Clear Secure Inc (YOU) 2024 Q2 法說會逐字稿

Good morning and welcome to Clear fiscal second 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 2024 財年第二季電話會議。今天我們有共同創辦人、董事長兼執行長 Caryn Seidman-Becker；以及共同創辦人、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. Factors that could cause actual results to differ materially from these statements are included in the documents the company has filed and furnished with the SEC, including today's shareholder letter. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call.

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。可能導致實際結果與這些聲明有重大差異的因素包含在該公司向 SEC 提交和提供的文件中，包括今天的股東信函。本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。

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 Clears 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 Clears 網站的投資者關係部分找到。

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

這樣，我會將電話轉給 Caryn。

Good morning, and thank you for joining our second quarter 2024 earnings call. It's been three years since our IPO and Clear remains focused on growing members, bookings and free cash flow. In the second quarter, we added a record 2.3 million members, reflecting growth across both Clear Travel and Clear Verified.

早安，感謝您參加我們的 2024 年第二季財報電話會議。我們的 IPO 已經過去三年了，Clear 仍然專注於增加會員、預訂和自由現金流。第二季度，我們新增了創紀錄的 230 萬名會員，反映出 Clear Travel 和 Clear Verified 的成長。

In CLEAR Travel, we continue to build products that help our members win the day of travel from Home to Gate and back again. The lane of the future rollout is well underway improving the Clear Plus member experience with new technology enhancements that make verifications up to 30% faster reducing friction for our members and our ambassadors.

在 CLEAR Travel 中，我們繼續打造產品，幫助我們的會員贏得從家到門再返程的旅行。未來的推出正在順利進行，透過新技術增強來改善 Clear Plus 會員體驗，將驗證速度提高 30%，並減少我們的會員和大使的摩擦。

This quarter, we will begin rolling out the next phase of our lane of the future our FaceFirst technology. Members will verify with their face a seamless experience that will keep them moving. Travel is hard and getting harder.

本季度，我們將開始推出未來車道下一階段的 FaceFirst 技術。會員將透過臉部驗證無縫體驗，讓他們繼續前進。旅行很艱難，而且越來越艱難。

In addition to improvements in the airport, we are furthering the Home to Gate journey with the introduction of Clear Perks, exclusive benefits curated for Clear Plus members from expedited passports to bag delivery and my favorite Clear Scout, which is our lost item rescue service, who hasn't lost something in the airport to be able to have a Clear ambassador go find it for you priceless.

除了機場的改進之外，我們還推出了Clear Perks，為Clear Plus 會員提供從加急護照到行李遞送的獨家優惠，以及我最喜歡的Clear Scout（我們的丟失物品救援服務），進一步推進「從家到門」的旅程，沒有在機場丟過東西，就能讓 Clear 大使為您尋找無價之寶。

Clear Perks are designed to increase the predictable end-to-end seamless travel experience and deliver additional value to our members. By 2030, one million more passengers are expected to crowd Americas terminals every day, putting even more strain on a system that is already overcapacity. Aging infrastructure and technology compound these challenges, especially at screening checkpoints.

Clear Perks 旨在增加可預測的端到端無縫旅行體驗，並為我們的會員提供額外價值。到 2030 年，預計每天將有 100 萬名乘客湧入美洲航站樓，這將對本已產能過剩的系統帶來更大的壓力。老化的基礎設施和技術加劇了這些挑戰，尤其是在安檢站。

Since 2010 Clear has partnered with airports driving innovation to improve the passenger experience while sharing over $325 million of revenue with our local airport partners. Next month Clear plans to announce a formal airport innovation campaign to accelerate our work around public-private partnerships and help bring the latest technology and infrastructure to American airports.

自 2010 年以來，Clear 一直與機場合作推動創新，以改善旅客體驗，同時與當地機場合作夥伴分享超過 3.25 億美元的收入。下個月，Clear 計劃宣布一項正式的機場創新活動，以加快我們圍繞公私合作夥伴關係的工作，並協助將最新的技術和基礎設施引入美國機場。

As we said we are seeing accelerated member growth this year and our goal is to grow towards 50 million members in 2025. Clear Verified is fueled by this member flywheel. As we add more members our platform becomes even more attractive to existing and new partners. With our increased scale, the percentage of members who are instant on already enrolled and can verify with one click goes way up. This frictionless experience along with our trusted brand, create product magic for our partners.

正如我們所說，今年會員成長速度加快，我們的目標是在 2025 年達到 5,000 萬會員。清晰驗證由該成員飛輪提供動力。隨著我們增加更多成員，我們的平台對現有和新合作夥伴變得更具吸引力。隨著我們規模的擴大，已經註冊並可以一鍵驗證的即時會員比例大幅上升。這種無摩擦的體驗與我們值得信賴的品牌一起，為我們的合作夥伴創造了產品魔力。

In a recent nationwide brand study of current former and non-Clear members, roughly 80% of respondents agree or strongly agree that they trust and feel more secure with companies or brands that partner with Clear. A similar percentage also said they would find it preferable to sign into online accounts using Clear. Identity has never been more important and Clear is the market leader.

最近一項針對 Clear 現任會員和非 Clear 會員的全國性品牌研究顯示，大約 80% 的受訪者同意或強烈同意他們信任與 Clear 合作的公司或品牌，並感到更安全。有類似比例的人也表示，他們發現使用 Clear 登入線上帳戶更可取。身份從未如此重要，Clear 是市場領導者。

I will now turn it over to Ken.

我現在將把它交給肯。

Thanks Caryn. Second quarter results demonstrate our continued focus on profitable growth. Revenues increased 25% and adjusted EBITDA grew 137%. We achieved incremental operating income and EBITDA margins of 80% and 74% respectively.

謝謝卡琳。第二季業績顯示我們持續關注獲利成長。營收成長 25%，調整後 EBITDA 成長 137%。我們的營業收入增量和 EBITDA 利潤率分別達到 80% 和 74%。

Margin drivers that we have been discussing including the ramp of recently launched airports, high incremental margins for TSA PreCheck and Verified as well as continued cost discipline continue to play out. P&L strength is translating into significant cash generation. Cash flow from operations was $114.6 million and free cash flow was $110.1 million, up 65% year-over-year. After deducting normalized stock-comp free cash flow grew 90%.

我們一直在討論的利潤驅動因素，包括最近啟動的機場的成長、TSA PreCheck 和 Verified 的高增量利潤以及持續的成本紀律繼續發揮作用。損益實力正在轉化為大量的現金產生。營運現金流為 1.146 億美元，自由現金流為 1.101 億美元，較去年同期成長 65%。扣除標準化股票比較後，自由現金流增加了 90%。

Active Clear Plus members grew by 297,000 in the quarter, up from 78,000 in Q1, as the NextGen upgrade process is largely behind us and the in-airport sales channel improved sequentially. We continue to see member growth opportunities, particularly in our lower penetration markets, where as a percent of MSA population we are in the low single-digits versus high single-digits in our more penetrated markets.

本季 Active Clear Plus 會員數量增加了 297,000 名，高於第一季的 78,000 名，因為 NextGen 升級過程已基本結束，而且機場銷售管道也相繼改善。我們繼續看到會員成長機會，特別是在滲透率較低的市場中，我們在MSA 人口中所佔的百分比處於較低的個位數，而在滲透率較高的市場中，我們的百分比處於較高的個位數。

The experienced economy and booming travel market have helped expand Clear's addressable market. A broader demographic of travelers are now appreciating the value of being a Clear member in our frictionless Home to Gate journey.

經驗豐富的經濟和蓬勃發展的旅遊市場幫助 Clear 擴大了潛在市場。現在，越來越多的旅客開始意識到成為 Clear 會員在我們無障礙的從家到門旅程中的價值。

As of August 1, standard and airline pricing increased by $10, only the second time we've increased standard pricing in 14 years. Standard is now $199, with airline peers at $159 and $189. Family pricing increased $20 to $119 per year. We remain focused on driving ARPU through absolute pricing and reducing historical discounting.

自 8 月 1 日起，標準價格和航空公司價格上漲了 10 美元，這是 14 年來我們第二次提高標準價格。目前標準機票價格為 199 美元，航空公司同業價格為 159 美元和 189 美元。家庭定價每年增加 20 美元至 119 美元。我們仍然專注於透過絕對定價和減少歷史折扣來推動 ARPU。

Last quarter we introduced Clear Plus gross dollar retention as a new KPI to reflect this focus. We introduced Clear Plus, which adds significant value to our membership. RushMyPassport and bag ship have already gotten significant traction. As Karen mentioned, Clear Scout delivers a truly priceless service. If a member forgets anything in the airport they can call us and we will dispatch one of our ambassadors to try and find it. So far we've covered everything from a laptop to a passport to an iPhone to a garment bag full of clothing in the United lounge.

上個季度，我們引入了 Clear Plus 總美元保留作為新的 KPI，以反映這一重點。我們推出了 Clear Plus，這為我們的會員增添了巨大的價值。RushMyPassport 和行李運輸已經獲得了巨大的關注。正如 Karen 所提到的，Clear Scout 提供真正無價的服務。如果會員在機場忘記了任何東西，他們可以打電話給我們，我們將派遣一位大使嘗試尋找它。到目前為止，我們已經介紹了從筆記型電腦到護照、iPhone，再到美聯航休息室內裝滿衣服的服裝袋等所有物品。

Our airport innovation campaign that we plan to formally announce next month is an opportunity to partner with airports to drive overall customer experience and an ROI-positive way. Our North Star is to identify projects that help our airport partners achieve their goals while also enhancing Clear member experience, which can lead to growth in members and increased retention.

我們計劃下個月正式宣布的機場創新活動是一個與機場合作的機會，以推動整體客戶體驗和積極的投資回報。我們的北極星是確定能夠幫助我們的機場合作夥伴實現其目標，同時增強 Clear 會員體驗的項目，從而增加會員數量並提高保留率。

TSA PreCheck enrollment provided by Clear is off to a strong start and it's live in 46 airports, up from three at the end of Q1. With several thousand pre-enrollments daily and this pipeline will convert to completed enrollments and realize revenues as travelers visit our expanding base of locations. We plan to expand locations inside and outside the airport to grow the market and drive share. We expect PreCheck to contribute incremental gross profit dollars in the near-term, while driving revenue and gross profit growth into next year.

Clear 提供的 TSA PreCheck 註冊服務有了一個良好的開端，已在 46 個機場實施，而第一季末只有 3 個。每天有數千名預註冊者，隨著遊客訪問我們不斷擴大的地點基地，該管道將轉化為已完成的註冊並實現收入。我們計劃擴大機場內外的營業地點，以擴大市場並提高份額。我們預計 PreCheck 將在短期內貢獻增量毛利，同時推動明年的營收和毛利成長。

We repurchased 3.6 million shares in Q2 and an additional four million shares from Delta in July, continuing our opportunistic approach to capital allocation. Our partnership with Delta remains a true win-win. They invested in Clear in 2016 and continue to own 4.3 million shares. We look forward to continued innovation together to enhance the passenger experience. On a year-to-date basis, we've retired 8% of our beginning shares outstanding. And since initiating our repurchase program in 2022, we have bought back all 15 million shares issued in our IPO.

我們在第二季回購了 360 萬股，並在 7 月從達美航空回購了 400 萬股，繼續我們的機會主義資本配置方式。我們與達美航空的合作關係仍然是真正的雙贏。他們於2016年投資了Clear，並繼續持有430萬股。我們期待共同持續創新，以提升乘客體驗。今年迄今，我們已經註銷了 8% 的初始流通股。自 2022 年啟動回購計畫以來，我們已回購 IPO 中發行的全部 1,500 萬股股票。

In Q3, we expect revenue of $193 million to $195 million and total bookings of $220 million to $222 million, representing 21% and 15% growth respectively. In Q3, we will make our annual repayment to our credit card partner, approximately $181 million. As a result, we will have negative free cash flow in Q3 consistent with last year. That said, we are raising our fiscal year free cash flow growth guidance to at least 40% year-over-year or $280 million.

第三季度，我們預計營收為 1.93 億美元至 1.95 億美元，總預訂量為 2.2 億美元至 2.22 億美元，分別成長 21% 和 15%。在第三季度，我們將向信用卡合作夥伴每年還款約 1.81 億美元。因此，我們第三季的自由現金流將與去年一樣為負。也就是說，我們將本財年自由現金流成長指引提高到年比至少 40%，即 2.8 億美元。

With that let's go to Q&A.

接下來讓我們進入問答環節。

Thank you. We will now be conducting a question-and-answer session (Operator Instructions)

謝謝。我們現在將進行問答環節（操作員說明）

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

All right. Thanks for taking my questions and nice executions during the quarter. So we saw a nice acceleration here in net member adds in Q2. Can you just review your philosophy on pricing and managing that around retention, as I believe now you just mentioned, that you did implement another modest price increase here?

好的。感謝您回答我的問題以及本季的良好執行。因此，我們在第二季度看到了淨成員增加的良好加速。您能否回顧一下您的定價理念以及圍繞保留的管理理念，正如我現在相信您剛才提到的那樣，您確實在這裡實施了另一次適度的提價？

Sure. I'll start with pricing and then I'll talk a little bit about, net adds. So thanks for the questions. So when we think about pricing, we look at it a few different ways. Look, this is only the second time keep in mind, it's only the second time, we've raised prices on the standard membership in 14 years. So obviously, we've taken some incremental pricing on family. But from a standard perspective, this is $10 to $199. We were at $179 all the way back to 2010. In that time, we've gone from two airports to 58, from two lanes to over 160 lanes and we've added new ways to use Clear such as Clear Mobile and Home to Gate.

當然。我將從定價開始，然後我會談談淨添加。謝謝你的提問。因此，當我們考慮定價時，我們會從幾種不同的角度來看。看，這只是第二次，請記住，這只是我們 14 年來第二次提高標準會員價格。顯然，我們對家庭採取了一些增量定價。但從標準角度來看，這是 10 美元到 199 美元。2010 年我們的股價一直是 179 美元。在此期間，我們的機場數量從兩個增加到 58 個，車道從兩條車道增加到 160 多個車道，我們還添加了使用 Clear 的新方式，例如 Clear Mobile 和 Home to Gate。

So in a world, where travel is hard, it's getting harder. People are really valuing experiences to the experience economy and particularly within travel. I would say over the past few years, a broader demographic of travelers are now appreciating what Clear has to offer. And certainly, we look at cost per use, that's an important factor, but also what's the value per use of Clear. And we think the value proposition has far outpaced, the cost per use. And our experience continues to improve as Karen mentioned, we're creating value beyond the checkpoint. So Clear Perks, we're really excited about. It's a great example where we think the value of the benefit exceeds the cost of membership, whether it's a discount on RushMyPassport or we recover your iPhone, the membership literally pays for itself.

因此，在一個旅行困難的世界裡，事情會變得越來越困難。人們確實非常重視體驗經濟中的體驗，尤其是在旅行領域。我想說的是，在過去的幾年裡，越來越多的旅客開始欣賞 Clear 所提供的服務。當然，我們會考慮每次使用的成本，這是一個重要因素，但也會考慮每次使用 Clear 的價值。我們認為價值主張已經遠遠超過了每次使用的成本。正如凱倫所提到的，我們的體驗不斷改善，我們正在創造超越檢查站的價值。如此清晰的福利，我們真的很興奮。這是一個很好的例子，我們認為福利的價值超過了會員資格的成本，無論是 RushMyPassport 的折扣還是我們找回您的 iPhone，會員資格實際上都是收回成本的。

So we're confident that our members are getting more value than the price, they're paying. And so that's sort of how, we look at pricing. And from a net add perspective, you didn't ask a specific question, but yes, we did see an acceleration. Last quarter, we told you that the NextGen process was highly disruptive, both from a focus from our ambassador, our field operation and from a lane flow perspective, and that we were coming out of it, sort of peaked in February coming out of that things would improve.

因此，我們相信我們的會員獲得的價值超過了他們所付出的價格。這就是我們看待定價的方式。從淨增加的角度來看，您沒有提出具體問題，但我們確實看到了加速成長。上個季度，我們告訴過您，NextGen 流程具有高度顛覆性，無論是從我們大使的關注、我們的現場運營還是從車道流量的角度來看，我們正在擺脫它，在 2 月份達到了頂峰。會有所改善。

We refocused on balanced approach to servicing existing members and adding new members. And that's exactly, what we've seen coming out of Q2. And so things have been improving literally since February. But certainly, June was impacted by NextGen, but coming out of June, we did see some nice growth there.

我們重新專注於以平衡的方式為現有會員提供服務並增加新會員。這正是我們在第二季看到的情況。因此，自二月以來，情況確實有所改善。但當然，6 月受到了 NextGen 的影響，但從 6 月開始，我們確實看到了一些不錯的成長。

Got it. That's helpful. And then as we're getting past this NextGen ID upgrade process, I know you don't give guidance on net member adds, but can you just help us understand what are the factors that we should be considering in terms of net member adds in the second half of 2024, in terms of the family price increases impacting churn, and opening new airports and maybe just any other factors, we should be considering on the trajectory of net member adds for the second half of the year? Thank you.

知道了。這很有幫助。然後，當我們完成 NextGen ID 升級過程時，我知道您沒有提供有關網絡成員添加的指導，但您能否幫助我們了解在網絡成員添加方面我們應該考慮的因素2024 年下半年，就家庭價格上漲影響客戶流失、開設新機場以及可能還有其他因素而言，我們應該考慮下半年淨會員增加的軌跡嗎？謝謝。

Sure. Sure. We think we have a lot of opportunity to grow members particularly in our underpenetrated markets. I talked about the expansion of TAM and how we're appealing to a wider audience. So we really do believe that. And I think, as we have come out of NextGen, we've refocused our field. We've launched TSA PreCheck. That's something that's going on in the side. It's many of the same ambassadors. So as that continues, certainly the field operations have gotten stabilized and have improved sequentially and will continue to. And, we are optimistic for the back half. And last quarter, we said that our growth rate in the back half would be higher than what was implied in the Q2 guidance, and that still remains true.

當然。當然。我們認為我們有很多機會來發展會員，特別是在我們尚未滲透的市場中。我談到了 TAM 的擴張以及我們如何吸引更廣泛的受眾。所以我們確實相信這一點。我認為，隨著我們走出 NextGen，我們已經重新聚焦在我們的領域。我們推出了 TSA PreCheck。這是側面發生的事情。有很多相同的大使。因此，隨著這種情況的繼續，現場作業肯定已經穩定下來，並逐步得到改善，並將繼續下去。而且，我們對後半段持樂觀態度。上個季度，我們表示下半年的成長率將高於第二季度指引中暗示的水平，現在仍然如此。

And if I can just add to that, there's a lot of points around net adds. There's retention, there's win backs and then there's gross adds. And I think on all of those channels, we have a lot of opportunities. For people who left Clear over the past few years, they're coming back to a much larger Clear, a Clear with better technology, a Clear with more value with perks and other partners. So there should be opportunities to bring people back to Clear. And there's a larger population obviously, as we've grown.

如果我可以補充一點的話，關於淨添加的問題還有很多。有保留，有贏回，然後總增加。我認為在所有這些管道上，我們都有很多機會。對於過去幾年離開 Clear 的人來說，他們會回到更大的 Clear，一個擁有更好技術的 Clear，一個擁有更多福利和其他合作夥伴價值的 Clear。所以應該有機會讓人回到 Clear。隨著我們的發展，人口顯然也在增加。

From a retention perspective, to your point, the Clear member experience is getting better. And again, we're offering more value and more on the way. So we expect that that number should also be getting better. And then, there's gross adds. And so I think we have opportunities across the board. And then in addition to that with pricing, when you look at gross dollar retention that's also meaningful.

從保留的角度來看，按照您的觀點，Clear 會員體驗正在變得更好。再說一遍，我們正在提供更多價值。所以我們預計這個數字也會變得更好。然後，還有總增加。所以我認為我們有全面的機會。除了定價之外，當你考慮總美元保留率時，這也很有意義。

Great. Thanks guys.

偉大的。謝謝你們。

Thanks Josh.

謝謝喬希。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, Ken and Caryn, congratulations on the very nice results. A couple of things. As you think about the future, it sounds like the airport innovation campaign, which is launching next month could certainly be a driver of new member acquisition. Can you tell us a little bit about what it entails? A little more details on any of the partnerships with that and how you're gauging that? And then I have a follow-up.

嗨，Ken 和 Caryn，恭喜你們取得了非常好的成績。有幾件事。當你思考未來時，聽起來下個月啟動的機場創新活動肯定會成為吸引新會員的動力。您能告訴我們一些它的意義嗎？有關與此的任何合作夥伴關係的更多詳細資訊以及您如何衡量這一點？然後我有一個後續行動。

Yeah. Hi, Dana, thank you. So we're really excited about the innovation campaign, because at some level we've been doing it behind closed doors airport by airport for over a decade, because it's not only the technology in the Clear Lane that drives the customer experience. But it's the holistic experience from the time you walk in the door, so that could be things like wayfinding, or how lanes are organized or structured.

是的。嗨，達納，謝謝你。因此，我們對這項創新活動感到非常興奮，因為在某種程度上，我們十多年來一直在各個機場閉門進行這項活動，因為推動客戶體驗的不僅僅是 Clear Lane 中的技術。但這是從你走進門的那一刻起的整體體驗，所以這可能是諸如尋路、或者車道如何組織或結構之類的事情。

And so bringing the latest technology and infrastructure to American airports can really make a difference for the customer experience holistically for that airport and in addition to that for Clear members and travelers. And so when you look at the opportunity to drive retention or gross adds through better customer experience to help our airport partners.

因此，將最新的技術和基礎設施引入美國機場確實可以改善該機場以及 Clear 會員和旅客的整體客戶體驗。因此，當您尋找機會透過更好的客戶體驗來幫助我們的機場合作夥伴來提高保留率或總增加額。

When we talk about $325 million of revenue that we've shared with our partners that's a 100% margin to them, right? And that is so massively important as they invest in infrastructure. You think you also see the power of public private partnerships. So you hear the government talking about infrastructure investments in airports. But sometimes there's things with faster turnaround that airports want that aren't funded that we can help with.

當我們談論與合作夥伴分享的 3.25 億美元收入時，他們獲得了 100% 的利潤，對嗎？這對於他們投資基礎設施來說非常重要。您認為您也看到了公私部門合作的力量。所以你會聽到政府談論機場基礎設施​​投資。但有時，機場需要更快的周轉時間，但我們卻無法提供資金協助。

So our North Star is to transform that passenger experience from home to gate right not just where you're flying from the airport, but where you're flying through it. And we think that this innovation campaign will really help travelers make it a journey to enjoy. I know that's like a bold statement with traveling, but you shouldn't endure the experience through the airport. You should enjoy it. And so we think it helps our airport partners. We think it helps travelers. We think it helps a Clear member experience.

因此，我們的北極星目標是改變乘客從家中到登機口的體驗，不僅是在從機場起飛的地方，而且是在飛經機場的地方。我們認為這項創新活動將真正幫助旅客享受一次愉快的旅程。我知道這對旅行來說是一個大膽的聲明，但你不應該忍受機場的經歷。你應該享受它。因此，我們認為這對我們的機場合作夥伴有幫助。我們認為這對旅行者有幫助。我們認為這有助於 Clear 會員體驗。

And so again I think on that metric that's gross adds that's retention that's attach rates. And so we'll be working with our partners to identify eligible projects and then we'll be coming back to you guys with more details on that as they come through over time. But taking it public as opposed to going one-off behind closed doors is an opportunity to make a bigger impact faster.

因此，我再次認為，在這個指標上，總增加量、保留率、附加率。因此，我們將與我們的合作夥伴合作，確定符合條件的項目，然後隨著時間的推移，我們將向大家提供更多有關該項目的詳細資訊。但與一次性閉門進行相比，將其公開化是一個更快產生更大影響的機會。

And I think with a nationwide network with over 25 million members on the Clear platform in aggregate with multiple products like Clear Mobile, like Clear Plus, like PreCheck, like Plus. We really have a very strong balance sheet and travel booming and you see the challenges in airports every single quarter we could point out tons. And I think you guys read them in the newspaper and at every cocktail party, it's people's favorite conversations.

我認為 Clear 平台擁有超過 2500 萬會員的全國性網絡，以及 Clear Mobile、Clear Plus、PreCheck、Plus 等多種產品。我們確實擁有非常強大的資產負債表和蓬勃發展的旅遊業，每個季度我們都可以指出機場面臨的挑戰。我想你們在報紙上和每次雞尾酒會上都讀過這些內容，這是人們最喜歡的對話。

So I think there's a lot we can do over the next 12, 24 and 36 months to impact the travel experience and build stronger relationships and public-private partnerships with our airport partners. But as these projects come out, we'll be sharing them with you guys.

因此，我認為在接下來的 12、24 和 36 個月內，我們可以做很多事情來影響旅行體驗，並與機場合作夥伴建立更牢固的關係和公私合作夥伴關係。但隨著這些項目的推出，我們將與大家分享。

Got it. And then anything about the other venues to, which you're expanding into and any updates beyond airports? And then Ken mentioned some membership opportunities in other MSAs, what's the game plan to attack those? And what's the opportunity and potential?

知道了。還有關於您正在擴展到的其他場館以及機場以外的任何更新嗎？然後 Ken 提到了其他 MSA 的一些會員機會，攻擊這些的遊戲計劃是什麼？機會和潛力是什麼？

So Dana when you say other venues, you mean on the CLEAR Verified identity platform side?

那麼 Dana 當您說其他場所時，您是指 CLEAR 驗證身分平台方面嗎？

Yes, exactly. Yes.

是的，完全正確。是的。

So one that I think you would be particularly excited about is Home Depot. I think as we all know and you specifically fraud is a huge problem in retail, they call it shrink, but it's really just theft and fraud. So Home Depot is focused on enhancing their customer experience, while reducing the shrink. We've partnered with them in the rental tool business to reduce fraud and we've rolled it out across all their stores that they have rental tools and that's over a thousand.

我認為您會特別興奮的是家得寶 (Home Depot)。我認為眾所周知，特別是詐欺是零售業的一個大問題，他們稱之為收縮，但這實際上只是盜竊和詐欺。因此，家得寶專注於增強客戶體驗，同時減少損耗。我們與他們在租賃工具業務方面進行了合作，以減少欺詐，並且我們已經在他們擁有租賃工具的所有商店中推廣了這項服務，數量超過一千種。

And they've seen great success in both the customer experience and in reducing fraud. And this concept that we talked about a few years ago that we continue to hammer on, the concept of a connected identity platform powering trusted experiences making them safer physically and digitally, and easier right over 25% to 30% of their customer base, it was instant on. They're already on the platform.

他們在客戶體驗和減少詐欺方面都取得了巨大成功。我們幾年前討論過這個概念，我們繼續強調這個概念，即連接身份平台的概念提供可信體驗，使他們在物理和數位方面更安全，並且對超過25% 到30% 的客戶群來說更容易，它是即時的。他們已經在平台上了。

They have repeat customers day after day, week after week for those folks to just be able to one click and verify and move on is such a win-win, and it's also bringing new people on the platform that could use it at Home Depot, at LinkedIn, at WellStar, at public.com and more.

他們日復一日、週復一周地擁有回頭客，這些人只需點擊一下即可驗證並繼續前進，這是一種雙贏，而且它還為該平台帶來了可以在家得寶使用該平台的新用戶，在 LinkedIn、WellStar、public.com 等。

So I think Home Depot has just been a great partnership and a huge win-win, and it starts to really make you think about the art of the possible on you roll back and you start to peel the onion on what a challenge is and a lot of it comes back to identity, who you are and something about you? Are you a frequent shopper you look at Costco because of their membership-based business their shrink is a lot lower. So it really does talk to the power of identity.

所以我認為家得寶是一次偉大的合作夥伴關係和巨大的雙贏，它開始真正讓你思考回滾時可能性的藝術，你開始剝開洋蔥，了解挑戰是什麼，以及很多都回到了身份，你是誰以及關於你的一些事情？如果你是經常購物的人，你會去 Costco，因為他們是會員制業務，他們的損耗要低得多。所以它確實體現了身份的力量。

And then Dean on your addressable market question. Look we really look at MSA penetration by market and we've talked about this in the past, we have a range of airports that have been opened since 2010 to 2012 where we have a higher penetration. And if we apply those penetration rates to the lower penetrated markets that implies significant growth in Clear Plus member base. And so it's really a matter of focus. It can be incremental staffing and enrollments within those airports or targeted marketing. So there's a range of opportunities to reach those travelers.

然後迪恩回答你的可解決市場問題。看，我們確實按市場分析了 MSA 的滲透率，我們過去曾討論過這一點，自 2010 年至 2012 年以來，我們已經開放了一系列機場，這些機場的滲透率較高。如果我們將這些滲透率應用到滲透率較低的市場，這意味著 Clear Plus 會員群將顯著成長。所以這確實是焦點問題。它可以是增加這些機場的人員配置和註冊人數，也可以是有針對性的行銷。因此，我們有很多機會接觸這些旅行者。

Thank you.

謝謝。

Ben Miller, Goldman Sachs.

本·米勒，高盛。

Thanks for taking the questions. I guess first, just any updated learnings from the TSA PreCheck rollout would be helpful, and how we should think about that as a contributor to the second half in 2025. And then Caryn, I think you mentioned a goal of 50 million members. When should investors expect Clear Verify to start being a meaningful driver of revenue going forward? And what are some of the more exciting Clear Verified offerings that you're excited about as a contributor going forward? Thanks.

感謝您提出問題。我想首先，從 TSA PreCheck 推出中獲得的任何最新知識都會有所幫助，以及我們應該如何考慮這一點，作為 2025 年下半年的貢獻者。然後 Caryn，我想你提到了 5000 萬會員的目標。投資者何時應該期望 Clear verify 開始成為未來收入的有意義的驅動力？作為未來的貢獻者，您對哪些更令人興奮的 Clear Verified 產品感到興奮？謝謝。

Just to clarify I said as we grow towards 50 million. So, it is as a target, but as we grow towards it, just to be specific. Let me start with PreCheck and then I'll get to Clear Verified. PreCheck has been an incredibly exciting quarter as we went from three airport locations to 46. But you shouldn't just think of it as an airport location in San Francisco, in an LAX . I think we have four or five locations.

只是為了澄清我所說的，隨著我們的人口成長到 5000 萬。所以，它是一個目標，但隨著我們朝著這個目標不斷發展，具體來說。讓我從預檢查開始，然後進行清除驗證。PreCheck 是一個令人難以置信的令人難以置信的季度，我們的機場地點從 3 個增加到 46 個。但您不應該僅僅將其視為舊金山洛杉磯國際機場的一個機場位置。我想我們有四、五個地點。

So when you start to think of the capacity opened from 4:00 AM. to 10 PM. or 11 PM and if it takes on average this is a higher number, but let's just say eight to 10 minutes for a total enrollment and a lot less for pre-enrollment. You think about the capacity that we have.

因此，當您開始考慮從凌晨 4:00 開始開放的容量時。到晚上 10 點。或者晚上 11 點，如果平均需要這個數字，那麼這個數字會更高，但我們假設總註冊時間為 8 到 10 分鐘，而預先註冊時間要短得多。你想想我們擁有的能力。

And so, there's a few learnings. I think one is really the power of pre-enrollment, quite frankly and the power of digital marketing around that. When someone pre-enrolled it takes half as much time and they come with their passport, right? And, so a passport is a much easier one-step enrollment than birth certificate and other things.

所以，有一些教訓。坦白說，我認為其中之一確實是預先註冊的力量，以及圍繞此進行的數位行銷的力量。當有人預先註冊時，需要一半的時間，而且他們帶著護照來，對嗎？而且，護照比出生證明和其他東西更容易一步註冊。

So, we want to encourage as frictionless and enrollment as possible, it's a better customer experience and it takes less time and someone comes more prepared with the right documents. So, the power of pre-enrollment is something that we've learned a lot about and creates a lot of opportunities. And the more locations we have, the more places you have to finish your enrollment.

因此，我們希望鼓勵盡可能無摩擦的註冊，這是更好的客戶體驗，並且需要更少的時間，並且有人會帶著正確的文件做好更充分的準備。因此，我們已經了解了預先註冊的力量，並創造了許多機會。我們擁有的地點越多，您完成註冊的地點就越多。

I think the other thing that we've learned and I think it justifies we once put out a number that said we think the TAM is $90 million. People want to enroll in PreCheck. The price point is $1.30 a month. And I think people are not educated enough on the pricing. They think it's $75 or whatever the different providers have different pricing over a year. It's over five years, you break it down, it's $1.30 a month. Of course, you should enroll. Everybody should enroll. But it's about ease of enrollment, right? And so I think we feel very excited about the TAM that we put out there and our ability to penetrate that TAM over the next few years, as we continue to make enrollment easier, drive capacity, drive education around pricing. It's a really exciting opportunity.

我認為我們學到的另一件事是，我們曾經公佈過一個數字，表明我們認為 TAM 為 9000 萬美元。人們想要參加 PreCheck。價格為每月 1.30 美元。我認為人們對定價的教育還不夠。他們認為是 75 美元或不同的提供者一年內有不同的定價。五年多了，你細分一下，每月 1.30 美元。當然，你應該註冊。大家都應該報名。但這是為了方便註冊，對嗎？因此，我認為我們對我們推出的 TAM 以及我們在未來幾年滲透該 TAM 的能力感到非常興奮，因為我們將繼續簡化註冊、提高容量、推動圍繞定價的教育。這真是一個令人興奮的機會。

And in terms of Clear Verified, from a sector perspective, we continue to be very bullish on the healthcare sector. The opportunity for safer and easier frictionless and trusted experiences in healthcare for both the patient and the provider are massive. And no different than Home Depot is not something you would have thought of, a few years ago when you think of a connected identity platform and then you start to understand the opportunities to change the business, improve the retention revenues and margins. The same can be applied to healthcare. There's a lot of steps, it's analog making it interoperable and then some of the regulatory things that are going on in healthcare, create a sense of urgency for insurance companies, for hospitals and for a lot of different companies who are driving the connected back end for interoperability. So we continue to be very excited on healthcare.

就 Clear Verified 而言，從產業角度來看，我們仍然非常看好醫療保健產業。對於患者和提供者來說，獲得更安全、更輕鬆、無摩擦和值得信賴的醫療保健體驗的機會是巨大的。幾年前，當您想到互聯身分平台時，您不會想到家得寶（Home Depot），然後您開始了解改變業務、提高保留收入和利潤的機會。這同樣適用於醫療保健。有很多步驟，它是模擬的，使其具有互通性，然後醫療保健領域正在發生的一些監管事情，給保險公司、醫院和許多推動互聯後端的不同公司帶來了緊迫感為了互操作性。因此，我們對醫療保健仍然感到非常興奮。

You see early results on public.com. You see the conversations that we're having around KYC. You see the fraud happening on the payment side, specifically as you look at peer-to-peer and you know that we can have a big impact there. We continue to be excited about financial services.

您可以在 public.com 上看到早期結果。您將看到我們圍繞 KYC 的對話。您會看到詐騙發生在付款方面，特別是當您查看點對點時，您知道我們可以在那裡產生巨大影響。我們仍然對金融服務感到興奮。

And again, financial services is broad that could be gaming or that could be banking or that could be a trading platform like public.com. So, I think financial services is something we continue to be excited about. And post the acquisition of Sora, I guess almost a year ago, the product is really good from a front-end and a back-end perspective for our partners.

再說一次，金融服務很廣泛，可以是遊戲，也可以是銀行業，也可以是 public.com 等交易平台。因此，我認為金融服務是我們繼續感到興奮的事情。在收購 Sora 後，我想大約一年前，從前端和後端的角度來看，該產品對於我們的合作夥伴來說確實非常好。

On the consumer side, both online and in-person, I think you just have to look at Home Depot and LinkedIn to know that there are enormous opportunities to drive safer and easier experiences. You see things like age verification rules coming out or online safety rules coming out of Congress and you know trust online matters.

在消費者方面，無論是在線上還是面對面，我認為您只需查看 Home Depot 和 LinkedIn 就知道有巨大的機會來推動更安全、更輕鬆的體驗。你看到國會出台的年齡驗證規則或網路安全規則等內容，你就知道網路信任問題。

And so, you see in so many different places you were being asked to verify who you are and something about you over and over. That just happened to me this weekend on X. So would love to work with them. And so, there are so many opportunities on the consumer side.

因此，您會看到在許多不同的地方，您都被要求一遍又一遍地驗證您是誰以及有關您的某些資訊。這個週末我剛剛在 X 發生了這種事。所以，消費者方面有很多機會。

And then on the travel side, trust and safety and building that connected platform, you see that we're doing mobile check-in in some hotels but trust and safety in the shared economy is massively important. And also, there's programs that are one key, one whatever, it's really saying the same person across your multiple brands. So travel consumer, both physical and digital healthcare and financial services.

然後在旅行方面，信任和安全以及建立連接平台，您會看到我們正在一些酒店進行行動登記，但共享經濟中的信任和安全非常重要。而且，有些程式是一把鑰匙，無論如何，它實際上是在說同一個人跨越多個品牌。因此，旅行消費者，包括實體和數位醫療保健以及金融服務。

And when you look at the scaling and the acceleration of the gross adds on our platform is to know that all these different nodes, if you will, the more people we have on the platform, the more friction free and experience their customers have with a trusted brand which when the consumer sees that it's Clear, they get really excited to engage.

當你觀察我們平台上總增加量的擴展和加速時，你就會知道，如果你願意的話，所有這些不同的節點，我們平台上的人越多，他們的客戶就越無摩擦，體驗就越好。

So, in that world of a trusted brand that I talked about from our brand studies that's massively important, so the friction-free experience. We're always innovating around it adding different capabilities and safety online has never been more important. So we continue to be really excited about the acceleration of the gross adds. Hopefully that answers your question.

因此，在我在品牌研究中談到的值得信賴的品牌世界中，無摩擦體驗非常重要。我們一直圍繞著它進行創新，添加不同的功能，線上安全從未如此重要。因此，我們仍然對總增加的加速感到非常興奮。希望這能回答你的問題。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Hey. Thanks. Good morning. Ken, could you expand on the drivers of the booking acceleration in 3Q? And are these trends that you expect to continue into 4Q?

嘿。謝謝。早安.Ken，能否詳細介紹第三季預訂加速的驅動因素？您預計這些趨勢會持續到第四季嗎？

And then second question on TSA PreCheck. As we think about the initial cohort of customers signing up, any rough breakdown you can provide between existing Clear customers adding TSA versus customers entirely new to Clear and what the update for those customers has been for the bundled option? Thank you.

然後是關於 TSA PreCheck 的第二個問題。當我們考慮最初註冊的客戶群時，您可以提供添加 TSA 的現有 Clear 客戶與全新 Clear 客戶之間的粗略分類嗎？謝謝。

Sure. I'll start with the drivers. Look, it goes back to what we said last quarter. We were impacted by NextGen. That was disruptive to specifically the airport channel. So, if we look at the back half, there's a number of drivers that are tailwinds.

當然。我將從驅動程式開始。看，這又回到了我們上個季度所說的。我們受到了 NextGen 的影響。這尤其對機場頻道造成了破壞。所以，如果我們看看後半部分，就會發現有很多車手處於順風車位置。

Number one, obviously, pricing is a tailwind. So starting August 1, we have pricing impact which drives both retention and new. We have an improvement in the airport channel, which we've already seen some in Q2 but that will continue. We have incremental PreCheck contribution. And we said last quarter we think verified bookings would be up in the back half versus the first half. So I would say like numerous drivers of the bookings acceleration versus the Q2 numbers.

第一，顯然，定價是一個推動因素。因此，從 8 月 1 日開始，我們的定價影響將推動保留率和新用戶的增加。我們的機場通道有所改善，我們在第二季度已經看到了一些改善，但這種情況將會持續下去。我們有增量的 PreCheck 貢獻。我們上季表示，我們認為下半年的驗證預訂量將比上半年增加。因此，我想說的是，與第二季的數字相比，預訂加速的眾多推動因素一樣。

In terms of the PreCheck, I don't have the specific breakdown but we're having success both marketing to existing Clear Plus members to add on PreCheck and completely new people coming to PreCheck that are not in Clear Plus. So it's really spread across both sides. Certainly, our Clear Plus members are easier to talk to. We know who they are. We can e-mail them. The non-Clear Plus members were, having to reach whether in the airport with signage or with digital marketing.

就 PreCheck 而言，我沒有具體的細分信息，但我們在向現有 Clear Plus 會員進行營銷以添加 PreCheck 以及向 PreCheck 中未加入 Clear Plus 的全新人員進行營銷方面取得了成功。所以它確實分佈在雙方。當然，我們的 Clear Plus 會員更容易交談。我們知道他們是誰。我們可以給他們發電子郵件。非 Clear Plus 會員必須透過標示或數位行銷到達機場。

Mark Kelley, Stifel.

馬克凱利，斯蒂菲爾。

Great. Thank you. Good morning everyone. I kind of want to build on Cory's question there a bit on the TSA PreCheck product. I guess over the long run, do you see that being more of a factor on your revenue and margin profile overall? Or I guess what's more important like TSA in isolation or TSA as an acquisition channel for Clear Plus? That's my first one.

偉大的。謝謝。大家早安。我有點想以 Cory 的問題為基礎，談談 TSA PreCheck 產品。我想從長遠來看，您是否認為這對您的整體收入和利潤狀況更重要？或者我想，像單獨的 TSA 和作為 Clear Plus 的收購管道的 TSA 哪個更重要？這是我的第一個。

And the second one is, your footprint within our airports is already quite large. But some airports you don't have access to every terminal. I guess, a, do you think you need access to every terminal? And B, how do you go about attacking those terminals, where you don't have access today? Thank you.

第二個是，你們在我們機場的足跡已經相當大了。但有些機場您無法造訪每個航站樓。我想，a，您認為您需要訪問每個終端嗎？B，您如何攻擊那些您目前無法存取的終端？謝謝。

Sure. So I'll start with the TSA. Look, we're really excited about TSA as a standalone business and a standalone revenue line item. As you know we recognize the revenues on a net basis. So they're less impactful to revenue or bookings. Bookings and revenue for TSA PreCheck are one and the same, right. But they are much more impactful to gross profit dollars.

當然。我將從 TSA 開始。看，我們對 TSA 作為一個獨立的業務和一個獨立的收入項目感到非常興奮。如您所知，我們以淨額確認收入。因此它們對收入或預訂的影響較小。TSA PreCheck 的預訂和收入是一回事，對吧。但它們對毛利的影響要大得多。

So what I would say is, in the near-term call it 2024, it's going to be incremental gross profit dollars. As we look to 2025, it's going to be meaningful to both revenue bookings and the gross profit dollar growth. And I'd say the same thing for Clear Verified, right? We have this cost structure already in place which we talked about.

所以我想說的是，在近期（稱為 2024 年），毛利將會增加。展望 2025 年，這對收入預訂和毛利成長都有意義。我也會對 Clear Verified 說同樣的話，對嗎？我們已經制定了我們討論過的成本結構。

And, as we enroll more people and get towards that 50 million the repeat usage drives margin as well. So, I would say there are upsell opportunities and there are opportunities to grow, Clear Plus, as a channel. But on a standalone basis we are very, very excited about it.

而且，隨著我們招募更多的人並達到 5000 萬，重複使用率也會提高利潤。所以，我想說，Clear Plus 作為一個管道，有追加銷售的機會，也有成長的機會。但就獨立而言，我們對此感到非常非常興奮。

I think there's another point there which is tiering. So you should think about it like some people might just want PreCheck, right? You might want an entry level. They might want PreCheck plus certain perks that we might add for that. They might want the bundle, right? So as we continue to innovate, we think there's opportunities to meet different travelers where they are, because certainly everyone wants a more frictionless and predictable travel experience.

我認為還有一點是分層。所以你應該考慮一下，就像有些人可能只想要預先檢查一樣，對嗎？您可能想要入門級。他們可能需要 PreCheck 以及我們可能為此添加的某些福利。他們可能想要這個捆綁包，對嗎？因此，隨著我們不斷創新，我們認為有機會滿足不同旅客的需求，因為當然每個人都希望獲得更無摩擦和可預測的旅行體驗。

In terms of the terminals we know every airline wants to bring PreCheck to their customers, in a really accessible way. It's just been too hard. And so we know that all airlines and all airports want to bring it to their customers. And I think seeing is believing, to know that no appointment is necessary to see the customers signing up at the crack of dawn and excited about it. We know that every airline and every airport want to bring it to their customers.

就航站樓而言，我們知道每家航空公司都希望以真正方便的方式為客戶提供 PreCheck。實在是太難了。因此我們知道所有航空公司和機場都希望將其帶給客戶。我認為眼見為實，無需預約即可看到客戶在黎明時分註冊並對此感到興奮。我們知道每家航空公司和機場都希望將其帶給他們的客戶。

So we expect to be in those terminals, because they want to serve their travelers. But also it's about meeting travelers where they are. So if you enrolled online and you can go to Staples to finish or you can go to another retail location to finish on a Saturday morning, because you're not going to the airport for a few weeks or you could do it in a hotel lobby conveniently located in Midtown Manhattan during lunch or you could do it on your college campus or you could do it at a corporate office.

因此，我們希望進入這些航站樓，因為他們想為旅客提供服務。但它也是為了在旅行者所在的地方與他們會面。因此，如果您在線註冊，則可以前往 Staples 完成，或者您可以在周六早上前往其他零售店完成，因為您幾週內不會去機場，或者您可以在酒店大廳完成午餐時間位於曼哈頓中城，交通便利，您也可以在大學校園或公司辦公室進行。

We just did a corporate enrollment and that was met with great success. It's something that of course companies would want to make it easy for their travelers to enroll in PreCheck in the lobby. And so there's, all sorts of ways to bring a customer-centric mentality and accessibility to this. So we're really excited to lead that initiative.

我們剛剛進行了一次企業註冊，並取得了巨大成功。當然，公司希望讓旅客能夠輕鬆地在大廳註冊 PreCheck。因此，有各種各樣的方法可以帶來以客戶為中心的心態和可及性。因此，我們非常高興能夠領導這項計劃。

Right. In terms of footprint look, I think there are incremental opportunities in existing airports to expand our footprint. We think about it as a TAM expansion opportunity. Does that terminal expand our TAM or not. Some terminals, some checkpoints feed, multiple terminals, and it doesn't expand TAM.

正確的。就足跡而言，我認為現有機場有更多機會擴大我們的足跡。我們認為這是 TAM 擴張的機會。該終端是否擴展了我們的 TAM。一些航站樓、一些檢查站提供飼料、多個航站樓，並且它不會擴展 TAM。

And also we talked a couple of quarters ago about Louisville which is our Clear Mobile product and that's going that model allows us to go into smaller airports or pop-ups or seasonal airports, along with a Clear Plus benefit. So Clear Plus members can use those lanes. It's also a pay-per-use model, so incremental revenue. And we can offer PreCheck in those smaller airports where otherwise it might have been uneconomic to do so.

幾個季度前我們也談到了路易斯維爾，這是我們的 Clear Mobile 產品，使我們能夠進入較小的機場、臨時機場或季節性機場，並享受 Clear Plus 的好處。因此 Clear Plus 會員可以使用這些頻道。它也是一種按使用付費的模式，因此可以增加收入。我們可以在那些較小的機場提供預檢服務，否則這樣做可能不經濟。

And when you look at some of our smaller airports today early days they're enrolling an impressive number of people in PreCheck. It's really important to bring this nationwide to all travelers in an easy and accessible way. And so it's just been great to see the positive response that we have from all the markets.

當你看看我們今天的一些小型機場時，他們在早期就註冊了數量驚人的 PreCheck 人員。以簡單易行的方式將這一點帶到全國範圍內的所有旅行者非常重要。因此，很高興看到我們從所有市場得到的正面回應。

That's helpful. Thanks very much.

這很有幫助。非常感謝。

Thank you.

謝謝。

Michael prudent, Wells Fargo.

麥可謹慎，富國銀行。

Hey, thanks for taking my question. David Unger on for Michael Turrin today. Ken, you've been increasing the share buyback amount and you've taken on more ownership of the Delta sale yesterday. Can you talk through from a high level, how you think about buyback today, given you have increased confidence in the free cash flow growth that you laid out in the shareholder letter and that could be viewed as a positive given that we're in a volatile market? Thank you.

嘿，謝謝你回答我的問題。今天，大衛·昂格爾 (David Unger) 替補邁克爾·特林 (Michael Turrin)。肯，你一直在增加股票回購金額，並且昨天你在達美航空銷售中獲得了更多所有權。鑑於您對股東信中所闡述的自由現金流成長的信心增強，並且鑑於我們正處於市場波動大？謝謝。

Yes. Look we talk about capital allocation that we're going to be opportunistic. And certainly we've been more aggressive on share repurchase this year than we have in past years. And that's a function of where our view of free cash flow is and where it's going. And obviously, we want to drive free cash flow per share ultimately. And right now with our guidance of at least $280 million of free cash flow this year. We have about 139 million and change shares outstanding. So that's $2 of free cash flow per share. We're going to remain opportunistic and ultimately do what's best for shareholders.

是的。看，我們談論資本配置，我們將採取機會主義。當然，我們今年在股票回購方面比過去幾年更加積極。這取決於我們對自由現金流的看法以及它的去向。顯然，我們希望最終推動每股自由現金流。目前，我們預計今年的自由現金流至少為 2.8 億美元。我們擁有約 1.39 億股流通股和變更股。這就是每股 2 美元的自由現金流。我們將保持機會主義，並最終為股東做最好的事情。

Thank you. And then just one follow-up on retention. I don't know if we touched upon this in the past, but is there a soft target for the dollar retention you have? And is there a way for us to think about the bridge between the member retention and dollar retention and that trend over time? Thank you.

謝謝。然後是關於保留的一項後續行動。我不知道我們過去是否談到過這個問題，但是你們的美元保留有一個軟目標嗎？我們是否有辦法思考會員保留率和美元保留率之間的橋樑以及隨著時間的推移的趨勢？謝謝。

There's no soft target specifically. I mean we'd like it to be well over 100%.

沒有具體的軟目標。我的意思是我們希望它遠超過 100%。

More the better.

越多越好。

More the better. And so the bridge really is what's the year-over-year incremental benefit from pricing. The two metrics that we have today which is the dollar and the net member we talked about the net member and how it doesn't necessarily represent the year-over-year change because it's a lagging indicator.

越多越好。因此，橋樑實際上是定價帶來的逐年增量收益。我們今天擁有的兩個指標，即美元和淨成員，我們談到了淨成員以及它不一定代表同比變化，因為它是一個滯後指標。

And, it is true that our member retention right now is very stable on a year-over-year basis. It's down less than 100 basis points on a year-over-year basis. You know, if you remove the impact of win backs and sort of look at an apples-to-apples cohort. So certainly as the pricing rolls through from August 1 that's going to benefit our net dollar retention. Remember that's a 12-month trailing basis so it's cumulative. But on the other hand we anniversaried the airline pricing in February. So there's always pushes and pulls.

而且，確實，我們現在的會員保留率與去年同期相比非常穩定。年減不到100個基點。你知道，如果你消除贏回的影響並看看同類群體。因此，隨著定價從 8 月 1 日起生效，這肯定有利於我們的淨美元保留。請記住，這是 12 個月的追蹤基礎，因此它是累積的。但另一方面，我們在二月慶祝了航空公司定價週年紀念日。所以總是有推和拉。

If I can just add to that, we operate in friction-filled worlds whether it be an airport or a hospital or verifying online for certain use cases. And so bringing frictionless experiences, bringing product magic that drives everything. And, that is what we are focused on whether it be lane of the future, whether it be hospital check-in or hotel check-in or changing a retailer's experience so that less is behind glass and it's safer. And so that is what we're focused on and we've invested for that and we expect that to drive not only customer experience ads retention and partners, but also have it flow through to the bottom-line.

如果我可以補充一點，我們在充滿摩擦的世界中運營，無論是機場還是醫院，還是針對某些用例進行線上驗證。因此帶來無摩擦的體驗，帶來驅動一切的產品魔力。這就是我們關注的重點，無論是未來的通道，無論是醫院登記還是飯店登記，還是改變零售商的體驗，讓玻璃後面的東西更少，更安全。這就是我們所關注的重點，我們為此進行了投資，我們希望這不僅能提高客戶體驗廣告的保留率和合作夥伴，還能使其最終獲利。

Thank you both.

謝謝你們倆。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would now like to turn the call back to Caryn Seidman-Becker for closing remarks.

謝謝。女士們、先生們，問答環節已經結束。現在我想將電話轉回給卡林·塞德曼-貝克爾（Caryn Seidman-Becker），讓其致閉幕詞。

Thanks for joining our second quarter 2024 earnings call. I am extremely proud of our team and how they are executing across our focus areas as we continue to improve the member experience, scale TSA PreCheck and scale verified. Thank you.

感謝您參加我們的 2024 年第二季財報電話會議。我對我們的團隊以及他們在我們的重點領域的執行方式感到非常自豪，因為我們不斷改善會員體驗、擴大 TSA 預檢查和規模驗證。謝謝。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。