Clear Secure Inc (YOU) 2024 Q1 法說會逐字稿

Good morning, and welcome to Clear's fiscal first quarter 2024 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.

早安，歡迎參加 Clear 的 2024 年第一個財季電話會議。今天我們有聯合創始人、董事長兼首席執行官 Caryn Seidman Becker 和聯合創始人、總裁兼財務長 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.

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表現的前瞻性陳述。這些是基於管理層目前的預期，並受到風險和不確定性的影響。

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 Company disclaims any obligation to update any forward-looking statements that may be discussed during the call.

可能導致實際結果與這些陳述有重大差異的因素包含在公司向美國證券交易委員會提交的報告中，包括今天的股東信。

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 most recently filed annual report on Form 10-Q. These items can be found on the Investor Relations section of Clear's website.

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 財務指標的調整表。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 it over to Caryn.

這樣，我就把它交給 Caryn。

Good morning, and thank you for joining our first quarter 2024 earnings call. Q1 saw us executing on our three key priorities, improving the member experience, scaling TSA PreCheck and scaling clear verified. Our clear Plus member experience continues to improve with over 90% of traffic already upgraded to next-gen identity, the highest fidelity digital identity at scale, the member experiences, smoother IDs are staying in pockets and members are getting through faster.

早安，感謝您參加我們的 2024 年第一季財報電話會議。第一季我們執行了三個關鍵優先事項：改善會員體驗、擴展 TSA PreCheck 和擴展明確驗證。我們清晰的Plus 會員體驗持續改善，超過90% 的流量已升級為下一代身份、大規模保真度最高的數位身分、會員體驗、更流暢的ID 都留在口袋裡，會員的通行速度也更快。

These upgrades are enabling the lane of the future, which drives automation, customer experience and security members are feeling and seeing the difference. Our digital identity integrations are live in nine airports, covering about 20% of our volume. We should be at 50% by the end of this quarter. Our new NV short for enrollment and verification pods will be a fast follow later this year where travelers will enjoy a phase first experience. Clear is proud to officially launch our TSA PreCheck enrollment program.

這些升級開啟了未來的道路，推動自動化、客戶體驗和安全，會員感受到並看到了差異。我們的數位身分整合已在 9 個機場實施，涵蓋了我們數量的約 20%。到本季末我們應該會達到 50%。我們新的 NV 註冊和驗證艙簡短版將於今年稍後推出，旅客將享受第一階段的體驗。Clear 很榮幸正式啟動我們的 TSA PreCheck 註冊計劃。

We are bringing it to more people in more places at a lower cost, no appointment necessary renewals are live nationwide. Anyone can quickly renew online for less with clear enrollments are now live in New York, LaGuardia, Sacramento, Orlando, Seattle and Salt Lake City with multiple paths open over 12 hours a day and no appointment necessary.

我們正在以更低的成本將它帶給更多地方的更多人，全國範圍內無需預約續訂。任何人都可以透過明確的註冊快速線上續訂，費用更少，現已在紐約、拉瓜迪亞、薩克拉門托、奧蘭多、西雅圖和鹽湖城推出，有多條路徑每天開放超過 12 小時，無需預約。

Our airport footprint adds significant capacity to the PreCheck network. We expect a phased nationwide rollout of PreCheck in the coming months using our existing infrastructure for a new product and adding new nodes through mobile pop-ups. And our recently announced partnership with Staples for the 90 million people who fly two or more times a year, TSA PreCheck cost less than a cup of coffee.

我們的機場足跡顯著增加了 PreCheck 網路的容量。我們預計未來幾個月將在全國範圍內分階段推出 PreCheck，利用我們現有的基礎設施開發新產品，並透過行動彈出視窗添加新節點。我們最近宣布與 Staples 合作，為每年飛行兩次或以上的 9,000 萬人提供 TSA PreCheck 的費用不到一杯咖啡。

Clear verified is the universal identity platform powering trusted experiences and can be the identity layer of the Internet with casinos being taken offline for days or large-scale cyber attacks on our nation's health care system. The market needs a universal identity solution to enhance security and make the customer experience more frictionless we now have four products that are built on top of the clear identity platform, delivering value to our consumers and to our enterprise partners.

清晰驗證是為可信任體驗提供支援的通用身份平台，可以成為互聯網的身份層，使賭場離線數天或對我們國家的醫療保健系統進行大規模網路攻擊。市場需要一個通用的身份解決方案來增強安全性並使客戶體驗更加順暢，我們現在有四種產品建構在清晰的身份平台之上，為我們的消費者和企業合作夥伴提供價值。

Our verified identity product not only confirms identity, but also unique attributes like Agere credentials. Verified account recovery is powerful for both customers and employees, bringing friction-free lower cost and significantly higher security to password reset and total account recovery. Clearly, account creation product enables faster, more secure onboarding and one-click KYC.

我們的身份驗證產品不僅可以確認身份，還可以確認傑爾憑證等獨特屬性。經過驗證的帳戶恢復對於客戶和員工來說都很強大，可以降低密碼重設和整體帳戶恢復的成本，並顯著提高安全性。顯然，帳戶建立產品可以實現更快、更安全的登入和一鍵式 KYC。

Our clear check and product crosses multiple industries that make you stop at the desk, show your ID and more to check in from hotels to hospitals. The power of the network effect is important and clear, and we have aggressively grown the network in travel and beyond this network is a key value creator for our members, saving them time and bring them joy in more places.

我們的清晰支票和產品跨越多個行業，讓您在前台出示身分證件等，從飯店到醫院辦理入住手續。網路效應的力量是重要而明顯的，我們在旅遊領域積極發展網絡，並且超越這個網絡是我們會員的關鍵價值創造者，節省他們的時間，並在更多的地方給他們帶來歡樂。

Our historical pricing model has not properly reflected the value of the clear network. There's a significant RPU gap across our member base due to historical free or deeply discounted partner pricing. And we are committed to closing as we drive RPU, higher roll out PreCheck and offer other services such as clear mobile and scale clear verified. We are confident in our ability to drive attractive growth in gross profit dollars over a disciplined cost base, which will yield strong EBITDA and free cash flow growth.

我們的歷史定價模型沒有正確反映清晰網路的價值。由於歷史上的免費或大幅折扣的合作夥伴定價，我們的會員群中存在顯著的 RPU 差距。我們致力於推動 RPU、更高程度地推出 PreCheck 並提供其他服務（例如清晰的行動和規模清晰的驗證）來完成交易。我們對在嚴格的成本基礎上推動毛利成長的能力充滿信心，這將帶來強勁的 EBITDA 和自由現金流成長。

Now I will turn it over to Ken.

現在我將把它交給肯。

Thanks, Caryn. Current first quarter results demonstrate our continued focus on profitable growth. Revenues increased 35% and adjusted EBITDA grew 285%. Adjusted EBITDA margins were 23%, implying incremental margins of 65%. In the first quarter, our results include some items I want to highlight. Cost of revenue share at a $1.8 million COVID-related benefit, and we incurred approximately $4 million of expenses between next-gen upgrades and cash severance expense on a clean basis, revenue share percentage was down sequentially and year over year, and each of our OpEx line items were down sequentially dollars.

謝謝，卡琳。目前第一季的業績顯示我們繼續關注獲利成長。營收成長 35%，調整後 EBITDA 成長 285%。調整後 EBITDA 利潤率為 23%，意味著增量利潤率為 65%。在第一季度，我們的業績包括一些我想強調的項目。與新冠相關的福利為 180 萬美元的收入分成成本，我們在下一代升級和現金遣散費用之間產生了約 400 萬美元的費用，收入分成百分比逐年下降，並且我們的每個運營支出項目環比下降（美元）。

Overall OpEx was down over 2,200 basis points as a percentage of revenues, and we achieved 78% incremental EBIT margins. Q1 marked our fourth consecutive quarter of positive GAAP operating profit and earnings per share. The margin drivers that we discussed last year, including the ramp of newly launched airports, high incremental margins for TSA PreCheck and organizational streamlining, combined with continued strong cost discipline are all playing out.

整體營運支出佔收入的百分比下降了 2,200 個基點，我們的息稅前利潤率實現了 78% 的增量。第一季標誌著我們連續第四個季度實現 GAAP 營業利潤和每股收益正值。我們去年討論過的利潤驅動因素，包括新機場的擴建、TSA PreCheck 的高增量利潤和組織精簡，以及持續嚴格的成本控制，都在發揮作用。

We will opportunistically invest in growth from here while remaining highly disciplined cash generation remained strong. Cash flow from operations was $80.3 million and free cash flow was $77.6 million, up 51% year over year. After deducting normalized stock comp, free cash flow grew 85%.

我們將在維持嚴格自律的現金生成能力的同時，抓住機會投資成長。營運現金流為 8,030 萬美元，自由現金流為 7,760 萬美元，年增 51%。扣除標準化股票補償後，自由現金流增加了 85%。

Our new dollar-based retention metric is consistent with our focus on the member experience and our strategy to drive RPU through absolute pricing and reducing historical discounting. We have long and focused on this metric internally as it has aligned with how we run the business.

我們新的基於美元的保留指標與我們對會員體驗的關注以及我們透過絕對定價和減少歷史折扣來推動 RPU 的策略是一致的。我們長期以來一直在內部關注這項指標，因為它與我們的業務運作方式保持一致。

Annual Clear plus gross dollar retention was 89.8%, up 530 basis points year over year. And reflects the percentage of retained bookings for members who were active as of the end of the prior year, 12 month period. For example, if we had 1,000 active members as of 12/31/2022, the 12/31/2023 retention metric measures their total 2023 bookings as a percent of their total 2022 bookings.

年度清算加總美元保留率為 89.8%，年增 530 個基點。並反映了截至上一年末（12 個月）的活躍會員的保留預訂百分比。例如，如果截至 2022 年 12 月 31 日我們有 1,000 名活躍會員，則 2023 年 12 月 31 日的保留指標將衡量他們 2023 年總預訂量佔 2022 年總預訂量的百分比。

If any of the thousand members are on a free plan or receive a full statement credit from our credit card partner. They would not impact the measure unless they had a family plan and we're paying anything out of pocket. The new measure excludes reactivations, which would positively impact results by approximately 570 basis points.

如果 1000 名會員中的任何一個人使用免費方案或從我們的信用卡合作夥伴處獲得全額對帳單信用額。除非他們有家庭計劃並且我們自掏腰包，否則他們不會影響這項措施。新措施不包括重新啟動，這將對業績產生約 570 個基點的正面影響。

In Q1, we continued with our opportunistic approach to capital return. In addition to the $0.32 special dividend and $0.09 regular dividend, we accelerated our repurchase activity by retiring 4.4 million shares. Year to date, we have repurchased 6.2 million shares, representing 4% of the beginning shares outstanding.

在第一季度，我們繼續採用機會主義的資本回報方法。除了 0.32 美元的特別股息和 0.09 美元的定期股息外，我們還加速了回購活動，回購了 440 萬股股票。年初至今，我們已回購 620 萬股股票，佔年初已發行股票的 4%。

Inception to date, we have retired 9.5 million shares, representing about two thirds of the shares issued in our IPO, we are increasing our regular quarterly dividend to $0.1 per share, reflecting a lower share count. In Q2, we expect revenue of $182.5 million to $184.5 million and total bookings of $192 million to $198 million, representing 22% and 11% growth, respectively.

迄今為止，我們已經退役了 950 萬股，約佔 IPO 發行股票的三分之二，我們將定期季度股息提高至每股 0.1 美元，反映出股票數量減少。我們預計第二季營收為 1.825 億美元至 1.845 億美元，總預訂量為 1.92 億美元至 1.98 億美元，分別成長 22% 和 11%。

Last year this quarter, we had very strong net adds and bookings growth accelerated to 43%, resulting in a 10% upside to our guidance. So we have a very strong growth comparison. Our guidance includes modest sequential growth in PreCheck revenue as we are in the early stages of a nationwide rollout.

去年本季度，我們的淨增量非常強勁，預訂量成長加速至 43%，導致我們的指導值上漲 10%。所以我們有一個非常強勁的成長比較。我們的指導包括 PreCheck 收入的適度連續成長，因為我們正處於全國推廣的早期階段。

We are pleased to start seeing gross profit dollars contributions from both TSA and verified despite their more modest contribution to the top line. We continue to expect margin expansion on a year-over-year basis and free cash flow growth of at least 30% versus 2023.

我們很高興開始看到 TSA 的毛利貢獻並得到驗證，儘管它們對營收的貢獻較小。我們仍預期 2023 年利潤率將年增，自由現金流成長至少 30%。

Before we go to Q&A, I want to comment on a California state senators proposed bill. We are extremely proud of our California presence, including nine airports over 600 employees and millions of members. Our the latest draft ensures no impact to clear operations as it carves out all of our existing California airports.

在我們進行問答之前，我想對加州參議員提出的一項法案發表評論。我們對我們在加州的業務感到非常自豪，包括九個機場、超過 600 名員工和數百萬會員。我們的最新草案確保不會對清理營運產生影響，因為它劃分了我們所有現有的加州機場。

It will be very hard for this. Bill has become strong value proposition that clear represents to all stakeholders is evident by the powerful coalition of airports, airlines and industry partners that collectively oppose the bill, not to mention the incredible love and support that was heard from our passionate clear members.

這將是非常困難的。該法案已成為Clear 代表所有利益相關者的強有力的價值主張，這一點從共同反對該法案的機場、航空公司和行業合作夥伴的強大聯盟中可見一斑，更不用說我們熱情的Clear 成員所給予的令人難以置信的熱愛和支持。

With that, let's go to Q&A.

接下來，讓我們進入問答環節。

(Operator Instructions) Joshua Reilly, Needham.

（操作員說明）Joshua Reilly，Needham。

All right. Thanks for taking my questions and nice job on the quarter. Here with PreCheck now rolled out at six airports. Can you give us an update on the cadence you expect for the balance of airports across the rest of 2024 and then align with that. Any initial color on attach rates for the bundled customers who renew or sign up net new to PreCheck and what you're factoring into guidance given the time lines have changed somewhat of the rollout of projects this year?

好的。感謝您回答我的問題，本季工作做得很好。PreCheck 現已在六個機場推出。您能否向我們介紹您對 2024 年剩餘時間內機場平衡的預期節奏的最新信息，然後與之保持一致。對於續訂或新註冊 PreCheck 的捆綁客戶的附加費率有任何初始顏色嗎？

Hi, Josh, I like that. Turning one Quest, three questions into one, Ronit. So let me take you through the brief PreCheck rollout. It's a three-phase rollout. We finished Phase one yesterday, which is the first six airports with the launch of La Guardia, Salt Lake City and Seattle. And last week's official launch of the national online renewals. We're now moving onto Phase 2 that's the next 27 airports, which we expect to happen early to mid summer.

嗨，喬什，我喜歡這樣。將一項任務、三個問題合而為一，Ronit。那麼，讓我帶您了解一下簡短的 PreCheck 推出過程。這是一個三階段的推出。我們昨天完成了第一階段，這是拉瓜迪亞機場、鹽湖城機場和西雅圖機場投入營運的首批六個機場。並於上周正式啟動全國線上續訂。我們現在正在進入第二階段，即接下來的 27 個機場，我們預計將在夏初至仲夏進行。

And then Phase three is the rest of the airport network, which we expect to happen late summer. Of course, all of this is subject to TSA approval, but we are highly aligned and incented to flip the 30%-70%, which means today 30% of traffic going through PreCheck and 70% is still not enrolled 70%-30%. So really excited about this rollout done with Phase one moving onto Phase two, and it's a three phase.

第三階段是機場網路的其餘部分，我們預計在夏末進行。當然，所有這些都需要 TSA 的批准，但我們高度一致並有動力翻轉 30%-70%，這意味著今天 30% 的流量經過 PreCheck，70% 仍未註冊 70%-30% 。對於第一階段進入第二階段的推出感到非常興奮，這是一個三個階段。

In terms of attach rates, I would just tell you that we are very encouraged by early results, both online and at airports and at our mobile app. So there's many different ways to engage and clear.

就附加率而言，我只想告訴您，我們對網路、機場和我們的行動應用程式的早期結果感到非常鼓舞。因此，有很多不同的方式來參與和清除。

Got it. That's helpful. And then now that the updated family pricing has been out for a full quarter. What are you seeing in terms of renewals for family members at the $100 price point versus last year, lower price point? And how is this impacting net member retention and the new dollar-based retention figure? Thanks, guys.

知道了。這很有幫助。現在，更新後的家庭定價已經發布了整整一個季​​度。與去年較低的價格點相比，您認為 100 美元價格點的家庭成員續約情況如何？這對淨會員保留率和新的以美元為基礎的保留率數字有何影響？多謝你們。

So from a retention perspective, I'll talk specifically about family and then just give sort of a bigger-picture view specifically to family we've seen very little impact from a member retention basis perspective, it's probably, I would say approximately 200 basis points impact from that move from $60 million to $70 million to $99 million.

因此，從保留的角度來看，我將專門討論家庭，然後專門針對家庭給出一種更大的視角，從會員保留基礎的角度來看，我們看到的影響非常小，我想說大約是200 基礎從 6000 萬美元到 7000 萬美元再到 9900 萬美元的變動所帶來的影響。

So fairly significant pricing and then fairly insignificant impact on member retention. And look, we look at it on a cost per use rate. It was it was just too expensive on a cost per use perspective. So as we've taken it up, we know we keep talking about narrowing the gap from an RPU perspective. And so we think there's still more room to go there.

因此，定價相當重要，但對會員保留率的影響卻相當微不足道。看，我們根據每次使用率的成本來看待它。從每次使用成本的角度來看，它太昂貴了。因此，當我們開始討論這個問題時，我們知道我們一直在談論從 RPU 角度縮小差距。所以我們認為還有更多的空間可以實現。

But generally speaking, we're very pleased with the lack of impact on member retention from a family perspective. In terms of the new retention metric, our focus is on driving RPU. You know, historically, we've taken we've offered discounted memberships and we're really driving RPU both through absolute pricing and narrowing those discounts and reducing those discounts.

但總的來說，我們對從家庭角度來看對會員保留率沒有影響感到非常滿意。就新的留才指標而言，我們的重點是推動 RPU。你知道，從歷史上看，我們一直認為我們提供了折扣會員資格，並且我們確實透過絕對定價、縮小折扣範圍和減少折扣來推動 RPU。

And so the dollar retention metric that we introduced this quarter is really reflective of how we how we run the business. We've looked at it internally for a long time, and we think it'll it demonstrates our success rate in driving RPU in a balanced approach between member retention and retention. And so we are very pleased where with where retention is in general, we're seeing strong results.

因此，我們本季推出的美元保留指標確實反映了我們經營業務的方式。我們在內部對此進行了很長時間的研究，我們認為這將證明我們在會員保留和保留之間取得平衡的方法推動 RPU 的成功率。因此，我們非常高興在整體保留率方面看到了強勁的成果。

Josh, I should have added to the PreCheck rollout schedule I gave you in airport. So we did announce our partnership with Staples and going back to meeting travelers where they are Staples is a great addition to the network, right? So it's great to be at the airport, but it's also great to stop by Staples on a Saturday morning to enroll and clear and the Staples team brings arms and legs.

喬希，我應該添加到我在機場給您的 PreCheck 推出時間表中。因此，我們確實宣布了與史泰博的合作夥伴關係，並回到史泰博的所在地與旅行者會面，這對我們的網絡來說是一個很好的補充，對吧？所以，來到機場真是太棒了，但週六早上去史台普斯登記和辦理登機手續也很棒，史台普斯團隊會帶著手臂和腿。

So the PreCheck enrollment network, bringing more enrollers to the programs that we do expect to be in 100 stores by the end of the year with Staples and also other out of airport partners. And so again, I think it's really crucial when you when we talk about a $90 million TAM and less than a cup of coffee on a monthly basis.

因此，PreCheck 註冊網絡將為該計劃帶來更多的註冊者，我們預計到今年年底，將在 Staples 和其他機場外合作夥伴的 100 家商店中推出該項目。再說一次，我認為當我們談論 9000 萬美元的 TAM 和每月不到一杯咖啡時，這一點非常重要。

You've got to be where people are traveling, whether that be at, you know, in hotels at Staples in their neighborhood at airports. No appointment necessary open seven days a week, opened 12 to 14 hours a day. You can really bring this from the [17] closing in on that $90 million and make a really big difference and the airport experience for travelers.

你必須去人們旅行的地方，無論是在機場附近的史岱波酒店。無需預約，每週 7 天開放，每天開放 12 至 14 小時。你真的可以從接近 9000 萬美元的 [17] 中獲得這一點，並為旅客的機場體驗帶來巨大的改變。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, good morning, everyone. Karen, as you think about the member experience, which is really going to focus on enhancements. Where are you on the progress of enhancing that member experience? How is that moving along? And then the B2B platform. Obviously you mentioned Staples, but any other updates that we should think about and it just became as you think about the costs of the business and the incremental margin and leverage any cadence to year that we should be mindful of? Thank you.

嗨，大家早安。凱倫，當你考慮會員體驗時，它確實會專注於增強。您在增強會員體驗方面進展如何？進展如何？然後是B2B平台。顯然你提到了史泰博，但是我們應該考慮的任何其他更新，當你考慮業務成本和增量利潤並利用我們應該注意的任何節奏時，它就變成了？謝謝。

Thanks, Dana. So you're absolutely right. Improving the member experience is a key priority, and we have seen steady improvements since February, and we expect that trajectory to accelerate lean of the future will bring meaningful improvements to experience speed and efficiency. And you're going to see a series of technologies including Phase first verifications and new hardware to make that experience more seamless.

謝謝，達納。所以你是完全正確的。改善會員體驗是首要任務，自 2 月以來我們已經看到穩定改善，我們預計未來加速精實的軌跡將為體驗速度和效率帶來有意義的改進。您將看到一系列技術，包括第一階段驗證和新硬件，以使體驗更加無縫。

And that should be over the next few months, rolling out through year end, we expect to be substantially done from a volume perspective by year end, look, next-gen certainly was a hit to the member experience when you're taking 100,000 labor hours to upgrade millions of people. But that really is the unlock. We are significantly through that freight.

這應該在接下來的幾個月內推出，直到年底，我們預計從數量的角度來看，到年底將基本上完成，看，當你需要 100,000 勞動力時，下一代肯定會對會員體驗產生影響數小時即可升級數百萬人。但這確實是解鎖。我們已經大量地通過了該貨運。

Over 90% of the volume coming through a clear Lane is already upgraded to next-gen. So and as you know, we're pretty we're done with that and on to now unlocking the technology and the experience. So you should consider continue to see a meaningful impact. I think we said we're at 20% today of the volume for that digital integration interoperability, and we should be at 50% by the end of the second quarter.

超過 90% 通過暢通車道的流量已升級至下一代。如您所知，我們已經完成了這一切，現在正在解鎖技術和體驗。因此，您應該考慮繼續看到有意義的影響。我想我們說過我們目前的數位整合互通性數量已達到 20%，到第二季末我們應該會達到 50%。

In terms of clear verified, it is a really exciting time. And we think a few quarters ago, we put forth this slide of our original pitch deck in 2010. Today, we're a travel center company tomorrow with a de facto Secure Identity platform. That was the vision then and it is coming to reality now and perhaps in 2010, it was a solution looking for a problem now there's problems looking for solutions and you see that across every industry.

就明確驗證而言，這是一個非常令人興奮的時刻。我們認為幾個季度前，我們在 2010 年推出了這張原始融資幻燈片。今天，我們是一家明天的旅遊中心公司，擁有事實上的安全身分平台。這是當時的願景，現在可能會在 2010 年成為現實，當時正在尋找問題的解決方案，現在正在尋找解決方案的問題，而且您在每個行業都可以看到這一點。

And so really talking about being the trusted identity layer of the Internet is a here and now opportunity, LinkedIn continues to scale and that badge is gaining recognition and will continue to be of more value to users and to partners and health care. You will see us unlocking our first in-person check-in product in Atlanta in a few weeks, actually, yes, in a week or so.

因此，真正談論成為互聯網的可信賴身分層是一個此時此地的機會，LinkedIn 不斷擴大規模，該徽章正在獲得認可，並將繼續為用戶、合作夥伴和醫療保健提供更多價值。幾週後，您將看到我們在亞特蘭大解鎖我們的第一個親自辦理登機手續的產品，實際上，是的，大約一周後。

And so you're seeing it for verified account recovery for patients and for health care professionals you're seeing it for check and you're seeing it for identity fraud in retail, which is a significant problem. And we are seeing fraud rates drop precipitously.

因此，您可以看到它用於患者和醫療保健專業人員的經過驗證的帳戶恢復，您可以看到它用於檢查，您可以看到它用於零售業的身份欺詐，這是一個嚴重的問題。我們看到詐欺率急劇下降。

So our partners are seeing the impact our customers love using it right now, you're seeing about the same ratios with our partners, which is about 30% of the customers who are verifying our current clearing members and then 70% are new to the platform.

因此，我們的合作夥伴正在看到我們的客戶現在喜歡使用它的影響，您會看到與我們的合作夥伴的比例相同，大約30% 的客戶正在驗證我們當前的清算會員，然後70% 是新加入的平台。

Obviously, as we continue to scale our member base, we expect that to swap, and that's really powerful because it's a one-click verification or a one-click KYC. So we are seeing significant traction in health care in financial services in the consumer space where trust and safety are crucial, specifically online, but also in physical. And you're seeing that we talked about the member acceleration.

顯然，隨著我們繼續擴大會員基礎，我們預計這種情況會發生交換，這非常強大，因為它是一鍵驗證或一鍵 KYC。因此，我們看到消費領域的金融服務醫療保健領域受到了巨大的關注，在這個領域，信任和安全至關重要，特別是在網路上，在實體領域也是如此。您會看到我們談論了會員加速。

You saw that in the quarter, and that was really due to the growth of the clear verified platform.

您在本季度看到了這一點，這實際上是由於清晰的驗證平台的成長所致。

And in terms of cost and margins. Look, we're very focused on driving margins on a number of the things that we talked about last year that we would that we said would lead to margin expansion. Those are all playing out. So I don't have specific commentary on costs by quarter, but I will say we are we remain highly disciplined from a cost perspective and as we look to the back half, we see increased contribution from pretax half for second half versus first half.

在成本和利潤方面。看，我們非常專注於提高我們去年討論過的一些事情的利潤率，我們認為這些事情會導致利潤率擴張。這些都在上演。因此，我沒有對季度成本的具體評論，但我想說的是，從成本角度來看，我們仍然保持高度紀律，當我們展望下半年時，我們看到下半年稅前一半的貢獻比上半年有所增加。

We think verified should be up in the back half versus the first half. And as we've come to the next-gen upgrades, we see improved growth from a clear cost perspective. We're also planning on taking some selective price. So all of those things in the back half should lead to stronger growth rates in the back half versus the Q2 implied growth rate as well as strong underpinning for margin expansion.

我們認為後半場的驗證率應該會比上半場上升。當我們進行下一代升級時，我們從明確的成本角度看到了成長的改善。我們也計劃採取一些選擇性價格。因此，後半段的所有這些事情應該會導致後半段的成長率相對於第二季的隱含成長率更為強勁，並為利潤率擴張提供強有力的基礎。

Thank you.

謝謝。

Mark Kelley, Stifel.

馬克凱利，斯蒂菲爾。

Thanks very much. Good morning. Two quick ones on ST., the TSA PreCheck stale, and then you just mentioned LinkedIn and healthcare are a lot of growth opportunities for the business. As we look out over time, is there a right way to think about the bookings mix than revenue mix as always, newer products layer in. I don't care what time horizon you choose. If you can answer that question. That's my first one.

非常感謝。早安.關於 ST. 的兩個快速介紹，TSA PreCheck 陳舊，然後您剛剛提到 LinkedIn 和醫療保健為該業務帶來了很多增長機會。隨著時間的推移，我們會發現，是否有正確的方法來考慮預訂組合而不是收入組合，一如既往，更新的產品層出不窮。我不在乎你選擇什麼時間範圍。如果你能回答這個問題的話。這是我的第一個。

And the second to the second one, I'm just curious, does the TSA have to approve the non airport partners you choose or is that completely up to you and you can kind of go wherever you think it makes sense for your product?

第二個到第二個，我只是好奇，TSA 是否必須批准您選擇的非機場合作夥伴，或者這完全取決於您，您可以去任何您認為對您的產品有意義的地方？

I'll answer your second question first. Tsa does need to approve it. I think we're pragmatic people. And so I think we're all aligned to bring it to great places where travelers frequent that are conveniently located and good trusted partners, but they do need to approve it. So that's number one.

我先回答你的第二個問題。確實需要 Tsa 批准。我認為我們是務實的人。因此，我認為我們都一致同意將其帶到旅行者經常光顧的好地方，這些地方位置便利，是值得信賴的合作夥伴，但確實需要他們的批准。所以這是第一。

In terms of the mix, you know, early days, here's how we look at the business, clear travel and clear verified. And then broadly speaking, gross profit dollars. So I think when you look at Clear travel, there's three things that we're doing. Obviously, we're improving the member experience.

就混合而言，您知道，早期，我們是這樣看待業務的：清晰的旅行和清晰的驗證。然後從廣義上講，毛利潤美元。所以我認為當你看到 Clear Travel 時，我們正在做三件事。顯然，我們正在改善會員體驗。

We're continuing to grow the networks. We launched Honolulu. And right now, sorry, Mallay run from particulate last week. So you'll continue to see more airports. You'll continue to see more lanes in our current airports, and you'll continue to see more products both around that experience to drive the home to gate experience and then you'll see pricing on top of that.

我們正在繼續發展網絡。我們推出了檀香山。現在，抱歉，馬拉上週就擺脫了顆粒物的困擾。因此，您將繼續看到更多機場。您將繼續在我們目前的機場中看到更多的車道，並且您將繼續看到更多圍繞該體驗的產品，以推動從家到門的體驗，然後您將看到最重要的定價。

So when we talk about PreCheck and we talk about the TAM of the $90 million, we think it's $150 million or $200 million of opportunity on both the renewal and the new adds. And so how that layers in over time, we look all of it at Clear travel and gross profit dollars. And then on the clear verified side, we're scaling members today.

因此，當我們談論 PreCheck 並談論 9000 萬美元的 TAM 時，我們認為續訂和新增加的機會都為 1.5 億美元或 2 億美元。因此，隨著時間的推移，這將如何分層，我們將所有這些都放在 Clear Travel 和毛利美元上。然後，在明確經過驗證的方面，我們今天正在擴大成員規模。

It's a smaller piece on the revenue side, but obviously, we're going after three very large towns in health care, financial services and consumers abroad when physical and digital. And so again, I think it's too soon to tell, but I think we think of that as a $1 billion opportunity. So and we've always said we hope that they're even and we hope that means that they're both growing aggressively.

在收入方面，這是一個較小的部分，但顯然，我們將在醫療保健、金融服務和海外消費者的物理和數位方面瞄準三個非常大的城鎮。再說一次，我認為現在下結論還為時過早，但我認為我們認為這是一個 10 億美元的機會。因此，我們總是說我們希望它們是平衡的，我們希望這意味著它們都在積極成長。

But obviously, clear verify would be having a significantly higher growth rate on the top line.

但顯然，明確的驗證將帶來顯著更高的營收成長率。

And just to reiterate Caryn's gross profits point, I think PreCheck and we mentioned this in the call earlier, PreCheck and verified while less meaningful on a top line perspective today, they are starting to contribute gross profit dollars. And we really are focused on growth in gross profit dollars over a relatively fixed cost structure, which would obviously drive EBITDA margins materially.

只是為了重申 Caryn 的毛利點，我認為 PreCheck 和我們在之前的電話會議中提到過這一點，PreCheck 和驗證雖然從今天的收入角度來看意義不大，但他們開始貢獻毛利美元。我們確實專注於相對固定成本結構下毛利的成長，這顯然會大幅提高 EBITDA 利潤率。

That's perfect. I appreciate all the color. Thanks very much.

那很完美。我欣賞所有的顏色。非常感謝。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, good morning. Thanks for taking the question.

嗨，早安。感謝您提出問題。

It's David undrawn from Michael Turrin on candidate, the 2Q bookings guide suggests 12% year on year growth. Can you please step through the seasonality factors that play there. And I know you've commented that TSA is not much contribution, but anything you can mention there would be great. Thanks.

David 未從 Michael Turrin 中選出候選人，第二季預訂指南顯示年增 12%。能詳細了解那裡的季節性因素嗎？我知道您曾經評論過 TSA 的貢獻不大，但您能提到的任何內容都很棒。謝謝。

So just taking a step back and look we've been growing bookings at a sustained 30% CAGR versus the 2019 pre-COVID levels really for several years now on the Q2 guidance is around a 28% CAGR. one was a 29% CAGR. So getting the Nexion upgrade rate to 90% has been the priority and it impacted sales and our field team.

因此，退後一步看看，與2019 年新冠疫情爆發前的水平相比，我們的預訂量一直在以30% 的複合年增長率持續增長，而根據第二季度的指導，實際上幾年來的複合年增長率約為28%。其中一個複合年增長率為 29%。因此，將 Nexion 升級率提高到 90% 一直是首要任務，它影響了銷售和我們的現場團隊。

They're back to balancing enrollments and verification with more products at our pod, such as PreCheck and that bundle opportunity. We have more opportunities than ever there to drive to drive revenue also highlight Q2 23 was particularly strong. Bookings accelerated to a 43% growth rate last year, and we exceeded our guidance by around 10%. So the growth comparison was quite strong for Q2.

他們重新開始利用我們 Pod 中的更多產品來平衡註冊和驗證，例如 PreCheck 和捆綁機會。我們比以往任何時候都有更多的機會來推動營收成長，這也凸顯了 23 年第二季的表現尤其強勁。去年預訂量成長率加速至 43%，超出了我們的指導值約 10%。因此，第二季的成長比較相當強勁。

And then lastly, to your point on PreCheck, the rollout is probably around a month behind where we wanted it to be and where we thought it would be for Q2. So that's an impact. So a small impact in Q1 and incrementally larger impact in Q2, but still small. And then again, as we look to the back half, we see increased contribution from PreCheck verified up and back half versus the first half Clear plus higher volumes and higher sales volumes. Right?

最後，就您在 PreCheck 上的觀點而言，推出時間可能比我們希望的和第二季的預期晚了大約一個月。所以這就是一個影響。因此，第一季的影響較小，第二季的影響逐漸增大，但仍很小。再說一遍，當我們展望後半段時，我們發現與上半年相比，後半段的 PreCheck 驗證貢獻有所增加，而且銷量和銷量也有所增加。正確的？

And some additional tailwinds from the selective pricing that we're planning in the August timeframe. So our expectation is that the back half bookings growth would exceed the Q2 growth rate.

我們計劃在八月份的時間範圍內進行選擇性定價，這將帶來一些額外的推動力。因此我們預計下半年預訂量成長將超過第二季的成長率。

Okay, great. Thanks for that.

好的，太好了。感謝那。

And then the Amex partnership extension, clearly a positive. Congratulations on that. Good to see further penetration as we look to the balance sheet metrics from the results, anything that we should be mindful of from a seasonality perspective into 2Q for the Amex partnership?

然後美國運通合作夥伴關係的延長，顯然是正面的。對此表示祝賀。當我們從結果中查看資產負債表指標時，很高興看到進一步的滲透，從季節性角度來看，對於美國運通合作夥伴關係，我們應該注意什麼？

Nothing specific to the Amex partnership on from a seasonal perspective. Yes, I would say just to take a step back last year starting and we talked about for the Q3 call, we talked about a normalization of travel trends. And so we've seen that continue through, including in our Q2 guidance. So in Q3, I think we'll be back to sort of normalized year over year sort of pre-COVID travel trends, if you will. That's the only thing I would highlight there.

從季節角度來看，美國運通合作關係沒有什麼具體的內容。是的，我想說的是，從去年開始，我們在第三季的電話會議上談到了旅行趨勢的正常化。因此，我們看到這種情況持續存在，包括在我們的第二季指導中。因此，如果你願意的話，我認為在第三季度，我們將恢復到新冠疫情前的逐年正常化旅行趨勢。這是我唯一要強調的。

Thanks, Kent.

謝謝，肯特。

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.

問答環節已經結束，我現在將電話轉交給卡林·塞德曼·貝克爾 (Caryn Seidman Becker) 致閉幕詞。

Thank you for joining our first quarter 2024 earnings call. I am proud of how the Clear team is executing on our three priority initiatives, improving the member experience, scaling, TSA, PreCheck and scaling to earlier verified. Thank you.

感謝您參加我們的 2024 年第一季財報電話會議。我對 Clear 團隊如何執行我們的三個優先計劃感到自豪，即改善會員體驗、擴展、TSA、PreCheck 以及擴展至早期驗證。謝謝。

This concludes today's earnings call. You may disconnect your line 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。