Clear Secure Inc (YOU) 2023 Q2 法說會逐字稿

Good morning, and welcome to CLEAR's Fiscal Second Quarter 2023 Conference Call. We have with us today, Caryn Seidman-Becker, Co-Founder, Chairman and Chief Executive Officer; and Ken Cornick, Co-Founder, President and Chief Financial Officer.

早上好，歡迎參加 CLEAR 2023 財年第二季度電話會議。今天與我們在一起的還有聯合創始人、董事長兼首席執行官 Caryn Seidman-Becker；以及聯合創始人、總裁兼首席財務官 Ken Cornick。

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. 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.

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聲明存在重大差異的因素包含在公司向 SEC 提交的報告中，包括今天的股東信函。

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-Q. These items can be found on the Investor Relations section of CLEAR's website. With that, I'll turn the call over to Caryn.

該公司不承擔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。在這次電話會議中，公司將討論公認會計原則和非公認會計原則財務指標。今天的股東信函和最近提交的 10-Q 表格年度報告中提供了 GAAP 與非 GAAP 財務指標的調節表。這些項目可以在 CLEAR 網站的投資者關係部分找到。這樣，我會將電話轉給 Caryn。

Good morning. The second quarter was a strong quarter for CLEAR. Our bookings accelerated while margins expanded. We generated strong free cash flow and returned cash to shareholders while initiating a new quarterly dividend. We are making good progress on precheck testing and launch time lines.

早上好。第二季度對於 CLEAR 來說是一個強勁的季度。我們的預訂量增加，同時利潤率擴大。我們產生了強勁的自由現金流，並向股東返還現金，同時啟動了新的季度股息。我們在預檢查測試和啟動時間表方面取得了良好進展。

On the platform side, we are rebranding to CLEAR verified to better represent the power of our platform. We are working with LinkedIn to expand to other markets later this year and we were excited to hear Microsoft's CEO, Satya Nadella, highlight their commitment to identity on their recent earnings call. Eight quarters post IPO, I am incredibly proud of the results our team delivered this quarter.

在平台方面，我們正在將品牌更名為 CLEAR 驗證，以更好地體現我們平台的力量。我們正在與 LinkedIn 合作，在今年晚些時候擴展到其他市場，我們很高興聽到微軟首席執行官 Satya Nadella 在最近的財報電話會議上強調了他們對身份的承諾。首次公開募股後八個季度，我對我們團隊本季度取得的成果感到非常自豪。

Our growing fleet of products, the partners that we support and members that we serve are a reflection of the power of the CLEAR platform. Identity is foundational. It is here and now. CLEAR has been leading in identity for 13 years, and today, you are seeing that in travel and beyond.

我們不斷增長的產品系列、我們支持的合作夥伴以及我們服務的會員都體現了 CLEAR 平台的力量。身份是基礎。就在此時此地。 13 年來，CLEAR 一直在身份識別領域處於領先地位，今天，您可以在旅行及其他領域看到這一點。

At CLEAR, we believe actions speak louder than words, and our philosophy has always been to put our members first, focus on innovation and live our mission of enhancing security and delighting travelers, but I want to set the record straight after some inaccurate media reporting. There are 4 key points I want to make.

在CLEAR，我們相信行動勝於雄辯，我們的理念始終是將會員放在第一位，專注於創新，履行我們增強安全性和讓旅客滿意的使命，但在一些不准確的媒體報導之後，我想澄清事實。我想講4個要點。

First, CLEAR enhances Homeland Security with a stellar security track record. We have biometrically verified over 130 million passengers since our founding in 2010. We have a remarkable industry-leading track record of which we are incredibly proud. Our enrollment and verification processes are certified as qualified antiterrorism technology by the Department of Homeland Security. Both our tech and our team members are force multipliers for airports, TSA and travelers.

首先，CLEAR 憑藉出色的安全記錄增強了國土安全。自 2010 年成立以來，我們已對超過 1.3 億乘客進行了生物識別驗證。我們擁有業界領先的卓越記錄，對此我們感到無比自豪。我們的註冊和驗證流程被國土安全部認證為合格的反恐技術。我們的技術和團隊成員都是機場、運輸安全管理局和旅客的力量倍增器。

Second, a July 2022 incident has been mischaracterized. It was the unfortunate result of a human error, having nothing to do with our biometric verification technology, to conflate the two is just wrong.

其次，2022 年 7 月發生的一起事件被錯誤描述。這是人為錯誤的不幸結果，與我們的生物識別技術無關，將兩者混為一談是錯誤的。

For context, back in 2020, we proactively implemented one-to-one face matching technology, digitally comparing the enrollee to the picture on their ID as added security to our multilayer enrollment process. This went above and beyond our regulatory requirements. There can be rare instances of false negatives and face match technology, which can be caused by lighting, document quality or damaged IDs and prevent someone who is who they say they are from completing enrollment. To safeguard against this, we had a manager review process to compare the ID with the live enrollee standing in front of them. There was a human error in the July 2022 manager review.

就背景而言，早在 2020 年，我們就主動實施了一對一人臉匹配技術，以數字方式將登記者與其身份證上的照片進行比較，以增加我們多層登記流程的安全性。這超出了我們的監管要求。可能會出現極少數情況下出現漏報和人臉匹配技術的情況，這可能是由照明、文檔質量或身份證件損壞造成的，並會阻止自稱身份的人完成註冊。為了防止這種情況發生，我們有一個經理審查流程，將 ID 與站在他們面前的現場登記者進行比較。 2022 年 7 月經理審核中存在人為錯誤。

We discontinued the manager review policy last year, and the small pool of members enrolled through this process have been required to reenroll. To reiterate, this has nothing to do with our technology and to characterize this as the security vulnerability is absolutely false.

我們去年終止了經理審查政策，通過此流程註冊的一小部分會員被要求重新註冊。重申一下，這與我們的技術無關，並將其定性為安全漏洞是絕對錯誤的。

Third, CLEAR members have been subject to varying randomization rates since 2017. Randomization is a tool employed across the entire checkpoint, not just to CLEAR. We can't disclose the actual percentages as it's deemed sensitive security information.

第三，自 2017 年以來，CLEAR 成員一直受到不同的隨機化率的影響。隨機化是整個檢查點使用的工具，而不僅僅是 CLEAR 所使用的工具。我們無法透露實際百分比，因為它被視為敏感的安全信息。

But in 2023 alone, TSA has randomly reverified millions of CLEAR passengers. Finally, as we talked about in our letter, we have been working on digital identity integration since 2020. This is a win-win, bringing the government's future vision to life faster and at scale, while creating an even more seamless experience for travelers. We are in continued conversations to make sure that this transition is smooth for all travelers.

但僅在 2023 年，TSA 就隨機重新驗證了數百萬 CLEAR 乘客。最後，正如我們在信中談到的，自2020 年以來，我們一直致力於數字身份集成。這是雙贏的，可以更快、更大規模地實現政府的未來願景，同時為旅行者創造更加無縫的體驗。我們正在持續進行對話，以確保所有旅客都能順利過渡。

Travel is booming, but the experience is challenging. With 1 million more travelers coming through airports every day within the next few years, CLEAR is focused on security, obsessed with the customer experience and delivering on state-of-the-art technology that strengthens airport security and enhances travel for millions of passengers. That is exactly what we will continue to do, and it is now more important than ever. I will turn it over to Ken to discuss financials.

旅遊業蓬勃發展，但體驗也充滿挑戰。未來幾年內，每天有 100 萬名旅客進入機場，CLEAR 將重點關注安全性，專注於客戶體驗，並提供最先進的技術來加強機場安全並改善數百萬旅客的旅行。這正是我們將繼續做的事情，而且現在比以往任何時候都更加重要。我會把它交給肯來討論財務問題。

Thanks, Karen. This quarter was strong from a top line and operating leverage perspective. Revenue grew to 46%, bookings growth accelerated to 43% while operating expenses increased 28%. Margins increased by over 1,400 basis points.

謝謝，凱倫。從營收和運營槓桿角度來看，本季度表現強勁。收入增長至 46%，預訂量增長加速至 43%，而運營支出增長 28%。利潤率增加超過 1,400 個基點。

We've already lapped the easier COVID comps, so the growth we are experiencing reflects the structural shift in travel demand that we talked about in our letter as well as travelers demanding more seamless experiences. When we went public, we said we would evaluate our KPIs over time. We are adding 2 new quarterly KPIs, active CLEAR Plus members and annual CLEAR Plus member usage.

我們已經採用了更簡單的新冠病毒補償方案，因此我們正在經歷的增長反映了我們在信中談到的旅行需求的結構性轉變以及旅行者要求更無縫的體驗。當我們上市時，我們表示我們將隨著時間的推移評估我們的 KPI。我們將添加 2 個新的季度 KPI、活躍 CLEAR Plus 會員和年度 CLEAR Plus 會員使用情況。

We included quarterly history on these metrics back to 2021 for reference. Active CLEAR Plus members ended the quarter at 6.2 million, up 41%, driven by same-store growth as well as new airport launches. CLEAR Plus growth continues to be driven by a diversity of channels and markets. Our partner channels, credit card and airline partners drove less than 20% of our new bookings in Q2 and was down slightly as a percentage of total versus Q1 levels.

我們納入了自 2021 年以來這些指標的季度歷史記錄以供參考。在同店增長和新機場推出的推動下，本季度末 Active CLEAR Plus 會員人數達到 620 萬人，增長 41%。 CLEAR Plus 的增長繼續受到多元化渠道和市場的推動。我們的合作夥伴渠道、信用卡和航空公司合作夥伴在第二季度的新預訂量中所佔比例不到 20%，佔總預訂量的百分比與第一季度相比略有下降。

Retention remains strong at approximately 91% above our long-term expectations. The most significant driver of retention is utilization. Annual CLEAR Plus member usage was 8.7x annually or one use every 6 weeks, up 4% year-over-year. As travel is booming, our overall service levels remain strong.

保留率依然強勁，高出我們的長期預期約 91%。保留的最重要驅動因素是利用率。 CLEAR Plus 會員每年使用次數為 8.7 次，即每 6 週使用一次，同比增長 4%。隨著旅遊業的蓬勃發展，我們的整體服務水平依然強勁。

We are addressing certain capacity constrained locations during peak periods. There are a number of solutions in process, including additional equipment, reengineering lanes and real estate expansion. Our team is all over it, and this remains an operational priority.

我們正在解決高峰時段某些容量受限的地點的問題。目前正在製定許多解決方案，包括增加設備、重新設計車道和擴建房地產。我們的團隊全力以赴，這仍然是運營的首要任務。

As discussed in our letter, we remain committed to the long-term 35% adjusted EBITDA margin target we laid out in our IPO road show. This quarter was a good start, and we expect high incremental margins in the future as PreCheck launches, platform bookings ramp while growth in these investments slow materially.

正如我們在信中所討論的，我們仍然致力於實現我們在 IPO 路演中製定的 35% 調整後 EBITDA 利潤率長期目標。本季度是一個良好的開端，我們預計，隨著 PreCheck 的推出、平台預訂量的增加，而這些投資的增長將大幅放緩，未來的利潤率將大幅增長。

This quarter, adjusted EBITDA was $20 million, and our incremental EBITDA margin was approximately 35%. In addition, Q2 marked the first time since going public where we reported positive operating income. Free cash flow of $67 million grew 62% year-over-year. After normalized stock comp, free cash flow was $52 million, up 81%.

本季度，調整後 EBITDA 為 2000 萬美元，增量 EBITDA 利潤率約為 35%。此外，第二季度是我們上市以來首次報告正營業收入。自由現金流為 6700 萬美元，同比增長 62%。股票補償正常化後，自由現金流為 5200 萬美元，增長 81%。

We finished the quarter with $773 million of cash after using $39 million for share repurchase and $18 million for special dividends. In the quarter, we purchased 1.5 million shares at an average price of $25.19, representing approximately 1% of shares outstanding. Given our cash flow performance and our cash position, we have established a regular quarterly dividend policy and declared a $0.07 quarterly dividend to holders of Class A and Class B common stock.

在使用 3,900 萬美元用於股票回購和 1,800 萬美元用於特別股息後，本季度我們的現金為 7.73 億美元。本季度，我們以平均價格 25.19 美元購買了 150 萬股股票，約佔已發行股票的 1%。鑑於我們的現金流表現和現金狀況，我們制定了定期季度股息政策，並宣布向 A 類和 B 類普通股持有人派發 0.07 美元的季度股息。

We will use the regular quarterly dividend, opportunistic share repurchase and special dividends as levers to return cash to shareholders with a goal of increasing total cash return on an annual basis. In the prior 12 months, we returned about $120 million to shareholders.

我們將以定期季度股息、機會性股份回購和特別股息為槓桿，向股東返還現金，以提高年度現金回報總額。在過去 12 個月中，我們向股東返還了約 1.2 億美元。

For Q3, we are guiding to revenue of $152 million to $154 million and bookings of $178 million to $180 million. Third quarter guidance does not include any contribution from TSA PreCheck. We continue to work collaboratively with our partners at TSA as we make progress towards soft launch and public launch this year.

對於第三季度，我們預計收入為 1.52 億至 1.54 億美元，預訂量為 1.78 億至 1.8 億美元。第三季度指引不包括 TSA PreCheck 的任何貢獻。我們將繼續與 TSA 合作夥伴合作，在今年的軟發布和公開發布方面取得進展。

We will announce the launch dates when we have certainty. For fiscal year 2023, we expect to demonstrate continued operating leverage and growth in free cash flow as compared to fiscal year 2022. We'll now go to Q&A.

當我們有確定性時，我們將宣布發布日期。與 2022 財年相比，我們預計 2023 財年將展示持續的運營槓桿和自由現金流的增長。我們現在進入問答環節。

(Operator Instructions) Your first question comes from Josh Reilly of Needham.

（操作員說明）您的第一個問題來自 Needham 的 Josh Reilly。

Nice job on the quarter here. Maybe just starting on the topic of randomization. Our work in your discussions here indicate that the rate of random ID checks are up. Can you just give us a sense, is this something that could increase further from current levels given a recent press article that alludes to 100% checks beginning in August here? And is there anything you can do to ultimately get that back to more historical levels?

本季度工作做得很好。也許只是從隨機化的話題開始。我們在你們的討論中所做的工作表明，隨機身份檢查的比率有所上升。您能否給我們一個感覺，考慮到最近的一篇新聞文章提到從 8 月份開始進行 100% 的檢查，這是否會比目前的水平進一步增加？你能做些什麼來最終讓它回到歷史水平嗎？

Thanks, Josh. In terms of the randomization question, in the future state, when we talk about digital identity integration, all members' credentials will be transmitted to the TSA hardware, so there will be no need to show a physical ID. In the meantime, physical ID reverification, as you said, is not new. It has been in place since 2017 and the rates have varied over the years. And so we can't talk about specific percentages unfortunately. But what we can say is we've absolutely been able to deliver a great customer experience throughout the years. Again, this has been consistent security theme for over 6 years, and this is evidenced by our growth, retention and NPS. But to your point, I think what you're really asking about is what the future of the checkpoint looks like. So let me take a step back to take a step forward. We launched in 2010 with smart cards, which took weeks to enroll, then we went to the cloud, and you could enroll and use it immediately. So we've evolved our system for over 13 years and digital identity stand-alone and fully integrated into partners is the next phase.

謝謝，喬什。就隨機化問題而言，在未來狀態下，當我們談論數字身份集成時，所有成員的憑證都將傳輸到 TSA 硬件，因此無需出示物理 ID。與此同時，正如你所說，物理身份重新驗證並不是什麼新鮮事。它自 2017 年開始實施，多年來費率有所不同。不幸的是，我們無法談論具體的百分比。但我們可以說的是，多年來我們絕對能夠提供出色的客戶體驗。同樣，這在 6 年多的時間裡一直是一致的安全主題，我們的增長、保留率和 NPS 證明了這一點。但就你的觀點而言，我認為你真正想問的是檢查站的未來是什麼樣子。因此，讓我退一步，再前進一步。我們於 2010 年推出了智能卡，註冊需要數週時間，然後我們轉向雲，您可以立即註冊並使用它。因此，我們的系統已經發展了超過 13 年，下一階段是獨立的數字身份並完全集成到合作夥伴中。

And so we did speak about the CLEAR lane of the future in our shareholder letter. When you enter the lane, you're going to use your face for identity, that will electronically transmit your ID to TSA's next-gen biometric hardware without the need to show a physical ID. So we're really excited that this will be a better and faster process and an altogether better customer experience. And with travel surging, and as Ken talked about, lanes in the call, this is going to be the next step of driving throughput.

因此，我們在股東信中確實談到了未來的清晰通道。當您進入車道時，您將使用您的面部識別身份，這會將您的 ID 以電子方式傳輸到 TSA 的下一代生物識別硬件，而無需出示物理 ID。因此，我們非常高興這將是一個更好、更快的流程以及更好的客戶體驗。隨著出行量的激增，正如肯在電話中談到的那樣，這將是推動吞吐量的下一步。

And importantly, we've been working on this since 2020. And so with next-gen TSA hardware starting to roll out and new digital identity standards being finalized by the industry, this is a good thing that's going to make the experience more seamless for all travelers.

重要的是，我們自 2020 年以來一直在致力於此。因此，隨著下一代 TSA 硬件開始推出以及行業最終確定新的數字身份標準，這是一件好事，將使體驗更加無縫所有旅行者。

Got it. That's helpful. And then in terms of the operating expenses, there is a step up in Q1, a little bit less so here in Q2. You alluded to the cost of getting PreCheck going in the shareholder letter. How do we think about the spend on PreCheck versus the investment in the platform to get those use cases up and running? What's the bigger factor in the increase in overall operating expenses?

知道了。這很有幫助。然後就運營費用而言，第一季度有所上升，第二季度略有下降。您在股東信中提到了進行 PreCheck 的成本。我們如何考慮 PreCheck 的支出與平台投資以啟動和運行這些用例？整體運營費用增加的較大因素是什麼？

I think the platform expenses have definitely been more material than the PreCheck investments. However, they're both material. So I think as we go forward and as PreCheck revenues and bookings scale and B2B revenues and bookings scale, that's where we expect significant operating leverage because we've been making those investments since 2020. So they're both important factors in the future operating leverage of the business.

我認為平台費用肯定比 PreCheck 投資更重要。然而，它們都是物質的。因此，我認為，隨著我們的前進，隨著PreCheck 收入和預訂規模以及B2B 收入和預訂規模的擴大，我們預計會產生重大的運營槓桿，因為我們自2020 年以來一直在進行這些投資。因此，它們都是未來運營的重要因素企業的槓桿作用。

Got it. And then maybe just one quick question on PreCheck. Obviously, we know you can't give us an update on the exact timing of the launch, but on day 1 of the launch, are you going to have a combined bundle of PreCheck and CLEAR? Or are you going to be selling those kind of separately at first? And then are there any synergies on PreCheck renewals to more easily sign up member -- potential members for CLEAR given that their information is already going to be in the system for the PreCheck renewal?

知道了。然後也許只是關於 PreCheck 的一個簡短問題。顯然，我們知道您無法向我們提供有關發布的確切時間的最新信息，但在發布的第一天，你們會提供 PreCheck 和 CLEAR 的組合包嗎？或者您打算首先單獨銷售這些產品？然後，PreCheck 續訂是否有任何協同作用，可以更輕鬆地註冊 CLEAR 會員（潛在會員），因為他們的信息已經存在於 PreCheck 續訂系統中？

Yes. So from a timing perspective, look, we're working collaboratively with TSA. We're making really good progress. It's a this year event. No need to footfall at the finish line with the exact dates. But to your point -- to your question on what happens on day 1? We start with renewals on day 1, and then we roll out the physical footprint after that. And so that's a near-term event. We don't have any revenue in the guidance for Q3 in that, but it's certainly possible.

是的。因此，從時間角度來看，我們正在與 TSA 合作。我們正在取得非常好的進展。這是今年的活動。無需在終點線告知確切的日期。但就你的觀點而言——關於第一天發生了什麼的問題？我們從第一天的續訂開始，然後我們推出物理足跡。所以這是一個近期事件。我們在第三季度的指導中沒有任何收入，但這當然是可能的。

And Josh, if I can just add to that, why we've been so incredibly excited to be a PreCheck enrollment partner for TSA is because this is what we do every day. We have a large nationwide footprint, open at 4:30 in the morning till 10:30 at night, staffed by thousands of friendly and beloved CLEAR ambassadors who are excited to help make travel more predictable and friction-free for travelers. This is exactly what we do. And so we are ready, and it's been a long journey, and we're incredibly excited to bring it out on both a stand-alone basis and a bundled basis.

喬希，如果我可以補充一點的話，為什麼我們如此興奮地成為 TSA 的 PreCheck 註冊合作夥伴，是因為這就是我們每天所做的事情。我們的業務遍及全國，營業時間為早上4:30 至晚上10:30，由數千名友好且受人喜愛的CLEAR 大使組成，他們很高興能夠幫助旅行者的旅行變得更加可預測且無摩擦。這正是我們所做的。所以我們已經準備好了，這是一個漫長的旅程，我們非常高興能夠以獨立的形式和捆綁的形式推出它。

Your next question comes from Dana Telsey of Telsey Group.

您的下一個問題來自 Telsey Group 的 Dana Telsey。

Congratulations on the results and also very helpful with the 2 new KPIs that you provided. As you think about health care, which you had talked about a while ago expanding the TAM in the letter, I think there's another new industry that looks like an opportunity in terms of financial services. Where are you in these new industries? What could it mean and how much investment spend goes in there. And the operating leverage you had this quarter, what is sustainable that can keep going as we move through? Or does the top line need to hit certain growth rates in order to achieve that leverage?

祝賀您獲得結果，並且您提供的 2 個新 KPI 也非常有幫助。當你想到醫療保健時，你剛才在信中談到了擴大 TAM，我認為還有另一個新行業在金融服務方面看起來像是一個機會。您在這些新興行業中處於什麼位置？這意味著什麼以及其中有多少投資支出。以及您本季度的運營槓桿，隨著我們的發展，什麼是可持續的？或者收入是否需要達到一定的增長率才能實現這種槓桿作用？

We'll start backwards on the operating leverage. We reiterated our commitment to the 35% long-term EBITDA margins that we talked about in the IPO road show. This quarter, we obviously had 35% incremental margins. And so in order to get to 35%, we would expect higher incremental margins going forward. And that's really a function of the investments that we've made, the growth rates slowing materially, which we cited in the letter and then the bookings ramping there. But we also think we have a lot of upside from a margin perspective in the core aviation business. So there's sort of multiple ways to achieve that, which we expect going forward. And I'll turn the health care question over to Caryn.

我們將從運營槓桿開始倒退。我們重申了我們在 IPO 路演中談到的 35% 長期 EBITDA 利潤率的承諾。本季度，我們的利潤率明顯增加了 35%。因此，為了達到 35%，我們預計未來的增量利潤率會更高。這實際上是我們所做的投資的結果，增長率大幅放緩，我們在信中提到了這一點，然後那裡的預訂量激增。但我們也認為，從核心航空業務的利潤率角度來看，我們有很大的上升空間。因此，有多種方法可以實現這一目標，我們預計未來會繼續這樣做。我會將醫療保健問題轉交給卡林。

Sure. So on health care, we continue to see progress there with new partners and with the Cures Act and fines around the Cures Act for lack of compliance really starting to come to fruition. Companies are extremely focused on identity being part of their platform because that is an important piece of compliance there. So I think that's been a real catalyst in the marketplace even though the Cures Act has been in place for 7 years. The focus and the activity is a here and now moment, I think, as well as the consumerization of health care.

當然。因此，在醫療保健方面，我們繼續看到新合作夥伴和《治愈法案》在這方面取得的進展，以及圍繞《治愈法案》因不合規而進行的罰款真正開始取得成果。公司非常注重身份成為其平台的一部分，因為這是合規性的重要組成部分。因此，我認為儘管《治愈法案》已經實施了 7 年，但這仍然是市場的真正催化劑。我認為，重點和活動是此時此地，以及醫療保健的消費化。

And literally every company you talk to in health care say they've been trying to solve identity for 20 years and connecting people to their health care data, having access to it. And then I do think there's an AI piece here as well that when people have access and control their health care information, the compute on top of that can really drive better outcome. So again, I think identity is more important than ever in health care, and you're seeing that team sign more partners and the partners that we've signed come to life, which then allows people to talk about their experiences, which is why we included a clip in our letter about one of our partners talking about CLEAR as a health care partner. So I encourage you to listen to it.

事實上，你接觸到的每家醫療保健公司都表示，他們 20 年來一直在努力解決身份問題，並將人們與他們的醫療保健數據連接起來並進行訪問。然後我確實認為這裡還有一個人工智能部分，當人們可以訪問和控制他們的醫療保健信息時，在此之上的計算確實可以帶來更好的結果。再說一次，我認為在醫療保健領域，身份比以往任何時候都更加重要，你會看到團隊簽下了更多的合作夥伴，而我們簽下的合作夥伴也變得栩栩如生，這讓人們可以談論他們的經歷，這就是為什麼我們在信中添加了一段關於我們的一位合作夥伴談論 CLEAR 作為醫療保健合作夥伴的片段。所以我鼓勵你聽一下。

In terms of financial services, look, identity is incredibly important. And we think about that broadly, right? So it's not just banking, right? It could be gaming and things of that nature, where identity, where KYC matters. So I would just say stay tuned on that front from a product perspective.

就金融服務而言，身份非常重要。我們廣泛地思考這個問題，對嗎？所以這不僅僅是銀行業，對吧？可能是遊戲和類似性質的事物，其中身份、KYC 很重要。所以我只想說，從產品的角度來看，請繼續關注這方面的問題。

Your next question comes from Scott Devitt of Wedbush.

您的下一個問題來自韋德布什的斯科特·德維特。

I had 3. The first one, Caryn, you mentioned 1 million more travelers in airports by 2030 and evolving traveler preferences post pandemic and preferences for seamless experiences, drivers for continued growth. And I would assume airports is a driver as well. More recently, Alaska Southwest and JetBlue have noted some weakness in domestic travel in the short term. I was wondering if you could just kind of marry up those longer-term dynamics with the influence that enplanements in the short term going up or down influences the ability to add subs. That's question one.

我有 3 個。第一個，Caryn，您提到到 2030 年機場旅客數量將增加 100 萬，大流行後不斷變化的旅客偏好以及對無縫體驗的偏好是持續增長的驅動力。我認為機場也是一個驅動因素。最近，阿拉斯加西南航空和捷藍航空注意到國內旅行在短期內出現一些疲軟。我想知道你是否可以將這些長期動態與短期內飛機上升或下降影響添加潛艇的能力的影響結合起來。這是問題一。

The question two, Ken, in the fourth quarter, you referenced a same-store sales bookings number. It was relative to, I think, the same quarter in '19. I don't know if that's something that you keep up quarterly, but if so, be good to know what the same-store sales number is relative to whatever you think the comparable year is now?

問題二，肯，在第四季度，您引用了同店銷售預訂數量。我認為這是相對於 19 年同一季度而言的。我不知道您是否每季度都會跟踪這一情況，但如果是這樣，請務必了解同店銷售額與您現在認為的可比年份相比是多少？

And then third, at the IPO, you had 38 airports. I think that was 57% enplanement coverage and now you're at 53%. Do you have a sense of the coverage that you're at now?

第三，在 IPO 時，有 38 個機場。我認為當時的機上覆蓋率是 57%，現在是 53%。您對現在的報導有感覺嗎？

Okay. Let me start with the travel trends and then I'll turn it over to Ken. So I think we all agree travel is incredibly strong right now, and you're continuing to see people's desire to travel. Airlines who have reported last week talked about capacity is still expected to be up 10% to 15% in the second half of this year. And U.S. passenger growth accelerated in July, up 13% from up 12% in June and up 11% in May. In the second quarter, over 11% of checkpoint traffic in our airports came through a clear lane, and we experienced our strongest month for airport verifications in June.

好的。讓我從旅遊趨勢開始，然後將其交給 Ken。所以我想我們都同意現在旅行非常強勁，而且你會繼續看到人們對旅行的渴望。上週發布報告的航空公司表示，預計今年下半年運力仍將增長 10% 至 15%。 7 月份美國旅客增長加速，較 6 月份的 12% 和 5 月份的 11% 增長 13%。第二季度，我們機場超過 11% 的檢查站流量均通過暢通通道，並且 6 月份是我們機場核查最強勁的月份。

So I think when you look ahead, at any time someone is talking about domestic or international or first-class or premium economy, I think that there are more people coming through airports holistically and that, that trend will continue. I think there's a lot of puts and takes when you go into cohorts in any quarter or any year, but we continue to see an incredibly strong desire to travel. And for the traveler -- so again, we're at 11% today. We could still double that even in a flat travel environment, which we absolutely don't expect. So we have lots of room to grow. These are early days and not just the network, the products and the partners.

因此，我認為，當你展望未來時，任何時候有人談論國內或國際、頭等艙或高端經濟艙，我認為整體上會有更多的人通過機場，而且這種趨勢將持續下去。我認為，當你在任何季度或任何一年進入隊列時，都會有很多的變化和變化，但我們仍然看到人們對旅行的強烈渴望。對於旅行者來說——同樣，我們今天的比例為 11%。即使在平坦的旅行環境中，我們仍然可以將其翻倍，這是我們絕對沒有想到的。所以我們有很大的成長空間。現在還處於早期階段，而不僅僅是網絡、產品和合作夥伴。

So you saw us announce our partnership with Alaska. And then it's also the people who are traveling expect a better experience from Home to Gate. And so not only could we add more people at the checkpoint, but new services, and you see our Home to Gate app, I do a plug every quarter. If you haven't used it, you should, it gets better every quarter, right? But it's with traffic, it's an Uber. Ultimately, could you have a reserve parking spot? How can we do better with rental cars? What can you do with bags? And if you have 1 million more people and we're trying to come up with the exact number here, is it 800,000 more bags to 40% of people have bags and each of them have 2. What are you going to do with those? And so it's the whole experience from bags to concessions to security that we're looking to drive in a holistic way. We are on the side of the American traveler. They deserve better predictable friction-free experiences. We expect more of them, and we expect more of them wanting better experiences.

您看到我們宣布與阿拉斯加建立合作夥伴關係。此外，出行的人們也希望從家到門都能獲得更好的體驗。因此，我們不僅可以在檢查站增加更多人員，還可以增加新服務，您會看到我們的“從家到門”應用程序，我每個季度都會進行一次插塞。如果你還沒有使用過它，你應該使用它，它每個季度都會變得更好，對嗎？但它與交通有關，它是 Uber。最後，你能預留一個停車位嗎？我們怎樣才能在租車方面做得更好？袋子可以做什麼？如果人口增加 100 萬人，而我們試圖得出確切的數字，那麼是否會增加 800,000 個袋子，而 40% 的人擁有袋子，而每個人都有 2 個袋子。您將如何處理這些袋子？因此，我們希望以整體方式推動從行李到優惠再到安全的整個體驗。我們站在美國旅行者一邊。他們應該獲得更好的、可預測的、無摩擦的體驗。我們期望更多的人，我們期望更多的人想要更好的體驗。

And so on the same-store piece, we put up around 42% top line from a bookings perspective, around 35% to 36% would be the same-store portion. And the way to think about it is we have a very large existing base of the airports of large airports. And so you can't have a top line, over 40% without significant same-store growth driving that. And we've seen a very long tail of growth. Orlando and Denver, we opened in 2010. Those are still growing strong double digits. So we see a very long tail of growth from a same-store perspective. And then in terms of the coverage, we estimate we're in the low to mid-60s in terms of enplanement coverage domestically. It's an estimate, but it's around there.

因此，對於同店部分，從預訂的角度來看，我們提供了大約 42% 的收入，大約 35% 到 36% 是同店部分。思考這個問題的方法是，我們擁有一個非常大的現有大型機場基地。因此，如果沒有顯著的同店增長推動，您的營收就不可能達到 40% 以上。我們看到了很長的增長尾巴。奧蘭多和丹佛是我們於 2010 年開業的。這些地區仍在以兩位數的速度強勁增長。因此，從同店角度來看，我們看到了很長的增長尾巴。然後就覆蓋範圍而言，我們估計國內的飛機覆蓋範圍處於 60 多歲左右。這是一個估計，但它就在那裡。

Your next question comes from Michael Turrin of Wells Fargo.

你的下一個問題來自富國銀行的邁克爾·特林。

This is David Unger for Michael Turrin. First question, I would say is -- appreciate any color you can give on Amex. Great to see the momentum building in year 2. Would just love to understand how investors can think about incremental cardholder awareness of the offering to drive even more adoption looking into year 3 of the partnership and potential beyond?

我是邁克爾·特林 (Michael Turrin) 的大衛·安格 (David Unger)。我想說的第一個問題是——感謝您在美國運通卡上提供的任何顏色。很高興看到第二年的勢頭不斷增強。是否想了解投資者如何考慮提高持卡人對該產品的認識，以推動更多的採用，看看合作夥伴關係的第三年以及未來的潛力？

Sure. Look, it's been a great partnership. We think it's a win-win. We have very strong adoption, obviously, from an uptake perspective. I think that they continue to do a great job growing their card member base, and we get our fair share of that. So I think the growth will come from a combination of additional penetration and then continuing to execute on their growth strategy. So I think it's a win-win, and both parties are excited about the partnership.

當然。看，這是一次很棒的合作。我們認為這是雙贏的。顯然，從採用的角度來看，我們的採用率非常高。我認為他們在擴大持卡會員基礎方面繼續做得很好，我們也得到了應得的份額。因此，我認為增長將來自於額外的滲透，然後繼續執行其增長戰略。所以我認為這是雙贏的，雙方都對這次合作感到興奮。

Okay. Great. And then the member usage stats are clearly strong. They demonstrate the value of the product. Anything we can draw in terms of pricing power going forward given these stats?

好的。偉大的。而且會員使用統計數據顯然很強勁。他們展示了產品的價值。根據這些統計數據，我們可以從未來的定價能力方面得出什麼結論？

Look, I think that we have pricing power. We've exercised some of it. We've taken a little bit of price and the family plan. We took price on standard earlier this year. So we have pricing power. We think that we have high retention, and it's something that we can look at in the future.

聽著，我認為我們有定價權。我們已經實踐了其中一些。我們採取了一點價格和家庭計劃。今年早些時候，我們按照標准定價。所以我們有定價權。我們認為我們的保留率很高，這是我們未來可以關注的事情。

I'll just add to that, that I think there's -- you always want to be adding value to your consumers and being that we started at $179 with 1 airport. And Ken and I were always like, why aren't they all joining for 1 airport at $179? But some of them did. And now we have 53 and 142 lanes, I think. And it's $189 and we've taken some price in family. It's a very popular feature for CLEAR going back to my point before on travel, whether your business or leisure, family or alone, people want better experiences and predictable experiences. But I do think there's also good, better, best, right? And we're really working on that from a product innovation perspective. So as we continue to grow, again, on the product side, the Home to Gate capabilities, I think it gives you many different ways to think about pricing.

我想補充一點，我認為——你總是希望為你的消費者增加價值，而且我們的起步價為 179 美元，有 1 個機場。 Ken 和我總是想，為什麼他們不以 179 美元的價格加入 1 個機場呢？但他們中的一些人做到了。我想現在我們有 53 條和 142 條車道。價格是 189 美元，我們在家庭中選擇了一些價格。這是 CLEAR 非常受歡迎的功能，回到我之前在旅行中的觀點，無論您是商務還是休閒，家庭還是獨自，人們都想要更好的體驗和可預測的體驗。但我確實認為也有好的、更好的、最好的，對嗎？我們確實從產品創新的角度致力於這一點。因此，隨著我們在產品方面繼續發展，即“從家到門”的能力，我認為它為您提供了許多不同的定價方式。

Your next question comes from Mark Kelley with Stifel.

您的下一個問題來自 Stifel 的 Mark Kelley。

I wanted to go back to the newer TSA machines that you talked about. I saw the CAT II hardware, it's drilling out now. I think I saw Denver was one of the first at the end of last year. Is the right way to think about that, that it's going to take some time for those machines to get deployed across all of the airports that you have access to? And once they're deployed, your technology will already communicate with those machines? Or is that not the right way to think about it? And I guess within that, once those machines are all kind of in place, it sounds very frictionless, is it safe to assume that the user might not even know that they're being flagged to show their ID because it just happens electronically? And then I had a quick one on TSA PreCheck if that's okay?

我想回到您談到的較新的 TSA 機器。我看到了 CAT II 硬件，現在正在鑽孔。我想我去年年底看到的丹佛是第一批看到的城市之一。這些機器需要一些時間才能部署到您可以訪問的所有機場，這樣的思考方式是否正確？一旦部署完畢，您的技術就已經可以與這些機器進行通信了嗎？或者這不是正確的思考方式？我想，一旦這些機器都就位，聽起來就很順利，可以安全地假設用戶甚至可能不知道他們被標記為顯示他們的 ID，因為它只是以電子方式發生？然後我在 TSA PreCheck 上進行了快速檢查，可以嗎？

Yes, I'll start on the CAT II front. So the integration happens before the rollout. And so that's what we've been working on with them since 2020, is making sure that our digital systems can talk to each other in a seamless and secure and privacy protected way, right? So that's number one. And you're absolutely right that the experience, as we talk about a face first experience, you'll be going through the CLEAR lane with your face, which will also mean enrollment will be easier. And then there should be a friction-free handoff and the hope is that the traveler barely breaks stride. In terms of a physical ID, this is a purely digital world we're talking about, right? So I would assume people would probably for some period of time, like they still carry credit cards, even though they have a digital wallet, would have the ID if needed, but it's a purely digital world.

是的，我將從 CAT II 開始。因此集成發生在推出之前。這就是我們自 2020 年以來一直與他們合作的目標，確保我們的數字系統能夠以無縫、安全和隱私保護的方式相互通信，對嗎？所以這是第一。你說得對，當我們談論面部優先體驗時，你將用你的臉穿過 CLEAR 通道，這也意味著註冊會更容易。然後應該有一個無摩擦的切換，希望旅行者幾乎不會停步。就物理 ID 而言，這是我們談論的純粹數字世界，對嗎？因此，我認為人們可能會在一段時間內，就像他們仍然攜帶信用卡一樣，即使他們有數字錢包，如果需要的話也會擁有身份證，但這是一個純粹的數字世界。

Okay. All right. Perfect. And then is there like a rough time frame for those machines to be, I'll say, fully rolled out? I'm sure there will be some smaller airports that maybe won't get them until later, but I'm sure that those machines don't change often. So I don't know if there's any history that you can draw upon in terms of timing of that rollout, but that would be helpful.

好的。好的。完美的。那麼，我會說，這些機器的全面推出是否有一個大致的時間框架？我確信會有一些較小的機場可能要等到晚些時候才能得到它們，但我確信這些機器不會經常改變。所以我不知道在推出時間方面是否有任何歷史可以藉鑑，但這會很有幫助。

Yes. I think that question is better asked to them, but we would love to help accelerate the rollout in any way possible.

是的。我認為這個問題最好問他們，但我們很樂意以任何可能的方式幫助加速推出。

Okay. All right. That's fair. And then a quick one on TSA PreCheck. I was just curious is there an updated price that you have in mind? I think since you started talking about that product, TSA lowered their own price by about $10, if I remember correctly. Can we still expect a discounted price from CLEAR once that's up and running?

好的。好的。這還算公平。然後是 TSA PreCheck 的快速介紹。我只是好奇您是否有更新的價格？我想自從你開始談論該產品以來，TSA 將自己的價格降低了大約 10 美元（如果我沒記錯的話）。一旦啟動並運行，我們還能期待 CLEAR 提供折扣價格嗎？

You can expect that CLEAR is always on the side of the traveler and the consumer, and so your expectations are accurate.

您可以期待 CLEAR 始終站在旅行者和消費者一邊，因此您的期望是準確的。

Your next question comes from Ananda Baruah of Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Just a couple, if I could. Actually -- maybe both of you actually are sort of both (inaudible) to answer this. Ken, going back to your comments about higher incremental margins going forward, is that to say that we have now entered -- or the company has now entered the period where you're going to start sort of slow the invest down relative to the scale that you're getting off of the investment. So are you in that period now? And I mean, maybe for Caryn, it does sound like kind of low to mid-60s enplanement coverage, it sounds like you guys still have a long way to go on coverage. And so just kind of squaring that whole thing for us so we can get a sense of how the growth and the leverage may be balanced. And I have a quick follow-up also.

如果可以的話，就幾個。事實上——也許你們倆實際上都可以（聽不清）來回答這個問題。肯，回到你對未來更高的增量利潤的評論，這就是說我們現在已經進入了——或者公司現在已經進入了你將開始相對於規模放慢投資的時期您正在退出投資。那麼你現在正處於那個時期嗎？我的意思是，也許對於 Caryn 來說，這聽起來確實像是 60 年代中期的飛機報導，聽起來你們在報導方面還有很長的路要走。因此，我們只需將整個事情進行平方，這樣我們就可以了解如何平衡增長和槓桿。我也有一個快速的跟進。

From a cost perspective, you're right that we said in our letter that the investments in the platform will -- and PreCheck for that matter, will slow materially. And that's a function of the fact that we've been making the investments and now it's time to harvest those investments.

從成本角度來看，我們在信中說過，對該平台的投資以及 PreCheck 的投資將大幅放緩，這是正確的。這是因為我們一直在進行投資，現在是收穫這些投資的時候了。

If I can just add on to Ken's company -- to Ken's point, I'm part of Ken's Company. In the letter, we talked about the fact that we were owners. And we think about the long term, and we've invested for the long term. We've put those investments in place for the past probably 3 to 4 years right ahead of our mobile launch, which launched into Health Pass, which then launched into the platform and PreCheck investment. And we're rational economic people, and we are responsible team who put the investments in place and are now ready to harvest the topline, if you will, of those investments. You couldn't get one without the other.

如果我能加入肯的公司——就肯的觀點而言，我就是肯的公司的一員。在信中，我們談到了我們是業主的事實。我們著眼長遠，並進行長期投資。我們在過去大概 3 到 4 年前就已經將這些投資到位，就在我們推出移動設備之前，推出了 Health Pass，然後又進入了平台和 PreCheck 投資。我們是理性的經濟人，我們是負責任的團隊，我們將投資到位，現在準備收穫這些投資的收入（如果你願意的話）。兩者缺一不可。

In terms of the coverage, it's about network products and partners. And that is consistent. We have opportunities to grow the network as we talked about 11% of checkpoint volume in our airports on average. Coming through a CLEAR lane, we have opportunities to drive that. We have opportunities to drive new products and new partners. I think you've seen that each year, and we will continue to do that. And I can't emphasize enough, and we've been bullish on travel, obviously, pre-COVID and then extremely bullish coming out of COVID.

從覆蓋範圍來說，就是網絡產品和合作夥伴。這是一致的。我們有機會發展網絡，因為我們的機場檢查站數量平均為 11%。通過一條清晰的車道，我們有機會駕駛它。我們有機會推動新產品和新合作夥伴。我想你每年都會看到這一點，我們將繼續這樣做。我怎麼強調都不為過，顯然，在新冠疫情發生之前，我們一直看好旅遊業，在新冠疫情結束後，我們也非常看好旅遊業。

We think that travel has a structural shift in demand and a structural shift in the expectations of travelers and that is absolutely what we do. We leverage innovation to enhance the travel experience, to enhance security and delight travelers. And with travel growing and travelers expectations shifting because what they are experiencing every place else, it is a huge opportunity for us. We have the team. We have the products. We have a trusted brand. We have a large member base, but still a lot of opportunities to grow them. We have great partners. And they are -- we were early in biometrics.

我們認為旅行的需求發生了結構性轉變，旅行者的期望也發生了結構性轉變，這絕對是我們所做的。我們利用創新來增強旅行體驗、增強安全性並讓旅客滿​​意。隨著旅遊業的增長和旅行者的期望發生變化，因為他們在其他地方所經歷的一切，這對我們來說是一個巨大的機會。我們有團隊。我們有產品。我們有一個值得信賴的品牌。我們擁有龐大的會員基礎，但仍有很多發展機會。我們有很棒的合作夥伴。他們是——我們在生物識別領域很早。

The time is now you need this innovation. It's not an option anymore. It's a necessity because of how travel is growing. And so we are incredibly well positioned to bring these innovations to life. And because we've built CLEAR ID to be universal, it's interoperable with airlines, with airports, with TSA, with hospitals all on behalf of consumers. You should only have to enroll once and use it in all these places. So we are incredibly excited by what's happening in travel and what's happening outside of travel as well.

現在是您需要這種創新的時候了。這不再是一個選擇。由於旅遊業的發展，這是必要的。因此，我們處於非常有利的位置，可以將這些創新變為現實。因為我們構建了通用的 CLEAR ID，所以它可以代表消費者與航空公司、機場、TSA、醫院進行互操作。您只需註冊一次即可在所有這些地方使用它。因此，我們對旅行中發生的事情以及旅行之外發生的事情感到非常興奮。

That's all super helpful context, guys. I really appreciate it. Quick -- one more quick one. Just on the dividend. Any early thoughts you can give us on what dividend growth philosophy might be? And that's it.

伙計們，這都是非常有用的背景。對此，我真的非常感激。快點——再快點。就在股息上。您可以給我們提供關於股息增長理念的早期想法嗎？就是這樣。

So we're going to be opportunistic. And so our goal on an annual basis will be to grow the total cash return, right, to shareholders, whether it's in the form of the regular cash dividend, special dividends or share repurchase. So we're going to be opportunistic, and we'll flex those 3 levers.

所以我們會採取機會主義的態度。因此，我們每年的目標將是增加股東的總現金回報，無論是定期現金股息、特別股息還是股票回購的形式。因此，我們將採取機會主義態度，我們將靈活運用這三個槓桿。

At this time, there are no further questions. I'd like to turn the call back over to Caryn for any closing remarks.

目前，沒有其他問題了。我想將電話轉回給 Caryn，讓其作結束語。

Thank you for joining our second quarter 2023 earnings call. I am proud of how the CLEAR team is executing and how we're growing our products and partners. As I said several times today, identity is foundational. It is here and now, and you are seeing that in travel and beyond. We're excited about the opportunities in front of us, both for our CLEAR travel and CLEAR verified businesses. As always, we remain focused on growing members, bookings and free cash flow while continuing to build a brand that members and partners love and trust. Thank you.

感謝您參加我們的 2023 年第二季度財報電話會議。我對 CLEAR 團隊的執行方式以及我們如何發展我們的產品和合作夥伴感到自豪。正如我今天多次說過的，身份是基礎。就在此時此地，你會在旅行及其他地方看到這一點。我們對擺在我們面前的機會感到興奮，無論是對於我們的 CLEAR 旅行還是 CLEAR 驗證的業務。一如既往，我們仍然專注於增加會員、預訂和自由現金流，同時繼續打造會員和合作夥伴喜愛和信任的品牌。謝謝。

This concludes today's earnings call. You may disconnect your lines at this time. Thank you for your participation.

今天的財報電話會議到此結束。此時您可以斷開線路。感謝您的參與。