Greetings. Welcome to XWELL's Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on August 14, 2023. I would now like to turn the conference over to Suzanne Scrabis, Chief Financial Officer for XWELL. Please go ahead.

Good day, everyone. Welcome to XWELL's conference call to review our second quarter 2023 operating results. Joining me on today's call is Scott Milford, XWELL's Chief Executive Officer. We have posted our fiscal year earnings release on the Investor Relations section of our website located at www.xwell.com. A link to the webcast of today's conference call can also be found on our site. Before turning the call over to Scott for his prepared remarks, we need to advise you of the following. Comments made on today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current assumptions and opinions that involve a variety of known and unknown risks and uncertainties. Actual results may differ materially from those contained in or suggested by such forward-looking statements. Important factors that might cause such differences include those set forth from time to time in our SEC filings, including our report on Form 10-K for the year ended December 31, 2022, as well as other current and periodic reports that we file with the SEC. With that said, I'd now like to turn the call over to Scott.

Hello, everyone, and thank you for joining our second quarter 2023 earnings conference call. We had a productive second quarter and continue with our efforts towards profitability by improving revenue growth in our spa business, reducing expenses and honing in on EBITDA-accretive acquisitions that will help drive our future. As I've said before, there is still much work to do, but I'm encouraged by the progress we're making. The business delivered sequential revenue growth of approximately 15.7% and a sequential reduction in operating expenses of approximately 13%. Our net loss for the second quarter of 2023 on a GAAP basis, was approximately $5.7 million, representing a reduction of approximately $2.2 million or 28% compared to the same period in 2022. The changes we're making are beginning to take hold, and I believe we're on the right path to improve performance and profitability. As you may know, given our international operations, fluctuations in the U.S. dollar exchange rates can impact reported results. For example, a portion of XWELL's business is conducted in Turkish lira. While never converted into dollars, it's translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings. I point this out as our Q2 earnings reflects the unfavorable impact of converting Turkish lira generated from our new spas in Turkey to U.S. dollars, which increased our second quarter 2023 net loss by approximately $1.1 million. Excluding this adjustment, our net loss would have been approximately $4.5 million on a currency-neutral non-GAAP basis, which would have represented a 43% reduction over Q2 of last year. Our spas are performing better compared to a year ago, driven by increases in staffing, and the introduction of new products and services that leverage technology and take advantage of growing wellness trends. Our spa business delivered sales…

Awesome. Thank you, Scott. It's great to be here, and I look forward to working with you and the team across XWELL as we continue to drive value for all of our stakeholders. In my first few weeks at XWELL, I've had the opportunity to learn about the company from the inside, visiting spa locations and spending time with our customers and our employees. I've also been meeting with the executive team to understand in detail our operational footprint and plans for the remainder of the year. As I reflect on my experiences so far, I want to highlight a few things. First, I'm quickly learning as much as possible about our health and wellness brands, our customers and the opportunities before us. These opportunities include investing in high-growth areas that will further capitalize on our strengths and our connection with our consumers but also opportunities to improve efficiencies. Second, I want to reiterate Scott's remarks regarding operational excellence and execution. It is my firm belief that continued improvements in execution, including prudent cost management and enhanced operational processes are keys to unlocking sustainable value and profitability. Further, putting all of this into better balance will strengthen our ability to execute against the appropriate external and organic growth strategies that will position XWELL for success today and in the long term. We're focused and moving forward towards a compelling business transformation, and I look forward to speaking with you all again in the months ahead. Thanks again for joining our call. I'll now turn it back to Scott.

Thank you, Suzanne. As I close our second quarter earnings call, I want to reiterate that I firmly believe there is ongoing opportunity for XWELL to drive growth and unlock shareholder value. We're excited about our plans to build upon our continued momentum in the second half of 2023 and beyond. As I reflect on my time as CEO, in 2022, we committed to optimizing our cost structure, rebuilding our retail strategy, growing internationally and expanding our business outside of our airport spa locations. I'm pleased we have met 3 of our 4 goals, but I share your disappointment that we have not closed an acquisition. My commitment remains strong around this key driver of long-term growth. And I look forward to sharing further news about our progress soon. In the meantime, we're focused on smart expansion, both domestically and internationally. We're leveraging new retail products and technologies, and we're making considerable progress managing efficiencies. And further, to provide XWELL additional financial flexibility down the road and as a measure of good corporate governance, we filed a new shelf registration with the SEC earlier this month. Before I conclude today's earnings call, I would like to highlight a few near-term activities on our investor calendar. XWELL's Annual Shareholder Meeting is scheduled for Tuesday, August 22, at 11 a.m. Eastern Time. Some proposals on the ballot include a proposed reverse split, selection of our public accounting firm and election of our Board members. Also, as detailed in the proxy statement we filed with the SEC, the proposed reverse stock split is intended to increase the per share trading price of our common stock to satisfy the $1 minimum bid price requirement for continued listing on the NASDAQ stock market. As outlined in our proxy statement, the Board believes that if we're…