
AWARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1 – Description of the Company and Basis of Presentation
Description of the Company
We are a global leader in biometrics software offerings and
solutions. Our portfolio enables government agencies and commercial
entities to enroll, identify, authenticate and enable using
biometrics, which comprise physiological characteristics, such as
fingerprints, faces, irises and voices.
|
|
•
|
Enroll:
Register biometric
identities into an organization’s secure database
|
|
|
•
|
Identify:
Utilize an
organization’s secure database to accurately identify individuals
using biometric data
|
|
|
•
|
Authenticate:
Provide frictionless
multi-factor, passwordless access to secured accounts and databases
with biometric verification
|
|
|
•
|
Enable:
Manage the lifecycle of
secure identities through optimized biometric
interchanges
|
We have been engaged in this business since 1993. Our
comprehensive portfolio of biometric solutions is based on
innovative, robust products designed explicitly for ease of
integration, including customer-managed and integration ready
biometric frameworks, platforms, software development kits (SDKs)
and services. Principal government applications of biometrics
systems include border control, visa applicant screening, law
enforcement, national defense, intelligence, secure credentialing,
access control, and background checks. Principal commercial
applications include mobile enrollment, user authentication,
identity proofing, and secure transaction enablement.
Our products span multiple biometric modalities including
fingerprint, face, iris and voice, and provide interoperable,
standards-compliant, field-proven biometric
functionality. Our products are used to capture, verify,
format, compress and decompress biometric images as well as
aggregate, analyze, process, match and transport those images and
templates within biometric systems. For large deployments, we may
provide project management and software engineering services. We
sell our biometrics software products and services globally through
a multifaceted distribution strategy using systems integrators,
original equipment manufacturers (OEMs), value added resellers
(VARs), partners, and directly to end user customers.
Certain amounts in the consolidated financial statements and
associated notes may not add due to rounding. All percentages have
been calculated using unrounded amounts.
Basis of Presentation
The accompanying unaudited consolidated financial statements have
been prepared in accordance with the instructions for Form 10-Q and
therefore do not include all information and notes necessary for a
complete presentation of our financial position, results of
operations and cash flows, in conformity with generally accepted
accounting principles. We filed audited financial
statements which included all information and notes necessary for
such presentation for the two years ended December 31, 2021 in
conjunction with our 2021 Annual Report on Form 10-K. This Form
10-Q should be read in conjunction with that Form 10-K.
The accompanying unaudited consolidated balance sheets, statements
of operations, statements of cash flows, and statements of
stockholders’ equity reflect all adjustments (consisting only of
normal recurring items) which are, in the opinion of management,
necessary for a fair presentation of financial position at June 30,
2022, and of operations and cash flows for the interim periods
ended June 30, 2022 and 2021.
The results of operations for the interim periods ended June 30,
2022 are not necessarily indicative of the results to be expected
for the year.
8
Principles of Consolidation
The consolidated financial statements include the accounts of
Aware, Inc. and its subsidiaries, Aware Security Corporation and
Fortr3ss, Inc. Intercompany accounts and transactions have been
eliminated in consolidation.
Use of Estimates
The preparation of our financial statements in conformity with
accounting principles generally accepted in the United States of
America requires us to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amount of revenues and expenses during
the reporting period. The most significant estimates
included in the financial statements pertain to revenue
recognition, reserves for doubtful accounts, valuation of acquired
assets and assumed liabilities in business combinations, valuation
of earn-out liability, valuation of the investment in the note
receivable, goodwill and long-lived asset impairment and valuation
allowance for deferred income tax assets. Actual results
could differ from those estimates.
Recent Accounting Pronouncements
In October 2021, the
Financial Accounting Standards Board (“FASB”) issued Accounting
Standard Update (“ASU”) No. 2021-08, Business Combinations
(Topic 805): Accounting for Contract Assets and Contract
Liabilities from Contracts with Customers. The ASU requires contract assets and
contracts liabilities to be accounted for as if they (“the
acquirer”) entered into the original contract at the same time and
same date as the acquiree. The guidance is to be
effective for reporting periods beginning after December 15, 2022,
with early adoption permitted. We have elected not to
early adopt and we are continuing to assess the impact of the
standard on our consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic
326): Measurement of Credit Losses of Financial Instruments,
which changes the methodology for measuring credit losses on
financial instruments and the timing of when such losses are
recorded. This guidance was to be effective for
reporting periods beginning after December 15, 2019, with early
adoption permitted. In November 2019, the FASB issued ASU
2019-10, Financial
Instruments – Credit Losses (Topic 326), Derivatives and Hedging
(Topic 815), and Leases (Topic 842) Effective
Dates, which deferred the effective dates for us, as a
smaller reporting company, until fiscal year 2023. We are
continuing to assess the impact of the standard on our consolidated
financial statements.
Note 2 – Revenue Recognition
We recognize revenue in accordance with Accounting Standards
Codification (“ASC”) Topic 606, “Revenue from Contracts with
Customers” (“ASC 606”). Under
ASC 606, we apply the following five step model:
1.Identify the contract with
the customer;
2.Identify the performance
obligations in the contract;
3.Determine the transaction
price;
4.Allocate the transaction price to
the performance obligations in the contract; and
5.Recognize revenue when (or as)
each performance obligation is satisfied.
We categorize revenue as software licenses, software maintenance,
or services and other. Revenue from software licenses is recognized
at a point in time upon delivery, provided all other revenue
recognition criteria are met. We recognize software maintenance
revenue over time on a straight-line basis over the contract
period. Services revenue is recognized over time as the services
are delivered using an input method (i.e., labor hours incurred as
a percentage of total labor hours budgeted), provided all other
revenue recognition criteria are met. Other revenue,
includes hardware sales that may be included in a software license,
is recognized at a point in time upon delivery provided all other
revenue recognition criteria are met.
In addition to selling software licenses, software maintenance and
software services on a standalone basis, a significant portion of
our contracts include multiple performance obligations, which
require an allocation
9
of the transaction price to each distinct performance obligation
based on a relative standalone selling price
(“SSP”)
basis. The
SSP is the price at which we would sell a promised good or service
separately to a customer. The best estimate of SSP is the
observable price of a good or
service when we sell
that good or service separately. A contractually stated price or a
list price for a good or service may be the SSP of that good or
service. We use a range of
selling prices
to estimate SSP when we sell each of the goods and services
separately and need to determine whether there is a discount that
needs to be allocated based on the relative SSP of the various
goods and services
within multiple
performance obligation arrangements.
In instances where SSP is not directly observable, such as when we
do not sell the product or service separately, we typically
determine the SSP using an adjusted market assessment approach
using information that may include market conditions and other
observable inputs. We typically have more than one SSP for
individual goods and services due to the stratification of those
goods and services by
customer.
In these instances, we may use information such as the nature of
the customer and distribution channel in determining the
SSP.
When software licenses and significant customization engineering
services are sold together, they are accounted for as a combined
performance obligation, as the software licenses are generally
highly dependent on, and interrelated with, the associated
customization services and therefore are not distinct performance
obligations. Revenue for the combined performance obligation is
recognized over time as the services are delivered using an input
method (i.e., labor hours incurred as a percentage of total labor
hours budgeted).
When subscription-based software is sold, the subscription-based
software and software maintenance are generally considered distinct
performance obligations. The transaction price is
allocated to subscription-based software and the software
maintenance based on the relative SSP of each performance
obligation. We sell subscription-based software for a
fixed fee and/or a usage-based royalty fee, sometimes subject to a
minimum guarantee. When the amount is in the form of a
fixed fee, including the guaranteed minimum in subscription-based
royalties, revenue is allocated to the subscription-based software
and recognized at a point in time upon delivery, provided all other
revenue recognition criteria are met. Revenue allocated
to the software maintenance is recognized over the contract term on
a straight-line basis. Any subscription-based software
fees earned not subject to the guaranteed minimum or earned in
excess of the minimum amount are recognized as revenue when the
subsequent usage occurs.
Our contracts can include variable fees, such as the option to
purchase additional usage of a previously delivered software
license. We may also provide pricing concessions to clients, a
business practice that also gives rise to variable fees in
contracts. We include variable fees in the determination
of total transaction price if it is not probable that a future
significant reversal of revenue will occur. We use the expected
value or most likely value amount, whichever is more appropriate
for specific circumstances, to estimate variable consideration, and
the estimates are based on the level of historical price
concessions offered to clients.
The amount of consideration is not adjusted for a significant
financing component if the time between payment and the transfer of
the related good or service is expected to be one year or less
under the practical expedient in the guidance. Our revenue
arrangements are typically accounted for under such expedient, as
payment is typically due within 30 to 60 days. As of June 30, 2022
and 2021, none of our contracts contained a significant financing
component.
Also, with our acquisition of FortressID and adaption of our
current products to be delivered in a hosted environment with
AwareID, we expect to recognize revenue from our SaaS offerings in
future periods. SaaS offerings are recognized ratably
over the subscription period. For the three and six
months ended June 30, 2022 and 2021, we did not generate revenue
from SaaS contracts.
Disaggregation of
Revenues
We organize ourselves into a single segment that reports to the
Chief Executive Officer who is our chief operating decision maker.
We conduct our operations in the United States and sell our
products and
10
services to domestic and
international
customers. Revenues
generated from the following geographic regions
for the
three
and six
months ended
June
30,
2022
and
2021
were
(in thousands):
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
United States
|
|
$
|
2,274
|
|
|
$
|
2,445
|
|
|
$
|
4,310
|
|
|
$
|
4,668
|
|
|
United Kingdom
|
|
|
385
|
|
|
|
774
|
|
|
|
762
|
|
|
|
1,453
|
|
|
Germany
|
|
$
|
635
|
|
|
$
|
56
|
|
|
$
|
653
|
|
|
$
|
124
|
|
|
Rest of World
|
|
|
944
|
|
|
|
989
|
|
|
|
3,205
|
|
|
|
2,437
|
|
|
|
|
$
|
4,238
|
|
|
$
|
4,264
|
|
|
$
|
8,930
|
|
|
$
|
8,682
|
|
Revenue by timing of transfer of goods or services for the three
and six months ended June 30, 2022 and 2021 were (in
thousands):
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
2022
|
|
|
2021
|
|
|
Goods or services transferred at a point in time
|
|
$
|
2,020
|
|
|
$
|
1,614
|
|
$
|
4,713
|
|
|
$
|
4,021
|
|
|
Goods or services transferred over time
|
|
|
2,218
|
|
|
|
2,650
|
|
|
4,217
|
|
|
|
4,661
|
|
|
|
|
$
|
4,238
|
|
|
$
|
4,264
|
|
$
|
8,930
|
|
|
$
|
8,682
|
|
Revenue by contract type for the three and six months ended June
30, 2022 and 2021 were (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
2022
|
|
|
2021
|
|
|
License and service contracts
|
|
$
|
3,884
|
|
|
$
|
3,927
|
|
$
|
7,215
|
|
|
$
|
7,561
|
|
|
Subscription-based contracts
|
|
|
354
|
|
|
|
337
|
|
|
1,715
|
|
|
|
1,121
|
|
|
|
|
$
|
4,238
|
|
|
$
|
4,264
|
|
$
|
8,930
|
|
|
$
|
8,682
|
|
Revenue from subscription-based contracts include revenue that may
be recognized at a point in time or over time and be part of a
fixed fee and or minimum guarantee as well as fees earned and
allocated to software maintenance.
Contract
Balances
When the timing of our delivery of goods or services is different
from the timing of payments made by customers, we recognize either
a contract asset (performance precedes contractual due date) or a
contract liability (customer payment precedes performance).
Customers that prepay are represented by the deferred revenue below
until the performance obligation is satisfied.
Our contract assets consist of unbilled receivables. Our contract
liabilities consist of deferred (unearned) revenue, which is
generally related to software maintenance contracts. We classify
deferred revenue as current or noncurrent based on the timing of
when we expect to recognize revenue.
11
The following tables present changes in our contract assets and
liabilities during the three and six months ended June 30, 2022 and
2021 (in thousands):
|
|
|
Balance at
Beginning
of Period
|
|
|
Revenue
Recognized In
Advance of
Billings
|
|
|
Billings
|
|
|
Balance at
End of
Period
|
|
|
Three months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled receivables
|
|
$
|
2,482
|
|
|
$
|
1,389
|
|
|
$
|
(1,004
|
)
|
|
$
|
2,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled receivables
|
|
$
|
3,175
|
|
|
$
|
1,515
|
|
|
$
|
(1,260
|
)
|
|
$
|
3,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
Beginning
of Period
|
|
|
Billings
|
|
|
Revenue
Recognized
|
|
|
Balance at
End of
Period
|
|
|
Three months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
$
|
3,543
|
|
|
$
|
1,173
|
|
|
$
|
(1,769
|
)
|
|
$
|
2,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
$
|
3,300
|
|
|
$
|
2,052
|
|
|
$
|
(1,819
|
)
|
|
$
|
3,533
|
|