Clear Secure Inc (YOU) 2022 Q4 法說會逐字稿

Good morning, and welcome to CLEAR's Fiscal Fourth Quarter and Full Year 2022 Conference Call. We have with us today Ms. Caryn Seidman-Becker, Co-Founder, Chairman and Chief Executive Officer; and Ken Cornick, Co-Founder, President and Chief Financial Officer. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. The Factors that could cause actual results to differ materially from these statements are included in the company's reports on file with the SEC, including today's shareholder letter.

早上好，歡迎來到 CLEAR 的第四季度和 2022 年全年電話會議。今天我們有聯合創始人、董事長兼首席執行官 Caryn Seidman-Becker 女士；和聯合創始人、總裁兼首席財務官 Ken Cornick。提醒一下，在我們開始之前，今天的討論包含有關公司未來業務和財務業績的前瞻性陳述。這些是基於管理層當前的預期，並受到風險和不確定性的影響。可能導致實際結果與這些陳述存在重大差異的因素包含在公司提交給美國證券交易委員會的報告中，包括今天的股東信。

The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. During this call, the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter and the most recently filed annual report on Form 10-K. These items can be found on the Investor Relations section of CLEAR's website.

公司不承擔任何更新本次電話會議期間可能討論的任何前瞻性陳述的義務。在此電話會議中，公司將討論 GAAP 和非 GAAP 財務指標。今天的股東信函和最近提交的 10-K 表格年度報告提供了 GAAP 與非 GAAP 財務指標的對賬。這些項目可以在 CLEAR 網站的投資者關係部分找到。

With that, I'll turn the call over to Caryn.

有了這個，我會把電話轉給 Caryn。

Hello. Thank you, and welcome to our fourth quarter 2022 earnings call. Fourth quarter earnings capped off a strong year of growth at CLEAR. People's desire to travel last year surpassed even our most bullish expectations. Domestic checkpoint volumes were up 30% in 2022. At the same time, travel infrastructure proved to be far more fragile than anyone could have imagined. Travel is hard and getting harder, CLEAR's mission, platform and products are a critical part of the solution to make travel safer and easier.

你好。謝謝，歡迎來到我們的 2022 年第四季度財報電話會議。第四季度收益為 CLEAR 強勁的一年增長畫上了句號。去年人們對旅行的渴望甚至超過了我們最樂觀的預期。 2022 年國內檢查站數量增長了 30%。與此同時，事實證明，旅行基礎設施遠比任何人想像的要脆弱。旅行很難，而且越來越難，CLEAR 的使命、平台和產品是使旅行更安全、更輕鬆的解決方案的關鍵部分。

It was important we were staffed and ready to help travelers as they return to the sky, and CLEAR's reputation as a great place to build a career attracts top talent to serve these travelers. On a sequential basis, we added 8.5% to our ambassador workforce across airports nationwide as we saw opportunities to enhance service and grow our member base. As our members know the CLEAR ambassador is a bright spot in what can be a stressful time. They are ready and waiting to welcome you at 4:30 in the morning on a busy travel day or 10 p.m. ahead of your red eye. That's why we shared in our letter some great stories about our airport team who bring CLEAR's technology to life.

重要的是，我們配備了工作人員並準備好在旅行者返回天空時為他們提供幫助，而 CLEAR 作為建立職業生涯的好地方的聲譽吸引了頂尖人才為這些旅行者服務。在連續的基礎上，我們在全國機場增加了 8.5% 的大使員工隊伍，因為我們看到了加強服務和擴大會員群的機會。正如我們的會員所知，CLEAR 大使是壓力時期的亮點。他們準備好在繁忙的旅行日早上 4:30 或晚上 10 點歡迎您。在你的紅眼之前。這就是為什麼我們在信中分享了一些關於我們的機場團隊將 CLEAR 技術帶入生活的偉大故事。

The team has been busy preparing for launches of new airports as we continue to expand the CLEAR network nationwide. We also received our authority to operate TSA pre-check enrollment provided by CLEAR in late December after a rigorous review, and we look forward to rolling it out to the American public in early 2023. The pace and strength of our launches materially accelerated during 2022. We have built a strong operations team and the muscle to quickly and efficiently grow into new geographies. In the past 8 months alone, we have launched 15 new markets for CLEAR Plus and Reserve, both domestically and internationally, including our 51st airport in Kansas City this week.

隨著我們繼續在全國范圍內擴展 CLEAR 網絡，該團隊一直忙於準備新機場的啟用。經過嚴格審查後，我們還在 12 月下旬獲得了運行 CLEAR 提供的 TSA 預檢登記的授權，我們期待在 2023 年初向美國公眾推出它。我們的發布速度和力度在 2022 年大幅加快. 我們已經建立了一支強大的運營團隊和力量，可以快速有效地發展到新的地區。僅在過去 8 個月裡，我們就在國內和國際上推出了 15 個 CLEAR Plus 和 Reserve 新市場，包括本週在堪薩斯城的第 51 個機場。

Strong travel demand, coupled with last year's travel challenges, further our sense of urgency for innovation and collaboration on behalf of the American traveler. There is a new saying in travel, "Every day is now the Wednesday before Thanksgiving. And as an industry, we have to work together to prepare for that. An outstanding example of terrific collaboration with Super Bowl weekend in Phoenix. The Phoenix Airport, local TSA and the Phoenix CLEAR team worked together seamlessly to process a record 84,000 passengers on the Monday following the big game. 17% of these passengers use the CLEAR lanes and our NPS score of over 70 shows our members' delight.

強勁的旅行需求，加上去年的旅行挑戰，進一步增強了我們代表美國旅行者進行創新和合作的緊迫感。旅遊界有一句新話，“現在每天都是感恩節前的星期三。作為一個行業，我們必須共同努力為此做好準備。與鳳凰城超級碗週末合作的傑出例子。鳳凰城機場，當地的 TSA 和 Phoenix CLEAR 團隊無縫合作，在大型比賽后的周一處理了創紀錄的 84,000 名乘客。這些乘客中有 17% 使用 CLEAR 車道，我們的 NPS 得分超過 70 表明我們的成員很高興。

When we think about how we will securely scale friction-free travel experiences, we are excited about our alignment with our airline partners. In January, we renewed our multiyear partnership with United Airlines, exemplifying the power of collaborative innovation. Together, we are focused on bringing new technology to enable friction-free travel experiences to United travelers. You have heard us say many times that identity is foundational in travel and beyond, and you see that coming to life across so many industries today. For example, the consumerization of health care is quickly becoming a reality with the implementation of the Cures Act, empowering people to access and control their health care data. With our vertically integrated identity platform and over 15 million Instant-on members, health care partners are looking to CLEAR to enable more friction-free experiences for both their patients and employees.

當我們考慮如何安全地擴大無摩擦旅行體驗時，我們很高興與我們的航空公司合作夥伴保持一致。 1 月，我們續簽了與美國聯合航空公司的多年合作夥伴關係，展示了協作創新的力量。我們共同致力於引進新技術，為美聯航旅客提供順暢的旅行體驗。您已經多次聽到我們說過，身份是旅行及其他領域的基礎，並且您看到今天在許多行業中都得到了體現。例如，隨著《治愈法案》的實施，醫療保健的消費化正在迅速成為現實，使人們能夠訪問和控制他們的醫療保健數據。憑藉我們垂直整合的身份平台和超過 1500 萬名 Instant-on 會員，醫療保健合作夥伴希望 CLEAR 能夠為他們的患者和員工提供更順暢的體驗。

We have built an at-scale nationwide network in a regulated environment, which positions us well to play an important role in health care. Our new partnership with UHealth and WellStar are just the first 2 examples of what we believe to be a large opportunity for CLEAR. As always, we remain focused on growing members, bookings and free cash flow. I want to thank the CLEAR team who has done incredible work in 2022, continuing to make the CLEAR vision a reality.

我們在受監管的環境中建立了一個大規模的全國網絡，這使我們能夠在醫療保健領域發揮重要作用。我們與 UHealth 和 WellStar 的新合作夥伴關係只是我們認為對 CLEAR 來說是一個巨大機遇的前兩個例子。一如既往，我們仍然專注於增加會員、預訂和自由現金流。我要感謝 CLEAR 團隊，他們在 2022 年做了令人難以置信的工作，繼續使 CLEAR 願景成為現實。

With that, I will turn the call over to Ken.

有了這個，我會把電話轉給肯。

Thanks, Caryn. Our fourth quarter bookings and revenue were better than we expected, driven by CLEAR Plus trends, including renewal rates and new joins. Overall, fourth quarter bookings growth of 37%, represents a 32% CAGR from 2019 pre-COVID levels. Of this 32% approximately 2/3 is same-store.

謝謝，卡琳。在 CLEAR Plus 趨勢（包括續訂率和新加入）的推動下，我們第四季度的預訂量和收入好於我們的預期。總體而言，第四季度的預訂量增長了 37%，比 2019 年 COVID 前的水平復合年增長率為 32%。在這 32% 中，大約 2/3 是同店的。

We're also encouraged by the traction we're seeing in our powered by CLEAR business and continue to believe there is a large addressable market for our networked member-centric identity platform. Retention of 92% remains above our long-term expectations of the upper 80s although down slightly, retention remains strong as our network expands and our value proposition grows. We remain encouraged by the overall unit economics of CLEAR Plus.

我們也對我們在由 CLEAR 支持的業務中看到的牽引力感到鼓舞，並繼續相信我們以網絡成員為中心的身份平台有一個巨大的可尋址市場。 92% 的保留率仍然高於我們對 80 年代上層的長期預期，儘管略有下降，但隨著我們網絡的擴展和價值主張的增長，保留率仍然很高。我們仍然對 CLEAR Plus 的整體單位經濟效益感到鼓舞。

Free cash flow in the fourth quarter was $71 million and is up 177% over Q4 '21. Full year free cash flow of $137 million is up 220% year-over-year. I think it's really important for me to call out as owner-operators, we view stock comp as a real expense as we know our shareholders do. When evaluating new opportunities, we look at holistic comp, including noncash comp, in our return on investment analysis. In 2022, we issued 1.47 million net new RSUs to employees representing less than 1% of beginning common shares outstanding. The vast majority of RSUs vest over 3 years. Free cash flow after considering employee and founder stock comp was $82 million for the full year 2022.

第四季度的自由現金流為 7100 萬美元，比 21 年第四季度增長 177%。全年自由現金流為 1.37 億美元，同比增長 220%。我認為對我來說作為所有者經營者來說真的很重要，我們將股票補償視為真正的支出，正如我們知道我們的股東所做的那樣。在評估新機會時，我們會在投資回報分析中考慮整體薪酬，包括非現金薪酬。 2022 年，我們向員工發行了 147 萬份淨新 RSU，佔年初已發行普通股的不到 1%。絕大多數 RSU 的歸屬期超過 3 年。 2022 年全年，考慮員工和創始人股票薪酬後的自由現金流為 8200 萬美元。

In 2023, we expect to grow free cash flow before and after employee and founder stock comp. We are laser focused on efficient growth and capital allocation. While it is now in vogue to talk about rightsizing headcount, we have always been methodical about our cost structure and want to highlight CLEAR strong incremental margins. In Q4, OpEx, excluding United warrant expense and other unusual items grew 23% year-over-year, roughly 40% of our revenue growth rate. For the fiscal year it grew 33%, less than half our revenue growth rate.

到 2023 年，我們預計在員工和創始人股票補償之前和之後增加自由現金流。我們專注於高效增長和資本配置。雖然現在談論調整員工人數很流行，但我們一直對我們的成本結構有條不紊，並希望強調 CLEAR 強勁的增量利潤率。在第四季度，不包括聯合權證費用和其他不尋常項目的運營支出同比增長 23%，約為我們收入增長率的 40%。在本財年，它增長了 33%，不到我們收入增長率的一半。

The United partnership renewal unlocked 534,000 warrants, which vested and converted to Class A common stock in 2023. These warrants were issued in 2019 and have been reflected in our SEC filings. This quarter, we recognized a total of $18.1 million in noncash warrant expense of which $14.5 million related to this tranche and $3.5 million carried over from Q3. We expect to recognize the final $1 million of warrant expense in Q1.

United Partnership 續約解鎖了 534,000 份認股權證，這些認股權證於 2023 年歸屬並轉換為 A 類普通股。這些認股權證於 2019 年發行，並已反映在我們提交給美國證券交易委員會的文件中。本季度，我們確認了總計 1810 萬美元的非現金認股權證費用，其中 1450 萬美元與本次付款相關，350 萬美元從第三季度結轉。我們預計將在第一季度確認最後 100 萬美元的認股權證費用。

In Q4, we also recognized $6.1 million of noncash equity expense related to 617,000 performance RSUs issued to employees prior to our IPO now deemed probable to vest in 2024. The Q4 amount includes a catch-up expense. The ongoing 2023 quarterly amount will be approximately $1.7 million. These RSUs have also been reflected in our historical SEC filings. Total cash and equivalents as of December 31 was $735 million and reflects the $38 million special dividend paid in December as well as $5.4 million used for net settled RSUs.

在第 4 季度，我們還確認了 610 萬美元的非現金股權費用，這些費用與 617,000 個在 IPO 之前發給員工的績效 RSU 有關，現在被認為很可能在 2024 年歸屬。第 4 季度的金額包括追加費用。正在進行的 2023 年季度金額約為 170 萬美元。這些 RSU 也反映在我們向 SEC 提交的歷史文件中。截至 12 月 31 日的現金和等價物總額為 7.35 億美元，反映了 12 月支付的 3800 萬美元特別股息以及用於淨結算 RSU 的 540 萬美元。

As we look to 2023, we are well positioned to grow members, bookings and revenue while delivering operating leverage and free cash flow growth. Like last year, our bookings guidance implies a sequential decline from Q4 to Q1, consistent with pre-pandemic patterns. Because CLEAR Plus bills annually, our quarterly bookings trends are dependent on the renewal backlog entering the year. As of 12/31, less than 25% of the annual renewal backlog fell in Q1.

展望 2023 年，我們有能力增加會員、預訂量和收入，同時提供運營槓桿和自由現金流增長。與去年一樣，我們的預訂指導意味著從第四季度到第一季度的連續下降，與大流行前的模式一致。由於 CLEAR Plus 每年收費一次，我們的季度預訂趨勢取決於進入年度的續訂積壓。截至 12 月 31 日，Q1 的年度續訂積壓下降了不到 25%。

We'll now go to Q&A.

我們現在進入問答環節。

(Operator Instructions) Our first question comes from the line of Dana Telsey with Telsey Advisory Group.

（操作員說明）我們的第一個問題來自 Dana Telsey 與 Telsey Advisory Group 的聯繫。

Congratulations on the nice progress in the results. When you look at all the metrics, the metrics are impressive and compelling. When you think about the enrollments, which came in, I believe, up 48% to $15.4 million, how are you thinking about enrollments going forward? And is there any additional expenses that we should be mindful of to drive enrollments in this upcoming fiscal year? And then I like the entry into health care, how do you see the progress of penetrating the health care market as compared to the travel market, whether it's in time, cost, margin -- sales and margin opportunity?

祝賀你取得了不錯的成績。當您查看所有指標時，這些指標令人印象深刻且引人注目。當你想到入學人數時，我相信，增加了 48% 至 1540 萬美元，你如何看待未來的入學人數？在即將到來的財政年度，為了推動入學率，我們是否應該注意任何額外費用？然後我喜歡進入醫療保健市場，與旅遊市場相比，你如何看待滲透醫療保健市場的進展，無論是時間、成本、利潤——銷售和利潤機會？

Thanks, Dana. A few questions there. So I'll take a few and then Ken will chime in as well. In terms of enrollments, I think it's a reflection of not only the CLEAR experience but travel being strong, right? It was up 30% in 2022, and our growth significantly outpaced that, and Ken talked about both same-store growth as well as new stores. And I think that you will see those trends continue.

謝謝，達娜。有幾個問題。所以我會講幾句，然後 Ken 也會插話。在註冊方面，我認為這不僅反映了 CLEAR 體驗，也反映了旅行的強勁，對吧？到 2022 年增長了 30%，我們的增長速度大大超過了這一速度，Ken 談到了同店增長和新店增長。我認為你會看到這些趨勢繼續下去。

A lot of our airports are still relatively early in their life, right? If you look at coming out, we launched 8 new airports last year. And since COVID -- or since we went public, I think we were public at 33 airports at the end of June 2021. So that's a 50% growth in the network. So you'll see growth in airports that have been opened quite a long time as we've talked about historically, growth in new airports and then new airport growth as well. And so we expect those trends to continue. But I also think that you'll be seeing growth coming out of the platform side and members. So you have to come to an airport to enroll on the platform side. You can do it either in a CLEAR app or what you're seeing is in our partners' apps. And so I think you'll see both of those trends continue in 2023. In terms of costs associated with that, I'll let Ken talk about that, and then I'll talk a little bit about the health care total addressable market.

我們的許多機場還處於相對早期的階段，對吧？如果你看看出來，我們去年推出了 8 個新機場。自從 COVID 以來——或者自從我們上市以來，我認為我們在 2021 年 6 月底在 33 個機場上市。因此，網絡增長了 50%。所以你會看到已經開放很長時間的機場的增長，正如我們在歷史上談到的那樣，新機場的增長，然後是新機場的增長。因此，我們預計這些趨勢將繼續下去。但我也認為你會看到平台方面和成員的增長。所以你必須來機場在平台端註冊。您可以在 CLEAR 應用程序中執行此操作，也可以在我們合作夥伴的應用程序中執行此操作。所以我認為你會看到這兩種趨勢在 2023 年繼續存在。就與之相關的成本而言，我會讓 Ken 談談這個，然後我會談談醫療保健總潛在市場。

Sure. In terms of the unit economics of the business, actually, you'll see in the K when we file that later today, our unit economics improved on a year-over-year basis. So we talk about LTV to CAC, and you'll see that, that has actually improved in '22 versus '21, partly a function of cost of acquisition going down year-over-year. And as Caryn mentioned, as we have added to our network, both on the airport side and on the platform side, the network effect really drives unit economics. And so we don't see anything specifically in the horizon that would change the dynamics of the business.

當然。就企業的單位經濟效益而言，實際上，當我們今天晚些時候提交文件時，你會在 K 中看到，我們的單位經濟效益同比有所改善。所以我們談論 LTV 到 CAC，你會看到，與 21 年相比，22 年實際上有所改善，部分原因是購置成本逐年下降。正如 Caryn 提到的，正如我們在機場端和平台端添加到我們的網絡中一樣，網絡效應確實推動了單位經濟。因此，我們在未來看不到任何會改變業務動態的具體情況。

In terms of health care, Dana, both WellStar and UHealth are leading health systems in their region. So UHealth is a leading South Florida health system. WellStar is a leading Georgia health system. And when you look at the TAM of systems just like that, we think that there is over 6,000 similarly situated health systems in the U.S. And I think you're seeing many signals in the marketplace that the consumerization of health care, which has been long talked about, is taking hold. And when you look at the CARES Act, which was passed several years ago, but only being implemented now, identity is foundational in order to make health information acceptable to patients. And so really eliminating that proverbial clipboard for both patients and providers. So we think that these are very early days -- and if you just look at UHealth and WellStar, there's an enormous total addressable market out there. We sized it at over 6,000 just in the U.S.

在醫療保健方面，Dana、WellStar 和 UHealth 都是所在地區領先的醫療系統。因此，UHealth 是南佛羅里達州領先的醫療系統。 WellStar 是佐治亞州領先的衛生系統。當您像這樣查看系統的 TAM 時，我們認為美國有 6,000 多個位置相似的醫療系統而且我認為您在市場上看到許多信號表明醫療保健的消費化已經很長時間了談到，正在掌握。當您查看幾年前通過但現在才開始實施的 CARES 法案時，身份是使健康信息為患者所接受的基礎。因此，真正為患者和提供者消除了眾所周知的剪貼板。所以我們認為現在還處於早期階段——如果你只看 UHealth 和 WellStar，就會發現那裡有一個巨大的潛在市場。僅在美國，我們的規模就超過 6,000

Our next question comes from the line of Joshua Reilly with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Joshua Reilly。

All right. Congrats on the very impressive results here. So 2023 is likely the first year to exceed 2019 in terms of boarded passengers. As the year-over-year growth comps in boarded passengers become more difficult as the year progresses, would you guys increase marketing spend or make any adjustments if demand were to be impacted? And how do you think about demand correlation overall to boarded passengers?

好的。祝賀這裡取得了非常令人印象深刻的結果。因此，就登機旅客而言，2023 年可能是第一年超過 2019 年的年份。隨著登機乘客的同比增長隨著時間的推移變得越來越困難，如果需求受到影響，你們會增加營銷支出或做出任何調整嗎？您如何看待與登機乘客的整體需求相關性？

So in terms of investment, we are opportunistic when it comes to capital allocation, and that includes marketing spend. We -- our largest channel is in the airport channel, which is a very efficient channel. And so the way we think about it is we'll be opportunistic around the opportunity to grow our member base like we were in this past quarter. We don't necessarily see any dramatic changes to our unit economics as a function of tough comps.

因此，就投資而言，我們在資本配置方面是機會主義的，其中包括營銷支出。我們——我們最大的渠道是在機場渠道，這是一個非常有效的渠道。因此，我們的想法是，我們將像上個季度一樣，抓住機會擴大我們的會員群。我們不一定認為我們的單位經濟有任何戲劇性的變化作為艱難的補償的功能。

But to answer your question more specifically, I think there's a lot of exciting things happening in 2023, and we've never been "standard marketers," right? So the launch of PreCheck, which we expect in 2023 and was not included in first quarter guidance is an opportunity to introduce people to different ways to experience airport security and both on a stand-alone and a bundled basis, we think there's opportunities there. The power of the network effect has shown itself over the past 13 years and our incredible ambassadors on the floor, which we wrote about are also a different form of what people think of as historical marketing spend.

但更具體地回答你的問題，我認為 2023 年會發生很多令人興奮的事情，我們從來都不是“標準營銷人員”，對吧？因此，我們預計在 2023 年推出但未包含在第一季度指南中的 PreCheck 是一個向人們介紹體驗機場安全的不同方式的機會，無論是在獨立的還是捆綁的基礎上，我們認為那裡都有機會。在過去的 13 年裡，網絡效應的力量已經顯現出來，我們所寫的令人難以置信的現場大使也是人們認為的歷史營銷支出的一種不同形式。

As we add more partners to the platform, it adds more members and there's an opportunity right to upgrade people who have joined the CLEAR platform to, right, from B2B over to B2C. And we saw success in that in places like when we partnered with Hawaii on Health Pass or as you see what we're doing with Avis in the rental car space. And so there's many on-ramps that we get excited about. And it's not your "historical marketing spend," which really gives our platform and our team opportunities to flex creatively to drive growth in an economically efficient way.

隨著我們向平台添加更多合作夥伴，它會增加更多成員，並且有機會將加入 CLEAR 平台的人從 B2B 升級到 B2C。我們在這方面取得了成功，例如當我們與夏威夷合作推出 Health Pass 時，或者您看到我們在租車領域與 Avis 合作時所做的事情。因此，我們對許多入口感到興奮。真正讓我們的平台和團隊有機會創造性地發揮作用，以經濟高效的方式推動增長的，並不是你的“歷史營銷支出”。

Got it. And then just a follow-up on the net member retention. It was even stronger than what I would have expected here, you still talk about moderating to the upper 80% range. What are you seeing here in Q1 on net member retention for the first couple of months of the year? And how do you think about the trajectory of that movement back to the upper 80s?

知道了。然後只是對網絡成員保留的跟進。它甚至比我在這裡預期的還要強，你仍然在談論緩和到 80% 的上限範圍。您在第一季度看到了什麼關於今年前幾個月的淨會員保留率？您如何看待回到上世紀 80 年代的運動軌跡？

Yes. I mean it's definitely happening slower than we would have expected. And I think that speaks to the power of the network as we add more nodes, including airports and other use cases that increases the utility. And I think that's what's driving the better than expected gross retention. And so we think it settles in the upper 80s, but it is absolutely happening slower than we would have anticipated. .

是的。我的意思是它發生的速度肯定比我們預期的要慢。而且我認為，隨著我們添加更多節點，包括機場和其他增加效用的用例，這說明了網絡的力量。我認為這就是推動總保留率好於預期的原因。所以我們認為它會在 80 年代後期穩定下來，但它的發生速度絕對比我們預期的要慢。 .

Great. And maybe I'll just sneak one more in on the current expense run rate versus your long-term model, it seems like G&A is one of the -- still well above where the long-term model is. How should we think about opportunity for leverage here in G&A this year? And can you just remind us what expenses are included in that line item?

偉大的。也許我會再偷偷了解一下當前的費用運行率與您的長期模型相比，似乎 G&A 是其中之一——仍然遠高於長期模型的水平。我們應該如何考慮今年在 G&A 中發揮槓桿作用的機會？您能否提醒我們該訂單項中包含哪些費用？

Sure. So G&A is -- we think we're going to get operating leverage really across the board, I would say, with the exception of cost of revenue share fee that should remain more stable than the other line items. But G&A certainly being the most leverageable line item. And beyond the typical things that you would expect in there such as rent and sort of the regular overhead, there are credit card fees, which are variable. Now obviously, as platform becomes a larger percentage of the mix, credit card fees don't apply to the B2B business.

當然。所以 G&A 是——我們認為我們將真正全面地獲得運營槓桿，我想說，除了收入分成費用的成本應該比其他項目更穩定。但 G&A 無疑是最具槓桿作用的項目。除了您期望的典型事物（例如租金和常規管理費用）之外，還有信用卡費用，這些費用是可變的。現在很明顯，隨著平台在組合中所佔比例越來越大，信用卡費用不適用於 B2B 業務。

And so -- and then mobile enrollment costs are also in their variable mobile enrollment cost. So there are a few things that are variable, but it's largely more overhead type of things. And if you just look this quarter on a clean basis, if you strip out some of the unusuals, you had probably around 2,000 basis points of operating leverage in Q4 last year to Q4 this year, just on the G&A line item. So we see a lot of opportunity there.

因此 - 然後移動註冊成本也在其可變移動註冊成本中。所以有一些東西是可變的，但它主要是更多的開銷類型的東西。如果你只是在乾淨的基礎上看這個季度，如果你剔除一些不尋常的東西，你從去年第四季度到今年第四季度的運營槓桿可能約為 2,000 個基點，僅在 G&A 項目上。所以我們在那裡看到了很多機會。

Our next question comes from the line of Paul Chung with JPMorgan.

我們的下一個問題來自 Paul Chung 與摩根大通的對話。

Very nice quarter to finish the year, very strong cash flow. So first up, now the firms at 51 airports is a long-term goal of kind of mid-50s revised higher, which key airports are kind of still in the pipeline in your view? And what's the average lane per airport today and kind of opportunities there to expand. Also, any progress on international as well? You mentioned the Reserve offering, which kind of opens up a nice cross-selling channel. Can we see kind of CLEAR Plus lanes expand or meaningfully overseas this year? And I have a follow-up.

結束這一年的季度非常好，現金流非常強勁。所以首先，現在 51 個機場的公司是 50 年代中期修訂的長期目標，您認為哪些主要機場仍在籌備中？今天每個機場的平均車道是多少，那裡有哪些擴展機會。另外，國際上有什麼進展嗎？你提到了 Reserve 產品，它打開了一個很好的交叉銷售渠道。今年我們能否看到某種 CLEAR Plus 車道在海外擴張或有意義？我有一個後續行動。

Thanks, Paul. So yes, we are at 51 airports today with the launch of Kansas City yesterday, and I think it's 140 lanes with those 51 airports. I do expect us to open -- close to the same or slightly more airports this year than we did last year. We are already 3 airports in for the first 2 months of 2023. And so I do think if you look at -- and it's public information, sort of the top 100 airports in the U.S., we think that there is high applicability in the 70-ish range of those airports. But I also think that there's different products when you look at reserve and precheck enrollment where we could also be bringing products.

謝謝，保羅。所以是的，我們今天在 51 個機場，昨天推出堪薩斯城，我認為這 51 個機場有 140 個車道。我確實希望我們今年能夠開放 - 與去年相比，機場接近或略多。 2023 年前 2 個月，我們已經有 3 個機場。所以我認為，如果你看一下——這是美國前 100 大機場的公共信息，我們認為這 70 個機場具有很高的適用性- 這些機場的範圍。但我也認為，當您查看保留和預檢註冊時，我們也可以提供不同的產品。

So we now think of CLEAR more broadly, but we're talking specifically in this case, about CLEAR Plus airports lanes. And then internationally, we do think that it's very exciting to be building the relationships, the dialogue and the experience leading with the Reserve product, and we're seeing success there. And then that is opening conversations about other products. And so whether or not that hit this year, it's too soon to tell. But we do think when you look at the surge in travel and the challenges travel is hard and getting harder, it is not just a U.S. phenomenon, but a global phenomenon.

所以我們現在更廣泛地考慮 CLEAR，但我們在這種情況下具體討論 CLEAR Plus 機場車道。然後在國際上，我們確實認為通過 Reserve 產品建立關係、對話和體驗是非常令人興奮的，我們在那裡看到了成功。然後就是開啟關於其他產品的對話。因此，無論今年是否受到打擊，現在下結論還為時過早。但我們確實認為，當你看到旅行的激增和挑戰時，旅行越來越艱難，這不僅僅是美國現象，而是全球現象。

Just on the unit economics of the smaller airports in terms of number of lanes, it completely depends on the configuration of the airport. Generally speaking, a smaller airport will have fewer lanes. And the unit economics work for the small airports on a stand-alone basis and because they add to the network. So we're able to basically get to breakeven well under a year on those airports.

就車道數量而言，較小機場的單位經濟效益完全取決於機場的配置。一般來說，較小的機場會有較少的車道。單位經濟適用於獨立的小型機場，因為它們添加到網絡中。因此，我們基本上能夠在這些機場的一年內實現收支平衡。

Great. And then just on Amex, as we lap the initial kind of platinum enrollments, how should we think about kind of the pace of bookings growth this year? And what is your sense of penetration rates at Amex platinum renewal rates as well? Are they overall higher and if you could expand on other kind of key target airlines, credit card companies, travel vendors you're engaging with. I've noticed other channels like Curb, Taxi app for sign-ups, how successful have those channels been also on the partner side would be helpful.

偉大的。然後就美國運通而言，當我們完成最初的白金註冊時，我們應該如何考慮今年預訂增長的速度？您對美國運通鉑金續訂率的滲透率有何看法？它們總體上是否更高，如果你可以擴展到你正在接觸的其他類型的主要目標航空公司、信用卡公司、旅遊供應商。我注意到其他渠道，如 Curb、用於註冊的出租車應用程序，這些渠道在合作夥伴方面的成功程度也會有所幫助。

Lots of questions in there. Starting off with the renewal rate, which is easy, yes, the renewal rates are quite high for Amex platinum, as you would expect, above 95%. In terms of the penetration of platinum. Again, we don't have the denominator. But if you look at the Amex fourth quarter, they announced 3 million net new cards added. Those are not all platinum, but they are continuing to have success growing their member base.

裡面有很多問題。從續訂率開始，這很容易，是的，美國運通白金的續訂率很高，正如您所期望的那樣，超過 95%。在鉑金滲透方面。同樣，我們沒有分母。但是如果你看看美國運通第四季度，他們宣布淨增加了 300 萬張新卡。這些並不都是白金，但他們繼續成功地擴大了他們的會員群。

And obviously, we benefit from that. So we're continuing to grow with them. I think that channel will grow. It's growing -- we have other channels that are growing faster. The one that you specifically asked about is on the Curb, that's just as a marketing channel for us, which is successful, but it's not material for us. And then in terms of your other questions in terms of new partnerships, we are talking to additional airlines. We do think the partner channel is our best avenue for growth and our most efficient avenue for growth, and it's been very successful for us. And so more to come on that.

顯然，我們從中受益。因此，我們將繼續與他們一起成長。我認為該渠道將會增長。它正在增長——我們還有其他增長更快的渠道。您特別詢問的那個是在路邊，這對我們來說只是一個營銷渠道，這是成功的，但對我們來說並不重要。然後就您在新合作夥伴關係方面的其他問題而言，我們正在與其他航空公司交談。我們確實認為合作夥伴渠道是我們最好的增長途徑和最有效的增長途徑，它對我們來說非常成功。還有更多的事情要做。

Our next question comes from the line of Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

This is David Engel on for Michael Turrin. Just one for me, much of my questions have been asked. So you've talked about travel volumes being up 30% in '22. As we look to the 2023 planning process, can you talk about what you're seeing thus far in 1Q with the 2 months in? And how that compares to pre-pandemic traffic? And then just bigger picture, what longer-term historical annual traffic volumes look like?

這是邁克爾·圖林的大衛·恩格爾。對我來說只有一個，我的很多問題都被問到了。所以你談到了 22 年的旅行量增長了 30%。當我們展望 2023 年的規劃過程時，您能否談談您在 2 個月的第一季度到目前為止看到的情況？與大流行前的交通相比如何？然後更大的圖景，長期歷史年度交通量是什麼樣的？

I'll talk a little bit about what we're seeing in the first 2 months, which is strength. January always slows down a little bit versus December from a sequential basis. But I would say that you just see continued strength, record days and people out there traveling and wanting better experiences as they travel. So there has been no slowdown. I think we started talking about being thoughtful of the economic environment probably in our third quarter earnings. And I will say -- and you can see this across the industry. You know one thing. People want to travel, people love travel and business travel has been coming back. And so I would say that, that is probably the new addition over the past few months, but you just see continued strength.

我將談談我們在前兩個月看到的情況，即實力。從連續的基礎上，1 月總是比 12 月慢一點。但我要說的是，你只會看到持續的力量、創紀錄的日子和人們在旅行並希望在旅行時獲得更好的體驗。所以沒有放緩。我認為我們可能在第三季度的收益中開始談論對經濟環境的深思熟慮。我會說——你可以在整個行業看到這一點。你知道一件事。人們想要旅行，人們熱愛旅行，而商務旅行又回來了。所以我要說的是，這可能是過去幾個月的新增加，但你只看到持續的力量。

Yes. And as far as trends versus pre-COVID levels, we talked about a 32% CAGR for Q4. Our guidance, which excludes precheck implies, I think, around a 30% CAGR from 2019 pre-COVID levels. So if you look at the midpoint. So we see continued strength, as Caryn mentioned. .

是的。就趨勢與 COVID 之前的水平相比，我們談到了第四季度 32% 的複合年增長率。我認為，我們的指導不包括預檢，這意味著與 2019 年 COVID 前水平相比，複合年增長率約為 30%。所以如果你看中點。因此，正如 Caryn 提到的那樣，我們看到了持續的力量。 .

And our next question comes from the line of Ananda Baruah Capital.

我們的下一個問題來自Ananda Baruah Capital。

I guess, Caryn, going back to the conversation about sort of the airports that you're in, what you've been adding and the new lanes that you've added. Is there any useful way you can describe to us where you guys think you are, I guess, like heat map wise relative to what you would consider to be optimal penetration in the U.S., even it's anecdotal? Does that make sense?

我想，Caryn，回到關於您所在的機場類型、您添加的內容以及您添加的新車道的對話。有沒有什麼有用的方法可以向我們描述你們認為你們在哪裡，我猜，比如熱圖，相對於你們認為在美國的最佳滲透率，即使它是軼事？那有意義嗎？

Not exactly when you say heat map wise, do you mean MSAs and where people live or where they're going or what are hot new areas in the U.S., Tell me what you mean by that?

不完全是當你說熱圖明智時，你是指 MSA 和人們居住的地方或他們要去的地方或者美國的熱門新地區，告訴我你的意思是什麼？

All of that, all of that. Like you have the thought process. Yes, exactly. Exactly.

所有這些，所有這些。就像你有思考過程一樣。對，就是這樣。確切地。

Yes. I mean we look at enplanements. We also -- right, that's the ultimate piece of it. And again, when you look at the top 100 after the top 60, you see a deep decrease in enplanements. All that being said, the smaller airports for us, because we're in airports that look like that, have been great for CLEAR, right? And so the economics, not only of those smaller airports, but of the network are accretive and strong. So it's not an exact science. It's the partners who want to bring CLEAR to their travelers who are focused on innovation and passenger experience. We're building products for all travelers, whether you travel once a year with Reserve free for the consumer or once a week with CLEAR Plus. And so -- and we're trying to build more products in between.

是的。我的意思是我們看飛機。我們也 - 對，這是它的最終部分。再一次，當您查看前 60 名之後的前 100 名時，您會發現登機量大幅下降。綜上所述，對我們來說較小的機場，因為我們在看起來像那樣的機場，對 CLEAR 來說非常好，對吧？因此，不僅是那些較小的機場，而且網絡的經濟效益都在增長且強大。所以這不是一門精確的科學。合作夥伴希望將 CLEAR 帶給注重創新和乘客體驗的旅行者。我們正在為所有旅行者打造產品，無論您是每年旅行一次，為消費者免費預訂，還是每週旅行一次，使用 CLEAR Plus。所以——我們正試圖在兩者之間構建更多產品。

And so I don't have an exact answer, except to say we build strong partnerships, Kansas City opened a new airport and a new terminal yesterday, and they wanted to bring innovation and great passenger experiences to their travelers. And so we have a lot of runway. That's a very inexact and unappealing answer, I'm sure. But that's the truth. It's just travel is so strong, and there are so many opportunities to transform the passenger experience from the parking and the rental car piece to bags to security to concessions and then all the way back on the other side. So these are very early days.

所以我沒有確切的答案，只能說我們建立了牢固的合作夥伴關係，堪薩斯城昨天開設了一個新機場和一個新航站樓，他們想為他們的旅行者帶來創新和出色的乘客體驗。所以我們有很多跑道。我敢肯定，這是一個非常不准確且沒有吸引力的答案。但這是事實。只是旅行如此強大，有很多機會將乘客體驗從停車和租車轉變為行李，再到安全，再到優惠，然後一直回到另一邊。所以現在還很早。

I got it. No that actually is very helpful. A lot of runway perspective a lot -- it's very helpful. And does that include sort of some of these new airports, say, like a Kansas City yesterday as well as meaningful opportunity to add new lanes say, in those kind of top 100 airports or airports you may already be in?

我得到了它。不，這實際上很有幫助。很多跑道視角 - 這非常有幫助。這是否包括其中一些新機場，比如昨天的堪薩斯城，以及添加新車道的有意義的機會，比如在那些排名前 100 的機場或您可能已經進入的機場？

Yes. That is accurate. We have a great footprint today, and then we add more lanes to that footprint. You saw that with Newark and we're focused on that with other airports as well.

是的。那是準確的。我們今天的足跡很大，然後我們會在這個足跡上增加更多的車道。你在紐瓦克看到了這一點，我們也關注其他機場。

And we have reached the end of the question-and-answer session, and I will now turn the call over to Caryn Seidman-Becker for closing remarks. .

我們已經結束了問答環節，現在我將把電話轉給 Caryn Seidman-Becker 作結束語。 .

Thank you for joining our fourth quarter '22 earnings call. We are excited by the robust growth in CLEAR Network I just said and welcome Kansas City, 51st Airport in the CLEAR Plus network, which launched yesterday. On the B2B side, we continue to believe powered by CLEAR is a significant opportunity for growth. Avis, UHealth and WellStar are just the first of what we expect to be continued new partner announcements. We remain absolutely bullish on the surge in growth of the travel industry and estimate another 1 million travelers in U.S. airports by 2030. At CLEAR, we're focused on innovation to ensure a scalable and friction-free passenger experience for all travelers, whether you travel once a year or once a week. I want to thank the CLEAR team again for the great work they did in 2022 and look forward to all that we'll accomplish together in 2023.

感謝您加入我們的 22 年第四季度財報電話會議。我們對我剛才所說的 CLEAR Network 的強勁增長感到興奮，並歡迎堪薩斯城，這是昨天啟動的 CLEAR Plus 網絡中的第 51 個機場。在 B2B 方面，我們仍然相信由 CLEAR 提供支持是一個重要的增長機會。 Avis、UHealth 和 WellStar 只是我們預計將繼續發布的新合作夥伴公告中的第一個。我們仍然絕對看好旅遊業的激增增長，並估計到 2030 年美國機場還會有 100 萬旅客。在 CLEAR，我們專注於創新以確保為所有旅客提供可擴展且無摩擦的乘客體驗，無論您是每年或每週旅行一次。我想再次感謝 CLEAR 團隊在 2022 年所做的出色工作，並期待我們在 2023 年共同完成的所有工作。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時你們可以掛斷電話。感謝您的參與。