Clear Secure Inc (YOU) 2024 Q3 法說會逐字稿

Good morning, and welcome to CLEAR's fiscal year third-quarter 2024 conference call. We have with us today, Caryn Seidman-Becker, Co-Founder, Chair and Chief Executive Officer; and Ken Cornick, Co-Founder, President and Chief Financial Officer.

早上好，歡迎參加 CLEAR 2024 財年第三季電話會議。今天與我們在一起的還有共同創辦人、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.

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。

The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. And 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.

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。在這次電話會議中，該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 the call over to Caryn. Caryn?

這樣，我會將電話轉給 Caryn。卡琳？

Good morning, and thank you for joining us. At CLEAR, identity is foundational. Whether you're getting on a plane or logging into your bank account, people expect frictionless, trusted and secure experiences now more than ever. This year, we have focused on three core areas: improving the member experience, scaling TSA PreCheck, and scaling CLEAR Verified.

早安，感謝您加入我們。在 CLEAR，身份是基礎。無論您是搭乘飛機還是登入銀行帳戶，人們現在比以往任何時候都更期望獲得無摩擦、值得信賴和安全的體驗。今年，我們將重點放在三個核心領域：改善會員體驗、擴展 TSA PreCheck 以及擴展 CLEAR Verified。

We are making strong progress across the board, and I am excited for the foundational partnerships announced this quarter, laying the groundwork for future growth and opportunities. Our expanding nationwide network offers more products, helping travelers win the day of travel from home to gate and back again. Improving the member experience in travel starts with the lane of the future, and we have begun rolling out our new face-first EnVe, which stands for enrollment and verification hardware, with strong early results. Verification is three times faster with significantly less steps for members and ambassadors.

我們正在全面取得強勁進展，我對本季宣布的基礎合作夥伴關係感到興奮，為未來的成長和機會奠定了基礎。我們不斷擴大的全國網路提供更多產品，幫助旅客贏得從家到登機口再返回的旅行的一天。改善會員的旅行體驗從未來的車道開始，我們已經開始推出新的臉部優先 EnVe，它代表註冊和驗證硬件，並取得了良好的早期成果。驗證速度提高了三倍，會員和大使的步驟顯著減少。

Moving to face in the lane brings us standardization across all of our platforms and improves the member experience, always privacy first. As travel volumes continue to rise, we anticipate another 1 million travelers crowding airports every day by 2030. Innovation is table stakes, and travelers rightfully expect predictable and frictionless experiences. Ambassador Assist is now live in three airports with Orlando launching today. As one of the most popular airports for first-time travelers, who doesn't want help from a beloved CLEAR ambassador navigating a busy airport on family vacation.

在車道上面對面為我們帶來了所有平台的標準化，並改善了會員體驗，並始終將隱私放在第一位。隨著旅行量持續增加，我們預計到 2030 年，每天將有 100 萬名旅客湧入機場。創新是賭注，旅行者理所當然地期望可預測且無摩擦的體驗。大使協助現已在奧蘭多機場的三個機場上線。作為最受初次旅客歡迎的機場之一，誰不想在全家度假期間在繁忙的機場中得到心愛的 CLEAR 大使的幫助呢？

We introduced four new CLEAR perks since the second quarter with strong early engagement. TSA PreCheck enrollment provided by CLEAR is scaling, and we are now live in 62 locations. Today, that is 52 airports and 10 Staples locations. We are meeting travelers where they are, whether at the airport or a convenient retail location. At just $1.30 a month, we think the value of TSA PreCheck is a no-brainer. For the 90 million people that travel at least two times a year, there are no more appointments, no hassle, just seamless access to TSA PreCheck.

自第二季以來，我們推出了四項新的 CLEAR 福利，早期參與度很高。CLEAR 提供的 TSA PreCheck 註冊規模正在擴大，目前已涵蓋 62 個地點。如今，該數字已達 52 個機場和 10 個 Staples 營業地點。我們在旅客所在的地方與他們會面，無論是在機場還是在便利的零售地點。每月只需​​ 1.30 美元，我們認為 TSA PreCheck 的價值是顯而易見的。對於每年至少旅行兩次的 9000 萬人來說，不再需要預約，沒有麻煩，只需無縫訪問 TSA PreCheck。

Today, we have over 27 million members on the CLEAR platform and enterprise partners are relying on CLEAR secure identity products for both their customers and their employees. Our embedded Instant-On member base is driving adoption and conversion for our partners. Some partners experience a third of day one verifications coming from existing CLEAR members.

如今，我們在 CLEAR 平台上擁有超過 2,700 萬會員，企業合作夥伴為其客戶和員工信賴 CLEAR 安全身分產品。我們嵌入的 Instant-On 會員群正在推動我們合作夥伴的採用和轉換。有些合作夥伴在第一天就有三分之一的驗證來自現有 CLEAR 會員。

Direct integrations with companies like Home Depot and LinkedIn prevent fraud, build trust, and maximize efficiency. We're also expanding our channel partnerships, such as Okta, as companies are eager to implement full end-to-end identity solutions that are easy to integrate and deploy. With cybersecurity threats on the rise, securing employee access and identity is as crucial as securing consumer identities. With Okta, we offer a turnkey biometric factor authentication solution.

與 Home Depot 和 LinkedIn 等公司直接整合可以防止詐欺、建立信任並最大限度地提高效率。我們也擴大了我們的通路合作夥伴關係，例如 Okta，因為公司渴望實施易於整合和部署的完整端到端身分解決方案。隨著網路安全威脅的增加，保護員工存取和身分與保護消費者身分同樣重要。透過 Okta，我們提供交鑰匙生物辨識因素身份驗證解決方案。

The lines between physical and digital interactions continue to blur. A verified identity isn't just a checkmark. It's the foundation for everything we do in a high-stakes digital world. Sensitive information is transiting across global networks, and there is increased risk of fraud, account takeovers and synthetic identities. Authenticating and credentialing the person is paramount and CLEAR secure identity is critical. These are exciting times, and we remain focused on innovation and growth, driving members, bookings and free cash flow.

實體互動和數位互動之間的界線繼續模糊。經過驗證的身份不僅僅是一個複選標記。這是我們在高風險數位世界中所做一切的基礎。敏感資訊正在全球網路中傳輸，詐欺、帳戶盜用和合成身分的風險不斷增加。對人員進行身份驗證和認證至關重要，而清晰的安全身份至關重要。這是一個令人興奮的時刻，我們仍然專注於創新和成長，推動會員、預訂和自由現金流。

Now over to Ken.

現在輪到肯。

Thanks, Caryn. Third-quarter bookings growth accelerated, driven by improvements in the airport channel, pricing, strong retention as well as increased contribution from PreCheck and CLEAR Verified. We demonstrated significant operating leverage with incremental operating income margins of 63% and incremental EBITDA margins of 50%.

謝謝，卡琳。在機場通路、定價、強勁保留率以及 PreCheck 和 CLEAR Verified 貢獻增加的推動下，第三季預訂量成長加速。我們展示了顯著的營運槓桿，增量營業收入利潤率為 63%，增量 EBITDA 利潤率為 50%。

Total cumulative enrollments are now over 27 million, up $2.2 million in the quarter. We expect to end this year with around 30 million members. And as we add new partners, we expect continued growth into next year. Active CLEAR Plus members grew by 55,000 in the quarter. As is typical in Q3, net adds were down sequentially versus Q2. The August price increase had a modest impact on family gross additions and family member retention rates, while positively impacting dollar retention rates. We see continued opportunity to grow CLEAR Plus members and expect Q4 net adds to be up sequentially from Q3.

目前累計註冊人數已超過 2,700 萬，本季增加了 220 萬美元。我們預計今年底將擁有約 3,000 萬會員。隨著新合作夥伴的增加，我們預計明年將繼續成長。Active CLEAR Plus 會員在本季度增加了 55,000 名。正如第三季的典型情況，淨增加量比第二季連續下降。八月份的價格上漲對家庭總增加額和家庭成員保留率產生了適度影響，同時對美元保留率產生了積極影響。我們看到了繼續增加 CLEAR Plus 會員的機會，並預計第四季度的淨增加量將比第三季度連續增長。

Retention is an important driver, and we continue to optimize for dollar retention as we focus on increasing ARPU through various pricing initiatives. In Q3, gross dollar retention was 89%, up 100 basis points year over year. We are encouraged by the performance of our recent price increases, which has been better than expected and reflects the increased value we are delivering through our expanded network, value adds such as Perks, and our improving member experience.

保留率是一個重要的驅動因素，我們將繼續優化美元保留率，因為我們專注於透過各種定價措施提高 ARPU。第三季度，總美元保留率為 89%，年增 100 個基點。我們對最近的價格上漲表現感到鼓舞，這比預期要好，反映了我們透過擴大的網路、福利等增值以及不斷改善的會員體驗所提供的價值增加。

Our emerging businesses, PreCheck and CLEAR Verified, are contributing to our bookings and gross profit dollar growth. Over the coming year, we expect to ramp PreCheck's in airport, out-of-airport, and online footprint, which will provide further growth tailwinds. We see out-of-airport locations driving incremental enrollments, expanding the market with strong margins. Our ambassadors and especially our tenured ambassadors make a huge difference in the member experience and our metrics.

我們新興的業務 PreCheck 和 CLEAR Verified 為我們的預訂量和毛利成長做出了貢獻。未來一年，我們預計將擴大 PreCheck 在機場、機場外和網路上的覆蓋範圍，這將帶來進一步的成長動力。我們看到機場外的地點推動了入學人數的增加，以強勁的利潤擴大了市場。我們的大使，尤其是我們的終身大使，對會員體驗和我們的指標產生了巨大的影響。

We want CLEAR to be the employer of choice, attracting and retaining the highest quality talent. So we recently implemented a new ambassador compensation structure. The new structure increases base wages while reducing commissions, which will shift dollars out of sales and marketing into direct salaries over the next few quarters. We expect this to be fairly dollar neutral but outcome accretive. Early data is encouraging with improved employee retention and increased sales per labor hour. We expect 2024 free cash flow of at least $280 million, up 40% year over year, including this quarter's outflow of $182 million for the annual payment to our credit card partner.

我們希望 CLEAR 成為首選雇主，吸引並留住最優質的人才。因此，我們最近實施了新的大使薪酬結構。新結構提高了基本工資，同時減少了佣金，這將在未來幾季將資金從銷售和行銷轉移到直接工資。我們預計這對美元相當中性，但會增加結果。早期數據令人鼓舞，員工留任率提高，單位工時銷售額增加。我們預計 2024 年自由現金流至少為 2.8 億美元，年增 40%，其中包括本季向信用卡合作夥伴支付的年度付款流出 1.82 億美元。

Given our cash position and strong free cash flow profile, we have increased our regular quarterly dividend by 25% to $0.125. We remain opportunistic with respect to capital allocation with the goal of maximizing long-term shareholder value. In Q4, we expect revenue of $202 million to $204 million and total bookings of $224 million to $226 million.

鑑於我們的現金狀況和強勁的自由現金流狀況，我們將定期季度股息增加了 25% 至 0.125 美元。我們在資本配置方面仍保持機會主義，以實現長期股東價值最大化。我們預計第四季度的營收為 2.02 億美元至 2.04 億美元，總預訂量為 2.24 億美元至 2.26 億美元。

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。

How do we think about the impact of the price increases that took effect August 1 and the rolling impact of the family price increase that was already going to impact the numbers to key metrics like net member adds and net retention in the quarter?

我們如何看待 8 月 1 日生效的價格上漲的影響，以及家庭價格上漲的滾動影響，這種影響已經影響到本季度淨會員增加和淨保留等關鍵指標的數字？

Josh, I'll take that one. Look, let me start by saying we're really pleased with the performance of the pricing. There's been a significant ARPU gap across our member base due to historical free or deeply discounted pricing. And our strategy has been to reduce the discounting and drive ARPU higher. So we're really focused on dollar retention, and that was up 100 basis points year over year.

喬希，我要那個。首先我要說的是，我們對定價表現非常滿意。由於歷史上的免費或大幅折扣定價，我們的會員群中的 ARPU 存在顯著差距。我們的策略是減少折扣並提高 ARPU。因此，我們真正關注的是美元保留率，這一數字同比增長了 100 個基點。

And we've seen very little retention impact, but it's really centered around that $70 family members, $70 was the prior year price, which -- where the pricing is up 70% year over year to $119. Obviously, this is very highly accretive to bookings. Look, and I think overall, we feel like our value proposition has continued to strengthen. We've expanded our network. We have a larger network today than we did last year, an improved experience, and Caryn and I will talk about that on the call, I'm sure.

我們看到的保留率影響非常小，但它確實以 70 美元的家庭成員為中心，70 美元是去年的價格，其中價格同比上漲 70% 至 119 美元。顯然，這對預訂量有很大的促進作用。看起來，我認為總的來說，我們覺得我們的價值主張正在繼續加強。我們擴大了我們的網絡。今天我們的網路比去年更大，體驗也得到了改善，我相信卡琳和我會在電話中討論這一點。

And benefits like Perks where the implied value is over $300 in terms of the value of those perks to a CLEAR member. So really, the CLEAR membership pays for itself today. So that's the pricing impact. And in terms of net adds, Q3 is typically down sequentially from Q2. We expect Q4 to be up sequentially from here. And I think you have to break it into gross adds and retention, which drives the net adds.

還有諸如津貼之類的福利，這些福利對 CLEAR 會員的隱含價值超過 300 美元。事實上，如今 CLEAR 會員資格已經物有所值。這就是定價的影響。就淨增加而言，第三季通常比第二季連續下降。我們預計第四季將從這裡開始依序上升。我認為你必須將其分解為總增加和保留，這推動了淨增加。

From a gross add perspective, modest impact from pricing, specifically on family, on the family attach rate, we think we can recover those adds with post-enrollment marketing initiatives. And while retention was definitely better than we expected, it had a modest impact on the net as well. So we see continued member growth opportunities. If we look at member penetration, MSA penetration, across our entire network, it's less than half of the top five markets. So we think that there's a lot of opportunity there to drive net adds over time.

從總增加的角度來看，定價的影響不大，特別是對家庭、家庭附加率的影響，我們認為我們可以透過註冊後行銷措施來恢復這些增加。雖然留存率肯定比我們預期的要好，但它對網路的影響也不大。因此，我們看到了持續的會員成長機會。如果我們看看我們整個網路的會員滲透率、MSA 滲透率，它還不到前五個市場的一半。因此，我們認為隨著時間的推移，有很多機會推動淨成長。

Got it. The Uber partnership, that's obviously a pretty impressive logo to add on the Verified side. Can you just discuss, is there a commercial relationship associated with the partnership? And how much could this increase total cumulative enrollments as Uber riders kind of gain awareness of the broader CLEAR app?

知道了。Uber 合作夥伴關係，這顯然是一個非常令人印象深刻的標誌，可以添加到經過驗證的一側。您能否討論一下，這種合作關係是否存在商業關係？隨著 Uber 乘客逐漸認識到更廣泛的 CLEAR 應用程序，這會增加多少累計註冊人數？

I think Uber is a great example of identity being foundational and trust and safety being paramount to so many right now. So we think that there is an enormous amount of potential in our Uber partnership. We've obviously started by enhancing trust on their platform with verifying riders to give drivers peace of mind. Obviously, Uber has many parts of their business.

我認為 Uber 是一個很好的例子，說明身分是基礎，信任和安全對現在的許多人來說至關重要。因此，我們認為我們的 Uber 合作夥伴關係具有巨大的潛力。顯然，我們首先透過驗證乘客來增強對他們平台的信任，讓司機安心。顯然，Uber 擁有很多業務。

And so, we think it's a really exciting partnership because trust and safety matters to riders, it matters to drivers. It matters on so many different parts of the business. And what we know early days is that CLEAR members who are verifying are having great experiences. And so, signals are very positive for all stakeholders, and there's a lot that we can do together.

因此，我們認為這是一個非常令人興奮的合作關係，因為信任和安全對乘客和司機都很重要。它對企業的許多不同部分都很重要。我們早期就知道，正在驗證的 CLEAR 會員擁有很棒的體驗。因此，訊號對所有利害關係人來說都是非常積極的，我們可以一起做很多事情。

And again, going back to utilization, utilization today isn't just about the airport. It's about where you can use CLEAR outside the airport. And the ability to go from multiple times a year to multiple times a day is the power of CLEAR being a secure identity network. So I think it is great for members. I think it's great for Uber, and I think it is great for growth over the long term.

再說一次，回到利用率，今天的利用率不僅涉及機場。這是關於在機場外哪裡可以使用 CLEAR。從一年多次到每天多次的能力是 CLEAR 作為安全身分網絡的力量。所以我認為這對會員來說非常好。我認為這對 Uber 來說很棒，而且對長期成長也很有好處。

Ben Miller, Goldman Sachs.

本·米勒，高盛。

I guess just on the pricing side from here. Should investors expect a more regular way cadence of annual price increases over the next few years? Or will it continue to be more, I guess, tactical on a tier channel basis to close that gap? And then second, as you've taken price, have you seen any noticeable shift in what the crossover point is in terms of in-airport uses per year where a member still finds value versus one where they might churn? Any insights there would be helpful.

我想只是在定價方面。投資者是否應該期待未來幾年每年價格上漲的節奏會更加規律？或者我想，它會繼續在層級管道的基礎上採取更多戰術來縮小這一差距嗎？其次，當你考慮價格時，你是否發現每年機場內使用的交叉點有任何明顯的變化，其中會員仍然發現價值，而不是他們可能會流失的會員？任何見解都會有幫助。

So let me start by talking about pricing and strategies and thoughts there, and then Ken will take utilization and the expansion of the TAM that we're seeing because we used to be in sort of the front of the plane when we started and now we're throughout the plane. So you're seeing the travel TAM grow enormously. In terms of pricing, and I think we said this, we started 14 years ago with one airport at $179, and that was very unscientific. It was kind of nice sticking our finger in the air and saying, what should we price and what was the old product priced at when it had 16 airports.

因此，讓我先談談定價、策略和想法，然後 Ken 將討論我們所看到的 TAM 的利用和擴展，因為當我們開始時，我們曾經處於飛機的前部，現在我們遍布整個飛機。因此，您會看到旅遊 TAM 大幅成長。就定價而言，我想我們說過這一點，我們 14 年前開始將機場定價為 179 美元，這是非常不科學的。我們把手指伸到空中並說，我們應該定價多少，當它有 16 個機場時，舊產品的定價是多少，這真是太好了。

And we held pricing at that level for a very long time. And then family actually started out, I think, at $50 several years ago. And so, we've added network. We've added value. We are adding a lot through the lane of the future from an experience perspective and really helping travelers win the day of travel from home to gate and back again. And you're seeing that with Assist, you're seeing that with Perks, you're seeing that with Scout. So there is such an enormous amount of opportunity to both serve current members in a more extensive way to really help them win the day of travel.

我們在很長一段時間內將定價保持在這個水平。我想，幾年前，我的家人實際上是從 50 美元開始起步的。因此，我們添加了網路。我們增加了價值。從體驗的角度來看，我們在未來的道路上增加了很多東西，真正幫助旅行者贏得從家到門再回來的旅行的一天。你會在 Assist 中看到這一點，在 Perks 中看到這一點，在 Scout 中看到這一點。因此，有如此多的機會以更廣泛的方式為現有會員提供服務，以真正幫助他們贏得旅行的勝利。

You'll see a lot coming out of the mobile app over the next year. And so we think that there is value to that and you can price for that. I also think that there are opportunities over the next few years to stratify and create different tiers. So pricing is definitely part of our ongoing strategy. But first, it starts with creating an unbelievable member experience from home to gate and back again in the lane.

明年您將看到行動應用程式帶來許多成果。所以我們認為這是有價值的，你可以為此定價。我還認為，未來幾年有機會進行分層和創建不同的層級。因此，定價絕對是我們持續策略的一部分。但首先，它首先要創造一種令人難以置信的會員體驗，從家到門，再回到球道。

And you're seeing today, we launched our EnVe face first at JFK in San Francisco. So if you're in those airports, you can see them. They're in test phase as we roll them out across the country. We are absolutely transforming travel. This is an incredibly exciting time. And when you create value for your customers, they will pay for it.

您今天看到，我們在舊金山甘迺迪國際機場首次推出了 EnVe 臉部辨識系統。因此，如果您在這些機場，您就可以看到它們。當我們在全國範圍內推廣它們時，它們正處於測試階段。我們正在徹底改變旅行。這是一個令人難以置信的激動人心的時刻。當你為客戶創造價值時，他們就會為此付出代價。

Yes. And in terms of the breakpoint, if you will, on verification volumes. I mean, look, verification volume or frequency is definitely the most important driver of retention. We see a very low breakpoint. We're well above the level where we would see any impact on retention. It's obviously correlated, but there's really a step function and it's well below the average utilization today.

是的。如果你願意的話，就驗證量的斷點而言。我的意思是，看，驗證量或頻率絕對是保留的最重要驅動因素。我們看到一個非常低的斷點。我們遠高於對保留率產生任何影響的水平。它顯然是相關的，但確實存在階躍函數，並且遠低於今天的平均利用率。

But that being said, we're looking at Perks and things of that nature to deliver incremental value to potentially lower frequency users to drive retention higher, clear mobile lanes, which are the QR code-based lanes that we've talked about in the past. Those drive utilization and increase frequency in our network as well. And then things such as Uber and sports, those are types of transactions that also drive utilization and therefore, retention. So we're looking at it holistically.

但話雖這麼說，我們正在考慮福利和類似性質的事情，為潛在的較低頻率用戶提供增量價值，以提高留存率，並提供清晰的移動通道，這些通道是我們在過去的。這些也提高了我們網路的利用率並提高了頻率。然後是 Uber 和運動等，這些交易類型也能提高利用率，從而提高保留率。所以我們從整體上看待它。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

This is Danny on for Cory. For the first question, as you think about TSA PreCheck expansion, can you maybe talk about your priorities for increasing geography footprint and what the out-of-airport expansion could look like outside of the Staples locations? Then I have a follow-up.

這是科里的丹尼。對於第一個問題，當您考慮 TSA PreCheck 擴張時，您能否談談增加地理足跡的優先事項以及斯台普斯門市以外的機場外擴張可能會是什麼樣子？然後我有一個後續行動。

Absolutely. So PreCheck continues to gain momentum. Metrics doubled sequentially. That's number of average locations, pre-enrollment pipeline more than doubled quarter-over-quarter, and revenue doubled quarter over quarter. So as we said today, we're in 52 airports and 10 Staples locations. You will continue to see us scale out-of-airport locations.

絕對地。因此 PreCheck 繼續獲得發展勢頭。指標連續翻倍。這意味著平均地點數量、預先註冊管道數量較上月增加了一倍多，收入較上季增加了一倍以上。正如我們今天所說，我們的業務遍及 52 個機場和 10 個 Staples 門市。您將繼續看到我們擴大機場外地點的規模。

So this quarter, we're going to launch the Oculus in New York, again, meeting travelers where they are. So if you're downtown New York City or happen to be in that area, you can go enroll in PreCheck at the Oculus or Mall of America. As we've said, given the price point of $1.30 a month and numerous credit cards that reimburse for TSA PreCheck, we continue to believe that the TAM is over 90 million travelers if you travel two or more times a year. We will continue to expand our Staples locations throughout this year and next year. We expect to end this year with over 75 total locations.

因此，本季度，我們將再次在紐約推出 Oculus，與旅客會面。因此，如果您位於紐約市中心或恰好在該地區，則可以前往 Oculus 或美國購物中心參加 PreCheck。正如我們所說，考慮到每月 1.30 美元的價格點以及眾多可以報銷 TSA PreCheck 費用的信用卡，我們仍然相信，如果您每年旅行兩次或兩次以上，TAM 的旅客數量將超過 9000 萬。我們將在今年和明年繼續擴大史泰博門市。我們預計到今年年底，地點總數將超過 75 個。

So you will see that channel continue to grow, and that's off to a strong start. We will be in every one of our airports. So today, that is 58. We should end the year at around 59. So we'll not only be in those airports, but then we will be in other airports as well.

因此，您將看到該頻道繼續成長，這是一個好的開始。我們將出現在我們的每一個機場。所以今天是 58。年底時我們的股價應該會在 59 左右。因此，我們不僅會在這些機場，還會在其他機場。

So when you look at CLEAR Mobile, and again, you see the stratification, that is a QR code, lower-cost lane, but we will also have PreCheck there. So we will be expanding our airport footprint with TSA PreCheck, we will be looking at other locations beyond Staples. You'll start to see that this year, meeting travelers where they are.

因此，當您查看 CLEAR Mobile 時，您會再次看到分層，即二維碼、低成本通道，但我們也會在那裡進行 PreCheck。因此，我們將透過 TSA PreCheck 擴大我們的機場覆蓋範圍，我們將考慮史台普斯以外的其他地點。今年您將開始看到這一點，並在旅行者所在的地方與他們會面。

We've also done corporate events and enrollments, so going to whether it be conferences or two companies. And so again, happy to come to JPMorgan, Goldman Sachs, or anyone else on the call and enroll, always be selling here. But there are enormous opportunities, universities, meeting people where they are. This is a very portable asset. The pods move very easily and are structured to be that. So we just have huge opportunities. And this is so important. If everybody could be in PreCheck, our airports would be even better.

我們也舉辦了公司活動和註冊活動，因此無論是會議還是兩家公司。再次，很高興來到摩根大通、高盛或任何其他參加電話會議並註冊的人，永遠在這裡銷售。但大學裡有巨大的機會，可以在人們所在的地方認識他們。這是一種非常便攜的資產。吊艙移動起來非常容易，而且結構就是這樣的。所以我們有巨大的機會。這非常重要。如果每個人都可以參加 PreCheck，我們的機場會更好。

One thing to add, we're also adding locations post security in our existing airports to really increase the concentration of locations within our footprint as well.

需要補充的一件事是，我們還在現有機場中增加了安檢後的地點，以真正提高我們足跡內地點的集中度。

And I also -- just to add to that, the beauty of PreCheck holistically, not only is it great for travelers, but today, we have over a 90% marketing opt-in rate. So that's really powerful when you look at the whole flywheel here.

我還要補充一點，PreCheck 的整體優勢不僅對旅客來說非常好，而且今天我們的行銷選擇率超過 90%。所以當你看到這裡的整個飛輪時，它真的很強大。

Got you. That's helpful. And then on CLEAR Verified, it seems there's been a bunch of new customer announcements this past quarter. Is there any way to think about how material this business could be to the P&L in 2025 or maybe time line of when it could be more material?

明白你了。這很有幫助。然後，在 CLEAR Verified 上，上個季度似乎發布了許多新客戶公告。有沒有辦法思考這項業務對 2025 年損益表的重要性，或是何時變得更重要？

So I think that is a really fair question. And what we've said is first come the members and then come the revenues. All that being said, PreCheck and CLEAR Verified are contributing to gross profit dollar growth today. And so we expect to continue to scale that materially in 2025. With channel partners like Okta going point to multipoint and having seamless integration means the ability for customers to turn it on goes a lot faster, and you'll see more channel partnerships.

所以我認為這是一個非常公平的問題。我們所說的是首先是會員，然後是收入。話雖如此，PreCheck 和 CLEAR Verified 正在為今天的毛利成長做出貢獻。因此，我們預計到 2025 年將繼續大幅擴大規模。隨著像 Okta 這樣的通路合作夥伴實現點對多點並實現無縫集成，意味著客戶能夠更快地啟動它，並且您將看到更多的通路合作夥伴。

So a few things have happened this year. Not only have we signed material partners like Home Depot, we obviously already had LinkedIn. But with identity being foundational, with the digital world that we live in becoming higher and higher stakes, we are finding new use cases within our customers. Also with channel, we are able to turn on new customers a lot faster because integration has been -- it's not only the selling cycle, but the integrations. And so, both of those things are speeding up.

今年發生了一些事。我們不僅簽署了像家得寶這樣的重要合作夥伴，而且顯然我們已經擁有了 LinkedIn。但隨著身分認同成為基礎，隨著我們所處的數位世界變得越來越重要，我們正在客戶中尋找新的用例。此外，透過管道，我們能夠更快地吸引新客戶，因為整合不僅是銷售週期，而且是整合。因此，這兩件事都在加速。

And with the ability to show product market fit with current customers, that is also accelerating the close rates. So not only is the pipeline growing, but the close rates are accelerating, and we expect it to be a significant contributor to gross profit dollar growth in 2025.

由於能夠展示產品市場與現有客戶的契合度，這也加快了成交率。因此，不僅管道正在成長，成交率也在加快，我們預計它將成為 2025 年毛利成長的重要貢獻者。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Sarang Vora for Dana. My question is on the airport experience. We were at Salt Lake City Airport recently, and it seems such a better experience than we typically go through in New York, especially those handheld devices were able to transfer data to the TSA and like no photo, no stop, no ID; was very seamless. So question is, how fast can you roll it out at some of your busy airports? Like, can you update us on where you are in terms of rolling this hardware or the experience right now across your 58 airports and how fast do you plan to roll it out over the next few quarters?

達納的薩朗沃拉。我的問題是關於機場體驗。我們最近在鹽湖城機場，這似乎是比我們在紐約通常經歷的更好的體驗，特別是那些手持設備能夠將數據傳輸到 TSA，就像沒有照片、沒有停留、沒有身份證一樣；非常無縫。所以問題是，您能以多快的速度在一些繁忙的機場推出它？例如，您能否向我們介紹一下您目前在 58 個機場推出該硬體或體驗方面的進展情況，以及您計劃在未來幾季內以多快的速度推出它？

Yes. Thanks for asking that, and thanks for noticing. Obviously, improving the member experience has been and remains a key priority. And we have seen steady improvement since February. So just to put some numbers on what you're talking about, the EnVes that we're rolling out starting today are three times faster than the existing experiences, combining fewer steps for members and ambassadors. And you are right, the handhelds, which today, we are about 55% to 60% through our digital identity integration, we expect to close this year closer to 90%. So we'll be the majority way through.

是的。感謝您提出這個問題，也感謝您的關注。顯然，改善會員體驗一直是並且仍然是關鍵優先事項。自二月以來，我們看到了穩定改善。因此，用一些數字來說明您所討論的內容，我們從今天開始推出的 EnVes 比現有體驗快三倍，會員和大使所需的步驟更少。你是對的，今天，我們大約有 55% 到 60% 的手持設備透過我們的數位身分集成，我們預計今年將接近 90%。所以我們將成為大多數人。

So you think of the great work that the team has done on next-gen identity starting since last November, December and how we rolled that out over the first quarter of 2024 and then integrated with digital identity and face first through this year. So we should be significantly through what you're referring to by the end of this year, and then you'll see the EnVes rolling out the end of this year and the beginning of next year. So we're really excited by what we're seeing in the member experience.

因此，您會想到該團隊自去年 11 月、12 月開始在下一代身份方面所做的出色工作，以及我們如何在 2024 年第一季度推出該工作，然後與數位身分和臉部優先整合到今年。因此，我們應該在今年年底之前完成您所提到的內容，然後您將看到 EnVes 在今年年底和明年初推出。因此，我們對會員體驗中所看到的感到非常興奮。

And I also think -- and I think it's important to say this morning that we're really excited about the power of our partnership with TSA, which has also just been great this year. And we've long believed in the power of public-private partnerships. And so, there's enormous alignment not only with what we're doing today with TSA, but with the incoming administration and our vision of safer and easier experiences in airport and beyond.

我還認為，今天早上有必要說，我們對與 TSA 合作的力量感到非常興奮，今年的合作也非常出色。我們長期以來一直相信公私部門合作的力量。因此，這不僅與我們今天與 TSA 所做的事情高度一致，而且與即將上任的政府以及我們在機場及其他地區提供更安全、更輕鬆的體驗的願景有著巨大的一致性。

So I think it's a really exciting time in travel and in airports to drive the customer experience and make it competitive with what you're seeing throughout the world in other airports. So what you've seen so far is just the beginning, and it's going to accelerate from here.

因此，我認為對於旅行和機場來說，這是一個非常令人興奮的時刻，可以推動客戶體驗並使其與您在世界各地其他機場看到的東西具有競爭力。所以到目前為止你所看到的只是一個開始，它將從這裡開始加速。

That's great. I had one more thoughtful question on the tiered membership. I think you used the word tiered membership. You keep adding a lot of benefits to the membership, including like those Ambassador Assist that can take you from the gate to the -- from the door to the gate and so on. Is there a thought of -- like, rather than price increases, is there a thought of a tiered membership over time?

那太棒了。關於分級會員資格，我還有一個深思熟慮的問題。我認為您使用了分級會員資格這個詞。您不斷為會員增加很多福利，包括像那些可以帶您從大門到大門的大使協助，從大門到大門等等。是否有一種想法——例如，除了價格上漲之外，是否有考慮隨著時間的推移實行分級會員資格？

I mean, certainly, that's something that we've thought about. At this point, we're focused on delivering incremental value through Perks, enhancing the member experience. We're taking pricing, as you've seen. But certainly, as we make our offerings more robust, there would be opportunities to potentially tier that. The Ambassador Assist that you just referred to, that's in three airports. We just launched in Orlando today. That currently is a paid CLEAR Perk as part of the Perk platform. You can only get that if you are a CLEAR Plus member, and that's paid on a transactional basis, but there's certainly a world where that could be bundled into a higher tier for sure.

我的意思是，當然，這是我們考慮過的事情。目前，我們的重點是透過福利提供增量價值，增強會員體驗。正如您所看到的，我們正在定價。但當然，隨著我們的產品變得更強大，將有機會進行潛在的分級。你剛才提到的大使協助，是在三個機場。我們今天剛在奧蘭多推出。目前這是一個付費的 CLEAR Perk，作為 Perk 平台的一部分。只有當您是 CLEAR Plus 會員時，您才能獲得該服務，並且是在交易的基礎上付費的，但肯定有一個世界可以將其捆綁到更高的級別中。

Just one other point I want to add, which I should have said before, and I think it's the power of data. The data that we have on the customer experience is better than we've ever had. And so, our ability to make material changes on a lane-by-lane, hour-by-hour basis is really powerful. And so, the investments that we've made in data for the past few years are really starting to pay off. And so, what you see with our data is over 90% of our verifications today are less than five minutes, right? So we can measure, we can improve, optimize every day, and that is a really powerful investment that we've made that is yielding great returns.

我還想補充一點，我之前應該已經說過了，我認為這就是數據的力量。我們擁有的有關客戶體驗的數據比以往任何時候都更好。因此，我們逐車道、逐小時進行重大更改的能力非常強大。因此，我們過去幾年在數據方面的投資確實開始得到回報。因此，您從我們的數據中看到，我們今天 90% 以上的驗證時間都不到五分鐘，對吧？因此，我們每天都可以衡量、改進、優化，這是我們所做的一項真正強大的投資，正在產生巨大的回報。

Mark Kelley, Stifel.

馬克凱利，斯蒂菲爾。

I just had two quick ones. One is, can you please remind us, as you change your pricing structure, how that impacts your commercial agreements with someone like an American Express? That's the first one. And then second, maybe can you please give us a little bit more color on the OpEx moving pieces as you change the structure of your Ambassador pay?

我剛吃了兩個快的。一是，您能否提醒我們，當您改變定價結構時，這對您與美國運通等公司的商業協議有何影響？這是第一個。其次，當您改變大使薪酬結構時，也許您能給我們更多關於營運支出變動的資訊嗎？

Sure. Yes. So we think it will be -- I'll take your second one first. It will be a few million dollar shift from sales and marketing, which are the commissions into the base wage, and that will happen really over the next couple of quarters. I would say it will be complete by Q2. We started in a small way this past quarter, and we'll really see the bulk of it in Q4 of this year and Q1 of next year.

當然。是的。所以我們認為——我會先拿你的第二個。這將是從銷售和行銷（即佣金）到基本工資的數百萬美元的轉變，這將在接下來的幾個季度內真正發生。我想說它將在第二季完成。我們在上個季度開始了一些小規模的工作，我們將在今年第四季和明年第一季看到大部分內容。

Some of it might bleed into Q2, but it should be largely done in Q1. From an American Express perspective, the pricing impact doesn't impact the core -- the parent pricing. So the contract is the contract. But to the extent you have a family member, we would get the benefit of that pricing.

其中一些可能會滲透到第二季度，但大部分應該在第一季完成。從美國運通的角度來看，定價影響不會影響核心——母公司定價。所以合約就是合約。但只要您有家庭成員，我們就會從該定價中受益。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Just on the series of product and partner announcements we've seen throughout the year, maybe you could spend some more time on just ranking potential timeline of contribution from some of those and if there's a framework for how to think about core CLEAR Plus growth versus the incremental growth potential from those newer areas over time would be just a helpful framework for us.

就我們全年看到的一系列產品和合作夥伴公告而言，也許您可以花更多時間對其中一些產品和合作夥伴的潛在貢獻時間表進行排名，以及是否有一個框架來思考核心CLEAR Plus 成長與隨著時間的推移，這些新領域的增量成長潛力對我們來說將是一個有用的框架。

When you say stack rank, you're talking about some of the deals we've announced on the Verified side and how they contribute?

當您說堆疊排名時，您是在談論我們在已驗證方面宣布的一些交易以及它們如何做出貢獻？

Yes. And really from a timeline to contribution perspective. I know it's hard to kind of prioritize which could be the biggest on a call. But if there is a sequencing you might expect, that's helpful.

是的。確實從時間軸到貢獻的角度來看。我知道很難確定電話中最大的事情的優先順序。但如果有您可能期望的排序，那就很有幫助。

Well, they've been contributing this year. So the partnerships that we've announced, whether that be Community Health, whether that be Home Depot, whether that be LinkedIn, whether that be Surescripts, I can keep going, those have all been contributors this year. And so, the channel partnerships that we've announced this year have not yet been contributors this year but will be contributors next year.

嗯，他們今年一直在做出貢獻。因此，我們宣布的合作關係，無論是 Community Health、Home Depot、LinkedIn、Surescripts，我都可以繼續下去，這些都是今年的貢獻者。因此，我們今年宣布的通路合作夥伴今年尚未成為貢獻者，但明年將成為貢獻者。

And as I said, we're very excited about our channel partnerships, which are new for us because that integration -- it's not just distribution, it's integration. And that's one of the things that we saw that materially changed our airport business, and we always say Delta, when we partnered with them in 2016, it was not just distribution in airports, but it was integration for the customer experience. And so, we're really excited about those channel partnerships that we've announced this year.

正如我所說，我們對我們的通路合作夥伴關係感到非常興奮，這對我們來說是新的，因為這種整合——它不僅僅是分銷，而是整合。這是我們看到的事情之一，它極大地改變了我們的機場業務，我們總是說達美航空，當我們在2016 年與他們合作時，這不僅僅是機場的分銷，而是客戶體驗的整合。因此，我們對今年宣布的通路合作夥伴關係感到非常興奮。

So Verado is a channel partnership in health care and Intersystems is a channel partnership in health care. And so is Okta from a workforce perspective. So some direct partnerships have contributed this year. Channel partnerships will contribute next year. Our current partnerships direct will grow next year because we're finding new use cases. Trust and safety and identity are challenging in so many different parts of businesses.

因此，Verado 是醫療保健領域的通路合作夥伴，Intersystems 是醫療保健領域的通路合作夥伴。從勞動力的角度來看，Okta 也是如此。因此，一些直接合作夥伴關係今年做出了貢獻。通路合作夥伴關係將在明年做出貢獻。我們目前的直接合作夥伴關係明年將會成長，因為我們正在尋找新的用例。在企業的許多不同領域，信任、安全和身分都面臨挑戰。

And one of the big things we found this year is it's not just customers, but it's workforce. So when we're doing account recovery or password reset for a company, we might start with workforce. That was new for us this year. We always thought we would start on the customer side and then move to customer or we might start with customer and then find workforce. So we really are finding significant TAM expansion with our current customers and then channel partners. So those are the contributors next year in terms of CLEAR Verified.

今年我們發現的一件大事是，這不僅是客戶，還有員工。因此，當我們為公司進行帳戶恢復或密碼重設時，我們可能會從員工開始。今年這對我們來說是新鮮事。我們一直認為我們會從客戶開始，然後轉向客戶，或者我們可能會從客戶開始，然後找到勞動力。因此，我們確實發現 TAM 與我們目前的客戶以及通路合作夥伴進行了重大的擴展。這些就是明年 CLEAR Verified 的貢獻者。

Yes. And then adding to that, look, we've planted a lot of seeds over the past two years, and those are starting to really kick in. Look at within travel, we obviously think we're going to see continued pricing benefit on the CLEAR Plus side. We think we have opportunities to grow CLEAR Plus members. So we have volume and pricing growth there. We have PreCheck continuing to increase contribution on a year-over-year basis. We have Perks and Ambassador Assist, so new products within travel. So there's a number of contributors as we look to 2025, and that's all over a streamlined cost structure. So we see opportunities to grow bookings and revenue and then obviously continue to see margin expansion as well.

是的。除此之外，你看，過去兩年我們種下了許多種子，這些種子已經開始真正發揮作用。看看旅行領域，我們顯然認為我們將看到 CLEAR Plus 方面持續的定價優勢。我們認為我們有機會發展 CLEAR Plus 會員。因此，我們的銷量和價格都在成長。我們的 PreCheck 貢獻持續逐年增加。我們有福利和大使協助，這是旅遊領域的新產品。因此，展望 2025 年，有許多貢獻者，而這一切都圍繞著簡化的成本結構。因此，我們看到了增加預訂量和收入的機會，顯然也繼續看到利潤率的擴張。

And I think if I can just add to this, and this is a huge shout out to the CLEAR team, 2024 was a year of enormous change. I think you talked about it as products and partnerships. I would say it was about innovation and integration as well. And so, what you see in the lane, to the question before, is really powerful and continuing to drive innovation and automation and customer experience in the airport and then expand beyond the lane drives gross adds, drives retention and drives ARPU, not to mention new services that can be transaction-based. That's incredibly exciting in the travel space.

我想如果我可以補充一點的話，這是對 CLEAR 團隊的大力讚揚，2024 年是發生巨大變化的一年。我認為您將其視為產品和合作夥伴關係。我想說這也跟創新和整合有關。因此，對於先前的問題，您在車道中看到的內容確實非常強大，並且持續推動機場的創新、自動化和客戶體驗，然後擴展到車道之外，推動總增加、推動保留並推動ARPU，更不用說可以基於交易的新服務。這在旅行領域是非常令人興奮的。

And then this flywheel, as we end the year with over close to 30 million members, you're able to serve those members in an Uber or have an Instant-On experience for a Home Depot. And so, that flywheel, I think, really took a step forward this year, and you'll see a lot of benefits from it in 2025.

然後這個飛輪，當我們年底擁有超過近 3000 萬會員時，您可以透過 Uber 為這些會員提供服務，或者在家得寶 (Home Depot) 中獲得即時體驗。因此，我認為飛輪今年確實向前邁出了一步，到 2025 年您將看到它帶來的許多好處。

That's all super helpful. Maybe just as a follow-on on the active member and retention metrics, it sounded like there were two pieces there, seasonality and the price increase. Is there any way for us to think about the impact split between those two? Is it still seasonality, the majority? And any early view on how you're expecting holiday travel season to stack up this year versus last is helpful.

這一切都非常有幫助。也許只是作為活躍會員和保留指標的後續指標，聽起來有兩個部分：季節性和價格上漲。我們有什麼辦法可以考慮這兩者之間的影響分配嗎？大多數還是季節性的嗎？任何關於您預計今年假期旅行季節與去年相比如何的早期看法都會有所幫助。

Yes. I'm always cautious to use seasonality because we have an annual retention business. And so you have -- we had more backlog or more people coming up for for renewal in Q3 versus Q2. But certainly, seasonally, from a growth perspective, that is true, Q3 is typically slower than Q2. So the question, the breakdown.

是的。我總是謹慎地使用季節性，因為我們有年度保留業務。因此，與第二季相比，我們在第三季有更多的積壓或更多的人需要更新。但可以肯定的是，從季節性角度來看，從成長的角度來看，第三季的成長通常慢於第二季。所以問題，崩潰。

No, I mean, I really would think about it as we had more people coming up for renewal. We had a small -- modest impact from a member retention perspective, really focused on the family, a little bit of an impact on the gross adds from family. We see Q4 up sequentially from Q3 in terms of net adds. We see a fairly strong supportive travel environment.

不，我的意思是，我真的會考慮這個問題，因為我們有更多的人來更新。從會員保留的角度來看，我們的影響很小——適度，真正關注的是家庭，對家庭的總增加有一點影響。我們認為第四季的淨增量較第三季有所上升。我們看到了一個相當強大的支持性旅行環境。

Okay. That concludes our question-and-answer session. I will now turn the call back to Caryn for closing remarks. Caryn?

好的。我們的問答環節到此結束。現在我將把電話轉回給卡林，讓其致閉幕詞。卡琳？

Thank you so much for joining us today. I am proud of how our team is executing across our focus areas as we continue to improve the member experience, scale TSA PreCheck and scale CLEAR Verified. Have a great day.

非常感謝您今天加入我們。我為我們的團隊在重點領域的執行感到自豪，因為我們不斷改善會員體驗、擴大 TSA PreCheck 和擴大 CLEAR Verified。祝你有美好的一天。

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。